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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


.* + 


Paris, Saturday-’Sunday, July 30-31, 1994 


No. 34,654 



.V 


ontrol 


Of Italian Business En apire 

Court Convicts Former Leader Craxi 


By John TagJiabue 

New York TimexSermx . 

: ROME— Struggling to shield his bdea- 

• giered government from further buffeting. 
Prime Munster Silvio Berlusconi of Italy 

- announced the creation Friday of complex 
. legal mechanisms to separate his business 
empire from his personal control. 

- {The moves came as a court in Milan 
\ convicted one of the most pro min ent casn- 

• Italy’s corruption probes, former 
.■ -Prime Minister Bettino Craxi on fraud 

-> • charges and sentenced him to eight and a 
half years in prison, Reuters reported, 
quoting court officials. 

' Craxi, ■60,- who has been living in 

Tunisia and has been reported by his law-, 
yers u> be too ill to return to Italy, was 
•convicted of fraudulent bankrnptcy in 
.connection with the collapse of an Italian 
^-bank. Banco Ambrosiano, a decade ago.] 
Opposition politicians immediately 
-called the moves by Mr. Berlusconi a ' 
'sleight of hand designed to mask continu- 
ing control of the prime minister’s vast 
/ - television and other business interests. 

The measures, which will be incorporat- 
ed in a draft bill and presented for parfia- . 
mentaiy approval, would not involve Mr. 

■’ -Berlusconi's renouncing his controlling 
; stake in the $7 5 billion-a-year Fininvest 
.corporation he owns. But it appeared to be. 
-a desperate effort by the tycoon-turned-' 

■ - .politician to deflect mounting criticism 
that his role as prime minister stands in 
; direct conflict with his ownership of Frnin- 
t -vest, which includes Italy’s biggest private 
^television networks, supermarkets, and 
'publishing and advertising companies. 

N The criticism became particularly acute 
earlier this month, when Mr. Berlusconi 
sought by decree to limi t the ability of 
' investigating magistrates, who act in Italy 
much as district attorneys do in the United 
s States, to detain suspects in corruption 
cases, just as Fininvest was being targeted 
' in the sweep of investigations into wide- 
spread bribery involving business execu- 
tives and government financial auditors. 

As the prime minis ter was announcing 
the measures at a news conference in 
Rome, Milan magistrates were ordering 
ihai his younger brother, Paolo Berlusconi, / 
be placed under house arrest while the 
^investigation of Ms role in the bribery 
affair continues. He surrendered to magis- 
trates early Friday and was later ques- 
tioned.' 

A senior Fininvest financial officer has 


accused Paolo Berlusconi of authorizing 
the payment of bribes totaling $210,000 to 
government auditors inspecting the books 
. of .three Fininvest subsidiaries. His lawyers 
. said that he had confessed to authorizing 
the bribe payments but had contended 
that he. had been forced to do so . under 
threat of extortion. 

Though the terms of house arrest may 
vary, the suspect is confined at home under 
guard and ordinarily not allowed to use a 
telephone or to have unauthorized visitors 
other than lawyers. But many Italian law- 
yers say house arrests tend to be notorious- 
lyporous. 

investigations that started in Milan in 
1992 have exposed systematic corruption 
among high-level politicians ’airing bribes 
and receiving undeclared donations to fi- 
_ nance their political parties. The latest 
wave of the investigations, that affecting 
Fininvest, began by centering on bribes 
regularly. paid by businessmen to govem- 
-ment finance auditors in order to hide the 
- funds used for illegal political payments in 
balance sheets. 

-- On taking office in May, Mr. Berlusconi 
pledged a “stainless" government that he 
said would represent a dear break with 
past corruption. He said he would appoint 
a panel of three eminent jurists to tighten 
existing media and antitrust laws, “but be 
made dear that he would ignore , calls to 
surrender control of his vast television and 
other business interests:' 

Under the plan umounced Friday, a 


„uigi Scalfaro. the two speakers of Parlia-. 
meat and antitrust officials would appoint 
a committee to oversee the conduct of 
affairs at Fininvest. 

Mr. Berinscom, for Ms part, would name 
a trustee to take over his role as sharehold- 
er. While the trustee apparently would not 
have the right to add to or subtract from 
the assets to Mr. Berlusconi’s company, 
the oversight committee would be empow- 
ered to veto investment decisions and or- 
der the divestiture of assets it felt were 
creating conflicts with the prime minister’s 
government role. 

The special law is rcqinred becausc Ita- 
ly’s legal system; has no provision fra 1 the 
kind of blind trust politicians in some 
other couMrics, incfoding.-.itiie.^UHited 
States, ordinarily .employ' tft dispose of 
assets whileholding public office. 



A. ( knujlezy Rcumt. 


Spanish General Dies in Car Bomb Attack 

A policeman hustling down a central Madrid street Friday after a car bomb killed the army general in charge of Spain’s 
defense policy and two other persons. The government suspects that the Basque separatist group ETA is responsible. Page 5. 


Refugees Trickle Out of the Hellish Camps 


By Keith B. Richburg 

Washington Post Service 

RUHENGERI, Rwanda — - Dona the 
Ntegeyiminsi fled because he thought he 
might be killed. He came back because he 
thought he might die. 

When Rwandan rebel forces were clos- 
ing in on this town, 30 kilometers. (18 
miles) from the Zairian border, Mr. Nte- 
geyiminsi lied for his life. The town admin- 
istrators had warned that the guerrillas, 
most -of whom belong to..Rwanda>_3\itsi .. 
minority, would kiil everyone in their path.; 


SoMr. Ntegeyimimi, 


on Ms thick- 


ly calloused feet and deformed legs, joined 
the exodus of more than a million Rwan- 
dan Hutu who crossed the border into the 
eastern Zairian town of Goma. 

Bui far from a place of refuge, Goma 
became a living hell. For days there was no 
food: Water is still scarce. And a week ago 
a cholera epidemic began raging through 
the refugee population, turning the once- 
scenic lakeside resort into a city of the 
dead 

• “Wewere suffering in. Goma." Mr. Nte- 
ge\iinmsi said, “so we had to return. *' . 

What angered Mr. Ntegeyiminsi and 


other refugees was that the Ruhengeri offi- 
cials who had encouraged them to flee 
were not in (Soma to share the suffering. 

“While there in Goma. the peasants suf- 
fered alone,” Mr. Ntegeyiminsi said 
through a translator, while other recently 
returned refugees shouted their agreement. 

“The so-called administrators are in ho- 
tels, they are driving cars," he said. “We 
were deceived." 

. There are many more Rwandan Hutu 
who, MkeiVir. Ntegeyiminsi, fled across the 

See GOMA, Page 5 


U.S. Sending 
Army Unit to 
Open Airport 
In Rwanda 

Ignoring UN, France 
Begins Pullout From 
Refugee Security Zone 

By Barry James 

Intenuuiorul Herald Trittme 

President Bill Clinton, broadening the 
effort to help Rwandan refugees Friday, 
has decided to send U.S. troops to Rwan- 
da's capital of Kigali to open the airport 
for relief fiigbts. administration officials 
said. 

There was no Immediate word on the 
□umber of troops to be sent or exactly 
what their mission would be. The officials 
stressed, however, that the expanded role 
would be a humanitarian one and that the 
troops would not be on a peacekeeping 
mission. 

Mr. Clinton said earlier at a news con- 
ference that “opening" the airport in Kiga- 
li would widen the transportation net 
needed to distribute food, medical supplies 
and fresh water to refugees who have fled 
slaughter in Rwanda to find disease in 
Zaire. 

France, meanwhile, despite a United 
Nations plea to stay, began withdrawing 
its troops on Friday from the security zone 
it has established in southwestern Rwan- 
da, raising the fear of a huge new flight of 
refugees. 

In the Ivory Coast capital Abidjan, the 
French prime minister. Edouard Balladur, 
who was scheduled to visit the French 
troops this weekend, confirmed that 180 
soldiers would be on their way home Fri- 
day evening. In the first phase of the with- 
drawal 300 of the 1,500 men guarding the 
security zone were being replaced by 
troops from Ghana. Chad. Niger and Con- 
go, officials in Paris said. 

The UN undersecretary-general for hu- 
manitarian affairs, Peter Hansen, said in 
Geneva that he feared the French pullout 
would be followed by a “world record 
refugee exodus" if victorious Rwanda Pa- 
triotic Front forces moved into the zone. 

About 1.2 million Hutu, fearing repri- 
sals by the Tulsi-dominated Patriotic 

See RWANDA, Page 5 


Kiosk 


Whitewater Hearings 
Look at Foster Death 

WASHINGTON (AP) — The Sen- 
ate began its hearings of the 
WMtewater affair on Friday with 
sharp partisan attacks against the 
credibility of presidential aides and a 
sober account of the last days.of Vin- 
cent W. Foster Jr., the White House 
deputy counsel. 

‘There can be no question that Mr. 
Foster committed suicide," an FBI 
special agent, Larry Monroe, told the 
Senate Banking Committee. 

Mr. Monroe said extensiv e int er- 
views conducted for the Whitewater 
special counsel showed that Mr. Fos- 
ter was depressed and distracted and 
had tried to contact a psychiatrist. But 
the agent said there was no evidence 
indicating that WMtewater matters 
had contributed to his death. 

Senate Backs Breyer 

WASHINGTON (AP) —The Sen- 
ate confirmed Stephen G. Breyer on 

r> *4... .. kurnna iha in&th itltfirp 



55-year-old jurist, 

was the Senate Judiciary Committee’s 
chief counsel in 1979 a nd 198 0. Judge 
Breyer is likely to be sworn in next 
week. 

Money Report 

Credit Cards — The perils of tadaen 
service charges Cwnbatingfraudi^ 
lent card use. The deluxe end of the 
market Pages 1^ 15. 

Art 

prices are so 
itself out of the market 


Book Review 
Crossword 


Paged 
Page 17, 




‘Toughest’ Anti- Crime Bill 
Moves Ahead in Congress 


Alcmidff Munnhi hi /Realm 

Worried investors waiting Friday to get into the MMM investment fund office in Moscow to redeem their shares. 

Pyramid’s Fall Shakes Russian Capitalists 


By Ann Devroy 
and Kenneth J. Cooper 

Weuhinpon Past Service 

WASHINGTON — Congressional ne- 
gotiators have agreed on a $30.2 billion 
anti-crime bill that President Bill Clinton 
and Democratic allies, intent on an elec- 
tion-year accom plishme nt to display to 
voters, called the toughest ever. 

The measure, the first federal anti-crime 
legislation in six years, provides for the 
hiring of 100,000 new police officers, bans 

alty to an'athlrtfcnikP 60 crimes and pro- 
vides new funding for crime prevention 
and prisons. 

With most polls showing crime to be the 
voters’ lop concern, Democrats were lavish 
in promoting the legislation even before it 
made its way through final passage and to 
the president for signature. The White 
House predicted that that would occur 
within a week, but not without a few more 
political fireworks. 

Representative Charles E. Schumer of 
New York, a Democrat who is the chief 
House sponsor of the weapons ban, con- 
ceded that the bill would not appear per- 
fect to everyone after Senator Onin G. 
Hatch, a Utah Republican, contended that 
it was not tough enough. 


’Some on the left 


might quibble and say 
punishment,” Mr. 


By Michael Specter 

New York Times Service 

MOSCOW — Russia’s largest invest- 
ment company virtually collapsed Friday 
as more than 10,000 outraged stockholders 
stampeded the colonnaded headquarters 
of Moscow’s commodities exchange, 
smashing windows as they tried desperate- 
ly to unload their shares in the plummeting 
fund. 


After promising Thursday that it would 
to buy back shares for 1 25,000 rubles 


(about $60), officials of the troubled com- 
pany, MMM, announced Friday morning 
that they had cut the price to a pittance. 

By evening, a share of the nation's most 
popular stock — owned by 5 million to 10 
million people — was only 950 rubles, the 
equivalent of less than 50 cents. 

"Those who have been trading MMM 


stock have been gambling," said Sergei K. 
Dubinin, acting finance minister of Rus- 
sia, speaking after the cabinet held a spe- 
cial session to discuss the dimensions of 
the financial disaster and how seriously it 
might mar the struggling image of capital- 
ism here, 

“Sooner or later the game had to come 
See MOSCOW, Page 5 


Schumer said. “Some on the right might 
say there’s a little too much prevention." 

Mr. Clinton, at a ceremony at the Justice 
Department featuring hundreds of uni- 
formed police officers, called the legisla- 
tion “the toughest, largest, smartest federal 
attack on crime in the history of our coun- 
try." And although crime was not a major 
theme of his campaign, Mr. Clinton said, 
“This is one of the reasons that 1 ran for 
president” 

Republicans said the legislation would 
not accomplish its crime-fighting goals 
and was filled with pork. “This is noi a 
Christmas tree,” said Representative Hen- 


ry J. Hyde of Illinois. “This is the whole 
Emerald Gty of Oz." 

The legislation closely resembles what 
Mr. Clinton has sought for the last year 
and outlined during his campaign, a 'fact 
the White House emphasized. 

The crime agreement came after lengthy 
negotiations and the defeat of two provi- 
sions, one that would have allowed the use 
of statistics to help prove racial bias in 
death-penalty cases and one that would 
have watered down or eliminated the ban 
on assault weapons. 

The $30.2 billion cost of the bill is to be 
paid over six years from a trust fund creat- 
ed with money saved by cuts in the federal 
work force. Some lawmakers have ques- 
tioned how fasti if ever, those savings 
would materialize. The bill also authorizes 
an additional $2.2 billion for prisons to 
come from non-trust fund sources, with no 
guarantee that the money will be appropri- 
ated. 

Democratic members of the House-Sen- 
ate conference committee praised the 
package as balanced legislation that would 
address public fears about violence. 

Republicans sought to transfer funds 
from crime-prevention programs to prison 
and law enforcement programs, but in the 
end only $200 million was shifted. A total 
of $132 billion was allocated to policing, 
including $8.9 billion for localities to hire 
100,000 new officers, wMch would mean 
an increase of nearly 20 percent in the size 
of state and local police forces. 

The federal government also would 
launch gram programs to help financially 
pressed states build more prisons for long- 
er incarceration of violent criminals. Re- 
publicans won a concession that as much 
as 40 percent of S6.5 billion could go to 
states that agreed to keep violent offenders 
imprisoned for 85 percent of their sen- 
tences . And S3. 8 billion was set aside to 
reimburse states for the cost of imprison- 

See CRIME, Page 5 


A Long, Hot Summer Predicted for Wide, Cold English Channel 


Newsstand Prices_ 


.9.00 FF Luxembourg 60 L Fi- 
ll. 20 FF Morocco..----- 
.loOCFA Qqtor---a-«R^ | S 
P.5000 Reunion .. 7 l l -20 
E o. 00FF 5aud' Arabrtj 
960 CFA 
.300 Or. Spam 

jwoOLire Tunisia ....1-OOTDjJ 
USS130 U.S. Mil. (Eur-1 S 1 - 10 


By Mary Blume . 

International Herald Tribune - 

DOVER, England — At .a reception 
for Captain Matthew Webb who had just 
breaststtoked . across the English Chan- 
nel in 21 hours and 45 minutes — the 
year was 1875 — the mayor of Dover 
predicted that no one would swim it 
a gain and indeed it was 36 years, despite 
70 attempts, before anyone did. , For 
Webb gloiy brought ultimate disaster: 
Known before the channel swim as a 
modest lifesaver with a fine handlebar 
mustache he died in 1 883 in an ill-judged 
attempt to swim the rapids below Niag- 
ara Falls. 


By 1993, 4338 people had made 6,281 
chann el attempts, only 439 of them suc- 
cessful. The Channel Swimming Associ- 
ation (CSA) vets candidates, sets rules 
(no protective clothing, no hand contact 
with trainers passing food and drink), 
warns against hypothermia, gives drug 
tests and advice (learn to breathe bilater- 
ally to escape from the pilot boat's 
fumes), and deals with French and Brit- 
ish coastal authorities. 

About 600 ships go op, down or across 
the channel each day and they all wish 
the channel swimmers would go away. 
Not likely: This summer, weather per- 
mitting, there will 70 or 80 attempts. 


three times as many as three years ago, 
according to Mike Oram, the CSA’s hon- 
orary secretary and the leading ch ann el 
pilot 

“It’s not for the ships to tell us to stop 
swimming," Oram says, although he 
must cede the right of way. “The ch ann el 
was there before there were tankers.” 

Winds and tides lengthen the 21-mile 
(34-kilometer) distance by forcing swim- 
mers to zigzag. This year’s contenders 
include 12-year-old Rlhen Mehta, who 
came from Bombay with his mother, his 
trainer and their cook, who finds Indian 
vegetables Tuesdays at Folkestone; 
Mexico's Nora Toledano Cadena. a 


young biologist who intends to study the 
cloacal bouillabaisse she successfully 
swam in 1992; Tammy Van Wisse, last 
year’s fastest swimmer who, with her kid 
brother John, last week became the first 
Australian brother and sister to cross; 
and Benoit Vassent who, tike most 
Frenchmen, is taking off the first week of 
August but hopes to spend it on a suc- 
cessful channel attempt 
Benoit tried last year but was defeated 
within 2.4 kilometers of success by a 
sudden tide and hypothermia. Although 
swimmers from more than 40 countries 
have swum the channel it is not a French 
sport: Only three Frenchmen have made 


it, all taking the supposedly easier Ca- 
lais-Dover route. Benoit will start from 
Dover, having put on 12 insulating kilos, 
having spent weekends training in Dover 
and 37,000 francs (about $6,800) in ex- 
penses, and having, with his wife. Carine. 
adapted to English food and to bring 
called Ben. 

“Many of the French fail because they 
don’t respect the channel” Ben said. 
“The English do; it is part of their world 
— the English Channel — and I have put 
myself on Lhrir wavelength." 

Tammy, 25, is a graphic designer, Be- 

See SWIM. Page 5 






In Bangladesh, Bitter Conflict Between 4 the 2 Women 9 


By John F. Bums 

New York Times Service 

DHAKA, Bangladesh — In Bangladesh, it 
is enough io mention “the two women” to 
touch off an impassioned debate. 

Whether riding in a rickshaw in this capi- 
tal’s monsoon-swept streets or having tea in a 
lawyer’s air-conditioned chambers, there is 
no need to name Khalida Zia, the prime 
minis ter, and Hasina Wazed, an opposition 
leader — fee two leaders, each 48, who have 
overcome fee weight of tradition in this over- 


whelmingly Muslim country to dominate its 
l life. 


political 

But what stirs controversy about Begum 


Zia and Sheikh Hasina, as they prefer to be 
ilionally 


known, using titles traditionally adopted by 
women of high standing, is not so much feat 
they are women, although critics invariably 
mention fee fact, as feat they have fallen into 
a bitter personal dispute. 

So marked has this become that many fear 
feat fee rivalry could be endangering the 
fragile parliamentary democracy that re- 
turned to Bangladesh wife elections in 1991. 
The elections, which brought a surprise vic- 
tory for Begum Zia over fee favored Sheikh 
H asina, ended 16 years in which fee country 
was in effect under military rule, either direct- 
ly by generals or by generals who had become 
“civilian 1 ’ presidents in carefully controlled 
votes. 

Given strong patriarchal traditions here, it 
is hardly surprising feat the criticism is often 
put in ways that emphasize the two leaders’ 
gender, even if Bangladesh has had plenty of 
reason, in 22 years of nationhood scarred by 
military coups and assassinations, to con- 
clude feat mea i 


women to allow their actions to be governed 
by whims. 

“If you sit around long enough and drink 
enough whiskey, just about every politician in 
Bangladesh will tell you fee same thing,” a 
Western diplomat said. ‘They’ll tell you, 
‘You know what the real problem is — the 
real problem is feat they are both women.’ ” 

The attitude shows, if nothing else, bow 
slowly perceptions have changed in a region 
where women are no strangers to political 
power. In 1960, Sirimavo Bandaranaike of Sri 
i-»nk» became fee first woman in fee world to 
be a prime minister, and Indira Gandhi 
served more than a decade in two stints as 
India’s prune minister before she was assassi- 
nated in 1984. Benazir Bhutto is currently in 
her second term as prune minister of Paki- 
stan. 

But if each of these leaders became a domi- 
nant figure in her own right each also owed 
her rise to power to powerful male relatives, a 


characteristic that also applies in the cases of 
Begum Zia and Sheikh Hasina. 

Sheikh Hasina, leader of fee opposition 
Awami League, is the daughter of Sheikh 
Mujibur Rahman, leader of the independence 
movement that led fee breakaway from Paki- 
stan and later the fust prime minister. He 
died with more than a dozen family members, 
including his wife and three sons, when army 
officers stormed his Dhaka house in 1975. 


Begum Zia, the prime minister, is the wid- 
ow of an army general, Ziaur Rahman, who 
took power three months after Sheikh Mujib's 
killing, only to be assassinated, again by offi- 
cers, while visiting the country’s second big- 
gest city, Chittagong, as president in 1981. 

The killing of General Zia was followed by 
nearly 10 years of rule by another general who 
became president, Hussain Mohammed Er- 
shad, and it was partly because Begum Zia 
and Sheikh Hasina together fomented the 


Bombs Hurt 15 at Protest on Writer 


l in power are no less likely than 


Reusers 

DHAKA — Fifteen people were injured 
when four bombs were thrown Friday into a 
crowd of 100,000 militant Muslim Bangla- 
deshis who had converged on Dhaka to de- 
mand fee hanging of fee writer Taslima Nas- 
rin. 

Most of fee injuries from fee homemade 
bombs were min or. It was not clear who bad 
thrown fee bombs. About 20 other people 
were injured and 30 arrested when police used 
batons to disperse crowds. 

Dr. Nasrin, a physician-turned -wri ter in 


her early 30s, became the target of Muslim 
fury in Bangladesh when she was quoted by 
an Indian newspaper as saying Islam's holy 
book, the Koran, should be revised thorough- 
ly. She says she was misquoted, while the 
newspaper says it stands by its report 
The march was organized by the United 
Action Council, which represents nearly a 
dozen radical Islamic groups, to press de- 
mands for Dr. Nasrin’s d< 


upheavals that unseated General Eishad that 
many hoped they would cooperate to consoli- 
date fee democracy re-established in 1991. 

But after a brief interlude, their relations 
degenerated. A watershed came five months 
ago, when Sheikh Hasina led an opposition 
walkout from Parliament She and other op- 
position leaders have vowed to “tak e.to fee. 
streets,*’ in a renewal of fee campaign against 
General Ershad, to bring Begum Zia’s gov- . 
eminent down. 

What distresses many Bangladeshis is that 
the confrontation appears to have little to do , 
with policy differences. 

The two leaders generally agree on steps to 
end illiteracy, and both seek to ease poverty 
by privatizing state-owned enterprises ana 
encouraging foreign investment. And they 
have also strongly supported steps to empow- . 
cr women, partly by budding on the successes 
of Bangladesh’s birfe-control program, which 
has begun to cut sharply into population 
growth m this country of 120 mfllibn people, 
and partly by bringing inc reasin g numbers of 
women into the work force. 

But those who know both leaders weH say 
that their attitudes toward each other seem 
driven mainly by personal resentments. 

“Begum Zia’s obsessed with Sheikh Ha- 
sina, and it’s mutual,’’ said one of the coun- 


The writer, now in hiding, has said in the- 
past that Islam treats women as slaves. 


try’s leading business executives, who insisted 
on anonymity for fear of prejudicing bis deal- 
ings wife the government. “Sheikh Hasina 
thinks that General Zia knew about the plot 
against her father, and Begun* Zia suspects 
fee Awami League may have had something 
to do with the assassination of her husband. 
The suspicions underlie everything each of 
th em does.” 


Thieves in Frankfurt 


Grab 3 Paintings 
Worth $44 Million 


By Rick Atkinson 

Washutglon Post Service 

BERLIN — Thieves over- 
powered a night watchman in a 
Fr ankf urt art gallery and stole 
three 19th-century masterpieces 
worth $44 million, fee police 
said Friday. 

The missing works, stolen 
Thursday night, included 
“Shadows and Darkness” and 
“Light and Colons,” two swirl- 
ing landscapes painted in 1843 
by fee Englis h master J.M.W. 
Turner. The canvases had been 
on loan from fee Tate Gallery 
in London for fee Schim Gal- 
lery’s exhibit of Romantic 
painters. “Goethe and Art.” 

The third painting taken was 
“Nebelschwaden” by fee Ger- 
man artist Caspar David Fried- 
rich. who, like Turner, was a 
prominent figure in fee early 
19th-century Romantic move- 
ment and a contemporary of 
Goethe. The Friedrich canvas 
was on loan from a Hamburg 
gallery. 

Nicholas Scrota, director of 
the Tate, called the Turner 
landscapes “irreplaceable” and 
said fear theft “represents a 
major loss for fee Tate Gallery 
and for European painting.'’ 

At least two thieves, de- 


help. Police officers arrived at 
fee gallery around 1 1 P.M., but 
fee three paintings, still in their 
frames, were gone. 

The police said fee thieves 
appeared well-versed on fee 
gallery’s security precautions 
because they struck shortly be- 
fore fee alarm system was to 
have been activated. 


The Frankfurt police chief, 
Karlheinz Gemmer, said fee 
paintings are too well known to 
be peddled in any art market. 
He speculated feat fee thieves 
hoped to either extort a cash 
settlement from insurers or sell 
them to a wealthy collector 
“who wants to enjoy them un- 
der fee cover of night.” 


The three paintings were in- 
sured for a total of 70 million 
Deutsche marks ($43.92 mil- 
lion), according to gallery offi- 
cials. The TUmers alone arc val- 
ued at $18 million each. 



Government and opposition lawmakers brawling on the speaker’s podium of the National Assembly in Taipei on Friday. 


scribed as being in their early 
irently 


20s, apparently hid in the 


Schim Gallery until after it 
closed at 10 PJM. Thursday 
night, fee police said. They then 
seized the lone night watchman, 
handcuffed him, gagged him 
wife tape and pulled a black 
cap over his face. 

The thieves dragged the 28- 
year-old watchman into a side 
room and used his keys to enter 
fee locked room where the three 
paintings were displayed as part 
of a temporary exhibit celebrat- 
ing Frankfurt’s 1,200th anni- 
versary. After 45 minutes of 
struggling, the guard managed 
to free himself and radio for 


Hellmut Seeman. business 
director of the Schim, ex- 
pressed remorse not only for 
fee lost paintings but also for 
the damage to his gallery's rep- 
utation for reliability. “Our 
work is seriously threatened," 
Mr. Seeman told the German 
news agency DPA. “There can 
be absolutely no doubt of feat.” 

Sabine Schulz, an art histori- 
an, added feat fee theft of 
“loaned paintings is worse than 
your own pictures." 


Taiwan Sets Direct Election of President 


In a separate theft in Amster- 
dam, the police reported that 
thieves broke into fee Rem- 
brandt House Museum early 
Friday and stole two 17th-cen- 
tury paintings by Pieter Last- 
man, one of Rembrandt's tu- 
tors. The two works are “The 
Crucifixion of Christ” and 
“The Lamentation of Abet” 


The paintings are considered 
to have more historical value 

than finan cial worth. 


INTUtN/SnONAl. 


Compiled by Our Stuff From Dispatches 

TAIPEI — The National As- 
sembly approved plans for fee 
first direct presidential elec- 
tions in Taiwan, in 1996, after a 
walkout tty opposition deputies 
who earlier threw chairs and 
traded punches wife members 
of the governing party. 

All 58 members of fee oppo- 
sition Democratic Progressive 
Party walked out, accusing the 
governing Kuominiang of rail- 
roading fee political liberaliza- 
tion package, which had been 
under discussion since May 2. 

“We refuse to vote because 
we cannot endorse fee one-par- 
ty-dominated amendments,” 
said fee Democratic Progres- 
sive assembly coordinator, Tsai 
Ming-hsien. 

By approving direct election 
of fee president and vice presi- 
dent, the deputies eliminated 
one of the two functions of the 
National Assembly, whose oth- 


er role is to amend fee constitu- 
tion. 

The Parliament, or Legisla- 
tive Yuan, makes laws. 

The assembly also voted to 
allow overseas Chinese to take 
part in fee presidential and vice 
presidential elections, and to 
take away fee prime minister’s 
power to veto senior personnel 
nominations by the president 


Scuffles first broke out over 
voting on a motion to elect a 
speaker and deputy speaker for 
fee next assembly session. That 
motion was approved. 

Opposition members then, 
rushed to tbepodium, overturn- 
ing it and ripping out micro- 
phones. They also set off fire- 
crackers and punched and 
kicked government members. 


Several deputies from both 
the government and opposition 
rides were injured, and at least 
two were taken to the hospitaL 

(Reuters, AFP) 


Simpson Mystery Witness Cited 

Defense Seeks Records as Trial Date Is Set 


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every Srturdoy in ihe HT 


The Associated Press 

LOS ANGELES — An attorney for O J. 
Simpson suggested Friday that there was a mys- 
tery witness who could exonerate fee former 
football star and demanded that prosecutors 
turn over investigative reports on fee person 
before Mr. Simpson’s trial, set to begin Sept 20. 

The attorney, Johnnie Cochran Jr., said there 
was at least one witness to whom police have 
talked “who has given testimony or evidence that 
is totally inconsistent wife fee theory of a lone 
assailant, and it’s entirely inconsistent wife the 
fact that Mr. Simpson is that assailant." 

A source dose to fee case, speaking on condi- 
tion of anonymity, asserted that fee mystery 
witness was a burglar who was casing the neigh- 
borhood when the killing s occurred. 

“He claims he saw two whites at fee murder 
scene,” the source said. 

Mr. Simpson, a former football star, has 
pleaded innocent to two counts of first-degree 
murder in fee deaths of his former wife. Nicole 
Brown Simpson, 35. and of Ronald L. Goldman, 
25, on June 12. He has been jailed without bail 
since June 17. 

The mention of fee possible witness came 


defense motion 


during a hearing on a 
seeking total “ 

Robert L. Shapiro, Mr. Simpson’s lead attor- 
ney, even sought records of emergency room 
Writs for cuts or dog bites during fee 24 hours 
following fee murders on the chance that Ms. 
Simpson’s dog might have bitten fee killer. 

Superior Court Judge Lance A. Ito set Sept 20 
as the trial date and Aug. 9 as a date for a 
progress hearing on fee sharing of evidence. .• 
Meanwhile, a newspaper reported that Mr. 
Simpson told the police hours after the slayings 
that he did not know how he had injured ins left 
ha n d. Mr. Simpson spoke with fee police upon 
returning from Chicago the day after fee killings. 
During the interview, the police observed an 
injury to the hand. 

Mr. Simpson said “he didn’t -remember bow he 



reporter. 

Mr. Simpson’s lawyers said he had cut his 
hand breaking a glass in a Chicago hold room 
when he was informed of the murders. 


WORLD BRIEFS 


Bank to AuctionTapie’s tato , 

sazed from the French pobaosnvrais 

■8afiS5S^--»;SKSS 


francs ($224 nrittion) from the . T Thursday 

to soze lns feature ^ im cw* ^ basin ^ 

which is investigating 
fraud, has made a competing clann on ms 


Russian Shoot-Oul Kills 5 Hostages 

wrumiiTWVP VODY Russia (AF) — After four major 

J£222?£S*t *0 uik t hepoto rn «■*£»« 


^7o d. ML 

that their harder tart.es would ood the 
about 

nZTiTITff v»Vs train station and ordered fee 

demanded $15 million 



aSagSB gsas aas! 

of the and then captured dm kidnappers. 


in Seoul on Wednesday that North Korea had already built five 
nodear bombs and was planning to build five more. 


Japan Prite Brake on Military Budget 

TOKYO (AP) — Japan’s mouth-oJd cabinet acted Friday to set 
tj ffnu m n n im rncrKgse in military spending next year at an austere 
0.9 percent, one of the lowest levels in decades. 

Tne low ceiling reflects strong padfistic feeling m Prime Minis- 
ter Tomnchi Murayama’s Social Democratic Party, and afeoi a 
iymprhmi« by its coatition partner, the more hawkish Liberal 
Democrats. . . . ^ 

Mr. Murayama, Japan’s first Socialist prime, minister in 46 
years, has renounced his party’s decades-old position that fee 
. anned forces vi o l a te fee constitution. He stressed, however, that 
Japan was restricted to the “minimum defensive power to defend 
the nation.” Japan has about 250,000 troops in its armed forces. 


Spanish FishemmC^ Off Blockade 


BILBAO, Spain (Renters) — Fishermen blockading northern 
Spanish portsr agreed Friday to end their four-day action, under- 
taken to protest alleged illegal prac tic es by-French fishing boats. 

At separate meetings, fee tuna fishermen of Galicia, Asturias, 
Cantabria and the Basque region agreed to open up harbors 
immediately and return to fisfang starting at midnig ht Friday. 
The agreement followed assurances by the Soauife Ministry of 


_ officials that they would insist an strict Enropean 
inspection of fishing practices, and tight local controls on fee 
quality erf imported 


A Mortar Attack in Ulster Wounds 45 


Nationalist leaders ordered 
their members to take off their 
jackets and ties and join- the 
fray. Opposition members re- 
taliated by hurling chairs. 


BELFAST (AF) — A mortar attack blamed on the Irish 
Republican Army wounded 44 peopfe-m a border town Friday 
wh» one cf three feeOs stemmed into afeopping street The otiter 
shells hit a police station, wounding four. 


No one nnmefeatdjy cMroed responsibility for the attack in 

‘ south of Belfast, but the IRA is 


Newry, 50 kilometers (30 miles) south of 
fee only group in Ncrthemlrdand feat has used mortars. An IRA 
attack on fee same police station in 1985 lolled nine officers. A 
mortar shell was fired at fee station in April but did not explode. 


For die Record 


Prime MUster John Mqar named Nefl SJnnock as one of 
Britain’s two members of the European Comxnisaon on Friday. 
Mr. Major blocked Iris appointment two years ago, when Mr. 
Kinnock resigned.as leader of the opposition Labor Party after 
Labor lost fee general election. (Reuters) 


TRAVEL UPDATE 


Aer Lingua Faces Walkout Over Cuts 


DUBLIN (Reuters) — Union workers battling plans to cut jobs 
and pay at Aer lingus said they would go ahead wife protests and 
a walkout on Saturday, delaying flights on the Insh ahiine’s 
busiest day of tire year. 

Aer lingus had asked the unions at its maintenance subsidiary 
teamto caned the demonstration at Dublin airport Flights at 
DUblm airport have been disrupted every day this week by unioGL 
action, wife regular delays erf up to two hours. 

^ e€SI .^ ve ? tl * ® rc * 11 Eght to run trial trains 
through the tunnel under the Channel during fee summer. & 
wince at fee safety- commission said cm Friday. Passenger pains, 
mled to half capacity wife nonpaying guest passengers, win run 
for up to a month and a halfi 6 fSj 

****** to Kt Frew* roads this 
TOtendas families who tack summer vacations in July head 

vacatM »“ n £ “ August head for beaches; 
mountems and the countryside, the police said. (Reuters) 


manage ment w ere resuming Friday in fee five-day walkout fea< 
has left commuters dependent on buses and cars. 1 


suspended Wednesday. 

Pakistanis to bead* 
to Central Asia, the 
Friday. The $700 


The talks were 

(LAV. 


It the Board of Inves tment said 

is to start in Nushki, in . Pakistani 


istan and end in Kushka. Turkmenistan. 


(Am 


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North Korean Deputy Premier Dies 

TOKYO CAP)— A North Korean deputy pnmeminister feed 

Thursday, m»d Prime Minister Kang Song San has be^plMedm 

charge of the funeral arrangemeuts despise fherecent defection of ^ 
am^ claiming to be his official North Korean media" 

^Sty 5 Prime Minister Kang Hid Won, 73, feed 'after an 
nnroecffiedkmg Alness, Radio Pyongyang reported, 'nieiippmnl- 
moitof Kang Song San. to the funerd comimttoe seemed w 
jm B c at e his power was.not undennmed by the defection of a 
man tone Iris son-in-law and feat man's announcement 




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INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, JULY 30-31, 1994 


Page 3 


•» 


APOLITICAL yOTESA 


Moderate* Attack Clinton Wrifara Plan 

WASHINGTON — President Bill din ton’s welfare re- 
form initiative is coming under unexpectedly broad attack in 
Congress, particularly from moderates in both parties whose 
support is critical to its fate. 

In hearings on the plan before a House subcommittee this 
wedt, usually faithful Democrats were securing the adminis- 
tration of pandering to public sentiment with 1 simplisrip. 
political slogans rather than devising a system t hat helps the 
people who need it. 

Administration officials seemed stunned "by the reaction, 
which appeared to forecast a difficult- trip though C o ngress - 
for an initiative that the administration has characterized as 
one of its most popular with the public and a sure bet with 
legislators. 

One of the harshest critics was Representative Robert T. 
Matsm, Democrat of California. During a hearing before the 
human resources subcommittee of the House Ways and 
, Means Committee, he pounced on element after element of 
the proposal, accusing administration officials testifying 
about the president’s plan of forgetting their own research 
and drafting policy based on public opinion polls. • 

Members from both parties said the administration had 
underestimated the potential ad ded health care costs that 
state and federal governments would have to pay if the plan 
were pul in place. (LAT) 


Ethics Office Clears Legal Defense Fund 


WASHINGTON — .The structure of President Bill Clin- 
ton's legal defense fund is in accord with federal ethics laws, 
the government’s chief ethics officer says. . 

Stephen D. Potts, director of the Office of Government 
Ethics, offered his approval for the Presidential Legal Ex- 
pense Trust in a July 22 letter to Michael Cardozo, the trust’s 
executive director. 

The text of the letter has now been released by overseers of 
the fund. 

“I believe that the existence and proposed operation of this 
trust does not or will not violate any of the conflict-of-interest 
or gift statutes or the administrative stand ards-of -conduct 
provisions that are applicable to the president,'' Mr. Potts 
wrote. 

He noted that Mr. Clinton may accept gifts but may not 
solicit them. 

The defense fund, announced last month, was set up to help 
the president and his wife, Hillary Rodham Clinton, cope 
with mounting legal bills from a federal investigation into 
their Arkansas land dealings and a sexual-harassment lawsuit 
lodged against Mr. Clinton. (AP) 


Health Bill, With Clinton Stamp, Is Going to House Floor 


Haaltfi Care Keeps First Family In Town 

NEW YORK — Haven’t quite firmed up your summer 
vacation plans yet? Thai’s all right. President Clinton doesn’t 


NEW YORK — Haven’t quite firmed upyour summer 
vacation plans yet? Thai’s all right. President Clinton doesn’t 
know yet when he’ll be able to get away from the office, either. 

With (he health care debate reaching fever pitch and 
Congress threatening to postpone its summer recess beyond 
its scheduled start Aug. 12, auD that Mr. Clinton has told his 
aides is that the first family will go to the Massachusetts 
island of Martha’s Vineyard, probably for a few weeks before 
Labor Day. (NYT) 

Quote /Unquote 

Donna E. Shalala, President Bill Clinton’s secretmy of 
health and human sexvioes, on why she is forgoing her annual 
s umm er trek with friends in the wilderness: “My adventure 
this summer is health care reform.” (NYT) 


By Dana Priest 
and David S. Broder 

. . . Washington Pas f Senicr 

WASHINGTON — House Democratic lead- 
ers have agreed to send a health care bill includ- 
ing most of the major provisions sought by 
President s!!! Clinton to the House floor, where 
it facts an uncertain fate. 

While maintaining the bill's ambitious fea- 
tures for now, including universal coverage, Un- 
acknowledged that its main financing provision 

— the employer mandate — might not survive 

- strong Senate opposition to requiring all compa- 
nies to pay for their workers’ Health insurance. 

Leading Democrats said they had asked for an 
early Senate vote on the provision. If the employ- 
er mandate fails in the Senate, as forecasts sug- 
gest, several of them said it would also fail in the 
House, forcing major revisions in the proposal 
or, some said, its abandonment. 

[As presented to party members Friday, the 
health bill would require most employers to pay 


more than three-quarters of each worker's health 
insurance. The goal is for coverage of all Ameri- 
cans by 1999, The Associated Press reported 
from Washington. 

[The bill would also create a program for low- 
income families, seasonal and pan- time workers, 
the unemployed, and small businesses and their 
employees. Under the plan, all Americans will be 
guaranteed a benefits package including pre- 
scription drugs, mental health, preventive care, 
long-term care and women’s health. 

[Americans would be able to choose from 
several health plans, including at least one man- 
aged care plan, at least one plan in which people 
choose their own doctors, and a medical savings 
account, in which employers pay into an account 
and workers keep what they do not spend.] 

As Mr. Clinton requested, the Democratic 
leadership bill would require employers to pay 80 
percent of their workers' insurance pre miums. 

It would place broad new regulations on the 
insurance industry, prohibiting insurers from de- 


nying coverage to sick people or those who have 
changed jobs. It would compel insurers to sell a 
comprehensive standard package of benefits to 
everyone. It also would eventually impose gov- 
ernment fee schedules for doctors' and hospitals 
as a backup measure if market forces do not 
adequately restrain inflation of medical costs. 

- A meeting involving senior Democrats and the 
House majority’ leader. Richard A Gephardt, 
Democrat of Missouri, failed to resolve the final 
language on abortion services, which were in- 
cluded in the bills passed by the two House 
committees considering health legislation. 

The Democratic leaders agreed to cut back 
somewhat on the size of the proposed reductions 
in Medicare reimbursement payments — a major 
concern of hospitals. Those savings were to help 
pay for the expanded insurance coverage. 

The Democrats agreed to seek a compromise 
on the contentious issue of having the govern- 
ment pick up insurance costs for early retirees of 
big companies, primarily in the auto and steel 
industry. 


AMERICAN 

TOPICS 

A Setback on Selling 

Anti-Baldness Drag 

Upjohn Co.’s hopes of sell- 
ing me anti-baldness drug Ro- 
garne without a prescription 
are receding. An advisory pan- 
el of doctors and pharmacists 
has recommended by a vote of 
10 to 4 that the US. Food and 
Drag Administration turn 
down the potentially lucrative 
marketing proposal. 

The agency generally fol- 
lows the recommendations of 
its advisory committees, but is 
not required to. Upjohn has 
sold Rogaineas a prescription 
drug in the United States for 
six years. 

An agency spokesman said 
it had been found that about 
two in five men using the 
product would grow “moder- 
ate amounts” of hair “within 4 
to 12 months.” For women, he 
said, one in five will grow 
“modest, discernible** hair 
within eight months. 

To keep the new hair, the 
spokesman said, both men 
and women have to continue 
spraying Rogaine, whose ge- 
neric name is minoxidil, on 
their scalps twice a day at a 
cost of about SSS a month. 

For a drug to be sold over 


the counter, it must be safe 
and be for a condition that 
patients can easily diagnose 
themselves. That is the case 
for men, who do not need a 
doctor's help in recognizing 
the signs of “male pattern 
baldness,” said Dr. Robert L. 
Reitschel of the Ochsner Clin- 
ic in New Orleans. 

But the committee ex- 
pressed concern that people, 
particularly women who expe- 
rience a more diffuse hair 
thinning, might turn to Ro- 
gaine when the balding was 
caused by thyroid problems, 
anemia or even fungal infec- 
tions, which only a doctor 
could diagnose. 

Short Takes 

A man is on trial in Spokane, 
Washington, for allegedly hir- 
ing a hit man to skate past his 
estranged wife and prick her 
with a poisonous hypodermic 
needle outside a church on 
Easter Sunday. No attack was 
ever carried out, but James A 
McClelland, 48, an insurance 
executive, is charged with 
murder for hire. A former em- 
ployee, Mark Russell, said Mr. 
McClelland had offered him 
$10,000 to glide past Mrs. 
McClelland on skates and jab 
irer. 

While sheriff's deputies 
grappled with a 6-foot-7-fnch 
(2-meter) 280-pound (128-ki- 
logram) drug suspect in 
Dania, Florida, one James 
Sullivan stood by and 



Differences between Senate and House bills 
must ultimately be reconciled in a conference 
and be returned to both chambers for final 
passage before going to Mr. Clinton for his 
signature. 

Mr. Clinton formally outlined his proposal 
last September, starting intensive debate on a 
measure described as the most significant piece 
of domestic legislation in at least three decades. 

