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London, Thursday, March 24, 1994 


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The Currency Takeoff 
That Hasn’t Happened 

Dollar Sits Stilly Despite Expectations 
That Rate Move Would Light Its Fuse 


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By Erik Ipsen 

/ifffnufiiifu/ Herald Tribune 

LONDON — If ever there was a morning for 
the dollar to break loose and stmt its stuff 
Wednesday was it. 

At Merrill Lynch & Co.'s London office, just 
as an economist for the New York-based bro- 
kerage concern was briefing currency traders 
on the implications of Tuesday’s small" increase 
in short terra interest rates in the United States 
news came that the 
Bundesbank had just 
taken an unexpectedly 
large bite out of short- 

. term rates in Germany. 

Tbe combination of 
higher American rates 
and lower German rates 
should have added up to 
ideal news for the dollar. 

Instead, it fell into the 
vast London currency 

£. market — the world's 

• largest — with a bandy 
perceptible thud. In fact, the dollar was mostly 
lower at the close of New York trading on 
Wednesday. (Page 12) 

“f still like the dollar and think that the next 
big move for it is up. but it is frustrating." said 
Gary Kaye, a senior currency trader at Merrill 
Lynch. 

As Mr. Kaye. 28, stared forlornly into his 
computer screen Wednesday morning, he noted 
that in both Asia and London the currency was 
successfully shrugging off the double dose of 
good news. 

As a result of what he called the dollar's 
“heaviness." its inability to take flight on even 
the best of news. Mr. Kaye confessed that he 
would probably seize upon any strengthening 
in the currency as an excuse to sell it. 

And he’s far from alone these days. The dull 
currency markets of the last several months — 
with their tiny rallies followed by tiny correc- 
tions — have in fact been formed by thousands 
of such decisions. 

In the process, the currency traders who were 
the hot news of the financial' markets last sum- 
mer. when the European currency grid seemed 
to be cmmbling to ruins, have faded into an 
unaccustomed — and unwelcome — obscurity. 

It is on volatility, after ail that currency 
traders make money. In static markets like the 
present one, they worry about their bonuses — 
maybe even their jobs. ‘ 

“Most traders are on the sidelines.” said 
Bernd Broker, 31-year-old bead of- foreign ex- 


Hi 

“ 

Up 

£■ 6.91 

3.869.46 

The Dollar 

New Yortt 

Wed dote 

Up TV 
0.31% 

112.97 bj 

DM 

1.6815 

1.6884 

Pound 

1.4975 

1.488 

Yen 

106.325 

105 98 

FF 

5.745 

5.7638 


change trading. Gone are the days of late nights 
and weekends spent in the office furiously feed- 
ing orders into white-hot markets. 

"The job has become more like a normal 
working day.” he said. “1 am in by 7 or 8. and 
out by 6 or 7 now.” 

At Merrill Lynch on Wednesday morning the 
firm’s 12 currency traders grouped around two 
long tables liberally festooned with telephones 
and computer Terminals had little to do. Tbe 
news, not to mention the 
momentum, was else- 
where. 

Their news screens 
told the story. A 5 per- 
cent overnight spike in 
the Hong Kong equity 
market, a rally in U.S. 
bonds and not a word 
about the largest and 
temporarily quietest 
market of them all — 
foreign exchange. 

"In the last six months 
you couldn’t really ask for much better figures 
from tbe U.S.," said Richard Woodworth, Mer- 
rill Lynch's 46-year-old currency and bond 
economist. "Ail that should be positive for the 
dollar, but it has not reacted in the wav we had 
expected.” 

Even worse, the dollar is hardly the only all- 
but-immovable object in the markets these 
days. With the exception of the yen. which has 
swung unprediciably with every new utterance 
in the verbal trade war between Tokyo and 
Washington, all has been remarkably quiet In 
search of excitement bored traders have turned 
to such formerly untouchably exotic currencies 
as Polish zlotys and Czech crowns. 

Meal MacKinnon, chief currency strategist 
for Citibank, the world’s largest currency trad- 
er, dares to call it a calm before the storm. He 
predicts a rising Deutsche mark and a blowup 
in the European currency grid in reaction to 
beuer-ih an -expected economic growth in Ger- 
many. But to most ears, it still sounds like 
yesterday's news rather than tomorrow’s. 

These days some of the biggest rumors in the 
market are not of governments on the verge of 
capitulating to the relentless attacks of curren- 
cy traders and abandoning the European cur- 
rency grid. Instead they are of large losses 
among various funds and even banks that have 
bet massively and incorrectly in the foreign 
exchange markets — chiefly on a rising dollar . 
Those rumors of bloody carpets in the market’s 

See DOLLAR, Page 6 - 


Families Reunite as Barriers Begin to Open Up in Sarajevo 



A UN soldier awaiting word to open the gate and let Sarajevo citizens cross between tbe Muslim and Serbian sides of the city. Plage 6. 


Berlusconi Denounces Raid on His Party 


International Herald Tnhune 

Members of Italy’s elite Digos police service 
raided tbe Rome headquarters of Silvio Berlus- 
coni's Forza Italia party on Wednesday in a 
move that the Milanese media tycoon de- 
nounced as a leftist plot to discredit him before 
the Italian general election this Sunday. 

Mr. Berlusconi who together with his North- 
ern League and neofasdst allies stands a good 
chance of electoral victory, immediately re- 
quested a meeting with President Oscar Luigi 
Scalfaro. 

While tbe Italian presided made plans to 
discuss the raid with the nation's top judges. 
Prime Minister Carlo Azeglio Ciampi issued a 
statement expressing his "profound unease” to 


the Ministry of Justice. "I urge everyone at this 
very delicate moment in our national life to 
avoid acts which may disrupt the electoral cam- 
paign,” Mr. Ciampi said. 

The raid took place just hours before the first 
nationally broadcast debate between Mr. Ber- 
lusconi and his main rival, Achille Occheno. 
leader of the former Communists, tbe Demo- 
cratic Party of the Left. The debate, taped early 
Wednesday evening, was expected to be super- 
charged with emotion as a result of the day’s 
events. 

The raid .on Forza Italia headquarters was 
ordered by Maria Grazia Oraboni. an obscure 
junior prosecutor in -southern Calabria who is 
examining ties between Freemasons and crime. 


The magistrate’s reasons for the raid were not 
made clear, and the police appear to have taken 
away only a list of Forza Italia's candidates in 
tbe election. 

Afterward, Mr. Berlusconi issued a state- 
ment, saying: “Such things have never hap- 
pened before in our democracy. These things 
happen only in totalitarian countries." 

Roberto Lasagna. a Senate candidate and 
Mr. Berlusconi's campaign manager, contend- 
ed Wednesday that the day’s events were “dra- 
matic because they are part of an attempt at 
hijacking the electoral process." 

Mr. Lasagna accused tbe former -Comrau- 

See ITALY, Page 6 


Consensus on Unlinking Rights and Trade Spreads to White House 


By Thomas L. Friedman 

New J’wt nines Sendee 

WASHINGTON — President Bill Ginlon intends to 
insist that China meet the administration's minimum de- 
mands on human rights before renewing its trade benefits in 
June, officials said Wednesday. But there is a consensus 
emerging that the United States should stop using trade each 
year as a lever to promote human rights in China. 

Officials said there is a consensus within the administra- 
tion's economic team, which is spreading to the White 
House and parts of tbe State Department, that the annual 
rile of threatening China with a withdrawal of its most- 
favored-nation trade status if it does not meet certain human 
rights conditions is an outmoded policy. 

It is outmoded because, as tbe president has told aides and 
lawmakers in recent days, tbe last thing he wants to do is 
withdraw C hina ’s trade benefits, which would cosi thou- 


sands of American jobs and billions of dollars in contracts. 

It is also outmoded, other officials argue, because trade is 
now an important instrument for opening up Chinese soci- 
ety and revoking it would be destructive for both sides. 

Finally, it is outmoded because American policy toward 
China is only effective if there is a united front, and that 
united front has broken down m recent years as more and 
more Americans do business in China and object to the 
economic gains being imperiled by malting it a tool for 
pressing human rights concerns. 

Bui administration officials say that to get to the point of 
devising a new policy for promoting human rights in China 
— one that would rely more on diplomatic and other means 
to pressure Beijing, instead of trade sanctions — the White 
House still has to get through this June’s decision. 

Last year the president signed an executive order — which 


many in the administration now regret — stipulating tbe 
precise steps that China must take in order to win renewal of 
iu trade benefits. The president has told lawmakers and 
aides that while he is prepared to bend some in order to 
maintain trade links with China, he is bound to fulfill the 
executive order, which means that China must meet certain 
minimum standards of behavior. 

Therefore, the administration's China policy between 
now and June is to redouble efforts to persuade Beijing to 
give tbe administration at least the bare minimum the 
president needs to be able to certify to Congress that the 
terms of the executive order have been met 

At the same time, though, some members of the adminis- 
tration are already beginning to consider the outlines of a 
new policy toward China that will no longer involve using 
the ureal* of withdrawing trade benefits as a lever to pro- 
mote human rights there. 


This approach emerged after weeks of bureaucratic war- 
fare over China policy, which pitied the State Department 
against Mr. Clinton's economic policymakers. 

The economic team was distressed at what they believed 
was an overly confrontational approach adopted by Secre- 
tary of Stale Warren M. Christopher on his recent visit to 
Beijing. 

The secretary, for his part, was said by aides to feel that be 
was bring totally undercut by members of the economic 
team, who were advocating a lower-kev approach. 

Mr. Christopher asked that President Ginlon issue a 
public statement reaffirming his commitment to the execu- 
tive order and tbe general approach to China being carried 
out by the secretary of state. 

Mr. Ginton is expected to do so at a news conference 
Thursday. 


France Urges 
Its Nationals 
To Get Out 
Of Algeria 

Killings of 2 Frenchmen 
In Home Also Prompts 
Other Countries to Act 

By William Drozdiak 

I Vashnipron Aw Sinvnv 

PARIS — The French government. troubled- 
by the breakdown in civic order and escalating 
attacks on foreigners, implored its citizens. 
Wednesday to leave .Algeria after a French 
businessman and his son were stabbed to death 
inside their home in suburban Algiers. 

The latest killings brought to 32 the number 
of foreigners killed in .Algeria in the last six 
months. Masi of the fatalities have occurred 
since Muslim ex ue mists delivered an ultima- 
tum in November warning foreigners to leave 
the country or face certain death. 

[In Madrid, the Foreign Ministry on 
Wednesday advised all Spanish citizens in AI-. 
geria whose presence was not essential, includ- 
ing diplomats, to leave the country. Reuters 
reported. j 

France has been reluctant to call for massive 
repatriation, fearing that an exodus of its na- 
tionals would provoke a panic and plunge the 
debt-ridden Algerian economy into deeper 
trouble. French help is considered vital to sus- 
tain the oil and gas industry that has kept its 
former colony afloat. 

But the Foreign Ministry declared Wednes- 
day that the slayings of Roger- Michel 
Drouaire, a partner in a private firm, and his 
son Pascal-VaJriy, 24. "marked a new stage in 
the violence.” hi this context, it said, France 
“advises those of our nationals whose presence 
is not absolutely necessary to prepare to return 
to France.” 

[The Algerian government said Wednesday 
that it was planning to call up army reserves. 
The Associated Press reported.] 

France maintains by far the largest foreign 
presence in Algeria, with 75.000 citizens, most 
of whom also have Algerian nationality. Diplo- 
mats estimate that two-thirds of the 8.000 
French expatriates without family ties in .Alge- 
ria have fled since last fall. The brutal nature of 
the latest slayings — the first to occur inside a 
foreigner’s home — may drive many more back 
to their native country." 

“We are shocked by the horror of these 
murders. The family was together at the "time; 
the attackers - killed" the men and spared the 
women and children.” Gaude Pierre, a leader 
of the French community in Algiers, said on 
French radio. 

The assault by five knite-wielding assassins 
came five days after the Armed Islamic Group, 
the most radical of the Muslim oiganizmions 
and the one that has claimed responsibility for 
most of the killings, urged “an escalation in the 
execution or death sentences against all parties 
that are at war with Islam and support the 
authorities, especially journalists and foreign- 
ers.” 

More than 3.000 people have died in the two 
years of armed conflict between Muslim ex- 
tremists and state security forces that erupted 
after Algeria's first multiparty elections were 
canceled when the Islamic Salvation Front ap- 
peared set 10 win a huge victory. 

The Front was banned by court order and its 
main leaders. Aba&si Madani and Ali Belhadj. 
were given 12-year jail sentences. They were 
convicted of fomenting insurrection that posed 
a threat to national security after calling lor a 

See ALGERIA, Page 6 




Cok-tsWa 



Kiosk 


U.S. Discounts 
Yeltsin Rumors 

WASHINGTON (Reuters) — Presi- 
dent Boris N. Yeltsin of Russia looked 
“quite well” on Russian television two 
nights ago but no U.S. official has seen 
him personally since January. Deputy Sec- 
retary of State Strobe Talbott said 
Wednesday, responding to rumors that the 
Russian leader was in poor health. 

However, Mr. Talbott told the Senate 
Foreign Relations Committee. “There is a 
tradition in Russian — and before that. 
Soviet politics — of rumors of all kind 
circulating when the boss is out of town. 

Health /Science 

An unseen force, tugging at distant galax- 
ies. is upsetting astronomers notions « 
the universe. 


Book Review 
Crossword 


Page 3. 
Page 8. 


Global Economy Faces the Global Dm 


By Steve Coll 

Washington Past Service 

LUBIESZYN, Poland — They are soldiers 
on a new border, in a reborn country, on a 
transformed continent. 

Beneath slate skies and s ting i ng rain, they 
stride out in Cold War-era olive uniforms to the 
mapmakers' line dividing Germany from Po- 

Geanup companies in Hong Kong face a bot- 
tomless market Page 15. 

land. The soldiers are Polish patriots, and they 
are searching for a new enemy. The enemy is 
garbage — waste resources, as some economists 
prefer — and it is formidable. 

“Gentlemen, we don't need this,” Lieutenant 
Dariusz Kakzynski has lately lectured his men 
lo stir their vigilance. “We have our own gar- 
bage and should deal with it here only. You 
should open your eyes." 

If they do. they win see dazzling commerce. 
Half a million trucks cross these roads along the 
Baltic Sea each month, emissaries of tbe $27 
billion in annual trade now roaring between 
Germany and Eastern Europe. Since the Iron 
Curtain's fall in 1989, tbe former East bloc. 



Source: OECD, The Washington Post 

which then held just under a quarter of the 
globe’s estimated productive wealth, has 
opened fully to cross-border trade for the first 
time in a half-century. 

But hidden among the trucks crossing into 
Eastern Europe are private traders in a distaste- 
ful Western export: hundreds of thousands of 


InKfflaUorwl Herald Tribune 


tons or wastes that Westerners find loo expen- 
sive or too inconvenient to dispose of them- 
selves. 

Hazardous smelting dust, sludge, rubble, 
bloody hospital syringes, amputated limbs, ex- 

See POISON, Page 16 


Magic and the Lakers: Same Team, Different Role 

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The AsMiuicd Press 



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INGLEWOOD. California — Magic John- 
son returned to the National Basketball Associ- 
ation on Wednesday, this time as coach of the 
.snug glin g Los Angeles Lakers, the team he 
took to five championships before retiring with 
the virus that causes AIDS. 


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“Earvin Johnson will be the Lakers' coach 
for the remainder of the season,” the team’s 
general manager, Jerry West, said at a news 
conference. 

“Oh, man. Well. I'm happy to be back for 
however long it is going to be,” Johnson said. 

“I don’t need any medical advice.” he said. 
“I’m healthy and ready to go.” 

“I'm great If something was wrong 1 
wouldn’t be doing this. 

"This is not even dose to playing basket- 
ball." he said. "It's a different type erf energy. 
Playing basketball, to me, is more stressful than 

coaching." 

Addressing whether he would return as a 
player. Johnson said. *Tm retired. Lei’s leave it 
at that" 

Johnson, one of the most popular players in 
the history' of ihe league, will try to revive a 


franchise that very likely will miss the playoffs 
for the first time since 1975-76. 

With 18 games remaining, the Lakers trail 
Denver by 5 Vi games for the final Western 
Conference playoff spot. 

The Lakers' arena, the Forum, was a hopping 
place while Johnson was helping the team to 
eight of 10 NBA finals in the 1980s. Sold-out 
games were the norm, and celebrities such as 
Jack Nicholson and Dyan Cannon were often 
on hand. 

Bui that all changed after Johnson stepped 
down on Nov. 7, 1991. announcing he had 
tested positive for the human immunodeficien- 
cy virus, which causes AIDS. The Lakers aver- 
age home attendance was 17,505 that season, 
but dropped to 15.455 in 1992-93 and is only 
12^15 this season. 

The Lakers haw sold out the 17.505-seat 
Forum only twice this year — on opening day 


and in a recent game against ShaquiUe O’Neal 
and the Orlando Magic. 

Johnson, 34, replaces Randy Pfund, who 
earlier this month signed a one-year contract 
extension with the team through tbe 1995-96 
season. 

Johnson's first game as coach will come Sun- 
day night at home against the Milwaukee 
Bucks. Assistant Bill Benka will coach the 
Lakers the next two games. 

Rumors have circulated periodically since 
Johnson retired that he might return lo coach 
the Lakers. He recently has been touring world- 
wide with his own basketball team. 

After his retirement. Johnson made a brief 
comeback, playing with the U.S. Olympic team 
in the 1992 Barcelona Summer Gaines and in 

See MAGIC Page 18 


Rebukes for Malaysia 
Over f Schindler’s List 9 

One Official Wants Ban Reconsidered 


By Michael Richardson 

International Herald Tnhune 

KUALA LUMPUR — Prime Minister 
Mahathir bin Mohamad of Malaysia was 
accused Wednesday of “long-standing anti- 
Semitism” following- a decision to ran the 
Oscar-winning Holocaust film “Schindler's 
List" on the grounds that it was Jewish 
propaganda. 

Appearing to defend the decision by the 
censorship board, Mr. Mahathir said that 
Malaysia had the right to ban any movie. 
“There’s no need to protest.’’ he said. 

But the prime minister’s deputy. Anwar 
Ibrahim, said that the board’s reported rea- 
sons for rejecting the film were unacceptable 
and that he was sure the cabinet would 
review the baa. 

“Personally, 1 would like to see the movie 
here.” he said. 

In condemning Malaysia’s ban. tbe Simon 
Wiesenthal Center said in Los Angeles: “We 
are saddened but not surprised by this de- 
plorable decision, which is in keeping with 
the long-standing anti-Semitism expressed 
by the prime minister of the country." The 
organization, which tracks down Nazi war 
criminals, was founded by Simon Wie- 
senthal. 

According to a translation of a letter from 
the Malaysian censors — provided by the 
London-based international marketing con- 
sultant for Steven Spielberg, the American 
who directed “Schindler’s List” — the film 
tos propaganda that showed the Jewish 
victims as “stout-hearted” and “intelligent" 
while depicting the Naas as brutal ana cru- 
el. 

The story reflected the “virtues of a cer- 
tain race only," the letter said. ‘Ti seems the 
illustration is propaganda with the purpose 
of asking for sympathy, as well as to tarnish 
the other race." 

But tbe deputy prime minister character- 
ized the Nazis as “brutal and cruel." and 


said that those who had suffered under 
them, “be it Jews or non-Jews, were victims 
and all sympathies should be with them." 

Analysts said that if the Malaysian cabi- 
net failed to repudiate the censor’s reason- 
ing. it would prompt many countries to 
conclude that Malaysia adopted double 
standards in its attitude to Jews and non- 
Jews. Islam is the official religion of Malay- 
sia, although the country's constitution 
guarantees freedom of worship. 

Mr. Mahathir, who as home minister is 
directly in charge of the censorship board, 
denied he was anti-Semitic. In a local televi- 
sion interview, he said that what be opposed 
was “Zionist expansion” and “the conquest 
of Arab territories by Zionists." 

Malaysia has no diplomatic ties with Isra- 
el and is a strong supporter of Palestinian 
self-rule in the occupied Gaza Strip and 
West Bank. Mr. Mahathir frequently cen- 
sures Western nations for having failed to 
support Muslims in Palestine and Bosnia. 

live decision by Malaysia to ban the film 
also drew a rebuke from" an Australian Jew- 
ish organization. Colin Rubenstein. editori- 
al chairman for Australian Israel Publica- 
tions. said the ban showed “deep 
insensitivity, if not antipathy, toward Jews." 

In 1984, a New York Philharmonic tour in 
Malaysia was canceled because the orches- 
tra planned to perform a piece written bv 
Ernest Bloc, a Jewish composer. 

The censors also objected to scenes of 
"cruelty, brutality and inhuman torturing 
and killing.” and said they would require 25 
cuts lo the film. 

The film’s local distributors said that Mr. 
Spielberg had given instructions to with- 
draw the film if the Malaysian authorities 
wanted parts of it censored. 

The film won seven Oscars, including 
those for best picture and best director, at 
the Academy Awards ceremony in Los An- 
geles on Monday. 


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Page 2 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 24, 1994 


Russia Defends Airline Safety After Airbus Crash Kills 75 world briefs 


By Margaret Shapiro 

Washington Past Srrnce 

MOSCOW — Russian officials defended the safety 
record of Aeroflot and other Russian airlines Wednes- 
day after the crash of a jetliner bound for Hong Kong 
and said that air travel in the country remained safe. 

But other experts said that the last three years of 


Authorities plowed into snowy Siberian hills in an 
effort to get to the plane wreckage. Rescue workers 
arriving by helicopter found pieces of burning fuse- 
lage, shreds of luggage and some badly mangled bod- 
ies at the snouMxivercd site. 


terrible accident that should company Aeroflot, which once billed itself as the Wl- AS Sofliall Talks (jOUBDSP 

nation of Russia's air trans- largest in the world, has been split up among the WoT 1’ e*Li c*i ao»J . L 

c r ■ lc i • i M .... a D.u a., *<klbe omAftri Ortmoil rHiTtlrtn IMfimt i 


economic collapse, chaotically emerging capitalism 
and political uncertainty have had a significant nega- 


tive impact on entire air transport system, from main- 
tenance to air traffic control 


The 183-seatplane was less than halfway into its 10- 
hour flight when it disappeared from traffic control 
screens without warning or contact from the three- 
man crew. Up to then the flight had been normal, 
officials said. 


The crash Tuesday night of the Aeroflot-operated 
A-310 Airbus, killing all 75 aboard, near the southern 
Siberian city of Novokuznetsk, was the second major 
Russian air disaster this year, although smaller fatal 
crashes have also occurred in the last few months. 


A government investigation team arrived in the area 
Wednesday evening. Airbus Industrie, the European 
consortium that makes the aircraft and which bad 
leased it to Aeroflot's international affiliate 15 months 
ago, was also sending a group of experts. 

Yuri Korenevsky. an official in the Transport Min- 


istry. said the crash was a 
not be seen as a condemnation 
port system. 

“Our statistics indicate that Aeroflot is no worse 
than any other.’’ Mr. Korenevsky sakL “This kind of 
unfortunate thing can happen to any company." 

He said there were only 1 1 air accidents in Russia 
involving fatalities last year and 25 in 1991 

But Western aviation officials said that Russia was 
going through profound changes in all sectors, and 
that air travel was not immune from the stresses. 

“These people are trying to change into a Western- 
style system, and it’s very tough,” said a Western 
expert based in Moscow. “There are big concerns. The 
good news is there isn't a lot of air traffic right now." 

In the last three years, the huge state-controlled air 


forma 1 Soviet republics and into several affiliates in 
Russia itself, all responsible for the first time for their 
own maintenance and servicing and all struggling to 
survive in new, harsh market conditions. 

About 250 new airline companies, many with little 
more than a plane and a pilot, have registered for 
business with the Russian authorities, some of them 
remaining in business only briefly before vanishing. 

Many aircraft lack basic safety devices. The cabin 
crew rarely enforce or even describe safety regulations, 
and people walk through the aircraft during takeoff 
and landing, sometimes” smoking. Planes fly with bald 
tires, toilets that do not work and. sometimes, more 
passengers than can be seated. 


NAIROBI (Reuters) — Peace talks among Somali faction leaders in 
Nairobi collapsed Wednesday, and the United Nations said the “inevita- 
bly tragic Mure could lead to new fighting. . 

i ■m«na Kouvate, special UN representative for Somali, said he was 
saddened and angered by the failure of nearly two weeks i of talks to agree 
on a public reconciliation and future political steps. Mr. Kouyate .said 



that any pact was doomed by a quarrel over who should ‘represent the- 
Southern Somali National Mm 


fovement, and that it appealed unlikely the' 


impasse would be overcome. 

“I know that these leaders are fully aware of thei 

" be said. UN officials said 


lienee* 

if they cannot now reach agreement," he said. UN officials said he was* 
referrin g to the possibility of renewed conflict after U.S. troops and 
Western allies leave Somalia by the end of this month. 


Kohl Vows Harsh Penalties for Kurds 


5 Palestinians Die 
In Hebron Assault 


By David Hoffman 

Hashing ion Post Service 

JERUSALEM — Israeli troops 
laid siege lo a Hebron apartment 
building on Wednesday, firing 
rockets and hundreds of rounds of 
ammunition at suspected Islamic 
guerrillas in a two-day battle in 
which five Palestinians including a 
pregnant woman were killed. 

The fierce firefight, which began 
Tuesday and continued through 
the night, could further inflame 
passions in a city still smoldering 
after the Feb. 25 mosque massacre 
in which 29 Muslim worshipers 
were slain. Hebron has been under 
curfew for nearly a month. 

The Israeli Army said the latest 
operation was aimed ar fugitive 
members of the armed wing of Ha- 
mas who were hiding in a building 
south of the city. Four of the Ha- 
mas members were killed in the 
assault, which so badly demolished 
the building that heavy equipment 
had lo be brought in lo recover the 
bodies from the rubble. 

Israeli military censors blocked 
publication and' broadcast of the 
assault until the chief of staff. Lieu- 
tenant General Ehud Barak, had 
announced it to the Israeli commis- 
sion investigating the massacre. 
General Barak was questioned 
largely in secret by the panel about 
lapses in security leading up to the 
mosque massacre. 

Palestinian witnesses said troops 
evacuated houses and buildings 
around the suspected Hamas hide- 
out on Tuesday. The building that 
was the target 'is located close to a 
children's hospital There were re- 
ports that some patients were evac- 
uated as the army used the hospital 
to fire on the building. 


Since last year, the Israeli Army 
has stopped its previous procedure 
of trying to storm Arab houses in 
pursuit of armed Palestinians. 
Rather, the army lays siege to the 
house, bombarding it with anti- 
tank missiles and spraying it with 
gunfire, until the fugitives are 
killed. 

Meanwhile, General Barak told 
the panel investigating the mosque 
massacre (hat rules on when Israeli 
soldiers can open fire had been 
misunderstood. Previously, array 
and police had testified that a new 
rule was issued in December that 
forbids shooting at Jewish settlers. 
But others said they had never 
heard of the rule, or had interpret- 
ed it differently. 

General Barak said “it is reason- 
able to assume" that an Israeli who 
has a weapon is using it in self- 
defense. “And if not. he’s com mil- 
ling a crime and should be brought 
to the police." He added that theo- 
retically a soldier could shoot at an 
Israeli if he was mortally threat- 
ened but that so far such a scenario 
had not happened. 



BONN (Reuters) — Chancellor Helmut Kohl said Wednesday that 
militant Kurds who barricaded highways, set fire to themselves and' 
clashed with the police in four days of protests faced harsh punishment- 
and deportation. _ 1 

Mr. Kohl said that the protesters, acting in support of an independent 
Kurdi sh homeland in Turkey and against what they saw as Bonn's 
support for Ankara, were guilty of an intolerable abuse of German 
hospitality. "The terror of these groups has reached a new dimension." he, 
said. “We will not and cannot tolerate this." ! 

At least one Kurdish woman died and four other Kurds were seriously- 
injured after setting fire to themselves in protests that preceded and 
followed the Kurdish New Year on Monday. Hundreds of Kurds were 
arrested and several police officers were injured in dashes Tuesday as the 
police tried to remove burning barricades from highways. 



v'.’M 


Negotiators Discuss Hebron Security 


CAIRO (Reuters) — Israel and the Palestine Liberation Organization- 
hdd four hours of talks Wednesday on security for Hebron residents, ancj 
die head of the PLO team said the negotiations were going well. 

Both sides seek an agreement that will clear the way for new PLO- 
Israeli talks on Palestinian self-rule, which were suspended last month 
when a Jewish settler shot and killed at least 29 Palestinians in a mosque 
in Hebron, on the West B ank. , 

“Our dedication is to make the people of Hebron, having suffered J 
traumatic incident, feel secure again so that our work towards peace wilj 
be protected," said a senior PLO negotiator. Nabil Shaath. “No agree- 
ment has been reached, but it is going welL" 


China Is Warned of Social Challenges f 


_ MOdhal Semi' Apace Francr-ftcsc 

A heavily armed Israeli soldier playfully lending a finger to a Palestinian baby on Wednesday in the occupied Gaza Strip. 


■ Military Was Unprepared 

Joel Greenberg of The New York 
Tones reported from Jerusalem: 

General Barak, acknowledging 
that the military had been caught 
unprepared for the slaughter by a 
Jewish settler, said the Hebron 
massacre “hit us like a thunderbolt 
on a clear day. and was completely 
unexpected." 

“We did not foresee murder by 
such a madman, we did not expect 
this type of activity, and such ac- 
tion did not occur to ns.” he said. 
“The active struggle against mur- 
derous Palestinian tenor is the es- 
sence of what we do." 


Will Clinton Free Spy for Israel? Aides Doubt It 


By Douglas Jehl 

AW York Times Service 

WASHINGTON — President Bill Clinton is 
almost certain to reject a petition for clemency 
by Jonathan J. Pollard, the American convicted 
in 1987 of spying for IsraeL according to ad- 
ministration officials. 

The government’s security agencies and the 
Justice Department are unanimously opposed 
to clemency for Mr. Pollard, a view conveyed to 
the White House on Tuesday by Attorney Gen- 
eral Janet Reno, the officials said. 

Mr. Clinton has not yet seen the review, but 
officials familiar with it said they could foresee 
no circumstance in which he would overrule the 


attorney general, the Defense Department, the 
CIA and others who advised a gain st leniency. 

Mr. Pollard, who was convicted in I987.’is 
serving a life term. He does not become eligible 
for parole until 1995. and experts said sentenc- 
ing guidelines probably would not keep him in 
custody long beyond that. 

Israel and some American Jewish groups had 
mounted an intense lobbying campaign urging 
that Mr. Pollard be paroled ahead of schedule. 

But U.S. officials said an exhaustive review 
coordinated by the Justice Department had 
concluded that freeing Mr. Pollard now would 
send a dangerous signal that the United States 
was willing to forgive someone who caused 


grave damage, even if he was spying for a 
friendly country. 

At the same time, recent accusations that Mr. 
Pollard continued to supply the Israelis with 
secrets from prison, along with the arrest of 
Aldrich Hazen Ames, an official of the CIA 
accused of spying for Moscow, would make any 
show of leniency more controversial 

The president’s advisers recommended in 
December that he reject Mr. Pollard’s petition 
for clemency. But the process was sidetracked 
when Philip’B. Heymann. then deputy attorney 
general who was coordinating the review, sug- 
gested in the report that Mr. Clinton could 
show leniency-, the officials said. 


BEUING (AFP) — An official report has painted an alarming picture 
of the social challenges facing the government this year, warning of -J 
potentially explosive mix of inflation, unrest in the fields and factories’ 
and ethnic discord. 

“The authorities are going to have to face very serious social tests." the 
report by the Chinese Academy of Social Sciences said. The document 
illustrates the worries of the Communist leadership as it grapple* with 
ambitious economic reforms. President Jiang Zemin instructed officials 
Tuesday to “protect reforms while preserving stability." 

The report confirmed independent accounts of unrest in Muslim-! 
minority regions in western China, the scenes of what it called “the 
bloodiest unrest” in the country in 1993. In May, riots broke out in 
Kashgar, in the autonomous region of Xinjiang, where “separatist* 
carried out terrorist acts, causing explosions, and put up reactionary! 
posters." the report said. 


Burundi Fighting Said to Kill 1,000 


Perry Visits More Ex-Soviet Nuclear Sites 


Compiled h* Our Staff From Dispatches 

MINSK, Belarus — U.S. De- 
fense Secretary William J. Perry 
met with top military officials here 
Wednesday, winding up a week of 
arms control and defense conver- 
sion talks in the four former Soviet 
republics that have nuclear weap- 
ons. 


A key issue in this small East 
European nation is the future of 54 
single-warhead SS-25 missiles re- 
maining from the old Soviet arse- 
□aL Belarus is now shipping the 
missiles to Russia, where they will 
be incorporated into the Russian 
military. 

The United States strongly sup- 
ports the move since SS-25s ore far 
less lethal than the missiles they are 


' intended to replace, which can car- 
ry up to 10 warheads. 

Mr. Perry already has visited 
Russia. Kazakhstan and Ukraine. 
In each country, he signed agree- 
ments providing U.S. assistance for 
defense conversion and arms re- 
duction. Of the latter three coun- 
tries in his tour, Belarus is consid- 
ered most closely aligned with 
Russia. 

On Tuesday, Mr. Perry visited a 
nuclear missile base in the former 
Soviet Union and saw a long-range 
monster of the Cold War, an expe- 
rience that he said left him awed 

At Ukraine’s invitation, Mr. Per- 
ry flew to the base and walked to 
the edge of an open concrete silo 
containing a 30-meter (100-foot) 
SS-24 intercontinental ballistic 


missile frc»tn which 10 warheads 
had recently been removed 

“This is an historic moment," he 
told the Ukrainian defense minis- 
ter, Vitali Radetsky. “This has been 
a fine confidence-building mea- 
sure.” 

Mr. Perry’s purpose in Ukraine 
and Belarus was to see what pro- 
gress has been made in eliminating 
parts of the former Soviet nuclear 
arsenals. He also was considering 
urgent requests for financial assis- 
tance to help pay the costs of dis- 
arming the nuclear missiles. 

Deputy Foreign Minister Boris 
Tarasiuk, the top Ukrainian arms 
control negotiator, said the S350 
million already provided or prom- 
ised by the United States for elimi- 


nating nuclear weapons amounts to 
only a fraction of the total cost 

Mr. Tarasiuk estimated it will 
require 52.8 billion to remove war- 
heads. dismantle rockets and de- 
stroy silos. (AP. Reuters ) 


Georgia Joins NATO link 


Georgia became the 13lh coun- 
try of the former Soviet bloc to sign 
the North Atlantic Treaty Organi- 
zation’s Partnership for Peace 
agreement on Wednesday, and the 
NATO secretary-general. Manfred 
Warner, said Russia should do like- 
wise next month. Foreign Minister 
Alexander Chikvaidzc signed the 
agreement for Georgia at a ceremo- 
ny in Brussels. 


On April 29th, the IHT will publish an 
Advertising Section on 


Gas Energy 
for Europe 


Among the topics to be covered are: 

■ The Zeepipe - the world's longest 
offshore gas pipeline. 

■ Norway - the sixth-largest exporter of 
gas in the world. 

■ Natural gas as an alternative. 

■ Troll gas sales agreement “the largest 
gas export contract in history. 


This section coincides with 
the official opening of the Zeepipe. 

For advertising information, please contact 
James McLeod in Paris at (33-1)463793 76. 


INTERNATIONAL « 4 

it era! un c 


■ tm nvu iv m 1 


We Keep Telling You: 
Red Wine Is Medicinal 


VVk York Times Service 

NEW YORK — Yet another possible cardiovascular benefit has 
been uncovered for red wine — an anti-clotting effect Dr. John D. 
Foils and colleagues at the University of Wisconsin have singled out 
a substance called quercatin, found in the skin or grapes as well as in 
other fruits and vegetables, as the likely protective factor. 

They said it acts like aspirin to suppress the tendency of the blood 
to dot Blood clots that close off arteries that feed the heart are a 
major factor in heart attacks. 

Previous studies have shown that moderate consumption of any 
alcohol raises blood levels of protective HDL cholesterol. 

And other studies have found that red wine in particular contains 
a substance that inhibits oxidation of damaging LDL cholesterol 
which in turn reduces the accumulation of cholesterol on artery 
walls. 

If rod wine is in Tact an effective clot inhibitor, its benefits may be 
largely limited to wine consumed with meals. Heavy- meals, especial- 
ly those with a high fat content, lead to increase the blood’s tendency 
to clot, and drinking wine with them may counter that effect. 


BUJUMBURA, Burundi (Reuters) — Troops and tribal gunmen 
battled around this capital on Wednesday, and the interior minister said 
about 1,000 people had been killed in two days. Aid workers said 
President Cyprieo Ntaiyamira addressed the nation on Burundi radio 
and called cm the annv to withdraw from positions ringing the embattled 
suburbs and to stop lighting with residents. 

Hundreds of casualties jammed hospitals, and aid workers said thou-, 
sands of civilians had fled (he northeastern suburbs, where Burundi's 
Huui majority and minority Tutsi-dominated army were battling. The aid 
workers said they saw that troops had pulled back from a main street io 
Kamenge suburb, where fighting first erupted over the weekend. 

The interior and public security minister. Leonard Nyarigomu. told I 
Rwanda radio earlier that about 1,000 people had been killed in cold Sf 
blood by troops since Monday in the Hutu strongholds. r ' 


Med Ii 


TRAVEL UPDATE 


French Students Block Bail Lines 


Kohl Announces Events Linked to War 


PARIS (AFP) — Striking students overran the tracks at a main line 
station here Wednesday, blocking high-speed trains and suburban ser- 
vices. They also occupied the rail station at Calais, in northern Franco. f«v 
three hours, causing serious disruption. The students are protesting a 
government plan to allow companies to pay less than the legal minimum 
wage to young people. 

In Paris, students in technical universities called a one-day strike. 
About 100 youths lay down on the tracks at Montparnasse Station, 
holding up high-speed trains and expresses for two hours. Suburban 
services came to a halt. 

In Calais, the state railroad company, the SNCF. bused stranded 
passengers to other railroad stations. In Caen. 1.000 students marched 
through the town before heading for the capital, where they delayed 
trains for 30 minutes. Another group look over a nearby highway tailgate, 
allowing drivers through against a tokeu payment Demonstrations were 
also reported at La Rochelle and at Reims. 

The Spanish national airline Iberia plans to efinu'nate 16 weekly flights 



R«Mn 

BONN -—Chancellor Helmut Kohl took the 
initiative Wednesday on sensitive World War II 
anniversaries by announcing plans for a 
French-German youth festival and separate 
farewells for Russian and Western Allied 
troops in Berlin. 

The festival will take place in Heidelberg on 
June 8, two days after D-day 50th anniversary 
celebrations in France to which he has not been 
invited. 

The Berlin farewell, for the departing Rus- 
sians on Aug. 31 and the U.&, British and 
French troops on SepL 8. will be in two parts 
because the Western powers refused to blur the 
Cold War divide that Berlin embodied for 40 
years. 

Mr. Kohl invited President Boris N. Yeltsin 
of Russia to attend the first farewell and the 
Western leaders. President Bill Clinton. Presi- 
dent Francois Mitterrand of France and the 
British prime minister. John Major, to the sec- 
ond event. 

Mr. Kohl insisted France's decision not to 
invite him to the D-day ceremonies had not 
been a snub and stressed the positive by prais- 
ing “the friendship which has developed be- 


tween our countries since the end of the war." 

Mr. Kohl said he was "absolutely baffled" by 
reports that he was annoyed at not being invit- 
ed to the June 6 ceremonies marking the start of 
the Allied push that cemented Hitler’s defeat. 
He said he had never sought an invitation and 
would not accept one if it came. “All reports to 
the contrary were simply made up. My opinion 
remains that German participation would not 
be appropriate." 

Mr. Kohl welcomed an invitation from Mr. 
Major for Germany to join celebrations in 
London next year to remember VE (Victory in 
Europe) Day. May 8, 1945. when Nazi Germa- 
ny capitulated. 

“I can well imagine this taking place in a very 
dignified and good way. with Germany’s par- 
ticipation," he said. 

Mr. Kohl has had to walk another diplomatic 
tightrope over the withdrawal of Western and 
Russian troops from Berlin and former East 
Germany after the end of the Cold War. He 
wanted to accept a Russian request tojoin the 
departure celebration for the Western Allies, to 
emphasize the end of Cold War hostility and 
the advent of friendly relations with Russia. 

But the Western Allies, whose soldiers. like 


the Red Army troops, entered Berlin as victors 
and occupiers, did not want a joint ceremony to 
blur the fact that their postwar role quickly 
became one of protecting West Berlin against 
communism. 


to and from four major European cities as pan of a plan to cut losses. The 
government estimates that Iberia lost 50 billion to 60 billion dc 


■ London Gesture Protested 

The government’s announcement that Ger- 
man troops may be inviLed to inarch in London 
as pan of ceremonies marking the end of World 
War 11 brought protests Wednesday from some 
members of Parliament, The Associated Press 
reported from London. 

Sir Teddy Taylor, a Conservative lawmaker, 
said Wednesday that he did not want people 
“marching up and down which will remind us 
of war and remind us of different armies." 

“That is not the way to celebrate," he said. 

Greville Janner of the opposition Labor Par- 
ty said the invitation was “an affront to the 
memory of the troops and the civilians who 
died in the battle against Nazism." 

“We must welcome friendship with today’s 
Germany but never forget the miseries of the 
past," Mr. Janner said. 

But Winston Churchill, grandson of the war- 
time prime minister, said on BBC radio: "The 
lime has come to bury the hatchet." 


- .... Jlion to 60 billion pesetas (5357 

million to S429 million) in 1 993. (A P) 

.Floodlights are sinning on the fountains and statues of central London's 
best-known paries as part of a plan to make the city more appealing in the 
evening. ' r * (A P) 

A nationwide strike in Bangladesh to protest alleged electoral fraud b> 
the governing party dosed shops and halted traffic Wednesday for 
several hours in major cities. '(API 


Passengers Delay India FUgh 


Agence France- Presse 

NEW DELHI — Delays are a 
common feature of air travel in 
India, but the four-hour wait expe- 
rienced by passengers on a Bom- 
bay- Dd hi flight was unusual even 
by local standards. 

About 50 passengers refused to 
board the Sahara India flight for 
more than four hours on Tuesday 
until an official from the Director- 
General of Civil Aviation came to 
the airport to certify that the air- 
craft was safe. 


o 

V 

E 

R 


H 


A 

R 

D 


Bombay airport officials said the 
flight was initially delayed because 
the crew oxygen bottle was not fulL 
Engineers sevrared a cylinder from 
another airline but some passen- 
gers still insisted that the regional 
director for air safety be brought to 
the airport to declare the plane air- 
worthy. The flight arrived safelv in 
New Delhi. 

Nine people were killed on 
March 8 when a Sahara India plane 
crashed at the international airperi 
here while on a training flight. 


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INTERNATIONAL HERALD TRIBUNE* THURSDAY. MARCH 24, 1994 


Page $ 


THE AMERICA S n 

Republicans Show hide 


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ITH IDEAS 


By Richard L. Berke 

tVw Vorfc Tima Servuc 

~ Ur ^ n s lhcm w show that they 
bcionged to aparty of ideas," the Republican Partv 
Iasi fall surveyed more than 800.000 of its most active 

. issu «- But now that nearK- 
IXW 0 responses are in. they are not entirely coni- 
fortable with the ideas they are gening. 

TO their surprise, the Republicans found that some 
party loyalists opinions were not what ihev had ex- 
pected, especially on abortion, an issue on which the 
respondents were deeply split. 

The results set off a debate within the partv over 
whether making the figures public would only intensi- 
fy divisions on abortion and infuriate conservative 
members. That has left Republican officials trying to 
play down the survey’s results. 


The Republicans haw yet to promote the survey’s 
findings in the press, as the)* did when the survey was 
mailed out in September. 

Instead, they made public an analysis in the Repub- 
lican house organ. Rising Tide, that omiLs most of the 
specific figures on abortion. 

The only figure it cited was that 48 percent were 
"pro-life" — as the survey was worded — although 
party officials later acknowledged that 43 percent said 
they favored abortion rights. 