Mr. Gephardt plans to bring the bill to the 
House floor on Aug. 8 or 9 and aims for a vote on 
passage by Aug. 13. 

A draft of the Gephardt bpl is portrayed as 
bring deficit-neutral. An official estimate will be 
made by the Congressional Budget Office 
shortly. 

In addition to the required contributions from 
employers and workers, it includes a 45-cent-a- 
pack increase in the cigarette tax, a 2 percent 
excise tax on health insurance premiums and a 
similar levy on large companies that insure their 
employees’ health care themselves. 


A:-- 




A 


i m: 





kkkk SMILING — Held Fleiss talking with her attorney in Beverly Hills after die accused “Hollywood madam** 
was indicted with bo 1 father for tax evasion and money laundering. She already faces trial on charges of pandering. 


watched. A deputy who 
dropped his radio during the 
five-minute struggle ordered 
Mr. Sullivan to pick it up so 
the officer could call for back- 
up. “Are you crazy?” Mr. Sul- 
livan responded, according to 
authorities. After the deputies 
finally subdued the suspect, 
they charged Mr. Suluvan 
with failure to aid an officer. 
The penalty is up 60 days in 
jail and a $500 line. 

Tom Shales, television critic 


for The Washington Post, says 
tongue-in-cheek that he is 
starting a new “Peace & Qui- 
et” TV channel where “your 
senses will not be assaulted.” 
On PQTV: “Our cameras hold 


need Dramamme. “We hire 
directors who are not on 
drugs, and who do not think 
the attention span of the view- 
ing audience is limited to .03 
second per picture.” 


Rubber flippers that fit 
around the ankle to make 
sw imming easier have been 
around for around for half a 
century. Now comes the 
Monofin, essentially a single 
large flipper that attaches to 
both ankles. This gives the 
user the appearance of a mer- 
maid and, according to Emily 
Prager of The New York 
Times, the swimming abilities 
of a mermaid as wriL “Lode 
your knees, and make an 'S' 


curve with your body," one 
manufacturer advises. “Arms 
straight out in front, bead be- 
tween arms, palm over palm. 
Use your hips to propel you. 
Swim like a dolphin. Undu- 
late.” Miss Prager reports, 
“No froggy flailing of the 
aims and the legs, the move- 
ment was all in my torso.” She 
concludes, “No wonder mer- 
maids yearn to return to the 
sea.” 

International Herald Tribune. 


Shotgun Fire Kills 2 at Clinic, Abortion Foe Held 


Con^tM by Oar Staff From Dispatches 

. PENSACOLA, Florida — A man filing 
■a shotgun killed two men at an abortion 
clinic Friday and wounded a retired nurse 
.who worked there. A militant anti-abor- 
tion activist was arrested. 

The police identified one of the dead 
men and the wounded woman as a hus- 
band and wife who worked as escorts at 
the clinic. The police would not immedi- 
ately identify the second man killed, but. 
witnesses said they believed he was a clinic 
doctor. : 

. The two men were shot in the head with 
a 12-gauge shotgun, the police said. 

The director of an anti-abortion group 
called Defense America, Paul EGM, was 
t aken into custody immediately after the 


cola,, is known for advocating the use of 
force against abortion clinics and doctors. 
He has been arrested several times for his 
anti-abortion, activities. 

It was the third shooting at an American 
abortion dime since March 1993, when a 
doctor was fatally shot outside a different 
ddnicin Pensacola. 

Mr H31 founded his group after the 
earlier killing. He has beat outspoken in 
defending the use of violence to prevent 
abortions. - 

“If an abortionist is about to violently 
take an innocent person’s Me,” Mr. HD1 
said tins year in an interview, “you are 
entirely morally justified in trying to pre- 
vent him from taking that life.” 

A witness told a local radio that the 
gunman had casually walked toward the 
clinic, then fired 6 to 9 blasts at the three 
victims. ' 


Witnesses said they saw the police wres- 
tle the suspect to the ground and handcuff 
him after the shots. The police routinely 
patrol the city’s two abortion clinics, where 
protesters meet regularly to picket. 

One of the dead men was identified as 
James Herman Barrett, 74, of Pensacola, 
and the wounded woman as his wife, June 
G. Barrett, a retired nurse. Mrs. Barren 
was admitted in fair condition at Baptist 
Hospital, a spokesman said. 

A federal law enacted in May in re- 
sponse to abortion-related violence carries 
a possible life sentence if death results 
from clinic violence. The U.S. Supreme 
Court in June upheld protective buffer 
zones around clinics, saying protection for 
eKnic patients and abortion providers was 
warranted by confrontational protest tac- 
tics. (AP, Reuters) 


Away From Politics 

'•An explosive forest fire in central Washington state has 

■ forced more evacuations while crews in Oregon, contained a 
giant range fire on the Warm Springs Indian Reservation. A 
spokeswoman for the Northwest Interagency Coordination 

- Center in Portland said more than two dozen major wildfires 
had blackened 120.000 acres (48,000 hectares) of forest and 
range in the two states since last weekend. 

• Tornadoes tore Into PhOade^tna’s suburbs, killing a family 
• <rf three. A man and a baby who were blown through windows 
’ were recovering. The three tornadoes, with winds up to 200 

- miles (320 kilometers) per hour, injured 30 people and de- 
stroyed 15 homes. 

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Page 4 


SATURDAY -SUNDAY, JULY 30-31, 1994 


OPINION 


Ucralb 


INTERNATIONAL 



tb Utl C Israel’s Next Tasks 


ffRMSIft.H W’fTff THK W.W tfIKK TIMM 1VB THK » VWIVKTflN POST 


Help Rwandans Go Home 


In the first phase of relief for Rwanda, 
the desperate need was to pour in food, 
water, medicine and emergency services. 
This phase, though launched late and far 
from complete, is saving lives. Already, 
however, a more demanding second 
phase is upon the helping nations: to 
restore conditions that mil draw the mil- 
lions of displaced and exiled home. The 
problem is not just logistical — rebuild- 
ing an eviscerated infrastructure practi- 
cally from scratch. For Americans it is 
political — summoning the resolve to 
tackle a mission that inevitably recalls 
Somalia. There, an American-led hu- 
manitarian success became a "nation- 
building 7 ' fiasco. The shadow of Somalia 
now faUs over Washington. 

This should not be, for Rwanda is no 
Somalia. Unlike Somalia, which bad fac- 
tions and tribes fighting (still) for power. 
Rwanda now has a single victorious force 
and the basis of a national political pro* 
cess reaching across tribal lines. Unlike 
Somalia, Rwanda does not threaten mili- 
tary defiance to friendly outside interve- 
ners. Special factors brought about the 
casualties and humiliation that undid 
American policy in the one place. The 
other place is different 

These considerations should govern 
the key choice now lying before the 
American government of where to cen- 
ter its relief operations. Somalia-haunt- 


ed otticiais would base them in Entebbe, 
Uganda, or in Goma, Zaire, where a 
million or more Rwandan refuges sit 
But Entebbe, though big and safe, is 
nearly 500 kilometers from the refugee 
sites. To provide the requisite airport 
facilities, connecting roads and supply 
depots either there or in Goma would 
disperse resources and prop up the local 
strongmen. By contrast, to fit out the 
Rwandan capital of Kigali, where the 
United Nations is already flying, would 
make logistical sense. It also would light 
a beacon to call home the millions of 
uprooted Rwandans. 

Rwanda, scene of massive massacres 
before cholera started felling survivors, is 
now a wasteland — but not entirely. Fall 
crops remain to be harvested if farmers 
can return quickly. Reconstruction of de- 
stroyed bridges, schools and markets of- 
fers various job opportunities. 

Such projects raise suspicions of "mis- 
sion creep." But it is not enough to purify 
the water and bury the dead- It is neces- 
sary to help rebuild communities so as to 
hand off national revival to the interna- 
tional banks. It helps to keep in mind that 
the condition from which Rwanda is be- 
ing saved is not just a spell of bati luck 
but genocide. The United States has an 
obligation to join others in enabling sur- 
vivors to redeem their lives. 

— THE WASHINGTON POST. 



In an attempt to discredit North Ko- 
rea, South Korean intelligence trotted 
out a defector this past week who said 
the North had five nuclear bombs. Al- 
though Seoul has now distanced itself 
from his claim, this was the latest in a 
series of spats that erupted after the 
North took offense at the South’s un- 
willingness to offer condolences on the 
death of President Kim B Sung. The 
marring could slow resumption of nego- 
tiations critical to talking the North out 
of its nuclear prog ram . 

North Korea is onhkdy to abandon 
that program unless its broader political 
and security cancans are met Those 
concerns cannot be addressed by Wash- 
ington and Pyongyang alone. South Ko- 
rea needs to be constructive about ad- 
vancing its own dialogue with the North. 

The United States wants to make the 
North’s temporary nuclear freeze per- 
manent To do so, it needs a verifiable 
ban on facilities that reprocess spent 
nuclear fuel into plutonium for bombs. 
On Dec. 31, 1991, the North and South 
agreed to just such a ban and to inspec- 
tions to verify compliance. They now 
need to carry out that agreement 

North Korea, in turn, wants security 
assurances, preferably a peace treaty to 
replace the Korean War armistice of 
1953. The United States is tdting the 
North to talk to the South, citing a Dec. 
13, 1991, declaration that committed the 
two Koreas “to transform the present 
armistice regime into a firm state of 
peace” and to build mutual military con- 
fidence and reduce arms. But Pyongyang 
wants a peace treaty with Washington as 


w e.il. That effort needs to proceed in 
tandem with North-South talks. 

By not offering condolences. South 
Korea's democratic government was try- 
ing to appease citizens victimized by the 
Korean War. But the South also seems 
less eager to talk to the North now. That 
may reflect Korea's Coolucian tradition 
of deference to elders, which made it 
a p propriate for South Korea's president 
Jo go to Pyongyang to meet the elder 
Kim, but not his younger heir. 

There is another, less benign reason for 
the South's hesitation. In the past, it has 
blown hot and cold about talks between 
Washington and Pyongyang — hot 
whenever the talk* sputtered and cold 
whenever they took off. Worried that 
North Korea was trying to upgrade rela- 
tions with Washington at its expense, 
Seoul masted that Washington condition 
talks with the North on resumption of 
North-South negotiations. Last April, 
fearing a slide toward confrontation, 
Seoul dropped that condition. 

Then came the Jimmy Carter-led 
breakthrough- Kim D Sung agreed to 
freeze his nuclear program and resume 
talks with the United States. He also 
pledged to meet with his southern coun- 
terpart, Kim Young Sam, a sign that talks 
with Washington would not come at 
Seoul’s expense. But before they could 
meet, the elder Kim died. In the ensuing 
volley of vilification, the two sets of talks 
again got cut of phase, impeding efforts 
to resolve the crisis. Washington needs to 
encourage both Koreas to stop the propa- 
ganda barrage and resume negotiating. 

— THE NEW YORK TIMES. 


Gauging Export Controls 


Iraq and other states have used seem- 
ingly innocuous machine tools and chem- 
icals to manufacture nnrU»gr and chemi- 
cal arms. That is why the United States 
and other industrial powers have long 
sough 1 to restrict the export of dual-use 
products that have civilian applications 
but can also be used in making weapons. 

Although such restrictions nave barred 
sales of less than 0.1 percent of all UJ5. 
exports, American manufacturers still 
chafe at the restraints on trade. Unfortu- 
nately, the House has heeded them and is 
considering a bill that goes too far to ease 
the restraints. A bill now before the Sen- 
ate strikes a better balance. 

A major complaint of U-S. exporters is 
that while they await license approval, 
foreign competitors can dose deals. For 
that reason, it makes sense for Congress 
to set deadlines that expedite licensing 
decisions. Bnt the 40-day deadline in the 
House bill is too short for the tough cases 


now confronting regulators. The Senate 
biffs 60-day period seems more appropri- 
ate, though ute Senate might permit even 
more time for tough cases that are kicked 
up to the president to resolve. 

American companies are also justified 
in complaining about export controls that 
the United States alone imposes, putting 
them at a competitive disadvantage. Ex- 
port controls work best when other states 
apply them as wdL But the House could 
make it too difficult for the United States 
ever to impose controls unfiateraiUy. Some- 
times the only way to get multilateral 
controls is to nave the United States set 
toogh restrictions of its own and persuade 
other countries to follow suit 


The Senate is taking the more balanced 
ird relievins 


approach toward relieving unnecessary 
burdens cm American exporters without 
undermining the fundamental goal — 
curbing weapons proliferation. 

— THE NEW YORK TIMES . 


Other Comment 


Stop Terror Wifli a Wider Peace 


The Arab-Israefi conflict is fading into 
history. There are troubling signs, howev- 
er, that it cotid be subsumed into a new, 
less dearly delineated struggle, the cam- 
paign. fired by Islamic extremism. Israel 
protects itself against terrorism with rigor- 
ous preventive measures and with the 
threat, and usually the actuality, of fierce 
retaliation. But Israel's only political hope 


may be to undermine [the extremists] by 
whipping away their support or credibility. 


Peace with Syria would be a big step in 
this direction. Syria controls the move- 
ment of many would-be activists, both 
secular and Islamic. A number of secular 
rqectionist groups in Damascus are under 
its thumb and, by its presence in Lebanon, 
Syria has a say over what Hezbollah does. 
No less important, Israel needs to help the 
Palestine Liberation Organization to 
prove that it is not as both Islamic and 
secular rqectionists scoff, trapped in a 
Gaza-Jericbo cul-de-sac. 

— The Economist (London). 


1 



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i « a. a 


Complete the Peace 


By Anthony Lewis 


B 


OSTON — Even Israelis who 
are usually skeptical of peace 


with Arabs are happy about the 
with Kii 



rapprochement with King Hus- 
sein of Jordan. For them he is the 
modal of a moderate Arab leader. 
In that there is much irony. 

Israel could have made a deal 
with King Hussein decades ago. 


He was ready to exchange peace 
of Israel ft 


and recognition of Israel for re- 
turn of the territory won from 
him in the war of 1967. 

Prime Minister Rabin told me, 
years ago, that he had negotiated 
with King Hussein on behalf of 
an earlier Labor government and 
agreed on return of the West 
Bank. But the deal foundered on 
Jerusalem, he said: The King said 
he must get back East Jerusalem, 
but the Israeli government would 
not give up the Greater Jerusalem 
it hid declared after 1967. 

If agreement had been reached 
then, the West Bank would be 
ruled by the King today instead 
of hearting for Palestinian gov- 
ernments under Yasser Arafat, 
whom so many Israelis distrust. 
Of course Palestinians might well 
have become increasingly restless 
under King Hussein’s role, want- 
ing to govern themselves-, but that 
would have been his problem. 

An early agreement would also 
have left the occupied territories 
without the numerous Jewish set- 
tlements that make a permanent 
arrangement so difficult to nego- 


chem Begin formed Israel's first 
Likud government in 1977. 

The irony is more than history. 
It points to a crucial reality of 
Israel's present situation: To en- 
joy the tranquillity it needs with 
its neighbors, Israel cannot rest 
on pleasant options like hand- 
shakes with King Hussein; it has 
to tackle the hard problems. 

It is Palestinians, more than 1.5 
million of them, who live in the 
West Bank and Gaza. Israel has to 
reach an agreement with their 
leadership is order to shed the 
burden of occupation, which Mr. 
Rabin said “has corrupted us.” 

Agreements with King Hussein 
wffl hardly satisfy the political as- 
pirations of those Palestinians. 
Their loyalties are mainly to Mr. 
Arafat and the Palestine Libera- 
tion Organization or to Hamas, 
the Islamic f rniriflm<»ntalis t group. 
Indeed, King Hussein, felt able to 
take Ms public step toward peace 
with Israel only because Mr. Ara- 
fat had done so first. 

Mr. Rabin well understands 
that he must deal with the Pales- 
tinians if Israel is to have any 

closest to itfrhat is why lieput 
personal feelings aside and shook 
Mr. Arafat’s hand. 

The other strategic factor that 
drove Mr. Rabin toward last 





September's- Declaration of 
Principles with die PLQ was the 
desire to minimize fundamental- 
ist influence. Giving power to 
the PLO might stop the rise of 
support for Hamas. (Mr. Arafat, 
it should be said, can establish 
Ms legitimacy only by going 
ahead with elections in the West 
ft»p V and Gaza this fall) 

The sam e 'logic underlies the 
even more difficult effort, led by 
Secretary of State Warren Chris- 
topher, to bring about a peace 
agreement between Israel and 
Syria. For die goal here is not just 
the treaty and diplomatic rela- 


tions that Israel wants, or the re- 
covery of the Golan Heights for 
Syria, but a broader realign m ent 
of moderate and extremist forces 
in the Middle East. 

Hafez Assad has suppressed Is- 
lamic fundamentalists in. Syria, 
massacring thousands at H a m a. 
Bnt he has made Iran a great alfy 

and allowed the planting of Irani- 
an terrorist forces in Lebanon- 
Extremist Palestinian groups op- 
posed to peace with Israel have 
their headquarters in Damascus. 

With the loss of Ms main arms 
supplier; the Soviet Union, Mr. 
Assad has moved toward better 


relations with the United States ■— ** 
bat he stffl keeps a foot is the 
camp of violence. A peace agree- 
merit with Israel would necessarily 
be a decision fay faun to be on the 
moderate side, with all that would 
mean for southern Lebanon, too. 

The importance for Israel of 
tackling the hard problems — gfc 
ing Palestinians political indepea- 
tfonfift,- y ffri w i g with Syria — was 
underfilled by the bombings of 
Jewish and Israeli targets in Bue- 
nos Aires and London. Irisesseuy 
dal to isolate terrorism and, so far 
as possible, remove its causes. 

The New York Tunes. 


America’s Turn Toward Germany 



P ARIS — When President Bill Clinton 
was in Europe earlier this month, he 
proposed a new and special relationship 
between Germany and the United States. 
He also used a new ex pr ession, the “Eu- 


By William Pfaff 


United States has played in European 
affairs since the war. Mr. Bi 


ropean Trans-Atlantic Community,” to 

’ Unit ‘ 


describe cooperation between the United 
States and members of the European 
Union, and asked that it be extended to 
the Central and East European countries. 

These were significant statements be- 
cause they come out of a new American 
assessment of Europe and they identify a 
new American polity. 

Last year, the Clinton administration 
was criticized for its hasty embrace of 
Asia and the Pacific Rim. Now it has 
reconsidered the weight erf Europe in 
world affairs and the world economy. It 
also considered how Europe reacted to 
certain changes in U.S. policy during the 
early months of this administration. The 
result is a decision for further change 

The Bush adminis tration followed all 


Bush even tried 
to strengthen the American role by mak- 
ing NATO into a politico-strategic direc- 
torate for all the Western powers, with 
the European Community audits institu- 
tions subordinated to NATO. 

That ended when BDl Clinton came to 
office. While previous administrations 
viewed any attempt to create an autono- 
mous European army as a threat to 
NATO, the Clinton adminis tration en- 
dorsed the Franco-German p rogram for 
an integrated European army corps. Mr. 
Clinton also gave his support to European 
efforts to enlarge the role and responsibil- 


an the Sobs and an end to the 
arms embargo on the Bosnian gov- 
ernment. The West European govern- 
ments would not agree. Eventually, 
NATO did carry oat several air strikes, 
but Europe an and UN hesitations drasti- 
cafiy reduced their effectiveness. 

In Washington, these events discredit- 
ed those who had said the European 
Union was now mature, the European 
powers sure of themselves, capable of 
managing the problems of their region. 
Mr. Clinton’s 


ities of the Western European Union. 

Ax. Cnnton called the 


its postwar predecessors m giving firm, 
lifted, sup 


but qualified, support to European unifi- 
cation. The qualification was that there 
be no weakening of the leading role the 


Like Mr. Bush, Mr. 

Yugoslav crisis a European responsibil- 
ity and said the United States would 
bade whatever the West Europeans de- 
cided to do about it When they proved 


incapable of deration, he sent Secretary 
of Stab 


state Warren Christopher to Europe 
with a proposal for new allied military 


people had wanted to be- 
lieve that, since it would have allowed the 
United States to gracefully and safely 
hmit its European role and focus instead 
on domestic reform. The outcome is the . 
new policy, whose initial dements Mr. 
Clinton w inn u mwl m Germany. 

Germany is the hugest and economical- 
ly most powerful European state. Wash- 
ington there fore intends to establish an 
essentially bilateral strategic partnership 
with it Germany is expected to dominate 
the European Unkm and assure that what 
Washington caBs “trans-Atiantkr mcchar 
mstnd* are trail into the evolving struc- 
tures of European cooperation. 


The as sum ption made in Washington is 
that the adventure of European integra- 
tion has come to a halt Washington be- 
Seves that Europe has shown itself incapa- 
ble of becoming the true unzos of states 
dial the original six nations of the Com- 
munity, ana then the 12, at Maastricht, 
aimed to become, “fhaope” wffl survive as 
a cooperating Woe of independent na- 
tions, with oared values rod intimate 
econ o mic relations. But the US. govern- 
ment w3I not have an interlocutor named 
“Europe^ because, as a political and stra- 


tegic en^, there wffl be no Europe. There 
arid the : 


wffl be European nations, arid tbe stron- 
est of than wffl be Germany .The new 
US. poficy fallows from that 
The policy leaves open the chance for a 


produce it But For now the VS. 
administration has concluded that it will 
not be^. Washington has greatly lowered 
its assessment of the responsibilities the 
Europeans can handle, ft Europeans do 
not Hke this 


; this appraisal, or this 
have only themselves to blame. 
International Herald Tribune. 
© Las AngdexTbnes Syndicate. 


• they 


I. 


Now It’s Waldheim the Knight, Courtesy of a Forgetful Vatican 


W ASHINGTON — It is said 
that when John Kennedy 
was asked how he would an- 
nounce that he had picked his 
brother to be attorney general be 
replied that he would open the 
door at 2 AM. and whisper, “It’s 
Bobby.” In somewhat the same 
manner. Pope John n had Kurt 
Waldheim report to the Vatican 
Embassy in Vienna to receive a 
papal knighthood. Mr. Wald- 
ham, of course, accented. 

snuck into the United States, via 
the Catholic News Service, and 
was confirmed by Roman Catho- 
lic authorities in Washington. As 
it happens, stealth is what Mr. 
Waldheim would need to get into 
the country, since; ex-p res: dent of 
Austria and former United Na- 
tions secretary-general though he 
be, be is persona non grata. 

His wartime service has long 
been in dispute. What is not in 


By Richard Cohen 


dispute is that he was an intelli- 
gence officer attached to units 
that committed atrocities. 

In addition, he lied about his 
wartime activities and has since 
conducted himself as if he had 
nothing to be ashamed of. 

He is the personification of the 
nonentity without whom the Ho- 
locaust, not to mention the mas- 
sacres of other peoples, would 
have been impossible. 

Still, the Pope made him a 
Knight of the Online Piano, an 
honor established by pins IX in 
1847. He was particularly cited 
for humanitarian services as UN 
secretary-general The July 6 cer- 
emony, however, was so discreet 


that it was virtually a secret, 
tdd in via 


It was held in Vienna, not in 
Rome, and the award was pre- 
seated by die papal nuncio and 
not the Pope himself, although he 


was the only one who could have 
authorized iL It was as if the Pope 
wanted to have it both ways — 
honor Mr. Waldheim and yet not 
harm his historic efforts to im- 
prove Vatican- Jewish relations. 

The new honor is hardly a de- 
parture for the Vatican. Bard; 
when the then president of Aus- 
tria was ostracized by much of the : 
world community, it was joined 
only by some Arab and Commu- 
nist countries in treating Mr. 
Waldheim as if he were just an- 
other head of state. To the Vati- 
can, his postwar career seems to 
be the only thing that matters. 

It seems to agree with trim that 
he should be judged on Ms efforts ' 
at rite United Nations or service to 
Ms native country, and not on any- 
thing that happened m Ms vicinity 
during the war. The extermination 
of Salonika’s Jewish community, 


for instance, goes unnratkned in 
his autobiography. . .. . 

Predictably, it is Jewish organi- 
zations that protested the knight- 
hood. This cast the incident in 


what you might call a Farrakhan 
mold — a Jewish-black contro- 


versy in Msxase. a Jewisb-Vati- 
can dispute in this one. 

That misses .a much larger 
point. Mr. Waldheim’s ties — as 
muchas Louis Farrakhan’s anti- 
Semitism — are more relevant to 
the universal fight against bigotry 
and falsify than they are to die 
hurt feefings of. Jews. In Mr. 
Waldheim's case, the Vatican did 
not merely insult Jews, but it did 
honor a liar whose complicity in 
the Holocaust, no matter how 
passive, he never acknowledged. 

That point was not mused by 
Vaclav Havel the Czech Repub- 
lic’s president. In 1990 he gave 
the keynote speech at Austria’s 
Sabburg Music Festival with 


Mr. Waldheim in the audience, 
and talked about the importance 
of truth. If we cannot be truthful 
about the past, he said, we cannot 
be truthful about tire present - 

Kurt Waldheim is probably nef 
war criminal. He was a careerist 
who punched a ticket through the 
Holocaust. He wore the uniform 
of thc Gexman army, but he was 
■essentially dad in the garb of 
mo ral in difference. Had the Na- 
zis triumphed, so would he have. 
When they lost, be made sure h£ 
did not. He shed his past. 

For tiie Pope to honor such i£ 
man dishonors both the ' Pope 
and tiie Vatican. For Mr. Wald- 
heim, the knighthood is a sym- 
bolic exoneration. Mr. HavdV 
reproach, Jewish sensitivities ; — 
they are all rebuffed. Mr. Wald- 
horn is knighted and truth,. hif 
most obstinate foe, dangle from-'- 
the end. of Ms lance. 




The Washington Fast 


Look Who’s Teaching Japan the Economic Restructuring Game 


T OKYO — Five years ago, the 
Japanese were riding high. 
The economic bubble had not yet 
burst, and Japanese industry ap- 
peared invincible: In the manu- 
facturing sector, the Japanese 
were mentors, and U.S. firms in- 
creased their productivity by 
adapting Japanese practices to lo- 
cal requirements. Today, Ameri- 
can and Japanese firms have in 
some respects traded places. 

Because of the renaissance in 
U.S. manufacturing, Japan's pro- 
longed recession and the continu- 
ing appreciation of the yen 
against the dollar. Japanese busi- 
ness leaders are e xamining Amer- 
ican business practices with re- 
newed interest and emulating 
some with interesting results. 

Discount stores and catalogue 
sales have boomed as Japanese 
consumers seek high-quality 
products at more reasonable 
prices. Daiel one of the nation's 
largest chain stores, says it will 
seek to reduce retail prices by 50 
percent over three years. 

In industry, reliance on long- 
established suppliers has been 
tempered by the need to remain 
competitive. Early this year, Mit- 
subishi and Honda broke away 
from the auto industry’s exclusive 
reliance on Japanese steel suppli- 
ers to purchase materials from 
South Korea. Fujitsu has an- 
nounced plans to triple its parts 
and material purchases abroad. 

The prolonged recession is also 
forcing a reassessment of key fea- 


By Michael H. Annacost 


turns erf the national management 
system; lifetime employment, se- 
niority pay and cross-sharehold- 
ing. These practices were afford- 
able when Japan’s economy was 
growing rapidly. They have be- 
come a very expensive luxury in 
an economy that was sta gn an t 
last year and is projected to grow 
by only 1 percent in 1994. 

Thus Japanese executives are 
now studying America's experi- 
ence with corporate downsizing 
merit pay packages and invest- 
ment practices. 

Restructuring has been diffi- 
cult in the United States. It is 
even more painful for Japanese 
managers, since their society 
places a higher priority on pre- 
serving social harmony,, avoiding 
adversarial labor relations and 
nurturing insider links. 

Yet for some, change wffl be 
unavoidable. little wonder that 
there are nearly 50,000 Japanese 
students at U.SL universities and 
that Japanese corporate leaders 

m ..j 1 im rnirni,. 


are fascinated by 


nies spawned by Silicon r 
The renaissance of Amenca’s 
high-tech manufacturing has 
prompted considerable soul- 
searching in Japan. ■Journalists, 
poli tician^ bureaucrats and busi- 
ness leaders complain that Japan, 
despite its extraordinary prowess 

in manufacturing has not had 
comparable success in developing 
new inf orma tion-age technologies. 


Japanese industry remains preemi- 
nent in making computer hard- 
ware, but American nrm3 domi- 
nate die software sector. 

Thoughtful Japanese acknowl- 
edge a need to cultivate creativity, 

originality and entrepreneurship, 
qualities that have traditionally 
beat encouraged in the U.S. edu- 
cational system. There is growing 
awareness that excessive regular 
tion has stifled innovation is such 
sectors as telecommunications. 

Fujitsu has begun urging em- 
ployees with innovative ideas to . 
spin off from the parent company 
and explore them. It has prom- 
ised that should these efforts 
prove successful it would oonsid? 
er acquiring shares in the new 
ventures at a huge madcap. NEC 
is reportedly examining the possi- 
bility of setting up a US. soft- 
ware development house almost 
entirely staffed by Americans. 

This learning process is noi- 
confined to the manufgf^irir^ 
sector. Wal-Mart Stores recently 
established links with two of Ja- 
pan’s supermarket chains, Ito- 
Yokado and Yaohan, to form a 
worldwide network to develop, 
purchase and distribute discount 


These changes come in re- 
sponse to market pressures and 
reflect a growing conviction in 
Tokyo's business circles' that Ja- 
pan’s regulatory system, which 
once guided the “economic mir- 
ade,” can also diminish efficien- 
cy and stifle innovation. 

There is a lesson here for 
American negotiators. If they fo- 
cus their negotiating effort on ao 


operating regulatory r e for m , they 
are more likely to elicit the sup- 
port of significant constituencies 
m Japan and encourage a process- 
of c h a n ge that is now underway 


The writer, ambassador to Jo 
pan from 1989 to 1993, is a /eUoW 
at Stanford University's Asia/ Pa* 
ape Research Center. He contrib- 
uted this to The New York Times* 


IN OUR PAGES; 100, 75 AND 50 YEARS AGO : 


1894;. Gold Conspiracy? 


NEW TfORK The dram of 
gold from America may be the 
result of a monarchical conspira- 
cy against Republican institu- 
tions in the United States. It is in 
.a letter to a New York of 
social and business consequence 
that this startling theory is 
brought forward. The letter goes 
into details which suggest th at the 
writer has spect modi time and 
study on th&questiofl. . 


Seance as a result of years of agf- 
mtion against Jews in Poland 
They were typical Polish P<? 
groins, anti- Jewish riots accom- 
pamed by brutal executions with- 


out trial, by mockery, tortures, 
>y!o ' 


derision, by looting and pillaging. 

1944; Massacre m Italy 


x 




RO ME -—(From our New York 


files from the 


goods. The Japanese companies 
i much from Wat-Mart's 


will learn _ 

high-volume, low-cost operation. 
Wal-Mart will benefit from its 
exposure to the Japanese retail 
era' inventory control and mer- 
chandise ordering systems. 


1919: BoKah Pogroms 

PARS -—That which happened 
in Poland* -Was worse than the 
Russian pogroms which aroused 
the indignation of the civilized 
world, Jews were massacred in 
K&hzneff ,and Hamel and scores 
of other places in Russia, orea- 
nized by die Tsaristic Govern- 
ment. But the outrages in Poland 
assumed a definite policy erf vts- 


i Uiw UVIM *“*• 

of fascist police chief 

at Arezzo have revealed thaiiSa!-# 
roan troppsof the HennannGoe- 
pwpttraied on 
Apnl Ij what is believed 'the 
jwast civilian massacre of the 
ItMian campmgn, in the town of 
«ia, twenty-five miles northwest 
r» 11 *as disclosed today 

Eg A total of J03 bodio 

identified. These 
are only a few of the be* 

3a ®ed by the Nazis in a! 


Mas- 


toPrisal for the shooting by parti- 
sins of two Germans; 





** • . ■ .. V. 


<> /i£f> 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-5UNDAY, JULY 30-31, 1994 


Page 5 



Tehran Assails U.S. 


TEHRAN — Iran on Friday 
assaifed the United States over 
its cfl for the economic isola- 
tion pf the Islamic republic in 
conifcction with terrorism accu- 
sation, saying Washington was 
“bliided by hostility” toward 
Tehlan. . 

“ptc stand taken by the 
Unite d States is unfounded and 
irnsponsible*” the Ir anian mi* , 
siok at the United Nations was 
quked as saying. “It aims io 
harm Iran's relations with other 
cqin tries." The Iranian re- 
sponse was reported by Tehran 

/Mr. Christopher urged UiL 
allies on Thursday to isolate 
tan economically because of 
its patronage of terrorist 
Jroups, saying that Hezbollah 
And other organizations like it 
must be conquered. 

: “Groups like Hezbollah that 
.wreak havoc and bloodshed 
must be defeated.,” he said. 
tAnd Hezbollah’s patron, Iran, 
must be contained. 

. Mr. Christopher »!«•> raiiwH 
Iran an “outlaw nation.” 
w Washington, along with Isra- 
el, inspects Iranian-ba cked or- 
ganisations such as the militant 
Hezbollah, based in Lebanon, 
of hvolvement in bomb attacks 
this week of Israeli and Jewish 
targets in London and the July 
18 car-bombing of a Jewish 
community center in Buenos 
Arcs that killed at least 96 peo- 

In another development, the 


Spain Suspects Basques 
In General’s Slaying 


■ Compiled by Our Staff Fran Dispatches 

\ MADRID — The army gen- 
eral in charge of Spam's defense 
policy was killed along with two 
other persons Friday when a car 
bomb, believed to be tire work 

exploded 

General Francisco VeginQas 
was pissing in his armor-plated 
bar when the bomb exploded in 
Plaza ^tamales, about 200 me- 
ters fpm the Royal Palace. 

Gel era! Veguillas’s driver 
was a£o killed. The third victim 
was ^ 24-year-old worker who 
was hading a truck nearby. At 
least j4 people were wounded, 4 
serioisly, the police said, m 
ctudpg two municipal police 
offidrs and at least two para- 
milifuy Civil Guard troopers. ... 

A government spokesman. 
Gained del Canto, said the po- 
licd “obviously” considered 
ER the prime suspect in the 







police at Schiphol Airport 
south of Amsterdam held four 
arriving passengers for several 
hours Fnday on suspicion that 
they might be linked to the at- 
tacks in London, but released 
them after questioning. - 
The police there said a British 
passetager who had been on a 
KLM flight from London with 
the four had told members of 
the cabin crew the woman re- 
sembled a composite drawing 
of a bombing suspect issued by 
British police. (AFP, Reuters) 




i: Ml 


v:'.7 ^ 


yff-m 








^ -* ^ s ■ -X 


James Brooke of The New 
York Times reported from Bue- 
nos Aires: 

A dispute has erupted over 
the credibility of Mannchehr 
Motamer, the. Iranian refugee 
who reportedly identified four 
Iranian diplomats as the plan- 
ners of the bombing of the Jew- 
ish community center. 

“The testimony- be ^ve me 
was of great importance to shed 
light on the facts,” the investi- 
gating. judge, Juan Jos6 Ga- 
leano, said of Mr. Motamer, 38. 

Argentine diplomats de- 
scribed him as a former em- 
ployee in the Iranian Foreign 
Ministry, coordinating trans- 
fers ana preparing accredita- 
tions for Iranian diplomats. 

But the Iranian Embassy in 
Buenos Aires said that Mr. Mo- 
tamer “not only was never a 
diplomat, .but he was never an 
employee of the government of 
tiie Islami c Republic of Iran.” 


uV -gU ~<4 '' 










4 






bombing. 'ETA, a Basque-lan- 
guage acronym for Basque 
Homeland and Liberty, has of- 
ten targeted military officers in 
its 25-year armed campaign far 
an independent Basque state. 

The explosion came in an 
area frequented by tourists vis- 
iting the royal palace and the 
capital’s historic district The 
palace is used only for ceremo- 
nial occasions; King Joan Car- 
los 1 lives outside of Madrid. 

The last ETA action in Ma- 
drid was when Brigadier Gener- 
al Juan Josfe Hemindez Rovira 
was gunned down June 1 as he 
left his home near Retiro Park. 

On Wednesday, a suspected 
ETA gunman shot and lolled a . 
businessman, Josfe MariueL 
Olarte, in the Basque city of San 
Sebastian. Mr. Olarte had been 
accused of being a pcAke infor- 
mant (Reuters, AP) 


Continued from Page 1 

border to Zaire but now feel betrayed and 
abandoned. They now retrace their steps 
by the thousands, forming a nearly unbro- 
ken line of people, moving from the night- 
mare and death of Gama to the fertile 
hillsides of this section of northwestern 
Rwanda. 

They are willing to take their chances 
with the rebels now in control of the coun- 
try rather than risk almost certain death 
from hunger and disease in Zaire. 

The movement can still be called a trick- 
le. Officials of the aid agency Doctors 
Without Borders estimated that 50,000 
people had crossed the bolder to Rwanda 
dunng the last few days — a small fraction 
of the estimated 1.2 milli on Rwandans 
who fled to Zaire. The actual number of 
returnees may be higher because many 


may not pass through the official border 
crossing but instead traverse the hills sepa- 
rating the two countries. 

But relief workers said the steady trickle 
could soon become a flood, with condi- 
tions in the squalid Zairian camps showing 
only modest improvement. More and more 
refugees are gathering the strength to chal- 
lenge the deposed, hard-line Hutu govern- 
ment, which has mounted a campaign of 
propaganda and intimidation in the refu- 
gee camps of Zaire. 

The United Nations High Commission- 
er for Refugees has dropped its position of 
neutrality and said it was now “facilitating 
and encouraging” the refugees to return to 
Rwanda. A spokesman, Ray W ilkins on, 
said he was encouraged by the trickle back, 
saying that “the repatriation has. in some 
sense, been going according to plan.” 


“We don’t want massive numbers of 
people going back at the same time” be 
said. 

UN and relief agency officials said they 
hoped word of the returnees' experience 
would filter back to the camps: that the 
Rwanda Patriotic Front guerrillas who 
have taken charge of the country are not 
set on vengeance against civilians of the 
Hutu majority. Militias backed by the for- 
mer Hutn government in Kigali are 
blamed for the vast majority of an estimat- 
ed half- milli on killings during a genocidal 
bloodbath that began April 6. 

Relief workers say that many thousands 
more Hutu, perhaps most, want to go 
home but have been frightened by former 
government officials who warn that the 
Tutsi rulers will exact gruesome ven- 
geance. 


CRIME: Congressional Negotiators Back $30* 2 Billion Anti- Crime Bill 


Contmned iron Page 1 

ing illegal immigrants who 
commit crimes, a political and 
legal issue in California and 
Florida. 

About S7J billion for pre- 
vention programs would go to 
youth recreation, employment, 
anti-gang programs and drug 
treatment. An additional Sl3 
billion- would establish special 
“drug courts” that would pro- 
vide treatment and monitor 
first-time, nonviolent drug of- 
fenders. 


The ban on 19 specific as- 
sault weapons, copycat models 
and large-capacity gun dips 
was at the cost of relaxing the 
so-called Brady law, which re- 
quires a waiting period for 
handgun purchases. 

People " who buy back their 
guns from pawn shops were ex- 
empted from the waiting period 
ana background check to pla-r 
cate the chairman of the House 
Judidary Committee. Jack 
Brooks, a Texas Democrat who 
is a member of the National 


Rifle Association and opposed 
the ban. 

■ States Wary of Bill 

State legislators from across 
the country reacted warily to 
the bill, some saying they would 
consider opting oat of the $303. 
billion package. The Washing- 
ton Post reported. 

State lawmakers meeting in 
New Orleans said the bill in- 
truded on states* rights and 
passed along unacceptable 
costs for additional police offi- 


Unions Delay Talks 
With Nigeria Rulers 


Vnran AoaH%'*£aior Fionr-Pravc 

A Rwandan boy, stricken with cholera, lying against a Doctors Without Borders tent Friday in a camp north of Goma. 

GOMA; Fleeing Hellish Refugee Camps, Rwandans Begin Trickling Home 


Cantpikd by Our Staff From Dispatches 

LAGOS — Negotiations to 
end a strike by oil workers 
pressing for democracy were 
postponed Friday, and violent 
protests continued for a fifth 
day against Nigeria's military 
govern men l 

Officials said a meeting be- 
tween oil-industry unions and 
the government could not take 
place because the parties were 
not ready, and would be held on 
Monday instead. It was the sec- 
ond postponement of the week. 

The workers walked off the 
job about five weeks ago in sup- 
port of Moshood K.O. Abiola. 
who is presumed to have won 
the June 1993 presidential elec- 
tion that was voided by the mil- 
itary. 

Chief Abiola was arrested 
last month, and his detention 
has thrown the country into 
economic and political crisis. 

One of the oil unions said 
Friday that it would not take 
part in the talks while Chief 
Abiola remained in detention. 

The unioD also said it would 
stay away from the talks to pro- 
test the killing of two demon- 
strators by security forces on 
Thursday outside a courthouse 
where Chief Abiola has been on 


trial for treason. The trial is to 
resume next week. 

The strike in the key oil in- 
dustry has brought Nigeria’s 
commercial life to a virtual halt. 

Riots and protests continued 
for a fifth day Friday in dues 
and suburbs around Lagos. Ni- 
geria's largest city and the cen- 
ter of opposition to the military 
government of General Sani 
Abacha. 

Thousands of rioters erected 
street barricades and burned 
tires in a university town just 
outside Lagos, while the police 
responded with tear g as. 

The Guardian newspaper in 
Lagos reported that protesters 
in nearby Sbagamu attacked a 
prison late Thursday and freed 
all 200 inmates. 

The riots Friday followed 
fierce protests in Abuja, the 
capital, and in Lagos on Thurs- 
day, when the Reverend Jesse 
L. Jackson led a U.S. delegation 
on a mission to persuade Gen- 
eral Abacha to return Nigeria to 
democracy. Mr. Jackson left the 
country oh Friday. 

The Guardian reported that 
one of the two protesters killed 
in Lagos on Thursday was Deji 
Giwa, the head of a prominent 
human-rights coalition. (AP, 
Reuters ) 


RWANDA: U.S. to Send Troops 


cers and prisons. "They de- 
scribed the bill as an emotional 
reaction by Congress to the 
public outcry over violent 
crime, saying it ignored the 
long-range impact on state bud- 
gets. 

“We fed Congress is acting 
irresponsibly by trying to act 
like a knight on a white horse 
and is cavalierly putting the 
costs on the states," said Robert 
T. Connor, a Republican slate 
senator from Delaware and the 
president of the National Con- 
ference of State Legislatures. 


Continued from Page 1 

Frost, already have fled to the 
Goma region of Zaire, north of 
Lake Kivu. 

Mr. Hansen said UN efforts 
to replace the French with a 
5, 500- man force were proceed- 
ing “painfully” slowly, and it 
would take a mirade to have a 
sizable number of troops in 
place before France completed 
its withdrawal. He called it “im- 
perative” for the international 
community to act swiftly to pre- 
vent the flight of the 1.6 million 
people in the security zone. 

They would swell the 500,000 
to 600,000 refugees already in 
the Bukavu and Uvira regions 
of Zaire south of Lake Kivu, 
and stretch international aid ca- 
pacity beyond the breaking 
point. Cases of cholera already 
have been reported at Bukavu. 

In Washington. Mr. Clinton 
asked Congress on Friday to 
approve $320 million of extra 
aid, bringing the total U.S. con- 
tribution to the humanitarian 
effort to nearly $500 million 
since April 

Mr. Balladur said his govern- 
ment was determined to com- 
plete the withdrawal by Aug. 
21, when its UN mandate ex- 
pires. Officials in Paris said that 


if France gave any hint it was 
prepared to extend its opera- 
tion, there would be no pressure 
on other countries to contribute 
troops to a UN force. “We will 
ensure that everything is done 
with advance notice and the 
necessary handover periods,” 
Mr. Balladur said. 

France launched Operation 
Turquoise on June 23, describ- 
ing it as purely humanitarian. It 
set up the security zone July 4 as 
the Patriotic Front launched its 
final assault on government 
forces, and warned it would 
open fire if the front’s forces 
tried to penetrate the zone. 

The French received no sup- 
port at the time, either from 
their European partners or 
from African countries. The Pa- 
triotic Front accused France, 
which had armed and assisted 
the defeated government, of 
protecting Hutu mass murder- 
ers responsible for the death of 
hundreds of thousands of 
Rwandans, most of them Tutsi. 

Operation Turquoise in- 
volves about 2,500 men in 
Rwanda and eastern' Zaire. Mr. 
Balladur said some troops 
might remain in Zaire after the 
puUout from Rwanda “if we are 
asked and if we wish.” 


UN Envoy 
Seeks Serb 

r 

j 

Concessions 


The Associated Press 

• SARAJEVO, Bosnia-Heize- 
govina — With new anti-Serbi- 
an sanctions looming, a United 
Nations envoy made a last- 
ditch effort Friday to ease the 
Bosnian Serbs’ reimposed siege 
of Sarajevo and head off a 
threat to cripple UN operations 
in the country. 

The mission by the UN rep- 
resentative, Sergio De Meflo, 
came as the five nations spon- 
soring a new international 
peace plan prepared for a for- 
eign minis ters* meeting Satur- 
day. The ministers are expected 
to punish the Bosnian Serbs 
and thdt backers in Serbia with 
harsher Sanctions for balking at 
the plain 

The foreign minis ters from 
the Untied Slates, Russia, 
FranceTpritain and Germany 
were to peet in Geneva. Bosni- 
an Muslins and Croats, who 
are aUi<H against the Serbs, 



Tutsi Hand Seen in Leader’s Death 


La BUU "n ~v~~ m Danflo KnumwicsRciuen 

against the Serbs, French troops watching for a sniper wfao had fired for about a half hour in Sarajevo on Friday. There were do casualties, 
i ted the plan, which 


have accepted the plan, 
would rqiuce Serbian territorial 
hoIdingT to 49 percent from 
about 7< percent and give Mus- 
- lims ant Croats the rest. 

Opinions' are split on one op- 
tion agipnst the Serbs: cxempt- 
ing Banian government troops 
fromWUN arms embargo im- 
pasedfa past and present Yu- 
y |oriavJrepublics in efforts to 

limit tie war. 


A Russian deputy, foreign 
minister, Vi tali I. Churkin, said 
in Moscow that his country re- 
mained opposed to. easing the 
aims embargo and to broad 
NATO air strikes on Bosnian 
Serbian positions. 

In Sarajevo, a UN spokes- 
woman, Claire Grimes, said 
Mr. De MeQo would travel to 


the Bosnian Serbs' headquar- 
ters in Pale to discuss their 
threat to bar all UN movement 
in the territory they hold start- 
ing Saturday unless a prisoner 
exchange has been earned out 
The Muslim-led. Bosnian 
government, although agreeing 
m principle to the prisoner 
swap, has insisted that the Serbs 


first provide information on 
thousands of missing civilians. 

Mr. De Mello also planned to 
press the Serbs to reopen the so- 
called Blue Route into Saraje- 
vo. For the last four months it 
had been open to commercial 
traffic, allowing ample food 
supplies to reach the city. The 
road was closed Wednesday, 


MOSCOW : Fall of Russia’s Major Investment Company Shakes Millions of New Capitalists 


^tinned from Page 1 
end " Mr, Dubinin said, 
is because MMM, the 
iggressive and successful 
» nati on's many stock 
was built on sand, with 
n t television messages 
■came as well known here 
ca-Cola or Pepsi-Cola 
ercials in the United 

government has called 
[ a classic pyramid 
- its soaring stock pnees 
supported only by the 
, g numbers of people 
shares. The company re- 
no earnings, revealed no 
nents and explained no 
al strategy. It had no 
all that. 


Russian capitalism has re- 
mained almost wholly unregu- 
lated. Unlike- most Western 
countries, where earnings and 
revenues are available in almost 
any newspaper, this country has 
almost no such published infor- 
mation. 

To many people, that did not 
matter. Even after repeated 
warnings from the gov ernm e n t, 
and after President Boris N. 
Yeltsin declared at a nationally 
tdevised press conference last 
month that he had certainly 
never invested in MMM, nor- 
mal people kept buying it, at- 
tracted by promises of ever-in- 
creasing stock prices. 

“This is a government of Bars 
and thieves,** complained 


Monya S. Yalflcnova, as she 
stood along with 10,000 others 
outside the MMM headquar- 
ters in southern Moscow. “They 
are attacking one company be- 
cause it was able to make peo- 
ple prosperous and happy.” 

Then, summing up the confu- 
sion that has affected so many 
investors in the new Russian 
economy, she added: “Anyway, 
if there was a problem the gov- 
ernment should have stepped in 
and done something about iL” 

It may have to now. MMM 
has so many investors — the 
government says five million 
and the company claims twice 
that — that its perils have be- 
come a political as well as fi- 
nancial issue. 


Economists said that despite 
many government appeals over 
the last mouth, buyers of 
MMM should beware, it would 
be very difficult for the Yeltsin 
leadership to ignore the plight 
of millions who have lost thor 
savings, perhaps along with 
their belief in me free market 
system. 

They said the most damaging 
effect it could have would be to 
turn people away from free en- 
terprise Wore they have had 
time to learn the meaning of 
risk and reward. 

“MMM’s collapse will cer- 
tainly undermine people’s con- 
fidence in the market economy 
in general” said Stanislav Sha- 


talin, an economist. “The gov- 
ernment will also suffer from 
this crisis, despite all its warn- 
ings” 

The crisis began to evolve last 
week when the Finance Minis- 
try issued a stem warning about 
the questionable stock of 
MMM and other companies 
springing up across the country. 

Tax inspectors fined the com- 
pany 50 billion rubles, dosed 
some of its provincial offices 
and said that the company pres- 
ident, Sergei Mavrody, was try- 
ing to blackmail them. Mr. 
Mavrody had suggested he 
would datiare bankruptcy if the 
authorities did not stop “ha- 
rassing” him 


By Joseph Fitchett 

Imemanonal Herald Tribune 

PARIS — Conspicuously missing in West- 
ern officials' accounts of Rwanda’s tragedy 
has been any explanation of who touched off 
the mayhem by shooting down the airplane 
carrying the head of slate. Major General 
Juvenal Habyarimana. 

A Paris newspaper. Liberation, said Friday 
thaL its own investigation pointed to the 
Rwanda Patriotic Front, the movement of the 
Tutsi ethnic minority that has now taken 
power in Rwanda. 

Only the Tutsi guerrilla movement had the 
military experience and the hand-held mis- 
siles of the type used in the April 6 operation, 
the paper concluded. It quoted witnesses say- 
ing that Tutsi leaders had discussed “elimi- 
nating” the moderate Rwandan leader. 


The attack, probably intended to derail a 
power-sharing agreement among Rwanda's 
ethnic and political factions, triggered a na- 
tionwide bloodbath. It gave the opportunity 
for well-organized Tutsi forces to sweep aside 
the ruling Hutu majority, with France feeling 
it was morally unable to intervene against 
Tutsi fighting to save their own people, the 
paper said. 

When queried abouL the circumstances of 
the aircraft downing, French and other West- 
ern officials have consistently declined to 
comment, saying that recriminations were 
pointless in such a tragedy. 

With death lists circulating openly for 
months, the killing got under way immediate- 
ly after the president’s assassination, un- 
checked by an apparently ill-prepared UN 
force there. 


S W 1M: Long, Hot Summer for the Wide , Cold Channel 


Continued from Page I 

noit, 31, a computer engineer at Hewlett Pack- 
ard. The top swimmer, Alison Streeter. 30. is a 
London currency trader. Their friends think they 


and Sarajevo now is without 
any incoming food. 

Peter Kessler, a spokesman 
for the UN High Commissioner 
for Refugees, said the UN air- 
lift into Sarajevo, suspended 
last week because of gunfire di- 
rected against UN planes, 
might resume next week. 


are mad. No gain without pain may be an athletic 
clichfc these days but any sport in which competi- 
tors are grateful for the warmth provided by a 
flimsy rubber bathing cap and stand to win little 
more than a vellum certificate for which they 
must fork out £65 (about $100) is, in Ben’s 
words, un peu bizarre. 

With 24 crossings, Alison is the CSA’s Queen 
of the Channel and plans three or four swims this 
summer, one a nonstop round-trip. A friendly 
and efficient furnace at 5 feet 3 and 161 pounds 
(1.6 meters and 73 kilos), she keeps open house 
with her trainer-mother, Freda, in Dover, likes to 
see other swimmers succeed and will undoubted- 
ly soon take over the title of King of the Channel, 
the present king, Michael Reed, with 31 cross- 
ings, not having swum in recent years although 
he is said to have resumed training Lo keep his 
title. “It’s just putting off the inevitable," Alison 
says. 

She was awarded an MBE after her record- 
breaking triple crossing but thinks this was as 
much for having raised £85,000 for charity as for 
sw imming . While the Bombay and Australian 
press have been fussing over Kihen and the Van 
Wissesand Mike Oram claims that an American 
with a successful swim on his CV is assured of a 
job, in England, he says, no one cares. 

“Linford Christie runs for 30 seconds and is 
on television and is a millionaire and if you said 
Alison Streeter no one would know ” 

On a recent sunny Saturday, senior citizens 
were basking on the beach, toddlers were testing 
the waters by the shore, and channel swimmers 
were doing 4-hour to 8-hour practice swims in 
their spatulate crawL, coming in for hourly swigs 
of a tasteless carbohydrate drink called Maxim. 

The CSA advises swimmers to buy Channel 
Grease at Boots in Dover against the cold but, 
while it helps against chafing and jellyfish stings, 
the only real protection against the cold, they 
say, is faL Rinen's little pot belly is admired, 
Ben’s incipient spare tire praised. Channel swim- 
ming is the one sport in which women, with their 


higherproportion of body fat, have an advan- 
tage- The American Penny Lee Dean's stunning 
1978 speed record of 7 hours 40 minutes remains 
unbeaten. 

With its sudden winds and maverick tides, the 
channel is a mystery even to Mike Oram, who 
charts his swimmers' courses by computer. All- 
son reckons that in the 60-day season there are 
usually only 16 to 30 pvimmable days and that 
may change in mid-swim. Because the channel is 
so fearsome, swimmers compete more with it 
than with each other. “It’s such a friendly sport, 
that's why I love it,” Alison says. 

Swimmers get hooked even, and sometimes 
especially, when they fail. On the beach. Cliff 
Golding was mixing Maxim and running errands 
and going in to practice for a swim he won't 
make. He has failed five times in three years and 
has moved from Oxford to near Dover, but in his 
realistic moments he calls hims elf an ex- 
swimmer. 

“1 think once you decide to swim the channel it 
takes over your life. If you succeed, then you are 
free to choose whether io do it again. If you don't 
succeed, you are enslaved. You are only released 
when you get across." 

To get across is a dream and thus pleasant, 
says Ben, who looks at the fish and gulls. Alison 
does noL To ease boredom, Ben sets his mind to 
hourly imaginary tasks, such as redecorating his 
house. Alison gets the latest currency rales over 
the pilot's radio (she thinks the dollar will make a 
comeback contingent on the Fed). Her mother, 
Freda, may be the top trainer but Freda says 
there is no ideal way to train. 

“I train by total confusion, I never plan any- 
thing that they’re going to do. I just throw it at 
them because when they’re out there the channel 
wiD throw it at them." 

Even when the channel looks good, it isn’t. On 
that sunny Saturday, out where the swimmers 
were training, the water was 12 degrees centi- 
grade (54 degrees Fahrenheit). “It reminds me of 
the south of France.” a sunbathing Australian 
journalist said to Tammy when Tammy broke 
for a Maxim. 

“It doesn’t remind me of that,” said Tammy. 
“That’s for sure.” 



INTERNATIONAL HERALD TRIBUNE, 


ART 


Saturday -S unday, 
July 30-31 f 1994 
Page 6 


Market Nears Paralysis 


More and More Works Priced Too High to Sell 


fniavatioml Herald Tribune 

L ondon — slowly, 
the art market is edg- 
ing toward a price lev- 
el so dnzyingly high 
that paralysis is threatening. 

As the auction season reaches 
its conventional end with the 
dog days, the auction houses 
like to dwell on the glamorous 
side of sales, such as record 
prices. They remain silent on 
their growing problem, the high 
proportion of works failing to 
seD despite a bullish atmo- 
sphere, suggesting that an is in 
danger of pricing itself out of 
the market. 


chances of obtaining a laige- 
$i7B relief from the Palace of 
Ashurnasirpal II such as this 
arc next to nil. 

This new awareness that m a 
rapidly depleted market there 
won't be a next time explains 
the extraordinary heights to 
which the decorative arts are 
now rising. They used to be re- 
garded as the small fry of Art 
with a capital A. This bias ap- 
peared to evaporate on Dec. 4 
m Monte Carlo when a silver 
chandelier made for the House 
of Hannover by the goldsmith 
Balthassar- Friedrich Behrens 


At first glance, things look 
good from August 1993 to July 
1994; Sotheby’s worldwide art 
sales at auction totaled £919 
milli on ($138 billion). Chris- 
tie's sales added up to £781 mil- 
lion. For Sotheby’s, they are up 
15 percent in dollars on the pre- 
vious season and for Christie's 
1 i percent. There is no shortage 
of money for art acquisitions. 

Indeed, the desire to buy has 
never been so obvious, nor so 
widely spread across the entire 
artistic spectrum. What is per- 
haps most striking this past sea- 
son is the highly specialized 
character of art categories in 
which records were set. 


SOUREN MELIKIAN 


after a design by William Kent 
climbed to 19.98 million francs 
(S3.75 million). Christie's can 
now boast a world record for 
silver. Distinguished as it may 
be, the nam e of the couturier 
Hubert de Givenchy who was 
^riling it, had probably little to 
do with the financial outcome. 


side museums. It now holds the 
record for any collage. 

The same reflex could be ob- 
served in Old Masters where 
“difficult” subjects also set re-; 
cords. Large-size Aelbert Cuyps 
in excellent condition are not 
easily obtainable these days. 
“Orpheus Charming the Ani- 
mals” is a strange picture with 
African animals strewn about a 
very European -looking land- 
scape. Specialists have shown 
that the leopard cubs in the 
foreground were pain ted by Ja- 
cob Gerritsz, father of Aelbert. 
The composite work, neverthe- 
less, became the most expensive 
ever by Cuyp & Cuyp at £4.4 
milli on. A telling sign of the 
current art penury is the fight 
that pitched one New York 
dealer, Herman Shickman, 
n gains t four dealers who joined 
forces and outbid him on July 6 
at Sothebv’s. 



A Japanese 



By Carol Lutfy • 


T okyo — a short, 

pudgy, man with acar- 
tooiush face, and a 
contagious laugh. No* 
bnyoshi Aim is an anEkriy 
chronicler of Tokyo's under- 
ground sex scene. ■ 

But armed with three- cam- 
eras, two assistants and what he 
claims to be* voracious sexual 
appetite, the 54-ycar-old pho- 
tographer combs the city’s strip 
dubs and SAM joints, gay bars, 
and love holds m pursuit of 
provocative material and, pre- 
sumably, a thrill. 

Ando’s critics call him a 
kinky playboy. By tes own ac- 
count, he is too fond of flash 
But his photographs touch a 
nerve in a pent-up, covered-up. 
overworked society where sexa- 
a2 promiscuity is prevalent, if 
not openly discussed. 

Like the American 
pher Robert 



up near the Yosbwrara rwHtfu 
district, and started Pas- 
tures in the sixth grade. From 
the trvi m ” n & be recalli, I 
was only interested in taking 
two kinds of photographs: pic- 
tures of .girts and pictures of 
street Bfe." 

After graduating from Ctiba 
University, Araki johed 
Dcntsu, Japan’s hugest adw- 

ftv Asru he nhrtn. 


ttoau- 

i sneaked womsa 
r*s photo SB- 


nude photos. 

His teg break case in hs 
cariy ’30s, after his work look * 
joore narr ative turn. In the 
cariy 1970s documentary, pho- 
tography was praised far its 
ability to be objective," heisays. 
“Bat l have always felt) that 


be 


No one would have dared to 
predict that a Greek vase would 
ever climb to £ 2.2 minion. Not 
even the splendor of the piece, 
typical of the site of Caere in 
Etruria in the late 6th centuiy 
B. C_ which came up at Soth- 
eby’s, London, on Dec. 9 as part 
of the Carl Hirschmann collec- 
tion, would have justified such 
op timism. It held the record for 
any antiquity until July 7 when a 
fragmentary Assyrian low relief 
of tbe 9th century B. C. dis- 
lodged it to the tune of £7.7 
milli on, this time at Christie's. 

According to London trade 
sources, the relief was bought 
for the Shumei family in Japan 
which has been building up a 
major collection of antiquities 
with the intention of opening a 
privately run museum. The 


There was no such glamorizer 
to the blue and white porcelain 
dish from the workshop set up 
in Florence in the late 16th cen- 
tury that was sold in Paris for 
just over 9.6 millioa francs. 
When the auctioneer ascended 
the podium at Drouot on May 
6, not even the highly skilled 
expert Michel Vandermeersch 
suspected the dish would be- 
come the most expensive piece 
of porcelain in the world, multi- 


reason is, again, that the 

likelihood of finding another 
one is niL Of the 72 surviving 
pieces from the workshop, less 
than five are decorated with 
these formal patterns in the 
Mannerist style. All are in mu- 
seums and this one is the finest. 


The last-chance mood worked 
wonders this season when it 
came to painting. On Nov. 3, in 
New York, it helped “La Vis," a 
large-size collage of cutouts 
made by Matisse when he could 
no longer paint climb to $13.7 
million at Sotheby’s. No other 
collage of this size remains out- 


A N even more difficult 
picture set a record 
for “Christ as the 
Constant Man of Sor- 
rows” by Andrea Solano in Par- 
is, at Drouot, on June 27. Tbe 
bust of Jesus, hands tied, with 
drops of blood and tears run- 
ning down his face, is painted 
on panel with supreme mastery 
and a jeweler’s attention to fin- 
ished detail This points to 
northern influence. The picture 
was probably painted around 
1510 according to the expert 
Eric Turquin. No Solario has 
surfaced at auction in the past 
two decades which is hardly 
surprising concerning a painter 
whose oeuvre, as recorded by 
David Alan Brown in his mono- 
graph in 1987. numbers only 77 
p ainting s. Bruno Meissner, the 
Zurich dealer much admired by 
colleagues for his eye, said in an 
interview that he simply had to 
have iL The price was $4.9 mil- 
lion francs. 


Andrea Solario 's Christ sold for 4.9 million francs. 


Araki pushes the mints of what 
is legally acceptable, morally 
palatable and just team, bad 


Nobuyoshi A rakL 


These records achieved at 
stratospheric financial altitude 
are matched by hosts of mini- 
records or extremely high prices 
within their own range, lower 


down the scale. These are even 
more important for gaging the 
bullishness of the market than 
the teg numbers. When Chris- 
tie's sold its extraordinary 
carved narwhal horn of the 12th 
centuiy for £441,500 on July 5, 
no one bothered very much 
about the wooden relief of a 
dead bird and a mouse gobbling 
its eggs which the sculptor from 
Camera!, Aubert Parent, 
carved in 1794. At £14,950, it 
multiplied its high estimate 
more than six times. 

This upward pressure on 
price is proving a mixed bless- 
ing. Pa ger to please vendors 
who often naively believe that 
higher estimates enhance then- 
goods, departmental beads des- 
perate to find art for sale set 
them increasingly at the highest 
ible level Each work of art 
unes a gamble, and one that 
is often lost. 

The proportion of items fail- 
ing to sell is reaching levels that 
threaten the credibility of the 
auction system as well as its 
financial health. At Impression- 


ART EXHIBITIONS 


UaOTVD KINGDOM 



CHAIRMAN 

ARCHITECTURAL ASSOCIATION 
SCHOOL OF ARCHITECTURE 
LONDON 


The Architectural Association seeks a new Chairman from Summer 
1995. Applicants are invited to notify the Association of their interesL 
They should consider the future of architectural education and the 
relationship between the Chairman and constituent parts of tbe A A 

The appointment will be made following presentations by shortlisted 
candidates to the school community (staff and students) and wifi be 
by election. This process will take place in the early part of 1995. 

Expression of interest should be sent, by Tuesday, 27ih_ September, 
to The Secretary, The Architectural Association School of 
Architecture, 34-3 6 Bedford Square, London WCJ B 3ES. 

Applicants will receive appropriate documentation. 


FRANCE 


1994, 

30th Anniversary 
of the Fonda tion Maeght 


Geoiges Braque 


5 July - 15 October 1994 


Fondation Maeght 


06570 Saint-Paul, France 
Tel.: ( 33 ) 93 32 81 63 - Fax: ( 33 ) 93 32 53 22 


USA 


The isamu 

noguchi 

garden 

museum 


32-37 Vernon Boulevard 
Lon” Island City. 
New York 1 1 100 


W ednesdays. Saturdays and Sunday ■». 
11AM-6PM April thmuyli NoumuIht 
()\ er 300 uorks by [sanui No^uriii on 
display in 12 jjalleries and a sculpture 
garden 


For transportation information: (/IS) 204- /OSH 


SWITZERLAND 


Summer 1994 : 

DREAM OF THE ABSOLUTE 


Malevich, Mondrian, van Doesburg, Kandinsky, Klee, 
Arp, Brancusi, Matisse. Giacometti, Afbers, Bill, Lohse, 
Glaraer, Rothko, Newman, Stella, Kelly, Lichtenstein, 
Marden, Ryman, Johns and others 


ABT, Basel, June 15-20: 
20th CENTURY CLASSICS 


GALEREE BEYELER 

Batunleingasse 9 - Basel/Switzerland 
Tel. + 4161 272 54 12 - Fax : + 4161 271 96 91 



USA 


NAGEN • DEWEY 


SANTA FE 


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505-898-5058 
Est.l97S 


To our readers in franco 

It's never been easier to subscribe 
and save with our new toll free 
service. 

Just call us today at 05-437-437 


GERMANY 


I L YOKEL 

FEININGERI 


QUEDUNBtma - GERMANY t 

June 2d - September 18, 1994 


Lyonei Feininger 

FfUwroton. Gntybtc Vorix, Drawing s 


COLLECTORS 


Spink 
deal in 


English Paintings and Watercolours 
Oriental. Asian and Islamic Art 
Textiles ■ Medals • Mflitaria 
Coins* Bullion - Banknotes 


SPINKI 


SPINK & SON LTD. 5. b & 7 KING ST. 

5T JAMES'S. LONDON. 
ENGLAND 5W1VAQ5L T&:O7HR07HSS 
FAX: H7I-K39 4SS3. TELEX' 916711 


AUCTION SALES 


Aucti( 


FAMOUS CHINESE PAINTINGS 


C ALLIGRAP HY. 

OLD CAMERAS &' .STAMPS 


on Sunday: 14 August 34 
a: Express- Place Mcsejm. Singapore 

We ! IJU us trul cd _a u c t i on 
cataiorjue.at L'S $25. 


T2;sc-i Stamps * Coins iS: P;~ Ltd 
J 3 Strict -CI1-C 0 

Singapore 0104 

~5i: (55) 5o;-?955 Fax: (551 525-5751 


1st and Modem master sales, it 
hovered between 28 percent 
and 49 percent in London this 
season. On July 5, when Chris- 
tie’s sold its narwhal horn so 
brilliantly, 57 percent of the 
other “European Works of Art” 
remained unsold. Two days lat- 
er at Sotheby's, the proportion 
was 60 percent. 


A resistance movement 
against overestimationisbegin- 
xung to spread. On July oat 
Sotheby’s, the syndicate that 
bid on the record Cuyp did not 
move as a still life by Rachel 
Ruysch, signed and dated 1704, 
came up. Bidding started at 
£500,000 and petered out at 
£650,000 without any response. 
After the sale, the syndicate ne- 
gotiated the still life at the 
equivalent of an £880,000 bid. 
The “estimate on request” ex- 
ceeded £1 mfflion, a source raid. 
That day 36 J percent of the 
pictures offered found no tak- 
ers. The system has to change. 
It has become too ambitious 


palatable and just 
taster EEs is a woricT of naked 
women hanging by ropes from 
the ceiling; of seductive school- 
giris in their uniforms; of paint- 
ed bar hostesses and overweight 
topless dancers; of twenty-, 
something women wbo are past 
their prime. 

In a country where a morals 
code, instituted in 1907, stiH 
bans visual images of jmbsc 
hair, Araki has a record with the 
police that is as long as his ca- 
reer. Earlier this year Hisako 
Motoo, the director of the up- 
scale Parco gallery in Tokyo, 
was imprison ed for almost a 
week for sdDisg what were 
deemed to be obscene catalogs 
of his weak. (The catalog m 
question was reportedly singled 
out for an image of a bound; 
naked woman that appeared on 
the same page as a photo of the 
: and empress in moum- 


rng.; 

Such 


run-ins with die law 
have only faded Araks's popu- 
larity, elevating 1dm to the sta- 
tus of cult hero. With more than 
90 collections of. his photo- 


one, he has turned a love af the 

lewd yntf outrageous into a lu- 
crative way of life. 

Araki has also been embraced 
as a respected artist both m Ja- 
pan and overseas. He was the 
subject of an aedahned retro- 
spective at the Setagaya Muso- 

umm Tokyo last fall, and be will 

be featured in a major Japanese 
photography survey that wffl 
visit tire United Stales, Canada 
and Mexico nest year. He is also 
a regular on tire gaikryanxiit in 
Europe and the U.&. ' '• 

Arakfsworitis at once fash- 
ionable for its taboo-breaking 
sexual. frankness, and timeless 
for its frank portrayal of de- 
What saves his photographs 

from being pore pornography is 

that they are taken Wrfh&i the 
broader context of . Ids' life. 
Complementing the nudes arc 
images of Tokyo street scenes, 
of me photography's shabby 
apartment, of hisacnwiiy addle 


ftyiri subjective in order 
effective.” I 

“Every household has atjeast 

one great book of photography: 

t ftg family photo album,] he 
adds. \ 

B orrowing ffcm *■ 
this idea, Araki puked 
“the most private t^ic 
I could flunk oT aid 

S Wished a book documenting 
; honeymoon with his wfc, 
Yoko, in' 1971. Tilled “Seni- 
mwitui Journey," the straigk- 
farward account of their expei- 
ence brought Araki the fiat 
ritical aedain 


critical acclaim of Ins career. 


The book features photos C 
Ins wife looking bored on th 
bullet train; looking less thax 
dated in a less than elegant h£ 
td room; looking mournfully a! 
the camera. It culminates with a 
few discreet images that express 
both passion and disappoint- 
ment. 


and too ponderous with too lit- 
tle to feed into itself. 


graphs published since 1970, 
and with di 


diems that run the 
gamut from Japan Railways to 
Sniper, a sadomasochism magar 


_ is dosdy^daled to 
the f&stperapn aowd;it% a 
declaration of what Jam.* 
Arakfs f asematioa "willr-To- 
kyo’s sex. culture has its roots in 
iris cariy childhood. The son ST 


Aralri reissued and . 

the book in 1991 after lp wife 
(who remained his favorite 
model throughout her lifetime) 
itk& at cancer in 1990. Tree erf 
tes usnal flamboyance^ it is 
widcir bdcnowleagBd as -the 
pant of his career. ' 


pCdmt Lutfy Is a Tokyt-based 
finance foiana/iayiha sredai- 
the arts. 


In Washington, Resistance a 


By Marc Fisher 

Washington Pott Service 


W ASHINGTON — After 
months of effort, Germany 
has finally brought to Wash- 
ington its own exhibit on Ger- 
man resistance to the Nazis. The show was 
produced and paid for by the Bonn gov- 
ernment It even has the stamp of approval 
of the library, a federal institution. The 
Germans couldn’t have been more pleased. 

But library staffers trade wonied'wlus- 
pers: Is this exhibit a mistake? Has the 
library allowed its gallery to be usurped by_ 
a foreign government intent on rewriting 
the past? Is it right to let Germany use a 
federal institution to push a highly contro- 
versial version of history — that a relative 
handful of unsuccessful resisters paved the 
way for West German democracy? 

“Against Hitler: German Resistance to 
National Socialism, 1933-1945,” running 
through Sept. 2 at the library’s Madison 
Gallery, is a series of snapshots of “the 


other Germany,” the hundreds erf military 
officers, labor activists, communists, Jews 
and everyday Germans who soupht some- 
how ro stand up ro the Nariregrm c. ... 

It is a typically German museum show 
— heavy on text, visually quiet, something 
erf a chore to get through. There are dra- 
matic tales here bat they are hidden in 

small print,lost in abhrr of unremarkable 
black-and-white photos. An exhibition 
that seeks to cdtebrate the courageous in- 
stead numbs the viator with unvarying 
white panels. The implicatkxtis thai this is 
a matter too serious tor the casual viewer. 

The dreary presentation doesn’t square 
with the Germans’’ feverish work to place 
the exhibit somewhere in Wmdtir^rat- 
They enlisted politicians, diplomats, histo- 
rians and curators in the campaign. Tire 
Bonn gover nm ent flew an .assistant secre- 
tary of the Snrithsomaa Institution to Ber- 
lin, approached at least four Washington 
museums and, finally, according to partici- 
pants in tire effort, exerted po&tical pres- 
sure on the librarian of Qmgrcss, James H. 



KOiogfen, |cKsuadzng him to revere his 
initial dedsron to ded&ne theextebitio. 

The library bes pat together shows nth 
foreign governments before, but ther’ve 
usually been mnoewus celebrations. 

Irene Branham, who organizes exhibi- 
tions for the fibraiy, says she knew he 
re sistgri c esh o w wasgcang tobecontrovr- 
siaL Ever since she first heard about tg 
idea. it had attracted an unusual amount t 
high-level aetcutibu. 

The Goman Embassy first approacho 
the Hbraiy in January. JBfllington turner 
down th e offer b ecause the galleries west 
hocked, Bu mhtfm says. The Germans ap- 
proacbed the Smithsonian, the National 
.Archives and Meridian House. Most mu-, 
scums sch ed ul e exhibits years in advance, 
so. locating a gallery with only a few 
months’ lead time was bound to be diffi- 
cult 


. By April, Burnham 
. a p pe a re d in the library's 
-and, BiDington acccp 
show. 


an opening had 
n oy schedule 
the German 


BOOKS 


CAPONE: 

The Man and the Era 


By Laurence Bergreen. 701 
pages. $30. Simon & Schuster. 
Reviewed by 
Richard Gid Powers 


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A T tire peak of Al Capone’s 
fame and power in 1 929 he 

was just 30 years old He had 

fought his way to the top of 

Chicago's organized bootleg- 
ging, prostitution and gambling 
rackets, and upwards of $100 
million a year passed through 

his organization. Judges, police 

commanders, and newspaper 
publishers bent to h is wifi. He 
even made the cover of Time 

magazine, though not as Man 

of tbe Year, an honor reserved 


for gangsters of the internation- 

al variety. 

Laurence Bergrcen’s beauti- 
fufly crafted biography of Ca- 
pone transcends the true-crime 
genre to become a masterful 

study of a major figure in 
American history. In ins hands 


Capone’s' life is an American 
epic in a sardonic mode that 
out-Brechts Brecht, an odyssey 
whose hero lurches through 

Chicago's brightest lights and 

darkest _ shadows, dispensing 

mayhem . and Damon Runyon 

msecracks. 

Bergreen’s digging and inter- 
viewing turned up vast quanti- 
ties of fresh and riveting materi- 
al — not the least the 
unexpected story of Capone's 
Western lawman brother, who 
carved out a place for himself in 
the annals of frontier .law en- 

forcement using the saxue no- 
notiscnse style that served his 
. famous brother so welL Ber- 


green Sheds fresh light on the 

‘tie Vale; the SL 


OPERA 


GUMMERGLASS 

OPERA 



July 7 -August 22 


“...In its 20th year 
one of the great • : 
American achievements. 
-John. BumB _ 


Iolaxtthe • Gilbert & Sullivan 


Ariadne anf Naxos ♦ Richard Strauss 

LTnooronazfone di Pbppea * Monteverdi 
fl Barfjiere di Sivig^ia • Rossipi 


607-547-2255 


Box 191 • Coopcrstown, NY* 13326' 


murder erf Frankie 

Valentine's Day Massacre; and 

tire sensational killing of news- 
man- racket eer Jake Ungle. 

. He artfully weaves in the par- 
allel saga of Efiot Ness, whose 
timeh heralded “Untonchables" 

did little more than raise the 

expenses of Capone's bootleg- 


ging operation, costs which Ca- 

coasumer, fame turned 
Ness into a lounge fizaid whose 

progressive alcoholic decay 
strangely mirrored Capone’s 
own syphifitic decline. 
Bcrereen’s point is that Ca- 
ratoi the American* 


American realities. His rise had 
more than slight resenSrfamje to 
that of nK»e socially ' legitimate^ 
American tycorais. * 

At just the right spots in bis 
book, Bergreen shifts from tbe 
real C^xnie to the media image 
created by Broadway* the film 
industry, and the tpfrfoj ri re- 

porters for whom Capbne was a 

tire cash did not^c ohe steely 
from, sdling yams about Ca- 
pone. '• • 

This is a great storj with all 
tbe trimmings. Toward lfe gd 
of Capcare’sXast year n prisrai a 

minis ter arics the cterviets at 
Sunday morning service, “Do 

you fed the need of pr^T Al 

Capone lifts tus hand. 'Are any 

of you feding the ned of a. 

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International Herald Tribune, Saturday-Smday, July 30 - 31, 1994 


Page 7 


x 



THE TR1B INDEX 11 4 . 33 |fi 

International Herald Tribune World Stock Index O, composed of 
280 internationally investable stocksfrom.25 countries, compiled 
by Bloomberg Business News. Jan. 1, 1992 = 100- 
120 



150 


Asia /Pacific 


Approx, weghtag; 32% 
Cta® 13M8 Prey: 129J99 


Europe 

njc 

C r2 : ; 




130-SAy- 



F M A M 

d J 


1993 

1994 

1993 1994 

| North America 


Latin America 


n 

WMM 



Tho mdex tracks US. dotar values of stocks in. Tokyo, Now York, London, and 
Argentina, AustreSa, Austria, Mg ban, Brain, Canada, CMe. Denmark, FWend, 
Franc*, Germany, Kong Kona Italy. Mexico, mftrt wk , Mow Zealand, Nanny, 
Singapore, Spain, Sweden, Swi tz erlan d and Vonnanoln For Tokyo. New York end 
London, tfJe index is composed a/ the 20 top tames tn terms a! market capitalization, 
rdhenrise the ten lop stocks an hacked. 


I fndusfriaT Sectors f 


Fit Pnrv. X 


ftl Pm 

% 


dote doeo timqe 


ekm dose 

eheoge 

Energy 

113.71 11230 +126 

CapRalGoodk 

116.10 114J38 

+1.49 

UflMas 

121.46 12083 +052 

RawlUnWi 

128.77 12757 

4454 

finance 



9958 9039 

4t2f 

Servicaa 

120.01 119.09 40.77 

Mtanttmenua 

130.36 12853 

+1.11' 

For mom information about the index, a booklel In available hse (d charge. 


Write to Trb index, 181 Avenue Charles deQauHeL 92521 Nautey Codex. France. 


Japanese 
Vow Push 
On Trade 

Yen Up on Hopes 
Of Dispute’s End 

Reuters 

TOKYO —-Japan on Friday 
said it would strive to settle a 
trade dispute with the United 
States and Finance Minister 
Masayoshi Takeanara vowed to 
keep on talking even if a July 3 1 
deadline passed without agree- 
ment. 

“Fm hoping the talks will be 
concluded,*' he said, “but even 
if there were no accord, we 
would continue to seek one.” 

Currency market hopes for a 
deal on greater access to Ja- 
pan’s government procurement 
market helped boost the dollar 
above 100 yen in New York on 
Thursday and Friday, the first 
time in a month that level has 
been breached. 

But prospects for a quid: 
agreem ent remained uncertain. 

“I am neither very optimistic 
nor very pessimistic,” Minister 
for International Trade and In- 
dustry Ryu taro H&shimoto 
said. 

Tokyo media repeats said 
Japanese negotiators now in 
Washington for last-ditch talks 
would offer a compromise pro- 
posal but officials were silent 
an the contents. 

Washington has set a July 31 
deadline for deciding whether 
Tokyo’s procedures for govern- 
ment procurement of medical 
equipment and telecommunica- 
tions gear are discriminatory. 

Deputy U.S. Trade Repre- 
sentative Charlene Barshefsky 
met Deputy Foragn Munster 


Calling Latin America 

Telefonica Seeking Cash for Expansion 


By Conrad de Aenlle 

Inlrmaborud Herald Tribune 

PARIS — If Telefonica de Espan3 reaches 
agreement to seD a large piece of its interna- 
tional operation in talks with GTE Corp., the 
Spanish phone monopoly would gain a fresh 
supply of cash with which to finance its rapid 
expansion in Latin America. 

Spanish sources speculated the U.S. compa- 
ny would pay Tejef6nka up to 210 billion 
pesetas, or about $1.6 billion, for as much as 30 
percent of Tdefdnica International. Telefonica 
has denied that any agreement has been made. 

If a deal does gp through. Telefonica proba- 
bly will use some of the proceeds to cut the 
enormous debt incurred in building an empire 
in Latin America, where it dominates. Earlier 
this year, the company raised eyebrows, and 
shareholder hackles, when it agreed to pay S2 
billion for a large interest in two Peruvian 
phone companies. Because that no other com- 
pany had offered even half that much, it can- 
not be said Tdef6nica drove a hard bargain. 

That purchase since has come to be looked 
on more kindly. Although the cost or Telefon- 
ica’s entrfce into Peru was high, some now 
suggest the cost of not being there might have 
been higher. The company has been using 
Spain's cultural, linguistic and business ties to 
Latin America to assemble a phone network 
that spans the continent. Missing out on Peru 
would have left a gap in the middle of its 
holdings in Chile, Argentina, Venezuela and 
Puerto Rico. 

‘’The strategy is to build a global pipeline 
to give it the opportunity to handle vast 
quantities of traffic in international markets,” 
William Coleman, who follows the company 
for the James Cape! brokerage, said of Tele- 
f&nica’s Larin American endeavor. “It's not 
building these networks to be a local opera- 


tor, but to participate in the explosive growth 
taking place globally.’' 

As the price of the most recent acquisition 
suggests, there is nothing subtle about Tele- 
fbnica's strategy. 

“Peru was an opportunity to be No. 1 in 
Latin America.” said Alberto Martinez, a 
company spokesman. “Others warned to be 
in Peru. If they had been successful, there 
would be an equilibrium situation in Latin 
America. We wanted to overrule.” 

Such dominance, he said, allows the com- 
pany to extract the best terms from equip- 
ment suppliers and from other telecom com- 
panies with which Telefonica must do 
business in routing international calls. 

It also makes it cheaper, per line, to wire up 
South America and connect it to the rest of 
the world. Tdefdnica is the leader, with 
AT&T Corp., of a consortium that is laying a 
fiber-optic cable from San Francisco through 
Los Angeles to Chile and Argentina. 

“If they can build networks in such a way as 
to direct long-distance traffic onto networks 
owned by than, they can have a much greater 
share of the traffic in this growing market- 
place,” Mr. Coleman said. “Peru gives them 
the opportunity to send traffic from Chile and 
Argentina north to America and Europe.” 

Even factoring in the grandeur premium, 
the price that Telefonica International paid 
in Peru may have been reasonable. The com- 
pany figures that at S2 billion, the value of its 
investment could grow at 15 percent to 20 
percent a year. 

Along with tbe 35 percent stakes in Coro- 
paflia Peruana de Telfcfonos and Empresa 
National de Telecom uni cacioaes de Peru. Te- 
lefonica was awarded a lucrative contract to 

See TELE3FONICA, Page 9 


Markets Rally 
As U.S. Growth 
Settles Back 


By Lawrence Malkin 

Initnuttiiwal Herald Tribune 

NEW YORK — The U.S. 
economy ended an unhealthy 
surge during the spring, the 
government reported Friday, 
and positioned itself for a peri- 
od of less exuberant growth 
closer to its underlying poten- 
tial. Financial markets heaved a 
sign of relief and knocked inter- 
est rates lower. 

The Commerce Department 
reported that the gross domes- 
tic product grew at an annual 
rate of 3.7 percent during the 
second quarter, which was ex- 
aggerated by a buildup of un- 
sold goods. That brought eco- 
nomic activity closer to the 
more moderate winter growth 
rate of 3.3 percent. It certainly 
was more sustainable than the 
surge of last fall, which was re- 
vised downward to 6.3 percent 
from a previously reported 7.0 
percent. The White House di- 
gested the good news and stuck 
by its prediction of 3 percent 
growth for 1994. 

Economists agreed that the 
Federal Reserve Board would 
probably hold off on raising in- 
terest rates for a few weeks, if 
not longer. They said tbe Fed 
was likely to wait for employ- 


ment figures scheduled for next 
Friday and other recent mea- 
sures of activity before deciding 
whether the economy was tight 
enough to warrant another rise 
in interest rates — as Alan 
Greenspan, chairman of the 
Federal Reserve Board hinted 
to Congress this month. 

This cause for hesitation 
pushed up demand for the gov- 
ernment’s bellwether 30-year 
Treasury bonds and sent their 
interest rate yields tumbling. 
The price of the 30-year bond 
rose 1 20/32 point, to 86 13/32, 
sending the yield down to 7.39 

P ercent from 7.55 percent 
hursday. 

A jubilant stock market took 
note of this decreased competi- 
tion for its products from inter- 
est rates. Tbe Dow Jones indus- 
trial average closed up 33.67 
points at 3,764.50. Advancing 
issues led declining ones by a 8- 
to-3 ratio on the New York 
Stock Exchange. 

Inflation held steady for the 
second successive quarter at 2.9 
percent, according to the broad 
measure of the implicit price 
deflator. But the aspect that 
was at once the most reassuring 
and problematical was the fact 

See GROWTH, Page 8 


C international Herald Trtoune 


Sadayuki Hayastu Thursday in 
Washington, before more sub- 
stantial talks cm Friday. 

A Posts and Telecommunica- 
tions Ministry official declined 
to comment on reports that Ja- 
pan would propose improved 
bidding procedures for govern- 
ment contracts, but continue 
opposing a U.S. demand for 
forward-looking indicators to 
measure market access. 


ECONOMICS* ENI 


Working Abroad, at Home 


By Sarah Veal 

Spedal to die Herald Tribune • 

G ENEVA — The position of guest 
workers is always ambivalent In a 
country where they have “become ' 
an institution, such as Switzerland, 
any change in tire position makes waves. 

The usual itpi qy of the guest worker is that 
erf 1 the 1970s film comedy ‘’Bread and Choco- 
late,” in which an Italian laborer leaves be- 
hind family and friends to seek work m tbe 
rich country to the north. 

But now a new kind of guest worker is on 
the scene. Small in number — fewer than 100 
— but these workers have nevertheless star- 
tled the Swiss both by their high tech do main, 
computers, and their country of origin: India.' 

Their presence is only the tip of the iceberg. 
For every Indian computer specialist working 
in Switzerland, 10 or more are back in India 
working on the same project- 
With unemployment at its highest since tbe 
1930s and with a general uneasiness about 
Swiss competitiveness, tbe revelation that the 
majority of Swiss programming jobs have 
been exported to India has struck a sore spot. 

The reasons are much the same as those 
that, for decades, have drawn It alians , Span- 
iards and Portuguese to fill labor gaps in 
agriculture, manufacturing, restaurant work 
and domestic service: that is, availability, 
flexibility, low cost and a wfllitigness to do 
work the Swiss no longer want to do. 

An additional one is that the Swiss have 
neglected education in computer science. 

“Switzerland has suffered for a number of 
years from a lack of computer scientists,” said 
Francis Ran din, director of Unitible in Lau- 
sanne. “When the rest of Europe was training 


* 


programmers and analysts in the 70s and 
’80s, we were training people for the banking 
and insurance industries.” 

Unitible, a joint venture among four re- 
gional Swiss banks, was set up to convert the 
four individual computer systems to one new 
system. The difficulty was to find Swiss com- 
puter scientists qualified and willing to take 
on what Mr. Randin describes as a “very 
specialized, tedious and thankless” task. 

As a result, Unitible hired out tbe work: 

6(fmore working in Madras. 