The magazine merely said that there were “some 
interesting findings'* and thai “Republicans are not 
monolithic on the issue." 

“I was told there was some controversy." said Jan 
van Lohuizen. president of Voter Consumer Research, 
a Republican polling company in Bethesda, Mary- 
land. that conducted the survey. 


Describing reaction within the Republican Party, he 
said: "People were reacting negatively to some of the 
questions. There were some concerns about why did 
we ask those questions. And it wasn't just about 
abortion." 

Haley Barbour, the Republican national chairman, 
disputed whether there was a controversy and insisted 
he was not taken aback bv the findings. 

"I did not find the numbers surprising,” said Mr. 
Barbour, who opposes abortion but has said it should 
not be a threshold issue for the party. “Republicans 
are more pro-life than the country as a whole, but not 
monolithic." 

Mr. Barbour said the noi-so-surp rising findings that 
Republicans support small government and individual 
responsibility were "far more important than any one 
question or any one issue." 


Indeed, the 159-question survey ranged from abor- 
tion to the economy to foreign affairs, and was mailed 
to the households of Republican elected officials, 
party officials, donors and party workers. 

Bui the unscientific survey was surprising to other 
party officials. They said they had figured that most 
hard-core partisans were against abortion, despite 
polls showing that many Republican voters do not 
oppose abortion. 

fhe results could give ammunition to Republicans 
who advocate abortion rights and who warn to delete 
the anti-abortion plank from the Republican platform 
in 1996. But it could also invigorate proponents of the 
plank. 

“The parties have to provide some leadership," said 
Patrick McSweeney. the partv chairman in Virginia, 
who opposes abortion. 


Another Twist in Whitewater 

Treasury’s No. 2 Worried About His Role 




of Social Chal], 




!..v. 


its >ixh: in Kill 1 . 0 b 


By Ruth Marcus 
and Ann Devroy 

Washington Pvat Sermv 

WASHINGTON — Deputy 
Treasury Secretary Roger C. All- 
man consulted White House offi- 
cials in early February about 
whether he should remove himself 
from supervising a politically sen- 
sitive federal investigation of 
Madison Guaranty Savings & 
Loan but encountered White 
House resistance, according to 
administration officials and other 
sources. 

The White House counsel Ber- 
nard W. Nussbaum. who has 
since resigned, expressed doubt 
that Mr. Altman needed to recuse 
himself and concern about who 
would oversee the case if Mr. Alt- 
man. a political appointee serving 
as acting head of the Resolution 
Trust Corp„ did step down, the 
sources said. 

One of the areas under review 
by Resolution Trust, the agency 
overseeing the thrift cleanup, was 
Madison’s representation during 
the mid-1980s by the Rose Law 
Firm, including die Rose partner 
Hillary Rodham Clinton. 

Until this week, the While 
House and Mr. Altman consis- 
tently described his Feb. 2 brief- 
ing of senior officials about Reso- 
lution Trust’s handling of 
potential civil suits arising from 


the collapse of the Arkansas thrift 
as a run-of-the-mill, procedural 
matter that provided no more in- 
formation to the White House 
than was available to lawmakers 
who asked about iL 

But the disclosure of conversa- 
tions about whether Mr. Altman 
should recuse himself — at that 
White House meeting and in at 
least three subsequent conversa- 
tions widi senior officials, includ- 
ing the White House chief of staff, 
Thomas F. (Mack) McLarty — 
underscores that the discussions 
about Resolution Trust and 
Whitewater went beyond purely 
procedural matters of public re- 
cord. 

Mr. Allman, as acting head of 
an independent regulatory agen- 
cy. discussed the recusal issue 
with the While House at a time 
when Republicans were question- 
ing whether Ointoo political ap- 
pointees could effectively investi- 
gate the Whitewater mailer. 

Mr. McLarty said Tuesday 
night that Mr. AJunan had told 
him be was considering whether 
or not to recuse himself and that 
he replied. “It’s a serious matter. 
Use your own judgment" 

Mr. Altman testified Tuesday 
before a federal grand jury look- 
ing into contacts between senior 
While House and Treasury offi- 
cials about the Resolution' Trust 
investigation. The special federal 


counsel Robert B. Fiske Jr„ has 
made the White House meetings a 
primary initial focus of his inves- 
tigation into President Bill Gin- 
ton's Whitewater land venture 
and its lies to Madison. 

Mr. Altman, who was oversee- 
ing the Madison investigation as 
acting Resolution Trust bead, did 
not recuse himself when he first 
raised the subject with the White 
House. He remained in charge of 
the Resolution Trust investiga- 
tion until Feb. 25. one day after 
revealing that he had briefed the 
White House about Resolution 
Trust’s handling of possible civil 
suits arising from Madison’s col- 
lapse. 

The While House reaction to 
Mr. Altaian's suggestion that he 
recuse himseir seems to illustrate 
the administration's concern 
about the status of civil suits re- 
lating to Madison. 

Administration and other 
sources familiar with the discus- 
sions emphasized that the While 
House never instructed Mr. Alt- 
man to remain involved in the 
Madison case, the sources said. 

■ Clinton Complains 

President Ginion said in com- 
ments published Wednesday that 
he was troubled by what he called 
a media "presumption" that he 
had done something wrong in the 
tangle of deals known as the 




W' 



Chirks TfeUj-'Thr Vmwuled J*rrv» 


Mr. Allman leaving court after his grand jury testimony. 


Whitewater affair. Reuters re- 
ported from Washington. 

In an interview with USA To- 
day. Mr. Clinton said: “The pre- 
sumption is that something is 
wrong and you have io prove it 
right" 

"I think we can all admit." he 


said, “that there is no previous 
president who has been asked to 
undergo this level of scrutiny 
about something that happened 
so long before he became presi- 
dent in the absence of any credi- 
ble evidence that any violation of 
the law occurred." 


Elected Blacks Say U.S . Stalls on Aiding Aristide 


il l i*i'AT.L- 

s- B!« H-k Hilii I Jiw 


By Steven Greenhouse 

,V«k" York Times Service 

WASHINGTON — The Congressional Black Caucus has 
sent President Bill Clinton a blunt letter saying the adminis- 
tration's Haiti policy “must be scrapped 6 in favor of far 
tougher efforts to restore the nation’s exiled president to 
power. 

The letter criticized the administration for working in a 
halfhearted manner to reinstate Haiti’s first democratically 
elected president, the Reverend Jean-Bertrand Aristide, who 
.was overthrown in September 1991. 

“While our nation makes public pronouncements regard- 
ing our commitment to restore democracy in Haiti, there is a 
growing perception throughout the world that the United 


Slates is actually doing all in its power to prevent this," the 
letter said. 

“Our entire Haiti policy appears to be a series of machina- 
tions on the part of the world’s sole superpower to derail the 
democratic program so painfully and movingly embraced by 
our hemisphere’s poorest people." said the letter, which was 
sent Friday. 

The 40 black lawmakers urged the administration to take a 
series of steps to send a strong message to Haiti’s military, 
including severing air links, denying visas to the military and 
imposing sanctions against any country that violates the 
trade embargo. 

They also called for stepped-up efforts to stop smuggling 
between the Dominican Republic and Haiti and urged a halt 
in the summary repatriation of Haitian refugees. 


The lawmakers said the administration's Haiti policy was 
ineffective, counterproductive and encourages the contin- 


“ ineffective, counterproductive and encourages the contin- 
ued torture and murder of Haitian civilians." 

On Wednesday, a group of liberals, including some of Mr. 
Clinton’s most prominent supporters in Hollywood, began 
an advertising campaign suggesting that the administration 
has adopted a racist policy toward Haitian refugees. 

The advertisement was signed by members of Congress, 
union leaders and heads of Jewish groups. They include Paul 
Newman, Joanne Woodward. Jason Robards, Spike Lee. 
Jade Lemmon, Gregory Peck. Julia Roberts, Danny Glover. 
Susan Sarandon, Robert DeNiro and Robin Williams. 

It recalled that Father Aristide’s justice minister, Guy 
M alary, and hundreds of other of his supporters have been 
killed by assassins linked to Haiti's militairy. 


Rightist Party Expects to Govern El Salvador in Coalition 


By Douglas Farah 

Washington Pan Service 

SAN SALVADOR — Although 
facing a runoff in El Salvador’s 
presidential race, the rightist gov- 
erning party claimed to have come 
out of the elections with a majority 
of the nation's town halls and close 
to half of the seats in the National 
Assembly. 

Armando Calderon SoL the pres- 
idential candidate of the governing 
Nationalist Republican Alliance, 
known as ARENA, said in a televi- 
sion interview Tuesday that his 
part)' had won more than 200 of die 


262 municipal races and about 40 
of the 84 national legislative seats. 
If the projections are accurate, it 
would represent a slight increase 
for the party over the past elec- 
tions. 

“I want to thank the Salvadoran 
people for the massive support they 
gave us," said Mr. Calderdn Sol, 
45, a former mayor of San Salva- 
dor. "This is a marvelous triumph." 
He said he would go to a second 
round, if necessary, and win a dear 
mandate. 

Leaders of the leftist coalition, 
which includes the former Marxist 


guerrillas of the Farabundo Marti 
National Liberation Front, por- 
trayed the election results as a suc- 
cess, considering that it was the 
first lime the left had been able to 
lake part openly in the voting and 
that they were competing against 
an incumbent party with vastly 
more resources. 

With 80 percent of the vote 
counted, Mr. Calderon Sol had 
49.2 percent of th«r presidential 
vote, while the coalition's Rubin 
Zamora had 25.6 percent. The for- 
merly powerful Christian Demo- 
crats were third with about 15.8 


percent. A majority is necessary to 
avoid a runoff. In view of his com- 
manding plurality, Mr. Calderon 
Sol is likely to win the second 
round easily. 

Mr. Zamora said he was seeking 
to build a coalition with the Chris- 
tian Democrats and small evangeli- 
cal Christian parties. In a television 
interview, he reminded voters that 
he had been a Christian Democrat 
for many years. 

“We are satisfied, except for the 
voting irregularities that took 
place," said a coalition leader. Ana 
Guadalupe Martinez. 


Although official vote counting 
is slow. Julio Hernandez, the Coali- 
tion's monitor of election returns, 
said his group's projections gave 
ARENA 36 deputies, with the co- 
alition garnering about 25. The 
Christian Democrats, with about 
18 votes, could prove crucial as can 
the small groups of evangelical 
Christian parties and others. 

The controversy over voting ir- 
regularities and criticism of the Su- 
preme Electoral Council contin- 
ued. with most sides favoring 
drastic improvements before the 
second round of voting. 


Split Occurs 
On Reform 
Of Welfare 


By Jason DeParle 

AW Kurt Times Service 

WASHINGTON — After work- 
ing for nearly a year. President Bill 
Gimon’s aides have presented him 
with an ambitious plan to overhaul 
the welfare system, but the cabinet 
has expressed reservations about 
the way the plan would be fi- 
nanced, arguing that the strategy 
could hurt the needy. 

Hie midJevel officials drafting 
the plan have been trying to pay for 
a S15 billion package of training 
and work programs by cutting oth- 
er programs for the disadvantaged. 

But cabinet members balked at 
that strategy during a two-hour 
meeting on Monday, people famil- 
iar with the session said. 

Treasury Secretary Lloyd Bent- 
sen then agreed to list possible lax 
increases to avoid some, though not 
all, contemplated cuts in food pro- 
grams and aid to indigent immi- 
grants. 

Cabinet members also discussed 
strategies for saving money by scal- 
ing back the draft welfare proposal. 
They said they might provide a 
smaller expansion of child care to 
poor working families and coaduct 
smaller welfare experiments than 
originally proposed. 

No decisions were made at the 
cabinet meeting, and it reconvened 
Tuesday with Mr. Clinton present 
While the plan has been on the 
drafting table for almost a year, 
this appears to be the first major 
meeting to confront Mr. Clinton 
with the painful financing deci- 
sions. 

An official familiar with the 
meeting said it was an information- 
al session that was cut short and 
that Mr. Clinton did not decide 
how to pay for the plan. 

The search for money is central 
to Mr. Clinton's pledge “to end 
welfare as we know it." a popular 
message during the 1992 campaign. 

Mr. Clinionhas promised to give 
Congress a bill tins spring to ex- 
pand training opportunities for 
welfare recipients, then require 
those still unemployed after two 
years to join a work program. 

While putting welfare recipients 
to woric sounds like a savings mea- 
sure. it is much more expensive, at 
least in the short run, than simply 
mailing a check. The cost rises be- 
cause the government would subsi- 
dize the recipients' wages, as well as 
providing them with education, 
training and child care. 

The hunt for financing has been 
a source of anguish for the 32 mem- 
bers of the task force drafting the 
bill including one co-chairman, 
David Ell wood, and his deputy, 
Wendell Primus. 

They are prominent advocates 
for the needy, who have spoil the 
last decade fighting cuts similar to 
the ones they are now proposing. 


& POLITICAL NOTES + 


Hanny Problem Hags White Home 

WASHINGTON — The White House lawyer in charge of deter- 
mining whether potential Clinton administration employees have 
acceptable backgrounds for government employment failed to pay 
back Social Security taxes for a nanny until about three weeks ago, 
when he feared disclosure, administration officials said. 

William Kennedy 3d, associate White House counsel, said he 
failed to pay taxes owed on a 199] child-care worker in Arkansas 
because he lacked a record of the worker's earnings. Mr, Kennedy's, 
main duty is reviewing background checks on potential employees. 

Mr. Kennedy had his accountants estimate the amount due and he 
paid it within the last three weeks, he said in on interview. "This is 
something 1 should have done." 

The admission comes in the wake of a report on his failure to pay' 
Social Security taxes for the same worker in a different year. 1992. 
Mr. Kennedy arranged to pay the back taxes in January 1993. 

Mr. Kennedy was a managing partner in the Rose Law Finn, 
earning $587,000 in 1991 That firm employed Hillary Rodham. 
Clinton, the late Vincent W. Foster Jr. and Webster L. HubbclL who 
resigned last week in the midst of allegations by law firm partners 
that he overbilled the law firm and its clients. ' (WPl 

President, on Sax, to Make Record Debut 

PRAGUE — Czech Radio said Wednesday it would issue an 1 8- 
minuteCD recording next week of President Bill Clinton playing the 
saxophone at Prague’s Reduia Jazz Gub in January. 

The CD. entitled “Two Presidents' Jam Session," would cost $6. 
the club said. Vaclav Havel, the Czech president, was in the audience 
and played the drums for a short while, the club said. 

The presidential gig includes renditions of “My Funny Valentine" 
and “Summertime," played in the presence of Mr. Havel and 75 of 
his artistic friends. (Reiners) 

Wilder Weighs Resuming Senate Race 

RICHMOND, Virginia — L. Douglas W'ilder. the former gover- 
nor of Virginia, said that he might re-enter the U.S. Senate race he 
abandoned two months ago, in part because the current candidates 
had made the state the butt of late-night television jokes. 

Mr. Wilder, a Democrat who left office in January, said he was 
responding to calls and letters he had received from supporters after 
recent disclosures about the personal life of the incumbent. Senator 
Charles S. Robb, a fellow Democrat. 

“Some have even indicated that 1 owe it to the state." Mr. Wilder 
said in an interview. “When you look at the candidates that you 
have, no oue of any majority opinion says that this is Virginia's best 
and brightest. It’s troubling after a successful administration to see 
the state being laughed and joked at as if we are backward people." 

The best-known candidate for the Republican nomination is 
Oliver L North, the retired Marine lieutenant colonel who was a 
central figure in the Iran-contra scandal and was convicted of lying 
to Congress. The conviction was reversed appeal. 

Mark D. Merritt. Mr. North's spokesman, said: "What Wilder's 
doing has a lot to do with raw ambition. For him to lecture the 
people of Virginia about politics is like Madonna teaching Sunday 
schooL" (NYT) 

Quote/ Unquote 

James McDougal the former savings and loan operator whose 
name has been at the center of the Whitewater affair, announced that 
he would seek the Democratic nomination for the House seal now 
held by a Republican, Representative Jay Dickey: 

“I’m tired of these Republicans beating up on the people of the 
state of Arkansas, and I can’t do anything about people like Senator 
[Bob] Dole. I can beat this Republican we have down here in 
southern Arkansas.” (AP) 


Away From Politics 

• The government said it would let foreigners infected with the AIDS 
rims enter the United Stales to attend the Gay Games IV in New 
York City in June. Attorney General Janet Reno authorized visits by 
infected individuals for up to 10 days after Immigration Commis- 
sioner Doris Meissner told her there would be “minimal risk" to 
public health, the Justice Department said. Currently. U.S. law bars 
entry into the country of individuals infected with AIDS. 

• A woman who said she was dsmtssed from her job as a leasing agent 
for refusing to have an abortion was awarded $84,974 by a jury in 
Tampa, Florida. Margaret Bonnell said her supervisor at Allman 
Management Co. had urged her to get an abortion and put a basket 
of pennies on her desk as an abortion fund. 

• Cofin Ferguson, who is accused of luffing six people on a Long 
Island commuter train in December, suffered a broken nose and a 
swollen left eye Tuesday when he was attacked by other inmates at 
the Nassau County JaO in Mineola, New York, officials said. 

• Jmy selection is under way in Los Angeles in the trial of Rodney G. 
King’s civil suit related to ms beating by Los Angeles police officers, 
with indications that a partial settlement might be in the making. 
The City Council met in closed session to discuss the amount of 
money the city might pay to compensate Mr. King for his injuries. 

• A plan to transmit waves of noise through loudspeakers placed on 
the Pacific Ocean floor is causing concern among some scientists 
who fear the sound could deafen whales and other rare marine 
mammals. The S35 million plan is aimed at testing whether the ocean 
temperature is rising because of global warming. One loudspeaker 
would be placed off Big Sur in northern California and another off 
the island of Kauai in Hawaii. "We're concerned it's going to be a 
kind of persistent sound," said Hilary Feldman, a marine biologist, 
"and that it potentially could carry long distances and have effects 
on marine mammals both near and further away." 

Reuters. AP. LAT, NYT 


BOOKS 


*WAS GEORGE WASHING- 
TON REALLY THE FA- 
THER OF OUR COUN- 


jT THER OF OUR COUN- 
v f J ; } ; jijl I I'" TRY; A Clinical Geneticist 
l3 '' Looks at World History 


Looks at World History 

By Robert Marion. 206 pages. 
$22.95. Addison- Wesley. 

Reviewed by 

Kay Redfield Jamison 

I T would be hard not to like a 
book that finds medical connec- 
tions among the breasts of Napo- 
leon Bonaparte. George Ill's port- 
colored urine, the infertility of the 

rather unfortunately nicknamed Fa- 
ther of Our Country, Abraham Lin- 
coln's spidery limbs and the bleed- 
ing blue bloods of the Romanov 
family. If you add to this an elabora- 
tion of die medical basis for vam- 
pires — not in a discussion of hemo- 
philia and the blue bloods, as one 
might think, but in » drowse 
about yet another of the Royal Mal- 
adies, porphyria — then the book 
almost certainly contains a disease. 


person or period of history for ev- 
eryone. Robert Marion, a clinical 
geneticist, has traced the possible 
role of genetic abnormalities in the 
lives and careers of several promi- 
nent world leaders. In the process, 
he manages to convey the fascina- 
tion and methods of medical detec- 
tive work, and does so in a lucid and 
often very entertaining manner. 

Inevitably, some of Marion’s case 
histories in “Was George Washing- 
ton Really the Father of Our Coun- 
try?" are more compelling than oth- 
ers. His discussion of porphyria in 
the pedigree of George IIL for ex- 
ample. is stringently sleuihlike. and 
leaves few questions unanswered 
about this biochemical defect that 
causes a dangerous sensitivity to 
sunlight. Much of the original re- 
search was done by others, but Mar- 
ion presents, in a lively and clear 
way, their evidence for the unrelent- 
ing' transfer of the disease from gen- 
eration to generation, starting in the 
16th century with Mary, Queen of 
Scots, and continuing through two 
afflicted individuals, both direct de- 
scendants of George HI. Marion 


• Leon Abramowicz, who is com- 
piling a video archive of testimo- 
nies of death camp survivors, t$ 
reading "Schindler s L\si > 
Thomas Keneally. 

“Schindler was very ambivalent- 
it evokes certain Naas who P*™J ' 
ed from the slavery of die Jews, am 
when he realized that they wercrn 
danger of death, he made an effort 
to save them. He showed that it was 

possible to do something. 

(Bom'James. ini) 


mu ml 


also provides a good overall intro- 
duction to the nature of hereditary 
disease, what makes mutants mu- 
tant and the extraordinary complex- 
ity of the genetic underpinnings of 
basic biochemical pathways. From a 
tightly reasoned diagnostic case for 
George ITTs porptyria, he specu- 
lates about the devastating effects 
that the king's disease, and his relat- 
ed madness, had on his leadership 
during the critical years of the 
American Revolution. 

A far less persuasive case is made, 
both medically and historically, for 
the reasons and impact of George 
Washington’s failure to produce 
children. Although die author sug- 
gests that Washington may have suf- 


By Alan Truscott 

W HAT should North do on the 
diagramed deal when West 
opens three chibs? 

As il happens a bold bid of three 
hearts would hit the jackpot, but a 
vulnerable overcall at the three-lev- 
el with a weak Five-card suit could 
lead to disaster. Neither North 
player chose to take this risk when 
the deal occurred in the Rei singer 
Knockout Teams in June. One cau- 
tiously passed, and collected a beg- 
garly 100 points by defeating the 
contract by two tricks. The other 
tried three diamonds, and South 
played three no-trump. 

West led the spade queen. South 
won with the spade king in dummy, 
as East dropped the nine to deny 
the ten, and declarer saw one obvi- 
ous chance: He could play the ace 
and another heart, hoping for a 


fered from Kinefelter syndrome, a 
not uncommon chromosomal ab- 
normality. it is a less than totally 
convincing line of argument based 
on Washington's facial features, 
height, presumed infertility and pre- 
sumed behavioral difficulties (poor 
impulse control, problems with au- 
thority, poor judgment, risk taking). 
Even assuming that these “behavior- 
al problems” were real — and not 
ones shared by many of his more 
fertile and yet equally rebellious 
compatriots — Morion’s conclusion 
that Washington's lack of a son. and 
therefore an heir, may have ban the 
motivation for his refusal to become 
king of the United Stales seems to 
push credulity. 

BRIDGE 

two-two split or a singleton king or 
queen in the East hand. 

But a singleton was more likely 
to be with West, so South made the 
tricky play of leading the heart jack 
from dummy at the second trick. 
This would be a triumphant success 
if West held a singleton ten. and 
should set a trap for East ir West 
held a singleton king or queen. 

East played low. and the jack 
rode to West’s king. West shifted to 
the club ten in the faint hope that 
hi; partner held a doubleton ace. 
East did have the ace. but no more, 
and when he won returned the 
spade eight. Sure that ihe jack was 
on his left. South put up the ace. 

South credited East with good 
defense and ran diamonds. Judging 
the position perfectly, he discarded 
a club and two hearts. At the finish 
he was able to lead to the heart ace 
and lead the spade tea. 


The medical diagnosis of Abra- 
ham Lincoln remains a controver- 
sial one and probably will only be 
resolved by the actual DNA analy- 
sis that has been proposed but not 
yet carried out. On the basis of 
Lincoln's physiognomy, several 
physicians and geneticists have ar- 
gued for a diagnosis or Marfan syn- 
drome, a genetic disorder involving 
the skeletal, cardiovascular and 
ophthalmic systems. Marion re- 
views the evidence pro and con. the 
nature of the medical debate and 
the utility of testing diagnostic hy- 
potheses. Il is a fascinating discus- 
sion. but perhaps a bit more com- 
plicated than even he presents it. 
For example. Marion argues 


West was reduced to the spade 
jack and the K-J of clubs, so &uth 
scored the dub queen at the end 
and made his game. 

NORTH 
*K4 
9 J9743 
C AKQ J5 

4 6 


WEST(D) 

♦ Q J 3 
K 
092 

*KJ 10 87 3 Z 


EAST 
♦ 98752 
SQ105 * 
O II 8 7 3 

*A 


SOUTH 

* A 10 6 
C A862 
064 

* Q 8 5 4 

Norm and South were vulnerable. 
The bidding: ’ 

West North East South 

j * 3 0 Pass 3 N.T. 

Pass Pass Pass 

West led ihe spade queen. 


against a diagnosis of Marfan on 
the grounds that Lincoln lived long 
past the average age of death 
(which is quite young, due to car- 
diovascular problems) reported by 
a geneticist and Marfan expert, 
V. A. McKusick of Johns Hopkins 
University; however, several of 
McKusick's patients did. in fact, 
live at least as long as Lincoln. 

Marion has written a lively book 
about genetic illness in the lives of 
individuals who played important 


roles in history. His accounts of the 
diagnostic process and hereditary 
diseases are weU worth reading; 1 
am, however, more than a bit wary 
about the extent to which these dis- 
eases may have altered the course of 
history: Did Lincoln really believe 
that slaves should be freed because 
be himself had been taunted as a 
boy and discriminated against be- 
cause of his height and homeliness? 
Do we really have a republic rather 
than a monarchy because George 


Washington fathered no children (or 
at least none that we know about)? 

Despite these reservations, “Was 
George Washington Really the Fa- 
ther of Our Country?" remains a 
very interesting book (hat gives con- 
siderable insight into medical detec- 
tion and genetic diseases. 

Kay RedfieU Jamison, professor 
of psychiatry at the Johns Hopkins 
School of Medicine, wrote this for 
The Washington Post. 




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INTERNATIONAL 



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PI' BUSHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


An Inquiry Down the Road 


It took an indefensibly partisan blunder 
by Representative Henry Gonzalez to jolt it 
<■ into action, but the House of Representa- 

- tives has finally decided to emulate the U.S. 

- Senate and call for bearings on the financial 
maze krown as Whitewater. 

The liming and scope of ihe hearings must 
still be decided by House leaders, and some 
Democrats may seek to restrict them to recent 
allegations of White House interference with 
federal investigators. But the House resolu- 
tion orders a broad inquiry covering Madison 
' ' Guaranty, a failed Arkansas savings and loan, 
• and Whitewater Development Co., partly 
' owned by Bill and Hillary Rodham Clinton. 

The resolution followed by one day the re- 
. lease of a remarkably intemperate letter from 
Mr. Gonzalez, chairman of the Banking Com- 
mittee. to Jim Leach, the ranking Republican 
‘ member, summarily canceling hearings that 
.’ Mr. Leach had scheduled for Thursday. The 
fetter backfired. Embarrassed by its tote, and 
, worried that the public might think they were 
. hiding something, senior Democrats quickly 
urged more extensive hearings, leading to Tues- 
. day's resolution. Like the Senate's, it sensibly 


urges that the hearings be delayed so as not to 
undercut the crucial early stages of the investi- 
gation by the special counsel Robert Fiske. 

Mr. Leach cannot complain about this odd 
sequence of events since he has dearly profited 
from it — losing a brief hearing that might well 
have disrupted Mr. Fiske’s efforts, while gain- 
ing a fuller inquiry down the road. 

But the real winner could be the public, 
partly because the bearings might clarify long- 
ago fi nan cial dealings in Arkansas, and partly 
because Whitewater has raised questions in 
which the committee, and the public, should 
have an interest. One is whether Madison funds 
were improperly used to benefit either Mr. or 
Mrs. Clinton. The other is whether the Clinton 
administration interfered with inquiries into 
Madison by Treasury Department agencies 
that the Banking Committee oversees. 

Although it took them a while. House 
Democrats are to be commended for their 
willingness to proceed. The consequences of 
not doing so might have been far more unset- 
tling than the political butterflies now flut- 
tering in their stomachs. 

— THE NEW YORK TIMES. 



Fear of inflation now pervades the financial 
markets, sending LIS. interest rates steadily 
upward. Those rising rates have become the 
most imminent threat to continued strong 
growth of the American economy. 

The Federal Reserve Board's announce- 
ment of another modest increase in the short- 
term rates was intended as a signal to appre- 
hensive investors that it is awake and on the 
job. It was demonstrating what you might call 
the inoculation principle of monetary man- 
agement. which holds that a small rise in the 
rales now. demonstrating that the Federal 
Reserve is able and willing to exercise control, 
can head off larger panic-driven rises later. So 
for. at least, the inoculation principle hasn't 
been working well. The Federal Reserve’s 
previous small increase, in early February, 
seems chiefly to have persuaded investors that 
they’ were right to worry. 

The question is how to set the accelerator 
on the gigantic machine that is the national 
economy. If it runs too fast, it creates labor 
shortages and inflation. If it runs too slowly, 
unemployment rises. Many things can affect 
its speed, but none more powerfully than 
changes in interest rates. Through the first 


nine months of Bill Clinton's presidency, the 
cracial long-term rates fell steadily — partly 
because of his success in reducing the federal 
budget deficit — and the economy began 
growing faster. But around last October, inves- 
tors began to wcmder whether the faster growth 
wasn't going to mean higher prices, and they 
began demanding higher interest on the bonds 
they were buying. Over the winter, those feats 
hare been reinforced by government statistics 
showing that the US- economy was growing 
extremely fast m the last quarter of 1 993. 

The economy has already slowed down 
from last fall's pace. By any objective stan- 
dard. the current fears are excessive. But the 
buying and selling of long-term bonds is a 
highly speculative business in which impres- 
sions and expectations are the reality. The 
Federal Reserve is now trying, ever so deli- 
cately. to change the psychological atmo- 
sphere in that market. 

And yet, because the market has anxiously 
bid up interest rates, the economy is likely to 
slow down somewhat over the coming year. 
The specter of inflation is currently governing 
the speed at which the economy can grow. 

— THE WASHINGTON POST. 


El Salvador Can Do Better 


Sunday’s elections in El Salvador, suppos- 
edly the culmination of a UN-sponsored 
peace process, have been officially declared 
‘■acceptable.'’ The charitable view is that 
they were clearly marred by incompetence. 
Many observers believe there were signifi- 
cant instances of fraud. 

The most flagrant example of bureaucratic 
bungling was the fact that 340.000 voting cards 
were never sent to voters who were approved 
and on the electoral rolls: they were not al- 
lowed to vote. Many other eligible voters did 
not even make it onto the rolls, while numerous 
dead 
leoo 

sembly president Roberto D’Aubuisson — 
both dead — were on the rolls. Some of the 
deceased were marked off as having voted. 

No presidential candidate ended up with 
the 50 percent needed to avoid a runoff, but 
the ruling Nationalist Republican Alliance, or 
ARENA, got almost that much and seems 
certain to win in the next round of voting. The 
FMLN, the party of the former anti -govern- 
ment guerrillas of the Farabundo Marti Na- 
tional Liberation Front, placed second, win- 
ning a substantial number of seats in the 


lead people diet Former President Jose Napo- 
•on Duarte and the former Constituent As- 


National Assembly and assuring itself a 
strong voice in national affairs. 

It is at the local level that bungling and fraud 
may hare really skewed the results —mostly, it 
seons, in favor of ARENA candidates. Mayors 
in rural areas wield considerable clout, and 
many now will not have credible mandates. 

Since El Salvador is no longer a Cold War 
battleground, the United States has devoted 
little attention to cleaning up the mess that 
war left behind. One result is that the peace 
process has not been concluded. Many worry 
that ARENA'S victory will embolden the par- 
ry to abandon commitments to agreements 
that still have not been carried out — notably 
land transfers, the formation of a new civilian 
police force and instituting recommendations 
of the Truth Commission to address years of 
human rights abuses. 

At the very least, international observers 
need to exert maximum pressure on the Su- 
preme Electoral Tribunal to clean up the 
voting registry before the next round of elec- 
tions in April so that people who have agreed 
to exchange their guns for ballots will fed they 
made the right choice. 

— THE NEW YORK TIMES. 


Spreading the Arts’ Magic 


How many students in American schools can 
choreograph a dance duo. read and sing music 
in four parts, or write a television script? Those 
ore some of the ambitious goals in arts educa- 
tion standards presented to Education Secre- 
tory Richard Riley. The standards, though vol- 
untary. may look daunting, especially to 
schools whose arts curriculum has been thinned 
nearly to disappearance by a generation of 
merciless cuts. But their significance and use- 
fulness could go beyond raising expectations. 

Though similar in many ways to the curricu- 
lum-con tern standards being developed in ar- 
eas like math, reading, science and history, the 
arts standards came about by a longer and 
more circuitous route. The legislation known as 
“Goals 2000" originally did not include them 
among the academic “core areas.’' Am educa- 
tors feared the omission would only worsen 
what had been happening already: Faced with 
budget cuts plus pressure to add more academ- 
ic subjects, almost all the big-city public school 
systems and most others as well simply cut out 
their arts programs. 

A generation ago. a child from a moderate- 
income family, attending a mid-level public 
school, could be exposed to clay modeling, 
amateur theatricals or violin lessons. Nowa- 
days. that happens only in the richest schools 
and in the urban systems not at all. a pattern 


that has contributed to drastic racial imbal- 
ances like the one in classical music. 

Fierce lobbying and a huge research push, 
supported in part by the National Endowment 
for the Arts and the Kennedy Cento - , were 
responsible for the inclusion of the arts stan- 
dards. The research push also explains the 
comprehensive and ambitious nature of the 
standards and the degree to which they spell 
out what was barely guessed at for years, even 
by the best arts teachers: What wcxild consti- 
tute a “well-rounded arts education" likely to 
produce a lifetime of enjoyment and continued 
involvement? No school will be able to offer 
everything envisioned. But planning any curric- 
ulum becomes vastly more manageable — in- 
deed. conceivable — with a reputable, agreed- 
upon descrip non of what's out there to learn. 

Putting art back into the curriculum in a 
serious way makes sense, not just because it can 
seize students' imaginations but also because it 
can be so different from class work, jumbling 
the hierarchy and giving kids different views of 
one another. Everyone knows the arts have 
magical qualities, but until now the magic has 
been scattershot, its successes anecdotal and 
too often unrepeatable. Magic this powerful 
deserves to be spread more evenly and under- 
stood more reliably. 

— THE WASHINGTON POST. 


mm 


International Herald Tribune 

ESTABLISHED IBS? 

KATHARINE GRAHAM. ARTHUR OCHS SULZBERGER 

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L ONDON — As news of Whitewater crosses 
r the Atlantic, we Europeans search again for 
the answer to tbe central question: Just what do 
you guys think you’re doing? 

This looks like the third presidency in the last 
six to be severely damaged — perhaps crippled — 
by a major scandal. The other three, tbe Ford. 
Carter and Bush presidencies, suffered from mi- 
nor scandals, but you got rid of them anyway, 
at die First opportunity. 

The received wisdom appears to be that it is not 

The leader of the world finds 
himself stymied by distant events 
that everyone agrees are of little 
real importance. It is astonishing. 

the details of Whitewater that count; what is 
important is the cover-up. The subtext of that is: 
We don’t care what happened all those years ago in 
Arkansas, a faraway state of which we know little. 
All that does matter is what occurred in Washing- 
ton. where Washington people can police the 
breaking of their own obscure and arcane rules. 

Washington used to be called the Capital of the 
Free World, but since the fall of communism it is 
more like Lbe Capital of tbe Whole World. 

Yet it appears to ran by a set of mores and 
customs as obscure to the rest of the world as the 
social practices of the Trobriand Islanders. 

For example, we are told, Bernard Nussbaum 


By Simon Hoggart 

had to resign as White House counsel because he 
took part in “inappropriate briefings." 

I cannot imagine a single head of government — 
certainly not here in Britain or e'en in largely 
scandal-free nations like Canada and Finland — 
who could survive if that particular charge were 
thought to be damaging. 

Possibly the development of Lhe scandal can be 
attributed to Republicans’ exacting revenge for the 
Watergate and Iran-contra affairs. Possibly the 
American press, among die world's most conserva- 
tive in its habits, feels comfortable going through 
tbe famili ar motions once again. 

Whatever tbe reason, Lbe fact remains that ibe 
man who is ex officio the leader of the world finds 
himself stymied by distant events that everyone 
agrees are of little real importance. It is an aston- 
ishing situation. 

For the rest of us, especially those who admire 
and even love the United Stales, this is depressing 
enough. But it heightens again a crucial fact: The 
means by which a president gets elected is increas- 
ingly incompatible with bis role as world leader. 

You demand total financial integrity from your 
politicians, while agreeing to a system that requires 
them to raise millions of dollars to have any bope 
of being elected. You say in effect. “We will vote 
for you if you woo us at stupendous expense, but 
every penny you raise must be unblemished." 

You also require that the president ran for office 
in a unique and demotic American fashion. 

Ronald Reagan and Bill Clinton wear baseball 


Time for the Clintons to Come Out of the Laager 


W ASHINGTON — How did the 
Whitewater land deal get 
transformed from a story the press 
felt free to brash off in 1992 into a 
threat to the Clinton presidency and 
a gargantuan media industry in 1 994? 
Who is responsible for this? 

Not the Republican Party 1 . Of 
course the Republicans, smarting at 
Bill Clinton’s successes, are riding 
this story for all it’s worth. And yes. 
the Repubticanspulled a bait-and- 
switch on Mr. Clinton, saying first 
that he needed to name a special 
counsel to clear the air oo 
Whitewater and then saying no. 
that's not enough, we need congres- 
sional hearings. And it is true that the 
Republicans have turned 180 degrees 
since the Reagan-Bush days on such 
issues as executive authority and con- 
gressional oversight. 

But Representative Jim Leach of 
Iowa is right about this: The job of 
the opposition party is to kick up a 
fuss whenever the party in power 
gives any sign of straying from the 
ethical straight-and-narrow. In simi- 
lar circumstances. the Democrats 
would do — have done — the same. 


By E. J. Dionne Jr. 


It is much easier to build a case 
against the media. There is. first the 
simple question: If the press saw 
Whitewater as a trivial matter during 
the presidential campaign, why did it 
hyperventilate this year with compar- 
isons of an old land deal to Watergate 
and Iran-contra? 

The press has developed wbat you 
might think of as a grammar of scan- 
dal where tbe same words, tones and 
gestures are invoked whenever a story 
like this comes up. As a result ajQ 
alleged scandals sound equally horri- 
ble. even when it is not clear in all 
cases just what the scandal is. 

The recipe is simple: Pull a few 
evocative words off the shelf — 
“shredding" and “White House in 
disarray” are my favorites — and 
blend in a portentous tone that mixes 
astonishment outrage and studied 
concern. Bake for a while and — 
presto! — you have judicial investiga- 
tions. congressional hearings and an 
army of reporters assigned to keep 
the story going. 

It is. at best, wildly premature to 


compare Whitewater to Watergate or 
Iran-contra. Watergate and Iran-con- 
tra began with major abuses of execu- 
tive power in Washington; the origi- 
nal sins of Whitewater, if they are 
sins, were committed long before Mr. 
Clinton became president. And the 
Whitewater damage-control meet- 
ings. though foolish, were not appar- 
ently criminal cover-ups. 

But no. the press is not the prime 
mover here. What turned Whitewater 
from a complicated and obscure set 
of financial transactions into a Big 
Story were a series of steps by the 
administration that the press simply 
could not ignore. 

After Vincent Foster's suicide, 
there was tbe removal of the 
Whitewater papers from his office by 
the While House counseL Bernard 
Nussbaum. The White House did not 
disclose (hat facL and it came to light 
only months later. When it did be- 
come known, it was only natural that 
people would ask exactly what had 
been removed, and why. 

Then there was word’ that the Res- 


A New China Lobby Skews the Debate 


W ASHINGTON —Two things 
are as certain as death and 
taxes in China’s future, say Ameri- 
can businessmen operating, there: 
China is the world’s next economic 
superpower. And economic pro- 
gress will force the Communist ger- 
ontocracy to adopt democratic 
freedoms to protect growth. 

Who says Marxism is dead? 

It nourishes in Beijing, with a 
twist: Instead of party commissars, 
U.S. corporate executives preach 
that economic power is all-decisive 
in human relations. 

It suits their purposes to do so as 
the Ginton administration debates 
linking human rights and trade con- 
cessions for China. The debale puts 
the spotlight on the neo- Marxists of 
the new China lobby: the U.S. com- 
panies that are reaping big profits 
in China and hoping for even more 
golden paydays ahead. 

Do not misunderstand my point. 
Those executives have an obligation 
to their shareholders to do just what 
they are doing. When their activities 
in China contribute directly to jobs 
and economic growth in America, 
they are justified in aiguing for more 
UJ5.-China trade. 

But exaggeration has crept into 
the debate oa the benefits that U.S. 
workers and companies get from 
America's treating the subsidized, 
low-wage economy of China like a 
normal free- market trading part- 
ner. The new China lobby over- 
states its case, in ways that give 
China undeserved diplomatic lever- 
age over the American government. 

Secretary of State Warren Chris- 
topher, whose trip to Beijing this 
month sharpened the debate, was 
treated to the new China lobby's 


By Jim Hoagland 


economic romanticism in Beijing, 
where he met with the American 
Chamber of Commerce. 

Pleading with Mr. Christopher to 
renew China's low-tariff access to 
the UJ3. market by extending most- 
favored-nation status. Chamber 
members described China as an en- 
gine for world economic growth. 

William Warwick, chairman of 
AT&T-Chirio, said. “Either we es- 
tablish a major presence in the Chi- 
na market, or we forget about being 
a global player. Forget even about 
being able to defend our whole mar- 
ket in what is increasingly an inter- 
dependent world economy." 

Jeffrey Gannon of General Elec- 
tric. which has invested $12 billion 
in China, told Mr. Christopher “We 
are looking to shift the center of 
gravity of our company towards this 
hi|h-growih market-"' That echoed 
GE*s chief executive officer. Jack 
Welch, who recently said that if 
GE*s strategy of investment in China 
is wrong, “it’s a billion dollars, a 
couple rtf billion dollars. If it is right 
it is the future of this company Tor 
the next century." 

The fate of AT&T and GE de- 
pend on the Chinese market? I have 
not heard such enthusiasm for bas- 
ing America's economic future on 
foreign economic developments 
since the mid-70s. when oil stales 
like Abu Dhabi and Qatar were 
poised (at least in headlines and an- 
nual reports) to take over U.S. Finan- 
cial and industrial markets. Unless it 
was in the mid-1980s, when Japan 
was about to do tbe same. 

China may prolong its growth 


rate, now around 9 percent far into 
the future. But as a country that 
faces traumatic political upheaval 
when a very old Old Guard dies, and 
which is snort oa managerial and 
financial expertise, it probably 
won'L Basing current policies on fu- 
ture prospects is not justified here. 

Nor is the optimism that wade 
will inevitably force Deng Xiaoping 
and lus Politburo comrades to ac- 
cept democratic freedoms. Cham- 
ber executives in Beijing main- 
tained that because of economics, 
China is moving in the right direc- 
tion on human rights and democra- 
cy. a view disputed by the most 
recent Asia Watch and State De- 
partment reports. 

Favored-trade status helps liberal- 
ize Chinese society at tbe margins. 
But to exaggerate' the impact Urn 
withholding or extending tariff re- 
ductions wiif haw on the Commu- 
nists' determination to hold power is 
to misread the Communists, history 
and economics. Mr. Deng showed at 
Tiananmen Square in 1989 how he 
responds to economically inspired 
pressure for democratic reform. 

President Bill Clinton has stum- 
bled into a punishing thicket. He is 
on a collision course with China, 
human rights groups, tbe business 
community — oral! three when tbe 
inevitable compromise emerges. 

But Mr. Clinton and Mr. Chris- 
topher have inaugurated a broad 
debate worth having about Chi- 
na’s future. It is worth establishing 
a broad consensus now that Chi- 
na's path into the 21st century is 
one of the two great strategic ques- 
tions of tbe Gimon years. The oth- 
er of course is Russia. 

The Washington Post. 


olution Trust Corp. had urged the 
Justice Department to mount a crimi- 
nal investigation of Madison Guar- 
anty Savings & Loan, owned by tbe 
Clintons’ Whitewater partner, Jim 
McDougaL A top White House aide 
denied knowing anything about this, 
■which turned out to be a lie. 

Then the Clintons' lawyer arranged 
to have a subpoena for Whitewater 
documents broadened, which looked 
like a way to keep as many of them as 
possible out erf public view. 

All this produced the one question 
that keeps this story going: If the 
Clintons have nothing to hide, why 
do they seem to be hiding things? 