Indians have been only too happy to take 
the burden. For the Indian industrial giant 
ata group, computer science was a natural 
diversification. Tata Consulting Services, es- 
tablished in 1968, has carried out projects in 
more than 40 countries. 

• India n universities and technical schools 
are traditionally strong in science and mathe- 
matics, while the country’s vast population 
ensures an enormous pool of labor. Also, 
English , the language of computer science, is 
India’s unofficial national language: 

In Switzerland, Indian guest workers have 
been most visible in. the vast SECOM project, 
a joint venture between SEGA (Swiss Securi- 
ty & Clearing Organization) and IntersetUe 
(Swiss Corp. Tor Inter n a ti o n al Securities Set- 
tlements) to create a link-up for securities and 
cross-border settlements. 

A pilot operation since October, SECOM’s 
final functions will be added by October of 
this year. Some find it ironic that a project 
designed to give the world-class Swiss finan- 
cial center a competitive advantage is being 
put on its feet by Indian specialists. 


Credit Suisse 
First Half 
Profit Drops 

Bloo mb erg Borinas News 

ZURICH — Credit Suisse 
said Friday its first-half operat- 
- ing profit fdl 27 percent from a 
year ago, partially because of 
lower income From interest and 
trading. 

Credit Suisse, which merged 
with Swiss Volksbank last year, 
had an operating profit of 1.759 
billion Swiss francs ($1 billion; 
in the first half, down from 2.405 
bOfion in the first half of 1993. 

The bank, whose parent is CS 
Holding, said first-half trading 
income fdl 35 percent, to 949 
million francs. Interest income 
fdl 15 percent, to 1.29 billion 
francs. 

Analysts said the results did 
not meet their forecasts. “Oper- 
ating profit is lower than I ex- 
pected, and interest income is 
mud) lower,” said Mario Curti, 
head of research at Zurcher 
Kantonalbank. 

The decline in trading in- 
come was mostly attributable to 
lower earnings from securities 
trading. By contrast, income 
from foreign exchange, pre- 
cious metal and bank note trad- 
ing was only slightly below last 
year’s level, the bade said. 

Stagnant lending levels and 
narrower rate margins dented 
interest income, it said. 

Balance sheet business and 
trading operations were weaker 
in tbe second quarter than in 
the first, the bank said. 

Writedowns, provirions and 
losses for bad and doubtful 
debts “improved significantly,” 
G6dtt Suisse said, adding it 
would nevertheless continue its 
“careful approach" to provi- 
sions because of the economy’s 
hesitant recovery. 

The bank did not provide fig- 
ures for the amount set aside for 

E revisions, but it did say prob- 
an loans in Switzerland con- 
tinued to be its main concern. 

Commission income for the 
group rose by II percent, to 
1354 billion francs, from tbe 
first half of 1993. Total assets 
rose slightly, to 2333 billion 
francs from 2322. billion francs. 


SEC Probes Ex-Fed Governor on Leaks 


By Sylvia Nasar 

New York Times Service 

NEW YORK — A former governor of 
the Federal Reserve System has become 
the target of an inquiry by the Securities 
and Exchange Commission over possible 
misuse of secret central bank information. 

The SEC is looking into whether the 
former governor. Wayne D. Angeil, re- 
ceived or passed on inside information 
during the spring. At the time, he was 
warning clients the Federal Reserve was 
likely to raise interest rales significantly. 

Mr. AngeR who completed an eight- 
year term at the Fed in February and 
became chief economist at Bear. Steams & 
Co. in April, said there was nothing to 
investigate. 

The inquiry comes on the heels of an 
internal investigation that found no evi- 
dence of wrongdoing. There were calls for 
further scrutiny of Mr. Angeil from Repre- 
sentative Henry B. Gonzalez, Democrat of 
Texas, chairman of the House Banking 
Committee. 

People familiar with the case said that it 
was highly unusual and that they could not 
remember another like it in Fed history. 

Mr. Angel] ’s lawyer, Dennis J. Block of 


Weal, Goishai & Manges, said the SEC was 
trying to determine whether his diem had 
violated securities laws that prohibit fraud 
in connection with the purchase or sale of a 
security, including a government bond or a 
futures contract or option. 

Specifically, according to Mr. Block, tbe 
SEC is examining whether Mr. Angeil vio- 
lated Section 10B of the Federal Securities 
Code, which he said forbids “somebody 
passing non-public information with re- 
spect to a security and somebody who 
trades on that information.'' 


BCG Figure Convicted 

Reuters 

LONDON — A former executive of 
the Bank of Credit and Commerce Inter- 
national was convicted on Friday of a 
series of offenses stemming from tits role 
in the scandal surrounding the bank's 
collapse three years ago. 

Imran Imam, 42, who was (he right 
hand man of BCCI president Agha Ha- 
san Abedi and chief executive Swaieh 
Naqvi, will be sentenced next Wednes- 
day. 


But he added. “Anything anyone in 
America does that the SEC doesn't like 
comes under that small section.” 

The commission would not confirm or 
deny the existence of an inquiry. “I can’t 
comment on whether anything is tinder 
investigation," said William R. McLucas, 
the SECs director of enforcement 

One focus of tbe inquiry, according to 
Mr. Block, is an April 19 meeting of hun- 
dreds of Bear, Steams clients. 

At that meeting, which took place four 
weeks before the Fed raised its short-term 
interest rale target for the fourth time this 
year. Mr. Angeil said he thought that 8 to 
10 of the 12 regional Federal Reserve 
banks had asked the Fed’s board of gover- 
nors to raise the discount rate. 

Requests for changes in the discount 
rate are a closely guarded secret because a 
change can be an important clue to how 
the Fed’s monetary policy committee, 
which includes bank presidents, is likely to 
vote cm the federal funds rate, its more 
important short-term interest rate target. 

In the late 1980s. a former director of 
the New York Federal Reserve Bank, Rob- 
ert A. Rough, was imprisoned for leaking 
discount-rate information to a broker. 


CURRENCY & INTEREST RATES 


I I Ml 
i ■» i rhim US 1MB UUI 

:£sT SIS = 
S5" «!« ™ Jg 

unja &aua u*u» 

(t» — uo- 

no UH 203* 
IUQ 1JJ4* OJSt 
UNS 1UH 1M 

ua uni uci 

L2M5 IM ira* 

IMS VBO 

Staines m Amsterdam, umCon. 

round, b: fa Bur 


'Totem 
'Toronto 
ZBrtOi 
I ECU 
I SDR 


’ July 28 

FA Urer DJI »J. IA Yea C % Ptee/a 

VBU MU* M5U- UK U7K" UK UHT 

&DB$ USB* IUS5 K37Z IS TUB E «- 

tsn uok* asm <** r.r» iseff- u as ww 

tan loan me «j» uw ts.e ins wus 

nan 135* 7MJ MW WO* UMH* MM? — 
True — atis «m virus turn xuub am 

sans Jjum imt n» uw was ijm n t» 

asm* UC7 us# abb* mw* lbs . os* 

u us an awtt nn — Tin uta 

■us un* arm uw a uns uw* — us* 

uo sue* *ho ou* — ue* um was* 

osa uruj usa xasi um man mm? utii 

7 3EO oA 1 iSSK CXBt USB HUH UW W.W 

Hew York and Zurich, (brings to other centers; Taranto 

one donor; *: Unto at UBt tUL: not oootedi NjL: not 


Eiffocwnncy Deposits 

Swiss 


French 


duly 29 

Dollar 

D-Mark 

Fra* 

Sterfine 

Franc 

Yen 

ECU 

IomoHi AHh 

OH 

4h4h 

5W5* 

5*w5*w 

MS 

SVl-5% 

Smoatta 4 ^w-4 Vs 

4*8-5 

4V4-RU 

5*W 

5JW611. 

2W-7H. 

S*fc+ 

Smooths 5 hnS V. 

4*rS 

4W4V6 


5H-SV. 

J MM, 

6V6V. 

I nor. 

Sources: Reuter* UerOe Bank. 

4»-Oe 


Sdo* 

24+-3W 

»Kr+ V 


1 * rD °“* rW 2 K!? 

wcv P*” fine kdruc. 
*■«*“ KOMKQM* 

**•* !~Jl HWtHrtn 

52 lade.™** 

'•■rr in* Kswalttdbnr 
"■rf* 0 Motev.ru*. 


Pars 
vox 
7 m 
touo 

31.W 

JUW 

ASMS 

UO 

02»73 

l Sts 


Currency 

M»K» 

tLzeafemis 

MsrwLUme 

PMVMSB 

PtfUnMv 

JtortooaMo 
RutiroMc 
Saudi rtwt 
UOO.S 


Pori 

»«5S 

tJuB* 

Msn 

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227*1 

141X2 


17587 

Ulll 


Correocv Port 
S.Ur.rmt 24773 
IKor.wM KUO 
Smtlniw 7,782? 

mint 2*43 

TMbafet 2U2 
Tarttailra 30986. 
USCdHm isn't 
VMW.MDV. 17000 


JMtrr Mat fMav 
1ABO 138S4 UM 
VKJH 18013 VMS 


Tm Klfrf RltN 

*** 404tot Centner 

, CorrWCT ™ isSC 1J2S* 

i SOt 1JW IJWT JWW M o vca 

,JS0 MBS 

i *•**«« UtdOStm Bank (OruSseM,- aonerr Ounmerdote Hatfona 

k. Sources: of To**, f7b*y«/,' rigyat Bonk or Owaxto 


ndegtaadkobN to Morion* dcaaalb of* matin mkamunt lareoutvatentl. 


K«y Money Rates 

UttHtd Slates Close Pm. 

MKONtfrue. 3% 3to 

Prime TA 7Jfc 

FMnlMi 4* At 

S-teMMCIM 440 <20 

Coetm. paper no sen 115 

3 s i swni Treason am 

I- veor Treasury Mil &M MS 

Mnar Treason note SSS Ml 

J-YOor Trenory note M3 M2 

7-yoor Traanry note MB AM 

WmltManmh 7.11 7JB 

34-roar Treasury bona 739 755 

Mam I {.reck 34-dmr Ready asset X74 3J3 

Japan 

Dtsaiantrala 

Cub w ooer 2 2 

Vwonn teSeyOank 2 K 2)4 

3-amatti Mortaak 2* 2* 

toMRtfciofertaak 2* 2* 

II- reor QoYtmwsattjeod M2 Mo 

Oonaaov 

tMRfcartf rate ' 440 UO 

CaR money M0 400 

1-maatO totertons 545 540 

1 mint* Intrrtmor 100 100 

Mnoath Mvtaak SLID 58 

TO-vew Bond US W 


BrtMs 



Bank base rate 

SZ 

5% 

Crflmoaev 

4h 

4% 

Hwwflb letert— fc 

m 

SY. 

Xmaantaterhaak 

5 

SN 

Aoiaalft iaterbaok 

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SH. 

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U5 

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iBterwrattea nbe 

WO 

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SK 

510 


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S«, 

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5 Ik 

a* 

+nmft faterUrati 

» 

sik 

It rear OAT 

' 739 

735 


Sources: Reuters. Bloomberg, Merrill 
Lmcfti dank ot Tokyo. Com man bonk. 
Qraa nwet l Montoou. Credit Lvonmts. 

GoM 

AX PM cute 
Zandl 3005 3805 -345 

London 3844 5 38440 -110 

Hew York 3UJ3D 3*346 —I JO 

IAS. rieffar* ncr butko. London official Ba- 
hnn; Zurich ond Now York opening and am 
ing oriers; He w York. Cower (Avgust) 
Sourco: Re u te rs. 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS RTTERNATONAL CHUR- 
CH keetderarkwhcnal A Erangaical Sun- 
day Service 10.00 am. & 1130 am/ Kids 
Welcome. De Cusectraat 3. S. Amsterdam 
MD. 02940- 15316 or 02S03-41399. 

KIEV 

INTERNATIONAL CfHSTTAN ASSEMBLY 
(AQG) An Evangeical/lntef'denominaband 
r e fcWsh pmegtro Sundays^ 1030 am. in 
Kiev's Counci of Trade LWons tasking, 16 
Khmachotfc Street. Contact Pastor Eldon 
Brown « (70441 244-33 7B or 3503 
LYON 

LYON CHRISTIAN FELLOWSHIP ,1 tie. rue 
PL. Bemabc 69100 Vleubanne Sundays 
7C0 p/n. TeL 7% 36 35 S2. 

MILAN 

ALL SANTS CHURCH (AngtoarYEresoanlL 
dung lestoretian w* met ait/fete Ma^o. 39. 
Mbro h tie Chapel of the Osoine testhte. 
Holy Communion Sundays ai 10:30 and 
Wednesday a) 1930. Surny School YcxJh 
F etorrshy, Creche. CoRee. study groups, 
and comnimtty aarvttes. AI are welcome! 
Cal (0?> 655225a 

MUNICH 

INTERNATIONAL COMAJMTY CHURCH. 
Evanqekd. Btte sendees h Enrt- 

di 4rf5 pm. Sundays el Bnhuber Sir 10(P2 
ThBratonsbr.) (069) 334574. 

MONTE CARLO 

rNTL FELLOWSHIP. 9 Rue Lows-Noiart. 
Sunday Worship 11:00 & 6 p.m. 
Tel: 92.16J&DQ. 

PARIS and SUBURBS 

MANUEL BAPTIST CHURCH. 56 Rue 
des Bons -Raisins. Rueit-Mslmaison. An 
Euangeficai chunji tar the EngSsh spedsng 
community locaied in the western 
atPutet&S. »« Worship 1045. CWtterfs 
CtaiRji and Nureeiy. Youth mristnes Dr. B.C. 
Thomas, pastor. Call 47.51.29.63 or 
47.4a 15^ brhtamatm 

HOPE NTERNATIONAL CHURCH (Ewn- 
gstcaft Sui 930 am. Hotel Onon. Metro 1 : 
Esplanade da La Ddense. TeL: 47.735354 
0T47J5l1427. 

THE SCOTS KIRK (PRESBYTERIAN) 17. 
me Bayad, 75008 Paris. Metro FD Roose- 
uel. Fsnly seniice & Sunday School d 1050 
am every Suiday. AI welsdma ForWorma- 
lon 46 78 47 94. 

SAINT JOSEPH’S CHURCH (Roman 
Calhofic). Masses Saturday Evening 
630 pm, Sunday. 50, avenue Hoche. Pare 
8th. TeU 4257.2858. Metro: Charles de 
Gaulo-Etafe. 

STRASBOURG 

ST. ALBAN (Angican) af lEgise des Dcmn- 
rahs. Eurforig 1030 am cover BM. de fa 
Victoire & rue de rUnreeraW. StrasbOtag 
(309 B6 35 03 40. 

TRANE 

INTERNATIONAL PROTESTANT ASSEM- 
BLY. hterdcrernrtaonal & Evang etot Ser- 
yc as Sui. 1030 am, 51XJ pm. Wed. SO) 
pm Rrijna Myslym Shyrt Tel/Fax 2SS-42- 
«S72a-232K. 

TOKYO 

ST. PAUL tHTERNATIONAL LUTHERAN 
. CHURCH, near tdo&asf* Ste. TeL- 32SI- 
I 3740 WbtshtoSE3vicc.930amS(«Jays. 

! TOKYO UNION CHURCH near Ortetesar*- 
re alJway sfa TA 340OOW7. Wonh(p sar- 
viices Smday 1000 amitely. 

USA 

ByouweuU Be a tree caste tymaL 
ptoree contact L~EGLtSP- * CHRST. PO. 
Bok 513. S&urion. Mae 47881 USA 


VENNA 

VEM4A CHRISTIAN CENTER. A CHARS- 
MARC FELLOWSHIP FOR VIENNA’S IN- 
TERNATIONAL COMMUNRY. * English 
Langisge ’ Trans-denomratenal. masts at 
Habaasss 17. 1070 Una. &D0 pm Erery 
Sunday, EVERYONE IS WELCOME. For 
more Mormtakn cafc 43-1 -318-74 10. 


THE HHSCOPAL CHURCHB 
OF EUROPE (Angfican) 


PARIS and SUBURBS 

THE AtCRCAN CATHEDRAL OF TFE HO- 
LY TRINITY, SUn. 9 5 II amNursny (ton 
11am. service. 23. avenue George V. 
Pans 75006. TeL 3371 47 20 17 92. Metro: 
George V or Atme bfaroaau. 

FLORENCE 

ST. JAMES' CHjRCH, Sun. 9 am. Ris I & 
11 a.m. Rile It. Via Bemardo RuceRai 9. 
50123, Ftorenta, Italy. TeL: 39/55 29 44 17. 

FRANKFURT 

CHURCH OF CHFBST THE KNG (Eptsco- 
paVAngScan) Sun. Holy Comrr a rion 9 5 1 1 
am Sirdey Stool and Nusary 1045 am. 
ScteaEfcan Rrrz SL 22. 60323 FtarMurt. Ger- 
many, U1. 2, 3 Mxjuet-Allee. Tet 49/69 
550184. 

GENEVA 

EMMANUEL CHJRCH. 1st. 3rd 6 50h Sun. 
10 am Eixtaria & 2nd & 4th Sn Momng 
Prayer. 3 rue de Mortthouc 1201 Geneva, 
Swfaertend. TeL 41/22 732 80 7B. 
MUNICH 

THE CHUFICH OF THE ASCS9SCH Site. 
1 1:45 a.m. Holy Eucharsi and Sunday 
School Misery Care provided. Seytwthdras- 
se 4. 51545 Minch (Hartacting), Germary. 
TaL-aSBP 64 51 85. 

ROME 

ST. PAUL'S WTTHW-TVE -WALLS. Sui R30 
am- Holy Eucharat Rie I; 1030 am Choral 
Euchanst Rte K 1050 am. Chuch School 
tor chftaen 6 Nursery care provided: 1 pm 
Spervsh Euchcnst. Vet Napoi 56. 00164 Fto- 

396 488 3339 or 474 3569. 

WATERLOO 

ALL SANTS' CHUHCH 1st Sen 9 & 11:15 
am Holy Eudsret wfr CWdrens Owpet at 
11.1 5. Aloteer Sundays: l1:i5am.HoN6u- 
charid and Skntoy ScnxA. 5S3 Chaussee de 
Uxaran. Chan. Belgian. Tet 3Z8 3B4-356& 
WIESBADEN 

THE CHURCH OF ST. AUGUSTINE OF 
CANTERBURY, Suv 10 am Fariy Euiia- 
nsL Frvidurter Shassa 3. Wesbaden, Ge- 
maiy. TeL 49*6 H305E74. 


EUROPEAN 

BAPTIST CONVENTION 


BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
meets si 900 am. Bom Nora Baptist Qu 
Ch Ctater da b Cwa de Bafaguer 40 Pastor 
Lance Borden, Ph4»5P^i 

BERLIN 

INTERNATIONAL BAPTIST CHURCH. 
BEPIW. Rothenbug Sir. 13. Oedt). Btofe 
Study 1045, wershp at 1200 each Suxtay. 
Chafes A. WarionJ. Pastor. 7ol.. 030-774- 
4670. 

BONN/KOLN 


OF 


E NTERNATK 
BOM4IK0LN, 


Phdneu SWfiae 9. Kfih 


Worship iflO p m. Calm Hogue. Pastor. 
TeL (02236)47021. 


BRATISLAVA 

Stole Study in EngSsh 

Paksedy Saptisr Church ZrinSkeho 2 1630- 
1745. Contact Pasloc Jozep Kutefik. Tel: 
31 67 79 

BREMEN 

INTERNATIONAL BAPTIST CHJRCH (En- 
0*sh language) meets a EvangeflstvFraAfr- 
chbch Kreezgemrende. Hohenlohastrassa 
HermanrvBose-Str. (around the comer from 
the Bahnfoft Sunday wrehto 17rtX) Ernest 
D. Waher. paster. Tel 04791-12877. 
BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
SfeadB Rdpa Rusu 22. 300 pm Cortad Pas- 
tor Mfce Kempor. Tet 3t2 366a 

BUDAPEST 

MemebnalBaptst Fieltowshjp. a Bntoou 56 
(main ertrance T a potoa a iyi a 7. 1 
behnd fronl entrance. 1030 Bbtestuly. ( 
pm Pastor Bob Zbertan Tel: 1 1561 16. 
Readied by bus 11. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH. 
World Trade Center. 36. Drohan Tzankov 
BM Wontoip 11KX) James DiAe. Pastor. 
TeL 704367. 

CEUE/HANNOVER 
INTERNATIONAL BAPTIST CHURCH, 
WMmien Strasee 45. Cete 1300 Worehb, 
1400 BUe Study. Pastor Wen CampbeB. Ph. 
(05141)46416. 

DARMSTADT 

DARMSTADT/EBERSTADT BAPTIST MIS- 
SCfJ. Btote study & Worship Sunday 1030 
am. S teift nts swn Da-aeretadL Buesrhebtr. 
22. Btole study 950, vrorship 10:45. Pastor 
Jni Wabta T^: 0615S600921& 
DUSSELDORF 

INTERNATIONAL BAPTIST CHURCH. Erv 
gfeh. M. 1(700, worship 1135 ChSdren'B 
chi»rji and nursery. Meets al the Wemaflonal 
SdtoOl. Leuchtertoutger K«chweg 2,D4<aJ- 
semeth. Fhendiy fetwshto. AI I 
lions welcome. Dr. W J. Delay, Paelor. 
TeL 0211/400 157. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SHIP Evangefcch-FreHtttoSrfie Gemanfe, 
Sodarastr. 11 16, 638 0 Bad Hamburg, pho- 
na'Fax: 06173^2729 serving Ae Fraldun 
and Taurius areas. Germany. Sunday vw- 
sttp 09,45, nusery * Sunday-school lore, 
wnen's btole stodbs. Housearoitos - Suv 
dfiy t Wednesday 18:3a Pastor M. Lewsy. 
mgrrter Eucpean Baptist Ccnvertm "De- 
dan? «s fltory amcngsi hentfors." 
BETHEL INTERNATIONAL BAPTIST 
CHURCH. Am DadreegfiB, FrarMui aM. 
Smday vwretap 1 1 CO am. and 600 pm. Dr. 
Thcmas W. t*. pastor. TeL- 069-549559- 
HEIDELBERG 

GRACE INTERNATIONAL BAPTIST 
CHURCH IntksIneSb H. 00? Sane I wj- 
m Bitao study 09.45. woon ii re Pastor 
Pali Hereto. Tel; 06224-52295. 

HOLLAND 

TRIWfTY BAPTIST SS 930. WbRhto 1030. 
nursery, warm fellowship. Maela at 
Bloemcamplaan 54 m Wossenaar. 
TeLOl751-7BOB4. 

MOSCOW 

INTERNATIONAL BAPTIST FEUCWSHIP 
Meewg 1 1CO, Kino Certa BuUng 15 One- 
Ouzhnduwstiaya UL 5th Floor. HaB 6. luMtO 
SMion Barfcareays Pastor Bod Sarrey Ph. 
(095)1503293. 

MUNICH 

INTERNATIONAL BAPTIST CHURCH OF 
MLNCH. Hctostr. 9 Engbh Language Ser- 
vices Bible study 16-00 Worehu Seivce 
1T00. Pastor s photo. 6906534 


PRAGUE 

W etnatoW Baptist Fetow^ic meats at the 
Czach Baptist Church V'mohradsfca 8 68. 
Prague 3. At metro stop Jirhoz Podebrad 
Sunday a.m. 11:00 Pastor Bob Ford 
(02)311 0683 

WUPPERTAL 

MetnaUcnaJ Baptisf Church. English. Ger- 
man. Persian Worship 1030 am, Setoslr. 
21, Wuppenai - EbenekL AI denomtoebortt 
welcome. Harts-Dieter Freund, pastor. 
Tel: 020&4688384. 

ZURICH 

INTERNATIONAL BAPTIST CHURCH of 
Wfidenswll (ZOrich), Switzerland, Peter 
Jenkins Lergrubenslr. fl CH-8805 
Richterewil. Worship Services Sunday 
mornings 11OT. TeL 1-70028l£ 


ASSOC OF NTT. CHURCHES 
IN EUROPE & MIDEAST 


BERUN 

AMERICAN CHURCH IN BERUN, cor. ol 
Ctay Afce i Pot s d a rn e r Sb n 55. 930 am, 
Wortrtp 1 1 am Tel: 030-8132021 . 
BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS, Sunday School 
930 am and Church 10:45 am Kanertog. 
19 (at the tm School). Tel.: 673.0531. 
Bus 95. Tram 94. 

COPENHAGEN 

INTERNATIONAL CHURCH ot Copenha- 
gen. 27 FarvBmadei Vanov. near RAdhus. 
Study 10:15 & Wortfiip 11:30. Tel.: 
31624785. 

FRANKFURT 

TRINITY LUTHERAN CHJRCH, Ntoetongsn 
Alee 54 (Aooeb from Buger HospiaO. Sun- 
day School 930. worship 1 1 am. Tel: (089) 
590478 0T512S52. 

GENEVA 

EV. LUTHERAN CHURCH of Geneva, 20 
rue Ventana. Sunday M«hp 9 X. r Ger- 
nwi 1 1 DO in Erx^sK Tef- (082) 3105089. 

JERUSALEM 

LUDCRAN CHURCH of ff» nsdeemer, Otf 
Cay. Murisun Rd. EngTeh worship Site. 9 
am AI BTC wefcoma TeL (02) 2B1 -048. 

LONDON 

AMERICAN CHURCH te Lcndoo at 79 Tc4- 
twtean CX.Fta.Wl. ar 900. SS H 

IOjOO am. Sung wortfifi « 1 1 am Gcodge 
Sl Tube; Tel 071-580 279V 

PARIS 

AMERICAN CHURCH IN PARIS. Worship 
1 130 am. 65. Oio rfOwy, Plire 7. Bus 63 
a door. Mtsro AfrnaMaroaau or imsidee. 
STOCKHOLM 

IMMANUEL CHLIRCH. Worship Christ h 
Swedish. English, or Korean. !1 00 am. 
Sunday Birger Jarlsa. 61 Kungstensg. 
17. 46706/ 15 12 25 it 727 lor more 
hfarmatin 

VIENNA 

VIENNA COMMUNITY CHURCH. Slteday 
worshto in English n:30 A.M,. Sunday 
sinol. rusoy. «8emaier«d. aS drnomina- 
tonenefcon®. Owtfheergasse 16'Ana I. 

WARSAW 

WARSAW INTERNATIONAL CHURCH. 
Protestort ErtgWi Snguape rapanaes. Stn- 
days lire am ffepi 4tey1. 10 am (June- 
Aug). Slteday School 955 (Sept-May) UL 
Mcdowa 21. Tel: 43- 29-70. 

ZURICH 

INTERNATIONAL PROTESTANT CHURCH 
Engtfeh speaking, worhstip senrice. Sutoay 
School S Nursery. Sundays 1 1.30 am 
Sfiitattengasse 25. TeL (Oi) 26255Z5. 











I". • 



Page 8 

MARKET SiARY 




INTER-NATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 30-31, 1994 


Dollar Buffeted 
By GDP Report 


Vio Aawwowd rm% 


The Dow 


Dow Jones Averages 


EUROPEAN FUTURES 


Daily dosings of the 

Dow Jones industrial average 


ooen Hu Low Lori a*. 


•now 37,1 31 3*7000 3730-53 3744J0 -33*7 
Trans 1589-54 ,»].« 13AA3 1587.24 -16+ 
Util 78435 187.45 IKLfit 134.40 -151 
Como 1295.M 1304.63 139X22 130IJ7 -9.35 


Metals 


High Low Lott Settle Oft* 


Bloomberg Business News 

NEW YORK — The dollar 
fell against major currencies 
Friday after a report showing 
slower-than-expected economic 
growth convinced many traders 
that the Federal Reserve was 
less likely to raise interest rates 
soon. 

Speculation that Washington 
and Tokyo will make progress 
in talks aimed at curbing Ja- 


head of foreign-exchange mar- 
keting at Commerzbank in New 
York. 

Speculation that U.K_ inter- 
est rates are poised to rise next 
week for die first time since 
1989 helped sterling rise to 
S 1.5430 from $1.5263. 

Mr. Polce and other traders 
suspect the dollar’s losses 


against the mark will be lerapo- 
rarv because nrosnects for 


! 3600 



I Standard SPoofs Indexes 


Industrials 
Tronso. 
UMIHlos 
FI none* 
SP5W 
SP 100 


HMt LOW owe cfctoe 
53SJ21 S2M0 53409 +449 
sen ma 38SSS +ij» 
159.13 15453 15W3 +130 I 
4U1 4477 45.13 + QJ5 


43M3 «423 4SKTO +453 
42M0 421*7 423.11 +134 


Clue 

BU A* 
ALUMINUM U1 tab OnOl) 
DaUare per metric top 
SPOT 14*9.09 }*L0t 

Forwort 147U0 14J9» 

COPPER CATHODES CM Ok 

Dedoriptr metric toe 

soot 243&M JC9J0 

Forward 34*280 3*43*0 

LEAD 

Donors par metric toe 
SpqI 59150 56450 

Forward MSB 401 JO 

NICKEL 

Donors Per metric tee 


ptwhms 
Bid a * k 


1A7J0 749 JO MPJQ J4TJ9 +US 

rbs 168*0 1701)0 17MS +Z75 

17000 W2S MX moo +100 

14U0 1JBJ0 14050 166*0 +255 

SS U4JQ 14450 W* +255 


1424 JO 1427 JO 
145400 145500 
Grade) 


Xerox Profits Up 

STAMFORD, Connect (OT* - K&a fcrnse of- 

day that second-quarter safes- 

riang productivity infeefert* months ended. 

in the S-*0» 


Est. volume: 14249. OecnW. 14,419 


2409 JO 241000 
2414-00 2417 JO 


BRENT CRUDE OlL tlPEI. 

U*. (Milan per MrreMats of UN bo"** 
14* J8M 1425 1&5B. IBS? +041 

S TUB T8JB 18JS 1WQ +038 

hS* lt£ 7JB 1UT 16.17 +0J3 

iw IBM 17 JS 16*5 ISM +02* 

JOB 3*0 T7J8 TWO 17*9 +H2 


The company corned S 168 m the vear-agp period/ 

June 30, compared with SI 12 wgg-® - 
^fivmwes rose 4 percent, t? percent increase in 

The gains were drrwn in pan fom its core docu- - 

equipment site. Xeroxj^atanj^" jm. 
ment-procesang business nr the secono 


> i!t 


Foreign Exchange 


rary because prospects for 
steady, non -inflationary growth 
helped U.S. stocks and bonds 


pan’s swollen trade surplus 
buoyed the dollar against the 


rally strongly Friday. 

The benchmark 30-year 


J F M A 
1994 • 


NYSE Indexes 


WO* Low 

Composite 25215 25060 

industrials 312.09 SCh.M 

Tramp. 344*8 242J72 

U t#ly 210.67 207 A? 

Rnance :iXH 2110 

Lari Che. 

25262 -203 
511.45 -242 
144*8 -M6 
5B9.96 -227 
|f28T -IJH 

NASDAQ Indexes 



Spot 6207.00 4217 JO 

Ftnmta 429X00 4305 M 


TIN 

g^pvmgncta" <tnn 

Spot 520090 521000 

Forward 1275.00 S255JX 

ZINC tSwctol Htab Grade) 
PMiar* pot metric too 
seat ?4XC MU» 

Forward 94U0 965J0 


6130JC 4140410 

hum -tCTy pp 


ffjS 17*6 17 Jl 1734 +0.17 

17J7 17j42 . 17*2 17*3 +0,12 

VMS |7Jd 1740 77*8 +0. Bt 

17*0 173 17 J6 17-53 +0*6 


SIMM 5200*8 
rauin n cthib 


E*J.vQtamr.4S7W. Open W- 139.114 


Novell to Cut Staff After Purchase 

of WordPerfect Coip. __ m ... -kw executive 


92650 939 JO 
94049) 90200 


Financial 


Stock Indexes 

KM LOW CM 
(UFFEf 


LOW CM* Change 


Htab Low CTO* CbdBM 


CAC *0 (MATIF) 

g 


Men Low loot 


buoyed the dollar against the 
yen, meanwhile. It closed at 
99.9S yen, little changed from 
100.05 yen Thursday. 

The dollar’s slump against 
the Deutsche mark started after 
the Commerce Department 
said U.S. gross domestic prod- 
uct grew at an annual rate of 3.7 
percent in the second quarter, 
slightly below what many econ- 
omists and traders expected. 

The U.S. currency closed at 
1.5829 DM, down from 1.5916 
DM on Thursday. 

“The numbers show that 
there is no need to raise rates in 
the lf.S„” said Victor Polce, 


Treasury bond jumped 1 20/32 
points, pushing the yield down 
to 7.39 percent, the lowest clos- 
ing yield since June 23, and 
down from 7.55 percent Thurs- 
day. 

“The bond rally should keep 
the dollar in demand,'* said Jim 
Raphael, of NatWest USA 
Bancorp. 

The dollar fell against most 
other major currencies, slipping 
to 5.4095 French francs from 
5.4330 francs, where it ended on 
Thursday, and weakening to 
1_3395 Swiss francs from 1.35 
francs. The dollar fell to 1.586 
lire from 1.600 lire. 


NYSE Most Activi 


Tel Me* 

FortJ S 

Comooss 

GoMotr 

P«siC 

Mctorlos 

GenEI s 

FoundH 

MCDnldS 

Homin'* 

InfOamG 

RiMAr 

EMC S 

WDtolrl 

Krnon 


VOL Hl*h 
39044 elV, 
30«0 33". 
30181 33tt 
2B248 51*. 
35773 30*. 
33478 53’i 
2317* SOH 
77353 3IH 
20639 27V. 
1WI IIW 
19746 19H 
1B697 SS'A 
18414 15 V. 
IS033 I5H 
17925 14W 


Cbmpocite 721J4 71433 771 M 

Irffljsfrtcrra 727J2 72123 727 JO 

Sonks 748.S8 7+U » 744.08 

Irauranoe 997.97 884J6 B944U ■ 

R nance 939 JO 937JQ 93XM 

Tronso. 73L44 716.11 72064 


I Dow Joiws Bond A 


Set, 

94*5 

93*4 

DOC 

9163 

9X11 

Mar 

93*1 

92*S0 

Jun 

9245 


Na 

9IJ9 

97M 

DOC 

91*5 

ST30 

Mar 

9139 

970 

Jon 

9131 

9086 

top 

91JJS 

9050 

Dec 

9278 

9073 

Ma- 

9tU2 

9255 

jor, 

9249 

9048 



wu 309SJ — U 

RJBL"*? 


w t\ 

£ -S* *22 gffl H 

or M.T. • N.T. ZUBJ 8 +3 

EfLvokmM: 4U». Open tat: 49J64. 


roes: Motif, Associate* Press , ' 

tan mrt HnontSof Futvrws Exchange, 

Petroleum Exchange. 


20 Bonds 
10 uniitf»s 


! AMEX Stock Index 


Ess. mtomr: 21X136. Open 
3-MONTH EURODOLLARS (UFTO 

St talBtoa - m of m set 

Sep N.T. N.T. 94JS +DJ0 

D*c KT. N.T. TOD +U27 

Mar 93J3 9193 908 + 429 

job 91S2 nsz xus +«jr 




SC* N.T. N.T. 914a +U 8 

EsL votam*: 722. Open hit: 4JML 


Hhta LOW Lost Qml 
437.92 OUSt 42766 *laa 


NASDAQ Most Actives NASDAQ Diary 


GROWTH: Wall Street Rallies 


Continued bom Page 7 
that the biggest boost to the 


economy in the spring quarter 
came from a huge $54 billion 
b uild -up in inventories. 

During the faU and winter, 
businesses had bought and then 
quickly sold goods to feed the 
consumer buying spree that 


U-S. Stocks 


powered the recovery. But in the 
spring quarter, final domestic 
demand grew by only 1.5 per- 


cent and personal consumption 
by only \2 percent, the smallest 
gain since the end of 1991. 

What businesses will do with 
their stockpiles is the chief im- 
ponderable for the summer 
quarter. Economists never are 
sure until after the fact whether 
big stockpiles mean that busi- 
nesses have correctly assessed 
future sales or have been caught 
short by stocking up too much. 
At present, the balance of opin- 
ion leans toward the latter, but 
not decisively. 

Ed Yardeni, of CJ. Law- 
rence, said he expected consum- 
ers to catch a second wind this 
summer and buy up the stock- 
piles, righting the growth equa- 
tion. Laura D’ Andrea Tyson, 
who heads President Bill Clin- 
ton’s Council of Economic Ad- 
visers, agreed and said that 
businesses meant to stock their 


shelves for the good times to 
keep rolling. 

Whatever actually happens, 
(his represents a scissors that 
could cut the country' s econom- 
ic cloth either way. That uncer- 
tainty was too much for the 
bond market 

“Everybody speculates, no- 
body has any long-term convic- 
tions, and the market found it- 
self overextended when the 
figures came out’’ said Sam 
Kahan, of Fuji Securities, ex- 
plaining that big bets on an in- 
flationary economy, zooming 
interest rates and falling bond 
prices had suddenly turned 
sour. That created a “short 
squeeze” on the inflation pessi- 
mists, forcing them to cut their 
losses by buying bonds they 
had sold short 
■ Auto, (HI Slocks Strong 

Auto stocks and utilities 
paced the rally, news agencies 



Vri. 

High 

LOW 

LM 

atg. 

Gxbs 

85899 

21 ta 

20 V, 

21 

‘IV* 

AnrteC 

49510 3* 

JIN, 

XPV„ 

+ l>Vu 

Intel 

48534 

59 V, 

57ta 

Wi 

+ 14* 

Micsfls 

418*1 

51 >0 

4*TO 

51 W 

+ 2 

Quantum 

40978 

16V, 

I5H 

141* 

->Vk 

TetCmA 

33726 23+k 

22H 

2JV U 

. <v„ 

AFwrCv s 

32843 

164* 

1546 

16V, 

+ 4* 

Seoocne 

30672 26n/ 4 

25S 

264k 

+ 7Yi» 

u&Htms 

2907V 

38 V, 

36W 

379k 

+ 14* 


29340 

24 V, 

231k 

341* 

+ 4* 

CascCom 

26S06 24V, 

21 

34 V* 


Am«On 

22190 

MV. 

55 

SSH 

—5 

Ouctas 

21920 38>+ 

36V. 

3»% 

+ 1«H 

MCI 

21836 

23S 

27Vk 

22 V. 

—V* 

IDBCmS 

19975 

lOVi. 

9H 

9H 

—V* 


EsL vatoin*: 721 Oran ml: L840. 
MMONTH EUROMARKS CUFFS) 
DM7 orflDoa - Pt» Of 7*9 pd 
See 9414 

DK 9109 

Mar 94J8 

Jm 9458 

see 9oi 

Dk 901 

Mar 903 

Jaa nsr 


Cuepemr Per Amt 

IRREGULAR 

OM El ILOdtpH. - U9 

Ntfi Europe on Rr - . 1 * 

VtoWnotn Muli In* - JS 


Undtonaad 
Tow fcsues 
1 NbkHWb 
New lows 


1919 1KB 
1216 1561 

1943 2013 

5Q7B 5076 
69 60 

81 114 



WosWnatn Mrt! lor - JS 

WestarFed Ftaf - JSU 


W TO-l 
8-12 8-S4 
H 9-19 
8-12 8*24 


INCREASED 


GMSEBeray O Jl 

Dufca RttV Q -£ 

First- Knox Banc O 23 

FaoARt Group 


84 4-21 

8- 17 B41 

9- 1* TOO 
9-20 1020 


NYSE Diary 


AMEX Most Activos 


Adwced 
Declined 
Unenroed 
Total issues 
Now Highs 
New Lows 


1424 1079 

613 99* 

42S 744 

7362 2842 

45 33 

44 60 



VOL Htah 

Law 

Lost 

Oto. 


12618 35 

3* 

35 

> IV. 

xa-ud 

9327 IV* 

I’A 

IV* 

— 


6805 17Vk 

16V, 

14V. 


viaann 

5459 4Y„ 

*4* 

4V, 

-J" 

vioc wtC 

4735 2Vu 

l"ft. 

2 Vk 


SPOR 

4579 46*«fl 

45%. 

45>V» 

+»v« 

GttCdag 

4020 4’A 

39. 

4 V* 



3979 P\ 

+H 

44* 



3571 I2V* 


12 S 



2756 3Vi» 

39* 

3Vk 

+ V» 

! 

f 


AMEX Diary 


Advanced 

□earned 


Teh* issues 
New Highs 
New lows 


379 263 

210 207 

224 241 

■13 784 

14 » 

5 13 


Spot CommodltJas 


Eat. votarra: 7105. Open Hit 
BMONTH FIBOR (MATIF) 

F F5 mOttoa - ms of TOO pet 
Sep 909 94-35 9435 +U1 

Dec 9425 «.!» M22 -HUM 

Mar WJ3 509? m? +- 0 JD 

Jan 9182, *374 93J9 4-DJD 

Sep 93jo ns 93156 -HUD 

Dec ms 93J0 9132 +0J4 

Mo- 93J4 93J53 9109 UhCtL 

Jen 92J9 9195 9294 +8J2 

Est. volume: 32222. Open tat.- 1BWB7. 
LONO GILT (UFFE7 
nst-tamodiRM 
Sep 101-33 9MS 1O7G0 +0-19 

Dec 100-22 100-00 181-00 4-031 

Est votam*: 88 JK Open Int.: 117J0S. 
ORRMAM OOVBRNMENT BUND (UFFE) 
DM 25UM-MS Of 188 P<3 
So* *375 92.98 9345 + 0 S 1 

Dec 9275 9344 f34» +DJ1 

E St. volume: nfJeo. open tat: 173^53 
M-YIAR FRENCH GOV. RONDS (MATIF) 
117JB +tt» 

Dec 1163 li&IM 114.18 +0.18 

MOT 11560 11534 U5X8 +al 8 

Jaa H.T. N.T. 11470 +318 

Eat. volume: 129J13 Open Int^ 134531. 


INITIAL 

Beoean pptvs - J* 

REDUCED 

Unffi inc O .10 

CORRECTION 

KB>emta a x JS 


staSs of both companies. 

Six Firms Wn New FCC licenses 

WASHINGTON (Bkxxaba^ — - Six 
broadcast Jiccnscs Friday, oi^ttag oomg um ! : 
Ws first-ever auction of ihc ailwav^jThCSW w 

SSk 

andatmzd to provide cme-way services. Paging Network 

bid S197 imQioa for the three licenses. . . ... f ■ 

McCaw CeSnlar Communications Inc. bri 
two of fee most powerful two-way bcenres. bidfengWO mOhon , 
each, for a totafof S160 orflhoiL Other wmie»wwe Mobile 
Tdecommumcations Technology Corp^ known as Mtel Beli- 
Saith, Airtouch Communications Inc. and Pagpmart Inc. 

Results Exceed Expectations 

CLEVELAND (Bloomberg) — LTV Corp^ fee last of fee five. 


JY . 1JD 

REGULAR 


NYSE 

Amax 

NOKtaq 

Inmlllhm. 


Alumhxan, lb 
Cop act ctcdrotYllc. ta 
Iroo FOB, loti 
Lead. 10 
Sliver, troy at 
stael (scrap), ton 


Industri al * 


Htab Law Lost Sent* CVpb 

(S GASOIL CIFta) 

cu UJ- Italian Mr metric footots 0(188 tool 
119J7 AM 14075 15L00 15075 1MJ3 +3 JS 

3J302 Sw 16375 14075 14175 163J0 +37S 

04798 oS 16600 M4J0 14600 16600 4 325 

tar 15773 14375 14775 14775 +325 



8-8 9-7 

8-12 M . 
WS 900 
8-W 94 I 
8-18 97 

91 915 | 
M 1-19 I 
97 921 


LTV, which emerged from seven years of bankruptcy protec- 
tion in June 1993, earned $37.5 million, exceeding Wall Street s 
expectations. 

LTV stock jumped $1,625 to$I&75, or nearfy 7 percent gam, on 
vbhmie ctf 652,400 shares, more tten doable its three-month' 
average. 


8-12 99 

919 99 

8-12 91 

90V 

8-37 924 
91 915 
8-11 808 
91 915 
MS IM 
84 8-15 
972 939 
91? 94 

918 924 
7-2 9 9 3D 
95 fM 
8+2 876 


Foundation Health to Buy Iutergroup 

RANCHO CORDOVA, California (Bloomberg) — Founda- . 
tion Health Corp., seeking to expand into a national medical 
network, Friday said it would buy Iutergroup Heal thc are Corp.. 
for about $720 million in stock. ' 

Foundathm Health also will acquire Tbmnas-Davis Medical 
Centers, which owns 63 percent of Intergroup’s stock, through a. 
tax-free pooling of interests valued at $444 million. Foundation 
Health stock/feU S2J875. to $32,125 in active trading Friday. 


Mobil Takes $680MaBon Charge 

NEW YORK (Km^xt-Ridder) — Mobil Corn, said Friday it ' 
would take a noncash, aftertax charge of $6B0muhon retroactive- 


With Losses Cut, Croupe Bull Sees Early Private Sale 


As a result, the 
show a net loss oi 
million originally 
how fee company 
products. 


ny restated its first-quarter earnings to 
million, compared wife a gain of $535 
5& The accou nti n g change centers on 
itshrveatories of crude ou and refined 


reported. 
Ford ro 


Ford rose % to 3 1% and Gen- 
eral Motors climbed 1 to 50% as 
prospects receded for an in- 
crease in consumer lending 
rates. The stocks also were still 
getting a lift from record-high 
earnings reports released this 
week. 

Teltfonos de Mexico's Amer- 
ican depositary receipts were 
fee most actively traded Big 
Board issue. {Bloomberg, AP) 


Competed by Our Staff From Dispatches 

PARIS — Groups Bull’s chairman. 
Jean-Marie Descarpentries. said the 
company’s first-half results, announced 
Friday, could enable it to stall the pro- 
cess of sale into the private sector as soon 
as this year. 

The group said earlier that it was ex- 
pecting a break-even result ai the operat- 
ing level this year. 

“Improvement of results is faster than 
expected,” Mr. Descarpentries said. 


Operating losses were 433 milli on 
francs ($80.6 million) against \2 billion 
francs a year earlier, the company said. 

The group said its net loss of 843 
million francs in the first half of 1994 
compared with a loss of 2 billion francs 
in fee year earlier. 

Sales were II percent Jiigher. at 13.8. 
billion francs. 

“The objective of fee executive com- 
mittee and all operational directors of 
turning the group back to break-even at 


the operating level from 1994 seems now- 
attainable,” a statement said. 

The results were better than expected, 
the company said. If the contribution of 
its partnership wife CISI is included, 
sales rose 12.4 percent. That partnership 
win be included in Bull’s second-half 
... 

The company said cuts in non-salary 
costs such as real estate and supplies 
were responsible for the improved re- 
sults. (Reuters, Bloomberg, AFX) 


IBM Closing Ambra Mail-Order Unit 

ARMONK, New York (Bloomberg) — International Business . 


Machines Corp. plans to dose Ambra Computer Corp., its low 
cost, mail-order personal computer business, within 90 days. 

Earlier this week, IBM said it waS' consolidating its personal 
computer business in the face of slowing growth. 


For the Record '/“ r. : 'pr r . 

.. Wal-Mart Stores be. win invest $100. million to build two 
superstores in Buenos Aires, according to La Nacidn newspaper. 
(Knigfa-Bidder) v- (Bbomberg) 


WORLD STOCK 




U.S. FUTURES 


Open W Lour don Ow Oojm 


Low apn Ugh Low One Ow Op.mt 


Agnaoe Ftwke Pivua My 2? 

CtaMPrwv. 1 


VfaABadtadNv 


Amsterdam 


ABN Amro Hid 
ACF Holding 


AJoW 
Mao Nobel 
AMEV 

Bok-Wmnor 


Sctwrtng 

Siemens 

TTrewen 

Vnrto 

Volta 

VEW 

Vloo 

DAXMn:. 


935 926 
*8067X40 
299297 J8 
309 305 

519JOS14.10 
3*9 JO 3*5 
4BCJD 478 I 
HQ 497 
1037 1024 


GEC 

Gen'l Acc 

Gkna 

Grand Mel 

GRE 

Galnness 

GUS 

Hanson 

Hiilsdown 

HSBC HMDS 

ICI 


Dominion Text A 
Donohue A 
MacMillan SI 
Nail Bk Canada 


Seam Season 
Hte/i Lon 


Lon One Ow Opm 


Etaevtor 
FOKXer 
GW-BrocodM 
HBG 
Heinekm 
Hoaaavmt 
Hinder Douglas 
IHC Cal and 


i KJngitsnor 




7 64h 
! 2 Vb 1214 
J816 

BV, 8^ 
19W Wi 
I9H 19»s 
m. 179b 
1786 18 

IBM 1816 
N.Q. — 
12V> 17Vi 
1898.73 


ESSOlto-A 

Handeubonten 

Investor B 

Norsk Hydro 

Procardia AF 

5andWkB 

SCA-A 

5-E Ban ken 

Skandto F 

Skanska 

SKF 

Stora 

TnMNtoorg BF 
Volvo 


Inter Mueller 
inn Nederland 


IM'I NeOerta 
KLM 
tCNP BT 
KPN 

SS^Ston 

Pakhoed 

Ptiiaos 

Pglygro m 

Robe co 

Rodatncn 

Rolinco 


Roval Dutch 
Star* 

Unilever 
Van Ommeren 
VNU 

WofterVK tower 


Helsinki 


Amer-YMyma 124 124 

EmoGutoeit 42 jo 

Huhtamakl 172 173 

K-O J>. 1CLTO 11 

Kvrnmeno 123 vn 

Metro 17* 172 

Nokia S 02 507 

Pohtola 70 70 

Recola «J 0 95 

Stockmann 218 212 




Hong Kong 

32.10 
T2J0 
37 JO 

1 37* 
5475 
40J0 

ss 


Brussels 


CNP 

Codteriu 


Electraflna 

GIB 

GBL 

Gevaert 

GKnrertwf 

immabel . 

Kredtatbank 


Recrtctrt 
Rorafe Betae 

SoeGen BeMaue 

Santa 

SohtaV 

TeMMdeda 

TraOBMI 

UCB 

Union Mtnlere 
Wagons Ufa 



Losmo _ 
Legal Gon Grp 
Lloyds Bor* 

Eg? 8 * 

Natl Power 
NatWesI 
NtfiWst Wafer 
Pearson 
P&O 
PUklnofon 
PowerGen 
Prudential 
Rank Oro 
RecfctttCol 
Retfland 
Reed inti 
Reuters 
RMC Group 
Roils Rove* 
Rottimn (unit) 
toy I Scat 

5atnabury 
Seal Newcas 
Sco* Power 
Sears 

Severn Trent 

Shell 

SMa 

SmUti Necbew 
Smith Kline B 
smith (WH) 
Sun Alliance 
Tates Lyle 
Tesco 
Thorn EMI 
Tomkins 
TSB Group 
Unilever 
UW Biscuits 
Vodafone 
War Loan 3V* 
Wellc o me 
WhJtbreod 

Williams Hdgs 
WlllbCarraon 
F-T.38 Index : 2 


Prev&aMDLXf 


107 107 
107 105 

179 177 
254 251 J8 
119 117 

115 114 , 

117 114 
4870 4870 

118 117 

U> 758 
148 V*5 

42* 419 
105 1(0 

394 397 JO 

1*0144 


Toronto 


Accor 
Air (Jam de 
Alcatel Atsthom 
Axg 

Bancaire (de) 
B% C P 


CCF. 

Cenis 
Cbui ucu b 
aments Franc 

EH-Amri trine 
Sanofl 
Euro Dbney 
Gen. E«n 
Havas 


Amcor 

ANZ 

BMP 

Borol 

BaugatnvUie 
Cates Myer 
Carnal co 
CRA 
CSR 

Fosters Brew 
Gocdmcei Field 
ICI Australia 

Magellan 

MIM 


Sydney 

9J8 9.16 
4.11 4JN 
18J8 1348 
354 3JB 
vllle 0.95 0J0 

<rr 424 C24 

I 524 5J0 

1374 13G 
37* 475 

arew 1.11 1.10 

n Field 1+3 1.42 

raita 11.10 11 J 0 

* “fj 


AMttat Price 
Aordco Eagle 
Air Ccno da 

nin Dgi I KA KO 

BCE 

Bk HovaScoNa 
BC Gas 
BC Telecom 
Bra axriea 
Brurawtch. 

CAE 

Cnmdev 

aec 

Canodfan PacfBc 
Con Tire A 
Cantor 
Cara 

CCL ind B 

Qnepto 

CamlncD 

ComtsTEtaH 

CSA Mat A 

Driasco 

DvtaxA 

Echo Bar Mines 


Grains 


1370 9J7Mar(5 TIJI 1177. 17J0 

12J6 IOJ7May9S 1L67 117* 1L40 

7Z0Z W57A495 11 A* HA* 11 JB 

II SO 1A57CWW 7l*f VLM . 1L4J 

TTJM KU8Mar98 TL*B T 1 A 1 II JO 

1L54 UJ4MeF96 

Est-sakH 13073 HVLtaM UA83 

Twwnn kyicsjm ix> m 


-032 31 AN 
— 30* 4JJ1 
-0J1 2A*5 

-am T.m 

— 3*0 1*7 

—0.10 s 


Equity Silver A 

KAMI 

Fed Ind A 

Fletcher Qwll A 

FPI 

Centra 

GuHCdd Res 

wees Inti 

KemloGMMJma 

HolUnoer 

Horsham 

HurhorS Bay 


| Nat aus* Bank n.16 17J« I 


merge Co nn i e 
Leg rand 
Lyon. Eaux 
Oreol (L ) 
L.VJVLH. 
Matro-+kxhrtte 
AWcheltaB 
Moulinex 
ParlbQs 
Pechbev Inti 
Pemoo-Ricard 
Peugeot 
Plnou It Print 
Rod ta tec to ilque 
Rl+Poulenc A 
Raft. Si. Louts 
Saint Gatxi In 
CF H. 

Sto Generate 
3tXB 

Th om wCSF 

Total 

UJ+P. 


News Cora 8Jt> 3*9 1 

Nine Network +24 374 

N Broken Hill 142 SAC 

POC Dunlop 4J2 +54 

Pioneer Inti 3 294 

Nmndy Posefctan 277 209 

OCT Resources L52 IAS 

Santas 293 3M 

TNT 270 249 

Western Miring 72a 7.19 

westaac BonUng 4A4 467 

Woodslde 42Q 374 


WHEAT (CBOT 1 u*eeuir*nUiwn-dBlNsre 
asm. ica son jjiw Uiv, 129 

145 3J» Dec 94 144% 3A2 

JAW 227 Mar 95 250 25016 14714 

13m il*V4Mny 95 I4M 24T* 3A1W 
3AM* 111 JW95 32914 229 Mr X3B 
Dec 95 

EsLgSes HA. TtaTASOIes 8751 
Thu*sopwilnl 59A1S id 6*5 
WWAT OCBOT) uokimNnum-aenia 
2555k lazwsepy* 137W 142 237 

340 1UM.DOCS4 2taVl 2*716 244 

259V, 235 Mar»5 147 2WV5 245W 

24* VS 231 V. May 95 3.41 249V, 3J9V. 

1255k 116»Jiil9S 12m 2»Vi 127V, 

131 1 » Sep 95 

Dec 95 

H.sta NA. T7sn.NtaS *417 
Thu’s open lnt 37,9BS up 53 
CORN CCBOT7. SeogkurrtremunvdBlbrsnrb 
29ZU ZWNSep« 217 IW 27 7 
277 217 Dec 94 220 222W 720 

IHIV, 224 6Vr9S 229 237% 2» 

285 2S2V.Moy« 235Vi 137 Y, 2J5W 
UM 23414 Ad 95 2*0 2Am Z39H 
220V, 2J7 Sec 95 141 Vr 24JW 241H 

2*3 235V, DOC 95 14] 241 W 2 AS 

Est.satas na. Hurt. soles 9A84 
T7»T*op enlw t 7I8AI 1 up 1413 
SOYBEANS ICBOn 5400tnnWNn«n-Mwi 
~~VAugM SJO 


3JtH4-*m 77J34 

2<4Vi — (LOO VI 32A59 

UtTArOJI Bum 
3A2W40JM *22 
13* — DOOM 7 AM 
338 -MOM. 2 


7030 See 9* 1451 1525 1*48 

1041 Dec 9* 7495 1565 7492 

WtlWrH 7535 MBS 1535 

1Q7BMOV95 
tEBJul* 

065Sep» 

1290 Dec 95 

7350 McrW W*' 1578 74» 


*4533308 
*43 79A46 
♦ 38 7,9*7 
♦38 295* 
23U 
:*M 1 m 


TTxn op en int 201423 rit 1877 
BRntSHPOUNO KMBB IWN» I iwlwu utot * — I 
IJK* IA 8 «teM 1JZS6 U4» 1J» IJ388 »723 3IJ9S 

L5M7 lASODDeoM LSZTO UM LSZW I.SZM *1SU t»D 

IJ728 14MM*ar*6 7J23& U3TO IJZH IJM* IS 

EM. Kite T7J01 TTtaVscte 1DJ01 . 

Ttmn open tat 32811 W> 637 

CANADIAN DOLLAR {CkffiRt tw*- >MW«w*l<Q<»l 
UM SJtnStaM ftffll 072 32 07783 OJ207 -38 31,1 tt 

27670 0J038Dec« 07201 03203 87163 0.7174 -36 2AM 

27605 27tDOMorW 07)0 0770 071® 07)47 -3* 66 ) 

07522 06990 AeifS 07125 03128 07115 071 U —30 484 

0710 BAN5SH>» 07075 BJB73 QJOT5 O70» - 70 0 

07070 07070 Dec 95 07*50 07052 07D® 0.70X7 —30 3 


&7.«*s fMt TTB'i.Nta* ZJB 
TTVseomint 3*429 otf 939 

GERMAN MARK (CMEft) SeN-nak-TiMMiMWUggm 
06595 036009*19* 06379- 0*318 OAXS 06305 > 26 0X357 

0jari 1020 w® 7 S^ 308 «*» 

0*395 ajTOOJunH 063X1 >20 St 

0095 06395 Sap 95 063*7 >18 4 

0-4595. HJWMke-96 0630 0A323 06712 04379 >22 TAH 


141V, >003 W 15A01 
147 >001 16AM 

HfiVr-OflOy. <801 
23 nv-BunW 363 
178 *002 400 

330 —MB 1 

10 1 


1 0829 Thu’s.**** All* 
int 72995 off 3® 


13450 a&JSSOPM 96-70 99J» 9470 9018 >280 146D* 

1WJ00 89.10 ttav 94 99.70 70240 99.70 TOL® +295 2303 

73208 nmsann 10273 70SJB 18275 10473 *235 1735 

72*25 963 Mar 95 18433 10720 1*4* 107J5 *2X0 ZAB 

17425 97JQ/Wrr9S 7B9J0 TO925 , 109X0 1 102S +03 74* 
119X0 1010 A* 95 711 JO 172X0 HUB in.95 —003 716 


R31 HW' 6 total 50457 
Ttta'sooenWM,*** op 49* 

JAPANESE YEN (CMSQ irRygn H ifr iwijn 

aJKNOBJOBMXSepW aBT0B20MH»79CGJW73m W15 -6 6W8R 

<ffl MW^WP5 DgWM10 ^ ^ _l* 54 U 

aO7O0mJO9776km 95 OJHBTiam 027100 «B*00JUE53 29 217 

Atno77moip«0teiaaBMQnuno3oxunB3)ooie>axi9 -35 v 

101 45 -21 ijoa 

EAr-SOta* B J B TTvasMcs 46724 

Thu'sopenint 7JJ»2 off 2282 

l yst BUHC ICMut) n e to r p t pta i ieta ffMi 

DJSD 86600 Sep 9* 0J4M 0740 07385 0740 +45 0422 

ss-sssss.ss»s8sia 

Thu’s open tat 41,977 op 9*16 


2tnt +M9N 46JM 

222 +MS6T2T J1* 

231 *053 2SJ29 

UCTA +8527* 9,70 
241 V> +0J13* 620* 
242V, +X07V, 590 

244V. *007* <652 

257 


11133 m5JQS*p95 
1120 ' 11 250 Nor 95 
Est.sotas «J08 Ttu'^saks 
WtoWW 9WZ7 up 12 


Metals 


HI GRADE COFFER CNCM7Q tunipcM 
11690 7490 Sep 9* 17750 11776 TTO70 

7573 Dec 9* 1160 11090 11030 


7690 Jan 95 
73J0Feb9S 

7X00MCT9S 7090 1D970 70 JS 
765S6HOV95 10835 1033 10880 
7130AUB« 77090 J7L0 7JSJ0 
75JDOCI9S 1110 1IL10-. 1110 
7775 Hw 93 
00DK9S 
8631 Jcta 96 
*270 Mar 96 

MnyH ■ _ 


LOtXJtt _ 

LoDtawCa 


««sss^a5r :! 




Tokyo 

1 AkalSkctr *B0 M* 

AwdUChemlau 780 758 
Asctd Gloss 1180 7200 

Bank of Tokyo 7550 1570 
Brfcsestone 1640 1610 
Canon T710 1700 

Casta 7220 1190 

Dal Nippon Print 79* 1890 
□atNOHause 1470 1458 1 
Dchta Securities 7600 15« 


Magna Inn A 
Ntotate Leaf 
Maritime 
Mark Res 
MoisanA 
Nemo ind A 
Naranda lac 


Nercen Energy 
Wtftn Totecom 


PWACorp 

ftoyrock 


ssas?jssa : ’ 


Madrid 


Johannesburg 

Cl Z3J0 2250 

ech na m 

eleAmer 246 2 « 

rtows 330 3293 

rvoor 9J8 97S 

(feta 46 4£» 


MSMBP :WiM 


A EC I 

Amtfi 

Anglo Aner 

Barlows 

Btwoor 

Buffeb 

D* Beers 

Drlefordetn 

Geticor 

GFSA 


BBV 3089 2910 

BCD Central hi ap. 200 2570 
Banco Santander 5070 4990 
Banpsfo 107S 1025 


SaoPauio 

Banco do Bros* I 190 


fSIIpwo 

FofKsu 
Hitachi 
Hitach i cable 

IteVriwdo 

imoua^ 

Kolkno 

Kfitisai Pswcr 

towasoki steel 
Kirin Brewery 
Komatsu 
Kubota 
Kyocera 


Frankfurt 


AEG 

Alcatel SEL 

Allianz Hold 

Attend 

AskO 

BASF 

Boyer 

Boy. Hypo tank 
Bov venrfnst* 
BBC 

BHFBonk 

BMW 

Commerzbank 
Conlhtafttoi 
DoimferBenz 
Deoussa . 

Dl Babcock 

Deutsche Bank 

Douglas 

Dnwoncr Bor* 

FeWmuehle 

FKnmpHtfexh 

Hontaner 

Henkel . 

Hochtief 

Hoechst 

Holzmann 

Horten 

IWKA 

Konsoi* 

Karstadi 

Kavfhat 

KHD 

KtoecknerWerk* 

Linde 

Lufthansa 

MAN 

Mamwsmonn 

Metalfoesell 

MuendiRuMb 

Porsche 

Preussao 

PWA 

RWE 

Rhein me tall 


HlghveW Steel 
KfOOf 

K edbenk G ra 
Randtonteln 
Riariat 
BA Brews 
St Helena 
Sosol 

Western Deep 




*775 6773 
110 127S 

128 TO 
25 2*75 
MJO 3975 
SL5B SSJS 
3X50 3150 
4250 «! 

TO* W5 
870 8650 
45 44JJJ 

JW » 

565976 


CEPSA 

D ro gu doa 

Endesa 

Ercras 

iMrdrafa 


Tobcxotora 

Tetatonlco 


3 WO 3145 
2070 2025 
41X 5950 
177 MB 
944 930 
419 4085 
350 3500 
i860 1865 


Bradesco 

Brahmo 

Cemlg 

Ctatroom 

ttaubonco 

us tit 




Petrobras 

Souza Orux 

Tetafiras 

TeMff 

Uttodncs 

We Wo Dote 

Vorig 



2210 2Z» 
109 1W0 
965 9S3 

8 W 880 
1730 1718 
5370 5220 
73D m 
74C 730 

.972 969 
2600 2610 


Rogers B 
Rothman* 

Rayat Bask Can 

Sartre Res 
ScotrsHosp 


W W0 


Seen Can 
SMI can 
Sherritl Cordon 
SHLSVtitoitflO* 
Soj thorn 

soar AerosBoa 
SttfcoA 
Tollsmon finer* 
TeckB 



7JS lZWAuvM W JiTIl L8S14 

7.08V3 662 Sen 94 575 13VU ST3* 

7J7V5 15* Nov 9* 667M 548V, 543V, 

70 U 1 Jan 95 STS S76W 571* 

7.05 JJWiMorTS 5J4 6 MV, SJ0V, 

7J3SV, 17SViMay95 30 S*1 .£87 

70W SJBWJmK SJ9V3 534 530 

533 579 Aug*3 59316 53416 530 

£79 571 StaltS 

6J0W 5J8V6NOV9] US £10 115V, 

Jut 98 

Est fries NA. 71*/s.xries 4773* 

Tin/ 1 open tal 1214B UP 108 
SOYBEAN MEAL ICBOT) NBVim Minpe 
22 X 00 17470 Aug 9* 1770 77830 1770 
£100 17370 Sa»*l 777 JO 77130 1760 

OT0 17JJBOCJ9* 77*70 177 0 17530 
J09J0 17200 Dec 94 77*0 1770 7750 

fflj 0 17370 J«l 95 T78J0 176J0 UiJO 

»30 17400 Mcr 95 T78J0 1790 1770 

2070 175J0MOV95 16L70 180JD T78J0 

2040 17470 Jut 95 1(10 18130 090 

1810 1790 Aug 99 
S*pf5 

Eat sates NA IhriLSries 2412* 
Thriiocoitat BLAB up 770 
SOYBEAN OIL toon *Uto**-4BAn eerW 
3835 X) 35 Ain 9* 3405 24J1 240 

30J* 220 SOP 94 3*10 2*0 ZS0 

293* 22.70009* ZL75 2330 2367 

xjr 220 OcH 2330 2332 213* 

035 2Z45J«,95 4L«0 2333 2135 

2*0 2233 Mar 93 230 7LS 23J5 

28JS 2733 May 95 230 2335 2133 

27 AS 2100 JUI 95 2145 2K7 210 

27 JO 2ZJ5AUB75 23JS 22*0 2235 

HJi 22955995 SJ5 2U5 230 

OcfRS 7X70 2ZM 2370 

2290 2230 Dec 95 2X08 S0 BH 

Eta. tries NA ’nsTB-salas 2*371 

Thu'sopenint MJ63 up VB 


SAW +00 I 
SJS16+0JW • 
1*5W -CL01V* I 
573W *0011* 1 
SJf« *MI 
53BVi +80V6 
591 Vi +QJIM 
590 —0056 
18* *002 
18* 

MB — M* 


LVER (NC**» StoOPoyta^eveseerk 


*1,10 29J77 
+1J5 1803 
*10 3*1 

+835 2*5 

*030 250* ' 
+00 109 

♦ 10 m 

♦ 1.10 438 

*JJ5 222 
+tU5 719 
+635 5* 

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m 




EUROPE 


Buoyed by Talks, 
IMF Promises Aid 
To Spur Belarus 


The Associated Pros 

MINSK, 'Belarus — The In- 
ternational Monetary Fund will 
help Belarus develop market re- 
forms and overcome its eco- 
nomic woes, the fund's manag- 
ing director promised Friday. 

Belarus, situated between 
Russia and Pol an/3, can no 
longer be “an island of inertia," 
Michel Camdessus said at a 
news conference after meeting 
with Alexander Lukashenko, 
who was elected earlier this 
month as the first president of 
the former Soviet republic. 

The country followed a con- 
servative course after the col- 
lapse of the Soviet Union, try- 
ing few economic reforms and 
maintaining close political ties 
with Moscow. 

Us economy has been 
plagued by falling output and 
inflation soaring at about 30 
percent a month so far this year. 

“We're ready to raise atten- 
tion and support,” Mr. 
Camdessus said. “ We’re not go- 
ing to bring an IMF program to 
Belarus. 1 support the program 
of your country." 

In his inaugural speech, Mr. 
Lukashenko promised to start 
reforms, although he had built 
his campaign on vows to estab- 
lish state control of the econo- 
my. 

Details were scarce on a re- 
form program being forged by 
the Belarus government 

“The former government was 
only taking half-measures, 
while now we're going to em- 
bark on the path of the radical, 
large-scale reforms,” Deputy 
Prime Minister Mikhail Myas- 
nikovicb told reporters. 

Mr. Myasnikovicb also said 
that Belarus officials at the 
IMF talks had raised the issue 
of Belarus' 1 trillion rubles 
(5500 million) debt to Russia 
for energy resources. 

Mr. Myasnikovich said Be- 
larus hoped the IMF would 
make a concrete decision on the 
technical aid to Belarus in Oo- 
tober after having considered 
the Belarus reform program. 

Earlier this week, Mr. 
Camdessus visited Ukraine, 
having made simil ar pledges to 
the newly elected Ukrainian 
^president, Leonid S. Kuchma. 


■ Ukraine Charts Reforms 

Earlier, Jill Barshqy of The 
New York Times wrote from 
Kiev: 

The head of (he International 
Monetary Fund met with 
Ukraine’s new president this 
week and said they would work 
together to develop an econom- 
ic program that could open the 
door for the S4-biBion aid pack- 
age promised to Ukraine at the 
economic summit meeting this 
month in Naples. 

The managing director of the 
fund, Mr. Camdessus, an- 
nounced “the beginning of 
something important and posi- 
tive for Ukraine" after meeting 
on Wednesday with Mr. 
Kuchma, who took office on 
July 18. 

if the program is successful, 
the first part of a S700-million 
loan could be issued by Octo- 
ber, officials said. 

The IMF’s cooperation is im- 
portant because it sends posi- 
tive signals to private foreign 
investors. Ukraine, where eco- 
nomic reform has been more 
slug gish than elsewhere in the 
former Soviet Union, has re- 
ceived very little investment 

Vice President A1 Gore has 
also accepted an invitation to 
visit Kiev next Tuesday after a 
visit to Poland to co mmem orate 
the 50th anniversary of the 
Warsaw uprising- Washington 
has been concerned with 
Ukraine’s unstable economy, 
and Mr. Gore’s visit is seen as 
an effort to give a boost to the 
new president 

Mr. Camdessus said after his 
talks in Kiev that he was “im- 
pressed with the determination 
of the president and the prime 
minister,** adding that Mr. 
Kuchma had drafted a “docu- 
ment which really touches upon 
the key issues." 

The IMF official made his 
first visit to Kiev to keep a 
promise made to Mr. Kuchma 
last spring in Washington. Mr. 
Kuchma challenged Mr. 
Camdessus to come if he won 
the election and had concrete 
economic proposals ready. 

“I said ‘OK,’ " Mr. Camdes- 
sus recalled. “Then the presi- 
dent sent me an invitation the 
day after his inaugur ation.** 


Bears Prowl in Frankfurt 

Weak Dollar Dims Export-Linked Stocks 


By Ferdinand Protzman 

New York Tunes Service 

BONN — The dollar’s recent weakness 
against the Deutsche mark is dimming the 
outlook on the Frankfurt Stock Exchange to 
the point that some equity experts are prun- 
ing their lists of buying recommendations and 
suggesting that investors reduce their German 
stockholdings. 

Since the beginning of the year, the dollar’s 
value has dropped 10 percent, from 1.7500 
marks to about 1.5749 marks. That decline 
hw, in turn, diminish ed earnings expectations 
in Ge rman y’s export sector, which has been 
the bright spot in the economy so far this 
year. 

With a weaker dollar, export earnings in 
dollars are sharply reduced when they are 
t ranslate d bade into profits in marks. 

The weaker dollar is already starting to 
diminish the flow of export orders to German 
industry, particularly m areas like machine 
tods, where most pricing is done in dollars. 
And analysts have lowered their ratings on 
dollar-sensitive sectors like chemicals, auto- 
mobiles and machinery. 

Some analysts have also removed Daimler- 
Benz AG, Germany’s largest industrial com- 
pany, from their lists of recommended stocks. 

Heinrich Ackermann, chief economist at 
Bank in Liechtenstein in Frankfurt, said: 
“Daimler is a good example of a company 
that can be hurt by the dollar’s decline. We 
are no longer recommending it.” 


The weak dollar is expected to cut into 
Daimler’s sales of Mercedes-Benz cars in the 
U.S. market. Meanwhile, sales of the Freight- 
liner truck subsidiary in the United States, 
which have been doing well, will be eroded 
when they are translated at the end of the year 
into marks for inclusion in Daimler's group 
sales. 

The company is also heavily involved in the 
aerospace business and its earnings can be 
hurt try a weak dollar because aircraft sales 
are conducted in that currency worldwide. 

Expectations that German companies* ex- 
port earnings would be significantly higher in 
1994 because of the firm dollar bad helped 
push the Frankfurt exchange's 30-share DAX 
index to a peak of 2^71.1 1 on May 16. Now 
the fear is that the dollar will remain weak for 
the foreseeable future. 

“There is considerable downside risk." Mr. 
Ackermann said. “Exports have been the 
most dynamic factor in the economy. But we 
expect the weak dollar to lead to reduced 
profits from business in the U.S. It will also 
affect the competitive situation for goods that 
are sold worldwide in dollars, like aircraft." 

The DAX closed at 2,140.44 Wednesday, 
down 13-52 points and well above its year-to- 
date low of 1,968.82 reached on June 20. But 
the index is now 5.8 percent below its high for 
the year. 

In the next three months, analysts said, the 
weak dollar and a variety of negative techni- 
cal factors could combine to push the DAX 
down near 1,800 before it stabilizes. 


Lloyds Bank Profit 
Up 21% in Half Year 

Reuters 

LONDON — Lloyds Bank PLC announced a 21 percent 
increase in half-year pretax profit on Friday, in line with 
market expectations but toward the low end of the range. 

Profit rose to £605 million ($930 million) from £498 mil- 
lion, while the dividend was increased 14 percent to 7 5 pence. 

The chief executive, Brian Pitman, said he was confident of 
further progress at Lloyds, the smallest of Britain's four large 
commercial banks, but analysis expressed some dismay over 
allusions made by the company to tougher business condi- 
tions in the future. 

“Despite competition intensifying, we are confident of 
further progress, Mr. Pitman said. “Although the outlook for 
interest rates and exchange rates remains uncertain, we expect 
to continue to benefit from the commitment of the main 
industrial nations to low inflation and sustainable economic 
growth.” 

“This warning about competition will not be taken well," 
said the analyst Alison Deuchars at the brokers 1 Lehman 
Brothers. “There is no evidence of pressure on ! margins 
despite what looks like a warning about it." 

She said the bank’s domestic margin was up 20 baiis points 
from the end of the year and was level against last year’s first 
half. 


NYSE 

Friday ’s Closing 

Tables Include the nationwide prices up to 
the closing on Wail Street and do not reflect 
late trades elsewhere. Via The Associated Press 


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Iberia Group Losses 
Decrease in First Half 

AFP-Exie! Sews 

MADRID — Iberia Linens 
Afcreas de Espana SA said Fri- 
day that group operating losses 
narrowed to 12 billion pesetas 
($92.8 million) in the first half 
from 24 billion a year earlier, 
boosted by higher sales and 
lower costs. 

The group swung to a 15 
billion peseta operating profit 
in June from a 1 .9 billion peseta 
loss in 1993. 


Mercedes 
To Absorb 
Kassbohrer 


Compiled Ob Staff From Dupatcha 

STUTTGART — Mercedes- 
Benz aG. a subsidiary of Daim- 
ler-Benz AG, said Friday it 
would take over the passenger 
bus operations of Karl KAss- 
bohrer Fahrzeuge GmbH. 

The acquisition of its biggest 
German rival should help re- 
turn Mercedes bus production 
to profitability, the company 
said. Mercedes did not disclose 
the value of the transaction. 

“We will become the biggest 
scheduled bus. chartered bus 
and travel bus producer in Eu- 
rope," Mercedes-Benz Chief 
Executive Helmut Werner said 
to journalists. 

Mercedes-Benz said it may 
cut 1,100 jobs at Mercedes and 
Kassbohrer as a result of its 
takeover. 

A Mercedes board member, 
Horst Zimmer, said it looked as 
if the 1.100 workers would not 
be needed after the middle of 
1997. But he added that if mar- 
kets recovered strongly, it might 
not be necessary to cut the jobs. 
About 400 jobs at Mercedes 
were involved, as well as 700 at 
Kassbohrer. 

The takeover should be com- 
pleted by Jan. 1, 1995, after the 
Ulm-based company completes 
reorganization that includes the 
slashing of a third of its work- 
force. 

Mercedes does not expect the 
European Commission to ob- 
ject to the acquisition, which 
will give the combined passen- 
ger bus operations nearly a 30 
percent share of the European 
market. Mercedes currently has 
17.9 percent while Kassbohrer 
has 12 percent 

The long-awaited deal shuts 
out Sweden’s Volvo AB. which 
recently expressed an interest in 
taking a stake in Kassbohrer. 

( Bloomberg. Reuters) 


TELEFONICA: More Cash 


Confirmed on Page 10 


Continued from Page 7 

manage the companies. Al- 
though Telefonica is not saying, 
it has been estimated that the 
contract could net the company 
well over $500 million during its 
20 -year lift 

Joanne Smith, a telecoms an- 
alyst at Prudential Securities, 
said the reason the price seemed 
high at first is that Peru has 
only 2.7 phone lines per 100 
people, so the price per line is 
high. But she said that another 
way to look at it is to see that 
the potential exists to wire up 
the homes and businesses of the 
other 97.3 percent. 


While the growth possibili- 
ties in Latin America are enor- 
mous, they are limited in Spain. 
Tdefdnica's shares took a hit 
last week after a new govern- 
ment-imposed, and presumed 
stingier, rate structure led two 
analysts to cut their earnings 
estimates. 

Juan San Rom&n, an analyst 
at Salomon Brothers Inc^ pro- 
jects net income at Telefonica 
Intemacional to grow at 25 per- 
cent 3 year, or twice the rate of 
the parent company. He figures 
that in five years, the subsid- 
iary's contribution to Telef 6 ni- 
ca's net income will double as 
well, to 45 percent. 


Save on Int’l 
Phone Calls 


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local phone companies and calling card plans. Call 
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Frankfurt 

DAX 


London 

FTSE 100 Index 

Paris 

CAC 40- 


23WJ - 

20n — ■ — 

1 










y 

WW“B 

2MQ — — 



\ : 

m — ^ 

3000 

to* 

2100 — V* 
2000 



f 

m 


1900 

m Tw a" 

1993 

Pirev. 

Close 

405.22 

-W- 

tTJj' 

% 

Change 

+0-74 

19W F M A 1 
19S3 

Exchange 

Amsterdam 

M J J 

Index 

A£X 

M A M J J 

1993 

Friday 

Close 

408.21 

Brussels 

Slock Index 

7,616.45 

7.565.67 

+0.67 

Frankfurt 

DAX 


2,146.64 

2,122.61 

+1.12 

Frankfurt 

FAZ 


810.55 

805.03 

+0.69 

Helsinki 

HEX 


1345.81 

1 ,839.39 

+0.35 

London 

Financial Times 30 

2,392.20 

2,401.40 

•0.38 

London . 

FTSE.100 

3.OB2.60 

3.095.90 

-0.43 

Madrid 

General Index 

311.05 

307.92 

+1.02 

Milan 

MIB 


1,146.00 

1,124.00 

+1.96 

Paris 

CACdO 

2,074^9 

2,053.43 

+1.05 

Stockholm. 

Alfaersvaedden 

1,905^6 

1,876.37 

+ 1.56 

Vienna • 

Stock Index 

452.83 

45366 

•0.18 

Zurich 

SBS 


918.15 

912.02 

+0.67 

Sources: Reuters, AFP 



IrJfiruiH'iLil MruU fnlnuif 

Very briefly 






• Elf Aquitaine will sell to Banque Nationale de Paris its financial 
bolding subsidiary Fmanctere Gamma in exchange for a 4 percent 
stake in the bank. 

• Ro thmans International PLC said its first quarter to June 
operating profit was slightly ahead of last year’s result. 

• Nesttt SA will cut 450 jobs at unit in Britain over the next 18 
months. A total of 320 jobs will be lost at the south London 
headquarters, 70 jobs will be lost at York and 60 in Hadfield. 

» Skis Rossignol SA will acquire the ski-binding business of Skis 
Look for an unspecified amount. 

• FINA Inc. said its net profit in the second quarter of 1994 fell lo 
$133 million from the S61.9 million it reported in the same 

Q uarter last year. Sales in the second quarter fell to $838 million 
rom $93) million a year earlier due lo lower crude oil and 
petroleum-product volumes and prices. 

• Remy Cointreau's profit rose to 1.2 billion francs (S222 million) 
in its first quarter to June from 1 billion francs a year earlier. 

• The European Cbmmissioa has allowed Procter & Gamble Co. 
and FaterSpA to gp ahead with their joint venture after the saleof 
Facer's diaper businesses in Italy. Spain and Portugal. 

• Slovakian industrial production was up 20 percent in May over 
the Same month a year ago. Knight- Ridder. 4FP. Reuters. AFX 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-S UNDAY, JXLY 30-31, 1994 


Page 11 


ASIA/PACIFIC 




Jif, 


i)}« 


TN 


Japan Prices Down, 
Jobless Bate Rises 
To 7- Year High 


. TOKYO — Unemployment 
m Japan rose to a seven-year 
high in June, while consumer 
prices slipped, the government 
said Friday. 

U nemployment rose to 2.9 
percent m June from 2.8 per- 
cent in May. Consumer prices 
fell 0.4 percent in June from 
May, but rose 0.6 percent from 
a a S°< government said. 

The closely watched jobs-to- 
applicants ratio fdl to 63 in 
June from 64 in May, the Labor 
Ministry said. The figure meant 
there were only 63 job offers for 
every 100 applicants at govern- 
ment job placement offices. 

“As we see from our June 
figures, the employment situa- 
tion still remains very harsh," a 
ministry official said. “The 
number of new jobs available 
unproved for the first tune in 
die last three years. But the 
jobs-to-applicants ratio faded 
to rise because there were more 
people looking for a job.” 

Employment conditions gen- 
erally Lag the economy by about 
six months, economists said. 
Managers typically will not 
start hiring until they are sure 
recovery is under way. 

Some economists said they 
expected the jobless rate to 
soon surpass the record of 3.1 
percent set in June 1987. 

• As for consumer prices, 
many analysts said Japan’s real 
inflation rate was lower than 
that suggested by government 
data. Ine basket of goods 
tracked by the consumer price 
index does not include items 
commonly sold at discount 
stores, they said. 


The government also said that 
consumes: prices in the Tokyo 
area fell 03 percent in July from 
a year earlier; the Tokyo data 
lead the overall data by a month. 

While local consumers are 
hailing a “price revolution.” 
some analysts warned that the 
deflationary tone did not sound 
a positive note for the economy. 

“We think .price deflation is 
one of the danger points of the 
Japanese economy,” said An- 
drew Shipley, an economist at 
Lehman Brothers. “As de man d 
picks op, it’s going to be on 
lower-priced goods, which is 
going to depress sales.” 

That may force manufactur- 
ers and retailers to cut wages to 
protect their bottom lines, ana- 
lysts said. 

“Deflation cuts both ways,” 
Donald Kimball said, an econo- 
mist at Mitsubishi Bank. “It 
may come bade- to haunt house- 
holds.” 

Falling prices also may be 
part of the reason the house- 
hold spending survey, compiled 
by the Economic Planning 
Agency, has declined for four 


add up to less total spending. 

Meanwhile, the average non- 
farm salary, adjusted for infla- 
tion, rose 7.1 percent in June 
from a year earlier and consum- 
er confidence rose to 41.1 in the 
month from 38.1 in May. 

Also, housing starts jumped 
10.6 percent in June from the 
previous year. In the first six 
months of the year, housing 
starts were up 9.9 percent from 
the 1993 first half. 

(Bloomberg, Reuters, Knight- 


Seoul Deficit Widens in June 

Ream 

SEOUL — South Korea said Friday it had posted its sixth 
consecutive monthly current account shortfall in June; but 
economists said the economy showed healthy expansion aid- 
ed by improving exports and capital investment. 

The June current account deficit was $173.2 million com- 
pared with deficits of $108 tniTKan in May and $642.8 million 
m June 1993. 

Prefixmnaiy figures released by the Bank of Korea showed a 
shortfall totaling $2.71 billion for the first half erf the year 
against $1.17 billion in the same period in 1993. 

The Bank erf Korea said that a sharp rise in imports and an 
expanding deficit In invisible trade Had contributed to the 
increasing deficit inspite of improving exports. 

-The central bank revised its forecast for the whole of 1994 
to a $23 billion deficit, after having earlier estimated a 
surplus of $500 million to $1 billion. 

“Our economy is on an expansionary curve after escaping 
from the doldrums,” said Keith Nam, the Seoul representa- 
tive of H.G. Asia Ltd. “Increasing capital imports, even 
though they have put the current account mto the red, look to 
be a positive sign.” 


Luxury Cars Amid the Donkeys 


Roam 

TASHKENT, Uzbekistan — The 
dusty streets and roads of Central Asia, 
where horses and donkeys still amble 
along, are an unlikely setting for a mar- 
ket-share battle between makers of luxu- 
ry cars. 

Kazakhstan and its nei 


ring for- 
mer Soviet republics in Central Asia 
comprise a region of more than 50 mil- 
lion people linked over vast expanses of 
steppe and desen by potholed roads. 

Mercedes- Benzes do not “purr” on 
these roads. They lurch and bounce. But 
a growing number of nouveau riche are 
buying luxury cars that cost hundreds of 
times the average annual wage. 

“I am surprised, too, at how people 
can afford them — but they can.” Tony 
Larsson, sales manager lor Sweden’s 
Volvo Car International AB, said in 
Alma-Ata, of Kazakhstan. 

Volvo has sold about 500 cars in Ka- 
zakhstan, a country of 17 million people 
that many predict may become a wealthy 
itnin 10 years as a result of od 


nation wi 
exports. 
Mr. I 


Larsson said 2,000 or 3,000 for- 


eign cars could be sold in Kazakhstan 
this year. In about five years, the number 
could rise to 5,000 or 6.000. 

Other car manufacturers appear to be 
equally optimistic. Mercedes. Renault. 
Volkswagen, General Motors. Toyota. 
Daewoo, Skoda and others all rented 
space last month at the first motor show 
ever in Kazakhstan. 

Amid publicity stunts like a Miss Mo- 
tor Show beauty pageant, companies ne- 
gotiated deals as tens of thousands of 
people came just to look. 

“While the show is going on, we will 
sign two contracts with local dealerships 
to stan our business in Kazakhstan." 
said Jakob Dockter, the Volkswagen 
manager for Central Asia. 

Both Mr. Dockter and Mr. Larsson 
said they were interested in expanding 
sales to other countries in the region, 
especially Uzbekistan and Turkmeni- 
stan. Sales to Kyrgyzstan and Tajikistan 
are also possible. 

Mercedes has already opened a dealer- 
ship in Uzbekistan, a resource-rich 
neighbor with a population of 22 million. 
Others might follow. “We have many 


people looking for potential markets " 
Mr. Larsson said. “This process is going 
on intensively." 

The push for markets on the fringes of 
what used to be the Soviet Union has 
been propelled partly by fading interest 
in the Russian market caused by Mos- 
cow’s raising of import duties to 120 
percent of value. 

The Central Asian nations and Ka- 
zakhstan — unlike Russia — have no 
domestic car industries to protect from 
foreign competitors so their tariffs are 
lower. 

Foreign company representatives say 
import duties are not significantly dam- 
aging prospects. 

Foreign diplomats and bankers say a 
vast imbalance between rich and poor in 
Kazakhstan and other former Soviet re- 
publics is behind the sale of luxury for- 
eign cars. 

The average wage in Kazakhstan is 
about 400 ienge (about 59; a month- But 
a new class of entrepreneurs, as well as 
corrupt officials, can afford to pay 
$120,000 For a Mercedes 600. 