Maybe there really is something 
dreadful underneath all this. But so 
far, the evidence doesn't appear to 
support such a dark view. 

ine Clintons' problem lies not 
with Whitewater itself, but in a White 
House permeated by a hatred of the 
press, a resentment of disclosure and 
an attitude of embattlemenL 
Mr. Clinton is also being hurt by a 
staff proclivity that William Safire.’ in 
his book “Before the Fall," attributed 
to the Nixon White House: the “us" 
against “them" syndrome. 

The truth is that the whole world is 
not out to gel the Clintons, nor is 
most of what passes for official 
■Washington, nor — as conservative 
media critics would be the first to tell 
them — is the press. 

On the contrary, a lot of people 
have hailed the Clintons for their will- 
ingness to lake on rough issues — 
health care, welfare and big-city social 
breakdown, for starters. Most Ameri- 
cans want to talk about these things 
and not Whitewater. But the Clintons 
need to slop seeing legitimate ques- 
tions as invasions w privacy. They and 
their lieutenants need to overcome the 
“us” against “them" syndrome, which 
could do them a lot more damage than 
Whitewater. 

The Washington Post. 


caps to show they are regular guys; Francois 
Mitterrand wears the most expensive suits to 
show that be is not. and be would sooner wear a 
dead trout on his bead than a baseball cap. 

This matters only at the level erf symboL But writ 
large it means that the president always has to 
follow an essentially domestic agenda. 

When the late Speaker Tip O’Neill observed that 
all politics is local. 1 don't imagine he meant that 
the local politics of swing states should be helping 
to determine .America’s day-to-day response in. 
say. Bosnia. 

Sometimes the two interests mesh or at least 
don't conflict, as in the Middle East But it is 
paralyzing for tbe United States and the world 
when that is not the case. 

Tbe problem has been hugely exacerbated by 
the Permanent Campaign. 

Tbe days when a president could follow his 
judgment for three and a half years, turning him- 
self only briefly into a huckster, are long gone- In 
19 of the past 25 years, the president has been up 
for rejection; a modern presidency’ is largely a 
four-year TV commercial for the next campaign. 

It is probably too late to get that toothpaste back 
into the tube. 

But meanwhile the world looks on. fearing that 
its leader will be paralyzed by events of scant 
interest or significance to anyone at all — perhaps 
this time, even inride the Beltway. 

The writer, former Washington correspondent for 
The Observer of London, new covers the British 
Parliament for The Guardian. He contributed this 
comment to The New York Times. 


Neighbors 
And Friends 
In Israel 

By Flora Lewis 

P ARIS — They are a curiosity. Ety 
and Anwar, and they hope to be 
an inspiration. But meanwhile, they 
are living a life dial suits and satisfies 
them in a land full of fear. 

Both are Israelis. Ety Edlund is 
Jewish, married to a non-Jewirii 
Swede who wanted to be a pioneer. 
Anwar Daoud is Arab, from a village 
near Acre. He studied at Hebrew 
University and settled down in East 
Jerusalem with his wife, also Palestin- 
ian. and they have two children. 

“But after six months of the inti- 
fada," Anwar said, his fiercely luxuri- 
ant black moustache giving him a 
decisive look. “I couldn't stand it. 1 
wanted out. another atmosphere.” 

Both Ety and Anwar are teachers 
in a unique school in a double- named 
village. Neve Shalom/Wahat al-Sa- 
lam which means “oasis of peace" in 
Hebrew and Arabic, taken from Isa- 
iah. There are a hundred people in 
tbe village, including children, and 
the difference from other places in 
Israel with both Jewish and Arab 
populations like Haifa, or Acre, or 
Jerusalem itself, is that the residents 
deliberately chose to live together in a 
single community to “show that it is 
possible," Ety said 
There are many places, both in 
Israel inside the “green line" and in 
the occupied territories, where Jen’s 
and Arabs live side by side — but ir is 
usually as “my neighbor, my enemy," 
in the words Thomas Friedman used . 
in a book about bow they see each * 
other. They don't visit each other's 
houses. They keep their children sep- 
arate, their holidays separate. 

In Neve Shalom/ WahaL al-Salam, 
which is half and half, the whole 
point is to join, to leant about die 
differences, of history, of custom, of 
outlook and of feeling. It is not to 
create a third, merged background. 
From nursery school and kindetgar- 
ten. always led by a Jewish and an 
Arab teacher who each speaks his or 
her own language, the children are 
encouraged to be aware of their spe- 
cific identity, and to accept tbe other, 
learning both languages. 

The village itself is on a rocky hill 
that had not been inhabited or culti- 
vated for a thousand years. From 
Israeli independence until after the 
1967 war, it was in a demilitarized 
stretch of no-man's-land about half- 
way between Jerusalem and Tel Aviv. 

The land belongs to the nearby 
Trappist monastery at Latruo. Twen- 
ty years ago. the monks rented it for 3 
cents a year to a handful of idealists 
who wanted to try this other kind of 
neighborliness, and slowly, painfully, 
they planted olive groves and built 
lodgings, then the school, meeting 
halls, now a country hoteL 
But it isn't a kibbutz. Each family . 
tives on its own. with its own budget, ‘ 
and it has no official support. Only 
last year, the Education Ministry fi- 
nally certified the school which non 
also takes day students from three 
Arab and five Jewish villages within 
busing distance. 

There is no church, or mosque, or 
synagogue, but a “house oFafence," 
called Doumia, where people contem- 
plate and rites can be performed. Tie 
children are taught scripture, Jewish. 
Christian. Muslim. “But the school is 
lay. and strictly nonpoliticized." Ety 
said, “though we know that what we 
are doing is very political." 

They run special programs in a 
“school of peace," for students, for 
teachers, for people who warn to 
know what it is like to meet “the 
other'" on friendly terms. Some 
15,000 have attended their seminars, 
weekends, weeks. “We live in one 
country." Ety said, “but mostly we 
never meet in a normal way." 

She is a pale, slim, earnest woman. 
Anwar is big, burly. They’ both seemed 
shy in the Paris apartment where 50 or 
so people had been invited to meet 
than, in hopes of provoking contribu- 
tions so their totally autonomous vil- 
lage can maintain and expand its 
reach, and perhaps inspire similar ex- 
periments elsewhere in down-to-earth 
education for living in peace. They say 
they fed secure in their villa ge, while 
people elsewhere are so frightened, 
“because we know it is possible.'' 

They do not preach or harangue^ 
or try to rouse emotion. They are 
touching because they are so mod- 
est, so few, so eager to live by 
their convictions. 

The papers are full of stories 
about Baruch Goldstein, whose con- 
viction was to kill. There has to be 
room too for Ely and Anwar and 
their families and their neighbors. 
Their address is Neve Shalom/Wa- 
hat al-Salam, 99766 Doar Na S biin- 
son, Israel, or care of Brother Bruno 
Hussar, Maison Isaie, 20 Rehov 
Agron, 91013, Jerusalem. 

Flora Lewis. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894: A Channel Bridge? 

LONDON — In reference to the 
scheme for the construction of a 
bridge and railway across tbe English 
Channel, details have been prepared 
of the expenditure that is proposed to 
be incurred under the bfll now before 
lbe Parliament. Tbe Estimates show 
that the works will cost only £98,900. 
These works will be carriedout mere- 
ly for the purpose of demonstrating 
the practicability of constructing and 
maintaining a Channel bridge. In (he 
event of these experimental works 
proving successful it is proposed by 
the bill to authorise the Lords of the 
Treasury to sanction the prosecu- 
tion of permanent works. 

1919: Budapest Siege 

BALE — The Revolutionary Gov- 
ernment erf Soldiers'. Feasants’ and 
Workmen's Councils has proclaimed 
a state or siege in Budapest, but there 
is no open disorder in the city. A large 
number of the population is out of 


work and the streets are patrolled by 
the Popular Guard. Revolutionary 
flags and posters bearing the in- 
scription “Long Live the Govern- 
ment of the Proletariat’’ are dis- 
played in great numbers. 

1944: A Luftwaffe Reply 

LONDON — (From oor New York 
edition:] The Luftwaffe accepted 
America's challenge today. [March 
23]. swarming up in strength to battle 
an armada of 1.500 planes which 
lashed 1,000 square miles of the Ruhr 
valley and penetrated deeper imo 
Germany to pound Brunswick. The 
six-pronged assault followed by a 
few hours a record Royal Air Force 
raid by moonlight which rained 
3.360 tons of explosives on battered 
Frankfurt, leaving it blazing and 
copied. The German radio re* 
ported this evening that enemy air- 
craft were crossing the Rhine in the 
direction of southwest German), in- 
dicating RAF. bombers were carry- 
ing out a round-the-clock assault. 






i \ti:kn vnu> vi. hkkai.p tribl.ne. thi rsday, march 24 , 199 + 

OPINION 


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Just Saying Nice Things 
To Haitians Won h Help 


By Bob 

]NJ E ^' YORK -— Wi‘h most people. 
1^ and especially with politician* it 
is more instructive to watch the thmas 
they do than to listen to what thev sav 
™ » “ “ ^ President Bill Clinion 
and the extreme split between his hiah- 
xoned rhetoric and his administration'*- 
shameful behavior regarding Haiti. 

Mr. Clinion has been unwavering in 
ms spoken support for the restoration of 
demoemy in Haiti and the return 10 
power of its ousted president. the Rever- 
end Jean-Bertrand Aristide. In a radio 
address to the Haitian people in January 
^ 7 ’^r' Clinion. then president-elect, 
said: “Several years ago, 1 saw personal- 
ty the beauty of your land. I fell the 
warmth of your people and ever since I 
have wanted you to have freedom and 
democracy and economic opponuniiv." 

As a candidate. Mr. Clinton repeated- 
ly attacked the Bush administration's 
Haitian refugee policy, saving at one 
point, U I am appalled by the decision of 
the Bush administration to pick up flee- 
ing Haitians- on the high seas and forc- 
ibly return them to Haiti before consid- 
ering their claim to political asylum.” 

Mr. Clinton is a master of the corral 
thing to say in any situation. But all \ou 
need is a glimpse of the net the U.S. 
Coast Guard has thrown around Haiti 
to capture —and return — fleeing refu- 
gees to realize that the president's ac- 
tions can be something else a gai n 


Next, Include the (A rmans 

Regarding '‘France Is Wrong to Leave 
Germany Out in the Cold" f Opinion. 
March IQ) by William Pfaff: 

The controversy about not inviting 
the German government to the Nor- 
mandy commemoration on June 6 can 
only grow in the next few months. Un- 
less something is done, it will almost 
inevitably lead to a sense of injury on 
the pan of the German people and will 
have a divisive effect within the Euro- 
pean Union and NATO. 

John C. Ausland made a wise sugges- 
tion (“Ter More Anniversaries. ” Opinion, 
March Ml when he called for a V-E Day 
commemoration. This, and not the Nor- 
mandy ceremony, should be the focal 
point of the World War II ceremonies in 
the coming year and a half. 

I would suggest that a major and 
internationally significant V-E Day 
commemoration be held in Berlin in 
May 1995 and that all the former war- 
ring countries participate. The com- 
memoration must honor those who 
fought and died to free Europe. Bui it 
should also pay tribute to the German 
people, who, in the last 50 years, have 


built a just, sound and prosperous de- 
mocracy upon the ashes of defeat. 

Whai better place io hold such a cere- 
mony than Berlin — scene of the last 
great battle of the European war. cock- 
pit of the Cold War and capital of a 
newly reunited Germany? 

STEVEN KLEIN. 

Munich. 

Hie World Is Watching 

Regarding “Nco-Naz’s Hail Hol.nausi 
Ruling" (March I h Craig R- Whnney: 

We. the foreign members of the Karls- 
ruhe (Germany i City Council Foreign- 
ers Affairs Committee, were pleased lo 
see in your front-page article, concern- 
ing the German high court's decision to 
overturn the conviction of Gunter Deck- 
ert, that the world is carefully observing 
the behavior of the German courts to- 
ward the far right. 

These courts are still regarded with 
distrust by foreigners and German foes 
of fascism and racism — in part be- 
cause of the notorious postwar policy 
of appointing former Nazis as judges 


of appointing former Nazis as judges 
and in part because of the obvious 



.3 ? •- \ 




Herbert 

This lesson has been hammered re- 
peaiedlv into the bead of Father Aris- 
tide. The ircuimcni he has received from 
his “friends" in the United States seems 
very peculiar when you consider that he 
and the democracy that he represents 
are the clear victims in this saga, and 
that the murderous thugs who ousted 
him in a coup in September 1991 are 
villains devoid of any redeeming value. 

The Clinton administration has tried 
to impose on Father .Aristide a scries of 
proposed “settlements" that, if carried 
out. would have meant at best that he 
would return to Haiti as president in 
name only, unable to govern effectively, 
and at worst thjt he would he placed in 
imminent dinger of beine murdered. 

The latest of diesc is a ludicrous plan, 
dreamed up hy the State Department, 
that would virtually assure the coup 
leaders amnesty and a strong voice in 
the formation of a new govemmen Land 
doesn't even bother to set u target date 
for Father .Aristide's return. 

Father Aristide has quite sensibly re- 
jected Midi proposals. For that be’ has 
been labeled intransigent and treated 
increasingly shabbily by the administra- 
tion. No matter that he upheld his end 
of last year's Governors Island accord, 
and that the coup leaders treated the 
accord the way a scofflaw treats a park- 
ing ticket. Father .Aristide may have 
won a free and fair elect ion in Haiti, but 







to the political sophisticates in the upper 
echelons of the government in Washing- 
ton he is a boor and j nuisance. 

The administration, in conjunction 
with the United Nations, has also im- 
posed on embargo on Haiti that has 
substantially increased the suffering of 
the Haitian pci>p!e and is so riddled 
wiih loopholes it has not come close to 
bringing the junta to its knees. 

A commercial embargo imposed by 




the United Slates was carefully crafted 
to exclude assembly plants, which are 
used by companies outside Haiti to as- 
semble goods in Haiti (with cheap Hai- 
tian labor) for export elsewhere. US. 
trade with Haiti increased in 1993. 

Meanwhile, the atrocities committed 
bv the police and the military against 
the Haitian population continue. 


Thousands of civilians have been 
killed, tens of thousands are in hiding. 


LETTERS TO THE EDITOR 


reluctance to bring Nazis, old and new, 
before the courts. 

Mr. Decker! is running for mayor of 
Karlsruhe in order to enhance his le- 
gitimacy. We have requested that the 
other mayoral candidates refuse to ap- 
pear on the same platform os Mr. 
Decken: appearing together would 
give the impression that he. too. is a 
democratic candidate when, in fact, he 
would drastically curtail our democrat- 
ic and civil rights. 

JEFFREY SCHEVITZ 
ifor ihe 12 foreign membcisx 
Karlsruhe. Germany. 

A Turkish Reply 

Regarding ‘‘An Appeal hi Turkey " 
( Letters . March ISl from Bernard 
Kouchner and Bernard Dorm: 

Mr. Kouchner speaks of rebellion by 
PKK, the outlawed Kurdish terrorist 
organization. A sovereign state is am- 
ply emitted to quell such a group by all 
means it deems appropriate. 

The PKK has never discarded its 
Marast-LcnJnist orientation. Nor has it 
ended its terrorist activities. 

Turkey is a unitary state and will 


Human rights organizations report 
that the Haitian police and aimed civil- 
ians allied with them are raping women 
with impunity as part of their country- 
wide campaign of terror. 

Eventually even the prettiest of 
words can lose their meaning in the 
xild light of reality. While President 
Clinton says nice things about them, 
the Haitians are being destroyed 
The New York Times. 


remain so notwithstanding efforts to 
dismember it. 

IRFAN SARUHAN. 

Ambassador of Turkey. 

Bangkok. 

The former French minister of health 
and humanitarian action and an ambas- 
sador of France stale. “We cannot be- 
lieve that a state that aspires to belong to 
a democratic Europe is on the verge of 
committing genocide." 

Such controversial statements and ac- 
cusations by European officials regard- 
ing Turkey 'only serve to sour relations 
and display European bias. If the former 
minister and ambassador seek to find a 
case of genocide, where nearly 250.000 
people have been killed in two years, 
they do not have to look any farther 
than the borders of Europe. 

YASEM1N DOBRA-MAN CO. 

IstanbuL 

After Orwell and Mencken 

Regarding “Cool These Overheated 
PC Minds’' (Meanwhile, March Ml by 
Saul Bellow: 

What is needed now is a “1994” de- 


A Simple Word of Advice 
Straight Out of the Script 


By Frank Rich 


nouncing the new S talinism of thought, 
as the writer calls it, promoted by the 
neoreligious zeal of the PC fanatics. 
Since neither Mencken nor Orwell is 
around any longer for die task. Saul 
Bellow’s position could inspire a new 
masterpiece of American literature. 

REN E-OLIVIER ORLEAN. 

Paris. 

Trade and Human Rights 

Laudable as Bill Clinton's and War- 
ren Christopher’s human rights preach- 
ings are. if this issue is so important to 
them they should resign and join Asia 
Watch or Amnesty International 

What is the difference between a Chi- 
nese dissident and a Palestinian in Israel 

OT a “fundamentalist” Muslim io Egypt 

or Algeria? Can one morally equate 
sending $3 billion a year to Egypt and 
Israel and withdrawing most-fa vored- 
nation trading status from China on the 
grounds of upholding human rights? 

For the United States to fail to renew 
China's favorable trade status would be 
unfortunate for both economic and po- 
litical reasons and supremely hypocriti- 
cal while the country lends support to so 


N EW YORK — After several years 
of trying to avoid Generation X. 
which has been much too sweatily try- 
ing to upstage my own boomer genera- 
tion in the popular press, I finally suc- 
cumbed last weekend by going to see 
“Reality Bites.” 

This is the movie that has been both 
praised as the last word on X-ers and 

MEANWHILE 

damned as Hollywood's slickest effon 
yet to exploit them — which makes it 
this year s answer to “The Graduate,” 
the 1967 classic that either summed up 
my generation or caricatured it for big 
bucks. “Reality Bites,” like “The Grad- 
uate,*' is a funny movie. Bui isn't it 
telling the same story? 

Once again a bright but alienated 
recent college graduate mopes about, 
unable or unwilling to find a job or 
a reason to exist. A pretty, somewhat 
more directed young woman most 
choose between me alienated hero and 
a square go-getter. 

A scowling father reprimands his 
child: “HI tell you the problem with 
your generation — you don’t have any 
work ethic.” And everyone smokes a lot 
even when they haven’t just finished 
having sex. 

Has nothing changed? Did my gener- 
ation moke a major bore of itself for all 
these years only to be supplanted by a 
bunch of kids who are boring in almost 


many other unquestionably oppressive 
governments. It would reduce U.S. 
influence in Asia and it would be bad for 
American workers. 

ROY D. K1RKDORFFER. 
Mouans-Sartoux, France. 


What Clinton Should Do 

Irrespective of the Clintons' innocence 
or guilt in the Whitewater affair, docu- 


in the Nixon tapes) and evidence will be 
conflicting. In short, the Clinton presi- 
dency will be so HrnnagfH that the affair 
will leave a dangerous power vacuum. 
Would that Bill Clinton realized this and 
resigned now, saving the country the long 
and drawn-out agony of perhaps years of 
a Justice Department investigation. 

If he should decide to resign, or be 
forced to do so. A1 Gore would move into 
the White House. It could be worse but 
not reach — which is what was said of 
Hany Tr uman after Franklin Roosevelt 
died in 1945. Mr. Truman went on to 
become a near-great president 

J.N. MANSON. 

Paris. 


the same way? In a panic, ! phoned my 
favorite source on Generation X my 
27-year-old sister-in-law. Phoebe. I 
know that Phoebe is a card-carrying 
slacker because she drinks Snapple. 
shops at the Gap, has had her attention 
span shortened by watching “Melrose 
Place" and MTV, and was actually in- 
terviewed Tor a network documentary 
about twenty-somethings. 

She did not dispute my point. “Why is 
this generation any more lost than any 
other at this age?” she asked. 

So where did all this Generation .\ 
hype come from, and where will it end? 

The pattern, once again, is all too 
f amiliar . In the case of Generation X. 
the fust shot was sounded by Douglas 
Coupland's comic if anomie-packed 
1991 novel of that title with a Day-Glo 
cover, computer graphics and sound- 
bite-size marginalia. 

(For my generation, substitute "Zen 
and the Art of Motorcycle Mainte- 
nance,” which is still being read by X-ers 
in “Reality Bites.”) 

Then came the media blitz in which 
ma gazin e editors, both print and televj- ‘ 
sion, scrambled to identify, stereotype 
and, as we used to say, co-opt a genera- 
tion that, like ail American generations, 
is nothing if not a new mar Let 

In the late 1960s my generation was 
sold jeans, rock music, love beads. , 
“youth” movies with rock soundtracks, 
campy posters of iconic '50s sitcoms' 
(“Leave It to Beaver"), herbal teas and " 
assembly-line psychedelia. 

In the early 1990s. X-ers are *old 
j eans, rock music, chokers, “youth" 
movies with rock soundtracks, campy 
posters of iconic 70s sitcoms (“The Bra- 
dy Bunch”), herbal iced teas and assem- 
bly-line psychedelia. 

Now comes the reaction. The first - 
serious shot was fired early last year in 
The New Republic, when X-er Alex an- ‘ 
der Star attacked the burgeoning cliches 
Of “The Tweniysomething Myth.” 

Simultaneously The New York 
Times published an Op-Ed essay in 
which two self-labeled “boomlets” ar- 
gued that their generation (“older than 
24 and younger than 32”) should be 
seen as distinct from “Grunge Kids” 
just out of college. 

Another rump group of X-ers, thought- 
ful contributors to a Washington maga- 
zine called The Next Progressive, are de- 
claring their own independence in on 


anthology. “Next" due out in May. 

Eric uu, the 25-year-old editor, ex- 
plains that his writers are “individuals, 
not archetypes" who forsake “a sound- 
bitten. graphics-laden, eye-popping 
style" to avoid “the snap judgments . . . 
that have characterized most reports on 
the ‘twentysomething' crowd.” 

Good luck to him. But as a member 
of the generation his parents warned 
him against, I have one simple word of 
advice: “Plastics.” 

The New York Times. 






Television’s Omv 24-Hour Global News Network 



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Page 6 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 24, 1994 


** 


Hong Kong Symbol, 
Jardine , Further 
Flees China ’s Grip 


By Kevin Murphy 

International Herald Tribune 

• HONG KONG — Showing a 
acfc of confidence in Hong Kong's 
oUure under Chinese rale, Jardine 
Matheson Holdings, the oldest and 
post British of the colony's trading 
Rouses, said Wednesday it would 
frail' trading in its shares in Hong 
Kong at the end of the year. 

■ The decision by a conglomerate 
that has been synonymous with 
Hong Kong's rise as a global busi- 
ness capital is as much a milestone 
jn the waning of British colonial 
power as removing the gueen from 
the currency or preparations for the 
last elections under British rule. 

: Jardine denied that its decision, 
tvhich ends a long dispute with lo- 
Cal_ securities regulators over their 
jurisdiction, was based on political 
factors, and it expressed hopes of 
expanding its business in Hong 
Kong and China. 

But by moving to no longer list 
its' shares and avoid regulation in 
Hong Kong, where the majority of 
group assets lie and profits are 
carried. Jardine Matheson, now 
heaaquartered in Bermuda, has 
cast doubts on the future effective- 
ness of Hong Kong's securities reg- 
ulation after 1997. 

In essence, the conglomerate 
would rather depend on judicial 
regulation in Bermuda or London 
than face administrative or politi- 
cal regulation by the authorities in 
Beijing after control of Hong Kong 
reverts lo C hina in 1997. 

The Bermuda Code, like the 
Hong Kong Code, is based on the 
London Takeover Code," said Jar- 
dine Matheson's chairman. Henry 
Keswick, ‘"the main difference be- 
ing that it is statutory rather than 
voluntary and is therefore to be 
interpreted by the courts rather 
than an administrative panel." 

A representative here of the Beij- 
ing government called Jardine 
Matheson's move “extremely irre- 
sponsible.” 

The research director of Pere- 
grine Securities, Ravi Narain, said, 
“The timing could not be worse 
from various standpoints, given the 
strains in Sino-Ll.K. ties and the 
performance of the group's share 
price," Reuters reportai 
Yet despite the symbolism of the 
move, analysts said the controlling- 
Keswick family's final step toward 
protecting its assets was unlikely to 
prompt an exodus of non-Chinese 


To subscribe in Germany 

just call, loll free, 

0130 84 85 85 


companies. In fact, while local 
news reports foreshadowing 
Wednesday's announcement 
prompted an 8.S percent fall in 
Jardine Matheson's share price be- 
fore it was suspended from trading, 
the Hang Seng Index gained more 
than 5 percent overall. 

“It's going to bun than more 
than Hong Kong," said Howard 
Winn, research director at Sun 
Hung Kai Securities. “It's very un- 
likely other companies wQl follow 
their example." He added. “When 
the group changed its domicile to 
Bermuda in 1984 it was a big deaL 
Others went after them. But today 
their relative influence in Hong 
Kong is hugely diminished. They 
are being eclipsed by new Chinese 
companies." 

Other public companies con- 
trolled by the group reported heavy 
losses, too. as investors speculated 
that they would follow their par- 
ent's example. Those companies in- 
cluded Dairy Farm International 
Ltd, Jardine international Motor, 
Mandarin Oriental Holds, Jardine 
Strategic Holdings Ltd. and Hong- 
kong Land Holdings Ltd. 

Together they are Hong Kong's 
largest private employer and com- 
prise nearly 10 percent of Hong 
Kong's Hang Seng Index. 

Jardine Matheson shares repre- 
sented 1.8 {percent of Hong Kong's 
market capitalization at the end of 
last month. The shares will still Ik 
traded in London. Singapore, Aus- 
tralia and Luxembourg after they 
are withdrawn here on Dec. 31. 

William Jardine, a wealthy opi- 
um trader, helped persuade Britain 
to fight C hina in the Opium War of 
1840-1841, which resulted in China 
ceding Hong Kong to Britain. 

Jardine Matheson thrived in the 
last century on profits earned in the 
opium trade and has been inextri- 
cably linked with the British colo- 
nial government ever since. 

While other hongs, or trading 
houses, have been taken over by 
local Chinese interests, or have 
hired local senior executives or en- 
listed companies with strong links 
to Beijing as their partners, the 
Keswicks have fiercely guarded 
Jardine Matheson’s independence. 

But autonomy has come at a high 
price. The group, which lost sub- 
stantial holdings in Shan ghai after 
its fall to Communist forces in 
1949, has been criticized by inves- 
tors for lagging behind its rivals in 
investing in China. 

In late 1992, the group was at- 
tacked by Beijing for its suspected 
supporting role in plans to introduce 
more democracy in Hong Kong for 
the last elections under British rale. 


After 2 Years, Muslim and Serb Sarajevo Are Linked 


By David B. Ottaway 

Washington Past Service 

SARAJEVO, Bosnia-Herzegovina — There were 
scenes of great joy and others of heart-rending grief 
on Wednesday as a trickle of Sarajevans managed to 
take advantage of the first day of the opening of 
three routes in and around the Bosnian capital to 
reunite with loved ones long separated by the Serbi- 
an siege of the city. 

The focus of attention was the Brotherhood and 
Unity Bridge in the center of the city where, after a 
tense 90- minute delay caused by a political dispute, 
only 41 people from the two sides of the divided city 
were finally allowed to cross the Miljacka River. 

The cause of the delay and dispute was a sign 
posted prominently at the Serbian-held end of the 
bridge announcing that visitors were entering “New 
Sarajevo" in the independent “Srpska Republic" of 
Bosnia. The Muslim-led Bosnian government, which 


is insisting cm one open, reunified city, objected 
vehemently and sought in vain to have it taken 
down. 

But only nine people left from the sector of the 
city controlled by the Bosnian government in a 
United Natioos-escorted bus to make use of another 
route leading to central Bosnia, while just 14 Mus- 
lims inaugurated a special UN-protected route 
around the airport connecting the city to the long- 
isolated Muslim suburb of Butmir. 

Bosnian Serbs seemed to profit the most Wednes- 
day from the three new routes opened up by the UN 
peacekeeping force. Within less than an hour. 90 
people traveled between two previously Serbian sub- 
urbs on two sides of the airport 

Brigadier General Andre Soubirou, commander 
of the UN peacekeeping force in Sarajevo, said the 
modest start to the use of the three new UN-super- 
vised routes was “normal.” given the fears on both 


sides that something might go wrong on the first day. 
But be insisted that it constituted “a small but very 
important step" toward making freedom of move- 
ment possible in and around the city. 

StilL it was dear from what happened Wednesday 
that both the Bosnian government and Bosnian. 
Serbian authorities are also applying brakes on free- 
dom of movement. Both still seem anxious and 
uncertain about the implications of a possible exo- 
dus from the sector of the city each side controls. 

President Alija Izetbegovic said Monday that the 
government would place “no Omits whatsoever" on 
the departure of people from its sector of the dty 
except for those charged with criminal offensives. 
But. in fact, it was mostly only men over 60 years of 
age and women over 55 ’who were being allowed to 
leave or cross the bridge, and the government checks 
and approves each application. 

The Bosnian Serbs are being just as careful about 


who leaves and who comes into Grbavica. Wednes- 
day. most of the 25 adults and 2 children who 
crossed the bridge were given a police escort once 
they had completed “border formalities" for enter- 
ing “Srpska Republic." 

■ Serbs Hijack UN Aid Convoy 

Bosnian Serbian troops hijacked and looted a 10- 
track UN aid convoy headed for a Muslim enclave 
on Wednesday in what a relief official described as 
an “extremely serious incident," Reuters reported. 

“A convoy bound for Maglaj was stopped 6y Serb 
military authorities at a new checkpoint east of 
Teslic cm Wednesday afternoon,” said Kris Jan- 
owski. spokesman for the Sarajevo office of the UN 
High Commissioner for Refugees. “Serb trucks 
pulled alongside the convoy and stole their radios 
and all the food. We view this as an extremely 
serious incident." 


ANC Urges 
Seizure of 
Zulu Area 


Reuters 

JOHANNESBURG — Two Af- 
rican National Congress officials 
on Wednesday called on South Af- 
rica's multiparty Transitional Ex- 
ecutive Council' to seize control of 
the KwaZulu homeland of the In- 
ks tits Freedom Party leader, Man- 
gosuthu Buthelezi. 

“The situation is explosive," said 
Jeff Redebe, an ANC official in 
Natal Province. He said that unless 
the council “moved quickly to seize 
control of KwaZulu, many lives 
will be lost and the election process 
is in danger of being sabotaged.” 

Jacob Zuma, the senior ANC 
leader in the province, where ANC 
and fnkatha supporters have been 
fighting each other for 10 years, 
said Chief Buthelezi was involved 
in an orchestrated plan to stop the 
elections. 

At least 80 people have been 
killed in five days of political un- 
rest in KwaZulu-Natal townships ■ 
and rural areas, the police and oth- 
er sources said Wednesday. More 
than 10,000 people have died since 



Kohl Offers Interim EU Plan 


By Tom Buerkle 

I nt emotional Herald Tribune 

BRUSSELS — Chancellor Hel- 
mut Kohl sought to keep the Euro- 
pean Union’s expansion hopes 
alive Wednesday by proposing a 
temporary solution" to the bloc's 
power-sharing dispute, but EU of- 
ficials sold there was no sign that 
the appeal would succeed with Brit- 
ain and Sp ain ,, 

Mr. Kohl's comments in Bonn 
came as Greek officials, who hold 
the rotating ELI presidency, held 
new talks with British and Spanish 
officials here in a last-ditch bid to 
find a compromise before a meet- 
ing of foreign ministers in Ioanni- 
na. Greece, this weekend. 

But members of the European 
Parliament said that Britain’s hard- 
line stance was jeopardizing the 


membership hopes of Sweden, Fin- 
land, Austria and Norway. They 
warned that they would reject any 
proposal on EU voting rights that 
gives in to London's demands. 

“Even if there is a compromise 
that comes from Ioannina. it will 
always be a feeble compromise, 
and one we can't accept," said Ray- 
monde Duty, a Belgian Socialist 
member, at a session called to re- 
view the enlargement negotiations. 

EU officials have warned thal if 
the voting dispute was not resolved 
in Ioannina this weekend, the entry 
of the four candidate countries will 
be delayed by up to six months 
beyond the Jan. 1 target date. 

Mr. Kohl expressed hope of re- 
solving the voting dispute, saying 
at a news conference in Bonn. “I 
believe that with goodwill solutions 


can be found, which in some cir- 
cumstances could be interim solu- 
tions." He indicated that the 12 EU 
members could agree on voting ar- 
rangements that would stay in ef- 
fect only until a 1996 intergovern- 
mental conference, which will 
review EU governing mechanisms. 

But EU officials in Brussels said 
the fundamental stumbling block 
on the voting issue remained. Brit- 
ain was demanding a legally bind- 
ing guarantee that two big states 
and one small one can continue to 
block EU legislation. 

The other 10 members were in- 
sisting that the blocking minority 
must be enlarged as the union 
grows, although they have offered a 
wailing period to seek compro- 
mises on issues where two big and 
one small state are isolated. 


2 Koreas Step Up Warnings 


the struggle Supremacy between 
pro- ANC and pro-Inkatha Zulus 
began in the region in 1984. 

Mr. Buthelezi is boycotting 
South Africa’s first all-race elec- 
tions April 26-28 and is demanding 
virtual autonomy for the province. 
He says the interim constitution 
will merely replace 300 years of 
white supremacy with domination 
by the ANC, whose candidates are 
heavily favored in the election. 

The government and the Transi- 
tional Executive Council appointed 
joint administrators to ran another 
black homeland. Ciska. following 


Prter ifc Joot Thc Auhoilk! PMu 

President de Klerk bugging a local National Party candidate on 
Wednesday during a campaign stop in eastern Cape Province. 


the resignation of its military ruler. 
Brigadier Oupa Gqozo. 

Brigadier Gqozo said he feared a 
bloodbath following a revolt by po- 
lice and civil servants worried 
about their pay and pensions when 
homelands, created under apart- 
heid, disappear after the elections. 

Similar demands by public offi- 
cials toppled Bophuthatswana's 
autocratic leader. Lucas Mangope. 
two weeks ago. 

President Frederik W. de Klerk 



raid Wednesday that the situation 
in the Ciskri homeland was “very 
volatile." 

Political analysts said that the 
prospects of peace or intensified 
war in Natal Province was delicate- 
ly balanced on international medi- 
ation between Inkatha and the 
ANC. 

Analysts said they believed that 
Chief Buthelezi might agree to vot- 
ing in Natal and KwaZulu even if 
he decided to boycott the poll. 

A senior ANC official said a for- 
mer U.S. secretary of state. Henry 
A- Kissinger, and a former British 
foreign secretary. Lord Carrington, 
had been chosen as mediators. 

The ANC and Inkatha agreed 
earlier this month to try to resolve 
their differences through interna- 
tional mediation following months 
of deadlock in multiparty talks. 


Complied fa- Our Staff From Dispatches 

SEOUL — The two Koreas trad- 
ed bellicose warnings on Wednes- 
day amid signs from Washington 
that the United States was trying to 
cool tensions over North Korea's 
suspected nuclear program. 

South Korea put its military on 
heightened alert, ordering leaves 
canceled and keeping commanders 
at their posts. Land, sea and air 
patrols were stepped up, officials 
said. 

Defense Minister Rhee Byoung 
Tae said thai Seoul was readv to 
defend itself against North Korea 
and would use any attack as a 
“chance to reunify'" the peninsula. 

"Should North Korea attack," 
he told a parliamentary committee, 
"combined South Korean-U.S. 
forces or South Korean forces 
alone will strongly retaliate.’ 1 

He said that strategies were be- . 
ing set up to use a North Korean 
attack as a chance to reunify the 
Korean Peninsula "depending on 
the seriousness of the provoca- 
tion." He did not elaborate. 

In Beijing. North Korea’s am- 
bassador referred to the Korean 
War in warning the United States 
not to send Patriot anti-missile bat- 


teries lo South Korea and not to go 
ahead with planned joint military 
exercises. Washington had an- 
nounced both moves earlier this 
week. 

“The American side should not 
forget the historical experience 
from the Korean War of the 1950s 
and should use it as a lesson." said 
the ambassador. Chu Chang Jun. 

North Korea, which says its nu- 
clear programs are for peaceful 
purposes, refused to let a team 
from the Vienna-based Interna- 
tional Atomic Energy Agency fully 
inspect its nuclear sites during a 
visit March 1-15. 

The decision prompted a new 
standoff with the United States. On 
Monday. North Korea threatened 
to pull out of (he Nuclear Nonpro- 
liferation Treaty. 

The increasingly strident re- 
marks came a day af ter Secretary of 
State Warren M. Christopher said 
that the United States would pur- 
sue further diplomatic pressures 
before seeking sanctions against 
North Korea over its refusal to al- 
low inspections. 

“We’ve made it dear to North 
Korea thal it must become a re- 


sponsible member of the interna- 
tional community or that commu- 
nity will have no choice but to 
pursue other options." Mr. Chris- 
topher told the Senate Foreign Re- 
lations Committee. 

Mr. Christopher and other U.S. 
officials spent much of the day- 
seeking to line up support in the 
United Nations for a resolution 
that will criticize North Korea and 
point indirectly to economic sanc- 
tions. 

In a warning to the United 
Stales, China's prime minister. Li 
Peng, said Tuesday in Beijing that 
increased pressures could aggra- 
vate the situation. 

“If pressure is applied on this 
issue, that can only complicate the 
situation on the Korean Peninsula 
and it will add to the tension 
there," he said. 

President Bill Clinton raid in 
comments published Wednesday 
that be was impressed with China's 
efforts to prevent North Korea 
from developing nuclear weapons. 

He also said he was "gratified at 
the way the Chinese have conduct- 
ed themselves’' on North Korea. 

(Reuters, AP. ,V>Tj 


Continued from Page 1 

own dealing rooms have Lbemselve* cut quite a 
swath. 

Christian Dunis. a currency economist at 
Chemical Bank, points to losses of as much as 
20 percent taken by several large currency 
funds in the first two months of the year — 
citing George Soros, whose Quantum Fund 
said it lost $600 million in yen-dollar trading. 
“It will certainly make them more cautious 
before they lake any more large positions." he 
said. 


It is that abundance or burned fingers and 
shortage of long-term investors that many 
blame for months of dull days in the trading 
rooms. Big fund managers.' many currency 
traders say. loaded up on dollars last year. They’ 
now have as much of the American currency as 
they can handle, and probably a lot more. 

The result. Mr. MacKinnon said, “is that 
since Die beginning of the year it has been an 
interbank market." In other words, hankers are 
buying and selling currencies among them- 


Rewarding 


selves and hoping to take some profit out of 
small, short-term moves — mini-tempests in 
minuscule teapots. Still absent are those fund 
managers willing to make the bold, long-term 
bets that can turn a shift in a currency’s value 
into a long-term trend, not to mention make a 
fortune. 

“People used to making big returns in foreign 
exchange have been very disappointed this 
year,’ Merrill Lynch's Mr. Broker said. “It is 
probably just a normal year, but the thing is 
that recent years have been so spectacular." 


ITALY: Berlusconi Denounces Police Raid on His Party as Leftist Plot 


Continued from Page 1 

nists of resorting to a last-minute dirty tricks 
campaign in what he called “a desperate effort" 
to catch up with Forza Italia in the campaign, 
the first since the country's old parties disap- 
peared as a result of corruption scandals. 

The election on Sunday and Mondav. con- 
sidered Italy’s most important vole in the post- 
war era. will determine the shape of the Parlia- 
ment and its executive branch. Mr. Berlusconi 
has accused those magistrates investigating his 
recently formed party and Fininvest. his debt- 
ridden television, retailing and advertising em- 
pire, of being leftist sympathizers. 

The tumultuous events Wednesday also 


came as mud-slinging escalated between Mr. 
Berlusconi and his adversaries over allegations 
that his Forza Italia was the Mafia's choice in 
the elections. 

The election battle reached fever pitch on 
Tuesday night when Mr. Berlusconi demanded 
the resignation of Luciano Violante of the 
Democratic Party of the Leri, the chairman of 
the Parliament s anti-Mafia commission. Mr. 
Violante’s published remarks in an interview 
with the newspaper La Slampa implied thal a 
top Berlusconi aide was under investigation in 
connection with a Mafia ring. 

On Wednesday. Mr. Violante denied making 
the comments quoted in the newspaper inter- 


view but nonetheless resigned from the com- 
mittee. A spokesman for Mr. Berlusconi pro- 
claimed Mr. Violanie's resignation “a political 
success. 

In recent weeks, the campaign has been char- 
acterized by increasingly demagogic and popu- 
ust rhetoric from both Mr. Berlusconi’s rightist 
coalition and Mr. Occhetto’s Progressive' Alii- _ 
ance. # 

While Mr. Berlusconi has made sweeping 
promises to create one million jobs and cut 
taxes. Mr. Occhetto has claimed that victory for 
the nghi would send the country lurching to- 
ward extremism. “The right is fostering a cli- 
mate of brawling, division, and even hatred." 
Mr. Occhetto raid Tuesday night. 





ALGERIA: France Tells Its Citizens to Leave Following Latest Slayine 

r/uilninpd from Pina f -n . . . - & 


Continued from Page I 

nationwide strike to protest the cancellation of 
elections. 

Thousands of other Islamic militants have 
been imprisoned or sequestered in remote de- 
sert camps in the southern part of the country. 
A Front spokesman living in exile raid nearly 
1,700 jailed activists, many facing death sen- 
tences or life terms, recently escaped from a top 
security fortress prison with the complicity of 
their guards. 

French intelligence source, said the level of 
clandestine warfare between the militants and 
elite security Torces. known us ginjas for the 
face masks they wear, had intensified greatlv. 


The sources said more than 3UU had been killed 
in the first three weeks of March. 

The junta's new president. Liamine Zeroual, 
vowed to open talks this week with alt political 
groups in another attempt to reach a consensus 
on how to solve the crisis. Bui Islamic militant 
groups have steadfastly refused to cooperate 
unless activists are released from jail and elec- 
tions restored. 

Britain. Germany. Italy. Spain and Russia 
have already ordered their citizens to leave 
Algeria. The United Slates has reduced its em- 
bassy to essential personnel and told Ameri- 
cans to stay out of the country unless their 
presence is absolutely necessary." 


France has long feared that an evacuation of 
its citizens would risk seeing Algeria's economv 
collapse under the weight of 526 hiltion in debt, 
out that concern has become secondary now 
that eight French citizens have been killed and 
wnn the danger that others may emerge as new 
targets. * 

An economic roll apse, a descent into civil 
war or un Islamic takeover in Algeria pose 
senous problems for France. Any of those sce- 
narios could unleash a tidal wave of refugee? 
among the many Algerians with French papers 
w no would want to enter France at a time when 
the conservative government is Irving to curtail 
the number of North Africans residing here. 


A*. - 


: :u. .j.. : ■ 


' 3 33.33 Y.fCr’O 


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Morning hand-delivery of the IHT 
day-of-publication is now available. 
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European 


topics 


Competition Is Taking Froth 
Out of Small Czech Breweries 

The Czech Republic’s 80 breweries, whose 

S et has long been M imponanr £75 

hfe. have been rudely jolted bv the 
iransiuon to capitalism. J - lQe 

i«?SSr e ^l b€en P rivadzed ' others returned 

gwp^wsrise 

Most of the breweries use outdated tech- 
hoIoct, bnt an association of small brewers 
says burdensome taxes prevent them from 
modernizing. They are calling for a progres- 
flve tax system like that in Germany. 
Bavarn alone supports about 900 breweries, 
n A T of lhe cenw^y. notes Stanislav 
w £? a brewery in Humpolec. 
there were 650 Czech breweries. He calls to 
steps to save “the differences of brand and 
“®*A and to preserve tradition" —a tradition 
endmned m the works of Czech writers from 
Bohunul HrabaJ to Vaclav HaveL 
Czec h s still hold the world record for annu- 
al beer consumption, at 153 titere per inhabit- 
ant (though the figure fefl 8.5 percent last 
year because of price rises and competition 
from nonalcoholic beverages). 