I Investor’s Asia || 

Hong Kong 
Hang Seng 

Singapore 

Straits Times 

Tokyo 

Mikkei 225 

2MB ’ 


13003 — 




A- 

I2CC04 _ 


A* 



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2100 n 




M A WTT F M A 

1994 IBM 

Exchange Index 

Hong Kong Hang Seng 

45T J J 

Friday' ' 

Close 

9482.81 

1984 

Prev. 

Close 

9,402.66 

un j' 

% 

Change 

+0.85 

Singapore 

Straits Timas 

2^06.42 

2.201 24 

+054 

Sydney 

AO Ordinaries 

2,061.50 

■ 2,042.10 

+0.95 

Tokyo 

Nikkei 225 

20^49-40 20,247.80 

♦1.00 

Kuala Lumpqr Composite 

1 ,02751 

1,026.30 

+0.12 

Bangkok 

SET 

1,376.88 

1,371^3 

+0.4Q 

Seoul 

Composite Stock 

933^6 

926 20 

+0.81 

taipel 

Weighted Price 

6,749w40 

6,642-13 

+1.61 

Manila 

PSE 

2«&03il 

2,781.14 

+0 43 

Jakarta 

Stock index . 

451 

45Z.97 

-0.42 

New Zealand 

N2SE-40 

2,027.18 

2,006.95 

+0.91 

Bombay 

National Index 

1^79i6 

1^44.23 

+1.82 


Sources: Reuters, AFP 


Bridgestone 
Profits by 
Cost-Cutting 

Bloomberg Businas News 

TOKYO — Bridgestone 
Corp., the world’s second-larg- 
est tire maker, said Friday that 
cost-cutting measures contrib- 
uted to the company’s first rise 
in half-year earnings in three 
years. 

Bridgestone said current 
profit rose 23 percent, to 16.912 
trillion yen ($ 1 72 million) in the 
half-year period ended June 30. 
But sales fdl 5 percent, to 
287.967 billion yen, Bridges- 
tone said. 

Profits for the full year, which 
ends December 31, mil reach 45 
billion yen on sales of 600 billion 
yen, the company said. 

“The company's cost-cutting 
effort made possible the rise in 
profits, even though sales fell,” 
said Hiroshi Kauai, a Bridges- 
tone director in charge of cor- 
porate finance. Bridgestone 
achieved savings on fixed costs 
and interest payments of 14 bil- 
lion yen, Mr. Kauai said. 

He said sales of automobile 
tires, which account for 73 per- 
cent of the company’s total rev- 
enue, fell on the year because of 
slumping demand for new cars 
in Japan- Exports of tires rose, 
but because of strength of the 
Japanese yen, Bridgestone re- 
ceived less revenue for its over- 
seas sales, Mr. Kan at said. 

He said the company lost 
about 13 billion yen in revenue 
for each one-yen rise against the 
dollar. 


Chinese Investors Bail Out of Stocks very briefly: 


Compiled by Our Staff From Dispatches 

SHANGHAI — Shares on 
the Shanghai Stock Exchange 
reserved for Chinese buyers 
plunged to a record low Friday, 
losing 2.19 percent as local in- 
vestors bailed out of the falter- 
ing market 

The so-called A-sb&re index 
7.38 points, to 328.84, 
_ on Thursday's tumble 
of 9.16 percent 
The index has suffered from 
lack of volume and a flood of 
new issues. The government’s 
apparent lack of ability to rem- 
edy the situation has turned in- 
vestors to corporate bonds rath- 
er than the stock market 
Although most corporate 
bond yields are no match for 
China’s runaway inflation, 
bonds are seen as a safer bet 
than the plunging stock market 


and offer a higher rate of return 
than bank deposits. 

Brokers said the index is like- 
ly to continue falling if no gov- 
ernment stimulus emerges. 

A lack of confidence in the 
management of listed compa- 
nies also is undermining the A- 
share index. 

Investors are concerned about 
quality of earnings and a compa- 
ny management that shows it 
ran adapt as fjhina rhangrs, said 

C.Y. Ho, a China analyst with 
Credit Lyonnais Securities. 

This market's all about 
“earnings quality and company 
transparency,” be said. 

Meanwhile, the exchange’s 
index of B shares, which are 
reserved for foreign investors, 
rose 4 percent Friday in step 
with a firmer dollar and gains in 
the Hong Kong stock market 


Emerging-market funds also 
are fueling the B- share rise, said 
Newman Mou, a trader with 
Smith New Court Far East. 

These include Templeton In- 
vestment Management (Hong 
Kong; Lid. and Nomura Secu- 
rities Co., which recently 
teamed up to raise between $60 
milli on and $500 million to in- 
vest in Asian equities. 

But traders warned that the 
new money may not last long. 

“New funds are pushing up 
this market so we may see it 
come down a little next week 
once they have finished then- 
initial buying,” said Mr. Mou 
said. “The stocks that are rising 
are typical picks for new funds 
looking to enter this market.” 

(Bloomberg, Reuters) 


• Goodyear Tire & Rubber Co., concerned over soaring rubber 
prices, threatened to switch to alternative raw materials instead of 
the 1 billion pounds (450,000 kilograms) of rubber it buys annual- 
ly. “The potential of synthetic rubber has improved," said Gary 
Miller, vice president for purchasing. 

■ Yokohama Rubber Co. raised its pretax profit forecast for the six 
months to June to 23 billion yen ($250 million), up from its earlier 
projection of 2 billion yen. The company said the higher forecast 
reflected cost-cutting. 

• Texas Instruments-Acer Inc., one of Taiwan’s largest semicon- 
ductor makers, said net profits for the first half of 1994 rose to $40 
milli on on increased output of 4-megabyte computer memory 
chips at the company’s Hsinchu factory and stable market prices. 

• Ashta International Inc. is investing in two processing plants and 
dairy farms with Vietnam's Vinannlk. 

• BHP announced that the owners of the Escondida copper mine 
in Chile had agreed to a boost in production from 480,000 tons of 
fine copper a year to an average 800.000 tons annually. 

■ Renault cars are to be sold in Yokohama by Nissan dealers. 

• Fraser & N eave Ltd. said its joint venture with Coca-Cola Co. is 
bidding to take over Sri Lanka’s Coke bottler. 

AFP, AP, Ream. Bloomberg. AFX 


Tata Votes to Double Stake in Its Flagship Steel Firm 


Agence Fimce-Preae 

BOMBAY — Shareholders have 
agreed to allow the Tata industrial group 
to double its stake in its flagship compa- 
ny, the Tata Iron & Steel Co„ to 15 
percent, a spokesman said on Friday. 

A resolution tor the increase was 
moved by Ratan [Tata, chairman of Tata 
Steel, India’s largest private steel compa- 
ny. at its annum meeting Thursday. 

He told shareholders that the compa- 
ny’s directors had recommended the rise 
by issuing 30 million preferential war- 
rants to promoters. 

“This will add seven billion rupees 
($233 million) to die company’s funds 
and also indicates the Tata's commit- 
ment to the firm which we have promot- 


ed and nurtured for 87 years.” Mr. Tata. 
57, said. 

The resolution was passed by a show 
of hands although four shareholders. 

Foot shareholders fail 
in effort to force a vote. 

holding about 6,000 of the total of 330 
million shares, tried to force a vote. 

The Talas have agreed to make an up- 
front payment of 5 percent. The war- 
rants will be converted into equity shares 
after 18 months. 

The decision comes in the wake of a 
controversial interview Mr. Tata gave to 


Business Today that quoted him as say- 
ing his company faced a takeover threat 
from an expatriate Indian. 

Mr. Tata later denied that a specific 
takeover threat existed against the $1.3 
billion company, but the magazine stood 
by its report 

More than 40 percent of the company 
is controlled by Indian financial institu- 
tions and an equal portion by sharehold- 
ers, making it vulnerable to a takeover 
bid. Business Today said. 

Mr. Tata has projected an increase of 
13 percent to 2.44 million tons, during 
the year to March 31, 1995. 

India’s steel consumption is expected 
to rise to more than 30 million tons a 
year by 2000. 


Hong Kong Sets 
Auction of Lots 

Kmfhi-Rtdder 

HONG KONG — The Hong 
Kong government will auction 
three lots of land in the main- 
land portion of the colony on 
Aug. 23, it announced Friday. 

The highlight of the auction 
will be 15,250 square meters 
(18,000 square yards) of land 
zoned for residential use in an 
area known as Tai Po. The de- 
veloper of that lot will have to 
complete a project with a floor 
area of at least 15,140 square 
meters by Sept. 30, 1998. 

The other two lots are zoned 
for industrial - use: a 3,350- 
square-meter site in Kwai 
Chung and a 2,435-square-me- 
ter site in Yuen Long, 


INTERNATIONAL CLASSIFIED 


Hr 


GOING ONCE, 
TWICE, SOLD!!! 

INTERNATIONAL 

ART 

EXHIBITIONS 
AUCTION SALES 1 
COLLECTOR’S 
GUIDES 

IN SATURDAY 

INTERNATIONAL 
HERALD TRIBUNE 
TODAY 
PAGE 6 


personals 

4 «MH1 ’ IHM* YOU 

■Heart rf Jem rod Sort Jwfe ™ 


announcements 


Attention visitors 
from the U.S. I 



.If you enjoy rearing the IHT 
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SOS NBP attMno n Bvun. 3 pjn.. 


MOVING 


0 


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FOR A F8S ESTIMATE Oil 


« 

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ATHB6 30 
BARCELONA 34 
rerun 49 
IOFM « 

mehbi 49 
anussas 32 
CADIZ 34 
HMNHUtT 49 
GHCVA 41 
GLASGOW 44 
LONDON 44 
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&& I 

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BUCHAREST 

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MOSCOW 

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BUTIBS.O**? 

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BUSINESS 

OPPORTUNITIES 


WHOLESALE GROUP Our 

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prakCfc. We at looking (or now 
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opean catjrfricv We hare p ermon ert 
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are i n terested in deofing rffli Other 
I U* a No tousfcre. Fro Be- 
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UI0X logd 


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mroogn 

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of your funds. No payment nfasc you 

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I nc, ta fo + +3120^30416 


dtofrenr m 90 day*, fares*- 
mens start* « ST9, 


ONSHORE BANK reth Ores A, .. 
fid mertfatf or tomnaw book 
powers- To* free wroe. tareeiate 
&. US S25,Q00. London 44 71 
394 515?. Carafe <604? 9C 6I6P. 


2nd TRAVEL DOCUMENTS. Driving i- 

G*£2 ReriWoow, " ' 


AAereJ 


, Grecos, fro 


ONSHORE COMMME5. For free 
boehnre or advice T*k London 
44 81 741 7234 ta 44 ft 748 6SB 


BUSINESS SERVICES 


NO ONSHORE COMPANY! Beam o 
church. eanreeaAon S ontomed. 

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wtfid sow opetrfes in 205 ODWfttef 
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CAPITAL AVAILABLE 


FUNDS AVAHAKE 

ecu 

AU. BUSBCS PROJECTS 
OR FOR 

LETTS® QFCttOT 
BANK guarantee; 
OTHER ACCEPTABLE COLLATERAL 

Brakv' s comtison guendeed 

M—dnre e MJ .PXB. A C m 
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Unfit* - BH&UM 

8} 77 

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FINANCIAL SERVICES 


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D&BbfedCHfny- 
30 Yean « Brines. 

HNANQN0 

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■ Nyw ftsNO Fmondnp 

* Gamwod Red Etfofc 

• Jhta Advance Fees 

GlCC wmrng group 
THi407.3?13K1 USA 
FAX: 407-3944568 USA 


SERVICED OFFICES 


BRUSSELS - BEGUM 

Your offic* A rerviee* 
Tot 32-2434 SS 54 
free 32-2-534 02 77 


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wn ore 'd yoa renew" 

office service* a* two 
_ address, 
equipped oShe* lor short 
termor longtenn. 

• LdemoiioncAy trend office 
rodprafcswnd nrff at year 

• Cro be Wgafiy mad inw 
cwporda dotnUe tor Germany/ 
Europe. 

• Yw brenes apetdion can start 
imroetfcrleiy. 

• Saw 1972. 

Idrco B nriren Serricee GesbH 
laeasMM on Hobhoeoropcdc 
iushnianshnse 72, 

10322 Frankfurt am Main 


EL W| 595770 


REAL ESTATE 
FOR SALE 


FRENCH PROVINCES 


PARIS A SUBURBS 


BE ST 10U5 PRIME STUDIO mA 

VT"| V*. oa 9‘*» n RjntMHQfK 
HdB.ffl.lOMai.Trf 4) ® 87 99. 


SWITZERLAND 




LAKE GENEVA & 


Sate to far 


vmitrs 

I CHA1JEI5 
BSTAAD, 


CRANS-MONTANA, etc. Ite5lred- 
nm. SFr. MOjpOO to 34 into. 

32. Menfafltae*, Of-121 1 Geneva 3 
Tre 4122-734 15 40. Fax 734 12 20 


REAL ESTATE 

TO RENT/SHARE 


GREAT BRITAIN 


CENTRAL LONDON 

WBnm Srwpww t C a m p m y 

Short end Long Trent Rented*. 
Aaarion buns Wekttned. 

Tefc 


fmsl 


63668S5 


MONACO 


MO tm CAIRO B 

o p atme d to rent. ErcefierU Crere 
aor kxnkon 4 bedrorea, 3 bdh, 1 
am WC Very beowM view Mn- 
nun red 1 year. ffiftOOD/Monh + 
charges. 


PARIS AREA FURNISHED 


74 CHAMR ELYSGEI 

CLAHH3GE 

FOR 1 wmt OR MORE high dare 
sMfch 3 or 3<Mm aearttneta. FUU.Y 
EQUPPED. IMMBJMWBBBNaTONS 
Teh (If 44 13 33 33 


15 th METRO VOLQNTAS& 


__ 4-room 

flat. 75 sqjn, 4* Boor, 

RKWDg cnargu. Lai nom 
Horn lo Bpm (11 47 3* 06 IB 
onytune ro ltd 9? 24 72 69. 


H£ ST LOU5 PRWE STUDIO wish 

sfaefmB Icfi. in lonhoort bUjj. good 
view, arid, bride. 32 sqm. Fv4v fur- 
rrehed. A vafcfct per week $750 or 
per reonfa S2D00. fa 40 59 87 99. 


DBCaU ROCHEREAU, 

double - 


I1E ST LOUS. 17*i cent. dam. 95 
bus, faring + 2 bedrooms. Ngh 
din beans, roMn TV. 1-42712670 
fi*. SAINT SULFIGE. 511100 far 1 

person th. phone. borhtw*n, sonny. 

EMMXJYMENT 


GENERAL POSmONS 
AVAILABLE 


PRESTIGIOUS JEWB1B 
i Band Stand warn quaffied sofas 
penore Jetf mOrtOm' 

Far letter and 
44 B71 491 8522 


AUTOMOBILES 


IM> MA5SRATKHAMAL 1993 


MadeL lid edbn. Ful_ 
odylJWO bn. Free USS 80JQ0 or 
near offer. Qxdoa LONDON Rk 81 
200 055 Tri 0956 3«> 539. 


AUTO RENTALS 

mm TAX-FRS and 

Ail LEADING MAKES 

Sane day re^rrorion ponble 
renewrofa up to 5 years 

We aba register ars wuH 
(expired) hyngn (tar- free/ phots 

OCOVflS 

Aired Etcher Sheet 10. CH8Q27 Ziinch 
Tek 01/202 76 10. TUeu B1S915 

Fro: 01 -202 76 30 

Legal 2nd Travel Document Diplo- 
ma*: OppQtrtncntS, Barium. Active 
Proumeonv Neuhawr. 12 GM340 
Baor/Zua Switz. ta +41142332342 

CHCURTfflf DRIVE 

RENAULT CUO: FF239/DAY 

AU WQUSWt - NO HODB4 KTRA5 
h mqor w and airports in From 
Cerfmf resavoftsn: 

IB: (33-1)3037-5524 

DIVORCE FAST. S295D0. P O. 8w 
BWD, Anohem CA 929D2 CdUfat 
(714)968*05 USA. 

LOW COST FLIGHTS 

WOfSDMftDE. Spend depretae rf the 
towed ever decani: economy aefare. 
Oetb cards pmsUe. TeL Pans (1) 42 
8710B1 ta 42 56 25 82 

AUTO SHIPPING 

OCEANWDE MOTORS 

Since 1972 broken for Mercedes, BMW, 
Porsche, GM ft Ford. Worldwide 
drfvery. regefroficxi A srirpmear 

OCM - GB1MANY 
Terdoegcnsft 8, D-W/4 Duessrffart 
TrfW?) ) ■ 434646, ta 450120 

SAVE ON CAR SHFPM& AMBOD. 
KribbeSr 2, Antwerp Ta7froni 

US, Afrxo. balu fo-So saftnfl. riee 
hateL Tl 32/1*14239 h 2324353 

WORLD AVIATION - SCHEDULED 
PLIGHTS, la. bustaes. economy rf 
to*ma fares. Tel IF* IW-i m 47046751 


ARTS 

AUTOS TAX FREE 

AIK WOKU7WIDE TAX FREE CARS. 
Export + shppng + ragsuuuon of 
new ft ined can. ATK N\^ Teerniddei 
40. 29X Braadtoal. Betoim. Phone: 
Q 6455002: Trfa. 3Tffi; Fok P) 
6*57107. ATK. wee 1959. 

riE-COUIMBIAN ART 

GALHIE ALMMEBKA. Sehwrftor. 82 
D 70193 StirtBort. ta+ 4971 1.634913 

TRANSOOfiOGOIM 

The largest car export corspcny 
fa Eorape far the post 20 years. 

AI makes rod modek. 

Export talreregissraltaa 
Sippinj- nurrooe 

European, Aficon ft US specs. 

Tnnco. 5J VtasarvscfansJr, 

2ID0 Anhrefp. Brfrtum. 

TeL 03/542674). Jtw 0^5425857, 
telex 35217 Trans ft 

COLLECTIBLES 

LEGAL SERVICES 

LEA STHN PLASTIC JEWELRY 
Pont 3ffs on. Wish infannanan on hie 
ft worts, anportunr jetrefay, bzc, con 
rifcon, ajar phatae, pufahroe aveft- 
rffty. Mrv L Webster, Apr 2406. 47 
IfiorncWp Fcrf Dr., Taranto, Cnfano 
M4H1J5. 

IMMIGRATION TO CANADA 
Ccnrsfcn bnangrrfiar Lawyer wl 
prepare Visa appkxmgn and oorefad 
fob search far prvspndne anrriaanu. 
Ccrtad leannd Sroroe. W K '255 
tad Btvd., Suite 20H. Marl Ibyal. 

Canada H^ Zfl. ta {51 4) 

WE HUY GERMAN BONDS 

Y0UNG/QAWE5 
ta: Bards- 712-734-9785 


FRIENDSHIPS 


• WORLDWIDE EXCLUSIVE MARRIAGE AGENCY 


EXCLUSIVE IN MUNICH 

gabriele thiers-bense 
Fax: 449 - 89 - 6423455 - TeL: +49 - B9 - 6423451 

THE SUCCESSFUL- 



SOPHISTICATED INTRODUCTION 
TO THE BEST 

IN INTERNATIONAL SOCIETY... 
THE ELITE... 


ONE OF THE WEALTHY EUROPEAN WOMEN* FLORIDA - GOLF OF MEXICO 

44M7 ONE OF 7HE A405T ATTRArTTAT WtTHN TIS R^TBINA- SHE S TVE G&&PN£ COSM OPOtJTAN ; GKADUATH) AI AMH0CAN end 

miuiiwnuii 1 U I UCN. -"■ ■ ■ ---» ' l. awngUM DM/ncm . Utt'in' hi .Cm hLwl An ..iMinly 


„„._N? oxcWve(y arr an ged and and urngue professional anatiRcafians ■ ifesf rare atSfe To trien and 

oniy posAfe within the afaare rooAjwl WORLD OF MO?«Y\ Formal irrvt^ve herwS'-. RcgoWy m Wesfani Europe and Aire, she prefers 
Wimminlrod u eSonS ore requested. senement aid montage oaindeoiSw USA. 

f YOU ALSO BIEEM TRADmONS, BfflCS AND MORAL VAU1ES WE WUL BE FtEASED TO REC0VE YOUR APPUCAT10N. 

V Dtdy 10-19 hn. D-81545 MOnchen/Germcmy Hrsrthausnr Sfr. HKB By appointment 

- For responsible people ■— ■■ ^ 


5owlh American 

Gem te nmlocfaiiBlorfemofaH wipuno is 
3040 yeon M, ready la *»• abe«r sk 
manhs per year in Ovito. Ecuador, 
bafanec tn Europe. Carfdo fa buh be 
«d educated, abroetrre. MoS ream 
and phahBior 

Mr fafrkfa F. AVBLAN O. 

4. roaree do finredM Kennedy 
75116 F<m FRANCE 


SOK1NO PDMES1K FABTWR 
Very rdtiucbve wh« male, leaee, 
tfWic, 36, momme. Lire m 5tm 
FronoBD Bay Area You ora 19-29, 
commuted to tnxfefenoi faniy, wry 
onrodire. todofiy, rod dmniimOy 
doled. No drtrts, or ?1 Ecloncv Letter 
& pfature ta l£rk J„ P O. Bro 17065, 
Berkeley, CA W12 USA 


AUOKT JN PROVENS FOB MY 
MALE COUNTHWET. Lre n* Mty 
lor overt d. nttrortve. nfftrerf, cuL 
tnafej. to sol fa on 10m rerSerJ 
and a yidno optrocEL I have a large 
home ta shore reth a normal, Oamv 
, scnsiJe cad natouve 


Auacr, 


dew-. Fax rensfa ree tomons Tor 
m. France 0342 28 87 37. _ 


RKANT vaeo BWU94 R05E 
London bared redow 37 wth good 
h^we, 5 ft < niches, swfasi 
ripe»OL serfs ertraane s uaadJ. 
o«*ve knd mm tor lonn term 
aatninhu noed 35 -55. 

' Tefc44 B71’4ft»5075 


EUROfEAN MARRIAGE 8UEW 
Confiderodny. British Monogemenl 
RfftAY M*L CasKlana 93 - Hanlo 4 

law MadnL Span 1UMOJO 

ta 3tlTSaWj7 / 361.4031 
tafonrrthon 24 hrt, let 34-1-3M 89 7a 


PIETY AMBBCAM WOMAN, id. 
sfae, blonde, tog e Unfan, seeks 
wnoti tirocie. laid, generous and 
hen u rotte ger d eii Mn tor mrf 
rewadng iron Co* London 
7T7U6 


WORUTWOE BWOOuaTONS LTD - 
urtidenn a l pewol inaodudtans lor 
frimhfap manioge Bringing urta 
together-. VrtAhwteL TO 18^ 
to. CQ2 711. frqtand 


HMD YOUR PGRffcr PARTNER fa 

MeWme'i noHdrede dub far angle 
men ft rejenea Ail for free broduc. 
irewr*. PO 6* 907, 8600 SAetorg, 
Denmark, ta + 45^6 80 12 54. 


Sffl®40 vreabhjr famde or mie far 
tarrg friendship, age uranportonj. I 
me 35, Ini, hondretne. Wi irovtL 
Write to tnymond P-O. Bn 2272. 
landon W14 9HK frf 71 &10 3791 


SOULMArt (The fight Owcnf Etdusiw 
agency far pretnea Ptecns write to: 
Soulmate Sine 501. tall Home. 223 
ftromSt. London WlRflQPBtotrod 


AMERICAN SINGLES Seeking 
romonasinmone. Brochure-. Etrio 
k*ro\ 2554 Linaifa. #11Z MJJJt, 
CA902P1 USA FAX: 31MPI-630?. 


YOUNG SBIOLBS WORUJWDE seek 
W«h7Hima let. free fak Hermes. 
Bn nOMO/E. 0-10834 Bnrtn 


ATTRACTIVE YOUNG MOOS reefa 
ffannaqll* wane Mum. Prefer 
U5A/ Holy Trf Paris ft) 43A7190 


COLLE GES & 
UNIVERSITIES 


EARN UMVB5RY degrees ut*nng 
wart. He ft academe expenrooe. Far 
evrffaltan ft oJormTOon forward re- 
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9581 W. Plea Btvd.. Dept. 121. Los 
Arrohs, CA 90J3S OSA 


COLLEGE DEGREES, licensed. 
Acaecfaed Home Study. FAX (504} 
3672632 Phone (504) 3636880 USA 


HOLIDAY RENTALS 


FRENCH RIVIERA 


TRBKH HVStA • CAP FBBtAT 
vsnr CHAKMMG VILLA, Garden, pool 
sea wew. FTOjOOO werfiy. Brtaol 
Tel (33) 9301 0086 Fn 9301 4045 


GREAT BRITAIN 


LONDON Nfc or erf views, porta, roof 
terrace, fufay fitted. Soil 2-4, AuguV. 
E250're*k area, let 44 71 281 5918 


YOU SAW IMS AD. 


So did nearK half 
a million potential 
real estate buyers. worWmde 
Shouldn't you advertise 
your property in the 

INTERNATIONAL 
HERALD TRIBUNE? 


C.R.P. CONSTRUCTION RENOVATION PARTICULAR. 
PARIS, BUILDING RENOVATION COMPANY - 


All types of work for your home or building 
in Paris, suburbs and provinces 

OPEN IN AUGUST 

Free estfmafe - We speak English 
TeL/Fcuc (1) 42 06 5T 86. 


GO 


Edith Brigitia 
Fahrenkrog 

Say YES.-.TIIAPAinXFR'IHIPTlIRre.'nHTlIL 
INTERNATIONAL PARTNEHSHTP-AGENCY 
WTTH ABV KJ ITC PEW» W.M. ASSBTWTE 

Give fcE ji air full n vmescE. 

Call mf every day (alsj SatSl ^ > 
GERMANY'. Elkenbacthsttsabe 51. 

D-tfOXIti FRANKFURT AM MAIN, 3-2 P.M 

TeL; (01 171 -2455253 
TeLrfO) £9- 431979 
FaxiiDi M- 4330 66 

NOW VWCANBV \fVR ATPUNTMENT HS 
NEW YORK - LOS ANGELES ■ SINGAPORE 


SOUND 
EXCLUSIVE 


'V 

■jfvf- 


INTERNATIONAL OfTICE 

OWF1DGNT1AL FRANKIURT - IN THE HEART OF EUROPE 

O A YOUNG EXCTTING D.IR0PEAN LADY. . . 

A BFALTIFIIL WOMAN lEARLY WSt WITH A FEMININE ,!M 
B.B3ANT APPEARANCE SHE ffASIONfi flt/WUF HAIR. BLL’E.-vC, 
Elt5. 15 VERY OPtN.MlWWJl AND IWCnMlUTATEP WTTIJ ,\ V|J i.W i 

n-xsoMim- this soPHisnr*TCn lady has an exceuini ;v- 

BACKGWX'ND AND A I'WtWrrV DECflEF SHF ^IS TGflltl BARM 
YtKY ROMANTIC THIS niSMUNIUTAN I ADI PREFFR5 10 LIVE IN 
RUniERN FlUflre AND WAMfEfi rUMATLS lHAWAIR SHE IBSBS ;v K 
5HN. SEA AND SPORTY ACTTVfTTF5 OXF AND FIVWG (PtOTS LICENSE} 

THIS LADY IS LnOKIKC FOR AN INTERNATIONAL CEN11EM.AN Wlh» SHE 
CAN BE tATTO ALW Al’S . ... ?¥?■! 

PUASECAIJj Gi> GE«AL\NY(0l m- 24 S? 2 nvamiAaX 1971 ^ 

O INTLSUCCESSRSL AMERICAN BIHMSSLUN... ^ 

AN INT L SWTESSFW- fll'WNTSSMAK IK l«S *I Sff «1 iXVID; 
UXlKlNt. ATHLfnr Wmi D«K HAUL IK K INTnsTCTEO IN FINE 
ART AND VARIOUS SPORTS SAILINO ILARCC YACim TENNIS. SKIINi: 
DIMS'! ETC. WITH MARVFAJ.MHS H(K'SE5 IN SWITZERI AW AW Tlte/xt-i- 
CARIBRF AN Ilk 15 A SFUlll'S AND CENF.RIII'S OENTLCMAN WITH A 'A7 

YiAmiMt spirit a man sense of iihmop «n a vtky warm iii-aki 
hf KUYtwwimft a vm w simmi' ar-u m w.w ton. -srins 
nmi A PASSION FOR SAUNTi TIB- SUN. StA AND TRPPr M VH.WOS Iff 
WANTS TO ENJOY A LBt WITH THE RKMT WOMAN BASED ON LOVE AND 
TRUST 

P1JEASECALU 130 GERAL4NY (0111104552 52«tbHH«WO 1979 UV- 





** - 


Page 12 


INTERNATIONAL HERALD TRIBUNE. SATURPAY-SPNPAY, JULY 30 - 31 , 199 * 



NASDAQ 


_ . .. Friday's 4 p.m. ^ 

This 1st complied by the AP, consists of the 1.000 
most traded securities m tamos of doflar value, it is 
updated twice a year. 


ttntanfti 
HtflK Low SIoO 
18*, llWBuMT 

16% 10 CAlWrg 
U% 21 ’« CTfcC 
law 4WCAC1 _ 
nvi ziwco*rS 
11% SWCOero 


pe iite High niiyuaeaO»'w> 


12 Monti 
H«hL0w MOCK 


Bt ftSSE 8 


lZMatdh 
High Law Sack 


on. YB PE ions won LowLatedProc 


5 AAON a 
*OH 3 ABC Rail 
» MWABTBId 
24’ « ISW ACE Cp 
W TViACSEni 
*S*.30'‘,ACXTc 

■U.W JBW ADC Tel 


a am ii'*» i 4 % '5% —fe 

258 19 11 V 11% — % 

“ iB 947 1* 15% 14 «W 
H S IM 13*4 13 13% '% 


.9 a 138 13*1 13 13% 
_ 636 IO'/j 9W 10 
_ 33 IM 38% 37% 37% 


23V, owertMD 
31'*14%CalMiC 
32 JO'iCWineA 
90% 9?'.,CanMd 
M 14 CoroiElT 

14V SVuCordine 
19 lOVCorsPir 
13V| 9WCB5CY5 5 
li 9'flCOBAmS 

34 lOWCeniPODS 

21*. 5V,Cn4MoWC 

n rwcnstie i 

19W s CattiSh" 
J4V VWCatOCB 
19 iz Cotoaon 
34V, 14 Crteairt 


lr'AIOViAESOvi 
33W16 Ac SCpt .481 
28 1 « lVViAK sued 
27% 1SWAPSHU 
15*6 AWASH 

33 law AST 
391 1 lflVAbbevH 
Jiv, iiiiwnms 
27V. 12 AoYioflMt 
30 % 7V. Add 
15% AWAdocUb M 
E'/illVAdootCS 
26% ID Adeloh h 
37W» AdKlSv .14 
34% 14W AdoboS 1 30 

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Saturday-Swday, July 30-31, 1994 


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FIRST COLUMN = ■ 

Hard Lesson 
For Russian 
Investors 

T HE events of this week eradicate 
what little doubt there may have 
been that, truth is indeed stranger 
than fiction. If you concocted a 
■ / * • story like the MMM investment company 
fiasco in Russia, you would not be be- 
: Eeved The advice would be to get back to 
your word processor and come up with 
~ something remotdy plausible. 

The structure of the tale is old and 
- unvarying — - unalloyed greed, speculative 
frenzy, terminal collapse. But the facts of 

B the MMM case are bizarre to a spectacu- 
lar degree. 

More than 10 million people invested in 
/ a company that never divulged its invest- 
merit policy. What MMM did have was an 
r- aggressive television advertising campaign 
■ ■ .. that showed ordinary ptsople malring an 

, investment Tuesday and getting a hand- 
- some return on Thursday. 

Investors were promised that the com- 
pany would buy bock its shares at a hi gher 
7 - . price than that which investors had paid. 
-- . At first it seemed like a wonderful device 
., for gaming instant riches. The money 
rolled in from investors who dearly be- 
", lieved in the existence erf free lunches, and 
the stock price of MMM rose an astound- 
. ing 5,000 percent since its flotation in 
;; February. 

Now, the bubble has. burst, and the 
scene in front of MMM’s Moscow head- 
quarters is chaotic. The stakes for some of 
these Russian investors, waiting gamely, 
- . perhaps futilely for a chance to redeem 
: their shares, are high. For some, nothing 
less than their life savings hangs in the 
balance 

Those seeking silver lutings daim that 
. ^ ^ the faflureof MMM at. least will lead to a 
better system of regulation in the eniog- 

- : ; ing free-market economy of Russia. 

But will a new system of regulation 
— serve a useful purpose? The astounding 
. j naivety of Russian investors and the de- 
. v. . ; sire for profit are perhaps beyrond govern- 
ment control. 

As J.K. Galbraith wrote in , A Short 

■ History of Financial Euphoria: 

1 “Regulation outlawing financial incre- 
. „ dulity or mass euphoria is not a practical 
‘ Jn-l possibility. If applied generally to the hn« - 
man condition, the result would be an 
impressive, perhaps oppressive, and oer- 
1 tainly ineffective body of law.” _ , n 
• vt MJ). 


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The Pitfalls of Paying with Plastic 

Cards are Convenient, but Hidden Charges Can Hit Users 




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International Herald Tribune 


By Barbara Wall 

P LASTIC in the form of credit, 
debit and charge cards, is a rela- 
tively safe and handy means of 
accessing and spending money 
abroad. But is the cost of convenience too 
high? 

A recent report published by the Dutch 
consumers association, Consumenten- 
bond, notes that it is not always easy to 
work out card charges and commissions 
cm payments and cash withdrawals be- 
cause of “a lack of transparency in the 
field of cross-border payment systems.” 

Pieter Walraven, author of the report, 
commented: “A priori information given 
to consumers applying for a card, about 
the various commissions and raxes, is loo 
often incomplete and incorrect. Although 
the European Commission has stressed 
the need for greater cost transparency, the 
issuing batiks seem unwilling to rectify the 
situation.” 

The British consumer's association is 
also critical of the vague and imprecise 
nature of card charges. A spokesman for 
the association commented: “The card- 
holder cannot be sure of the final charge 
until the statement arrives, and even then 
he is not given full details of how that 
charge is calculated — just the amount in 
foreign currency and the amount owed in 
sterling.” 

There are certain charges attached to 
the use of payment cards abroad that do 
not occur in the case of domestic use. For 
example, card issuers fix conversion rates 
for payments and cash withdrawals made 
abroad. A payment from the consumer to 
the card issuer is included in the exchange 
rate — a form of hidden commission fee. 
calculated as a percentage. This hidden 
commission can be as high as 4 percent, 
although 13 to 2.0 percent is fairly stan- 
dard amongst European issuers. 

On top of the exchange-rale load, a 
stated commission is charged for using 
cash dispensers and withdrawing cash at 
the counter. The amount varies depending 
on the card, the issuer and the country of 
issue. The commission can be e xp ressed as 
a percentage or a fixed sum. If it is the 
latter, as is often the case in France and 
the U.S., withdrawals of small amounts 
can tom out to be relatively expensive. 

Some issuers apply a combined com- 
mission fee, .chaigmg a commission in 
terms of a percentage and a minimum 
charge expressed as a fixed sum. Barclay- 
card UJC which is linked to both Visa 
and Mastercard, charges customers 13 


Deluxe Cards 

Combating Frauo' s v s . ■ 

Card Debt Securities 

percent of the transaction amount, with a 
minimum charge of £1 30 (S2.25). 

“Where issuers apply combined com- 
mission fees, card users are in a no-win 
situation,” said Mr. Walraven. “It is both 
expensive to withdraw small sums because 
of the fixed sum commission, and expen- 
sive to withdraw large sums as a percent- 
age fee will then apply.” 

Unlike the travel and entertainment 
cards issued by American Express and 
Diners Club, Visa and Mastercard issuers 
do not generally charge a commission on 
card payments apart from the load in the 
exchange rate. However, there may be 
other indirect charges attached to makin g 
payments with plastic that consumers are 
not always aware of. 

Retail outlets or card acceptors have to 
pay a commission to the card issuer every 
tune a card is used to pay for goods or 
services. In the industry, this commission 
is known as the merchant discount rate. 
Mr. Walraven notes that this cut in profit 
margins often encourages retail outlets to 
cither refuse a card or increase the price of 
goods purchased with a card. 

In a number of countries, notably Swit- 
zerland and Italy, cards are not accepted 
as a means of paying for articles sold at a 
reduced price ” he said. “In Germany, 


lands, special offers for footwear and 
clothing can be subject to an increase of 5 
percent where plastic is the payment 
mechanism.” 

Credit card users should also be aware 
of die high cost of borrowing money on 
cards. It used to be that card issuers would 
rally start charging interest on transac- 
tions from the statement date. Nowadays, 
it is quite common for issuers to charge 
interest from the date payments are deb- 
ited to the account. 

An alternative is trading your credit 
card for a debit card in order to avoid 
interest payments completely. Visa's Elec- 
tron card and Mastercard’s EDC/ Mae- 
stro operate as debit cards, but according 
to Richard Martin, editor of Cards Inter- 
national, a Dublin-based trade magazine, 
“debit cards are generally not as widely 


accepted abroad as credit and charge 
cards." 

Plastic may not be the cheapest cross- 
border payment mechanism around, but it 
is thought to be safer than cash and gener- 
ally a better value than travelers checks. 

“Credit card companies deal in vast 
sums of foreign currency so they are able 
to barter for very attractive exchange rates 
on the wholesale markets said Liz Phil- 
lips, director of the Credit Card Research 
Group in London. “Although charges are 
subsequently incorporated into trie ex- 
change rate and commissions are levied 
for cash withdrawals, payment cards still 
tend to work out to be less expensive than 
travelers checks." 

As well as paying a commission of 
around 1 percent on the amount of travel- 
ers checks purchased, customers some- 
times have to pay a cashing fee of up to 
additional 2 percent. Some banks in Por- 
tugal, for example, charge a flat fee equiv- 
alent to about SI2 per transaction. 

Vacationers are generally advised to 
avoid relying on just one cross-border 
payment method. Travelers checks are not 
always easy to replace once lost or stolen, 
despite fervent advertising campaigns that 
promise reliability, and credit cards have a 
nasty habit of being swallowed by cash 
dispensers when you least expect it. 

If you are talcing plastic abroad, verify 
that payment cards are widely used in the 
destination country. Levels of acceptance 
vary significantly between countries. 
There is a high degree of card acceptance 
in France, Belgium, Spain and Britain, for 
example, where even small sums can be 
paid for with bank cards. In Denmark and 
Germany, however, the level of accep- 
tance is much less prevalent. 

Outride Europe, Asia is thought to be 
the fastest-growing region in terms of 
cards issued. Cash dispensers and card- 
accepting merchants are plentiful in Ja- 
pan, and acceptance locations continue to 
increase in Korea, Singapore, Malaysia, 
and of course, Hong Kong. 

Card markets are also developing in 
Eastern Europe. A spokesman for visa 
UJC said that the number of card accep- 
tance locations and banking offices are 
spreading quickly throughout Poland, 
Hungary, and the Czech and Slovak Re- 
publics. Visa has made significant inroads 
in Estonia and Uzbekistan, while Euro- 
card/Mastercard holders can use their 
cards to access cash in Moscow, due to an 
agreement between Europay Internation- 
al, Credi t-Moscow Bank, Moscow Savings 
Bank and Most Bank. 


From Travel Insurance to Restaurant Advice, Extra Benefits Lure Customers 

T HE introduction of annual fees “The cost of providing insurance • Diners Club International, the travel Diners Club, and the gold cards issued by purchases abroad as wdl as in their home "■« 

on most credit cards at the start through a third party is becoming ex- and entertainment card, has set up a num- Visa and Mastercard. country. Cardl MrfdersBeneffte 

of the decade has ted to an explo- bandy expensive for the issuers,” said her of partnerships with leading animes ^ m ■ *'- •■•... -*• 

sum in the number of add-on Richard Martin, editor of Cards Interna- including British Airways, Sabena in Bel- _ Tb f s& ca ^ s ^ aimed at the business There is a cert^ c^« atwched to . Common feen»&& toc^CthoItters'Offeft 


T HE introduction of annual fees 
on most credit cards at the start 
of the decade has led to an explo- 
si on in the number of add-on 
card benefits. 

“When customers chose a card they are 
not just comparing interest rates and 
charges, they are also interested in card 
enhancements such as travel insurance, 
frequent- flyer programs and travel assis- 
tance," says one industry analyst 

Initially, issuers offered insurance en- 
hancements only to premium or gold-card 
customers. But as competition has in- 
creased, many issuers have widened the 
offer to all cardholders. In developed card 
markets such as Britain, France and the 
United States, Visa and Mastercard issu- 
ers frequently offer travel accident insur- 
ance to standard cardholders. 

But there’s doubt as to how long this 
benefit wifi last 


“The cost of providing insurance 
through a third party is becoming ex- 
tremely expensive for the issuers,” said 
Richard Martin, editor of Cards Interna- 
tional,, a Dublin-based trade publication 
tor die payment card industry. “Many 
have decided to drop insurance-related 
enhancements and concentrate on value- 
added benefits instead. 

“Increasingly, card issuers are linking- 
up with airlines, car manufacturers and 
retail outlets to offer co-branded cards,” 
Mr. Martin added “Both parties to the 
deal benefit The card issuer saves money 
on value-added benefits, which can be 
any thin g from free air miles to rebate 
programs, and the co-branded partner 
gets access to a wider consumer base.” 

A few of the many companies with 
Ear ocard/ Mastercard co-branding pro- 
grams include international airlines Fin- 
nair, KLM, Lufthansa, and SwissAir. 


Diners Club International, the travel 
and entertainment card, has set up a num- 
ber of partnerships with leading airlines 
including British Airways, Sabena in Bel- 
gium, SAS in the Nordic region and most 
recently. South African Airways. 

“Business cardholders usually favor 
certain airlines over others,” said Nick 
Clibbom, Diners Club’s corporate busi- 
ness director for Europe, Middle East and 
Africa. “And if they are traveling fre- 
quently, their company may well have 
negotiated a special deal with the airline 
concerned. Card issuers have to ensure 
that the frequent-flyer program takes 
these factors into account. This is one of 
the reasons why Diner's Gub has linked 
up with several airlines.” 

While insurance enhancements are be- 
ing squeezed on standard cards, they axe 
an integral feature of the higher-level 
cards issued by American Express and 


Diners Gub, and the gold cards issued by 
Visa and Mastercard 

These cards are aimed at the business 
traveler and corporate client As well as 
offering comprehensive insurance for 
medical bills incurred while traveling, lost 
or delayed luggage, and delayed or missed 
flights, the cards typically include retail 
purchase protection insurance and colli- 
sion damage insurance on rental cars at no 
extra cost to the cardholder. Typically, the 
more prestigious the card, the higher the 
level of cover. 

Retail purchase protection insurance is 
aimed at covering the cost of goods or 
services purchased with the card that turn 
out to be damaged, faulty or otherwise 
unsatisfactory. But the British consumers 
association advises cardmembers to check 
thfli their card’s retail purchase protection 
insurance covers them if they are making 


Cards Can Cause Holiday Horror Stories 


By Afine Saffivan 

I T happened ten miles out of Yogja- 
karta, the “second city” in Java. 
Two tourists, a man and a woman, 
were about to change buses onfheu 
' wav to the great Buddhist temple of Boro- 
; budur. As she stood up, the woman no- 
ticed that her handbag was flapping open 
! and that her waHet gone. 

« “You stop here, Borobudur, cned the 
• other passengers, who were nahve to the 
: astfaev physically pushed thetour- 

• 3s off the bus and into the streeL Tfebw 
drove away, containing the woman swal- 
let, $400 m cash and a range of credit 

i months lawr.bsdtinBrit^vmc 

i woman was still receiving bills from 
, Havcard. a credit card company on the 

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EJSSSsS 2 

emergencies provider 

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^ w unplanned 

miJSiTy BriSwvd 

That advice daimsthat 


to credit cards. An opinion survey by the 
UJC-based Mori organization, published 
this month for Thomas Cook, found that 
68 percent of 2,000 people polled took 
trawlers checks on their last trip, while 
only 32 percent used their credit cards. 

“Travelers checks have retained their 
popularity due to the security of 24 hour 
rerand assistance in the case of loss or 
theft, and a guaranteed exchange rate at 


recommend that travelers 
take a balanced portfolio 
of money, including a small ■ 
amount of cash for 
immediate use on arrival, 
credit cards for larger or 
unplanned expenses, and a 
ch unk of money In 
travelers checks* 

the time of purchasers the case of curren- 
cy checks,” said Ian Spight, director of 
financial services at Thomas Cook. 

“While tire majority of people do carry 
a credit cmri when th^travd overseas, we 
stiB sense a strong reluctance to use them 
for fear of nnmiDg up large bills or incur- 
ring hidden charges,* said Mr. Spight. _ 
Certainly, overspending is easier with 
rar ds than with travders checks or cash. It 
is particularly wearying, say some ana- 
lysts, for holders of American Express and 
Diners Gob, the two major charge cards. 
Neither card has a preset spending limit, 
whicji may be a plus in an emergency, but 


not ideal for travders easily tempted to 
exceed their budgets. Both cards require 
full payment at the end of each month. 

Critics of using charge cards and credit 
cards while on vacation often point to the 
vagaries of exchange rates and service 
charges. But a spokeswoman for Barclays 
Bank, Britain's largest bank, said that 
such criticism is no longer valid in most 
cases. 

“Credit card bills are now processed 
electronically in most travel destinations,” 
she said. “Currency conversions are made 
at most three days after the purchase.” 

A recent survey of Barclaycard custom- 
ers drew very different conclusions Grom 
the poll run for Thomas Coo k, finding 
that card usage is tiring fast. Holders of 
the Barclaycard Visa and Mastercards 
spent £721 million ($1 billion) last year 
while traveling abroad, up 9.4 percent 
from the previous year. 

“Barclaycard has sera the amount spent 
gang its cards by consumer's traveling 
abroad more than double since 1987,” 
said Shaun Powell, commercial director of 
Barclaycard. “Our survey demonstrates 
this trend is set to continue, as consumers 
become more familiar with using their 
card abroad and more places open up to 
accepting credit cards." 

Credit and charge card companies ar- 
gue that customers value their cards as an 
alternative to carrying cash, also finding 
them useful in em e rgencies due to legal 
and medical 

Cash, however, is obviously the cheap- 
est and quickest form of payment and the 
least likely to encourage overspending. It 
'can also smooth over situations where 
trying to mead travders checks or use 
cards would be ludicrous. 

But, as the couple in Yogjakarta found, 
nothing is more frustrating than losing 
cadi to a pickpocket. 


BRIEFCASE 

Regent Pacific's New Fund 
Will Target Russian Equities 

Hong Kong-based fund management 
firm Regent Pacific has launched a new 
investment vehicle aimed at the Russian 
equity market Incorporated in the Cay- 
man Islands, the fund will seek to raise up 
to $20 million over the next 18 months. 

Investments will primarily focus on 
“undervalued asset-rich enterprises and 
potential growth companies, mainly in oil 
and gas, telecommunications, utilities, 
property and manufacturing." 

Jim Mellon, managing director of Re- 
gent Pacific, believes that the privatization 
of Russian industry is “the largest and 
fastest restructuring of an economy in 
human history. 

“On the whole, the assets of these enter- 
prises have been greatly undervalued in 
the auctions and subsequent secondary 
market trading,” he said. “This means 
outstanding value for share buyers.” 

Minimum investment in the fund is 
$100,000, with an initial charge of op to 5 
percent. The managers will also levy a 
performance fee of IS percent of profits 
above an average return of 10 percent per 
annum 

For more information, call Regent Pa- 
cific’s London offices at (44 71) 332 0360. 

Indosuez, DWS Bring Now 
Media Funds to the Market 

Two new media stock funds have re- 
cently come to the market First, Banque 
Indosuez has produced a new Luxem- 
bourg-based vehicle “to invest in the mul- 
timedia market worldwide” The objective 
15 long-term capital appreciation from this 
industry sector. 

Investment adviser to the fund is Daniel 
Breen & Company, a Houston, Texas- 
based investment manager with some $2 
billion under management Beverley Cow- 


purchases abroad as well as in their home 
country. 

There is a certain cachet attached to 
owning a prestige card, analysis note, and 
issuers have made the most of this by 
emphasizing the exclusivity of certain val- 
ue-added services. Diners Club, for exam- 
ple, offers cardholders exclusive access to 
SO airport lounges located worldwide. 
American Express offers gold cardholders 
opportunities to attend exclusive exhibi- 
tions, social events and private receptions. 
Events can range from private shopping at 
high-end department stores to important 
sporting events. 

American Express’s travel representa- 
tives also offer help with anything from 
booking hotels to obtaining currency to 
finding top hotels and restaurants. 

Barbara Wall 


eQ, an analyst at Daniel Breen with re- 
sponsibility for the multimedia sector, 
said: “Currently, we are seeing an oppor- 
tunity for investment in the area of emerg- 
ing technologies, as we see falling regula- 
tory barriers worldwide and changing 
consumer attitudes. The business trends 
and the fundamentals suggest major 
growth potential ahead.” 

Minimum investment in the fund is 
$10,000. Management fees run at 1.4 per- 
cent per annum. 

The second media fund comes from 
DWS, the fund management arm of Deut- 
sche bank. The fund will commit money to 
telecom companies worldwide, media and 
media services companies, cable television 
networks, radio, telecom equipment and 
media technology companies. Shares are 
priced at 80 Deutsche marks ($51). with 
an initial charge of 4 percent. 

For more information on these funds 
call Indosuez in Paris on (33 1) 44 20 38 
81; or DWS in Frankfurt on (49 69) 71909 
197. 

Guinness night Says New 
Markets Offer Good Value 

Question marks have beat hanging over 
emerging markets this year, but the funds 
keep coming. The latest is from U.K, fund 
manager Guinness Flight, which is 
launching its Global Emerging Markets 
Fund. 

“I believe that now is the time to invest 
in emerging markets,” said James Han- 
cocks, one of the investment advisers to 
the fund at Guinness Flight “In view of 
their recent corrections, Urey sow offer 
good value.” 

The initial charge of five percent is 
discounted by one percentage point dur- 
ing the launch period (which closes Sep- 
tember 30). Than win be no initial charge 
for investors committing $45,000 or more, 
and minimum investment is 510,000. 


'■ Toll free number © 

! Retail purchase protection £& 

: Air miles 

Collision damage insurance A 

Travel accident insurance £3 

. Travel assistance ^ 

• Emergency card replacement 

SouK&GoMpqry: repays .. . '■ > \ 


For more information, call Guinness 
Flight in London on (44 71) 522 2100. 

The Trout Fund Re-Opens 
To Investors with $1 00,000 

The Trout Fund, one of the leading 
lights among hedge funds (which have, in 
general, had a disastrous 1994) is re-open - 
mg its subscription lists. The fund was up 
more than 16 percent in the first half of 
1994, according to one of its distributors. 

John C. Trausche, managing director of 
the Bahamas-based Oceanus Fund, which 
is offering small investors rbe chance to 
subscribe a minimum of $100,000 to ihe 
Trout Fond, claims that the Trout has 
never had more than two consecutive los- 
ing months, and that the fund was up by 
around 30 percent over the year ended 
June 30. 

Fee structures on the fund are flexible, 
and interested readers are advised to at- 
tempt to negotiate down any charges lev- 
ied by the feeder fund (Oceanus). 

For more information, call Oceanus in 
the Bahamas on (1 809) 325 1033. 

Flemings Umbrella Fund 
Launches Four New Classes 

Fund manager Flemings has launched 
four new sub-funds of its Luxembourg- 
based ’’umbrella” fund The new vehicles 
will invest in China, Eastern Europe, Jap- 
anese small companies, and Asian small 
companies. 

The Fleming family of sub-funds is now 
20-strong. For more information, call 
Flemings in Luxembourg on (352) 40 50 
40. 


The Money Report is edited by 
Martin Baker 




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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 30-31, 1994 


Page IS 


\F 


THE MONEY REPORT 


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laen u tfot a l Herald Tribune 


High- Tech Safeguards Chipping Away at Fraud 


By Digby Lamer 


A T SOME POINT in 
the future, shoppers 
may find sales clerks 
gazing deeply into 
their e^cs whenever they buy 
something with a credit or debit 
card. 

like fingerprints, it seems, no 
two pairs of eyes look exactly 
alike. That’s why matching buy- 
ers* optic idiosyncrasies with in- 
formation stored cm their credit 
cards’ magnetic strips is one 
verification method that card 
companies are toying with in 
their fight against fraudulent 
card use. 

Understandably, card fraud 
is a problem that many hanks 
and credit companies are reluc- 
tant to talk about. While they 
arc hmipy to pubKrize efforts to 
fight fraud, few are willing to 
admit how much of a problem it 
really is. 

Visa International estimates 


that 0.08 percent of all its card 
transactions in Europe,- the 
Middle East and Afnca are 
fraudulent Against Visa’s turn- 
over of $183 billion in these 
countries for 1993, its total 
losses were $146.4 milli on- But 
dial was a 50 percent improve- 
ment over the previous year. 

Estimates pm the overall cost 
of card baud in the United 
States at over $1 billion annual- 
ly. 

like other card companies, 
Visa’s improved results come 
on the back of a concerted ef- 
fort to fight card-related crime. 
But even if card com panies 
were content to write-off these 
losses, they know that the high- 
teeb expertise of crmrinals is 
growing, making it essential to 
stay on top of the problem. If 
not, what xs now a containable 
loss could become an over- 
whelming one. 

“Fraud tends to be cydical in 
nature with criminals finding 
new, more sophisticated ways 


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to rob card repayment systems 
when old methods are 
blocked,” said Robert Littas, 
vice president for risk manago- 
mentand security at Visa Inter- 
national in London. “We are 
now one step ahead of the 
fraudsters but we heed to ex- 
tend that lead.” 

The latest concern is card 
counterfeiting. Analysts say 
that a growing number of orga- 
nized c rimin als, mainly in 
Southeast Aria, have developed 
the technology to forge cards. 
Although not a significant 
problem so far, card companies 
are aware that this problem 
could lead to huge losses if left 
unchecked. 

For this reason companies 
are researdring new ways (rf en- 
suring that cards are genuine 
and that those using them are 
entitled to do so. 

Retina verification is one of 
the biometric techniques bring 
explored, and fingerprinting is 
another. 

These systems, however, are 
not yet developed enough to en- 
sure reliability. The percentage 
of legi timate card-users w 
would mistakenly be rgertcd.if 
biometrics were used is stOl top 
high, - observers say. Until the. 
systons are mare refined, banks 
fear that the potential damage 
to customer relations is too big 
a price to pay, even if baud is 


SKS Credit Cards Can Create Profits, Not Just Debts 


In the meantime, card carhr 
panics are updating existing 
technology and bandmg togeth- 
er to educate cheats an ways of. 
preventing band. 

A £3 mflhon ($4.5 million) 
campaign called Cardsafe, 
launched by British banks last, 
year, for example, reduced cant 
crime in Britain by 21 peroeoL' 
There, the animal cost of fraud, 
has fallen by £35 m£Qion, to 
about £130 million, since 
March of last year. The cam- 
paign involved sending leaflets 
to card customers advising 
them how best to keep their 
cards safe. ‘ 

In particular, the campaign 
warned consumers that over .20 
percent of all losses in Britain 
result from cards bring lost or 
stolen. 

Wynne Evans, of the Associ- 
ation far Payment Clearing Ser- 
vices in London, which co-br- 
dmated the campaign, says that 
most cards are stolen bom cars 
or from the workplace. 

“People leaving cards in cars 
is still a big problem,” he said. 
“At work, too, people are less 
careful with their wallets and 
bags, thinking nobody will steal 
them. Our campaign targeted 
the most vulnerable areas .to 
make people aware of the 
risks." 

The campaign also encour- 
aged sales derfcs to be more 
vigilant and offered cash pay- 
ments to those who spotted 
card criminals. 

But the bsggrit fraud reduo- .. 
tian, says Mr. Evans, have been 
made by lowering the threshold 
at which cards have to be autho- 
rized at the pointof sale. 

“We targeted eight particu- 
larly risky retail sectors and re- ; 
doced the level beyond which v 


the yJW must seek authoriza- 
tion from the card company,” 
he said “The reduction mfrand 
was dramatic, bringing it down 
by 75 percent in the targeted 
sectors. Now, we’ve extended 
the same system to other sec- 
tors." 

A research program launched 
by the French trade association, 
G roupemeat des Cartes Ban- 
caires in 1988, found that most 
fraud in France stemmed from 
lost or stolen cards, not from- 

- counterfeit ones. The research 
-also showed that fraudulent 
chid use tended to occur imme- 
diatdy after the card had been 
lost, typically on the same day. 

But French banks have been 
highly successful in combating 
card crime, particulariy over the 
past several years. The main 
reason, analysts say, is that all 
hay French bank cards come 
; equipped with a puce, or micro- 
dnp, which stiffens defenses 
against fraud 

To make a purchase with 
such a “smar t” card, the user 
must pouch a 4-digit personal 
identification number, or PIN, 
into a small terminal at the 

print of sale. If you don’t know 
the cpdc^ the card cannot be 
authorized and the purchase is 
refused It’s that simple. 

■-. Most magnetic strip cards, by 
contrast, require only a signa- 
ture which the sales clerk is sup- i 
posed to visually verify. This 
barrier, analysts say, is almost 
'totally ineffective, as signature 
forgery is relatively easy and 
few sales decks even bother to 
give the signature so much as a 
glance in the first place. 

Max Auriol, chief executive 
:of Groupement des Cartes Ban- 
jcrirest says that although it 

- took a while to equip retailers 
with smart-card terminals, their 
effect on fraud has justified the 
costs of installing them. 

“In 1988, fraud was involved 
in 0.03 percent of all card trans- 
actions in France,” he said 
“Now, it is down to 0.004 per- 
cent. ** 

: Around 70 percent of all card 
purchases in France are now 
authorized with PIN codes, as 
are almost all cash withdrawals 
.bran automatic tellers. 
b Unfortunately, fraud preven- 
tfon is often more difficult 
.when card users are vacation- 
ing. Often, verification tech- 
niques abroad are not compati- 
ble with those back home, and 
card users tend to drop their 
guard, said Mr. Evans. 

. . “Quite naturally, people are 
relaxing and are not so aware of 
the risks,” he said “They are 
'abb usually wearing less cloth- 
ing and that can make it harder 
to conceal their valuables.” 

Mr. Evans’ recommenda- 
tion? Buy a money belt 


By Rupert Bruce 

A BATTLE has started for the 
higb ground in the charge card 
industry. It is being waged to 
attract the top spenders who use 
plastic all the time, often on regular trips 
abroad. And service is the baule cry. 

In the free-spending 1 980s, almost every 
financial institution that offered plastic 
launched a gold card — generally linked to 
a line of credit with a commercial bank — 
for their best customers. 

American Express, which previously 
had the best-known gold card, was deter- 
mined to stay a rung above the others and 
launched its platinum card in 1985, A 
version of this with a dollar billing facility 
is being offered in Europe for the first time 
this month to existing green and gold card 
holders. 

But the platinum card is no longer the 
most exclusive card. Last month. Europay 
International, one of the leading interna- 
tional providers of payment systems, 
launched the Sigma card, which is de- 
signed to compete for the top international 
spender. 

So far, Sigma is only being marketed by 
Coutxs & Co., the private h anking arm of 
National Westminster Bank in the United 
Kingdom. Europay hopes also to intro- 
duce it through banks in Switzerland, Den- 
mark, Italy, and Germany. 

According to John Peterson, head of 
external affairs for American Express in 
Britain, a chief benefit of the platinum 
card is the red-carpet service provided to 
travelers. 

“The platinum service is pretty compre- 
hensive, particularly when it comes to trav- 
el,” he says. “Each platinum card holder 
has a personal account manager." 

Mr. Peterson recalled a case study con- 


cerning a cardholder who. while on a busi- 
ness trip to Paris, saw something in a store 
window that he wanted to buy for his wife. 
But he didn't have time to stop and make 
the purchase. 

On returning home to New York, he 
called his account manager and the pur- 
chase was made and sent to the United 
Stales in time fra his wife's birthday. 

Courts' approach to the Signia card is 
similar. It also stresses an ultra-high level 
of service, particularly with regard to trav- 
el John Dolton, bead of card services for 
Coutts, says: “We have a card holder who 
commutes from New York to London, 
spending his weekends in New York, and 
Ms weeks in London. 

“He tends to fly via another country 
when there is a discount. His secretary 
v i s ed to phone around to ask where the 
advantage was, but now he has asked us to 
do it instead.” 

The level of travel service is not the only 
distinction between the top cards and oth- 
ers. While it is usual for Diners Cub and 
American Express to offer unlimited 
spending ceilings on all erf their cards, 
there are generally limits on cards 
launched by non-U.S. companies. 

The Barclays Premier card, which bears 
the Visa logo and is described as a “gold” 
card, for example, never offers a credit line 
of more than £7,500 (SI 1.250). Coutts’ 
Signia card has a monthly credit line of 
£3^000. 

Skeptics say that the U.S. companies do, 
in fact, have spending limits, but don't tell 
their clients what they are unless the limit 
is surpassed. 

Another feature that attracts people to 
the American Express platinum card and 
Coutts' Signia, say industry analysts, is 
that they are symbols of being rich, in- 
deed, Mr. Peterson of American Express 


stresses that platinum cards are very exclu- 
sive and that people do not apply for them. . 
but are chosen from among existing green 
and gold card holders. 

Platinum customers, he said, are expect- 
ed to spend at least $40,000 per year on the 
card. At Coutts, the Signia card is only 
issued to people who earn more than 
£150,000 per year. 

Diners Club differs from other high-end 
cards in that it is primarily a corporate 
card, but is also available to wealthy indi- 
viduals. 

Geoff Andrews, managin g director of 
Diners Oub International in Europe, the 
Middle East, and Africa, says: “Our appeal 
is not one of exclusivity, but 99 per cent of 
the time it is issued to the international 
traveling busin essman , primarily the ex- 
pense-reimbursed businessman." 

Mr. Andrews said that the so-called “T 
& E,” or travel and entertainment market, 
is worth $145 to 150 billion each year. 

Elizabeth P hilli ps, director of the Lon- 
don-based Credit Card Research Group, 
says that so far there is little competition at 
the platinum card end of the market. 

“Of course, your gold or platinum card 
holder is someone that they call in the 
financial services world a high-net-worth 
individual,” she said. “Obviously, your 
hope is that the card will give them a much 
higher credit limit and higher spending 
power, and having given them that you 
would hope that they would use it.” 

The more exclusive the card, of course, 
the more the annual fee, and the more, in 
theory, it is used. This means the card 
company makes more money. 

With an incentive like that, analysts say. 
there will doubtless, be more cards 
launched to rival the American Express 
platinum and the Signia cards. 




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■ • GIBRALTAR £250 

'■ • HONGKONG *350 

m 9 IRELAND £225 

5 • ISLE OF MAN £250 

S • JERSEY E4B5 

:5- • PANAMA $300 

W SAMOA 5750 


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. W{n 4 |B 5433 « F*c [ 714)8545887 ■ 


By Michael D. McNfckle 


H AVE YOU ever thought of try- 
ing to recoup some of those 
high credit-card interest rates? 
If there were a way to tap into 
the 14 to 18 percent that the banks charge, 
it could be a real money-maker. 

There is indeed a way. The securitiza- 
tion of credit-card debt into bond-like 
instruments offers a chance to lock in 
double and triple A quality bonds over 
short and intermediate time frames, at 
rates above Treasury*. It’s an idea, say 
analysts, that has caught on big. 

David D. WesseKnk, chief financial offi- 
cer of Advanta CQrp„ a financial services 
firm based in Horsham, Pennsylvania, 
notes that “asset-backed securitizations 
have grown from just a small market bade 
in the mid-eighties to a $60 bMon market 
last year, and if s going to be probably $66 
to $68 billion this year.” 


Roughly $22 to $25 billion of that, Mr. 
Wesselink said, will be securitization of 
credit-card debt, an idea that grew out of 
the latc-dghties volatility of corporate 
bond markets and the need for companies 
to get debt off their books. 

“There were a lot of takeovers at the 
time,” Mr. Wesselink said, “and in con- 
ventional bonds, there was a lot of event 
risk. This was an investment where people 
could get away from event risk.” 

After a few glitches in some of the early 
deals — like pre-payment problems similar 
to those inherent in collateralized mortgage 
obligations — asset-backed securities were 
restructured to offer minimal pre-payment 
risk. Their popularity took off. 

Joan Barmat, a former securitization 
specialist for the brokerage Bear Steams 
who has worked as a consultant rat asset- 
backed securities, said they are essentially 
custom-built bonds. 

The advantage of them has been, and 
continues to be, that by the time they are 


put together, it’s a created credit — unlike 
a corporate credit where you’re sort of 
presented with the corporate facts and the 
rating agencies make their judgment or 
investors make their judgmenL 

“An asset-backed security is created. So 
you can pretty much create whatever cred- 
it quality you want” 

But despite the generally favorable view 
analysts have for these securities, there are 
also some concerns. According to one ac- 
count, the structuring of a number of early 
deals look a team of top investment bank- 
ers six months to figure out — meaning that 
even a sophisticated investor might have 
trouble properly evaluating these bonds. 

“TLc downside is that they’re complex 
instruments.” Mr. Wess elink observed. 
“The documentation is long and involved 
and, therefore, it’s usually institutional 
investors that buy these things. The com- 
plexity is probably the number one nega- 
tive aspect” 


INVESCO 


INVESCO Fund 
Performance Comparisons 


EUROPEAN WARRANT FUND* 

(from 1st Juiy 1903 to 30th June 199JJ 

250 r 1 150 


ASIA TIGER WARRANT FUND* 

(from Isi July 1993 to 30th June 1994) 


F 100 y * 1 1 1 1 1 1 - 1 - ‘ o E 

Jul Aug Sep Ga Ncv Det 94 Fet Mar A p MsyAj" Jul 

INVESCO European Warrant Fund (U-S.SJ +5B.73% 

M SC I Europe (U.S.S) +13.78% 

Source. Mierppel. oHer-lo^jtfer. no income (U.S SI 

FUND OBJECTIVE 

To provide shareholders with capital growth from a highly geared 
m vestment in the European equity market through equity warrants. 


NIPPON WARRANT FUND* 

[from 1 st July 1 993 to 30th June 1 994) 



Jul Aug Oct Nov Cw 94 Fob Mar Api May Jim Jul 

— INVESCO Asia Tiger Warrant (U.S.S) ■+ 

— MSCI Pacific ex Japan {U.S.S} -* 

Source Miciopal. otter -lo-oHet, ru? income (U.S SI 


B9.47% 

31.08% 


FUND OBJECTIVE 

To achieve long-term capital growth from a highly geared portfolio 
of Asian equity wananb. 


PREMIER SELECT 
EUROPEAN ENTERPRISE FUND 

(from 1st July 1993 to 30th June 19941 

150r T 50 






t 60 I ■ 1 ■ ■ r 1 ■ I I » !-■ -40 E 

Jut Aug S*>p Oer N®» Dec 94 Feb Me Apr MayJur Jul 

INVESCO Nippon Warrant Fund (U.S.$) + 18.30% 

Nikkei 225 Stock Average (U.S.$) + 13.03% 

Source: Mtcrcpal. otter-to-oMer. no income (Vi$i 

FUND OBJECTIVE 

To achieve capital growth from a highly geared investment in the 
Japanese equity market by means of a portfolio of Japanese equity 
warrants. 

* Investors should note that equity warrants are a Highly geared 
form of Investment and therefore are categorised as high risk. 
Typically they should form no more titan 1-2% of an overall 
balanced portfolio. 

«‘ VCStin9ift tomorrow 

INVESCO Internationa) Limited 

INVESCO House, Grenville Street, St. Helier, 
Jersey JE4 8TD, Channel Islands. 
Telephone: 44 S34 73114 Facsimile: 44 534 6810b 


JlJ AugSr-p Cci Hot CVc 94 Ce£> Mjr Apt Mr, -Vf Jul ^ 

INVESCO PS Euro. Enterprise (U.S.S) + 22.33% 

MSCI Europe (U.S.S) + 13.78% 

Sow Cf 1 Micropal, no meomc IU S S! 

FUND OBJECTIVE 

To achieve long-term capital growth from investments in the smaller 
companies and special situations of any European Stock Market. 

To: Sales Support 

INVESCO International Limited. INVESCO House, 

Grenville Street, St Helier, Jersey JE4 STD. Channel Islands. 

Please send me full details of the 

f~1 European Warrant Fund Q Asia Tiger Wamint Fund 

I I Nippon Warrant Fund Q PS European Enterprise Fund 


POSTCODE 


JF Eastern 
Gamut Investments 

Source: Mcmp** 







Page 16 


INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNPAY, JULY 30-31, 


1994 


SPORTS 

Broncos vs. Raiders: 
Familiar NFL Foes 
Meet in Barcelona 


The Assodaied Press 

BARCELONA — John El- 
way is playing his fourth game 
road, Jeff Hostetler his first 


abroad, — 

Both quarterbacks are happy to 
be here, except for one thing. 

“When I found out that we 
were playing in Barcelona. I 
thought, ‘OJC, who are we 


Given their rocky relation- 
ship, the last thing these two 
teams wanted to do was play 
each other in the preseason, 
something they haven't done 
since 196S. 

‘Tm tired of seeing these 
guys," said the Raiders’ head 
coach. Art Shell. u Pve seen these 


playing?’ ” Hostetler said, T00 many times in the last 
“When 1 found out it was the months. I’m tired of d 

n > — ‘Oh man — .L, " 


Broncos, I said: ‘Oh, man. 
We’ve got to see them again 
twice during the regular sea- 
son.’ Hopefully, we’ll still have 
their number.” 

The rivalry between the Los 
Angeles Raiders and Denver 
Broncos, one of the fiercest in 
the National Football League 
and one that dates back to the 
old American Football League, 
has been more intense than usu- 
al this year thanks to events on 
and ofT the field, adding an ex- 
tra dimension to Sundays 
American Bowl at the Montjuic 
Olympic Stadium. 

The Raiders won all three 
meetings last season, including 
victories on back-to-back Sun- 
days in January. The teams 
played an overtime thriller on 
the final weekend of the regular 
season, followed by a 42-24 Los 
Angeles victory in a wild-card 
playoff game. 

]□ the off season, the teams 


chasing El- 

way all over the field.” 

Usually on these trips, the 
league likes to have the teams 
practice against each other to 
help raise the interest of local 
fans and encourage ticket sales. 

The Raiders, proud of their 
reputation as the rebels of the 
NFL, have broken with the 
American Bowl tradition and 
kept themselves well away from 
the Broncos. 

“The Raiders actually didn't 
want to work with us, which is 
fine” said the Denver head 
coach, Wade Phillips. “Tradi- 
tionally when they work with 
another team they usually end 
up fighting all the time rather 
than practicing, so we’re belter 
off working by ourselves. 

Said Shell: “The reason why 
we’re not practicing with them 
is because when 1 found out we 
were playing the Broncos, 1 
went and asked our players, ‘Do 

... tka 


in me on scaauu, ujt , * „ ,u_ 

fought a tug-of-war over the we want to practice against the 
Raiders’ Pro Bowl wide receiv- Rmncns? They said. Coach, 
er, Tim Brown. Los Angeles 
kept its man by matching Den- 
ver’s lofty pay offer, but at the 
expense of precious dollars un- 
der the new salary cap. 


Broncos?’ they said ‘Coach, 
we see them enough during the 
season.’ So we’ll kind of stay 
away from them a little bit and 
play them on Sunday and enjoy 
that.” 




English Cricketer Won 

AU Trtffni 


MANCHESTER — The captain of En- 
gland’s cricket team, Mike Atherton, said on 
Friday that he would not resign, but deeply 
regretted the incident that had created a ball- 
tampering furor last week. 

Atherton had bean under pressure from the 
British media to quit after television, cameras 
captured him taking a substance from 
pocket and apparently wiping it em W 
last Saturday during England s 356-run frret 

Test loss to South Africa. • 

“Of course I considered resigning, such was 
the damoring of the media,” Atherton said at 
his Lancashire County Cricket dub head- 


Atherton id not initially .d*refeKg 

nsing ibetfrtiwi for not gjvms 
Orion at fl* fir* oppertumty » 


Klinsmann sid elines 
Signs With 
Tottenham 


■m 

‘ ‘'iH.V 


Guam Naccrtno: Reuten 

John Elway let loose a pass on Friday at practice in Barcelona for the American Bowl. 



v-. . r 


■/7TST1 

Major League Standings 


AMERICAN LEAGUE 

East DWHfcm 



W L 

Pet. 

GB 

Now Yurie 

41 38 

616 

— 


55 44 

656 

6 


49 51 

690 

lJVj 

Toronto 

47 53 

670 

14Va 

Detroit 

44 55 

Central DtvWon 

655 

16 

Ctoveland 

59 40 

M 

— 


59 42 

584 



55 47 

539 

SVh 


48 53 

675 

12 

Mlnnosota 

47 53 
West Division 

670 

i2yi 


49 53 

680 

— 


44 54 

660 



42 61 

608 

m 

Seattle 

40 59 

604 

m 

NATIONAL LEAGUE 

Bait OhrtilOfl 



W L 

PCt. 

OB 


62 38 

620 

— 

Atlanta 

60 41 

JW 

2VS 

Phlladelptila 

50 52 

690 



48 52 

680 


Florida 

45 54 

Ceotral DtvMon 

646 

17Vj 

Houston 

59 43 

■578 



58 43 

J74 

% 

Plttstwrah 

48 53 

675 



44 54 

640 


Chicago 

45 55 

WtstDMlton 

650 



49 52 

685 

— 

Colorado 

50 54 

681 


San Francisco 49 54 

674 

1 

San Diego 

41 63 

394 

Wi 

Thursday’s Line Scores 



AMERICAN LEAGUE 


Lorraine. Springer (7) and C. Turner ; 

rrsand I.Rodrtguez.W— Roeer-4.n-4.L- 46K- 

rabw.6-2. H Rs— Tnxos. I . Rodriguez IMJ.Can- 
seco 2 (29). „ „ 

Man BOS 010 020 00-3 8 8 

Now Yortt 010 102 000 01-4 11 ■ 

(11 Ira km. camp, erf sum oamel 
Seta, Howard (7), Furr 17). Bcnkneod (Bl. 
Fosses (f J. Ryan 1101 and Berrvhlll; Pete*. 
Mgwt 18). Wlekman (11) and Stanley. Layrlh 
Kl, w— Wlekman 54. L — Rvan. 24. 
HRS— New York. Stan ley 2 (1*1. 

Boston ON IN 000-1 8 0 

Mw Tart 000 ON ON-i *0 

Heskeffi. Bankhead (8). Fosses (81, Ryan 
(9) mid Berrvhlll; Kamlenleckl. Mulholland 

(9) .Ausanlo (91 andSWilev. W— Hesketh.74. 
L— KamtooieckU 74. Sv— Ryan til). 
HR— Boston. Brvnanskv (8). 

Seattle on 2N ON N-2 9 3 

Detroit WO 100 ON 03-4 11 3 

(11 Iwdim) 

Flattihw. RWey (8). Ayala m ) and Howard; 
Gulllckaon. Harris (8). Groom (10). Boevor 

(10) md Flaherty, Tatlleton (91 and Krautar 
(lll.W — Boewer.9-2. t— Avota. 44. HRs— Seat- 
tle. T. Marline* 115). Detroit, Tottteton (15). 

First Game 

Chrretand MB 101 200-T II 0 

Baltimore 001 ON 10B-2 7 1 

Morris. UlUauW 10). Ptonk (8) mid 3. Ato- 

mar; MosNnaBenIMm and HoU»W— Mor- 
ris, 104. L-Mussma, 1M. So— Flunk (2). 
HRs-Clewkwt Belle (Ml. S. Alomar (12). 
Second Game 

Cleveland 020 Nl 101-9 8 • 

BaMmaro ON 8B 000-9 _8 0 

OrlmHey. Moso (6). Russoll (9) and Pena; 
S. Fernandez end Toefcett. W-Grlmsiey. M. 
L— S. Fernandes. 64. Sv — Russell 1161- 
HRs— Cleveland. Murray 2 in). Pena (2). 
dricnaa ON 000 «W— 8 I 1 

Kansas atv ON IN 00s— 3 9 0 

Ruff com. Sanderson (3). Aswmaeher (7). 
DeLeon (8) and LaVolllera; Cane.Mantoem> 
ary (8) and Moefarlone. W— Cone. 154. 
L — RuHconv 0-2. sv— Montoamerv (231. 

MJ1 WOO KM 130 801 Nl— 5 12 I 

Tareeta 2N NO 090-4 W 0 

Scanlon, J. Mercedes (7). Orasoo IS). Fet- 


ters (9) and Nilsson; Stewart. Cos (71 and 
Barden. W— Orasoa.2-1. L— Coh.0-1 . Sv— Fet- 
ter* (14). HR— Taranto, Carter 122). 

NATIONAL LEAGUE 
Colorado 000 IN 013-5 5 i 

San Francisco IN ON ON 1 7 2 

Freeman. Gr. Harris 18). M. Munoz (8). S. 
RMd (8). B. RuHtn (9) and Gh-ordl; Burkett. 
Monte leone (8),Burta (8). Beck (9) and Mon- 
waring. W— Freeman, 19-2. L— Monteteone.3- 
3. HR— Colorado. Bichette (24). 

Chicago IN ON M3-10 17 1 

nnsbarah 100 ON 020- 3 4 • 

Faster. Wesac (I) and Parent; Cooke, wan- 
ner (1 l.Dewev (5). Robertson (7), H. Moreen F 
lla 19) and SKsusW-W— Foster. 34. L— Cooke. 
4.I.HRS— Chta»o.Buoelie1ell2>.Hanev 111. 
Pirisburon. McClendon (3), 

CUtckmatl w * ‘ * 

San DtogO ON Nl 0W )-3 7 0 

Hanson. McEiray lai.CorrascoMl. J.RuF 
tm (10) end Dorset). Toubensee (10)s Krue- 
per. Hoffmoi (9) end Austnu*. w— Hoffman, 
+3, L— J. Ruffin. 6-1 

The Michael Jordan Watch 

THURSDAYS GAME; Jordan was l-tor-3 
as Blrmlnoham dofeatod too Catalina Mud- 
eats 64. Mo reached on on error and was 
cauplit steal hw second base In the IWrdln- 
n mo. hod a double and two RBls Initio tourtn, 
and praunded out to third bene hi the seventh. 
Jordan had low putaurs. 

SEASON TO DATE; Jordan to hitting 65- 
tor 446 (.IN) with 2B rum, 15 double*, ano 
triple, 37 RBls. 37 walks. 86 Nrlkoouto and 23 

stolen bases In 38 attempts. He has DSuutwrts, 

five assists and 10 errors. 


Friday's Results 
Chunldil 9. Hiroshima 6 
Hanshln 9, Yokohama 6 
Yamiuri vs. YafcufL PPd. rain 
Padfle League 
W L T 
Selbu 48 32 0 

Dalai 47 33 1 

Orta 45 35 1 

Kintetsu 41 40 1 

LBtte 33 50 B 

Nippon Ham 30 52 3 

Fridays Results 
DaM 9. Lotte 5 
Sefbu vs. Orta, mmL. rain 

."*v£ ■ 

CFL Standings 


Richard Frombara. Austral to. del. Slava Do- 
DM (5), Czech Republic. 34 74 (7-4) 6-1; 
Alberto Berasalegul (1). Sochi dot. Renzo 
Furkai (01. Italy, 64 24 64. 


Pet OB 
MO — 
STS 2 
50 3 
J06 TV* 
498 I6M 
Mi lfto 


Baltimore 

Ottawa 

Wlimlpefl 

Taranto 

Shreveaorl 

Hamilton 


Eastern Dtvlstoe 
W L T PF 
2 
2 
2 
1 


Brit.Coiumbla 

Calaory 

Edmonton 

LasVem 

Soskotchewon 

Sacramento 


Weston Dhrislan 


123 

121 

84 

84 

79 

73 


FA Ft* 
125 4 
129 4 
149 4 
97 2 
115 0 
144 0 

43 < 
57 4 
82 4 
70 4 
77 4 
74 4 


Japanese Leagues 


Control League 

w L T Pel. GB 
Yomturl 49 34 0 J90 — 

Oumlchl 42 41 0 J06 7 

Hanshln 42 43 0 694 0 

Yakult 40 41 0 493 B 

Hiroshima 38 43 0 449 W 

Yokohama 34 « 0 444 12 


Thendays Games 
Ottawa S3. Hamilton 25 
Winnipeg 39, Balttmare 32 


DUTCH OPEN 
Id HHvarwin 
Singles, QuorforflJMfS 
Marcoto RJas, Chile, def. Guv Poraet, 
Frwca.6-1 63; Karel Novocok,Czedi Reotas- 
Ik. del. Gilbert Smaller (7), Austria. 61,74; 


BA5EBALL 
American Leant 

BALTIMORE— Sent Mike Oqutst. oHeher, 
w Rochester. il_ Rnalled Armtmdo Benitez, 
pneher, from Bmrie. EU 
CHICAGO— Put Frank Campos, Blrmkng- 
ham Batons pitcher, on suspended list. 

TEXAS— Put Tim Leary, pitcher, on 15-day 
dUaMod Dst. Recalled Hector Falarito. pitch- 
er, from Oklahoma atv, AA. Put Gory ReduA 
outfielder, on 15-day dtattotod list rolroactlye 
to July 24. Botmhf contract of Butch Davis, 
outfielder, from Oklahoma Cltv. AA. 

National LeavM 

NL—Suspendwi Rick Sutctlfle at SI. Louis tor 
slant p omes and Bnsd h im an undlsd osed 

orootmt lo r throwing at end hHttiBPfWwrMcr- 

vto Freeman of Colorado In a game JiHy .17. 

CINCINNATI— Pul Jorame watton, wt- 
fielder, on 15-day disabled list 
COLORADO— Put Andres Galarraga, first 
baseman, on 15-day disabled fist. Put Darren 
Holmes. plttaier.on16day disabled ll*», retro- 
active to July 21. Recalled Jim CzolkowNL 
pitcher, frem Colorado Springs, PCL. Bought 
co n tract of Tv Van Burktoa toflotoer. from 
cmarado Springs. 

FLORIDA— Put Charlie Hrwgh, pitritor, on 
lSritov disabled list 

BASKETBALL 

Raftowel Bashetoall AssectoGow 
PHILADELPHIA — 3l»nod Scott Williams, 
forward, to 7-yeor contract 
FOOTBALL 

Hattoaal FoatbuB League 
ARIZONA — Signed John R»c«* 
back. Gene McGutro, center and Andre Wa- 
ters, safety. _ ^ 

DETROIT— Waived Jason Janes, ofienstae 
Daemon. Stoned Derrick Moore, ronntog 
back, to a l-vear contract 


Reuters 

LONDON — Tbe Goman 
striker J&rgien Klinsmaim became 
Tottenham’s second glamour 
capture of the week an Friday, 
signing a two-year, £2 million 
deal with the London soccer chib. 

The dub’s chairman, Alan 
Sugar, had been vacationing on 
his yacht off the coast of south- 
ern France and negotiated in 
secret with Klinsmann, who 
played in Monaco last season. 

Klinsmann, 30, scored Ere 
goals in the World Cup in the 
United Stales, and was a mem- 
ber of the team that won the 
1990 World Cup in Italy. . 

“At first I was thinking of 
going back to Italy, then I was 
rhfnlring more and more about 
Tottenham,” he said on Sky 
Television. “They are a very 
prestigious club with a lot of 
tradition. It is a big challenge 
for me to play in the English 
Premier League and 1 am look- 
ing forward to it.” • 

The agoing represents anoth- 
er coup for Sugar and Totten- 
ham’s manager, Ossie ArdOes, 
who signed the Romanian 
midfield star Die Dmmtresco. 

Tottenham .will start the new 
season minus six points, after 
being found guilty of malting 
irregular payments to players. 

They were also fined £1.5 
million ($2.29 million) and 
banned from this season’s 
Football Association Cup. 

Klinsmann, the 1988 Europe- 
an player of the year, began ms 
career with Stuttgarter Kickers. 
Later he played m Italy fof In- 
ter Milan, with whom he won 
the UEFA Cup in 1991. He 
moved to Real Madrid at the 
start of the 1992-93 season and 
then to Monaco. 

■ Genoa Gets Japanese Star 
Kazuyoshi Miura, Japan's 
soccer player of the year last 
season, has joined the . Italian 
club Genoa, becoming the fust 
Asian to play in Europe’s most 
prestigious league, the dub said 
on Fnday, Reuters reported 
Miura arrived in the northern 
I talian port city onThursdayoii 
a one-season loan from: io- 
nnuii of the J-League. The deal 
is reportedly worth about 12 
billion lire ($8 million), with 3 J 

billion lire going to MiiOTL 


O’Brien Misses Decathlon Record - 

inte wiSto 

S&gSgSSinS 

aSLUSRmJCtS— ■ 

aaBnSpSBaBiaBrt- 

PiggottPIairetoR^ 

NEWMARKET, England (Reuters) —The lewsadaiy. English 
iockev Lester Piggott escaped serious head and imdt usuries m Ins 
lates?fall in a race; and plans, to return to the saddle as soon as he 
has recovered. 



“ AtalSy Ludlow, ri4“He i. fine.He golbjdt 

today and there are no probtems. He is 

rule for cawaisaon to take a break but he will be looking to munt 
to action as soon as he is allowed.” 

THU Wins PwifvisioiialR^ Position ' 

HOCKENHEIM, Genmurjr 

took the provisional pole position Friday for the German Grtod 
52? T Sni 21 iniksY Hodcenheun track 


m G^wdB^^of^^awas s econd, fo Itowcd^Ggmany’s 
Midhad Sdnimadusr, tire current Fanwte One leader with ax 

day that he would racemHodacheim after appealn^ an tatmm- 

Saal Antomobae Federation baa for two races for tsdm&Kl 
observe a Week flag at SDvoswne, England, on 
expects to meet and roleon thc^iprel tm Aug. 29, .whkm 
^^Mdier could also still racera Bnd^mst on Ang. 14 and in 
Spa, Belgium, cm Aug. 28. ’ 

rhiftf Is Named for Sydney Games 

SYDNEY (Combined Dispalcfces) ■— Oaiy. Pembertoil was 

holding die iob as a caretaker. . . . ■ - . • 

. The announcentent ended months ot Retaliation about who 
would ran the body organizing tht Games after 
ti.mtvl down the poaSooPOTbotos » (^airman o< Qaritas 
Airways Ltd. and of Brambles Industries Ltd. . , . 

• Otganizera of the 1996 Atlanta Games said Fuday that they 
would not stage preMminaqr wrilcybafl conyefanon for tto Games 
in an Atlanta suburb where a resolution sawnggay lifestyles 
undermined family values had been approved. _ The resolution 
triggered protests from gay activistvwho lobbed the Atlanta 
Committee for the Olympic Games to drop the site from its bst of 
venues. "• (Ar, Reuters) 

Tor die Record 

Karl W aultog g, 25, the Austrian Formula One driver who 
crashed during tEe Monaco Grand Prix pn May 12, left Inn sbruc k 
Uiiiveraty hospital on Friday. WendBngpr suffered head mjunes 
and was m a coma for three weeks after crashing just after the 
fl i pne! on the Monaco circuit. ' 


9 





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Rogers Stops Angels to Perfection 

Catch in 9th Saves Perfect Game for Rangers’ Lefty 


, TJ Assodmed p ras 

’ 35 Colorado Rockies' 
fliinb up the nl West stand. 

SStt™. Setting serious, a way. 
Ward pitch may have knocked 
them out of the race. 

• Andres Galarraga's right 
hand was fractured w a rv^JT:.. 




Thursday’s 5-1 victory overthe 
Giants m San Francisco. The 
victory moved the Rockies 
within a half-game of idle Los 
Angeles, but the loss of Galar- 


NL ROUNDUP 

raga, who was hitting 319 with 
31 home runs and 85 RBIs, 
could prove insurmountable. 

y his hand’s broken, there’s 
no Galarraga around to replace 
mm,” the outfielder Dante Bi- 
chette said before X-rays con- 
firmed the diagnosis. “That’s a 
big, big loss.” 