That guarantees the brewers wide public 
backing. The Beer Lovers’ Party has thou- 
sands of members, and with support from its 
British counterpart, the Campaign for Real 
Ale, it continues die fight to preserve small 
breweries. 

Around Europe 

French women gathered Wednesday across 
from the Eiffel Tower to mark 50 years of 
women’s suffrage. It hasn't been quite 50 
years — amid some controversy. General de 
Gaulle signed a special order on April 21, 
1944, to grant women the vote. Women now- 
make up 54 percent of the French electorate, 
but they occupy only 6 percent of the seats in 
Parliament. That compares with 8 percent in 
Italy. 14 percent in Spain, 20 percent in 
Germany and 38 percent in Finland. 

President Francois Mitterrand recently re- 
vived the idea of political quoias for women. 
But critics noted that his own Socialist Party 
has ma de little progress since adopting a 30 
percent quota for women as candidates in 
1990. Even the Greens party, which declares 
itsdf feminist, admits that it has been unable 
to field enough women to be candidates. 

Step aside, children of the ’60s, you're 
showing your age: Thai might be the slogan 
of a German politician who is given a good 
chance of becoming the youngest member 
ever elected to the Bundestag. Matthias Ber- 
ninger. a 23-year-old Green party politician 
from Hesse state, surprised everyone by lead- 
ing the ecology party’s list in recent local 
elections. If, in legislative elections later this | 


year, the state’s Greens pass the 10 percent 
barrier required to place deputies in the Bun- 
destag, he appears assured of a seat, reports 
Der Spiegel. 

The leader of his list, Joschka Fischer, 45, 
had advised Mr. Bemmgcr not to run yeL But 
the soft- voiced student insists that the party 
— average age about 40 — needs genera- 
tional change. He mocks his older comrades 
as the "grayed Greens.” Mr. Beraingcr was 
12 when the Greens first entered the Bundes- 
tag, and he missed the 1968 protests that 
forged the politics of a generation — "I 
wasn’t bom yet.” 

But he is no rank amateur. He has spoken 
■at regional and national meetings, and his 
views seem calculated not to provoke bin to 
win votes. "The Greens are not enemies of the 
economy," he says, "we will promote the 
economy and create jobs.” Even Joschka Fi- 
scher grudgingly admits, "be has talent.” 

British men generally leave the sometimes 
embarrassing task of buying imderwear to the 
women in their lives, according to a new 
survey. Half of the women periled by Min tel, a 
marketing agency, said they bought under- 
wear to men, while 13 percent of men say 
they never buy their own underwear. The 
survey of 1.500 adults did not ask those men 
why they failed to do so, "We don’t know 
whether it’s because they don't wear under- 
wear or they are too lazyi" said a spokesman. 
“We just don’t know." 


Brian Knowlton 


Opus Dei Head, Alvaro del Portillo, Dies 


By Alan Cowell 

.Vim York Tima Serna 

ROME — Bishop Alvaro dd 
Portillo. 80. the bead of Opus Dei, 
the conservative Roman Catholic 
movement that has drawn much 
controversy since its founding in 
1928, died of a heart attack in 
Rome on Wednesday. 

Bishop Portillo had been the 
head of the movement since its 
rounder, Monsignor Jose Maria 
Escriva de Balaguer, died in 1975. 

Bom in Madrid, Bishop Portillo 
joined Opus Dei in 1935 and be- 
came a priest nine years later. From 
his first days within the organiza- 
tion, be was a close confidant of the 
founder and was subsequently part 
of an intense campaign to have him 
beatified. 

It bore fruit in 1992 when, in the 
relatively short space of 17 years 
following Monsignor Balaguer’s 
death, the Pope beatified him at a 
ceremony that drew 200,000 to Sl 
P eter's Square. 

The stated goal of Opus Dei is to 
promote the gospel through exem- 
plary behavior socially and aL 
work. Bit liberal Catholics have 
long accused it of being secretive 
and elitist, using disproportionate 
influence at the Vatican to create a 
“ch urch- wi thin-a-church." 


Bishop Portillo, however, always 
m ai n ta i ned that the movement, 
with 77,000 members worldwide, 
1,500 of them priests, had no rink , 
ter aspect. 

In 1982, the Pope conferred the 
unusual status of a personal prda- 
ture on Opus Dei. setting it apart 
from the hierarchy and granting it a 
special kind of autonomy. 

A successor to Bishop Portillo 
will be chosen at a special congress 
that would submit its decision to 
ihePopei 

Giulietta Manna, 74, 
FeffinFs Widow and Star 

ROME (AP) — Giulietta Ma- 
rina. 74. the widow and often the 
leading lady in Federico Fellini's 
films, died Wednesday in Rome. 

Miss Marina was being treated 
to a tumor at a clinic where she 
had been admitted in October. 

The wide-eyed actress appeared 
in some of Mr. Fellini ’s best-known 
films, including “La Strada,” “The 
Nights of Cabiria” and “Juliet of 
the Spirits.” 

She returned to Lhe screen in 
1985 after almost 20 yearn to star 
with Marcello Mastroianni in Mr. 
Fellini's '"Ginger and Fred." 

Mr. Fellini died in October after 
a stroke, and a badly shaken Miss 


Masina was hospitalized with ex- 
haustion. 

Miss M arina, bom near Bolo- 
gna, was the daughter of a school 
teacher, and began acting with a 
university drama group. She got 
her first break in 1942. starring on 
an Italian radio show in a play 
written by a fellow student — Fel- 
lini. They were married the foUow- 
inzyear. 

She made her film debut in a bit 
pan in Roberto Rossellini's “Pai- 
sa” in 1946. 

She won the best actress award 
at the Cannes film festival in 1956 
for her role as a prostitute in the 
"Nights of Cabiria.” 

Walter Lantz, 93, the pioneering 
animator who created Woody 
Woodpecker and other cartoon fa- 
vorites, died oT heart failure Tues- 
day in Los Angeles. He also created 
Chilly Willy, Andy Panda, Oswald 
Rabbit, Cootie Bug and other char- 
acters. 

Estelle Sommers, 74, the admin- 
istrator and joint owner of the na- 
tionwide Capezio Dance-Theater 
Shops and an arts patron who ad- 
vised many important dance 
groups, died of cancer Monday in 
New York. 

Ruth Jordan, whose autobiogra- 


^ up as a Jewish girl 
Palestine won an American Jew- 
ish literary award, died from liver 
cancer in London on March 17. 






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and salary exuuLhi h o i B k* 
LT£M 93, avenue da Fontainebleau. 
94276 Le Kremin Btcftre Cedes. Frmx. 


HUNGUAL SECRETARY 
INGUSH/ FRENCH 
far Ugel Dkedor of hi-tech group. 

2/3 yean experience in intemamnal 
law firm, knowtedge of Gernai 
a ppreaated. Motrvdting position in 


submit resume and photo: 

SELECTIVE EXECUTIVE ASSISTANTS, 
91 rue du Faubouta Sami Honor*, 
75006 Park fan.- (7) 42 W 15 60. 


SECRETARIES AVAILABLE 

HUNGUAL EXECUTIVE SECRETARY 
seeks position Paris area, 15 yeas 
experience, (names Bax 3564, Fax 

CBTl46 37 937a 

EDUCATIONAL 
POSmONS WANTED 


Business School Executive 

Seeking positron os. General Manager, 
Director to set up manage lot ff»ge 
“* laban C8W 

wtkhwde. 


schools, translation 
firs, - vo aii on ol 


uienhddMJt 

schoaa mid 


I have 25 year* experience 
schools m U5. Oroda, 
Europe S’ Jopsn. Ftuert 
French, Rusaon, ttakan & Spanish. 

US. & French dfeenshja. Fat RVK, 
Cannes, Franca (33) 93 38 90 70. 


Ill DKplhf 

aiih. Hove 


EDUCATIONAL 
POSITIONS AVAILABLE 

WELL ESTABLISHED LANGUAGE 
SCHOOL in Pans, seeks BILINGUAL 
ENGLISH MOTHER TONGUE 
TEACHERS, rrimmum 1 yea ogsrij 

9 me 


eree. ffL . 

CV + pfwo «* 

Maurrce Grandcairu. 94300 tviy/Seme 
do , Cathy Sp3L TaEl-45733380 

EXECUTIVE 
POSITIONS AVAILABLE 

US BANK A BROKER 

based in Ftn. a looking tor 
AN ACCOUNT EXECUTIVE 
la jam its bode office teem. 
Candidate should be fluent in English, 
Goman and French, panes* a ptoaanl 
penonafiy aid work wm under 
pressure. A previous enperiena in the 

borAkig/ securities industry wwtd be an 
odwtrtage. Plocne send a hanchyrrmwi 
caver letter. CV & photo to Box 3555. 
LKT, 92521 Neuily Cede*, Franca. 

EXECUTIVES AVAILABLE* 

TOP CLASS SALES AND MARKETING 
perfectly Irlngufi European manager 
french German Engksn) with exttn- 
rive experience r services, aonsunef 
and hrteeh product* scats, posingn to 
sdve your start-up problem*. Pfirs 
brae re fa outoble n Europe end US. 
Tcb +33-1-4603 2047, Fox 4141 9874 
FASHION BS> BASED IN NY exf***- 

tnorkelKiq, cm naif f Moron 
wfes/jTOrtcrtng mcnogomem posmon 
wiSt/estabkshed 

■JBgBiJSJtiilg 

gSmcxv US & 

pootion, Tel/Fox toi* 33-1 44W 7487 
ATTORNEY. Anwke* seek* wrifiy- 
ment with law firm hi Para. Lxencnd, 
t& non 


general positions 

AVAILABLE 


HOTaCONIROUH 

Leodng live star hotel mUbonon, j 
East of Betrut. m«ks a tigNy 
Cortrahr with ecaiSesi wtefpj«0W j 

tnremof ayXroL Pawion awJaw 
mmecfiatdy- Carxkfote cut haw o 
fladtekjr'i Degree *i «««*»* 
tel 5 ran "L?S| 

axourttrfl management, ana sow? 
howfcrige of oompifcr™? KCMWg 


atUriand fmfiaxs m advatnw _ 
Send CV with phao. te«tn«e» <™ 

7. rue dk MoaMvxfAa. 751 16 Pon* 

PAOBCHMCO^ANW 
Inwiiationfi eiwshnert turn reprom- 
taTSISr Formed < *■*■ «*» 

fS anolyta of 

m enter ong, high nsk marttrt "J™ 

Poetic Our axierf 

Korea 

ccrtpds, ereo expetwe <*# 
etHrience in this regm CbnyeneBnon 

karts. Prinapoh only. Ccrth**«riry 
ggijred. Heose owd *? 

Dr. DaridChaww 

P.a flax 

1211 Genew* . 

Qeacva, SwlUeH and 


trcmlatnnd^jr^ 

3^ BaJogne. 


INTERNATIONAL RECRUITMENT 



The Product Development and Design Center of the Philippines, 
a technical agency of the Department of Trade and Industry, invites 

Product Specialists in the areas of 
furniture, gifts and housewares, marble, ceramics, jewelry, and packaging. 

The Product Specialists w ill spearhead innovations in product development and 
adaptation through the establishment of design strategies and directions, 
the implementation of identified work programs and consultancy projects, and 
the dissemination of information on market and design trends and developments. 

The Product Specialists must have sufficient international work experience in 
product development, marketing, merchandising or related areas on a consultancy level; 

sufficient knowledge of dominant and emerging market and design trends; 
effective communication skills; familiarity with Philippine products and markets; 

willingness to travel to identified provinces of the Philippines. 

Program will commence in April 1994. Interested parties may inquire from: 

Executive Director, Product Development and Design Center of the Philippines 
CCP Complex, Roxas Boulevard, Pasay C'ty, Philippines P.O. Box 161 
Telephone Numbers (632) 832 1112 - 19 Fax Number (632) 832 3649 


Our client is a renowned multinational company being a major player in the business of selling and servicing of long-life 
installations of high technical standard. Revenues are US$ 3 billion and the number of employees exceed 30'000. 

Within the organization a division is dealing with and supporting all aspects of sourcing. The Head of this division 
whom we are now looking for is a member of the Corporate Management reporting to the Chief Operating Officer. 

; WBSm 

In accordance with the corporate policies and business strategies the scope and main purpose of the position is to 
ensure on a worldwide basis the international sourcing. This Sourcing Function encompasses the following principal 
strategic tasks: 



S To ensure leadership and coordination for the main 
component plants worldwide, i.e. in Europe, in the 
U.S.A. and in the Asia/Pacific To ensure that these 
units receive the necessary and timely support and 
guidance from corporate services 
S To develop and implement the make or buy policies and 
procedures 

B To organize and monitor the Logistics worldwide 
3 To orchestrate worldwide all corporate purchasing 
activites 


The qualifications: 

B Good education and high intellect with a university 
degree in engineering or economics 
9 Working experience in a comparable environment i.e. 

first d ass multinational company and relevant industries 
E such as automotive, aircraft, aerospace, defence etc; 

industries with zero defect products 
B International business experience 
E Knowledgeable in modern logistics as well as production 
technology 


Energetic Candidates with the necessary flexibility to adapt and perform In an international group located in 
Switzerland, should apply. Please send your confidential information to K/F ASSOCIATES, CF.-Meyer Strasse 14, CH- 
8027 Zurich, reference number 63007-12. Should you need any additional information, please call Ms Kristina Rippstein 
(Tel. ##41-1-2B1 01 00). 


K/F ASSOCIATES 


DIVIMOV OI : KOK.\ FI.RRY < AKKT.. OKIl.VN I VI I: K NATION. VL 


r THE WORLD-WIDE FOOD BUSINESS FORUM 

seeks for its PARIS HQ a 

Manage - Specialised Management Programmes 

Your Mission: To develop Conference Programmes in the areas of 
Chain Management. IT and Marketing and to assist the Senior 
in me coordination of international c omm ittees In die above areas. 

Probabl 


Supply d 
VFmmer 

jlu aged between SO and 35 years, you an: an English Mother 
tongue University graduate (valid working papers), fluent in French and 
either German or Spanish, with proven ability to international 
coordination and facilitation at Sailor Management level- Experience of 
the food retail sector a distinct advantage. 

Please send lull CV., pholo and salary mnumrunis to: 

PX). Box D433,IHT,181,Aw. dudes de Gwlfe, 


SALES POSTKXifARN JlOtyXXH- 

US. rt-Tedi Security McwicduringCo. 
ho* operinfl. Lqwfan STore 

Aguraem. Suonfl doling & Me- 
mortaring skills □ must Care er 


ARTISTIC AGENCY 
hi MONTE CAITO 

****** EXPBWttHJ 5A1S 
EXECUTIVE fcf praduoo 
show). Tniinowl fnacftr 
(saounand wnr_ 
TtaMmao(33|93 50i499 

HMD WORK M AMSBCA. ,~j^ 
owJcifc m soiei, oxapute*, odnw»- 
ircxicn. medkai. (octanes, hundnta rf 
pos in om avofabki GoB Job* (Menu- 
itatabc at +31 3403 50544 W- 

tad - 

OVERSEAS FRENCH TERRITORIES 
(DOM-TQMJ & ABROAD., Numerate 
■ate ovdttae. To receive mformtnon 
an the meuam Foncim, write to: 
IQ2L BP 3*03365 PARS CBJEX OB 


SEHC TEMPORARY, mature, bflngud 
usukite, ot, to help newamn set- 
tle in m C.V, photo la Executive 
I fi tamtay 3 me Berner. 75006 Peris 

GENERAL POSTnONS 
WANTED 

EUROPEAN BOB! American dtizen, 20 
yean sukbbM marketing and man- 
agement mduurid prockxK, Far East 
aid Lam America Restart Matayaa 
since 1990 seeks sutabie passion or 
conutancy u saa nm eni. Foe 603- 
2412975 or wSe » FO &* 10626, 
Kucb Limpi*. Malania. 
MBKS1WG POSITION REQUIRED 
by wd travefcd En gEsfi na t PA/ 
ncratiWodfiwirircAve/past iuvaiv 
_ . 3/QiaAete/Counw. KnaO- 
i of Arabc. Fax: UK 925 «SH3 

or Tet 925 821729 

TOP LEVEL EXECUTIVE ASSISTANT, 
Ungual EngSsh/ French, eduandj 
esmawnced. exelrt pieseniaiian/ 
sub, retaMB, seeds chdbnang Pans 
based oosmon. fat Farsi 1-42 M 26 56 
TRANS LATOR/HMTOR, American 
seeb shart/long term projech. In 
cable reference*. Fax | 



DEAN OF THE ELUOTT SCHOOL 
OF INTERNATIONAL AFFAIRS 


The 


^ Carxfiriates should 

I^Ban advanoBd acadant or professoral degree, a rawd d protective 
schdarato. evidanco otathin&tralive experiance, (jiafecaMii by ftimg aid 
expoiewe for appointment as a senior _ 

mdwtake ur»wSlv4evBl cadamal davetopmoRt and public rplafions The 
Untorsfy. lounded in 1821, also has sdjods of arti and^vc«.^ai^tai, 
engineering, law, maniement, and mafcane. Total enrolmsril Is 1BJXJ0. 

Tlie B&ott Softool has 87 members. # «*«s 

detreo progams and seven MA prograns. Toa und^^J^enroflmrtis 

1^0; paliaie students lum^ef 600, Admission is highly selective. 

AopfcatiaTS aid nonUraUkre^ are being ^ reviewed now^T^wntiriueunSlhe 
JoSmtefiteti- Prefened starting dateijMy 1, 1894. Salary wfl be 

r*— . ^ ^ -_J -.MMUaltnne 


Send nonwatiofl at appfcatkir arri resuro !o: 


rinrui guiUU WI U " *** ** * 

Dean Seareti, Attention: Ms. Cleo Graves 
Rice Han. Room 801 . 

The George Washington uraveisiy 

Washington, DC 20&2 

Fte: (202) 994-5436 

The GBOrga Washin^m Univwsily ban 
equal opporMity, affimaSve aeflon enpoyw. 


«HOLDERBANKn Finonciere Glaris S.A. is a Swiss-based international 
group of companies specialized in the manufacture of cement and allied 
products. 

«Holderbank» is setting up operations in the Middle East and Arabic 
countries. These ventures will bring new positions in the company for: 

GENERAL MANAGERS 
SITE MANAGERS 
PRODUCTION MANAGERS 
and 

MAINTENANCE MANAGERS 

The ideal candidates should have a sound knowledge of the cement, 
concrete or related industries or have sound experience from the heavy or 
mining industry. Working experience in the Middle East countries or 
related to these countries will be a great advantage. 

An Engineering and/or Business degree will be a prerequisite. Relocating 
and adapting to the Middle Eastern countries is a given and therefore is 
fluency in French and/or English necessary, wilh Arabic as an advantage. 

Please send your application to the following address: 


// 

H 

Ol 

lD 

| 

R 

BA 

N 

K" 


«Holderbank» Management & Consulting Ltd. 
Management Services 
CH - 5113 Holderbank/Switzerland 
Att: Mr. Otto Jaggy 

Director of Corporate Management Development 


■ 


Financial Copy Editors 


The International Herald 
Tribune is looking for senior copy 
editors to fill important roles on 
the business ana financial copy 
desk in its Paris newsroom. 

A minimum requirement 
is several years' experience 
editing business and financial copy 
in the newsroom of one or more 
major English-language daily 
newspapers. 


The successful candidates 
will have a sophisticated interna- 
tional perspective based on jour- 
nalistic experience in Asia and/or 
continental Europe, as well as a 
full understanding of the 
American financial markets. 

Interested applicants 
should fax resumes to the busi- 
ness/finance editor in Paris 
at (33-1) 46 37 93 38, or mail to: 


Business/Finance Editor 

International Herald Tribune, 181, Avenue Charies-de-Gaulle 
92521 Neuilly Cedex/France 

‘Tt-fr 4 te INTERNATIONAL eta# # f 

ne ralo^^,eribunc 


Council of Europe 


Conseil de I'Europe 


★ 

★ 

★ 


★ 

★ 

★ 


* * * 


Translators; join the Secretariat of the European 
Commission of Human Rights in Strasbourg ! 


This permanent post in the 
European Commission of 
Human Rights is open maO 
nationals of member states of 
the Cound of Europe. 

Working under the authority of 
the Secretary to the Commission, 
you wffl translate into English 

mdnfy lego/ texts written in 

fiwdi and, pe/fiaps, other ' 
European languages. These wS 
indude decisions of the 
European Commission of 
Human Rjgfas, reports, irxMual 


opinions, memoranda, press 
releases, etc 

Aged under 45, you must have o 
good uimcrsiy degree brood 
general axfturaf awareness, and 
appropriate professional 
experience, preferably in the 
transfatxjD oftega/ texts, 

English wS be your mother 
tor^ue^andywwSneedan 
excellent knowledge of French 
end, at lea% one other 
European language. Knowledge 
of European legal systems, 


espedafy die English and French, 
would be an advantage. 

We offfer attractive remuneration 
and condtttons of emptoyment 
Further informatio n and cfjkial 
appkadon firms (to be returned 
by 31 May 1994) may be 
obtained from the Human 
Resources Dmsfan (Recnritment 
Section], Gwmdf of Europe, 
67075 Strasbourg Cedex, 

France. Mease quote ref. 45194 
and endose a sdfaddressed, un- 
stamped envelope (23 x 32 c m). 


Translators 


M/F 


I 

i 


5'5-g.g S&a' n sT3 ^e-sP'nsr.To 










Page 8 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 24, 1994 


HEALTH /SCIENCE 


Unseen Force, Tugging at Galaxies, Upsets Ideas of U niverse 


By John Noble Wilford 

New York Tima Service 


EW YORK — Somewhere Ear out ia 
the universe, something is exerting a 
tremendous pull on the Milky way 
galaxy, whim includes the solar sys- 
tem, and most of its neighboring galaxies, as- 
tronomers have found. 

What is tugging, at these galaxies is not 
known, but it may be invisible matter dumped 
on much larger scales than can be readily ex- 
plained by any current theory. 

The astronomers who discovered the magni- 
tude of these peculiar galactic motions say their 
observations “strongly challenge our under- 
standing of bow the universe evolved.’ 1 

The first reactions of scientists to the End- 
ings have run from astonishment to skepticism 
to earnest debate over the implications for 
theories str aining to answer one of the most 
puzzling questions in cosmology: How did the 
universe evolve from an early state of virtual 


homogeneity to the observed lumpy conditions 
today in which stars congregate in galaxies. 
galaxies in clusters and dusters of galaxies in 
superdusters that stretch across hundreds of 
fwflftnng of light-years of space? 

These theories are based on the well-estab- 
lished idea that some unknown invisible matter,- 
railed dark matter, accounts for more than 90 
percent of the mass of the universe and presum- 
ably helps account for its structure. 

But many of these theories were already 
undergoing drastic revisions. 

The unsettling discovery was made by Dr. 
Tod R. i*ner of the National Optical Astrono- 
my Observatories in Tucson, Arizona, and Dr. 
Marc Postman of tbe Space Telescope Science 
Institute in Baltimore, Maryland. 

They conducted a study of galaxy motions 
over the entire sky out to distances of more than 
500 million light-years, 30 times the volume of 
space that bad been previously surveyed. The 
results will be published in the April 20 issue of 
The Astropbysical Journal 


The two astronomers found that in addition 
to moving with the general expansion of the 
universe the Milky Way and the nearby uni- 
verse appear to be drifting in a particular direc- 
tion with respect to the more distant universe. 

They are moving with an average velocity of 
425 miles a second m the direction of the constel- 
lation Virgo. Tins motion, in a completely differ- 
ent direction from that inferred from other ob- 
servations, is also faster and presumably caused 
by TTwrh greater concentrations of mass at much 
greater distances than had been estimated. 

Dr. Postman said in an interview that he and 
Dr. Imwt did not know tbe nature of the force 
ni g gin g at the Milky Way and its neighbors. 
But it must be at least 300 minion light-years 
away, if not further, he said, and have a mass 
100,000 times that of tbe entire Milky Way, 
which is an agglomeration of 100 billion stars. 

“This is pioneering work,” said Dr. Joel Pri- 
tnaeV, a theoretical astrophysicist at the Uni- 
versity of California at Santa Cruz. 

It would mean that the “Great Attractor,” 
the postulated mass of gravitational strength 


Beyond the Eye of the Beholder 


W ASHINGTON — We live in an 
age of individual freedom and cul- 
tural relativism. The notion that 
there are eternal verities about hu- 
man behavior seems old-fashioned at best, op- 
pressive at worst. 

Nevertheless, it may be true that there is an 
ideal of physical beauty, a specific appearance 
that pleases through time and across culture, a 
Platonic face. That idea got a boost with a 
report in Nature suggesting that there are 
certain features of young women's faces that 
are judged inherently attractive, regardless of 
culture or race. 

This observation came as a team of psycholo- 
gists was testing the prevailing theory that “av- 
erageness” of facial features is considaed beau- 
tiful What they found, instead, is that slight 
distortion of certain dimensions can create an 
appearance judged as even more attractive than 
averageness. 

The idea that averageness is attractive was 
first made more than a century ago by Francis 
Gallon, a cousin of Charles Darwin. Like many 
useful scientific observations, this one occurred 
by aoddent. 

Mr. Gallon was a polymath. He more or less 
invented tbe mathematical field of statistics. He 
was a noted geneticist, and a founder of the 
eugenics movement. He wrote the first book 
about fingerprints, and popularized (though 
probably did not originate) the ideas that fin- 
gerprints are both unique to individuals and 
unchanging throughout life. 

In 1878, Mr. Gallon published a paper in 
which he described his attempt to discover the 
prototypical criminal face by superimposing 
photographs of known criminals ami creating a 


By David Brown 

W ashingron Part Service 


composite. To his surprise, tbe final face, far 
from being a paragon of evil, appeared more 
attractive than the real miscreants whose fea- 
tures it incorporated. 

A similar experiment was reported in 1990 by 
two scientists who used computer software to 
produce composite faces from numerous indi- 
vidual images. Again, the face that averaged all 
features was judged more appealing than nearly 
all the constituent faces. 

In the new study, David I. Perrett and Keith 
May of (he University of St. Andrews in Scot- 
land, and SaJtiko Yoshikawa of Otcmon Ga~ 
kuin University in Japan, began with photo- 
graphs of 60 white women age 20 to 30. 

On each image, the researchers marked 224 
feature points, and then created a composite 
face incorporating the average location of each 
point. They did the same thing using only the IS 
most attractive faces as previously determined 
by 26 female and 10 male “judges.” 

They then took half of each of the 224 mea- 
sured differences between these two composites 
and added it on to tbe composite derived from 
tbe “beauties.” The purpose of this last maneu- 
ver was to produce a third composite face — 
one that exaggerated any common feature dif- 
ferences between the average composite and the 
beautiful composite. 


T HESE three composites were then pro- 1 
seated to a different group of male and 
female judges, who overwhelmingly 
favored the beautiful composite over 
the average composite — and the exaggerated 
composite over both. The experiment was re- 
prated using faces of high-school-age Japanese 
girls and Japanese judges, and the results were 
the same. 

Together, these results suggested that per- 
ceived beauty is not just perceived averageness. 


“Facial appearance is just one of many, 
many parameters that are contributing to the 
judgment of the attractiveness of a person.” Dr. 
Perrett said “We're talking about the aesthetics 
of facial photography here, not people, which 
are much more complex.” 


IN BRIEF 


Planetary Discovery 

LONDON (Reuters) — Astronomers said on 
Thursday they had spotted douds of dust in 
space that could be evidence of the first ever 
discovery of planets forming around a distant 
star. 


The only planets curently known to astrono- 
mers are those, including Earth, revolving 
around the Sun. Astronomers are looking for 
planets in orbit around remote stars and think 
their discovery could be the first step to finding 
life elsewhere in the universe. In a report in the 
science journal Nature, the astronomers said 
they had found a disc-shaped doud of dust 
around the star FomaJhaut. 22 light-years away 
from Earth. 


Flaw Found In Lorenzo’s Oil 

SYDNEY (Reuters) — Australian scientists 
say they may have discovered why the treat- 
ment for a fatal degenerative disease, popular- 


ized in tbe mode “Lorenzo's On,” apparently 
does not work. 

Tbe disease, adrenoleukodystrophy, attacks 
the nerve sheaths covering brain cells and afflicts 
only male children. Few victims survive to the 
age of 15. ALD patients accumulate abnormally 
high levds of saturated, very long chain fatty 
acids in plasma and beam tissue. Lorenzo’s Oil, 
combined with a restricted diet, reduos the 
apparently tone fatty adds in plasma. 

The Medical Journal of Australia published a 
report by Australian researchers, Alfred Paulas 
and Evelyn Robertson of the Women’s and Chil- 
dren's Hospital in South Australia, suggesting 
that erode add, a key component of the treat- 
ment known as Lorenzo’s 03, fails to enter the 
brain where the disease attacks nerve sheaths. 

French researchers reported in the New Eng- 
land Journal of Medicine in September 1993 
that clinical tests of the ALD oil on 35 children 
found that despite testimonials from parents, 
the ofl had no influence on the disease. 


Hepatitis C Virus Identified 

TOKYO (Reuters) — A Japanese research 
team has identified the vims that causes hepati- 
tis C. according to a team member. 

The team, led by Dr. Mtcbinori Kohara of 
the Tokyo Metropolitan Institute of Medical 
Sdence and Dr. Shozo Watanabe of Mie Uni- 
versity, will announce the results of its four- 
year research in Britain's Journal of General 
virology soon. The finding could lead to a 
vaccine against the disease, she said. Until the 
Japanese research team’s discovery, only the 
gates of the hepatitis C virus had been found, 
by an American researcher in I98S. The virus 
itself had not been identified. 

The team’s research has been proved in ex- 
periments, Dr. Kyoto Kohara said. Antibodies 
were found to link to the virus, thereby idemify- 

the virus, she said. About 30 yrarf^^r^coti- 
tracting the hepatitis C virus, many carriers 
develop cirrhosis or cancer of the liver. 


CROSSWORD 


ACROSS 


i Bit of lowlife? 


« Unyielding 


io Spacewalk. 
e.g.:Abbr. 

13 "FteflectKM’ts on 
Violence" 
author 


14 Occupied with 
is Lose it 
io Bnt’s potato 
chip 

17 Headliner 
isHunt hint 
i> Example 
3i Riddler of old 
23 Burnish 


Solution to Puzzle of March 23 


nnans □□□□□ ana 
□qoho agamcj nan 
BQ0HB asnaa aaa 
□ a a a □ □ □ h a a □ □ h 

□□□□□a SE3D sans 

□us qeih naaaa 
aDaaaaanaQaaara 
ansa anas 
□□□□□□□□□□0000 
□DQD0 qsq ana 
BQQ0 ana 
□□□aaaoaaaaaQ 
□os aaaaa aaaaa 
LBLdn Sanaa 0000 a 
00Q □□□SS Q0000 


*4 Careening 
35 Use face cream 

27 "Perpetual 
Peace" writer 

28 First name in 
daytime talk 

38 Brit. ref. work 

so Mr. Bones, in a 
minstrel 

33 Hard-rock band 
named tor an 
inventor 

35 Train schedule 
abbr. 

37 French pupil 

saNahuatl 
speakers 
40 Cable TV Inrts. 

42 Oklahoma city 

43 Writer Hubbard 

44 Guides 
40 Refute 

47 By and 

bounds 

48 Bearfike 
48 Set apart 
53 Rip talk 

34 Spice 

m Missile depots 

57 Comic Kamen 

58 Ait Deco master 

ss Bar, legally 
■o' luck?' 


ci Env, enclosure 
83 Expressionless 


1 Spore sacs 

2 Daybreak 

3 Dlscordia's 
counterpart 

eReaders' 

perusal 


34 Rip 

(decide 

randomly) 

so Kind of ballot 
39 Signs of a cold 


41 Wood sorrels 
48 literary works 
48 Einstein 
40U.S. Grant's 
school: Abbr. 


50 Countertenor 

51 Saturday TV 
fare, slangify 

53 Glimpse 
35 Paleozic. e.g. 


5 Woolly fabric 
8 They' re thrown 
at meets 


7 Became a 
member 

» glance 

8 Abandon 

10 Hitch 

11 Boast of 

12 High point 

15 Spielberg film 
20 Don't dorr! 

32 Smooth 
25 At the home of 
M Sans esprit 


ss Concerned 
citizens' grp. 
31 Alamo 
competitor 
33 Hammett 
detective 
Beaumont 



PuaJabyA.J.Santon 

O New York Times Edited by Will Shortz, 


causing some previously observed galactic drift, 
is a weakling. 

Dr. Lauer and Dr. Postman surveyed the 
Milky Way and 1 19 clusters of galaxies out as 
far as 500 million light-years. The Great Attrac- 
tor, whatever it is or if it does exisu would not 
be massive enough to cause this much larger 
sample of galaxies to drift. 

Even more startling to theorists, tbe findings 
appear to contradict tbe supposition that what- 
ever its lumpiness on a small scale, the universe 
should be nearly uniform on tbe scale of the 
Lauer- Postman sample. 

I F such expanses of the universe as big as a 
billion light-years in diameter are still 
drifting with respect to the larger universe, 
the two astronomers said, then the uni- 
verse has structure of matter on much larger 
scales than predicted by current theories. 

Dr. Lauer and Dr. Postman used images of 
distant galaxy clusters to detect the peculiar 
motion of the Milky Way and its neighbors. 
They did this by calculating the galaxy 1 motions 
“left over” once the expansion of the universe 




ened the effect to watching fireworks on a 
windy night. Tbe exploding fireworks expand, 
but the wind blows the whole thing along. 

Dr. Primack questioned the refiabOity of cer- 
tain assumptions the two astronomers used in 
determining distances to their more remote 


man Center for Astrophysics in Cambridge. 
Massachusetts, said the huge patterns of galaxy 
clusters her research team has been observing in 
deep-space surveys “may be related somehow 
to these large-scale motions.” 


thT^bm5 BrainninS in 1986. Dr. Gdk* grooppro- 
statifiticfSke.” 

Visible matter is thought to make up less dustera dubbed ^teGrau ah, that 


than 1 percent of the universe’s mass, nearly all 

the rest being in the form of the mysterious 
dark matter, which must be largely responsible 
for tbe shape and motions of galaxies and 
clusters of galaxies. “It’s possible dark mailer is - 
doing something really weird,” Dr. Primack 
said of the new observations. “Or perhaps we 
are seeing evidence of cosmic strings.” 

One of the many concepts proposed to explain 
large structure in the universe, the hypothesized 
cosmic strings could be discontinuities in the 
underlying energy fields of the early universe. 

At these boundaries, gravity could have be- 
pivn the accumulation of matter out of which 


duced a map revealing one continuous sheet of 
galaxy dusters, dubbed “the Great Wall,” that 
extended 150 milli on light-years across the 
northern sky and represented the single largest 
structure ever seen in nature. The survey has now 
been extended to the southern sky, which was 
found 10 have its own version of the great wafl. 

Dr. Gdler said conventional models of cos- 
mic evolution do not account for so many large- 
scale structures. Not is it clear that they are the 
largest structures possible. “We simply haven’t 
sampled a large enough volume of space lo 
know that the distribution of tbe matter in the 
universe is really this inhomogenous on all 
scales,” she said. “We are still in our own 
astronomical backyard.” 


Instead, a female face is judged more beautiful 
as its features change in a specific direction. 

The most preferred faces in both racial 
groups bore some similari ties. They had higher 
cheekbones; more delicate lower jaws; larger 
eyes relative to the rest of the face; and shorter 
distances between nose and mouth, and mouth 

and chin 

It seems likely that if the judgment of beauty is 
at least partly “bard-wired” in the Human brain, 
it is there [or evolutionary reasons. Natural selec- 
tion must be involved, and, in tbe case of men's 
and women’s faces, probably issues of mate 
selection. By that Darwinian logic, the faces that 
we perceive as most attractive should be those 
that signal some kind of reproductive advantage. 

Donald Symons, an anthropologist at the 
University of California at Santa Barbara and 
one of the original proponents of tbe average- 
is-attra ctive idea, believes the thin, pointed jaw 
and small lower face are products of high levels 
of estrogen (the hormone of femaleness) and 
low levels of testosterone (the hormone of male- 
ness). The beautiful faces announce; “I am full 
of estrogen and free of testosterone,” which in 
turn says; “1 am fertile.” 

Dr. Symons suspects that if an experiment 
similar to Dr. Perrett’s was done with male 
faces, the most desirable ones would have the 
strong, square jaws of male models, which he 
believes is a testosterone effect 

The researchers hasten to add that whatever 
a face’s message may be, it is only one part of 
the immensely complicated traffic of informa- 
tion between human beings. 



‘ ^ . v.% v ' 


As the water levels dropped, the 
number of wading birds decreased by 90 
percent and alligators often basked or 
hunted in shallows less than a foot deep. 


Fixing f Plumbing’ of Everglades 


By William K. Stevens 

.Ww York Tunes Service 


VERG LADES NATIONAL PARK. 
Florida — At first glance, the Ever- 
glades gives no obvious hint that even 
though it remains one of the world's 
superlative ecosystems it is sorely in need of 
restoration. But such an effort is now' getting 
under way. and none anywhere is more ambi- 
tious. 

Along Shark River Slough, a main channel in 
(he heart of the great marsh, doud shadows 
race across a carpet of eye-high, wheat-colored 
sawgrass that flashes shades of lemon, lime and 
pink as it runs to the horizon. Emerald tree 
islands break the flat expanse here and there. 

Closer in, surrounded by dumps of algae that 
float among the sawgrass stems and form the 
base of tbe marsh's food pyramid, alligators lie in 
water less than a foot deep. One carries her baby- 
on her back. Bullfrogs croak. Turtles mate. 

The scene’s vitality is profoundly misleading, 
however. Where tourists can now see perhaps a 
score of wading birds at once during the winter- 
spring breeding season, there were thousands 
not so long ago. As recently as the 1970s. it took 
a full minute for a flock to fly overhead, said 


exercise in ecological trial and error that will 
take many years. No one knows enough about 
the ecosystem's nuances to be sure exactly how 
it will respond to efforts to re-plumb it, and 
adjustments will have to be made as the enter- 
prise proceeds. 

Moreover, even an undisturbed ecosystem is 
continually changing. For one thing, legions of 
plants imported from other parts of the world 
are invading the Everglades, and bringing them 
under control will test the restoralionists inge- 
nuity and resolution. 

It’s always going to be a mewing target,” says 
Interior Secretary Brace Babbitt, who last year 
oiganizol an 11-agency federal task force to 
work with Florida officials in producing an Ever- 
glades restoration strategy. 

Mr. Babbitt has made the protection, recovery 


The merest of north-south slopes in the es- 
sentially flat terrain allowed a broad sheet of 
water, seldom more than three feet deep, to 
flow from Lake Okeechobee to Florida Bay, 
where it helped support the bay's own rich 
estuarine ecosystem. The journey of a single 


drop might take a full year. 

The marsh functioned as a gigantic collector 
of solar energy, which was then converted into 
nutritional energy by plants and stored ulti- 
mately in tbe bodies of aquatic animals. 

Dr. Crawford S. HoUmg, an ecologist at the 
University of Florida, who contributed to the 
Davis-Ogden book, calls the historic marsh a 
“soup of organic production” consisting of al- 
gae, aquatic insects, snails, crayfish, turtles and 
a wide variety of other organisms. 

Because of the landscape’s Harness, small 
changes in elevation produced a striking variety 
of mml -habitats, which were home to an equal- 
ly great variety of plant and animal combina- 
tions. 


Steve Bing, a park ranger. Today, biologists say, 
the number of watting birds breeding in the 


the number of watting birds breeding in the 
glades has plummeted by 90 percent from natu- 
ral levels. 


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That is bad news for the ecosystem at large, 
since the reproduction of wading birds, at the 
apex of the food pyramid, is a direct barometer 
of the system’s general health. Their decline is a 
sign that fish and other aquatic organisms have 
also declined seriously, and 33 species of Ever- 
glades animals are listed by the government as 
endangered or threatened. 

The responsibility for this must be laid on 
mao. People have reduced tbe Everglades by 
half, to about 2,000 square miles (5,200 square 
kilometers), over the last century, and have 
diverted too much water from what remains for 
their own purposes. 

Now some of the same federal and state 

E 'es that oversaw the decline of the Ever- 
arc combining efforts to re-establish, as 
possible, die natural flows and rhythms 
of its water — its hydrology. The hope is that 
restoring the hydrology will create conditions 
in which Everglades life can rebound to a 
healthy level, albeit within a smaller arena. 

The job will require rearranging and partly 
undoing one of the biggest and most intricate 
public works in American history: the vast 
network of canals and levees that altered the 
natural hydrology almost beyond recognition 
in an effort to drain land for South Florida's 
dries and farms, supply them with water and 
protect them from floods. 

In one early step, the Army Corps of Engi- 
neers plans to breach levees and install new 
culverts north of Shark River Slough this 
spring and summer in an experimental attempt 
to direct more water back into the slough, 
historically the primary conduit into moisture- 
deficient Everglades National Park. 

Restoring the Everglades is viewed as an 


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The Ne% S ml Times 


and restoration of whole ecosystems the center- 
piece of his conservation poky. Working from 
an analysis of tbe problem by scientists advising 
the new task force, tbe Corps of Engineers is 


devising an Everglades- wide re-plumbing plan, 
to be completed by the end of this year. 

What shape the Everglades ultimately takes 
will depend as much on economics and politics 
as on science. A biller and still-unsettled legal 
battle over controlling the runoff of fertili7.gr 
from farm fields has until now- monopolized the 
public spotlight on Everglades restoration. 

Tbe more sweeping and fundamental re- 
plumbing effort carries the seeds of more exten- 
sive conflict. 


EGENNING in October or Novem- 
ber, as the wet season ended, what 
ecologists call an annual “drydown” 
began. Water levels fell, exposing 
some of the land. Fish and other aquatic life 
concentrated in smaller areas, often in what 
Holling describes as “little depressions and 
potholes determined by centimeters of topo- 
grapy.” 

This concentration of food produced a bo- 
nanza for wading birds. As the drydown pro- 
ceeded, feeding hotspots would continually dis- 
appear in some places and appear in others, but 
the ecosystem's great size meant that the birds 
could always find a foraging area. The steady 
availability of food concentrations, scientists 
believe, was what enabled the birds to catch 
enough to feed their young. 

Now, this elegant ecological pattern has been 
shattered. Tbe drainage and conversion to hu- 
man use of roughly half the Everglades has 
drastically reduced the production of aquatic 
.life. 

Levees dammed Lake Okeechobee, blocking 
the year-round sheet flow, and divided the 
glades into a series of big pools. A maze of 


|ni X.’ 




canals diverted water into municipal supplies 
and farm fields and into the Atlantic ana Gulf 
of Mexico for flood control. 

The net result is that wet-season water levels 
are lower in most of the Everglades, and wide 
stretches are no longer under water during most 
of the year. 

With the overall ecosystem producing per- 
haps half as much aquatic life as before, and 
large expanses dry. the ability of the marsh to 
sustain wading birds and their young during the 
critical winter nesting period has been greatly 
reduced. 

But whether the compartmemalizaiion of die 
Everglades and the use of its water for multiple 
purposes con be effectively altered is really 
unknown. 


“First, we took care of the drinking water 
needs,” said Carol Browner, the administrator 
of the Environmental Protection Agency, of 
human priorities during most of this century. 
“Then agricultural production would expand, 
and whatever water was left over went to the 
natural system.” 

A century ago. the Everglades consisted of a 


vast subtropical marsh extending more than 
100 miles, from Lake Okeechobee to Florida 
Bay. Scientists believe that except in periods of 
drought, most of the marsh was continually 
flooded. 


And even if the historic water-flow patterns 
cm be established, it remains to be seen bow 
larj>e a rebound in wildlife populations will 



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Progress Through the Investment of Capital 



he Estonian Privatization 
Agency has been in full- 
scaie operation for a year 
. 10Q _ __ a ^ a half. Since Septem- 

ber 1992, Herbert B. Schmidt has been 
serving as its chief consultant After re- 
ceiving a doctorate in economics, Mr. 