* And one that couldn't have 
come at a worse time for the 
Rockies, who started an 11 - 
game road trip by winning three 
of four. 

“This gives us a chance to be 
in first place,” Bichette said of 
the victory over the Giants. “I 
meant everybody expects it to 
come down to the Dodgers and 
Giants, but we're here. We’re 
still hoe.” 

After Joe Girardi scored the 
go-ahead run for Colorado on 
shortstop Royer Clayton’s error 
in the eighth, Dave Burba hit 
Bichette and Galarraga to start 
the ninth. Charlie Hayes hit a 
one-out, two-run double off Rod 
Beck and later scored on Nelson 
liriano’s sacrifice fly. 

■ The Giants loaded the bases 
with one out in the ninth 
against Bruce Ruffin, but Steve 
Scarsone struck out and Darren 
Lewis popped up. 

Marvin Freeman went seven 
strong innings for the victory, 
giving up one run and four bits. 
He struck out four and walked 
one is winning his third straight 
start, bat nagging soreness in 
his elbow worsened. 

Padres 3, Reds 2 : Brp Rob- 
^ erts singled home the winning 
1 run in the 10th hming in San 
Diego, dropping Cincinnati met 



Eric tiaj/Tbr AsMaarni Pic** 


Teammates mobbed Kenny Rogers after he had pitched baseball's 12th perfect game. 


The Associated Press 

ARLINGTON, Texas — Kenny Rog- 
ers. master of all of his piiche? on a 
historic night, was a master of under- 
statement as well. 

In describing a marvelous ninth-in- 
ning catch by center fielder Rusty Greer 
that preserved baseball’s I-ih perfect 
game, Rogers said he “wem after it like 
there was a no-hitter on the line.” 

During a sparkling 4-0 victory over 
California on Thursday night, the only 
one of Rogers’s 98 pitches that threat- 
ened to fall untouched to the outfield 
grass came off the bat of Rex Hudler. 

“I told the fans in the first few rows that 
I was going to break it up,” the California 
second baseman said. “Everybody was 
yelling at me, saying, ‘Don’t you do it/ 1 
told them i was going to dork turn.” 

“He threw me two curves for strikes, 
and then on the next pitch I saw a fast- 
ball grip and the ball came out over the 
plate,” Hudler added. “I hit it off the end 
of my bat. I said to myself. ‘I dotted 
him.' But the ball just kept floating like it 
was floating on air and I said to myself. 
‘Oh, no, the kid is going to catch iL’ ” 

The ‘kid.’ Greer, said he “was going to 


gjve it my best effort whether 1 caught it 
or not” 

Said Rogers, “When it left his bat, 1 
thought it was a hit for sure. 

“I got a pretty good jump,” Greer said, 
“just dove and it fell iu my glove." 

Then Rogers induced the next two 
batters into routine outs. 

For the record, Rogers struck out eight, 
four mi called third strikes, as Texas 
turned the tables on California. On the 
last day Of the 1984 season, California's 
Mike ’Witt threw the last American 
League perfect game, against Texas. 

The last previous perfect game was 
thrown by Montreal’s Dennis Martinez 
against Los Angeles three years ago. 

Rogers is the first American League 
lefty to throw a perfect game and the 
third overall, joining Los Angeles’s 
Sandy Koufax (1965) and Cincinnati’s 
Tom Browning (1988). 

This was the third no-hitter of the 
season. Kent Mercker pitched one for 
Atlanta on April 8 in Los Angeles and 
Scott Erickson did it for Minnesota 
against Milwaukee on April 27. 

Rogers pitched the fifth no-hiuer in 
Texas history and the first since Nolan 
Ryan did it on May 1. 1991. against 


Toronto. The Angels were held hitless 
for the sixth time, the last time by Joe 
Cowley of Chicago on Sept. 19, 1986. 

“He was better than perfect,” said the 
Rangers catcher Ivan Rodriguez, who 
was catching his fust no-hitter. “He was 
throwing strikes with his breaking ball, 
his changeup and the fastbalL” 

Rogers went to three balls on seven 
batters, including four straight begin- 
ning with two oul in the sixth. 

In the seventh, he west to 3-2 counts 
on all three baiters. 

Jose Canseco had a solo homer for the 
Rangers in a two-run first inning, and 
then Rodriguez and Canseco hit consec- 
utive homers in the third, all off Andrew 
Lorraine, giving Rogers all the cushion 
be needed. 

Rogers was a lonely man in the late 

inning g- 

“Just like the no-hitters I’ve seen, the 
guys were staying away from me,” he 
said. “As it went along, they kind of 
started separating themselves from me. 
But they were with me in the Field.” 

Said Hudler: “I’m sorry for our team, 
but tonight, Kenny was the man, and 
there were no angels in the outfield.” 


Belle’s Hot Hitting Helps Indians Sweep Orioles and Take AL East Lead 


The AssocHtud Press “It’s big to be in first place, to the relay to the plate to make a 

. The bat that has taken Cl eve- be the one people are chasing,” winner of Bob wkkxnan. 
land bade to the top, and the said Jason Grimsley, who T 5 wr>; 4. Marinere 2i MIckev 

<me the Indians can’t afford to pitchol 5% innings in the night- Ten £~£ two-run homer in 
lose, will soon be shelved. cap. Tbe pressures off you and ^ u± ^ 

Albert Belle’s suspension for the pressure is on the people ^ 0 #^ ^ 3 . straight 

using a corked bat was reduced chasing you. First place is always ketones for the first time in 
Friday from 10 days to six by «wn second. mgn lhan ^ 

the American League president. Time is of the essence for the ^ v^-. ___ 2.127th 

Bobby Brown. Belle will at out Indians, who realize that with a 
sevengmes beginning Mon- players’ strike scheduled .for 

day. The suspension wffl m- Aug. 12, every game is cruaaL fourt h place on the managerial 
1,1 “What they’ve done is make career victories list ahead of Joe 

AL ROUNDUP the next two weeks effectively, McCarthy (2,126). 

, J v . t J possibly, the last two weeks of Milt Cuvier sinded off Bob- 

d SS a iS : T n, ? ,td 2 liW 25 dCT *** seasoa ^ Cleveland’s by AyaUand Tetlleton, who 
scheduled for Aug. 6 m Boston, man ag e r, Mike Hargrove. “I had only one RBI since July 4, 


to the relay to the plate to make a 
winner of Bob Wkkxnan. 

Tigers 4, Mariners 2: Mickey 


make a : 


using a corked bat was reduced 
Friday from 10 days to six by 
the American League president. 


? gave Detroit three straight 

is always yjctofjes f or the first time in 
more than six weeks. 

* f °L? « The victory was the 2,127th 
a f ™ 7 a for Detroit’s manager. Sparky 


' AL ROUNDUP the next two weeks effectively, 

possibly, the last two weeks of 
dude a day-night doubleheader the season,” said Cleveland’s 
scheduled for Aug. 6 in Boston, manager, Nfike Hargrove. “I 
Belle had appealed the sus- hope it’s not.” 


pension and ms hearing, sched- 
uled for Friday, was canceled. 


So do Cleveland fans, who deck 


hit a 2-0 pitch into the upper 
d wk in ri gh t for his 15th homer. 


have waited 35 years for the - a- v«_ 

o , — _ Brewers 5, Hue Jays 4. Ke- 


Less than 24 hoars before die Indians to get back into a pen- ^ Scatter rinded m the win- 
raling. Belle continued his nan t race. Now the Indians may . „ tbenmth *s Mfi- 

hom^bmge 'niTOidaynight lose thor top RBI man at a wa 4ee swept three in Toronto 

or- fk^ lipwlann InmuTK swnf fmnfll timfi. . < ^ • ■ am 


as the Cleveland Indians swept crucial time, 
a doubleheader in Baltimore. In the second Murray 
BeQe and Sandy Alomar hit hit a two-run homer in the sec- 


BeJle’s solo homer was his 33d ieIh with he 
of the season and seventh in ^ 

games. to four hits ii 


: 2 . In the nightcap, Eddie Mur- 
Tbe Rods fell a half game be- ^ j,jj two homers and Tony 
hind Houston. , Pena hit a solo shot to help the 

. Erik Hanson erf the Reds and Tn H ; an <: win; 5-2, and move a 
BiU Krueger of the Padres each ahead of Chicago in the 

hadn^hitters forfive umrap- AL Central 

Alomar and Belle both con- 

jKKS M- Belle had his bat 
pitch, Roberts singled with one to Jufy 15 Bcfle had his bal 

confiscated by umpires after 
Cribs 10, Pirates 3: Shawon Chicago’s manag«. Gene La- 

Dunstonledoffthegamewitha moot, w^ed that BeDetras 
double and Chicago scored five using cork. Before it could be 
runs in the first inning in Pitts- examinwi, the bat was stolen 
uyj-j, from the umpires dressing 

tonstoo went 7-for-15 with room, triggering this season’s 
five doubles and a home nm in mos* mtogumg controversy, 
the four-game series. Todd The Indians’ first sweep since 

Haney hit his first homer in the taking a pair from Texas on 
mriois and Steve Buechele ho- May 6, 1990, moved them back 
soared and drove in three runs into sole possession of first for 
for the Cubs. the first time in two weeks. 


homers in the first game as the and and his 17th of the season 
Tw<«wngjtafi>»tftH the Orioles, 7- to open, the ninth. Both came 
2. In the nightcap, Eddie Mur- off Sid Fernandez, who has al- 
ray hit two homers and Tony lowed 26 homers this season. 
Pena hit a solo shot to hdp the ^ the opener. Jack Morris 
Indians win; 5-2, and move a hU entire repertoire of 

game ahead of Chicago in the pj ^che^ and put most of them 


exactly where he wanted. 
Yankees 4, Red Sox 3; Red 


nected off Mike Mussina, who i yaiAees 0: Tom Brun- 
took Jus find .kiss smee June _16. ansky ^maed, and Joe Hes- 


for the first time since 1987. 
garw, Murray Jody Reed led off with a sm- 
!u 1116 SCC_ gle and Turner Ward walked 
before Seitzer singled between 
tiL «*K Can f tiiird and shortstop. Reed 

“/Jr 0 scored just ahead of Rob Bui- 

5 this season. 

r. Jack Moms The Brewers have won six of 
repertoire of ^ ^ on the road. The 
: most of them j a y S j os t their third 

: wanted. straight after winning a season- 

ed Sox 3; Red high eight straight. 

& White 8 “ 31 to 

and Joe Hes- KanSfa Gty ew Cone 

pitched out of one jam after 
d thC another as the Royals complet- 


» •: . -• . *■ .< _ ■' ; . 


\ 


^ Os-- ? ■ 






,/• 


.y' y 


.. .-- v * * 
^■'.'T5*v r .4* 


. ... ^ to four hits in the second pane S a tawva; f 
. to Juty 15, Belle had his bat ^ New York. ofChica^ 

confiscated by umpires after orcmcago. 

Chicago’s manager, Gene La- Earlier, the Yankees beat the The Royals scored twice on 
mont, mspwrtnd that Belle was Red Sox in .11 innings as the catcher Mike LaValliere's error 
nefng cork. Before it could be teams completed Wednesday in a four-run second- 
examined, the bat was stolen night’s game that was suspend- Cone tied New York’s Jimmy 

from the umpires’ dressing ed by ram m the eighth inning, Baltimore’s Mike 

room, triggering this season’s Mike Stanley led the way with Mussina for the league lead in 
most intriguing controversy. two homers and three RBIs for victories with 15. He allowed 
The Indians' first sweep since the Yankees. eight hits and three runs over 

taking a pair from Texas on In the first game. Benue W3- TVs innings. The White Sox 
May 6, 1990, moved them back Hams was running when GaDego hadn’t been swept in Kansas 
into sole possession of first for lined a 3-2 pitch from Ryan into City since losing three straight 
the first time in two weeks. right-center. Williams easily beat in 1991. 


Cone tied New York’s Jimmy 
Key and Baltimore’s Mike 


Uw» Xafgau/Thc Asoocaaecd Pro- 

Catcher Mike Stanley of the Yankees displayed the ball as evidence that Boston’s John Valentin was out at home plate. 

Players Would Pay High Price for Strike 


Mike Stanley led the way with Mussina for the league lead in 
two homers and three RBIs for victories with 15. He allowed 
the Yankees. eight hits and three runs over 

In the first game. Benue W2- Tfs innings. The White Sox 
Hams was running when GaDego hadn’t been swept in Kansas 


ZOOSPEAK By Richard Silvestri 


ACROSS 
1 Key state: 
Abbr. 

Qk 4 Ending for 
r momordada 
7 Calculates 
asrroJogfcJfy 
T2 Keeps expenses 
low 

IS Take another 
S'P 

20 Intense dislike 

21 Indy problem 

22 One more 

23 It's hit on the 
head 

24 Sophisticated 

25 Why crows 
band together? 

27 Nabisco treat 

29 Rebel follower 

30 Running amok 

31 Charlemagne's 
dom. 

32 Bugs 

35 1-emaleniff 
3b Instant 
37 Sheep-shearing 
spotr 

39 Has a yen for 
41 Lost one's 
balance? 

43 Items in a 
march. 5 


44 Trodden way 

45 Heanfeh 

48 Swamp critter 

49 Filling fellow 

52 Swells 

53 Units of 
loudness 

54 Maneuvered 

55 “In Cold 
Blood” star 

56 Piecon-ksVing 
bbw? 


83 Hollywood 
cow? 

85 Chest protector 

88 German I 

89 Strudel kin 

91 Bit of work 

92 Early mall 
94 Precious 

96 TV’s*— - 
Three Lives - . 

97 Negative horse? 
99 Enduring . 


58 Airline to Oslo ]61 Conclude 

59 Script idaioon J04 privates privy 

60 Bakery product ]Q5 They often lie 


6 2 majesttf 

63 North and 
south: Abbr. 

64 Spots on TV 

65 Caton the 
stage? 

69 Sunday singers 
71 Talks 

73 Leave off 

74 Beehive, for one 

75 Sticks 

76 Laurel and Lee 

77 Put off 

78 Opposite of 
flunked 

79 A lot 

80 The Little 

Mermaid . 

81 Bank robber’s 
seem 


Sf^ution to Puade of July 23-24 


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106 Leader of 
H erman 's 
Hermits 

107 Goes by 

108 Spanish 
philosopher 

yGassci 

109 Von Stroheim 
epic 

110 Cry out loud 

111 T.E.D. defeater 

DOWN 

1 Scrap 

2 “Raven" maiden 

3 Minute 

4 1974 hit 

the Sheriff " 

5 British gun 

6 Shopkeeper 

7 Bit of 

haunted-house 

decor 

8 I-Taps 

9 Sermon subject 
|0 Drawer of ships 

11 Less bumpy 

12 Animal irail 

13 White wine 
aperitif 

14 Deeply 

15 The story of 
snakes, 
updated? 

16 Coop 

youngster 

17 Cjrifs 

19 Sphere si art ct 

21 Drlieiy, for 
■.hurt 

26 Wh« the 

^uspiemus smell 



By Murray Cfaass 

New York Tuna Semce 

NEW YORK — Major-league base- 
ball players, poised to strike two weeks 
from Friday if they and the 28 club 
owners cannot reach a new collective 
bargaining agreement by then, stand to 
lose more money in salaries than any 
union members ever have in a waJkouL 

A strike would cost Bobby Bonilla of 
the Mets, for example, 531,148 a day, or 
a total of $1,619,672 if the strike wiped 
out the remaining 52 days of the season. 

“A strike is a Iasi resort,” said Donald 
Fehr, the players’ labor leader. “I want to 
emphasize that No one wants to play 
more than the players do.” 

If the season were to end without an 
agreement to replace the one that ex- 
pired Dec. 31. the owners could, at some 
point early in the off season, declare an 
impasse in negotiations and impose new 
work rules unilaterally. They could im- 
plement a salary cap, and the players 
would have no recourse. 

Interrupting the season is the only way 
the players could have some bargaining 
leverage, although the owners have of- 
fered no indication they are prepared to 
abandon their quest for a cap. 


Salary caps, which place a ceiling on 
what teams can spend on player compen- 
sation, have become the most incendiary 
issue in the four major professional team 
sports. The National Basketball Associa- 
tion has bad a cap for the past decade, 
but with the labor agreement having ex- 
pired. the players are intent on getting 
rid of iL The National Football League is 
in its first months of a cap. and it seems 
everyone but the commissioner and the 
bead of the union is criticizing iL The 
National Hockey League doesn't have 
one, but its owners want one and the 
players won’t even discuss iL 

Baseball club owners have tried in 
previous negotiations to get a cap or 
some variation of one. but the players 
have always rejected the idea. 

The players oppose a cap because they 
believe it would artificially lower sala- 
ries, undermine free agency and weaken 
competitive balance. They prefer main- 
taining the existing system under which 
players negotiate their salaries with no 
limit on a team’s payroll. 

No negotiating meetings have been 
set, bur both sides said they were work- 
ing on a schedule for next week. 


A strike could wipe out not only the 
rest of the season — a total of 666 games 
— but also the playoffs and the World 
Series for the first time. In 198 1, a 50-day 
strike ate a chunk of the regular season, 
costing teams 712 games, but it ended in 
time for the major Teagues to have a split 
season and an extra round of playoffs. 

The strategy behind an August strike 
is to try to get the owners to reach an 
agreement in time to salvage the postsea- 
son and their estimated S140 million in 
postseason television revenue. 

Both teams and individual players 
stand to lose more than money if there is a 
strike. The Cleveland Indians and the 
Texas Rangers, for example, are in posi- 
tion to win their first division champion- 
ships ever. The Yankees are moving to- 
ward their first championship since I9SI. 

On an individual basis, some players 
are having remarkable seasons. Seven I 
players have already hit more than 30 
home runs. One player already has driv- 
en in more than 100 runs, and Tonv 
Gwynn of San Diego is close enough to a 
.400 batting average to make it possible 
that be could be the fust to reach that 
plateau since 1941. I 


© Ptetc York Times E di te d by WtH Shorts, 


28 Platonic P’s 

32 Badgered 

33 Absorb 
gradually 

34 Johan whir 

37 Mamie s 

predecessor 

38 Herwy locale 

40 A.BJL 

mem Hers 

41 Mwcuin 
without ben 

42 Sneaky Ruy? 

44 (.'fudge at 
Ok ford 

45 A drop in the 


46 Referred 
indirectly 

47 Inkblots for 

lions? 

48 Explode 

49 "Buenos " 

50 Tidewater 

51 N.E-L scores 

53 Marks for life 

54 Jacques, in the 
round 

57 Dalys nneiime 
en-rtar 

60 Drew 

61 Rock group 

63 Medicine bottle 

64 In the 
manner 


65 Uses the 
blender 

66 Do to do 

67 Enter dau 

68 Parson’s home 

69 Rock music tan 
John 

70 Staff associate 

72 Georgia 

74 He succeeds 

76 Chewing mil 

77 Traits along 

79 Bom bniinm 

80 I x> nj-fello w ’*c 
bell town 

81 Roman orator 

82 More critical 
W (bflRbndfttfe 


84 Gel mad 

85 Engagingly 
innocent 

86 Cara and Ryan 

87 Lea:il cluttered 
90 Pageant prize 

92 Take at 

93 Irving hero 
95 An Dccn 

illuwratnr 

97 Hawaiian 
Honker 

98 l.ighl headwear? 
tOO PncoiMrlrr 

102 Hide-hair 
eonncciur 

103 A JecTKjry 


ESCORTS & GUIDES 

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LONDON MBS BCOtT AGBKY 
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I 


Page 18 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY , JULY 30-31, 1994 



DAVE BARRY 


Directing Your Fury 


FBI’s Endless Bid to Peg Bernstein as 4 


PEOPLE 


'Roseaiwe and Tom*: 


M IAMI — Todays topic 
for married people is: 
Coping With Anger. 

Even so-called “perfect cou- 
ples” experience conflict. Take 
Canada geese. They mate for 
life, so people just assume they 
get along well; when people see 
a goose couple flying overhead. 


honking, they say, “Oh, that’s 
SO romantic.” What these peo- 
ple don’t realize is that honking 
is how geese argue. (“Are you 
SURE we’re heading north?" 
“YES, dammi t.* 1 “Well, I think 
we should ask somebody.”) 

It's the same with humans. 
Even if you love somebody very 
much, you eventually discover 
that Urn person has irritating 
habits, such as leaving toenail 
clippings around the bouse as 
though they were little art dis- 
plays, or not disposing of the 
potato-chip bag after eating ev- 
erything in it except three salt 
molecules at the bottom. 

No matter how much you 
love your spouse, eventually the 
smooth, unblemished surface of 
your relationship will be 
marred by a small pimple of 
anger, which, if ignored, can 
grow into a major festering zit 
of rage that will explode and 
Spew forth a really disgusting 
metaphor that 1 do not wish to 
pursue any further. 


she slammed the back door. But 
before she could open the front 
door, Sam. assuming she was in 
the car, drove off. Pat was left 
st anding , all alone, at night, with 
no money, wearing a T-shirt and 
a miniskirt, in what turned out to 
be a very bad neighborhood. 

“Hey, pretty lady!” called a 
male voice. 

Meanwhile, in the car, Sam 
was driving with great intensity 
and focus, reading street signs, 
making left turns and right 
turns, showing Pat (he thought) 
just how excellent his directions 
were. It was not until he had 
gone a considerable distance 
that he realized Pat was being 


very quiet. 

“Pat?” he said. 


Silence. 

“Daniel,” said Sam, trying to 
sound as calm as possible, “is 
Mommy back there?” 

“No,” said Daniel. 

“O. 1C. Daniel,” said Sam, 
performing a high-speed turn. 
“Just be calm.” fie immediately 
became lost. 


For an excellent example of a 
married couple coping with an- 
ger, we turn now to an incident 
that occurred several years ago 
involvingmy brother, Sam, and 
his wife, Pat, when they were on 
a long car trip. After many 
hours on the road, they reached 
Charleston, South Carolina, 
where they were going to visit 
an old famil y friend. Pat was 
driving, and Sam was giving di- 
rections, and they got into an 
argument about tbe way he was 
giving them. 

So Pat derided, O. BL, if Sam 
was so good at directions, then 
HE could drive the stupid car. 
She got out, slammed the front 
door and opened the back door 
to get in the back with their 2- 
y car-old son, DanieL And then 
she decided, hey, why should she 
ride in the back, Hke a child? So 


Back in the bad neighbor- 
hood, Pat, walking briskly away 
from various admiring males, 
found a bus station with a pay 
phone, called 91 1 and explained 
where she was. 

“Do NOT go outside,” said 
the 91 1 person. 

Meanwhile, S am, driving 
frantically while reminding 
Daniel to stay calm, had located 
the general area where he’d left 
Pat. 

At the bus station, an officer 
sent by the 911 person had 
found PaL Pat was taken to the 
police station, where the officer 
called the old family friend — 
this being the only person Pat 
knew in Charleston — and ex- 
plained the situation. 

Fortunately, Sam also called 
the old family friend, and he 
and Pat were reunited at the 
police station, where Pat gra- 
ciously elected not to seek the 
death penalty. So everything 
worked out fine, except that to 
this day Daniel becomes mildly 
concerned when Mommy gets 
out of the car. 


By Ralph Blumenthal 

,Vw York Tima Service 

N EW YORK — For more than three decades 
starting in the 1940s, the FBI obsessively docu- 
mented the activities of Leonard Bernstein, especial- 
ly his associations with groups listed as subversive or 
Communist, and, in the 1960s, his support for the 
civil rights and antiwar movements, newly released 
files show. 

The FBI never established that Bernstein, who 
died in 1990, was a member of the Communist 
Party. Indeed, Bernstein vehemently denied it under 
oath in 1953, and soon after that, the bureau ac- 
knowledged finding no Communist ties. 

But Bernstein remained an enthusiastic, if some- 
times indiscriminate, supporter of what he consid- 
ered to be good causes, and the FBI continued to 
accumulate reports on his travel and performances 
and his efforts against the Vietnam War and on 
behalf of civil rights and, in one well-known episode, 
the Black Panther Party. 

The file shows that on one occasion, after Bern- 
stein held a controversial fund raiser for the Panther 
group at his New York apartment in 1970, the FBI 
went beyond intelligence-gathering and schemed to 
undermine him with damaging news leaks. 

The FBI documents, 666 pages of reports on 
Bernstein, were made available on Thursday in Los 
Angeles by the American Civil Liberties Union of 
Southern California, which had obtained them from 
the FBI under the Freedom of Information Act. 
Portions of the reports have been blacked out or 
deleted by the government and the civil liberties 
group says it will sue to get tbe rest 
With the reports' earnest citations of “Red 
Fronters” and other derisive terms for suspected 
subversives, they recall a time of blacklisting and 
red-baiting when Cold War fears drove political 
passions. 

“It’s funny until you remember that the FBI took 
that kind of thing seriously and that that land of FBI 
skulduggery ruined so many lives,” said Allan Para- 
chini, public affairs director for the regional civil 
liberties group. Parachini requested the file nearly 
four years ago, when be was a reporter for the Los 
Angdes Times. 

“It is a reminder of the most unacceptable and 
reprehensible behavior on the part of the FBI that 
went on for so long,” he said Because the FBI 
censored the file and took more than three years to 
provide the part it turned over, he said “I think it’s 
fair to question, is it really over yet?” 




Leonard Bernstein was spied on for decades* 


When a daughter of Bernstein, Jamie Bernstein 
Thomas, was trad in New York of the release of the 
papas, she said the extent of the file did not come as 
a big surprise. 

“My father knew that the FBI was railing him and 
keeping an eye on him very early,” she said “be- 
cause when he tried to get a passport to go to Europe 
in the late 1940s, he was denied one, and he had to go 
to the State Department in order to straighten it 
out." 

She added: “Whenever any liberal cause asked my 
father to be on their steering committee, or in the list 
of names on their letterhead, he said ‘Sure,’ without 


Knigfit-Ridder Newspapers 


doing any investigation into the organization. If it 
sounded like a nice liberal cause, he would lend his 
name to it, and the FBI found that alarming." 

Long after the uproar over the Bernsteins’ fund- 
raising party for the Black Panthers, she recalled, the 
family learned from FBI files that emerged during a 
court case that some protesters outside their apart- 
ment, who identified themselves as bring from the 
Jewish Defense League, were actually FBI agents. 

In 1980, Bernstein said, “I have substantial evi- 
dence, now available to all, that the FBI conspired to 
foment hatred and violent dissension among blades, 
among Jews and between blacks and Jews.” 

The FBI files revealed on Thursday range widely 
over Bernstein’s causes and career but make no 
mention of one aspect of his life that biographers 
have dealt with extensively and that was unlikely to 
have escaped FBI scrutiny: his bisexuality and ho-' 
mosexual relationships. Parachini of the civil liber- 


ties group said he suspected that such material had 
been withheld. 


The documents show that the’ FBI had been col- 


lecting information on Bernstein since at least 1943. 
when, in the jargon of the bureau, “a confidential 


informant of known rdiabitity” reported that Bern- 
stein, then the yoimg assistant director of the New 
York PhilharmonicOrchestra. “had sent greetings 
to the American Youth for Democracy, one of 13 
organizations died by the attorney general as Com- 
munist- The FBI documents said Bernstein was 
“connected” with the group, which later honored 
him with awards and receptions. 

In 1945, the file said, he signed an advertisement 
in The New York limes for the Veterans of the 

Ab raham TJnc riln Brigade; an aflti-FaSCist group 

and mother organization considered subyesszve. 
The FBI also found it suspicious that he had agreed 
to dedicate a musical number to a “Free Spain. 

The most damaging jrieceo? information released 
comes from a 1951 file. In it, the FBI quoted another 
. reliable informant as reporting in 1 950 that, in 1945, 
Benjamin J. Davis and another official of tbeAmoi- 
can C ommunis t Party “described Leonard Bernstein 
as an adherent of the Communist Party.” .He was 
also said to haw “agreed to submit to Communist 
discipline.” 

Strange tidbits- found their way into tbe fuc. In 
1949 someone found a phone book on a subway 
tram that contained die of purported Com- 
munists and a stage list with Bernstein's name. In 
1952, Bernstein was taking a dap home from Europe 
i. when he talked w ith someone about a film and an 
. informer reported the conversation to the FBI. The 
New York Police Department, working with the 
FBI, found that Bernstein's wife, Felicia, had leased 
ha apartment to someone reported years earlier to 
have been in the Communist Party. 

Although Bernstein was unaware of the extent of 
the FBI’s dossier, he knew by the early 1950 s that h is 
name had been linked to groups called subversive. 
He responded in 1953 in a sworn affidavit with his 
application to obtain a passport. 

“Although I have never, to my knowledge, been 
accused -of being a member of the Communist Par- 
ty,” he began, “I wish to take advantage of this 
oppor tunity to affirm under oath that I am not now 
or at any time ever been a member of the Commu- 
nist Party os the Communist Political Association.”' 

But in a revealing admission that he may have 
been used by groups with hidden agendas, he said 
that in some cases, “my name became linked 
through a charitable and wen- intended impulse and 
obviously without the probing deliberation re- 
quired." 

He said “the name and real purpose” of some of 
these groups “are hardly more than a blur in ray 
memory** and a link more on papa than personal 
“Besides ray ignorance of their underlying pur- 
poses,” he added, “I have no recollection or knowl- 
edge of ever having joined any of them winch had a 
member sh ip roll in the true sense.” 

Bernstein’s account was supported by Margaret 
Caraon, who had known him ance 1942 and was his - 
personal representative for virtually his entire ca- 
reer. “I would say his political involvement was for 
all humanity,” she said. “He loved the. world and 
wanted the best for it His closest political sdf- 
de&rition was that he was a socialist He said as 
much. But he neverjomed the Communist Party.” 


TheTVDocudrama 


It’s fife; twice removed — a 
television movie about televi- 
sion stars. “Tom and Rcse- 
anne: A Hollywood Marriage' 
is in the works at NBC. The 
network is researching Rose* 
sane and Tom Arnold’s volatile 
marriage for the film, which 
would be produced by Brian 
p%e who brought us NBCs 
“Tonya and Nancy: The Inside 
Story” Roseanne, star of the 
ABC scries of the same name, 
has filed for divorce Tom is 
asking for $100,000 a month in 

spousal support. 

.. □. _ 


After dumping him for a 
younger man last year. Rebecca 
Broussard is back with Jack 
Nicholson. The two have been 
spotted, very lovey-dovey, in 
Saint-Tropez and in Paris, 
where the actor confessed that 
they’re having another go at it. 
“This time I am going to tiy. 
Tm going to try very hard,” he 

said. 

D 

Paid Sown reunites with his 
old friend Phoebe Snow for his 
fifth annual concert to benefit 
charities on Long Island. 

□ 


Israeli psychic Uri Gefler, 48, 
is turning his mind to art. GcHer 
has covered his Cadillac with 
3,000 pieces of contorted cut- 
lery, scone allegedly once used 
by such people as Albert Ein- 
stein. The artwork, be says, is a 
symbol of peace, particularly in 
the turbulent Middle East. 
Gdfcr said he bent about 20 
percent' of the cutlery with 
brain power. Israeli artist An 
Pines, 3L bent the rest with his 
hands. The car will be parked 
on the patio of the Israel Muse- 
um for two months. 


iiwernahoival 

CLASSIFIED 

. Appears on 6& /l 


WEATHER 


POSTCARD 


Europe 


Forecast for Sunday through Tuesday, as provided by Accu-Weather. 


Today 
High Low 
OF OF 
Algjovo 32/09 17/62 

AraMan 3 MV 2f<7D 

Alton 30/90 HUB! 

Mm 30/M 23/73 

Bocaiona 32/M 22/71 

Batond* 32/68 16/61 

3m*t 33/9! 21/70 

Biuawk 33/91 22/71 

Butapul MIB3 20/M 

Copo/toosn 33/81 19W 

COMM 80 I 31/88 8/71 

cu*n asm 14/57 

UHujh 25/77 15S9 


Roranca 32/09 19/56 

FmMurt 36/85 21/70 

Oanawa 31 « 19/86 

HeMnki 24/73 18IB4 

ttonbd 28/82 18/04 

Lb, PMnas 24/75 19*6 

Lisbon 29/84 18*1 

Lmfan 32*8 18*6 

MaM 37*6 16*1 

Mm 37*9 20*6 

Mon* 26/79 15/59 

Munch 33*1 17*2 

NOB 26*2 20*8 

Oto 29*4 17*2 

Pa* w 9 i*b asm 

Part* 34/93 22m 

PnojB 32*9 19*8 

B ajMa* 14/57 12*3 

Ron* 31*6 20*0 

SL Pmnlwa 27*0 18*4 

SUcWahn 27*0 17*2 

SMbotvg MAS 2im 

T«*¥l 25/77 19*6 

Var*» 31*8 22/71 

van 32*8 19*8 

Warn/ 34*3 21/70 

Aii left 33*1 18*4 


W Mgh 
OF 

■ 28*2 
PC 27*0 
pc 31*6 
pc 33*1 
8 31*6 

■ 31*6 
pc 33*1 
pc 31*0 
a 32*9 

■ 3l*6 
PC 31*6 
* 20*8 
I 20*6 

■ 33*1 
PC 32*8 
PC 30*8 
pc 24/75 
PC 29*4 

■ 24/75 
B 27*0 
pc 28*2 
a 32*9 
a tni 
a 36/78 
pe 29*4 
a 31*6 
• 30*8 
a 29*4 
pc 3l<M 
pc 20*6 

T 16*1 

a 33*i 
pc 27*0 
a 29*4 
pc 23*1 
PC 26/77 

■ 32*8 
a 30AB 
pc 31*8 
pc 31*6 


Lew W 
OF 

19*6 a 
16*4 | 
13/55 I 
23m a 
23/73 a 
20*6 pc 

19*6 pe 
17/82 L 
21/70 pc 
19*6 pc 
3271 a 
12*3 * 
13*5 5ft 
21/70 pc 
19*6 I 
16*4 pe 
17*2 pc 
16*4 a 
20*6 a 
18*4 s 
16*1 aft 
19*6 a 
am pc 
10*1 a 
16*4 pc 
21/70 1 
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24/76 a 
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18*4 pc 
10*0 c 
21/70 a 
16*1 a 
16*4 pc 
19*6 pe 
17*2 pc 
23/73 pc 
19*8 pc 
16*4 a 
18*4 pc 



Today Tomorrow 

Mtfi Low m His* Low W 
OF OF OF OF 


For New Yorkers, the All-Important Apartment Lobby 


Bwi*ok 33*1 

Bertkig 34/93 

HongKo^ 3148 

Wmda 30*6 

NmrDaH 32*9 

Smod 35/85 

■*V a 33*1 

Singapore 37/89 

Tafcm 33*1 

Tdyo 32*9 


By Michael Adams 

New York Tima Service 


N EW YORK — A building’s character 
can be read by its lobby. Before 
friends or strangers ever reach a resident's 
front door, the apartment lobby provides 
an instant impression about the people 
who live within. 

And John Hunter of New York Gty 
doesn’t much like what his lobby says 
about him. “It’s a downer,” he said, from 
the “dismal, utilitarian black vinyl floor” 
to the harsh fluorescent light fixture that 
fights with the finely crafted 1910 molded 


JcUiea/ii 


|Unam«raUr 

tCMd 


North America 

ll wB ium warmer end mat* 
humid in ihe East Coast 
elites from Washington, 
D.C.. to Boston early next 
week. Scorching heal will 
continue over the Rockies 
through early next week. 
Heavy rains will break out 
over Mnnesate Sunday and 
spread toward the fireai 
Lakes states Monday. 


Europe 

The unusually hot weather 
pattern wil continue across 
most of Central and Eastern 
Europe Sunday Into Tues- 
day. ft MB HUT) Sflgtrty cooler 
In Western Europe including 
Pads and London with a few 
showers. Moscow will be 
warm with some sui. Rome 
through Athens wfl have typ- 
ical summer wa/mth. 


Asia 

Unseasonably hot weather 
will continue throughout 
Korea and Japan Sunday 
Into early next week. Hot 
weather will extend west- 
ward toward Shanghai as 
wel Heavy rams may soak 
no rt hern Taiwan and pans ol 
southern China. Another 
area o i heavy rain will be 
over the western Philippines. 


A*cn 
Cape Town 


30*5 23/73 pc 30*6 22/71 pc 
lf*B 6/46 ■ 20*6 10*0 pc 
26m 18*4 s 25/77 16*4 pc 
19*6 12 S3 1 21/70 12/53 PC 

28*2 24/75 t 28*2 24m pc 
20*8 10*0 pc 21/70 11*2 pe 
SI m 21/70 f 34/93 22/71 4 


North America 


Middle East 


Latin America 


Today Tomorrow 

Mgh Low w Htfi Low W 


29*4 22/71 a 31*8 22/71 • 
32/88 17*2 a 33*1 16*4 > 


27*8 13*5 ■ 28*2 16*1 ■ 
26/79 18*1 ■ 27*0 17*2 » 


Oceania 

MM 14*7 8*6 pc 14*7 BMB pe 
Sydney 19*6 6/43 e 14/67 7/44 pc 


30*7 19*6 ■ 37*8 18*4 ■ 
43/10827*0 o 42/10724/75 • 


Today Tflftwnn 

Mgh Low W Mgh Low W 

OF OF OF OF 

BwnooAkoo 13/66 10*0 I 17*2 6M3 c 

CsnCJS 28*2 19*6 a 28*2 18*6 pe 

Lkiw 18*4 18*1 a 13*4 16*8 pc 

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flkrdUonato 31*6 20*6 a 30*6 IB** pc 

Swtogo 6/46 2/35 I 11*2 -2/29 pc 


Dam* 

Horn**/ 

Houston 

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plaster , ceiling. Tbe marble walls haven’t 
been cleaned in 10 years; the pea-soup- 


been cleaned in 10 years; the pea-soup- 
green elevator doors. Hunter pronounced 
“horrible.” 

New Yorkers care passionately about 
how their lobbies look and are doing some- 
thing about it, with efforts as elemental as 
a new coat of paint and as elaborate as a 
$600,000 full restoration. “An elegant lob- 
by is regarded as a real asset in apartment 
sales, especially in a down market,” said 
Brian Peters, a vice president of the build- 


ing management firm Denotes BKnan. 
adding that at “better buildings” in New 
York City as much as $30,000 was budget- 
ed for routine lobby renovations that occur 
every five to 10 years. •• 

In the case of Hunter’s building, after a 
long period spent restoring infrastructure, 
“things that don’t show, like the boiler, 
elevators and roof,” the co-op board at his 
budding is ready at last to renovate its 
finely proportioned, long-neglected en- 
trance. 

One July evening, he introduced Sarah 
Tomeriin Lee to assembled residents as 
“the lobby expert of the would.” A fanner 
editor in chief of House Beautiful, Lee 
now heads the interior design .division erf 
the preservation architectural firm Beyer, 
Blinder, Belle and Lee. 

Ha suggestions? Change the vinyl floor . 
to black granite, add wrought iron window 
gnfies and an antique fight fixture that she 
thinks “might be nice.” . 

The stone floor would cost $20,000, 
roughly tbe co-op board’s entire reserve 
fund. Tbe antique brass and glass octago- 


nal fixture? Another $6,500. Coat of sug- 
gested improvements: $40,000/ 

But for many buildings tbereisn’t even a 


surplus of $300 to spend on lobby renova- 
tion. Woririnsin West Harlem as a tenant 


tkra. Working in West Harlem as a tenant 
organizer for the Ecumenical Community 


Development Organization, April G. Tyler 
said that at a number of the older buildings 
she works with, the mamtenance or resto- 
ration of the lobby, no matter how archi- 
tecturally significant, is considered a frill. 

. -“People axe keenly , aware of the history 
represented by thor lobby. Some have 
done great work at bringing than back, 
but if it’s a matter ofheat and hot wata or 
ropaGshing. the marble, it’s easy to say 
which is atuxury,” she explained. 

Developers, designers and residents aD 
have distinct ideas about what constitutes 
proper lobby decor. Reflecting on the rig- 
ors of trying to please what Mario Buatta, 
who designed more than 100 New York 


lobbies, calls “the many separate, 
times embattled egos typically four 


__ typically found on a 
decorating committee,* he sighs, “It’s just 
the worst job in the worid.” 


AKT Access Numbers. 

How to cafi around tbe world. 

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w 


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Steven Spielberg will use his 
earnings from the -film 
“Schindler's List” to set Tip a 
foundation coned for Oskar 
S ch feodter, the hero of the movie, 
and devoted to Jewish causes. 


i-lHt 


iravel in a world without borders, time zones 

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Anstralfat 
China, FRO** 

Gam 

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Inda* 
Indonesia* 
Japan* 


ASIA tabr 

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10811 Udmuihf 

018872 Luxembourg 


172-1011 Brazil 
155-00-11 Chfle 
8*196 Colombia 

0 - 800-0111 , GosuRfca** 


800-1111 Macedonia, F.TJL of 99-800-4288 Ecuador* 


Malaysia* 

New Zealand 


Sngapore 
Sri Lanka 
Taiwan* 
ThaHand* 


000-117 Mata* 

001-801-10 Monaco* 

0039-111 NethrriandB* 

. . 00»-U Norway 

11* Poland-* ** 

800-0011 PottngaT 

000-911 Romania 
105-11 Rowrix^Moscc/w) 
235-2872 Slovakia 

axmni-in Spain* 

43CM30 Sweden* 

0080-10288-0 Switzerland? 

0019491-1111 TJJL 

EUROPE llkra&ae* ' ' 


0600-890-110 BSriwdorti 

19*-00ll Guatemala* ... 

_ 06-022-9111 Guyana— 

800-190-11 Honduras** 

0a 010-480-0111 IMCOtu 9 

05017 -1-288 N k-avagiw (Man*gwa) 

01-800-4288 Panama* 

155-5042 P^7 " 

00-420-00101 S urinam#. 

900-99-00-11 Uruguay : - 

020-795-611 


000-8010 
OOa-0312 
980-11-0010 
- 114 

J19 

190 

190 

165 

123 

95^00-462-4240 
& ' 174 


109 

m 

156 

00-0410 

80-011-120 


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Armaria** 


Bulgaria 

CrpBtfcT* 

QeccfaRcp 

Denmark* 

Pnlxiut* 

France 

Germany 

Greece* 


... 153-Op-ll CARIBBEAN 

0500-89-0011 Bahamra 1-800872-2881 

" " 8lklOMT Bermuda* ~ ■ l-eOM72-2881 

MIDDLE EAST ; British Vi.. I- 800 -g 72 - 2 ftBi 

' S00-001 Cayman Islands, 1^800^872.2881 

080-90010 . Grenada* 1-800872-3881 

1 ' ' ' ‘ 177-100-3727 Half ' • : ~ ■ 00l-8QP-9??SB3 

- - - 300-283 -. Jamaica** - . 

426-801 Nwh ftnffl 7 001-800-872- 2881 

0800-011-77 St. Kitts /Nevis / 1-800^2-2881 

fa 1-600-10 ! " : AFRICA “ 


Iceland** 

Ireland 


8*14111 MIDDLE E AST ' ' 7 British Vi 

022^903-011 Bahrain - ■ 800-001 Cayman! 

0800.10P.10 . .Cyprus*. • 080-90010 Grenada* 

DD-ISOO-OQIQ • Israel • 177-10 0-2727 Haiti* 

9938-0011 Kuwait- : 800-233 Jamaks** 

00- 42000101 Ldbaooa (Beirut) 42&SQ1 Neti taAn 

8001-0010 Qatar 0800 -011-77 StEns/N 

9800-100-10 Saudi Arabta 1-80040 : 

19*-0011 Trekey* 00400-12277. EgypTCCafa^" 

01300010 ll-AE.* " , 300-121 Gabon* ~ 

008001311 AMFHTr4 ^ ““ CMA hi— 

OMOfUitm Argentina* • . 001-8002 00-1311 Kenya* 

999-001 Bribe* . . - - ~7 555 TfltoHa 

1- 800-550-000 Bolivia* MOO-1112 Sooth Afi 


•' • 559 . Hheda 

0800-1112 Sooth Africa . 


■5100200 

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oom 

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