Schmidt held a senior position in an 
economics policy institute and worked 
as an international consultant Prior to 
his current stint in Estonia. Mr. 
Schmidt was chief of the central tender 
office of the Treuhandanstalt, Ger- 
many's privatization agency. In this in- 



t *The rifa jfrt ivt' 


^ Herbert Schmidt, 
cfnef amsuUaniof \ 

■i b« Estonian Ftimiza- 


ttvnftgency,: 


Tlus advertising section was produced in its entirety by the supplements divi- 
sion of the international Herald Tribune's advertising department. • Terry 
Swartzberg is a free-lance business writer based in Munich. 


terview. Mr. Schmidt offers his ap- 
praisal of Estonia’s privatization ef- 
forts. 

Wtuu stage is Estonia 's privatization 
program at right now? 

About half of all companies slated 
for privatization have been offered to 
the international and national markets 
by means of four tenders, with a fifth 
render currently being launched. These 
companies display a great variety in 
size, form of corporate organization 
and areas of activity. This pace and the 
scope of activity represent an impres- 
sive accomplishment. 

What kinds of ownership is Estonia ‘s 
privatization agency seeking for these 
companies? 

Foreign investment is generally ac- 
companied by an ancillary transfer of 
managerial and market expertise. For 
this reason, the government of Estonia 
has placed a high priority on securing 
this investment." At the same time, the 
government has been actively solicit- 
ing investment by local owner-opera- 
tors, so as to build up the broad base of 
relatively small, innovative companies 


characteristic of many West European 
countries. The government is also cre- 
ating another kind of broad base of 
ownership, and that is of private in- 
vestors with equity Stakes in the na- 
tion's companies. To that end, shares in 
privatized companies featuring a stable 
core of ownership will be offered to 
private investors. This, in turn, will en- 
courage the development of stock ex- 
changes and capital markets in general. 

The world's largest privatization 
program - that being carried out by the 
Treuhandanstah in Eastern Germany - 
is now being brought to a rapid and 
successful conclusion. Do you see any 
features from the Treuhand's program 
as being suited to adaptation? 

Two features proving widely trans- 
ferable have been the Treuhand's re- 
liance on tenders as the method reach- 
ing the largest number of potential in- 
vestors in the shortest possible rime, 
and its concept of the “entire bid." In 
this concept, the amount of money of- 
fered for a company is only one com- 
ponent of the overall bid. Other ele- 
ments are the number of jobs guaran- 


teed, the amount of investment com- 
mitted by the potential purchaser and. 
of course, the viability of the investor's 
potential plan of operations' 

Employing the Treuhand model, Es- 
tonia's tenders have had a remarkable 
amount of success in securing investor 
interest. To date, the agency has re- 
ceived thousands of inquiries from all 
over the world - and from every part of 
Estonia. The open and equitable nature 



Vaino Samet, general director of the Es- 
tonian Privatization Agency. 


of the lender system and the “level 
playing field" it provides have facilitat- 
ed this interest. Coupled with the “en- 
tire bid" concept, this system is provid- 
ing Estonia with a large amount of cap- 


ital configured to have a maximum im- 
pact on the country's economic output. 

That, of course, is the objective of 
any privatization program: not merely 1 
to distribute ownership widely, but to 
create viable companies and to equip 
them with the requisite amounts of cap- 
ital. 

In many countries, this land of invest- 
ment is subject to various restrictions. 
How does Estonia treat foreign in- 
vestors? 

In the same way as domestic in- 
vestors are treated. Foreign investors 
are free to own, found or purchase Es- 
tonian companies and property. For- 
eigners enjoy the same relatively low 
rates of corporate income taxes and the- 1 
same liberal depreciation schedules. 
There are also no restrictions placed on 
the repatriation of profits. Both domes- 
tic and foreign investors ore benefiting 
from the convertibility of the Estonian # 
kroon, which was pegged to the* 
Deutsche mark at the rate of 8 to 1 in 7 
the currency reform of June 20. 1992.“ 

The effects of these measures have 
been highly evident and gratifying. . 
Both Estonia's economy and its foreign 
trade have been developing strongly 
over the past two years. 

Interview by Terry Swartzberg 


V55F 


ESTONIA 


ssir4.A9£ 


yt&l 


< Stockholm 380 km 

BALTIC SEA 


Helsinki A 82 km ► 315 km StPetersburg 


International Tender for the sale of 


INDUSTRIAL ENTERPRISES 


by the Estonian Privatization Agency 


Enterprise number, name, location (in brackets: type of business [capacity p. a. if available], 
[turnover of 1993 in EKK (Estonian Kroons) if available]/number of employees end 1993) 



BAKERIES GRANARIES 


(EE-060) RAS Narva Leib 
EE2000 Nan/a 

(Bread [16,200 tons], pastry [1,080 
tons], biscuits [400 tons J. toffee candies 
[300 tons], [23 million EEKJ/206) 


(EE-152) RAS Viisnurk 
EE3600 Pamu 

(SWs / 250,000 pairs], fiber board 
[1.9 million sqm], furniture, wooden 
household articles, plastic parts for 
furniture, [78 million EEKJ/830) 


TEXTILES CLOTHING 


(EE-063) RAS Haapsalu Larvate has 

EE31 70 Haapsalu 

(Bread and bakery products [1,596 

tons], pastry [30 tons], [7 million EEK]/ 

68 ) 


(EE-064) RAS Cibus 
EE3600 Pamu 

(Bread [10.800 tons], pastry [430 tons], 
[37 million EEKJ/175) 


(EE-154) RAS Pussi 
Purtlaastplaadikombinaat 
EE2041 Piissi 

(Fiber board [15.2 million sqm], chip- 
board [140,000 cbm], laminated fiber 
board [4 million sqm], [76 million EEK]/ 
1,050) 


(EE-170) RAS Walko 
EE2500 Valga 

(Men’s and women 's wear, children ’s 
clothes, uniforms, working clothes and 
sportswear, clothes of artificial fur, 
underwear [total 1.6 million pcs], 

[30 million EEKp675) 


(EE-216) RAS Mainor 
EEOIOOTallinn 

(Computer software consultation, data • 
processing, data bases, other computer 
related activities, market researches, 
business and management consulta- 
tions [14 million EEKJ/134) 


(EE-447) RAS Narva Autobaas 
EE2000 Narva 

(T ransportation of goods : 33 % interna- 
tional, heavy transports [17 million 
EEKJ/420) 


Tender Conditions 


CONSTRUCTION BUILDING MATERIALS 


(EE-066) RE Kuressaare 

Leivakombinaat 

EE3300 Kuressaare 

(Bread [3. 74 7 tons], pastry [85 tons], 

[20 million EEKJ/97) 


(EE-409) RAS Jdgeva Metsamajand 
EE2350 Kurista 

(Timber logging, sawn and planed 
timber [S 2.500 cbm. L 20,000 cbm], 
other wood products'! 00) 


(EE-298) RAS Elamu 
EE01 07 Tallinn 

(Pre-cast concrete, construction of 
panel houses, structural metal products 
[pre-cast parts 200,000 cbm], 

[29 million EEKJ/392) 


(EE-296) RAS Balti Baas 
EE001 7 Tallinn 

(Harbor services, shlprepair services, 
[6 million EEKJ/1 18) 


(EE-456) RAS Mootor 
EE001 4 Tallinn 

(International and domestic bus trans- 
portation [250 buses], [35 million EEK]/ 
645) 


(EE-297) RAS Evamet 
EE0200 Narva 

(Metal parts, cast iron parts [3 million 
EEKJ/317) 


FUEL STORAGE DEPOTS 


( Wholesale and storage of solid fuel, 
gasoline, diesel fuel, lubricating oils, 
heating oil and older oil products) 


(EE-075) RAS Tamsalu TERKO 
EE2300 Tamsalu 

( Concentrated fodder [281,000 tons], 
wheat flour [68,000 tons], bran 
[9,500 tons], poultry farming [300,000 
chicken. 31 million eggs], egg powder, 
grainstorage [1 7, 000 tons]/458) 


(EE-41 2) RAS Laanemaa Metsamajand 
EE31 70 Haapsalu 

(Sawn timber and logs [S 4,000 cbm, 

L 8.000 cbm] other wood products, 

[3.2 Million EEKJ/80) 


(EE-301 ) RAS Eesti Vesiehitus 
EE001 7 Tallinn 
(Hydrotechnicat construction 
[18 miltion EEKJ/274) 


(EE-340) RAS R6ngu Tehas 
EE2452 Rongu 

(Plastic boxes [323,000 pcs], concen- 
trated juice [52.000 litres], galvanized 
steel plates [10 million EEKJ/1 00 ) 


(EE-530) Hiiumaa Station 
of RE Eesti Kutus 
EE3200 Kardla 

(39 tanks totalling 11,300 cbm. 
[13 million EEKJ/20) 


ELECTRICAL 


(EE-414) RAS Pamu Metsamajand 
EE3600 Parnu 

(Logs, sawn timber [S 2.000 cbm. 

L 3,600 cbm], garden houses, other 
wood products/75) 


(EE-128) RAS Volta 
EE01 10 Tallinn 

(Electrical motors for alternating current 
[100,000 pcs], [35 million EEKJ/968 ) 


(EE-486) Assets of RAS Spordilaevade 
Eksperimentaattehas (rented) 

EE01 10 Tallinn 

(Motor yachts and sailing boats 
[800 pcs], [2 million EEK]/47) 


(EE-531) Jarvamaa Station 
of RE Eesti Kutus 
EE2820 Paide 

(43 tanks totalling 3,000 cbm. 
[13 million EEKJ/1 6) 


(EE-076) RAS Keila TERKO 
EE3053 Keila 

(Concentrated fodder [ 160,000 tons], 
wheat flour [64.000 tons], grits&60) 


WOOD AND WOOD PROCESSING 


(EE-415) RAS Rakvere Metsamajand 
EE2100 Rakvere 

(Timber logging, sawn and planed 
timber [S 3.000 cbm. L 15,000 cbm], 
other wood products/120) 


(EE-136) RAS Tarkon 
EE2400 Tartu 

(Measuring devices for airplanes and 
airports, electrical measuring devices, 
components for radios and tv-sets 
[37 million EEKJ/1, 150 ) 


AUTOMOTIVE SERVICES 


(EE-462) RAS Koeru Autorem ond ite has 
EE2824 Koeru 

(Car sendee, painting of cars, car seats 
and upholstery [3 million EEKJ/86) 


(EE-532) Kohtla-Jarve Station 
of RE Eesti Kutus 
EE2020 Kohtla-Jarve 
(11 tanks totalling 10,000 cbm, 
[15 million EEKJ/18) 


MEDICAL 


(Production capacity [S-sawn timber, 
L-logs]) 


E-141) RAS Tarmeko 
=2400 Tartu 

imber logging, sawn timber 
65,000 cbm. L 100.000 cbm], 
miture. other wood products [98 mil- 
n EEKJ/1 233) 


(EE-416) RAS Rapla Metsamajand 
EE 3500 Rapla 
(Wood trading, sawn timber 
[S 2,000 cbm. L 10,000 cbm], other 
wood products/34) 


(EE-239) RAS MRE (Meditsiirrtehnika 
Remondi Ettevote) 

EE0001 Tallinn 

(Installation and service of medical 
equipment [4 million EEKJ/1 06) 


(EE-501 ) RAS Autoteenindus 
EE0016 Tallinn 

(Service and sales of cars. [3 million 
EEKJ/208) 


(EE-533)Narva Station of 
RE Eesti Kutus 
EE0200 Narva 

(37 tanks totalling 16.000 cbm, 
[16 million EEKJ/25 ) 


1. In accordance with its legal mandate. Eesti 
Erastamsagemuur (Estonian Pnvalcatcm Agency 
'EPA1 intends to sen the aforementioned enter- 
prises by means ol a tender in the loHowing man- 
ner 

a) bids tor a stale owned joint stock company 
(organized as ‘RAS’ under Estonian lawi musi 
be torthe majority of me shares at the company. 
EPA may reserve a minority of the shares at the 
company tor future public ottering ot shares, 
bj bids for a state owned enterprise (organized as 
'RE* under Estonian law) must be fer its total 
operations: 

c) bids lor a plant must be (or Its total assets (e g. 
buildings, leasehold, equipment and inventory i. 
with inventory finally to be valued as ot the time 
of acquisition. 

d) bids tor assets or pans ol an enterprise must be 
lor a separable unit ot a RAS. RE or plant, with 
inventory finally to be valued as ot me time ot 
aquisibon 

2. The tender is public and anyone may bid Legal 
entities m which I he State of the Republic of 
Estonia or the Municipalities of the State ol Estonia 
or their enterprise own one third or more c> the 
sharecapital or ol the voting nghis may not bid 

3. In deciding among the bids. EPA will take into 
consideration, among other things, the bid price, 
promises to maintain or create jobs, pledges lo 
invest, and the business plan submitted, each of 
which wOl be considered pan ol the bid. Upon 
signing a contract, the successful bidder wiO be 
required to post a bond m order to guarantee these 
pledges. 

4. Interested parties can obtam enterprise and plant 
profiles without charge from EPA EPA is not 
responsible tor the accuracy and completeness of 
this information. Prospective bidders wilt receive 
written authorization from EPA to visit the enter- 
prises or plants on the basis ol which additional 
information wHI then be provided by the emerprise 
or plant management 

5. Bids must be in writing and should be submined m 
a sealed envelope marked only with the name ol 
the enterprise or planl for wfnch the bid is submit- 
ted. 


(EE-145) RAS Virumaa 

Metsatoostuskomblnaat 

EE2100 Rakvere 

(Wood trading , sawn timber [S 36.000 
cbm. L 80,000 cbm], wood products, 
kitchen fumiture/369) 


(EE-417) RAS RSpina Metsamajand 
EE2611 Ristipalo 
( Wood trading, sawn timber 
[S 8,000 cbm, L 23,000 cbm], furniture, 
wooden houses, saunas, structural 
timber, other wood products/186) 


(EE-498) RAS Tallinna 

Farmaatsiatehas 

EE001 3 Tallinn 

(Packaged medicaments 

[100 million pcs], [40 million EKKj/205) 


(EE-504) RAS Pamu Autoteenindus 
EE3600 P§mu 

( Service and sales of cars, spare parts 
and accessories [1 million EEKJ/34) 


(EE-534) Viljandi Station 
of RE Eesti Kustus 
EE2900 Viljandi 
(46 tanks totalling 13,000 cbm, 
[28 million EEKJ/35) 


151) RASTanmel 
1 00 Tallinn 

n timber, wooden shields, ply- 
1 , doors, windows, wooden contain- 
imber pedestals, beds, furniture, 
tennis tables, other wood prod- 
[22 million EEKJ/346) 


(EE-421) RAS Tartu Metsamajand 
EE2400 Tartu 

( Timber logging, sawn timber 
[S 3,500 cbm, L 20,000 cbm], wooden 
construction components, other wood 
products/! 08} 


MISCELLANEOUS INDUSTRY 


(EE-514) RAS Tartu Autoteenindus 
EE2400 Tartu 

( Service and sales of cars [ 1.6 million 
EEK}/61) 


WHOLESALE AND RETAIL 


(EE-243) RAS Kommer 
EE0030 Maardu 

(Wholesale, retail and second-hand 
trading [57 million EEKJ/212 ) 


6. Bids must be received at EPA. RAvala 6. 
EE0105 Tallinn, Estonia, no later than 2:00 p. m. 
(local tone), on May 26, 1 994 (the "closing date* 1 ) 

Bids will thereafter be opened immediately. Bids 
must be denominated In Estonian Kroon (EEK) or 
Deutsche Mark (DM), and shall remain vaW lor 
one hundred and twenty 1 120 ) days after the 
dosing date. 

7. Bids must be accompanied by a bond of five [5i 

percent ot the bid price in the form ol an irrevocable 
bank guarantee valid tor one hundred and twenty 
(t 20 ) days alter the dosing date. The bid bond 
must be payable on lirst demand and will be 
forfeited il the bidder either fails la hold its bid open f 
for the required period or refuses to sign a contract 
in accordance with its bid. 


(EE-036) RAS Oru 

EE2020 Kohtla-Jarve 

(Peat [500,000 tons], [8 million EEK]/ 

416) 


TRANSPORTATION 


(EE-425) RAS Voru Metsamajand 
EE2720 Sdmerpalu 
(Wood hading, sawn timber 
[S 4,000 cbm. L 13,000 cbm], other 
wood products/87) 


(EE-139) RE Juveel 
EE0006 Tallinn 

( Gold and silver jewelry [650,000 pcs], 
silver tableware [600,000 pcs], table- 
ware of white copper [60,000 pcs], 
minting of coins, [37 million EEKJ/401 ) 


(EE-225) RAS PaJIasti Autobaas 
EE001 4 Tallinn 

(Transport, parking lot. retail sale of fuel 
and spare parts [5 million EEKJ/1 31) 


(EE-245) RAS Tameks 
EE001 4 Tallinn 

(Wholesale of office items, paper 
articles, photo articles, radios, docks, 
sports articles, spare parts, toys, other 
goods [8 million EEKJ/45) 


8. EPA wildeade on ihe bids wdhm one hundred and 1 
twenty ( 120 ) days after the closing date. Bidders 

may present their bid within a period set by EPA 
EPA is entitled to accept a bid other than that with f 

the highest purchase pnoa or may reject any of the 
bids at any time. 

9. The privatization of the tendered enterprises will 1 
be carried out according to applicable Estonian f 
taw. 


(EE-443) RAS Viljandi Autobaas 
EE2900 Viljandi 

( Transportation of goods: 20 % interna- 
tional [10 miltion EEKJ/207) 


(EE-256) RAS Eesti Masinakaubandus 
EE0030 Maardu 

(Wholesale of machinery, equipment 
and spare parts [19 million EEKJ/49) 


EPA (Estonian Privatization Agency) 

V&no Samel Dr. H. B. Schmidt 

General Director Chief Consultant 

Office hours for the EPA are Monday through 
Friday from 9 ajn. until 4 p^n, (local time). 


For further information (enterprise profile, data on Estonia, visit authorization) please contact: 


A* 


eesti erastamisagentuur 


Tel. 


(Estonian Privatization Agency - EPA -) 

Ravala 6 • EE01 05 Tallinn/Estonia 


+358-49-106103 

+372-2-454460 

+372-2-454490 

+372-2-691606 


Fax 


+358-49-106100 

+358-49-106101 

+358-49-106102 

+372-2-454450 



I 




I 


T 


SIS-a 3 5T3 ,L&<r r n h-ro 












. 4. ‘ 








Page 10 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 24, 1994 




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Berkshire Investors Get a Risk Lesson from Buffett 


the trib Index- 112 9711s 

SS^JSSl'Slta i? 8 * * .->*-55 

by^oombe^^SV^^It^tnas. compiled 


110 


vV ; ' : : > •'• '; jnwmmiM 

^ •,— «•>■ - •" s av / .!i f ; i 

*. v\*: . x **.. . .vs, • “ 

,*.V\ * *\ ?. . • .*:V ' 

\ x , \ * • • 

v* /. • ./e.\ 

^ t. ' *■*,. :;•. , , j- . / • .• . . ■; " : c* •* / 


By Brett D. Fromson 

Washington Putt Service 

NEW YORK. - Warren E. Buffett, 
chairman of Berkshire Hathaway Inc. and 
widely considered to be the most successful 
American stock investor, offered some un- 
conventional views on risk and diversifica- 
tion in his annual letter to shareholders. 

After a quick review of Berkshire’s per- 
formance, — the company's earnings rose 
to $688.1 million last year from $4073 
million in 1992 — Mr. Buffett talked about 
what “risk'* meant for investors. “We de- 
fine risk, using dictionary terms,'' he wrote, 
“as ‘the possibility of loss or injury . 1 ” 

He ngecled the standard Wall Street 
definition of risk, devised in universities. 


which depends on how volatile a stock's 
price is compared to the market. 

“These academics compute with preci- 
sion the ‘beta’ of a stock — its relative 
volatility in the past," he said. “In their 
hunger for a single statistic to measure risk, 
however, they forget a fundamental princi- 
ple: It is better to be approximately right 
than precisely wrong." 

Instead of focusing on stock prices, Mr. 
Buffett said he examines an underlying 
business and its prospects. If he thinks a 
company looks promising, he is inclined to 
buY shares if they have fallen recently. 

taking fun at the academics, he said, 
“Under beta-based theory, a stock that has 
dropped very sharply compared to the 
market becomes ‘riskier’ at the lower price 


than it was at the higher price. Would that 
description have made any sense to some- 
one who was offered the entire company at 
a vastly reduced price?" 

Mr. Buffett also debunked Wall Street's 
love affair with diversification — the no- 
tion that it is better to own more stocks 
rather than fewer for a given sum of invest- 
able money. 

“If you are a know-something investor, 
able to understand business economics and 
to find five to 10 sensibly priced companies 
that possess important long-term competi- 
tive advantages," he said, ’■conventional 
diversification makes no sense for you. 

“I cannot understand why an investor of 
that sort elects to pot money into a busi- 


ness that is his 20 th favorite rather than 
simply adding that money to his top 
choices. In the words of the prophet Mae 
West: Too much of a good thing can be 
wonderful.’ ” 

Mr. Buffett also tackled the issue of 
corporate governance. 

“At our annual meetings, someone usu- 
ally *sVy ‘What happens to this place if 
you get hit with a truck?* ’’ 

Mr. Buffett answered that question by 
explaining what he planned to have hap- 
pen to his controlling ownership after he 
dies. “All of my stock will go to my wife, 
Susie, would she survive me, or to a foun- 
dation if she dies before I do," he said. 

In that case, he writes, the outside direc- 


tors will be in “a potentially useful situa 
lion. If they become unhappy with eithe 
the competence or the integrity of the man 
ager. they can go directly to the owner (hi 
wife or the foundation) and report thei 
dissatisfaction. This situation is ideal fo 
an outside director, since he need make hi 
case only to a single, presumably interests 
owner, who can forthwith effect change i 
the argument is persuasive.” 

Mr. Buffett sard this would ensure “first 
class management. If the controlling owne 
is intelligent and self-confident, he wil 
make decisions m respect to managemea 
that are meritocratic and pro- sharen olein 
Moreover — and this is critically importon 
— he can readily correct any mistakes h 
makes.” 


Asia/pacific 


Approx, weighting: 32% 
CSosk 127 22 Piwj 127.03 

150 — 

140 


A 2d Wind for Russian Reform 


Approx, weighting: 37% 
Qose: 1 1JL99 Pm: 1 12.67 




F bA O 
1994 1993 


F M 
1994 


North America 


Approx weighting: 26 % 
dose: 95.B3 Piw^ 95^2 


Latin America 


Approx, wdghfing: 5% 
Close: 13239 Piwj 128.95 




O N 
1993 

World Index 


O N 
1993 


The maex tracks U.S. tjoBar values of stocks ftt Tokyo, Now York, London, and 
Argontfaui, Austnfla, Austria. Balghnn. BraxU. Canada, CNta, Danmark. Rnfamd, 
Franc®, Gamwny, Hong Kong, Italy, Utadco. Nathariandn, Now Zealand, Norway, 
Singapore, Spain, Sweden, Swftzariand and Vanaanla. For Tokyo, New York end 
London, the index is composed of the 20 lop issues to tarns of marital capkabation. 
otherwise me ten top stocks era tracked. 


Industrial Sectofs 


Pm. % 
etaSA change 


Energy 113.04 ngJB *0JS 9 Capital Goods 114.43 114.22 40.18 

UMfe 123.98 124.06 -0.06 RawllstaMs 124.32 123.11 40 SB 

ftwnce 11577 115.17 -tO.52 Commit Goods 96,46 98.7B -0,32 

Sendees H9.9B 119.50 40.40 MweBmeouB 130.51 127J3 +3.02 

For mom information abouttho Index, a booklet is avaiabia tree of charge. 

Wrifo to Trib Index, 181 Avenue Charles de GeuBg, 92521 NeuSy Codex, France. 

C Mamadoruil Horefc! Tribuna 


INTERNATIONAL MANAGER 


By Fred Hiatt 

Washington Pest Service 

MOSCOW — Two months ago, when key 
reformers quit Russia’s government, they and 
their free-market allies predicted disaster for 
this nation’s large and wounded economy. 

Russia's government hod been hijacked by 
a faceless band Of Soviet-era apparatchiks, 
the reformers said, whose largesse toward 
collective farms and hopeless factories would 
soon trigger hyperinflation. The newspaper 
Izvestia said “the government of reforms has 
ceased to exist.” 

So far, though, disaster has not material- 
ized, and reforms are weaving forward more 
or less as before. When Michel Camdessus, 
the managing director of the International 
Monetary Fund, gave his blessing late Tues- 
day to the current government's course, he 
was endorsing those same Soviet-era appara- 
tchiks who have, to a great degree, adopted 
the policies of the reformers they ousted. 

As Prime Minister Viktor S. Chernomyr- 
din stood beside him, Mr. Camdessus praised 
Russia’s government for acting “with courage 
and determination.” Five days of meetings in 
Moscow, Mr. Camdessus added, had given 
him “a great feeling of confidence.” As a 
result, he was ready to recommend that the 
IMF proceed with a long-delayed $13 billion 
loan to Russia, a symbol of support that 
Russian officials said would be worth- far 
more than its face value. 

Hie IMF’s response may have partly re- 
flected criticism it has encountered in the 
West for not backing Russia's reforms enthu- 
siastically enough in the past It certainly did 
not mean that Rusria had turned the comer. 
By almost any measure, the economy is in 
poor shape, improving in certain areas but 
deteriorating in others. 


The government has formulated a relative- 
ly light-money budget, but may not be able to 
defend it against pressure from the armed 
forces, the collective (aims and other power- 
ful lobbies now pleading for more funds. 

Boris G. Fyodorov, the reformist finance 
minister who left the government in January 
full of dark predictions, still fears the worst is 
ahead. In a recent interview, he said that 
monthly inflation would hit 36 percent by 
June or July. 

“The people in the government fail to un- 

To the surprise of many 
reformers who have left 
the government, Prime 
Minister Chernomyrdin 
has refused to hand out 
easy credits. 

derstand the most simple relations between 
cause and effect,” Mr. Fyodorov said. 

Moreover, if Russian President Boris N. 
Yeltsin and his prime minister stick to the 
tight-money policy advocated by the reform- 
ers and the IMF/they could provoke unem- 
ployment and soda) unrest. Mr. Yeltsin's 
opponents have already that they will be 
waiting to exploit any such discontent 

Yet what has been striking in the past two 
months has been die shift in Mr. Chernomyr- 
din’s rhetoric toward tough fiscal discipline 
and, so far. Ins willingness to pursue policies 
to match. For much of the past year, Mr. 
Chernomyrdin was willing to let his reformist 
deputy, Yegor T. Gaidar, take the beat for 


unpopular reforms, while the prime minister 
himself bemoaned the production slump and 
state industry's impoverishment. 

Bui when Mr. Gaidar, the architect of Mr. 
Yeltsin’s reforms since 1991, left the govern- 
ment in January. Mr. Chernomyrdin was left 
squarely with responsibility for the economy. 
This was especially true since Mr. Yeltsin 
distanced himself from economic policy. 

A rash of work stoppages and protests 
following Mr. Gaidar's departure showed 
that many had expected Mr. Chernomyrdin 
to open the faucets of government spending, 
and did not want to be left behind. The 
ruble's plunge against the dollar also revealed 
inflationary expectations. 

But 10 the reformers' surprise, Mr. Cherno- 
myrdin refused to hand out easy credits. 
“He's standing up very sharply against subsi- 
dies,” Anders Aslund. a pro-reform econo- 
mist, said a few weeks after Mr. Fyodorov 
had quit. “In private, he acts completely 
differently than what he says in public."' 

Mr. Chernomyrdin has now gradually al- 
tered his public line as well Increasingly, 
perhaps sobered by the task of shaping Rus- 
sia’s 1994 budget, he spoke out against cred- 
its. subsidies and other “popular” but infla- 
tionary “solutions” to Russia’s crisis. 

“Many, perhaps everybody, wants to be 
kind,” he told the upper bouse of parliament 
last week. “But either we come to grips with 
the problem of financial discipline, or we will 
never extricate ourselves from this crisis ” 

The prime minister, a veteran of the Soviet 
gas industry, had proclaimed with some satis- 
faction the end of “market romanticism" 
when Mr. Gaidar quit He said be was proud 
to be considered a “red director,” a Commu- 

See REFORMERS, Page 12 


Fed Move Sparks 
Prime Rate Rise, 
But Dollar Slumps 


Compiled by Our Staff Fnm Dispatches 

NEW YORK — Several major 
U3. banks raised their prime rates 
Wednesday, following a move 
Tuesday by the Federal Reserve 
Board to raise short-term interest 
rates, but the dollar still languished 
against European currencies. 

Chemical Bank, Chase Manhat- 
tan and several other banks raised 
their prime rates to 635 percent 
from 6.0 percent, marking the first 
increases among major h anks since 
July 1991 

The central bank said Tuesday 
that it would put pressure on bank 
reserves, a technical move expected 
to spur a rise in the federal funds 
overnight interbank loan rate. On 
Wednesday, at its usual time to in- 
tervene in the money markets short- 
ly before noon, the Fed refrained 
from adding reserves to the banking 
system. With federal funds trading 
at 330 percent its absence was seen 
as confnmatiOD that it had raised its 
target from 335 percent. 

Despite the higher returns bring 
offered for dollar deposits, inves- 
tors sold the U.S. currency on sen- 
timent that the pace of U.S. rate 
increases and German rate cuts was 
not quick enough. 

The Bundesbank allowed its se- 
curities repurchase rate, its bench- 
mark money market rate, to slip by 


8 basis prints Wednesday. The re- 
purchase rate, now at 5.80 percent. 
has declined just 20 prints during 
the past four weeks, a snail's pact 
for most buyers of the dollar. 

The dollar rambled to 1.681? 
Deutsche marks in New York 
down from 1.6884 Tuesday. Th> 
U.S. currency fell to 1.4275 Swis 
francs from 1.4301 and to 5.745C 
French francs from 5.7638. Sterling 
rose to $1.4975 from $1.4880. 

The Fed lightened, the Bundes 
bank eased and the dollar was ief 
unchanged.” said Juoni Kokfcc. rat 
ematianal economist at S.G. Warb 
urg. “That’s worrying and shows th» 
interest rate stoiy isn’t everything.’ 

The dollar was kept under pres 
sure by concerns German M-3 mon 
ey supply growth is accelerating am 
will keep credit easing there painful 
ly slow. M-3 grew 21.1 percent ii 
January, well above the Bundes 
bank’s 4- to 6 -percent goal for 1 994 
German newspapers on Wednesday 
quoted Bundesbank officials as say 
ing M-3 could rise between 17 am 
20 percent in February. 

The main reason for the Bundes 
bank’s caution on interest rates is it 
concern runaway growth in th 
economy’s money supply will spar 
inflation. The Bundesbank aims t* 

See DOLLAR, Page 12 


Performance Reviews Losing Fans 


Jena Sees Its Future Come Into Focus 

Optical Company Rises From Remains of State Firm 


By Jay Mathews 

Washington Past Sendee 

NEW YORK — Of an the management 
devices to take bold in the American work- 
place, none has acquired a firmer grip than 
the performance review. 

Business school professors extol it. Quality 
management consultants continually refine 
it Corporate leaders, such as General Elec- 
tric Co.’s John F. Welch Jr 7 and well-regard- 
ed politicians, such as Vice President Al 
Gore, embrace it as the key to m a k i n g organi- 
zations work. 

Yet just as it has reached a level of near- 
universal acceptance in American offices, the 
performance review — the annual evaluation 
of an employee’s strengths and weaknesses — 
is encountering a backlash from the ranks of 
the industrial psychologists and efficiency 
experts who once considered it indispensable. 

Management consultants and psycholo- 
gists have concluded that the reviews have 
severe shortcomings. Detailed studies of per- 
formance appraisals show that al thrir best 
they often are wildly inconsistent and damag- 
ing to the loyalty and commitment that help 
employees do their best 

Stories of wayward evaluators have be- 
come standard topics of coffee break conver- 
sation, although almost no one who related 
their most painful moments wished to have 
thrir names attached to them. An aerospace 
executive in Seattle told of being sandwiched 
between the supervisor who had hired nun 
and a rival supervisor who evaluated him. 
The second boss “vented his spleen on me. 
the executive said, and then resigned from tne 
company. leaving a permanent black mark in 
the employee’s file. 

Some office workers say no matter what 


thrir discomfort, annual evaluations done 
property have value. 

“If the boss provides specific information, 
they can be very helpful,” said a Wall Street 
financial analyst who has given and received 
performance reviews for 20 years. 

Many supervisors say they see no other fair 
way to deride who will be given more pay and 
responsibility. 

But industrial psychologists say they have 
little proof that annual performance reviews 
keep the promise of their designers, which is 

The performance review 
system 'nourishes rivalry 
and leaves people 
bitter.’ 

The late W. Edwards Deming, a 

management specialist. 

to make organizations more productive. They 
say that many companies tolerate appraisals 
— which many supervisors also find frustrat- 
ing and time-wasting — only because the 
evaluation records hrip to defend dismissals 
in court. 

Two researchers at the University of Cali- 
fornia at Irvine, Jone L. Pearce and Lyman 
W. Porter, found employees of two federal 
agencies reported & significant loss of com- 
mitment to their jobs after an evaluation 
system was instituted and they were rated 
only “satisfactory.” 

A 1991 survey of 5,836 employees of com- 
panies across the country by Wyatt Co. found 


only 41 percent felt they learned something 
useful from their evaluations, while the rest 
were negative or noncommittal 
The late W. Edwards Deming, a specialist 
on quality management concluded that the 
American performance review system “nour- 
ishes short-term performance, annihilates 
long-term planning, builds fear, demolishes 
teamwork, nourishes rivalry and leaves peo- 
ple bitter ” 

Some critics, such as incentives specialist 
Alfie Kohn, would prefer to junk the Systran 
entirely. 

“Even if performance appraisals were ade- 
quate to gauge how well people are doing,” he 
said, “their effects are usually so destructive 
that they shouldn’t be used anyway." Most 
other psychologists and human resources ex- 
ecutives, no matter bow critical still believe 
the reviews are necessary. But the barriers to 
success are large for a device that causes 
frequent bad feelings and misunderstand- 
ings. 

Frank Schmidt, professor of human re- 
sources at the University of Iowa, said the 
principal problem is unreliability. Studies 
show, be said, “a rather high level of disagree- 
ment between different supervisors evaluat- 
ing the same individual'’ 

Marc Hdze. professor of public adminis- 
tration at Rutgers University’s Newark, New 
Jersey, campus, recalled supervisors giving 
high ratings to certain employees “bra&use 
they have, shall we say, a personal relation- 
ship with them outside the office.” Such 
things often happen without other employees 
objecting, he said. “Most people are not go- 
ing to blow the whistle, or even tool the 
whistle, for fear it might hurt their careers.” 


CURRENCY & INTEREST RATES 


Cross Rates Ml ^ 5 ^. v« o p»na 

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r pare «u Mex.t*aa X377 SLAHr.nmd 1403 

A.kctroi € vaM 10303 norw. Krone 7JB* SwAKraw 7JW 


Eurocummcy Deposits 

Swiss 

Dollar D-Mark Franc 

smuna 

French 

Franc 

Yen 

March 23 

ECU 

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By Brandon Mitchener 

International Herald Tribune 

JEN A. Germany — Johann Wolfgang von 
Goethe, who lived and taught here about 200 
years ago, once said “everyone who was anyone 
in Germany passed through” this old university 
town in the wine hills of Thuringia. 

Since 1991, Lothar Spkth, 56, a former West 
German state premier and high priest of high 
technology, has been doing Bs best to make 
Jena a mecca a gain 

But this time, Jena’s attraction is less litera- 
ture and music than lasers and lenses, the 
cornerstones of an optical and electronic engi- 
neering empire named Jenoptik that is not only 
surviving but aggressively expanding, 

Jenoptik, a state-owned bolding company 
headed by Mr. SpSth, was the first East Ger- 
man company to buy into a high-technology 
company in the United States. It has since 
entered, into another joint venture in Canada, 
reactivated old ties to Russia and mapped out 
investments in China, Hungary and the Czech 
Republic. 

In Jena, Jenoptik has been equally actively 
spinning off subsidiaries, attracting new busi- 
nesses, breaking ground on new buildings and 
generally helping Thuringia boom. The state’s 
economy grew 1 1.6 percent last year after infla- 
tion, double the 6 J percent average for all of 
Eastern Germany. 

Mr. Sp5lh said the company would double its 
sales, to 150 million Deutsche marks ($89 mil- 
lion), and mm a profit by 1996 and be ready to 
go public by 1998. 

Its success, however, cannot come soon 
enough. 


France, U.S. 
Press GATT 
On Rights 


“I have no doubt we’ll get the problems 
under control but I worry whether people can 
wait that long,” Mr. Sp&th said. 

Sitting in a modem office rawer overlooking 
Jena's medieval center, the jovial politician and 
businessman said, ‘'We have to show people 
that we can create jobs with new products; then 
they will forgive us when we have other things 
made where it’s cheaper.” 

A fragment of the giant Carl Zeiss Jena 
military-industrial conglomerate, Jenoptik be- 
gan its free- market existence in 1990 with a 
highly trained workforce but no products. Since 
then, it has spun off some activities and con- 
verted others to high-tech commercial produc- 
tion with remarkable speed. 

The dinosaur that it was before “has been 
replaced by small insects in theformofeffident 
small and medium-sized businesses,” a Jenop- 
tik brochure proclaims, counting 160 compa- 
nies spun off or newly founded and 6,000 jobs 
created. 

The company's core activities were re- 
grouped as Jenoptik Technologic on Jan. 1, at 
which time Jenoptik GmbH became an admin- 
istrative holding that also includes Tridelta, an 
East German industrial ceramics manufacturer 
and has its heart set on Doraier Medizmtech- 
nik, a subsidiary of Deutsche Aerospace AG 
that is up for sale. 

Jenoptik products have a wide range of uses, 
from semiconductor manufacturing and satel- 
lite communications, laser and diagnostic med- 
ical instruments to image analysis, global posi- 
tioning and photolithography. 

“We try to specialize in innovative products 
for which we can demand a high price,” Mr. 


Spath said. “When competitors arrive in tb 
market, we have to already be a product genera 1 
tion further along.” I 

About 400 of the 1,200 employees of Jenop 
tik Technologic work in research and develop 
menu which consumes half of the company' 
budget. While most of East German industr 
remains strongly biased toward goods and sei 
vices for local consumption. Jenoptik is clear! 
preparing to compete with high-tech product 
in global markets. 

For 10 years, Mr. Sp&ih said, Germany ha 
“allowed itself to be duped by the artificir 
export successes associated with European inte 
gration and let costs run out of control.” In 
stead, he said, “We should have been as kin 
ourselves whether we were up to competin 
with Japan and the United States.” 

As for the future, be said, “We will remai 
dependent on exports. A good part of ou I 
products go into the semiconductor manufac J | 
luring industry. There's nothing left of iha-l 
industry in Europe, but there are markets i J 
Korea, Taiwan, Singapore and the Unite- 1| 
States.” The company also recently opened II 
representative office in Beijing. H 

Mr. Sp&th readily admits that some of Jenopll 
tik's ideas wifi flop. II 

“Eveiy new development is a risk,” he saicll 
“We can’t afford any sure thing s, because wlj 
wouldn't make any money with them." Thll 
reason: copycat producers elsewhere woulll 
quickly undercut German prices. P 

Jenoptik’s difficult shift might be an exampl 
for companies elsewhere struggling with smaLB 

See JENA, Page 11 If 


A true collectors item. 
The only coin watch 
for the connoisseur. 


Sources: Reuters. Ltovds bank. 

Ratos aeaUaUa to kdarbMc deposits olSJ mHllen mtohmm lorotulvalent). 


A^BBtpew How**** 

Austro*. S uung. mini 10303 

'AiBtr.adriL |„dtainww 3U3 

Brazil eras. B17.B indn.rupialt 2MWM 

CNnettruao a*w tum 

CzMtuunmo SUSS 2.W 

EOVSt-Mimt M825 Z734S 


cummer 
Me*, puss 
N. 2w*u«lS 
Narw. Krone 
PNMan 
MIUKXWV 
portesewtu 
ma*. n*le 
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Currency f 
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S.KBT.WH 
Svwd. krona 
Taiwan t 
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YS US Jowmose ve® *»» ■« » 

Dovnctw marie ijai \ 

Swiss Irene l - 43ia ' , . (Brussels), Banes Ctmmerdv* UtMatta 

Sources: INC Bank Tokyo ITokyal; Rayat Bank of Canada 


Key Money Rates 

U a lied States Close 

DtacNHtrate 3J» 

Prime rah? 4D0 

Federal fends 3V 

XlMAtfeCM 138 

Coma, paper fNdey* 1M 

a-aoatb Treowry HU 145 

l-vaar Traatry Mil AM 

Mwar Treasury note sjjs 

54NMrTroMurynofe S.M 

7-yeor Treasury note 4LDB 

iByeor Treasury note A* 

M-year Treasury Mad UR 

Merrill LynCbM-daV Ready asset 2JT 


(Xscowtnite 1% 

CoS money 100 2 hi 

Imonte Interbank 2\/a 2ft 

3-montfc H Ue rtuuk 2J5 St 

Smoaitt toterlmK 2h 2% 

le-reor Government bond 4,15 4J0 

flemwar 

Lombard rate « ■ 

Coa money 5J0 US 

Lmmtb intertnak 5.90 S.W 

3-manm Interbank . 5J0 5J0 

trtnoalK interbank M0 5J0 

UHwar Band US 6J7 


Brttnlu 

Bank base rat* SJ4 

Call money sn 

T^nenth Interbank Sft 5 ft. 

MMWtt luhsrbm* 5*- S .J* 

Mnoatti Interbank 5ft 

ID- year GBt 7^1 7Ji 

France 

imerventtnn rate LlO A10 

Call money 
Vmontn MterbmA 

Minlt interbank J* 

tmantti Urterbauk 5-M 4ft 

IB-veor OAT t* 443 

Sources: Reuters, Bloomberg, Merrill 
Lynch. Bank ot Tokyo, Commerzbank. 
Crecnweii Montagu, Credit Lyonnais. 


-155 

-AM 


U.S dollars per ounce. London oftickrl H«- 
Inasi Zurich and New York opening and cka- 
ttn orlces; New York Coma * tAprM 
Source: Reuters. 



AM. 

PM 

Zurich 

388J5 

387J5 

London 

m*o 

bwr« 

Mew York 

38X50 

387.40 


Compiled bv Our Staff From Dispatches 

WASHINGTON — lira United 
States and France have readied 
agreement on a provision to protect 
workers’ rights that they will seek 
to append to the GATT agreement, 
U.S. Trade Representative Mickey 
Kan tor said Wednesday. 

The two countries will push for 
their position next month in Mar- 
rakesh, Morocco, where the Gener- 
al Agreement on Tariffs and Trade 
is scheduled to be signed. 

The provision seeks enforcement 
or labor rales preventing poor coun- 
tries from exporting low-cost goods 
made by exploited workers. It asks 
that GATTs successor, the World 
Trade Organization, crack down on 
the use of children, prisoners or 
slaves as manufacturing laborers. 

But Paris and Washington are not 
likely to press for apermanem com- 
mittee within the World Trade Or- 
ganization to address labor stan- 
dards. Nor will they ask that the 
organization have control over mini- 
mum wages, officials said. 

(AFX. Reuters) 


CORUM 

Maitres Artisans dHorlogerie 


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— T 


?age 12 


MARKET DIARY 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH24, 1994 




Fed’s Move Gives 
Lift to Blue Chips 


Compiled by Our Staff From Dispatcher 

NEW YORK — Share prices 
ained ground Wednesday os equi- 
/ markets appeared to endorse the 
ederaj Reserve Board's widely ex- 
ec led move on Tuesday to nudge 
p interest rates. 

“The issue of Fed tightening is 
vcr, for at least a couple of months 

U.S. Stock* 

nyway," said Jim Benning, equity 
'ader at BT Brokerage, a unit of 
ankers Trust New York Corp. 
Shares also were boosted by ex- 
ecrations that companies would 
-“port strong first-quarter earnings 
t April. Automobile and f inan cial 
sues recorded some of the sharp- 
it gains. 

The Dow Jones industrial aver- 
se dosed 6.91 points higher, at 
,869.46. It had risen as high as 19 
oints at one point in the session 
ut the rally stalled soon after it 
reached the threshold of 3,880. 
Meanwhile, the benchmark 30- 
ear Treasury bond fell 15/32, to 
2, sending its yield to 6.89 percent 
rom 6.85 percent The bond had 
imped nearly a point on Tuesday 
ue to apparent relief that the Fed 
•as being vigilant about inflation. 
The Fed raised the perceived tar- 
et for the federal funds rate Tues- 
ay to 3J0 from 3.25 percent the 
xond quarter-point increase in 
vo months. 


Advancers outpaced dediners by 
about 6 to 5 on the Big Board, 
where volume totaled 281.44 mil- 
lion shares, hardly changed from 
282.69 minio n shares on Tuesday. 

With the focus still firmly on 
monetary policy, the market paid 
hule attention to a government re- 
port that orders to U.S. factories 
for durable goods had fallen an 
unexpectedly large 2.5 percent in 
February, the first decline smoe last 
July. Orders had risen 4.4 percent 
in January. 

Merck was the most-active 
NYSE issue, down % at 295k. Gnm- 
tul & Co. downgraded several 
pharmaceuticals shares. 

Among heavily traded cyclical 
stocks, the Big Three automakers 
all advanced amid optimism about 
upcoming results. Ford gained 1% 
to 63%, Chrysler rallied % to 58% 
and GM advanced % to 60%. 

Financial stocks climbed amid 
reports that company executives 
were buying more of their own 
shares and as confidence rose that 
interest rate rises would be gradual 
and modest Travelers Inc. rose 1 Vi 
to 38%, American Express rose % 
to 30%, Federal National Mortgage 
climbed % to 83% and Dean Witter 
climbed % to 36%. 

Tobacco stocks climbed after 
Merrill Lynch raised ratings on 
Philip Morris, which rose % to 53, 
and on American Brands, which 
climbed % Lo 31%. ( Bloomberg, 

Knight- Bidder. Reuters) 


DOLLAR: Rate Skeptics Sell 


Contused from Page 12 

queeze inflationary pressures out of 
he economy and rein in a flood of 
xcess liquidity associated with tbe 
xpanding money supply. 

Tbe U.S. rate increase also came 
s a pre-emptive strike against in- 
atioo. 

Although recent government data 
towed inflation under control, ris- 

Forcign Exchange 

ig commodity prices prompted an- 
lysts to laud the rate increase as 
'dl-liroed. Tbe Commodity Re- 
such Bureau's index of 21 key 
rices rose to tbe highest level in 
iree-and-a-half years Wednesday. 
The dollar’s sluggishness in the 
ice of the increase in LIS. rates 
rft investors to shift concerns to 
ic U5. trade deficit, growing U.S. 
iu tual and pension fund invest- 
ment overseas and the investiga- 
on into President Bill Clinton's 
nancial dealings in the 1980s. 
“The trade deficit is a problem to 
me extent that it’s a drag on growth 
nd because there’s a natural flow of 
money out of the United States to 
md it,” said David Cocker, an ana- 
fsi at Chemical Bank in London. 
The dollar was also hit by the 
'ommerce Department’s report 


that orders for durable goods fell 
2J percent in February, the first 
monthly decline in sax months. 

But tbe dollar was lifted against 
the yen by the deteriorating rela- 
tionship between North and South 
Korea. The dollar is usually seen as 
a safe haven during political or mil- 
itary unrest. 

the dollar rose to 106.325 yen in 
late New York trading from 
105.980 Tuesday. 

Despite the yen's setback 
Wednesday, demand for unit 
whenever it falls is expected to re- 
main high for' now, as Japanese 
firms repatriate overseas earnings' 
and profits before the end of their 
financial year March 31. 

In precious-metals trading, silver 
rose to its highest price in more 
than four years on speculation 
about rising inflation and strong 
demand from India. 

“Naturally, as commodity prices 
rise, we will have inflation," said 
Leonard Kaplan, vice president and 
chief trader with Im perial Bank in 
Los Angeles. “The market is saying 
they do not believe the Fed is fight- 
ing inflati on hard enough.” 

Silver for May delivery on the 
New York Commodity Exchange 
reached $5,652 an ounce, up 3.7 
cents from Tuesday. 

(Bloomberg, Knight-Ridder) 


Vta Au odaMd Prcu 


Indus 

irons 

UtU 

Comp 



Dow Jones Averages 


Open HU Low L MU On. 

3MB4B 3881.55 3857,88 3869.46 +X91 
17119* 172943 171110 172U1 *10J9 
207.95 20141 20X50 20150 — 145 
137150 1379.70 1371.75 1375.19 *240 


Standard A Poor’s IndntM 


HK* Low don CtfW 

551.51 54953 54957 —0.19 
42272 41113 421 JOB +254 
1*200 14072 M0J3— OS 
4450 4*02 4*08 +UM 
47058 44852 44854—054 

43550 43353 43154 —056 


NYSE Most Actives 



VaL Htefa 

LOW 

Last 

09. 

61804 3056 

27Vt 

291k 

—fa 

■ ‘ . ■ 

63fa 

6396 

— Ifa 

3=383 19 

18 

lflto 

—V 

I-'/'*- 1.1 

S7VS 

58 fa 

♦ fa 

l'n .f' L. ■ 

SZfa 

SJfa 

+ 1 

i ,ii 

Z7fa 

27V6 

—fa 

25983 9V< 

8V. 

9 

+ TV6 

25650 5796 

56fa 

57\* 

—1 

2T912 3V. 

2fa 

2fa 



21396 696 

4fa 

6Ak 

+ fa 

21330 19 

1814 

101k 

+ 46 

20675 39Vk 

3Bfa 

38’A 

—fa 

IBOtV 44 fa 

rifa 

44 fa 

+ fa 

17330 61Vfc 

sm 

6QV4 

+ 1 

16947 64fa 

6194 

&3fa 

*lfa 


NASDAQ Most Actives 



VoL Mgb 

Lew 

Last 

Chg. 

NawOs 

276964 20U 

1816 

19 

—I 

Cscos 

44464 38 

36 

37fa 

—fa 

SpecTch 

42562 2H 

2fa 

2o/m 

+ V). 

SynOofS 

35811 23fa 

22V, 

23fa 

—Ifa 

Mkxfts 

35295 87to 

85 

Mfa 

*lfa 

.Oracles 

34322 35fa 

34fa 

3Sfa 

+ 11k 

■Mas 

31251 2Sfa 

2446 

241k 

+ U 

TrtCmA 

23742 24fa 

23fa 

23fa 

—fa 

PricCsts 

20319 19V6 

19fa 

19fa 

—fa 

Intel S 

20116 72'A 

Tlfa 

Tito 

—fa 

Svmntc 

19914 IBfa 

1746 

1M* 

+ 1 

AppteC 

19328 35Vj 

34TA 

85fa 

+ u 

TelefMex 

18923 3Vu 

s& 

sk 


Lotus 

1ST 1 2 84 fa 

*146 

Pyxis f. 

17159 27fa 

26fa 

27V, 

*fa 


AMEX Most Aethres 



VaL High 

Law 

3PM 

Chg. 

ENSCO 

15228 4¥|, 

31k 

3Wm 

— Vm 

RayalOa 

7172 406, 

4fa 

4"to, 

♦ fa. 

FdrstLb 

5231 SJfa 

4646 

471k 

— 3fa 

Atndd 

5053 6% 

6V, 

646 


EriWBov 

4622 121k 

12fa 

1246 


CtzFst 

4478 Oft 

846 

846 


SPUR 

4428 47Vm 

46fa 

47Vg 

*1ta 

ChevSns 

4350 43fa 

43V. 

45fa 

+ 2fa 

ViacB 

4021 29fa 

IBfa 

39fa 

+1k 

Ivaxcp 

3917 29fa 

28fa 

29 V. 

—to 


NYSE Indexes 


Mgb Low Lost a* 
261.09 26054 26058 4004 


21*90 21179 21*25 +C 


NASDAQ Indexes 


Molt Low Lnt CAB. 


799.10 79658 79756 
84*28 84034 8425A 
69252 68063 69058 
92652 92140 92102 
90254 90073 90254 
SOI. 83 79148 80153 
17*22 17350 17350 


+ 142 
*1.15 
**26 
+ 004 
*185 
+ 053 
+013 


AMEX Stock Index 


tfigh Low Last C&a- 
47X45 47156 47358 *155 


Dow Jones Bond Averages 


» Bands 
10 Utilities 
10 industrials 


Close Ctrse 

10152 + 112 

99.96 +BM 

10189 +010 


NYSE Diary 


Advanced 

1149 

1189 

Declined 

950 

915 

unchanged 

662 

657 

Tetri issues 

2761 

2771 

Npw Highs 

83 

81 

New Lows 

39 

65 


AMEX Diary 


Advcnoed 
Declined 
Unchanged 
Total Issues 
Newmans 
New Laws 


331 293 

298 323 

237 229 

856 845 

18 15 

12 25 


NASDAQ Diary 


Market Sales 



Today 

Prwr. 


4 pjd. 

can. 

NYSE 

28250 

34X99 

Amex 

J1j09 

2X29 

Nasdaq 

29X05 

30X21 


la mlllia 


Advanced 
Declined 
Unchanged 
Toft* Issues 
NewHferfis 
New Lows 


Oose Prev. 

1583 1500 

1441 1548 

1015 1788 

4839 4836 

1*5 105 

40 56 


For biyrertonant infor ma ti on 

Read THE MONEY RBORT 
every Saturday m the IKT 


EUROPEAN FUTURES 


Metals 


ante 

ALUMINUM (HU Oradaf 
DoUan per metric ton 

Spot 131 180 131*00 

Forward 133880 133850 

COPPER CATHODES (Ht** 
DoBor* par metric ton 
3001 , 1M8S0 194950 

Fa-ward 195880 199980 

LEAD 

DORan per metric too 
Spot 4608Q 46180 

Forward 47480 474JD 

Dollar* per metric tan 
Snot _ 566000 567080 

Forward 572580 573080 

Dolton per metric top 
spot S4T0JJ0 548080 

Forward «mnn 553O8O 

ZINC ISpeCMHlgi Qrpael 


Pnwion 
Bid Aik 


131X50 131*50 
133850 133980 
erode) 

194080 194180 
195280 195180 


KMoam uww 

5685.00 569080 


547580 548080 
mtiw is yWI fl 


Dollars per 1 
Spat 

Forward 


95180 95280 

97180 97280 


95250 

97380 


To subscribe in Germany 

just call, toll free, 

01 30 8A 85 85 


REFORMERS: Russia Stays on Track 


Continued from Page 11 

nisl-era factory boss. But last week, 
he told parliament that most fac- 
tories could solve their problems by 
improving ‘'marketing,” cutting 
costs and developing new products. 
Many Soviet-era factory managers 
“should king ago have been gotten 
rid of," he said. 

Tbe prime minister traveled to a 
hotbed of reform, the Volga River 
city of Nizhny Novgorod, to en- 
dorse a program to privatize land 


by breaking up collective farms 
into smaller business units. 

At one point, tbe prime minis ter 
warned: we have to live accord- 
ing to oar means, and we should 
not give pledges that we cannot 
fulfill. Otherwise, we may find our- 
selves in another spiral of inflation, 
facing sharpened social unrest-” 

Mikhail Berger, Izvestia’s eco- 
nomics reporter, recently acknowl- 
edged that Mr. Chernomyrdin has 
shown unexpected stinginess to- 
ward Russia's credit-hungry lob- 


bies. But be said the austerity is not 
accompanied by a grander vision of 
reform. 

“In a nutshell tbe government is 
still dithering and is afraid to make 
sharp movements either way,” Mr. 

Berger wrote. “Perhaps this is the 
only way to go in the currently 
shaky political and economic envi- 
ronment But dithering only pays if 

it serves as a basis for a sudden 
dash in a very specific direction.” 


Industrials 

Hist) Loot Lost Settle CW 

GASOIL. (1PE) 

U 5. dollar* per metric ton-lotf Of 1#8 fans 
Apt 142J5 140-75 14280 141 25 — 125 
141 JJ3 139.73 14035 14075 —1-50 

14075 13950 14025 14025 —150 

14*75 14180 141J0 14150 — 180 

14380 14350 14380 14380 —150 

N.T. N.T. N.T. 14525 —050 

14850 14850 14850 14885 —050 

15080 V49J3 15080 1S025 — 038 

15250 151 35 13250 15250 — 0-50 

mm 15380 15380 15380 — 075 

N.T. N.T. N.T. 15X25 UnCtV 

15280 15200 15280 15275 Uneh. 

Eat. volume: 1&907. Open W. 17883 
BRENT CRUDE OIL (IPE) 

IL5. dollars per barreMota of UNO barred 


May 

Jim 

JnJ 

g 

Oct 

Nav 

Dec 

Jan 

Feb 

Mar 



Financial 



High 

Low 

Close Change 

3-MOffTH STERLING fLJFFEl 


*580400- 

its of 1M pri 



Jun 

94.91 


9X83 

— Off 

Sep 

9479 

9445 

9447 

— Qfl3 

Dec 

9454 

9X39 

9X39 


Mar 

9X24 

9X07 

9X07 

— 009 

Jun 

9X90 

9173 

9X73 


•Sea 

9X57 

9X41 

9340 

— 0.10 


9X25 




Mar 

9X96 

9X78 

9278 

— 0.10 

Jaa 

9270 

9XS2 

9X51 


Sop 

9X47 

9XX 

9X20 

— 0.11 

Dm 

9X10 

9X10 

9X08 

— 0109 

Mar 

91 JS 

71.91 

91.88 


EM. vamme: 75.982- Open lnt: 42X111. [ 

3-MONTH EURODOLLARS IUFFE1 

SI mJlflai] 

* Pts of HO pri 



Jun 

9559 

9X68 

9548 

+ 0J6 

5ep 

9X28 

9X28 

9576 

+ 005 

Dm 

9X85 

9X84 

9X84 

+ 1109 

Mar 

H.T. 

N.T. 

9X62 

+ 012 

Jun 

N.T. 

N.T. 

9X32 

+ 0.11 


N.T. 




Est. volume: 646 

398 9,591 



3-MONTH EUROMARKS (LI FFE1 


DM1 miOtoa -Pts of 100 act 



Jun 

9X55 

9X49 

9X50 

— OBI 

Sep 

94J2 

9473 

9X74 

dm 

Dm 

9X00 

9X88 

9X88 

—007 

Mar 

9X04 

9X92 

9X92 

—am 

Jua 

9X98 


94J85 

A/17 

Sep 

9X78 

9X70 

9X70 

— 007 

Dm 

9X63 

9450 

9X53 

— OJto 

Mar 

9446 


9X38 

—OHS 

Jan 

9430 

9X24 

9X20 

— <UB 

Sep 

9X08 

9X07 

9X04 

— fl/Ji 

□m 

9190 

9388 


— 008 

-Mar 

9X76 

9374 

9348 

—0.08 

Est. volume: 0X789. Open lnt.: 9Z2A0X 

3-MONTH FRENCH FRANC IMATIF) 

FF5 mffltoa ■ pfe of MO Pri 



Jm 

9X14 


«X10 


Sep 

9X46 

9441 

9X41 

+ DJ01 

Dec 

9X65 

9X59 

9440 


Mm- 

9X71 

9487 

9440 

+ 0(0 

Jun 

9X66 

9X61 

9X43 

+ OD3 

5ep 

9X49 

9X45 

9X46 

+ 0j02 

Dm 

9X29 

9X2S 

9X26 

+ 0JD2 

Mar 

9X11 

9X10 

9X10 

+ 001 

Est. volume: 4742X Open mt: 256.184. 

LONG GILT (LIFFEV 



QUHe - pts s 22nds Of 100 pet 


Mar 

111-24 

110-11 

110-00 

-0-27 

Jan 

11D-30 

108-29 

10942 

— 0-26 

Sen 

N.T. 

N.T. 

106-05 

-0-27 

1 Est. volume: 11246& Open lnt: 16X03X | 

GERMAN GOVERNMENT BUND (LIFFE) 

DM2504M 

-pts of 109 pri 



Jan 

9745 

96.18 

9X24 

— 026 

Sop 

N.T. 

N.T. 

9X97 

— 027 

Est. volume: 17A39X Open lnt.: 0 198415. 

1 18-YEAR FRENCH GOV. BONDS (MAT IFI f 

FF50B408- 

ptsoiieapct 



Mar 

12X80 

12446 

12X60 

+ 032 

Jm 

12X52 

12X94 

12X12 

+ 034 

Sep 

12X56 

12X40 

12X40 

+ OSi 

Dm 

12X84 

12X84 

12X70 

+ 034 

Est. volume: 259.700. Open Lnt.: Z0BL25X 


Mar 

1347 

1348 

1X81 

1X80 —OI2 

Jm 

1X86 

1341 

1X74 

1X73 —014 

Joi 

1X98 

1X81 

1X81 —014 

Aag 

1X05 


1X95 

1194 —009 

sep 

1X17 


1X11 

JX07 —013 

oa 

1X20 


1425 

M.17 —009 

Nor 

N.T. 

nS 

N.T. 

1426 —009 

Dec 

N.T. 

N.T. 

N.T. 

1X39 — 0JJ9 

Jan 

N.T. 

N.T. 

N.T. 

1X50 —009 

Est. volume: 38475 . 

open lnt. 13X084 


Stock Indexes 

High Low Ctose Change 
FTSE 100 (L1FFE1 
€25 per index point 

Jna 32468 31498 31508 —618 

S» 32208 32208 31678 —615 

Dec N.T. N.T. 3176J —618 

Esl. volume: 23869. Open Inf.: 5X500 
Jl» 38698 383X0 30020 — 488 

Esl. volume: 126: 109 1891. 

Sources: Motif. Associated Press. 
London inn Financial Futures Exchange, 
Inn Petroleum Exchange. 

CAC 40 (MATIF1 
FF28Q pot Index point 

Mar 2237JJ8 220780 221180 —180 

Apr 224080 221850 227150 —180 

May 225200 222350 222580 —180 

Jm 223380 220550 220850 -180 

Sep 222580 222S80 2226 JM —180 

Dec 226980 236980 225880 —150 

Est. volume: 3585* Onen ML: 72193. 


Dividends 


Company Per Ami Pay Rec 

IRREGULAR 

AkZO Nobel NV x I JO 4-26 6-7 

x -approx amount per ADR. 

STOCK SPLIT 
Country Credit 3 far 2 split. 

Novo Nordlsk 4 For 1 {Pitt. 

INCREASED 
Bell Atlantic O Jfi 4-11 5-3 

Country Credit Q .12 44 4-26 

CORRECTION 

Equity Resident x 88 3-25 4-8 

* -revised pa yabfe {tote: 

INITIAL 

wimonFtncIn _ 30 1-31 4-15 

REGULAR 

AmfMFlneJ Q 85 4-8 4-29 

CB Bancshares O 825 3-31 4-29 

Conn Homes Hold Q 85 3-31 4-15 

Horizon Bonk Q 88 *6 4-29 

-Jefferson Bkshrj Q .17 4-4 4-29 

MSB Bancorp Q .10 3-31 4-15 

Malax Inc x 81 3-31 4-25 

x-afca an doss A. 

o-aaaoal,- o-parobie id Canadian fundi; m- 
maattily; q-gnarlerTy; s-stmt-amual 


Spot Commodities 


Commodttv 
Aluminum, to 
CoHec.Braz.fa 
Copper electrotvtfc. lb 
Iran fob. fan 
Leodib 
Silver, troy oz 
Steel (scrap), ton 
Tin. lb 
Zinc. It 


Today 

Prev. 

0566 

OSH 

0.755 

070 

096 

0.96 

21300 

21X00 

034 

034 

5555 

5555 

13X33 

13X33 

34321 

34748 

D4SZ7 

045 


British Shares Slump 
On Inflation Figure 

Compiled by Our Staff From Dispatches 

LONDON — The main British 
equity index was knocked back on 
Wednesday to its lowest level since 
Nov. 30 after data was released 
showing an inflation rate of 14 
percent in February, off from 15 
percent in January but well above 
market expectations of a 12 per- 
cent annual rate for February. 

The Financial Times-Stock Ex- 
change 100-share index fell 46.2 
points, to 3.155.3. 


U.S./AT THE CLOSE 


Macy’s Presents Plan to Go Public 

NEW YORK (AP) — R-H. Maty & Co. on Wednesday proposed a 
reorganization plan that would return the department store company to 
cubic ownership with what it railed a manageable $22 billion debt. 

The retailer, which presented an outline of the plan to creditors and a 
court-appointed mediator, proposed repaying $3.6 billion of its neariy $6 
billion debt when it enraged from bankruptcy court protection ana i juu 
mfTTinn in 1997. The outline envisions Macy's leaving Chapter 1 1 in January 
1995, three years after debts and poor sales left it unable to pay bills. 

The plan calls for Federated Department Stores Inc* which earlier this 
vear bought a substantial bankruptcy claim against Macy from Pruden- 
tial Insurance Co. of America, to be repaid in Full The payment could 
thwart Federated's hopes of eventually taking over its rival 

Factory Durable-Goods Orders Fall 

WASHINGTON (AP) — Orders to factories for durable goods fell 
sharply in February, tbe Commerce Department said Wednesday, as a drop 
in aircraft and defense orders ended six months of advances in the category. 

But analysts said tbe decline may have been partly weather-related and 
probably would prove to be only a hiatus in the general upward trend Tor 
U .S. manufacturing. Orders to factories for durable goods fell 25 percent in 
February, the first decline since July 1993. Orders rose 4.4 percent in 
January, revised from the 3.7 percent estimated a month ago. 

Sony Wins Patent Fight with Kodak 

ROCHESTER. New York (AP) —Sony Corp. has scored a victory in a 
high-5 lakes patent dispute with Eastman Kodak Co. over a magnetic 
recording system used in camcorders and videocassette recorders. 

The U.S. Patent and Trademark Office said Wednesday it has invali- 
dated Kodak’s 1981 patent for tbe technology, now in wide use. At stake 
are tens of millions of dollars in royalties, analysts said. 

In February 1993, Kodak sued the Japanese electronics company and 
its U.S. subsidiary, Sony Corp. of America, for allegedly violating tbe 
patent But Sony asked for a ree xamina tion of the patent arguing that 
simil ar technology was in the public domain for years before Kodak 
claimed exclusive rights to it. 

Seagram’s Profit Rose in 4th Quarter 

MONTREAL (Bloomberg) — Seagram Co. said its fourth-quarter net 
income rose to $ 147 million from $46 million a year earlier, but the resul is 
were below most analysts' expectations. 

Sales in the quarter ended Jan. 31 slipped to $1.99 billion from S2 bfflion. 
For the full year, net income was $379 nullioa, reversing a year-earlier loss 
of $900 million. Revenue fell to $6.04 billion from $6.10 billion. 

While difficult economic conditions in Europe affected the results of 
tbe spirits and wine group, “our major brands are strong and posted 
significant share gains in most markets,” Edgar Bronfman Jr., Seagram's 
president and chief operating officer, said. 

Busch Expands Share Repurchases 

NEW YORK (Knight-Ridder) — Anheuser-Busch Cos. said Wednes- 
day it would buy back 25 million shares, or about 9 percent of the total 
outstanding, over an unspecified period. 

The brewing and food concern said the buyback was in addition to the 
20 million shares it announced in June 1992 that it would purchase. 
About 85 percent of that program has been completed, Anheuser-Busch 
said. “We believe Anheuser-Busch stock continues to represent an 
attractive investment opportunity based on the company’s leadership 
position within the brewing industry and its favorable business oatlouk.” 

Spectrum’s President Takes a Leave 

MANHASSET. New York (Bloomberg) — Spectrum Information 
Technologies Inc. said Wednesday that Peter Caserta, its president had 
taken a leave of absence amid mail-fraud charges at Paradigm Group, a 
company he established in 1988. 

“Peter requested this leave of absence so that be could clear his name 
and rebut the allegations about his former firm,” Edward Maskaly, 
Spectrum’s chairman and chief executive, said. 

Tower Air Loses Indonesia Contract 

NEW YORK (Bloomberg) — Tower Air Inc. disclosed Wednesday 
that it would not be awarded a contract by PT Garuda Indonesia to carry 
religious pilgrims between Indonesia and Saudi Arabia this year. 

The airline company said its contract with Indonesia's state airline Iasi 
year had provided 8.1 percent of its revenue, or about $28 million. 

The religions pilgrimage to Mecca in Saudi Arabia is required of most 
Muslims at least once in their lifetimes. Morris Nachtomi, Tower’s chief 
executive, said he had been told that pilgrimage traffic from Indonesia 
this year was expected to be smaller than in 1993. He said Tower hoped to 
offset the loss of business with its new scheduled services to Sao Paulo. 
Amsterdam. New Delhi and Dublin/ Shannon, Ireland. 




WORLD STOCK MARKETS 


gwttFiaw ftiM March 23 

OomPtw. 


Amsterdam 


kBNAmnHM 
VCF Holding 
UW«i 
mold 

'tao Model 
VMEV 

Jds-Wossonen 
JSH, 

J5M 
El savior 

-ok Iter 

Hs+Brocodos 
JBG 

mmi.cn 
towovans 
tenter Douglas 
HC Calami 

■tier Mueller 
nTl Nederland 
CLM 
iNP BT 
MJfaVd 
JceGrinim 
’akhoed 
ttilllps 
•otygrom 

lOtWCD 

lodamco 
ioltoco 
iorentu 
(oval Dutdl 
■lark 
fnl lever 
(an Ommeren 
'NU 

votters/Kkwer 11550 


6750 67 

50 51 5D 
9*80 9*30 
KUO 5C.98 

22480 223 

7*30 TIM 
4030 4020 

49.10 6070 

126.10 122-30 
16770 16750 

1&30 15.10 
5350 5340 
314 315 

233.90 23150 
60 6050 
79 77.50 

4160 4220 
8350 B3J70 

BISS 82 M 

4590 4*10 

49.90 4940 
69 6780 
87 86.40 

5280 5380 
5250 5240 
77 77jW 
12*50 12*40 
62 62.10 
126.10 126 
9*90 9*90 
19650 19550 
4750 47 

20*60 205.10 

51 51.10 
I75J0 17220 

113 


*oc-um 

MSFIn 

Jrtwd 

3arca 

3*k«ri 

-OCkerlll 

Zobepa 

MhaJze 

=lectrabe» 

3IB 

3BL 

Savoert 

<redtoll]OTk 

fWOHnO 

’owerfhi 

-(oral Beige 


Brussels 


2645 2640 
2770 2755 
WO 4640 
2300 2300 
2457S 34275 
190 IBP 
6170 6120 
1422 1416 
6250 6240 
1615 1615 
4525 
9950 
730 0 
10-WO 10323 
3260 3230 
5719 5730 


jocGen Banque 8560 8490 
>ocGen Beta hum 2705 27io 
«flna 15500 15200 

iZt** 

S3SJ. I ! , aW“ : 74051 


Frankfurt 


Utono *T>qi «2S 

*SkO IB4C 1050 

2A3-F m9031950 

lover 38050X150 

3ov. Hypo bank 4715046980 
joy Verelnsuk 492 491 

5HF Bonk <5 2? 

5MW m B49 

Commerzbank 35680 354 

-antlnental 2V1 587 

tolmler Benz 85950 846 

leoussa ji* 507 

3t Babcock 297.70 Ss 
toufache Bm* 50779*50 
Sougias 584 573 

gresdner Bonk 40150 397 

NA NA 
- Kruw» HoeseJi 212 209 
jaraener 3*0 340 

■lenkel 63750633J0 

togmef IW MB 

toechst 33633250 

•ta lmmn ii 943 949 

torian 234 229 

WJCA So 3M 

5°™?! 59 57B 

(auttiei 51851350 

CHD 15280 750 

ClaacknwWerke 14814450 
Jnde 872 862 

-uftnanaa 19919*50 

*AN 437 80 43* 

Aarnmmarai id 423 

MollWMI 1808018050 
Auanch Rueck 3200 3»n 

8S2 840 

467 465 

22622650 
45750 454 
335 336 

1080 1077 
40540150 
7055070050 
271 JO 26750 
355 360 
691 487 

365 366 
463 460 
4917049050 
865 8*0 

!XJL 2161.13 



Helsinki 


Amer-YMvnw 
Enso-Gutzctt 
Hutitamakl 
KJLP. 
Kvmmene 
M«rn 
Nokia 
Pohlola 
fiwfe 
Stockmann 




132 132 
«.40 39.10 
307 207 

1250 1280 
122 123 

210 213 

402 400 

SP 90 
96 97 

305 310 


Hong Kong 

Bk East Asia 33JS 30J5 
Catnav PocJflc 11.10 10.90 
Cheung Kona 4050 37 

China UohtPwr 4025 3925 
Dairy Farm Inn 7150 11 J 
Hang Lung Dev 1520 1*40 
Hang Sana Bank 5550 5050 
Henderson Land 4650 4325 
HK Air Ena. 4125 39 

HK Chino Goa 1B.«1 17.60 
HK Electric 22^ 2120 
HK Lund 2120 2280 

HK Realty Trust 22 2050 
HSBC Holdings 9250 91 

HK SIMng Hits 12 1180 
HK Telecomm 12*0 

HK Ferry 955 880 

Hutch Whampoa XZ 3050 
HvianDav 26 25 

Jardlne Math. 4925 S350 
jardirM Sir HM 26 2850 
Kowkun Motor 1520 1170 
Mandarin Orient 17 11 AO 
Miramar Hotel 2320 23 

New world Dev 2&50 27*40 
SHK Props 5550 32 

SMux *45 *53 

Swire Pac A 58 5250 

TaJ IChaung Prps 17.ro lljo 
TVE 355 350 

WTiOri Hold 3025 2&40 
Whw On Co Inti 1220 12 

winsor IncL uao 17^0 


Johannesburg 

AECI 


A I tech 

Anglo Amar 

Barlows 

Btyvaar 

Butfals 

D* Beers 

DrMontrin 

Gencar 

GFSA 

Homwnv 

Htohyehj Steel 

Kloof 

NedDankGrp 

Rondfanteln 

Rum tot 
SA Brews 
51 Helena 
SOM 
WWtam 
Western Deep 


21 21 
90 90 

2195021950 
3025 3225 

.49 NA 
110 107 

99 5625 
.10 10 
100 99 

X X 

24 24 

a 4825 
2850 2825 
*7 4650 

84 as 
86 91 

44 43 
2275 2350 

45 43 
206 200 

152X77 


London 

Abbey Natl *79 

All fad Lywo 6J03 

ArioWloglna 271 

Aravll Group 254 

AwSrtt Foods 555 

BAA 980 

°Ad _ 5.13 

Bank Scotland 122 

535 
5TO 
*59 
1J8 
336 
7.11 


Bardavs 


B^afar 

Brit Airways 
Brit Gas 
Brit Steel 
Brit Telecom 

BTI ? — 
canto wire 
Cadbury Sell 
caradon 
Coats Vtvelfa 
Comm Untan 


ECC Group 

Enterprise Oil 
Eurotunnel 


Forte 

GEC 

Gem Acc 

Glaxo 

Grand Met 

GRE 

GuinttoSs 

GU3 

Hanson 

Hllbdown 

H5BC HUes 
ICI 


435 

377 

432 

3 

180 

4 

385 

*35 

488 

382 
241 
5.72 
533 
523 
*11 
520 
133 
259 

383 
AI6 
6J3 
484 
184 
480 
586 
276 
173 
883 
L10 


481 

6.18 

2M 

259 

583 

nun 

5.13 

121 

583 

526 

488 

130 

382 

7JD 

141 

*50 

377 

434 

387 

783 

488 

382 

4J8 

*92 

195 

250 

577 

580 

5.17 

*15 

588 

133 

261 

386 

620 

658 

*70 

iyi 

450 

575 

282 

1.79 

755 

107. 


Claw Prev. 



540 

543 

KlnofUher 

542 

570 


2 

245 


647 

482 

Lopcrie 

8j03 

OIO 


124 

128 

Legal Gen Gra 

<99 

IDS 

Lloyds Bank 

549 

548 

Marks SP 

X15 

421 

ME PC 

440 

X75 

Natl Power 

449 

X76 

NotWest 

447 

443 

NthWst Water 

5J4 

541 


X13 

625 

P&O 

645 

*79 

Pllklngton 

172 

123 


546 

542 


X18 

321 

Rank Ore 

195 

4.13 

Reck IN Col 

X16 

6.27 

Red land. 

543 

541 

Read (nil 

824 

840 


2040 

2044 

RMC Group 

940 

920 


145 

1 JO 


346 

AM 

Royal Scat 

XD9 

XII 

RTZ 

840 

845 


3J0 

341 


5.16 

527 


X04 

323 


1.13 

1.17 


547 

548 

Shell 

647 

624 

Siobe 

5J6 

542 

Smith Neahew 

142 

143 

SmlttiKline B 

180 

443 

Smith fWH) 

520 

5.18 

Sun Alliance 

X13 

171 

Tate & Lrie 

X25 

425 


X1B 

222 

Thera EMI 

1040 

ilJUtt 


246 

242 

TSB Group 

X15 

223 


1050 

1042 

Did Biscuits 

341 

157 


545 

526 





536 

620 

Whiteread 

523 

527 

Williams hubs 

190 

347 

Willis Carman 

7 99 

131 

F.T. 31 tedn: 299120 



::?I55J0 


Madrid 

BBV 3230 3215 

BCO Central Him 2915 2885 

Banco S an tander mo 68io 

CEPSA 2950 2790 

□ragados 3430 ;4<w 

Endesa 7500 7460 

Eraras 157 161 

Iberdrola t W15 1000 

Repeal 4685 6680 

Tabocafani sms 3990 

Tetofenka 1855 iB55 

MARlir 11 


Milan 

Banco Comm 5670 

Baetosl 86 

Benetton group 26820 
Cloo 
CIR 

Cred ital 
Enlchem 
Ferfln 
Ferfln Rtsp 
Flal SPA 
Finmeccanica 
Generali 
IFI 


NA 

2380 

2430 

2440 

1819 

786 

6976 

2B00 

37980 


5690 

® 

26600 

NA 

2400 

2460 

2440 

7785 

795 

SW 

1975 

38105 


Itaigus . 
lMimabUtore 
Medlotaapaa 
Mon i ed Is o n 
Olivet! I 
Pirelli 
RAS 

Rtnaecente 

5atpem 7STJ 

San Paolo Torino 10297 
SIP 4398 

SME 3860 

SMa 2035 

Slanda 34000 

fttoAasI Rhn 2^ 


sSSA 


,2012 

33990 

4960 

25900 


Montreal 

Alcan Alumimim 234* 34 

Bank Montreal 2M 2846 
Beil Canada 45Va 32 
Bombardier B 22% 224 m 
C amMar 2 044 sh* 

Cascadas 8 7% 

Dominion Text A BU 84* 
28«i 274* 
23 224* 


Donohue A 

MacMillan Bl _ 
NaHBk Canada in* km 


Power Carp. 

Quebec Tel 

QuebeewA 

Quebecor B 

Tefagtabe 

Untva 

VMeotran 


23U 23 

224* 224* 
21W 21% 
719* 2114 
23K 234* 
64* 64* 

16V* 1614 
202636 


Paris 


Accor 735 730 

Air Lknilde 862 860 

Alcatel Abthom 706 773 

Axa 1329 1341 

Bancalre (del 606 616 

BIC 1410 1350 

BNP 253 257.8H 

Bauygues 715 715 

BSN-GD TO m 

Carrefow 4105 4TO 
CCF 2J7AO 243JB 

C*n» 137 A0 140 

ataroours 1485 1499 

Clments Franc 375 378 
Club Med 607 414 

ElfAaultolne 400J0409JB 
EH-Sanofl 1087 VM 

Euro Disney 36.15 3*75 
GetV Eaux 2686 2676 

Havas 477J0 475J0 

I metal 613 611 

Lafarge Coppm U9MA&&M 
LWand 6280 617B 

LVOn. Eaux 590 597 

Oreal (L ) 1266 1266 

LVMH. 873 877 

Matro-HoctiettD 139.TO13640 
MicheHn B 262J0 26*50 
Moulinex T4SB0 14750 

Paribas 47030 478 

Pecb Inev Inti 192190J0 
Pernod-RIcard 40*50 40X30 
Peugeot BBS 874 

Printemps (Au) MS 950 
Rodkrtedmlque . _S51 546 


RM*autonc A 
Raff. St. Louts 
Redaute (Lai 
Saint Gabato 

£e.b. 

Generate 


a? 


Thomwn-CSF 

Total 

UJLP. 

Valeo 


148 JO 147 

1744 1745 
864 8619 

675 670 

554 554 

650 643 

326AQ 331 JO 
195 19*60 
331 M 329 JD 
189 189 JO 
1354 1358 




Sao Paulo 

Banco do Bmli 28J0 2060 
Bwwspa 9S5 10 

Bradesco 3150 14 

Brahma 198 195 

Parcropmctiio 18J0 T7J0. 

Petrabras 161 7» 

Tetobnas 39 3680 

vole R to Dace B3J0 8X50 
Varlg 15S 149 

KSSEWfe* 1,157 


Singapore 

Ceretxn 
OtvDev. 

DBS 

Fra&er Reave 
Genii ns 
Golden Hope pi 
H aw Par 


7.10 7 

liS IttvS 
16J0 1X70 
1X20 1550 
254 241 
X1B 384 


Hume Industries 5.10 *90 


Inch cape 


KL I 

Lum Chang 
Nfah^an Banks 

OUB 
OUE 


5 5JW 
9J5 9J5 
288 282- 
156 157. 
840 8 

12 H40 
755 740 

sue «4n 

... 12 11.10 

Shcrort la 5.15 *M 

Slme Darby 352 

9IA 7J5 7.15 

sy>are Land 6 570 

STxjrePtess 1X60 7350 

ana Steamship 356 146 

S'oore Telecomm 354 3J3 

Stratts Tradfag 147 3M 

UOL H 

!ZSteS*B& gr :2,1,Ji 


Stockholm 

AGA 402 399 

AeeoA 614 615 

AjtreA 163 IAS 

At ias Co pco 505 509 

EtoctroluxB 384 387 

Ertasen 370 259: 

Emejte-A 113 ill 

H2S5*aflk«i 115 116 

Inveaiar B 17B 179 

Norsk Hydro 2455024750 
Procortso AF 119 120 

SmdvikB 123 izr 

|CA^ 129 129 

Ba ntam 57 5830 

StomBo F 159 la 

Stagnka 200 301 

SKP 138 139 

5faro 413 420 

5ES5 bon,BF eS *3 

«53 bmhj"* - 


OowPrw. 


Amcor 
ANZ 
BHP 
Borol 

Bougainville 
Coles Myar 

Coma lea 

CRA 

C5R 

Fosters Brow 
Goadimm Field 
ICI Australia 
Magellan 
MIM 

Nat Aust Bank 
News Carp 
Nine Network 
N Broken Hill 
PocDunfap 
Pioneer inn 


Sydney 

iojo6 


5J4 

1742 

*18 

0J1 

*93 

5.05 

1754 

s 

lifl 

1W 

11.96 

9J77 

330 

357 

3-40 


Nnrmdy Poseidon 217 


OCT Resources 

Sonias 

TOT 

Western Mining 

westaacBanMna 

waodiide 




ija 

*12 

117 

7J1 

53 

: 218 


974 

MB 

17.10 

*14 

0J9S 

*90 

450 

17JC- 

473 

175. 

140' 

11JD 

110 

X12 

1152 

942 

S.19 

160 

534 

XB7 

206 

153 

408 

115 

7.15 

SOS 


Tokyo 

AkatENKtr - 4?5 

AsaM Chemical 727 

Asahi Gloss 1170 

Bank of Tokyo 1570 

Bridgestone 1970 

Conon 1670 

Casio 1320 

Dal Nippon Print 1870 
a House 


4130 


Dalwa House 1610 
Dalwo securities 1600 
Fanuc 
Fail Bank 
Full Photo 
Fujitsu 
Hitachi 
Hltactd Coble 


2360 

1040 

950 

791 

1750 

5590 

662 

681 


Ito Yafcado 
Itochu 

Jaoan Airlines 
Kallma 
Kansai P ower 
Kawasaki Steel 
Kirin Brewery 
Komatsu 
Kubota 

Kyocera 

Matsu Elec Inds 1720 
Matsu EJecWks neo 


2730 

365 

12a 

916 

649 


Mitsubishi Bk 

MltsubbhM 


5051 

725-. 

11901 

1580 

1570 

1478 

1330 

1880 

1618 

1610 

4190 

2290 

2360 

1090 

969 

802 

1770 

5650 

690 

6B3 

915 

2780 

369 

1250 

938 

665 

6640 

1770 

IllOO 

3860 


Kasai 482 482 


672 


910 

2010 

1090 

1070 


Mitsubishi 

MltsubWilHev 
Mitsubishi Corp 1130 
Mllsul and Co 772 
Mltsukoehi 
Mitsumi 
NEC 

NGK Insulators . 
Nlkko Securities 1280 
Nippon Kaaalw 992 

Nippon 011 723 

Nippon Steel 342 

Nippon Yusen 993 

Nissan m 

Nomura Sec 2270 
NTT _ 9310a 

Otvnious Optical 1070 
Pioneer 2570 

Ricoh era 

Sanva Elec SOS 

Sharp 1700 

Shimani 693 

Shineteu Own 2070 
Sony 6890 

Sumitomo Bk 2160 
Sumitomo Chem 4*4 
Sumi Marine 922 
Sumitomo Metal 279 
Talsel carp 662 

Talsha Marine 822 
TakedaCIwm 1250 
TDK 4300 

Toil to 483 

Tokyo Marine 12B0 
Tokyo Elec Pw 3260 
Toppon Printing 1390 
Taroy Ind. 688 

Toshiba m 

Toyota 2030 

YamatriilSec 884 

rim 


<07 

676 

1130 

772 


1110 

1100 

1280 

1010 

729 

3501 


919 

1710 

700 

2130 

3SS 

475 

923 

274 

662 


1330 

1340 

680 

790 


Toronto 


AbltlM Price ]7to 

a mloo Era la 14* 

r Canada 7» 

Alberto Energy TH* 

Am BatTlck Res 34W 

BCE 5Ki 

Bk Nova Scotia 30tk 

BC Gas W 

BC Telecom 
BF Realty HA M9 

Bramafaa 0-3* 

Brunswick 9b 

CAE 3 

Camdev 


*TO 


IBM 

16K 

716 

204k 

34V* 

52 

50 

15* 

261% 

nfr? 

0J8 

9Ui 

69* 

*90 


Canadian Pacific 
Can Tire A 
Crmfor 
Cnro 

CCLindB 


.Comlnco 
Caawesl Expl 
Denison Min B 
Dickenson Min A 
Dolasco 
□vtot A 

Echo Bay Mines 
Equity Silver A 
F© Inti 
Fed Ind A 
Fletcher OkNIA 
FPI 
Gentro 
Go Id Corp . 

Gulf Cda Res 
Hoes Inn 
Hernia GM Mines 
Hrilhwer 
Horsham 
Hudson's Bov 
lmasco 
inco 

Interpret pipe 
Jannock 
Labatt 
LoblnwCo 
Mackenzie 
Magna inti A 
Maple Leaf 
Maritime 
Mark Res 
MacLsan Hunter 
MotsanA 
Noma Ind A 
Noranda Inc 
Nonmda Forest 
Norcen Energy 
Nthem Telecom 
Nava Cora 
Oshawa 
PoDurin A 
Placer Dome 
Poeo Petroleum 
PWACoro 
Rayrocfc 
Renabeance 
B 


Royal Baik Qm 
Sceptre Res 
Scoff's Hasp 
Seaaram 
Sears Can 
Shell Can 
Sherritt Gordon 
SHL Svstwmhse 
Southam 
Spar Aeromace 
Stetca A 
Tahanan Enera 
Teck B 

Thomson News 
Toronto Domn 
Torstar B . „ 
Traroalla UtU 
TnmsCda Pipe 
Triton FWA 
Trlmae 
TrtseeA 
Lfnlcorp Energy 


239* 2» 
124* 12 

47V* 47V* 
4Vf» *60 
9 89* 
*80 *65 
2116 21 
239% 23*% 
(L33 0J3 
Ws 8V. 
24W 249* 
089 053. 
ITS* 173* 
096 899 
380 380 
79* 79* 

214* 21 to 

S S 

fcS7 0-56 
12 12V* 
4to 4V» 
169b 16 

Ufa 14 
169* 16!*’ 
20 191* 
31 30V* 
3V 39V* 
359* 35to 
3TA 31fa 
71V) 21M 
22V* 211* 
25fa 25* 
T2t* 12 
721* 72 

13V* 13 

26 2616 

8V* 81* 

179* 1716 
27fa 27V* 
6M m 
26V* 26fa 
U 139* 
159* 15 

4216 4216 
lOfa 10W. 
2316 2216 
X45 3V* 

34 334* 

lav* ioi*. 

1.15 1581 
17*6 18, 

31* 301* 
23*6 2316 
85 84V* 
294* 39V. 
13V* U 
81* M 

421* 41 fa 
8 81* 
41 38*6 
13fa 1Z9* 
10W. lOV* 
20*6 20fa‘ 
18 18 
94* 91* 

33** 32v* 
26 254* 
19 184* 
23 22*. 
25*6 25** 
154* 15** 
199* 19*6 
4J0 4*6 

179* 17*6 
0J9 058 
1J0 150 


Zurich 


AdtaimiB 
Alusutsse B new 
BBC Brwn Bev B 

aSSdJwB 

Elaktraw B 

k^ib 

jelmoii B _ 
LondlsGyr R 
MoevcmfckB 
Nestle R 

Oerilk. Buahrie R 
Paraesa HMB 
Radio Hdo PC 
Satra Rapubfle 

Schindler B 
Sutler PC 
Surveillance B 
Swiss Bnk Cara B 
Swfas Rekisur R 
Swfssalr R 
UBS B 

Winterthur B 
Zurich assB 


252 240 

652 655 
1218 1218 

910 898 

653 536 
3960 3930 
1305 1310 
2600 2580. 

873 865 

955 927 

440 440 
1229 1212 
16S 163 

1540 1530 
7000 7070 
132 125 

3970 3900 
7800 7760 
1018 1007 
2148 2175 
423 412 
598 595 
780 780 

1220 1187 
730 718 

1355 NJL 




It’s easy to ; 

hi 

iwtf caly tol ImK 
05 437 437 


U.S. FUTURES 


Via AnockPed Pm 


March 23 


Season Season 
Mgh Law 


Open hOeh Law Oa»e dig Op-lnt 


Grains 


WHEAT fCBOTl SAOOliumlnliTnm-dDaiinperbuihel 
172 100 May 94 3291* 123 V, 3J8>4 3J3-M +0JQto 16.749 

X56 X96 JUI94 121*1 17416 ISOfa 123*. *070 to 20.929 

ISTfa US S6P94 123V6 VU Ulfa 12516 *003 1SB 

165 109 OSC94 13| 135 3u3Jto 134*i tQJDto 4^07 

3J6V4 134 Mor«5 13S 136*4 13S 13614 *001 11 

3.17V! 11 ito May 95 13S 135 US 135 

142*6 111 All 95 123 -004 53 

Est- sales 9000 TlWs. sates 13439 
Tue'sapenint 46J37 up 1474 
WHEAT QCBOT] SOOOMiRiMinim- 
179 to 2JH May 94 171 130*6 12016 130V* +UJDV. 9013 

155 297 Jul 94 123 3J4V] 121 12416 *8UMVi 11006 

liSto unto sen 94 125 I26to itj 126 *ojovi ion 

148 112V. Dec 94 131 into 130 133to *003*6 1^53 

1S3V6 133 Mor 95 136 *(UKK 165 

Est. sales na. Tub' v sales &o» 

Tue’sooeninl 25430 an 126 
CORN (CBOn SJOOftu mkwmim- down per mm 
11616 3JltoMav94 2J3 IBS'* UIV6 284 *001*6115,103 

XI6to 241 All 94 286to 2881* 184*6 ISTfa r Ml 116J58 

19TA 140 Vj Sen 94 274 275*6 173V6 274 Vi *QlWA 27.188 

273*6 236 Vi Dec 94 26116 16316 161 22 1 to 

279to 153toMar95 147V. 269V. 167V6 2jS7to +QJXTA 4JI66 

282 7-69 to May 95 in 2.77*4 27V 271 to 337 

ZBVm 2- 70 to >4 95 173V4 275 2J3fa 173V* 1.2142 

2-SBto 151 Dec 95 2J1to 2J2 150W 151to-4UI0to 057 

Est sales 38.000 tuc s.h*m 34JS0 
Tue'swnlnt 326JE7 aH 490 
SOVBEANS (CHOT) sAOODunMnvn-doSwiperbudNl 
LSI 19IMMOV94 688Vt 4.94 684*6 6.93to tUSIV, 58,151 

7 JO 194 to jm 94 &B8to 695 685*6 69414*007*1 48.126 

7J5 628 AuD94 682 688 680 687*4*00714 7,775 

68916 617 Sep 94 645V9 648*6 664 648*6 *031514 6153 

S 55 to NOV 94 6J3 654 650V. 65514 *005 31,457 

61Bto Jan 95 657V. 440 657V. 660 *IUUVk 2 498 

642 Mor 95 6J2 646 642 666 +O04K 461 

6S3 May 95 666 666 665 666 *0JJ3to 1 

642WJUI9S 644 669 666 66V *006 243 


7J714 

670 

6731V 

630 

675 

6501V 


&81 to Nov 95 6221V 623 630 622 

Est sries 47,000 Tup'S. iOteS 27JB2 
rue's Op*. Irt 154A36 UP 423 
SOYBEAN MEAL (CeOTI INm-MniwU' 
23280 18658 May 94 19640 195J0 19110 194J0 

23080 19080 Jul 94 19580 \95J10 19JJ0 19670 

22100 18980 AMI 94 19620 19600 >9120 19670 

21080 1 0870 Sep 94 172J0 19120 19110 792JD 

20600 107.100094 19070 19080 19Q80 19070 

20980 660 Dec 94 18980 19070 1B970 10980 

20080 18650 Jan 95 18970 

19600 1S7JUMOT95 1B9J0 19CUB 18950 iWJO 

19150 18840 May 9 J 1 09 JO 10950 T89J0 187 JO 

Est. sates 14800 TuTlscms 11.191 
Tue'sopenM 80544 off 291 


1829 


*680 39864 
*050 24,923 
♦660 7892 
5823 
3866 
+ 610 0856 
♦ 0-28 904 


*640 


10 


3645 
2970 
29 JO 
2640 
2745 
3690 
2648 
2640 
2610 


21 JO May 94 2989 
2155 Jul 94 29.10 

21 AS Aug 94 2882 
3340 SOP 94 2615 
22.10OCT94 27JS 
0.10 Dec 94 2680 
22A5J0195 2661 
2650 Mar 95 26*5 
SSTOMay 95 2640 


riaas 


Esi. sales na. Tub's, sales 15,142 
Tub" i open lnt 98878 o If 763 


2660 2650 3650 * 075 



Livestock 




CATTLE 

(CMER) AMln, 


tx 




BUS 

7X20 Apr 94 7X70 

7685 

7641 

7647 

-420 31MB 

7S27 



7X30 

7425 

— 8.12 2L3S1 

7187 

7020 Aug 94 7X05 

7X93 

7X70 

7X75 

-410 1X592 

7X07 

71 47 Oci 94 7342 

7X85 

7320 

7X67 

-04* 

9.903 

7X30 

7X25 DK 94 7X02 

7X07 

7190 

7X90 

—0.12 

1510 

7X25 

7340 Feb 95 7X70 

7X88 

7X65 

7X65 

-aio 

1JM 




7X65 

7X65 

— am 


EsLiete 

9457 Tub's. »;ssk 





Tiff's OMn bit 82,761 eft 1704 





FSBDGR CATTLE (CMER1 


t*rtK 



8525 

79JZMar94 8145 

81-65 


81-0 

-a 13 

2437 

8SJ» 

7920 Apr 94 8125 

8125 

8140 

01.17 


1102 

IX® 

7820 May 94 11.10 

11.15 

8027 

0140 

—442 

3230 

jrun 

79J5AueM 11.45 

8120 

8122 

8147 

-4» 

2457 






-XI* 



792000 94 0X87 


80TB 

8X70 

-415 


mjK 

77 45 NOV 94 »1J6 

81 AS 



—045 

230 

00.90 

792DJW196 mm 

8040 



+X» 

17 


702 Tub's, ides 

MSS 





1 Tue's open lnt 1X392 an n 





I NOGS (CMBU 40«BDM.-raiaMr8L 






3947 Apr 94 47.10 

4725 

4617 

4727 

+022 



4527 Jun 94 5X10 

5X70 

51*2 

6X67 

*077 71.9M 

507 

4520JIII94 SJ.45 

5195 

5132 


♦ ILC 

34J3 



9.10 



*X48 



4UOOet94 4TJB 







4520 Dec 94 4X25 


4825 

4X60 

+X15 


5040 

dJOFeais 4L70 

4US 

4X55 

4X75 

*0-25 

234 

4880 

40.90 Apr 95 4620 

46.75 

4620 

4620 

-0.10 

90 

5140 

58.10 Jun 95 am 

SUO 

5040 

5X40 

♦ OJS 

23 

Est.lde: 

7404 Tue'xides 

5208 





| Tufiapenint 31479 aH 3M 





PORK BG3JLIES (CMBU OMfev 


b 



<a 90 

3840 Mir 94 5X05 

57X5 

5525 




<140 

4X50 May 94 5X2S 

5720 

5645 

5720 



6240 - 

3920 Jul 94 5645 

57.97 

5X35 

57TS 

+ 125 

3411 

5940 

4X00 Aug 94 5X25 

5560 

5X15 

5527 

+ 142 

571 

61.15 

39.10Feb95 5940 

59.X 

3X90 

5920 

+ 065 

59 

59.90 

SLOO liter 93 



SX3S 


3 

6140 

59.90 Mav 95 



SUO 


Q 

Eri-Ktes 

3 Jff Tue's. stfes 

MIS 





Tmrtgpwien 9,ta3 off i<7 







Food 





ODFFE6C (NCSEJ f.SWte+ crotaperSj. 




9050 

1325Atoy«t 8XS5 

819 

*X» 

832S 

+035 3X557 | 

8750 

6X90 Jul 94 BX9S 

8X90 

tun 

8X65 

+OOI 1X292 1 

8850 

6820 Scoff H10 

SS.M 

8X15 

BX7S 

tO+Q 

6486 1 

njo 

77. 10 Doc « 6640 

MTS 



+020 

3467 1 

87 JO 

n.mMurra Ban 

B72S 

8720 

8725 

+IL20 

1.131 

8BJ0 

BJ0(«avre 88.10 

M25 

8X10 

8X55 

*015 

151 1 

87.90 

15-00 jm 93 



89 JS 

+010 

1 1 

Esi. sate* 

8273 Tim's, sates 

10245 




■ 

Tue's open Ins 57,007 up 417 






Season Season 
HWi L*v 


Open HWi low Oose Chg Op. Ini 


SUGAR-WORLD II (NCSEJ lluaa ■n.-cun P«riD. 


1147 
1150 
11.95 
1153 

1148 
1142 
1140 


BJ0Moy«4 1116 
9. IS Jul 94 1274 

943 Oct 94 1144 
9.1 7 Mar 95 1IJ8 
1057 May 95 1151 
115744 9S 1153 
1057 Oct 95 I1J0 


1119 

1258 

1147 

1145 

WJ6 

11.38 

1150 


Est soles 12440 Tin's, ides 10888 
Tile's Open int 144805 UP 1480 
COCOA (NCSEJ ID rookie »n»- 1 nr len 


13.10 

12L29 

1178 

1155 

1151 

1153 

1150 


1X16 

1X37 

1185 

1145 

1143 

1158 

1154 


62JQ 
*044 36801 
+ 043 30483 
+0.08 13889 
-048 1,759 
*046 1820 
+046 319 


1308 

978 May 94 

1231 

1247 

■212 

1339 

_4 

39757 

1365 

99* Jul 94 

1287 

1273 

1240 

1260 

—4 

20,446 

1377 

IDO Sep 94 

1290 

1392 

1263 

1282 


9,400 

1389 

1041 Dec 94 

1320 

1320 

1295 

1314 

— t 

6J7S 

1382 

1077 Mar 95 

I3ST 

1357 

1337 

1351 


9458 

MOO 

1111 Mav 9S 

1370 

1370 

1378 

1371 


5259 

1407 

1225 JU 95 

1480 

1400 

1400 

1391 

-4 

1714 

1350 

1275 Sen 75 




1410 

—6 

481 

1437 

1338 Dec 95 




1423 

—6 

205 


Esl. sales 


7483 


12495 Tub's, sdes 
Tub’s open w 95,1 m up 906 
ORANGE JUICE (NCTNJ IMDOfts-rayiparb 
13580 89 40 May 94 11140 11145 10980 11050 

10350 Jul 94 11X55 11440 11270 11X30 
10650 Sep 94 11665 11575 11610 11575 
10840 Nov 94 11340 114J5 11X75 11480 
10150 Jan 95 11475 11475 11615 11440 
ID640MOT95 11640 11650 11649 11630 
Est. sides 7S0 Tub's, sales 449 
Tile's open W 18847 alt IV 


Season Season 


Open HMi Law Close aw OpJnf 


13580 

13650 

13440 

13X00 

12625 


—030 8405 
-ais 6591 
+OJO X125 
+0LB U07 
+045 1,734 
+ 045 


Metals 

HI GRADE COPPER (NCMX) SANte-ansinr Sl 
1 0780 7340MITM 91J0 9175 91.15 91.15 

9X2S 7650 Apr 94 9140 9180 9180 9145 

HCJ20 7150 May 94 9IJ5 9280 9040 90 90 

9170 7610 in 94 91.10 91.10 71.10 9070 

10X95 7470 JuJW 9080 91 JS 9040 9085 

10X30 7690 Sep 94 90JU 9U0 9630 9080 

101.90 7575 Dec 94 9146 9090 9050 90J5 

0970 7690 Jan 93 9080 9040 9040 9045 

9940 7340 Feb 95 9040 9040 9040 9035 

9X25 6270 MOT 95 90J0 VSM 90L40 9070 

9170 7685 May 95 9030 9048 9030 9080 

9140 7840 Jul 93 9170 91.70 91.70 9X90 

9135 7630 Aug 95 9140 9140 91.00 9030 

91J5 79. 10 Sep 9S 9140 9140 9180 9185 

8940 7620OCI 95 9035 

77J5NOW 95 9035 

91JU 8630 Dec 95 BIAS 

J*n 96 9175 

Est. saes 8800 Tue*». sales 7851 
Tue'5oaetiW 71,288 up 123 
SH.VER (NCMX) intwgL-cMiMlrwgi 


56X0 
5488 
vn n 
ran 
57X5 
5778 
5660 


3660 Mar 94 5598 
H 60 Apr 94 5718 
2718MOV94 5614 
'JIM 94 5665 

3765 Sap 94 569.0 
J8D8 DsC 94 5758 
M18JM9S 


5698 

5718 

5738 

5778 

5000 

5860 


557-5 

5660 

5508 

56X5 

5678 

5738 


56X1 

5613 

MAS 

S69J 

57X5 

579.9 

5017 


-0.10 1,941 
-085 1.129 
—085 42416 
921 
1X019 
1997 
3854 

+ 085 

—045 1362 
—045 BE 
—085 511 


* n ik 
—0.05 
-085 


♦ 18 752 

♦ 17 

*17 7X483 
*37 18J27 
-37 6020 
*X7 9,914 
*37 


2943 

2940 

29.37 

(020 3X021 

S810 

41 6J Mar 95 584.0 

5940 

OP ft 

5870 

+ 17 

1044 

2940 

2X95 

2942 

+X50 27452 

5040 

41X0 May 75 5884 

58X0 

58X0 

5920 

+17 


2X90 

2X50 

2X86 

+X44 8443 

5950 

42X9 Jul 95 



ST7A 

*X7 


2X35 

2X00 

2X35 

+0L45 *410 

5650 

4930 Sen 9$ 




-17 



2725 

27JSB 

*028 X457 


5370Dec95 6124 

41X0 

6124 


+ 17 



2671 

2627 

+ XZ7 13JSI 






+17 


3685 

2620 

2X70 

+ 025 1,707 

Ed. sacs 

72400 Tub's, ides 

3X658 




26.65 

2X00 

2X60 

*020 6! 

Tutfs open mr 11*^536 







PLATINUM MMEH) SQemo.-dseariiicrnuvn. 

43650 33540 AW 94 40650 «7J0 40X00 «610 -180 0741 

42B80 35740 Jul 94 40X00 40040 40X30 48.10 —140 10,707 

41X00 36080 Ori 94 40550 40940 40650 40540 —140 1JS4 

41240 37680 Jwi 95 40610 —140 583 

41480 40980 41180 40780 40780 —140 814 

Est. sides 5.900 Toe's, sates JM3 
Toe's aaen W 2X106 up 400 
GOLD (NCMX) 1l»»ey ot- dMan gyirwu. 

398J0 375.10 Mar 94 38780 —3-20 

41550 33S20APT94 38550 30970 387 JO 38740 — X30 5X771 

390.00 J7LWMOV94 390L00 39080 39088 38840 — 3J0 

41720 33940 Jun 94 39080 39X10 3B9A0 38980 -Z20 4S4H 

41580 341^Auo94 39X10 39640 39X40 3P3J0 — 2J8 7.851 

41780 3460 0 Ort 94 39690 — 2J0 6371 

42690 34380Dee94 39690 40080 3*7J0 39340 — 3J0 1X176 

41180 36X50 Fte) 95 «D40 -X30 3447 

41780 36680 Apr 95 AD4D — 140 4,196 

361 JO Jun 95 40500 40551 407.40 40670 —240 4800 

41280 380JDAUO95 409.90 —2.40 654 

43X»Oei9S 41130 -140 

Pec 95 41670 — 2A) 3427 

Tueto. sates 56467 


Financial 


95-99 Jun 94 
9545 SeaM 
9631 DecM 
MOr 95 


9688 

9X76 

9541 


mu 

9X78 

9X4S 


9687 

9X7S 

9541 


9611 

9X77 

9544 

9X16 


*083 35186 
-081 6814 
+ 083 7463 
*084 21 


VR. TREASURY (COOT) lia04Uartn-<rfj6BHtoW1S0PC> 
12-05107-045 JU1 94107-235 107-30 107-23 W7-365* 02$ 175,753 
10-195106-29 Sep 94 107-02 • 03 635 


Jun 95105-22 105-22 1 OS-21 105-31 


91-19 Dec 94 107- JI IINMU 107-23 107-39 — 0* 

9B-15 Jun 95 106-18 — 04 

!2f"2 Sf" w ins-si — M 

104-03 Dec 95 105-14 — 04 


9S-2B 95-20 - 02 
BO-3J — 07 


28 X934 
1723 
74 


43J22 

AM 

45 

13 

31 

1,177 


95890 *Q4008m 94 95460 9X7D0 9SL670 95490 * 30*0.737 

95JS70 90J68 Sep 94 9X280 9X300 9X380 9SJ80 357843 

9S1B0 90JT0D9G94 94850 96880 96820 948* +10286,125 

9X510 90J4DMOT95 96410 96460 96400 94A30 +10244812 

96730 9X71 0 Jon B 5 96330 94J* 96300 963* +10196059 

94520 9010 Sap 95 960M 94.110 94JS0 94000 151836 

94200 71.180 Dec 95 9X020 93830 9X700 9X0U 121886 

94230 VOTSOMtrM *1740 KL760 91720 9X740 100,107 

Est sates 341836 Tub's, sries 540867 
Toe's open lnt 2^07,171 up 1BZU 
BRITISH POUND (CM£R) 1 propound - 1 oo'meooactasooi 
1-5384 140Q0Mcr 94 18*70 +06 

IJ1* 1.4474 Jun 94 14838 18936 14830 14920 +94 24,512 

14960 14440 Sep 94 14806 14710 14006 14700 +94 629 

14950 14500 Dec 94 1.082 *92 33 

Est. sates 1X148 Tue'x sales 13426 
Tue'sapenint 25,174 up 101 

CANADIAN DOLLAR (CMBU liur«Sr- Inennmtttojni 
08712 07245 Mar 94 0-7288 07288 07280 07&6 +17 155 

07805 07201 Jlkl 94 07300 07340 07300 07317 +17 41754 

07740 07276 Sep 94 07317 017317 07296 07297 +17 1855 

07630 07258 Doc 94 07290 07395 07285 07201 +17 671 

07302 072* Jun 95 07248 *17 19 

Est. sales 487/ Tue's-saies 4,rao 
Tue'sapenint 4X654 off 867 

GERMAN MARK (CMER) I per mark- I pota, na, uuno, 

0-4205 05642 Mo- 94 fcaSM J70 

06133 O5607Jun94 05897 0*23 05888 0592D +1*94811 

06065 0-5400 Sep M 0567* 05902 05873 05*2 *16 2445 

0J9TO OJWODecW 05095 *16 116 

Bd.soles 44J41 rue's. sides 4683 i 
TUe’S open bit 97542 (IP 4090 

(CMER) IMrm-lMHnmUMIVI 
Oj0WB4*j008B71JunM 080946UJ10947aUnH20DJ]OBa34 — T1 4BJ31 
MOWCm^W^BB IO009498O80949BI0D9475Oa09484 -31 1483 

0 JJU9U1 01ilS575Dec B4 OHOTSSS —T> 394 

Est. sales 17413 Tub's, setes 11841 

Tue'sapenint 50,506 up 459 

SWKFRANC ICMBi) tPW Bane- 1 ooM eauah HUH9I 

JfSS^ jnW W2? 1170,2 (L6970 07001 +6 3X856 

07066 05609 &p 94 05991 07030 06900 OJOQB +6 267 

07105 O69S0Oec94 OToS *6 41 

Est. sales 16,784 Tue's-saies 18,907 
Tlw's open M 3X164 up 001 


Industrials 

COTTON2 INCTN) SUnkL-aihgeh 


7950 £47 May 94 7«J5 7750 

MIS 5BJ0JUIM 7655 7010 

7645 595100 94 7150 7450 

7400 *48Dec94 71.17 71.90 

7650 6350 Morn 7XB0 7X65 

7500 6400 May 75 7250 7125 

7600 7050 Jul 75 

Estsmes 15000 Tue'x sales 7565 
Tuesaaenlnr 55802 up 325 
HEATING Ott. (NMER) 4xiS B *. l 


76-25 

7640 

7340 

71.10 

7X00 

7250 


56.75 
57 JD 
5600 
57JW 
55.40 
57.17 
57 JO 
5BJ0 
5900 
62J5 
5X35 


0140 Apr 94 4X15 
41 3D May 94 44.10 
41 JO Jun 94 4X70 
4X55 Jul 94 44-05 

4125 Aug 94 4690 
MiOSepW 4X20 
45300(394 4735 
4X70 Nav 91 4880 
47J5Dec94 4X95 
4125 Jan 75 4730 
4X50 Feb 95 4730 


4540 

4610 

4385 

<4-25 

4X10 

4X25 

4725 

48.10 

47.10 
4930 
4730 


4X40 

4X75 


4680 

46.95 


4950 

4750 


7707 

+ 148 2X754 

77.91 

+ 1-53 IXJB9 

7424 

+ a84 2244 

7140 

+048 1X251 

7X45 

*025 

7125 

+X90 221 

7150 

*020 

Bd 


4X90 

— OJ0 3TJ22 

41X0 

-0 JO 5046* 

4140 

-036 35440 

4X95 

-031 22451 

4X80 

-016 9252 

4X00 

-006 8287 

4X95 

— 8.11 X96I 

AID 

+ 004 <278 

4X95 

—006 10288 

4920 

-006 

49 JO 

-006 2418 


2W “ 

.M«ERM*teX-uoa«ra». 

1X20 
1X13 1126 

1524 I5J4 
15JS 1X44 
1588 1X54 


3083 1612 May 94 15.14 

2-“ 1426 Jun 94 ISJD 

M3B 164484 94 

16654uaW 
20.78 1437 Sep 74 

7033 1 459 Od 94 

J087 1X17 Nav 94 

I fa Doc 94 1X70 1X79 

17JB 1X47 Jan 75 

I960 1X64 Fab 95 

2056 Ji7S74ar95 1688 

??“ 14-MJunBS 16 JS 

IZ'2 16J8JUI95 

10.70 IdJQAuora 

1784 16545BP9S 

1x80 Dec 75 1780 

17J2 1720 Mar 9* 1726 

Est sates 79531 Tue^L sales 142.2c 
Tin’s uaenint 407.540 an 7257 
IBMADEDGASOIJtiB i+MSt) 

«V»Apr94 47 JM 43.10 4440 

4X95 
47.69 47 JO 

4755 47 JD 

CJO 47.10 
4705 4X60 


1608 

1625 

1642 


1785 

17J6 


1XM 

1X90 

—026114428 


1X96 

— 0-24 67,210 

1506 

1500 

— n *1 


1X16 



1X26 


1548 

1528 

-020 12019 


1540 

—019 9002 


1543 

-Olf 20000 


1524 

-018 *038 


1X86 


1608 

1X98 

-017 6224 


1620 



1X31 

—O.M 1X779 


1X4? 

-013 1319 


1X52 

—013 


1042 

-012 £534 

1X95 

1X91 


1725 

17.14 

— OJD 


6258 

6130 

6180 

4050 

6080 

5600 

4615 

4BJM 


44 2QMay 94 47J5 
4695 Jun 94 47.40 
4535 Jul 94 4JM 
45. 10 Aug 94 47,15 
4X15Sen94 4785 
46400094 

_ . _ OJSNOV94 469U 

28539 Tub's, sates 24-414 
Tue*sceenlru in. 772 OH 705 


4691 
4787 
47 35 
47 JS 
47,05 
4663 
-4X28 


4690 44-90 6658 


-4J8 24,115 
-0JO 47.9W 
—0J4 2X478 
—037 7325 
-OJS 7399 
— 0L37 4.993 
—037 1596 
-437 2J97 


Stock indexes 

SffGOMP.moEX 1GMOU Sta.k»> 

Tue’sapenint lsajw up I6MI™ 

+0-10X339 

“** “SE* M* «X90 ^51 ;8:18 

3.734 J43JD *°- K ' 

1 U+- men lnt 3471 up *~k 


Moody's 
Reuters 
DJ. Fulures 
Com. Research 


Commodity Indexes 

Close 


J1S50 

184170 

144.70 

230.10 


Previous 

ljllffl 

laziJO 

14199 
229. JT 



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Page 


13 


EUROPE 


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Profit Halved 
As Recession 
Weighs on BNP 





ides 


/ 

v 


Compiled by Our Sufi Fnm Dupuicha 

PARIS — Banque Nationale de 
Paris said Wednesday that its net 
profit plummeted 53 percent in 
1993, to 1.02 billion French francs 
(5177 million), mainly as a result of 
provisions on bad loans to compa- 
nies hit by recession. 

“These' results were affected by 
the difficult economic environment 
in Continental Europe, and partic- 
ularly in France. BNP's main mar- 
ket," said the bank. 


! 


Car Orders Up 
In Germany 

The Associated Pmi 

BERLIN — Orders for new 
cars rose modestly and produo 
lion stabilized at German car 
factories in February, the auto 
association said Wednesday, 
while the Audi AG unit of 
Volkswagen AG moved to cut 
working hours by 10 percent. 

The German Automobile 
Industry Association said 
328.000 vehicles came off pro- 
duction lines in February, 
roughly matching the level or a 
year earlier. It did not specify 
the number of orders. 

The Audi pan was reached 
with onions and cut working 
hours beginning April 1 with a 
formula that effectively reduces 
wages by about 6 percent. The 
accord runs through 1995. 


Provisions for nonperforming 
loans increased by 43.8 percent, to 
10.8 1 billion francs. 

“We paid dearly for the difficul- 
ties faced by small companies," 
^d Michel Pebereau. chairman of 
the bank. 

The decline in profit was in line 
with the bank's own estimate, made 
late last year, dial profit would be 
about I billion francs. Analysts' 
forecasts had ranged from 950 'mil- 
lion to 1.1 billion francs. 

Profit in the first half had totaled 
522 million francs. 

Income from banking activities, 
meanwhile, rose 4.9 percent, to 
41 .68 billion francs. 

_ The bank said it would pay a net 
dividend of 3 francs for each share 
and investment certificate for 1993. 
This compares with a payout of 
7.50 francs in 1992, which was 
made ahead of a 2-for-l share split. 

Mr. Pibereau said the French 
economy would strengthen in 1994. 
in particular in the second half. But 
he noted BNP’s loan volume has 
not yet reflected any turnaround. 

Mr. Pebereau also said that there 
was little doubt that Euro Disney 
SC A creditor banks would approve 
a rescue package Tor the company 
that was negotiated recently be- 
tween the banks' steering commit- 
tee and Walt Disney Co. He said 
that BNP. which beads the commit- 
tee, is receiving approvals from 
creditor banks even,’ day. 

(Bloomberg, AFX. AFP ) 


Passing of the Zantac Era 

Glaxo Looks to Life Beyond Ulcers 


Reuters 

LONDON — The glory days 
of Zantac, the ulcer drug which 
powered the growth of Glaxo 
Holdings PLC through the 
1980s, may be drawing to a close. 

Faced with the threat of gener- 
ic competition and a radically 
new approach to ulcer treatment, 
analysis at Lehman Brothers and 
Morgan Stanley & Co. said sales 
of the drug could peak this year. 

Others still saw a few more 
years of growth but predicted 
that the market would get tough- 
er, especially if Geneva Pharma- 
ceuticals Inc., a unit of the Swiss 
company Ciba-Geigy AG. suc- 
ceeds in bringing a low-cost ge- 
neric version to the U.S. market 
in 1996. 

“No one is suggesting that 
Zantac will see continued growth 
throughout its patent life." said 
Nigel Barnes or the brokerage 
Hoare Goveu, noting that this 
period will last until 2002. “We'd 
see it going ex-growth in 1996.“ 

News of Geneva's plan to de- 
velop a pill based on on early 
form of Zantac's active ingredi- 
ent, which loses patent protection 
in 1995, has sliced 10 percent off 
Glaxo's slock in two days. 

If the Ciba-Geigy drug makes 
it to market, and considerable 
technical hurdles lie ahead. 
Glaxo's growth prospects would 
suffer “substantial” damage, 
said Paul Krikler. an analyst 
with Goldman, Sachs &. Co. 

Jo Walton of Lehman Broth- 
ers estimated it could slash earn- 
ings per share by 10 pence to 38.5 
pence in 1997. 

Zantac is the world's best-sell- 


ing drug, with worldwide sales 
Iasi year of £12 billion (S3.27 
billion). It accounted for 44 per- 
cent of Glaxo's sales and nearly 
60 percent of revenue in the 
United States. 

Meanwhile, another major ul- 
cer medicine is also threatened. 
The U.S. patent on SmithKline 
Beecbam PLC's Tagamet, the 
first of the H2 blockers that revo- 
lutionized ulcer treatment in the 
1970s, expires on May 17. 
Smith Wine expects at least 10 
generic versions of the drug to 
instantly hit the market. Ana- 
lysts say they may cost 10 to 20 
percent of Tagamet's list price. 

Drugs like Zantac and Taga- 
met may also be facing a more 
fundamental threat as more doc- 
tors shift their approach to ulcer 
treatment. Munv believe that 


Glaxo Slumps 

-.Store price in pence 

7S0r ' ■ ' 


[700- 



•f O l„N i'D I J .‘ f itt 

V83 *94 


Source: Bloomberg 


IHT 


most gastric and duodenal ulcers 
can be cured by eradicating a 
stomach bug called Helicobacter 
pylon. 

If they are right, there would be 
no more need Tor extended use of 
drugs like Zantac and Tagamet. 

Lehman Brothers predicted 
that this would result in stagna- 
tion of the market for ulcer medi- 
cines. currently valued at about 
$8 billion a year. 

■ A New AIDS Treatment 

Wellcome Group PLC of Brit- 
ain signed an agreement with 
Glaxo to give Wellcome the op- 
tion to develop and market an 
experimental treatment for the 
virus the causes AIDS. Bloom- 
berg Business News reported 
from London. 

Called 3TC. the compound is 
in advanced clinical trials by 
Glaxo under a 1990 licensing 
agreement with BioChem 
Pharma Inc. of Canada. If trials 
are successful Wellcome would 
lake over development and mar- 
keting of the drug. 

Currently Wellcome markets 
AZT. the world's largest-selling 
treatment for people infected with 
the HIV vims. Corrine Hennings, 
a Wdlcome spokeswoman, said 
the company believes that 3TC 
would complement, not supplant. 
AZT in treating .AIDS. 

Glaxo is also conducting clini- 
cal trials of the compound for the 
treatment of hepatitis B. 

Wdlcome would not say how- 
much it paid for rights to the 
drug. 


Portion of 
Belgacom 
Set for Sale 

Compiled by Our Stuff Fran Dispatches 

BRUSSELS — The government 
said Wednesday it would sell up to 
49 percent of the Belgian telecom- 
munications monopoly, Belgacom, 
to help reduce the budget deficit. 

The government said it would 
look for a strategic partner for Bel- 
gacom to take a stake in the compa- 
ny and would study the possibility 
of selling some shares on the Bel- 
gian stock market 

The sale of 49 percent of Belga- 
com would net the government 
about 79 billion Belgian francs (S2 
billion), analysts said. The govern- 
ment deficit totaled 522 billion 
francs at the end of last year, or 12 
percent of gross domestic product. 

The government said it aims to 
sell most of the minority stake in 
Belgacom in 1995. although the 
sole will start this year. 

“There are about 10 different 
scenarios that we will study for 
selling the Belgacom stake,” said 
Elio Di Rupo. the country's com- 
munications minister. No decision 
has yet been made on the propor- 
tion of shares that will be sold to 
another company or to the stock 
exchange, he said. 

Mr. Di Rupo did not specify' 
what kind of company the govern- 
ment would consider as a partner. 
He said Belgacom would need an 
injection of capital to finance ex- 
pansion and prepare itself for inter- 
national competition. 

Two potential candidates have 
already ruled themselves out. Ac- 
cording to published reports, both 
American Telephone & Telegraph 
Co. and Siemens AG have said they 
would not bid for stakes in Belga- 
com. ( Bloomberg, Reuters) 


Investor’s Europe 


Frankfurt ; ; ■: • ^London ! Parte 
PA& VV PtSBiOO index :: ; ; GAp-4& 

fl v, 



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'FA2 ,^:v 

^72 • : ' : 823.13 +0.44 

•HrtlWr"/ 

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WtM 1^840.94 Unch 

London ■ 

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2rf«S3 2 £&&} . *1.33 ■ 

. London 

Tf 

3.155-30. iaOl^O -1.44 

Madrid 

; General fntox „ v 

J 33&29 '" "33465" ' +0J9 

Milan . 

• m|b ». v : ; • • • - 

1.065JW I.MI.OO +1.33 • 

Paris - 

••'■cacAp y;vTr.--7 

Usk 17 . 2200.68 -0.02 

Stockholm- 

: Afl»ravaartt«n v 

1>25^2 1^12.56 +0.73 : 

.Vienna . 

Stock Indax - 

469.73 489.63 +0.02 

Zurich 

• SBS. ; ;;.T. 

i/jittii- .'ssaa4 ' +0.90 

Sources: Reuters, AFP 

InlereaUMial Hi-nUlTnhune ' 

Very briefly: 


• British inflation fell to 2.4 percent in February, with prices measured 
from the like month of 1993, down from 2.5 percent in January, a muclt' 
smaller decline than analysis expected. 

• The European Commission forecast economic growth in the European;; 
Union would climb to about 3 percent in 1996 but that unemployinenr 
would remain near record levels until at least 1997. 

• Grand Metropolitan PLCs International Distillers & Vintners Ltd. 
division will produce and distribute Smirnoff vodka in Poland. 

• Bayerische Vereinsbattk AG earned a consolidated 1.16 billion Deui-i. 
sebe marks (S688 million) in 1993. a 32 percent increase from 1942 

earnin S s - AP. Reuters. Bl.wtUr» AFT 


JENA: Future Comes Into Focus U.S. Action DenOUIlCed at GATT Session 


Continued from Page 11 

er but similar problems. As a state- 
controlled combine that dominates 
economic activity in eastern Thu- 
ringia. it also illustrates how gov- 
ernment intervention can try to fa- 


To our readers In Germany 

It's never been easier 
to subscribe and save 
- just cnU our 
Frankfurt office 
tall- free 0130-848585 
or fax; 069-175413. 

From Austria 
call ut toll-free 0660 8155 
or fax: 06069 175413. 


dlitate change without repeating 
the mistakes of Communist-style 
state planning. 

One of the loudest critics of sub- 
sidies to traditional industries, Mr. 
Spdth is nevertheless an advocate 
of government involvement in the 
economy. 

“The state can create an environ- 
ment that rewards risk.” he said. 


Reuters 

GENEVA — Japan and other 
trading powers on Wednesday de- 
nounced the U.S. Super 301 legisla- 
tion permitting President Bill Clin- 
ton to authorize unilateral 
sanctions, trade sources said. 


president to impose punitive sane- North American Free Trade Agree- 
tions in retaliation for unfair trad- ment with GATT provisions. 


ing practices. 

While it has been viewed as an 
attempt to force Japan to open its 
markets to American goods and 
services and narrow its trade gap 
with the United Stales, which runs 
at about S60 billion annually, other 


But the American delegation de- 
fended the executive order as “fully 
“The state can use its rules to create consistent" with provisions of the trading nations fear it will be aimed 
space for innovation. It can forsake General Agreement on Tariffs and at their exports, 
a good portion of its perfectionism. Trade, the sources added. The GATT C 

’ - Andrew Stolen deputy head of * i__ " 

the UJS. trade delegation, told the 
GATT Council “The objective of 
Super 301 is to open foreign mar- 
kets and not to dose U.S. markets." 

The so-called Super 301 legisla- 
Mr. Clin 


It can reduce welfare benefits in 
order to make people more cre- 
ative. It can also help promote 
model projects. 

“We know what has to be done. 
We have to deregulate, increase the 


paced 1 innovation, open our minds non, revived by Mr. Clinton this 
and become more aggressive." month, authorizes the American 


Council look no ac- 
tion on the U.S. legislation, and 
there was no request to establish a 
dispute-settlement panel accord- 
ing to the trade sources at the 
dosed monthly meeting. 

The coundl did set up a working 
party, open to all member states, to 
examine the consistency of the 


NAFTA, which sets up a free- 
trade zone among Canada, Mexico 
and the United Stales, came into 
force Jan. 1 and plans to phase out 
tariffs over 15 years. 

■ A Look at Environment 
Trade officials from the United 
States and two dozen other nations 
agreed Tuesday to launch negotia- 
tions to confront for the first time 
the conflicts between promoting 
trade and protecting the environ- 


ment. The Washington Post report- 
ed from Washington. 

U.S. Trade Representative- 
Mickey Kantor said. “There has 
been a concrete commitment to ad- 
dressing the environmental issues 
in connection with trade." 

The plan must now be approved 
by senior officials of GATT, which 
could happen as early as Friday, 
trade officials said. The group that 
negotiated the plan included offi- 
cials from major European, Asian 
and South American countries, as 
well as from the United States. 


DAIWA CAPITAL-L.CE 
EDMOND DE ROTHSCHILD 

INTERNATIONAL EQUITY FUND 

Dividend announcement 

A dividend of $US 115,- per uhare will be paid as from March 
25th. 1094. against deliver) uf the coupon no. 2 of Inmpt slwn- 
certificates at: 

BANQUE PRIVEE EDMOND DE ROTHSCHILD S.A. 
Luxembourg Branch 
20, Boulevard Emmanuel Servais 
L- 2535 LUXEMBOURG 

The share will be quoted ex-dividend in Luxembourg Shn-L 
Exchange as from March 25th. 19Q4. 


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Wednesday’s Closing 

Tables indudB the nationwide prices up to 
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late trades elsewhere. Via The Associated Press 


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MANDARIN ORIENTAL 


THE HOTEL GROUP . Highlights 1993 


Mandarin Oriental 


Profit Maintained 


Profit after taxation 
Earnings per share 
Dividends 


US$40.9 m 

US06.OO 

US$5.00 


Four additional hotels to be managed 
Shareholders’ funds up 29% to US$835.7 million 

‘The Company's two hotels in Hong Kong should benefit from stronger 
demand in 1994. While the immediate outlook is mixed in the Group’s 
other markets , the groundwork has been laid for future growth and the 
prospects for the Group remain encouraging * 

Simon Keswick, Chairman 
22nd March 1 994 




Year ended 31st December j 


1993 

1992 


USSm 

USSm 

Turnover 

158-8 

148.4 

Operating profit 

41.2 

37.8 

Share of profits of associates 

9-5 

12.4 

Profit before interest and taxation 

50.7 

50.2 

Net interest expense 

(2.7) 

(2.D 

Profit before taxation 

48.0 

48.1 

Taxation 



— Company and subsidiaries 

(4-8) 

15.0) 

— associates 

(2.3) 

(2.7) 

Profit after taxation 

40.9 

40.4 

Minority Interests 

(0.1) 

(0.1) 

Profit attributable to Shareholders 

40.8 

40.3 

Dividends 

(34.0) 

(34.0) 

Retained profit for the year 

6.8 

6.3 

Shareholders' funds 

835.7 

649.3 


use 

USc 

Earnings per share 

6.00 

5.94 

Dividends per share 

5.00 

5.00 


Mandarin Oriental International Limited 

Incorporated in Bermuda with limited liability 


el tu 


A member of the Janfine Matheson Group 


EH 




I 

i 


The final dividend of USC3.59 per ordinary share will be payable on 9th June 1994, subject to approval al the Annual General Meeting 
to be held on 1st June 1994. to Shareholders on the register of members al the close j f business on 8ih April 1994, and will be 
available in cash with a scrip alternative. The sham reqfsters wilt be dosed from 1 1th to I5lh Apn! 1994 inclusive. The dividend will 
be available In United Stales Dollars. Hong Kong Dollars and Sterling. Shareholders on the Jersey branch register will receive United 
Stares Dollars white Shareholders on the Hong Kong branch register win receive Hong Kong Dollars, unless they elect for one of the 
alternative currencies by notifying the Company 's registrars or transfer agents by 20th May 1994. Shareholders whose shares are held 
through the Central Depository System in Singapore CCDFH will receive Hong Kong DoBars. unless they elect through CDP to receive 
United States DoBars 


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K-ijii 1..I.I.* \y.m, Thul.ifbJ • V.ulii •1ia-.T1uil.iml - H"*rl lfc-li \km VI.ii'iu • 1l«' Hirfu; 


I 







Page 14 


NASDAQ 

Wednesday's Prices 

NASDAQ prices as of 4 p.m. Now York time. 
This 1 st complied by the AP. consists of the 1,000 
most traded securities in terms of dollar value. It is 
updated twice a year. 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 24, 1994 ' 

12 Monti Sis i l2Mortn 5b I ISMooai a* | 1 2Morfi vw PE Wfc, 

HfehLow Stoc*. oiv YW P6 IBBS Mi Low U*eS OToe f HWi Low Stack Dfv Yld PE IKh rtafi LowUtaSCJfge | Win Stock * YBPEltt W UHrLOMSOYw | ML«* Stock a* 




13 Month 
*m Low Stock 


Dnr YM PE 100s High Low Latest Oi ‘ 98 










12MB1W 

LaaLgteSCh-o* MLOw ShK* 






Oiv Yto PE l°te HW UMtLfltoSCh-ge 


■ T0 fi 




65 
363 42"* 
18? 1M 


3743 24% 
145 15% 




JJ7JJ 


Wednesday’s dosing 

Tables include the nationwide prices up to 
the closing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 



S 2 ! 

_ ia to 
13 It 43 
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INTERNATIONAL HERALD TRIBUNE, THURSDAY. MARCH 24, 1994 


Page 1 5 


K* u. 

m3 

Ws 




For Hong Kong Cleanup Firms, Work Overflows 

R\7 Qrpi'On lkX..f 


ASIA/PA CIFIC 


■ 3“ 

MAi *"3 
■«»WC 

.■-.ii-Cjfi; 
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*v •>: 

»WH- 

'•ar; - • 
Am.'-* . 


By Steven Mufson 

H'lilAing/Mi Pu,, Sptvjcp 

I K0NG ~ r 9 ' dr >' Tam and Kevin 

I up a gpffin -covered elevator 

knocked on an uninviting raeial grate and 
were ushered into a small room That dou- 
bled as 3 factory. 

G. A handful of people, including the hus- 
band and wife who owned the factory, were 
taking buckets of metal nuts and dipping 
them m water cleansing acid and big vaLs 
of finishing chemicals designed to make 
them shiny and smooth. 

For 10 years, this tiny enterprise has 
been flushing its used chemicals down the 
drain, where the corrosive fluids have eaten 
9Lr. e J > ! pes the lp wc metals have 
dribbled into the Hong Kong harbor. In 
the process, this factory and at least 8,000 
other chemical-waste producing businesses 
in Hong Kong have helped turn the territo- 


ry's harbor into one of the world’s most 
polluted waterways. 

For Waste Management Inc., tins repre- 
sents the new frontier. Until last year, all of 
Hong Kong's factories producing chemical 
waste dumped their detergents, toxic 
chemicals and wastewater down the drains 
and into the territory's harbor. There was 
not any alternative. 

Now, the American company's load affil- 
iate. Enviropacc Ltd., is trying to get those 
factories to turn over their chemical waste 
for processing in a new treatment plant. 

Their task is a massive one. The U.S. 
consulate in Hong Kong reported in 1992 
that toxic metals weighing as much as a 
London double-decker bus were being 
dumped into Hong Kong's waters every 
day. Enough copper was getting dumped 
into the harbor, it said, to plate the outside 


of the city’s landmark 84-siorv Bonk of 
China building three times a week. 

And that i> in addition to the 1.6 million 
tons of paper, plastic and metal that Hong 
Kong exports for dumping in China, and 
the 26 million cubic meter. (34 million 
cubic yards) or toxic mud and sludge that 
will be generated by the new airport con- 
struction project. 

Moreover, as a result of Hong Kong's 
laissez-faire development style, the waste- 
producing factories are in High-rise build- 
ings scattered all over the territory. “Be- 
cause they are often housed in 30-story 
buildings with five or 1U companies on one 
floor, it is quite difficult to control,'' Stuart 
Reed, director of Hong Kong’s Environ- 
mental Protection Department, said. 

To make mailers worse, the United 
States exports 200,000 tons of plastic waste 
to Hong Kong every year, some of which is 


recycled and some of which is simply 
shipped on to China. 

The four dragons as the rapidly growing 
economies of Hong Kong. Taiwan. Singa- 
pore and South Korea are known, "have 
been concerned with development at the 
expense of the environment," Mr. Lai said. 
"Only as they have become richer have 
they started to pay more attention." 

That means opportunities for multina- 
tional companies and joint ventures. 

Enviropace’s $125 million plant will han- 
dle 100,000 tons a year of chemical waste, 
and [he company has a 15-year contract to 
operate the plant. A different joint venture 
involving Waste Management will build a 
landfill southeast of Hong Kong's New Ter- 
ritories. Another landfill is being built by a 
joint venture involving Browning-Ferns In- 
dustries Inc., and Browning Ferris is in- 
volved in designing and budding three re- 
fuse transfer stations where garbage will be 


sorted and packed into containers to be 
placed in landfills. 

By 1997. when this British territory is 
supposed to be returned to Chinese sover- 
eignty. Hong Kong's government intends 
lo spend more than $1 billion on waste 
disposal and $1.5 billion on its sewage 
system. Private industry might have to 
spend as much to comply with new envi- 
ronmental regulations, a government re- 
port says, and this "presents opportunities 
to overseas contractors, equipment suppli- 
ers and investors." 

Many companies like the husband-and- 
wife electroplating factory will probably 
either go out of business in the next few 
years or move to China. 

Bu l exporting industry to China not only 
would hurt Hong Kong’s economy; it 
would not help the environment much ei- 
ther. 


Wharf to Expand 
Real Estate Assets 
Alter Strong Year 


Compiled bv Our Staff From Dupadvs 

HONG KONG — Wharf ( Hold- 
ings) Ltd. said Wednesday its prof- 
it rose 33 percent last year, and the 
real estate-based conglomerate said 
it would acquire assets in Hong 
Kong and China this year. 

Wharf earned 2.73 billion Hong 
4 Kong dollars ($353 million) in 
1993, up from 2.05 billion dollars a 
year earlier. Sales rose 43 percent, 
to 627 billion dollars. 

Edward Cheng, Wharfs execu- 
tive director, said about three quar- 

Bargain Buying 
Helps Hang Seng 

Compiled by Our Staff From Dispatches 

HONG KONG — With only a 
small increase in U.S. interest rates 
and the end of speculation about 
whether Jar dine Matheson Hold- 
ings Ltd. would delist from the 
Hong Kong market, the Hang Seng 
index is likely to continue its recov- 
ery. analysts said Wednesday. 

The index rose 5.03 percent 
Wednesday after active trading, 
with foreign institutional investors 
reluming to the market to hunt for 
bargains after a recent slide. Senti- 
ment that local banks were unlikely 
to emulate the short-term rate rise 
seen in the United States also 
spurred some buying 

(AFP, Reuters) 


ters of the company’s profit came 
from real estate activities, and 20 
percent from transportation, in- 
cluding terminal projects. The re- 
mainder of the income was from 
hotels and investments. 

“The results were slightly above 
expectations, but to be something of 
a devil's advocate, there are some 
less certain business steps ahead like 
cable television, telecommunica- 
tions and China." said Tun Storey, 
an analyst with HG Asia Ltd. 

Chairman Peter Woo said, “We 
are building businesses and adding 
new assets with a focus on a strong 
presence in Hong Kong and China." 

“Our China businesses also have 
excellent potential to reap future re- 
wards." said Mr. Woo, adding that 
Wharf signed agreements last year 
for a total or 65 million square feet 
(585,000 square meters) of properly 
development in China. 

Heavy investment will be re- 
quired for its property projects and 
cable television in Hcmg Kong plus 
a huge project in the central Chinese 
city of Wuhan including a container 
port, power plant, light-rail system, 
and real estate development- 

The company, which last week 
received an A credit rating from 
Standard & Poor’s Corp.. plans to 
tap the long-term global credit mar- 
kets. “After the S&P rating, we hope 
to restructure our debt portfolio to 
lengthen the maturity erf debts for 
our long-tom investments," Mr. 
Woo said. (Bloomberg, Reuters) 


Cellular News Set to Burst 

Japanese Market to Blossom in April 


By Andrew Pollack 

Ne*‘ York Times Service 

TOKYO — The recent U.S.-Japanese trade 
agreement aimed ai improving Motorola Inc.’s 
access to the Japanese market may be the best- 
known but is not the biggest development in Ja- 
pan's cellular telephone market. 

Starting April 1. regulatory changes will unleash 
a burst of competition, spurring growth for the 
heretofore sluggish industry and providing oppor- 
tunities and pitfalls for investors. 

Consumers will be able to buy portable phones 
for the first time, instead of having to lease them 
from at inflated rates. Consumer-electronics man- 
ufacturers will flood into the market, driving down 
the price of handsets. 

Also starting in April, two new service providers 
will be allowed to operate in the Tokyo. Nagoya 
and Osaka areas, bringing the number of competi- 
tors in those cities to four. 

The two will offer digital service, which con 
cany more conversations on a given allotment of 
frequencies than the older analog technology. 

But one point overlooked in the dispute is bow 
underdeveloped the cellular phone market is. 

Japan was the first country to have cellular 
service, and Japanese manufacturers are major 
suppliers of portable telephones. But only about 
1.5 percent of the people in Japan use cellular 
phones, compared with about 5 percent in the 
United States and Hong Kong and 6 percent to 8 
percent in Scandinavia. 

Analysts say a major reason has been the lack of 
competition and high subscription Tees. But while 
the new competition and lower prices expected 
after April 1 will spur growth, the path ahead for 
investors will still be tricky. 

They also say h is difficult to pick a winner 
among the many companies that will be making 
and selling cellular phones. 

One supplier that could be a big loser is Matsu- 
shita Communication Industrial Co., 56 percent- 
owned by Matsushita Electric Industrial Co., Ja- 


pan's largest consumer-electronics manufacturer. 

Matsushita Communication has been the main 
supplier to Nippon Telegraph & Telephone Corp., 
the largest cellular-service provider. 

The company “has had a cozy time the last few 
years reaping monopoly profits from the closed 
domestic handset market, Jeffrey Camp, an ana- 
lyst with Jar dine Fleming Securities, recently 
wrote as he recommended selling the stock. 

Phua Lee Kerk, analyst at Baring Securities, said 

INTERNATIONAL STOCKS 

it was wiser to invest in component suppliers, which 
will benefit from increased demand for portable 
phones no matter which manufacturer triumphs. 

He recommends Mura la Manufacturing Co., a 
leading maker of ceramic filters, and Toyo Com- 
munication Equipment Co., which makes crystal 
oscillators. 

Among service providers, many analysts like 
DD1 Corp_ which provides cellular service in areas 
outside the heavily populated Tokyo-Nagoya cor- 
ridor. It will be moving into the Tokyo-Nagoya 
region because it owns a stake in one of the two 
new companies that wiD be allowed to provide 
service there. 

Some analysts say ceDular-pbone use will take 
off more slowly than some in the industry antici- 
pate. Even though phones can be purchased, they 
wQI still cost more than $800. high by world 
standards, and the Japanese economy is weak. 

Makio Inui of Klein wort Benson Securities rec- 
ommends investing in companies that make base 
stations, antennas and other parts for cellular 
phone service. That equipment has to be installed 
before demand for phone service materializes. 

One likely winner, he said, is Japan Radio, 
which provides base stations for NTT. Another is 
Denlri Kogyo, which makes antennas. It often 
installs Motorola base stations, the number of 
which will increase under the recent agreement. 


Hong Kong 
Hang Seng 

12000- : --«■ 
ttooo- — yV 
mono 


^TFp.’iThi 

TS93. . 1994 


Singapore 
Straits Times 

£00 

2400 - - • A 
2300 ,— J U 

.2200 - / L 

2100 rtf/ - 

aor - -■ 


Tokyo 
Nikkei 225 

210 CO-- - 

aosooH f 

19000- V- J 

toco- A if 

17003 W . 


Exchange 


1900 ^ jfg- j 16030 -q jjj) j p I 


Microsoft 
Sets Link 
With NTT 

Compiled by Our Staff Fran Dispatches 

TOKY O — Nippon Telegraph & 
Telephone Corp. said Wednesday 
that it and Microsoft Corp. would 
create a system in which customers 
in Japan' could receive computer 
programs, and audio and video 
products over telephone lines. 

Masashi Kojima, president of 
NTT. said the system would let 
users have easy access to informa- 
tion while vendors could protect 
their rights to the data. 

The companies also aim 10 link 
their office-machine systems: NTTs 
F-Net and Microsoft at Work. 

NTT, a former government- 
owned monopoly, plans to hook up 
almost all hemes in Japan with high- 
caparity optical fibers over the next 
two decades and is looking for ser- 
vices to send over the network. 

Initially, the companies plan to 
develop a method using compact 
disks to store the information, 
which could be accessed with codes 
distributed over either analog or 
digital networks, they said. Eventu- 
ally. the companies plan lo develop 
ways of distributing multimedia 
material directly, they said. 

In the initial phase; software will 
be provided on enaypied read-only 
compact disks, which will be dislrib- 
uted cheaply. Network users will be 
able to select any material on the 
CD-ROMs they desire 10 buy and 
receive a deayption code over the 
network giving them virtually in- 
stant and automa tic ac cess, said Hi- 
roshige Seko. an NTT spokesman. 

( Reuters, AP, Bloomberg, NYT) 


Hong ICons ' :: Hang Seng ; 

Singapore... Shw'ts Times' 

■ Sydney AH Ordinaries 

Tokyo Nikkei 22S 

Kuala Lumpur Composite 

■ Bangkok ' SET - ^ 1,286.44 

Seoul Composite Stock 873.78 

Taipei Weighted Price 5,331.27 

Manila Composite 2,593.56 

.Jakarta Stock Index 486190 

Ne w Zealand NZS6-40 ‘ 21205.72 

Bombay National Index 1,813451^ 

Sources: Routers, AFP 


1994 1993 

Wednesday Prev. 
Close Close 
9,465^3 9,012.17 

2,111.28 2,045-04 

2.180.90 2.140.80 

19,962.10 20.253153 


% 

Change 

+5.03 


999.95 

1,286.44 


957.48 

1,237.12 

877.95 

5,26t.84 

2,563.60 

485.47 
2.206 93~ 
1,834.02 

Imnioi* n»! I Iff 


Very briefly: 

■ Wal-Mart Stores Inc. products will be sold by Japanese retailed Ito- 
Yokado Co. and Yaohan International Group in'their outlets in Asia. 

• The World Bank said it had provided Indonesia with S300 million 10 
recapi talize its state banks and improve supervision and loan collection. 

• Japan's 21 major banks are expected to have 14.1 trillion yen (SI 33 
billion) of bad loans on March 31. up 2j percent from six month* before. 

• STAR-TV said it would bunch its first pay channel next month, 
offering Asian and Western Aims. 

• France Telecom nil! help Vietnam upgrade its telephone system and 
develop a cellular telephone network. 

• Cathay Pacific Airways said it agreed to buy 75 percent of a small air 
freight canier. Air Hong Kong, from the investment group Shun Tak 
Hokfings. The price of the acquisition was not disclosed. 

• Padaeng Industry Co. Thailand's largest mining company, is expected 
to abandon plans for a $320 million zinc smelter it had hoped to develop 
with MetaDgeseBsdiaft AG of Germany. 

• Robert Kuok, a Hong Kong business executive, has been asked to buy 

all or part of the Philippine government's 46.4 percent equity stake in 
Pluli(iptne Airlines, officials said. AP. Reuters. Bloomberg. AFX. AFP 


AP. Reuters. Bloomberg. AFX. AFP 


Taiwan Privatization Fizzles 


Reuters 

TAIPEI — Taiwan’s largest pri- 
vatization exercise in nearly two 
years, a public offer of 288 million 
shares in China Steel Corp., has 
failed as a result of a stock market 
slump. 

Only 5.7 percent of the shares 
had been bought by the deadline on 
Tuesday, said China Development 
Coip., the lead underwriter, on 
Wednesday. 

Shares were sold at a price of 
21.71 Taiwan doDars, making the 


total offer worth about 237 million 
dollars <$8.98 million). With Chino 
Steel's stock market closing of 
21.70 on Tuesday, few investors 
were willing to buy at the slightly 
higher offer price. 

Analysts said the result was an- 
other blow to Taiwan's flagging 
privatization program, which aims 
to sell extensive assets but has 
failed to transfer a single company 
into majority private hands since it 
began in 1989. 








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Page 16 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 24, 1994 


POISON: As the World's Industrial Economies Become Intertwined, Disposal of Its Waste Products Affect East Europe and Third World 


Continued from Page I 

pired chemicals and paints, shred- 
ded clothing, broken furniture, 
rusted refrigerators, scrap tires 
consigned to burning — what the 
West cannot use. Eastern Europe 
receives, despite laws on both sides 
vbai sternly restrict such trade. 

’ Here, the last line of defense falls to 
Poland’s reorganized border 
guards, eager for a new mission 
now that the old ideological fron- 
tiers have vanished. 

"It's a problem they also fed 
inside," said Major modzuxderz 
Warchol, a commander with a box- 
er's physique, speaking of the sol- 
diers. “With the opening of the 
borders, we also are open to mass 
communications — satellites, cable 
television. People watch that and 
become aware of environmental di- 
sasters elsewhere." He said that “a 
young man. when he opens one of 
these trucks and sees all the thru he 
gels mad." and “I get furious." 

The major's ire reflects a predic- 
ament of the restructuring global 
economy. As terriers fall and large 
areas of the ex-Communisi and de- 
veloping worlds move to rejoin 
global trade alter years of isolation, 
the world economy is becoming 
swiftly intertwined, but so are its 
environmental problems. 

Global warming, greenhouse 
gases and ocean dumping ore some 
of the familiar ecological chal- 
lenges that transcend national bor- 
ders. Less familiar, and arguably 
less manageable, is the problem of 
waste. 

The spread of free- market capi- 
talism has magnified the world's 


problems with waste in two impor- 
tant ways- First, the tremendous 
increase in the exploitation of natu- 
ral resources in countries that were 
previously dosed to world markets 
has created new mountains of 
waste by-products, both from the 
mining of the raw materials and 
from their consumption. 

Meanwhile, the newly porous 
borders of the former East bloc 3nd 
developing countries have helped 
spur an often ugly world trading 
market in environmental waste it- 
self. 

The world's new economic rules 
are making it both possible and 
profitable to ship waste around the 
world. The stale of Washington, for 
example, sends two-thirds of the 
plastic it collects from consumers 
in recycling programs to Asia for 
disposal. Poland intercepted 1332 
improper waste shipments from 
Western Europe done in 1992, and 
such cases soared by 35 percent in 
the first half of 1993. 

For waste managers and traders, 
the sudden opening of Eastern Eu- 
rope and the rapid rise of Asian 
economies present new vistas of 
opportunity, both in helping the 
developing countries process their 
own waste and in finding places to 
dispose of foreign refuse. The U.S. 
Commerce Depanmem is leading 
delegations of environmental en- 
trepreneurs across the former East 
bloc. In Asia, "they've really hit a 
takeoff stage, and that translates 
into an industry for us." said Ed- 
win G. Falkman, chief executive of 
the international unit of U S. -based 
Waste Management Inc., the in- 
dustry leader. 


Economists, traders and multi- vigorous economic regions are 
national corporations see waste as gaming quickly, 
an emerging global resource be- "Green" laws are often just as 
cause it has value and often can be popular in the legislature s of Bast- 
traded like a commodity. Indeed, ere Europe, Latin America and 


businesses involved with the most Asia as they are in the West But 
fungible wastes — paper, plastics often the laws are not as well en- 
and glass — are already planning forced. And as the cost of waste 
for formal commodity and futures disposal rises, ihe value of the glob- 
exchanges, similar to those that ex- a! waste market expands, giving 
ist for oil, metals and agricultural traders a strong incentive to find 
products. The sums involved are the loopholes in newly opened bor- 


pusfung for a total ten on such 
wastes, but several industrial coun- 
tries, including the United States, 
Britain, Germany and Japan, op- 
pose such a measure. They say the 
option most be left open to export 


enormous. 

The global waste mat 
market in 1991 was wo: 


ders. 

moat During the 1980s, as activists 
more and investigators such as those at 


than $90 billion, according to the Greenpeace documented in cress- 

t i.j n..« 1 r tt# _ - j .■ 


hazar dous wastes for recycling or inundated by such Western-spun - 
furthex use.} sored incinerator proposals, some 

Some waste come disguised as wor * 5400 °F “ ore :Jf" 

charity. At hospitals intledevas- cordrngmoffic^mits&rvuon- 
taied Polish coal mining region of meat 

Katowice, administrates do not pmesand^b-Saha^a Afncan 
bother anymore to open the truck- countne f ^ve all recawj such 
loads of unsolicited, supposed proposals rece ^^, ac ?^ r ^?^ 
medical charitv shmned En- documents gathered by Green- 


SMSSSSSifiS 

la roe nart f rom fees collected at The same is true of less harmful - , * «■ „ji T7; 

Western factories looking to get nd wastes such 3 S plastics. German ^ ^ a? home ^ 

of their wastes. War-tom Croatia is and American enthusiasm for plas- wastes at nome. 


trade m metals and ores. Some eco- tematically in the Third World, 
nomic forecasters see waste man- governments on both sides began 


agement as a global business worth to ac 
$500 billion or more by the year Yet t 
2000. Waste Management Inc. al- glob* 
ready has seen its revenues soar by becoi 
an average 36 percent each year for Fo 
the last two decades. cases 


to adopt laws to ban such trade. 
Yet today, the trade is spurred by a 
global economy that suddenly has 
become freer. 

For example, waste-dumping 
cases in the newly opened countries 


The growth of waste in emerging of Eastern Europe and the former 
markets is partly a consequence of Soviet Union have run into the 
rising manufacturing in those re- thousands over the last two years 
gians. Since 1980, global manufac- alone. Toxic industrial and chemi- 
t tiring has been growing at a torrid cal wastes from Germany have 
average of 7.6 percent each year, turned up in Romania and 
and the fastest growth rates have Ukraine. Hazardous wastes have 
been in Asia and Latin America, been found dumped in Albania, 
Those regions also have contrib- Russia, the Baltic republics, the 
uted the most new pollution. S taxis- Czech Republic, Hungary and Bul- 
lies on carbon dioxide emissions, garia. 

associated with industrial growth, [In Geneva, minis ters and offi- 
provide a clue: Since 1980. Europe- rials from Third World nations 
an emissions have fallen and US. said they would seek a total ban on 
emissions have grown 5 percent, toxic waste exports Thursday at a 
but in Latin America they have meeting of parties to the 1989 Bare! 
risen 13 percent and in Asia 28 Convention. Tbe convention regu- 
percent The West is still the laces transboundary movements of 
world’s biggest polluter, but newly hazardous waste. Denmark also is 


further use.} 

Some waste comes disguised as 
charity. At hospitals in the devas- 
tated Polish coal mining region of 
Katowice, administrators do not 
bother anymore to open the truck- 
loads of unsolicited, supposed 
medical charity ship ped from Eu- 
rope. Australia and the United 
States- When they do, they often 
find soiled Western hospital wastes 
and expired medicines that are then 
costly to dispose of under Polish 
environmental law. 

"I opened one of the trucks and 
saw things from tbe toOets. used 
syringes, tights, underwear — none 
of it washed," raid a Katowice cus- 
toms officer in a tone of disgust. He 
said that often the customs declara- 
tion says it is a "donation." 

The motive for such dumping is 
the rising cost in tbe West of proper 
disposal of hospital wastes, partic- 
ularly because of concerns about 
tbe dangers of contaminated blood, 
analysts said. Seeing large-scale op- 
portunities, waste traders also pro- 
pose to construct huge incinerators 
in poorer countries, to which tbe 
traders would then ship and bun 
large amounts of Western industri- 
al wastes. So potentially lucrative 
are these deals that traders promise 
to finance construction entirely 
with their own money and some- 
times to provide cheap electricity 


peace. 

Some of these incinerator deals 
can violate the law in countries that 
restrict waste trade, but not all such 
waste deals are illegaL even if they 
are unpopular. The United States 
has yet to meet treaty obligations 
by adopting comprehensive laws 
on waste uade. But some hazard- 
ous waste exports do violate U.S. 
and European laws. 

"Most prosecutors feel there are 
lots of crimes like this going on in 
the field and we just don’t catch 
them." said Robertson H. Wendt 
Jr„ a South Carolina prosecutor 
who helped secure convictions 
against two U.S. metals companies 
that illegally mixed 1,000 tons of 
poisonous smelter dust into fertiliz- 
er shipped to Bangladesh. “There’s 
a lot of pressure on businesses to 
maybe take the shortcut io deal 
with this material." 

Tbe pressure is mainl y financial. 
Under U3. and European environ- 
mental laws, the cost of disposing 
of hazardous industrial and mining 
waste can range as high as several 
thousand dollars per ton, depend- 


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on the right-hand side. There is an on-board maintenance panel for faster testing, and standard containers with standard ground equipment and procedures. The A310 is a telling 
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^ -i 



w / 



tics recyclin g sometimes outpaces 
by far ihe capacity of domestic 
markets to absorb the collected 
wastes. So, after conscientious re- 
cyclers across Germany and in 
western U.S. cities such as Seattle 
set their plastics out (or collection, 
their governments pick them up. 
load most of them onto boats and 
ship them overseas to poorer coun- 
tries. 

The state of Washington sends 
about two-thirds of the plastic it 
collects from individual recycJers 
to Asia, according to state officials. 
In Hong Kong. China, Indonesia, 
the Philippines and elsewhere, 
these U.S.-made plastic soda bot- 
tles and milk jugs are sorted by 
low-wage laborers, melted down, 
reused, burned or buried, often 
without strict environmental or la- 
bor law enforcement, according to 
environmental activists and indus- 
try analysts. 

Yet. the US. government does 


In the meantime, plastic waste 
exports from Western recycling en- 
thusiasts are undermining markets i 
overseas. Germany's massive 
“Green Dot" plastic recycling pro- 
gram is seen os the biggest offend- 
er. Under it, German consumer^ 
offer so much plastic for recycling* 
that the government has started 
paying overseas customers to take 
it away, undermining Third World. 
East European and even Western 
businesses that depended on tradi- 
tional supplies and prices. 

“The sort of recycling exercise 
that Green Dot is trying to earn- 
out is mad; it’s ludicrously expen- 
sive and it’s nearly all but impossi- 
ble in technical terms." said 
Frances Caimcross. author of the 
book "Costing the Earth." 

"The damage that worries me is 
the damage to other countries' re- 
cycling systems from having a lot 
of waste dumped on them,” she 


not think such plastics exports said, "particularly in poor coun- 
sbould be regulated, in part be- tries where recycling is often car- 
cause they are ‘'commercially driv- ried out by the poorest in society.” 
m.” as a State Department official A primary barrier to solving such 
involved sard. “It bums ugly, and problems is that environmental 
there are terribleby-products pro- environmental attitudes 


duced, the official said. The in the West, the ex-Communist re- 
nting that first caught our attention gjons and. the developing world are 
*7* a warehouse fire in tbe Philip- all in rapid flux, even as their trad- 
pmes, where the warehouse hap- ing economies draw closer togeth- 
pened to be filled with old plastic a Western public opinion has 
cot tamers from die US. It burned reached tbe point where even waste 
like the dickens. incinerators and landfills boasting 

For their part, by collecting more stale-of-ihe-art technologies, 
plastic than they can handle local- ducing pollution to minuscule 
jy, and by working in partnership amounts compared with years past, 
with local businessmen. Washing- nonetheless take decades to build 
ion slate officials believe they are because of regulatory and political . 
helping their own recycling indus- objections. / 


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Page 17 


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Coven EnterorKe Fund N.V. 

w Class A Shi iw 

w Class B 5ns S |7L 

d Index Is USA/5&P 50) S « 

tf indexHJaoon/Nfckel y tea 

d IndexisG Bret/FTSE i y 

d ndexK FrancrtCAC 40 FF 

d InOev-ls C.T — ee 

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d Court Torme USD s u 

d Court Terme DEM dm 31 

d Court TermeJPY y 7274 

d Court Terme GBP r 1- 

d Court Tenet FRF _ ff in 

d tort Terme ESP . Pta 2931 

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d Act tons Inn otversltrees FF 131 

d Actions Nord- Amer IcnbisJ 24 

d Adlans Jeae—Ngg y iwi 

d AdtonsAngialses c 14 

a Actions Aliemandes DM 4C 

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d Actions E». 8, Po rt P «ff 397) 

d Actions 1 laiieimes ut 33*33 

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d Oblig l«n DiversHlees FF 12S 

d OoJ« Nora-Amer icalnea s 11 

d OhJIg Janonoftes V 2277 

d niiila tMlBkw r 7] 

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d OMa FrtxiaXses FF 154 

d OLJ® E5O.8.P0TL Pta 2744 

d OnUg Convert.) mem. _FF 154 

d Court Terme Ecu Ecu 21 

d Court Terme USD S J7 

d Court Terme FRF FF 140 

CREDIT COMMERCIAL DE FRANCE 

d Elvseas Mgnetalre FF 89044 

d Sam Act leash USD B_ X 1099 

CREDIT SUIS5E 

dC5F Bands SF 89 

d BmdUntnrWI 4 C U5 

d Band Volar US - Dollar. S 124 

d Bond Valor D - Mark DM m 

d Band Valor Yen Y 1067ft 

d Band Vtdor C Sterling t 10a. 

d Convert Valor Swf SF 172 

d Convert Volor US - Dollar _* 20ft 

d convert Votor KStertbia— c 93 

d CSF internal tonal _SF 137 

d Adlans Sutsses— SF B4l. 

d Credis SmlHMId Cap SMtzISF 3*2 

d Eurooa Valor SF 236. 

d Eneroto-vatar SF 150. 

d Padflc - Vdor SF 139. 

rfCS Gold Volor S 150. 

d CS Tiger Fund S 1146 

d CS Ecu Bond a Ecu 106 

d CS Ecu Bant B Ecu !Ki 

d C5 Gutdea Bond A FI 1«K 

d CS Gulden Band B FI ISA 

d CS Hlspano Iberia Fd A Pta 31 31 Li 

d CS Hlspano Iberia Fd B Pto 3279B. 

d C5 Prime Bond A DM 103. 

dCS Prime Band B DM 1SL 

d CS Eurooa Bond A DM 242 j 

d CS Eurooa Bond B OM 352J 

d CS Fixed ISF 7% 1796 JF 1061 

d CS Fixed I DM 8% 1/96 DM HBJ 

d CS Fixed 1 Ecu 13/4% l/96-ECU 1874 

d CS Swiss Franc Bond A SF Z75J 

d CS 5wfss Franc Bond B _SF 3MJ 

d C5 Bond Fd Lire A/B Ut 254VIIU 

d CS Bond Fd Pesetas A/B Ptae 192721 

d CSGarmaoy Fund A DM 3a9J 

dCS Germany FuntfB DM 2*45 

If CS Euro Blue CM* A DM 270.4 

dCS Euro Blue CMpcB DM 2IU 

d CSShort-T.BondSA S 1«IJ 

a CSShart-T.BondSB s U9 j0 

d CS Sbort-T. Bond DM A DM U25 


d C5 5hort-T. Bond DM A DM MUSS 

d CS Short-T. Band DM B DM IS5L32 

d CS Money Martcet Fd S S 178S31 

d CS Money Market Rt DM — DM 173108 

d CS Money Market FdC_ I 233286 

d CS Money Market Fd Ytn_ Y 144873.19 
d CS Money Market Fd CS — CS T29L93 

d CS Money Market Fa Ecu_Ecu 137397 
d C3 Money Market Fd SF — SF 5796.14 

u CS Money Ntarkel Fd HF1— FI 1193 47 

d CS Money Morkel Fd Ltt — Lit 120998374 
if CS Money Market FdFF — FF 612L57 

d CS Money Market Fd Pta— Pta TZ3407J3 
d CS Money Market Fd BEF-BF 5656118 

d CS OekoFrolOC A DM W75Q 

d CSOeko-ProtecB DM 24956 

d CS NorttFAmerlcnn A_ X 2SSJ3 

d CS tiorih- American B S 262.12 

d CS UK Fund A I 11643 

d CS UK Fund B 1 12189 

d CS Fronce Fund A FF 10*987 

d CS France Fund B FF 1I5U6 

d CS Eurorecf , DM Wi^ 

a CS Holy Fund A- _UI 25592378 

d CS Italy Fund B LH 262)5640 

d CS Netheriords Fd A FL «7A3 

d CS Nethertonds Fd B FL 42S.T2 

d CS FF Band A FF M»5A> 

if CS FF Bond B FF 1174*1 

d CS Capital SFR 2900 SF 1562.14 

dCS Capital DM 2000 DM 1440J4 

d CS Capital DM 1997 DM 1753J7 

d C5 CartUH Ecu 2000 Ecu 1437.19 

d CS Capital FF 2000 — — — — FF 1D697 

d CS Japan Mejxiirwa 3 Fr_sf 2S9.« 
d CS Japan Megatrend Yen _Y 25*71 JM 

d CS Port! Inc SFR A/B SF 183228 

d CS Porri Bol SFR SF 104S94 

d CS Pnrtf Growth SFR SF 1042M 

d CS Portt Inc DM A/B DM M)6S2D 

d CS Parti Bat OM_ DM 10U86 

d C5 Portt Growth DM — DM >0830? 

d CS Portl Inc USS A/B — — X 1004.92 

d CS Port! BaJ USS— J l^.]D 

d CS Portt Growtn use s ib»m 

d CS Ea Fd Emero Mkn 5 Yuan 

d CS Ea Fd Small Can USA—S T0»« 

d CS Eo Fd Small Ear DM 9733 

cf CS Ea Fd Lot Anwrlaj $ 9*157 

CURS I TOR FUND 
d Cursltor East Aslan EqSuh- 
F- % 99-fl 

d Cursltor GltX Gwth Suh-Fd-S 99.14 

DARIER HEHT8CH GROUP 
Tel 41-22 708 40 

d DH Molar Markets Fund — SF 1*78380 

a Hennen Trenswv Fa sf lorovje 

d Sotnurol Portfotto SF 33659 

DISCOUNT BANK GROUP 

arMuNloarr. Bond JF lmSJ 

w Doival Bond » IMS'; 

nr Euroval EquttY— F eu 

a, n. Amerlcn Equity s vnaa 

w Pocltlc Equity . s 324353 

DIT INVESTMENT FFM 

d Concentrn +■— — DM OJ7 

d tntl Rent e nlend-* -DM 7354 

OUBIN G SVflECA ASSET MANAGEMENT 
Tel : (809) 9*5 1400 Fax : I809] »45>4M 
O Htottorbtoe Capital Coro__S 1»7.1B 

mOwlook Pertormance Fd_S HOJ* 

m Pacific RimOpF U , , -S 1T13BE 

BBC FUND 6*AMABfiK (JMdWy) LTD 
V3 Seale SL SI Hotter ; 0534-34331 
EBCTRADED CURRENCY FUND LTD 

d capital » nsn 

d InCTTif ... 1 i«^t 

INTERNATIONAL INCOME FUND 

1 ona Tbii r ^ U/dB 

d Lona Term • DMK___J>M 1B73502 

E RMtTAGE LUX.OW4W3 W 
ar Ermhuge SeU Funi — __J 6*43 

n-Ermliwe Alton Hedge Fd-5 
w Ermltoge Erno Hedge Fd— DM 1334 

w Ermltoge Cnabv Asia Fd^S 1651 

Z Ermltoge Amer HOg Fd- — S 9^ 

w Ermltose EmwMWsFA-J 1W 

EUROPA FUNDS UMITEO 

d American Equity Fund S XM1B 

d Ameriam Option Fund— * W 

nrAStonEuuflyM— » 

wEunjpwnfyitYF ^-— f 
EVEREST CAPITAL (889) 2922218 
m Everest capital Inti Lid — t 13683 

FIDELITY INTL INV. SERVICES (Uni) 

a Discovery Food J *L» 

d Far East Fund-. J 8050 

d FW. Amer. Assets s 2WJ6 

0 FldLAmer. VaucilV -J !«£■» 

tf Frontier Fund 

d GloOCI IndRind-— » »34 

d GtoWSetodlOTFund 1 TLV 

a Internal tonal Ftmd S 20» 

<r MeurEiraeFund 

d Orient Fund -J »»« 

d Podflc Fuod — — 2 6IL96 


ADVERTISEMENT 


INTERNATIONAL FUNDS 


March 23. 1994 


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d Seeetol Growth Fund i 4349 

d wnrid Fund S 119.98 

FINMANAGCMEnT SA-LueonoCfl JI/229312) 

w Delta Premium Coro S 1177 JO 

FOKUS BANK AJL 472 421 555 

ar s co nf c nds inn Growth fu j% 1.15 

FUND MARKETING GROUP (BID) 

PD. Bee 2881. H e ml lt an . Bermuda 
mFMGGWOI (28FeO) S 14J9 

td FMGN.Afltof.nl Feb) 1U1 

mFMG Europe ra Feh] s |U8 

mFMG EMG MKT (28 Feb!_S 1361 

mFMGQ(2B Feb) S 1009 

FX CONCEPTS (BERMUDA) LTD 
wCeneapts Forex Fund— s 16*1 

GAIA CURRENCY FUNDS 

wGeio Hodge II X 134.91 

w Goto Hettae III S 14A3 

» Gala Swiss Franc Fd SF 5329 

l» GAIA Fh. « 1KS5 

mGota Guarcmtetd a. I _4 56tt 

m Gala Guaranteed CL t i__s 1345 

GARTMORE INDOSUEZ FUNDS 22/13/94 
Tel: RS2> 46 54 24 470 
FdXI (352)465*23 
BOND PORTFOLIOS 

a OEM Bard DIsSAI OM 650 

d DlvcrOond DH2A1 SF 331 

d PeJInr Band DH 9M- .. t 147 

tf European Bd □ to 1.19. Ecu 131 

tf French Frone__Dls 1041 FF 13J< 

; d GtobalBond—Olsiie s 145 

EQUITY PORTFOLIOS 

0 ASEAN J 7.67 

d Asia Pod Ik: $ 4JB 

d Continental Europe— .Ecu 150 

d Oewtooira Markets s 4j* 

! tf France. - .. ff 1282 

d Germany DM Si* 

d internet tonal % 24* 

d Jaoan Y 77SJX 

d Norm America s 2JI 

tf SwHzertohd SF jjj 

tf untied Ktoodbm. . .._( 152 

RESERVE FUNDS 

d DEM — DIs 556 — DM 4229 

d Dollar HU M- * 2150 

tf French Franc FF 1242 

d Yen Reserve Y 2164 

QEFINOR FUNDS 

London : 07l-4t9417L Geneva : 41-22355530 
w East Investment Fund— 5 74788 

w Scottish world Fund S 461.7980 

w State 51. American S 34697 

GENESEE FUND Ltd 

w iai Genesee Eosto s mm 

ar (Bi Genesee Short S 664* 

w (C) Genesee Opportunity 15284 

w IF) Genesee Non-Equity s 12986 

GEO LOGOS 

ar It Straight Bend B Ecu 185489 

wll Podtic Bond B SF U55X8 

GLOBAL ASSET MANAGEMENT 
OFFSHORE FUNDS 
II Atnoi SLDougtos.1 ol Mon 44-63*626037 
~r.lL lA^rr. g 4JB27 

ar GAM Arbitrage X 39A37 

Hr GAM ASEAN - a 00.77 

ar TAM Australia X 222.13 

w GAM Boston % 35443 

mGAM-CargtJI Mtaneionko 5 KU51 

ar GAM Contained dm 1307 

w GAM Cross-Market 3 10645 

wGAM European S 9171 

ar GAM France FF 202189 

■v GAM Franc-vat SF 274J25 

IvGAMGAMCO S *m -1* 

w GAM High YWd x 159.72 

w GAM Eat Alto Inc s 71248 

w GAM Japan S 973X0 

ar GAM Money MktS USS S 1HL51 

d Do SteritaB e lot 84 

tf Dg Swiss FrmiC SF 10851 

d Do Dcutschemork DM KJlJrt 

d Da Yen Y 1001*80 

w GAM Allocated MHI-Fd S 17183 

w GAM Emero Mkts MltLFdj 18288 

wGAMMItl-EuroPOUSS S 14151 

tv GAM Ml! I- Europe DM __DM 14156 

wGAM AAlllGlaCol USS I 115.98 

Mr GAM Market Neutral i 117-73 

wGAM Trading DM DM 1318* 

wGAMTrudliwUSS— $ 17147 

w GAM Overseas— _s 187.15 

wGAM Phdfle S B8097 

■v GAM Selection J 6*456 

w GAM SJngouore/Motaysfa _I 67189 

ar GAM 5FSooctol Bend __SF 132*8 

WGAM Tvcfte S 37X53 

w GAM U5 S 20554 

wGAMut Investments. _5 BO&80 

wGAM Value f 13859 

wGAMWhdethoro S 19154 

wGAMWtorMwMe S 67287 

w GAM Borul USSOrd J, 14474 

wGAM Bend USS Speckri S 19X47 

wGAM Bond SF SF 18489 

WGAM Bond Yen Y 1459080 

w GAM Bond DM DM 121.20 

wGAM Bond I t 16483 

wGAM (Special Band —8 146.94 

w GAM Universal USS 5 15486 

wGSAM Composite S 34724 

SWISS REGISTERED FUNDS 41-1-4223616 
Miillebo d Nt rum o 17XCH NOiZuHcti 

tf GAM (CH) America SF 356783 

d GAM l CHI Europe SF IKL4* 

d GAM (CH) Mondial SF 171327 

tf GAM ICH) Pactftc SF 2C1J3 


SEC REGISTERED FUNDS 
135 East 57rd SlraetJJY 100222134684200 
w GAM * 9621 

wGAM Global S 14629 

wGAM International X 19123 

wGAM North America S 8631 

wGAM Podflc Basin S 1BBI4 

IRISH REGISTERED UCITS 
Eortltarl TerractOubihl Z 3SJ-T-674M30 
w GAM Americana Acc— DM *386 

wGAM EutopoAOC DM 13S87 

W GAM Orfcnl ACC DM 159.16 

WGAM Tokyo ACC. DM 17614 

W GAM Total Bond DM A«_DM I1D46 

W GAM l/ruverat DM Acc DM 17676 

GLOBAL CAPITAL MANAGEMENT LTD 
Bermuda: 1889) 285*000 Fax: (889) 2954188 
JWH GLOBAL STRATEGIES LTD 

w (C) Fbtrodal 8 Metals S 14326 

w(DJ ICT Giobal S W359 

w (FI G7 Currency S SO? 

w (MJ Yen Financial S 16554 

w (J) Diversified Rs* Adi S 11689 

w IK) Inti Currency 4 Banfl_J 11236 

W JWH WORLDWIDE FND -S 1784 

GLOBAL FUTURES 6 OPTIONS SICAV 
m FFM tot Bd Proor-CHF a -SF 18080 

GOLDMAN SACHS 

wGSAdt Rote Mori. Fd II — S 953 

mGSGtabal Currency S 12S657 

WGS Global Equity S 1221 

wGSWortd Band Fund S 1D58 

wGS World Incwiie Fund — J 956 

GOTTEX FUND MANAGEMENT 

wG Swap Fund Ecu 12B32S 

GRANITE CAPITAL INTL GROUP 

W Granite Capital Equity * 141735 

w Granite Capital Mkl Neutron 1.8305 

w Granite Capita Mortgage J i.iseo 

GT ASSET MANAGEMENT (IRELAND) LTD 
Tel: (44)71-7184567 

d GT Aseon Fd A Stores S 

tf GT Asegn FdB Shares- — s 

d GT Asia Fund A Shores X 

d GT Asia Fund B Stowes » 

d GT Aston Small COitw A Sh8 
tf GT Aston Small Comp B Si5 
d GT Australia Fd A ShmeU 
tf GT Australia Fd B Sharts_8 
d GT Austr. Smell Go A Sh — % 
d GT Austr. Small Ca B Sh — S 

tf QT Berry Japan Fd A Sh S 

d GT Berry Japan Fd B Sh X 

d GT Band Fd A Share* S 

d GT Bend FOB Shorn*. s 

tf GT DoNar Fund A Sh S 

tf GT Dollar Fund B Sh 5 

tf GT Emerging MMs A Sit S 

d GT Emerging Mkts B Sh —5 
d GT Em Mkt Sman Ca A SnJ 
tf GT Em Mkt Small Co B Sh J 
w GT Euro Small Co Fd A Sh J 
wGT Euro Small Ca Fd B Sh-S 
d GT Hong Kang Fd A Shores* 
tf GT Hang Kang FdB Shams 
d GTHDronu Pathfinder ASM 
tf GT Honshu Pathfinder B Shi 
W GT Jem OTC Stocks Fd A Sh* 
w GT Jop OTE Stocks Fd B SM 
w GT Jap 5TO01I CO Fd A Sh_* 
w GT Jap Small Ca Fd B Sh_S 

w G.T. Latin America Fd S 

a GT Strategic Bd Fd A 5h — S 
d GT strategic Bd Fd B Sh — S 
d GT Tetoesrem. Fd A Shares! 
d GT Tetocomm. Fd B Shares* 
r GT Technotosv Fund A Sb_* 
r GT Technotaov Fund B 5h_S 
GT MANAGEMENT PLC (44 71 719 45 f» 
tf G.T. BMedi/Heatth Fund _S 3486 

d G.T. Deutschland Fund X 1121 

tf G.T. Europe Fund * 5154 

wG.T.GtoOOJ Small Co Fd S 2697 

d G.T. Investment Fund * 2S23 

w G.T. Korea Fund i 6*1 

w6T. Hearty Ind Counlr Fd_5 56M 

W&.T. US Small Companies —5 2S« 

GUERNSEY CAPITAL MANAGEMENT LTD 

f GCM Gtooort Set Ea -J. 10984 

GUINNESS FUGHT FD MNGRS (Gassy) LM 
GUINNESS FUGHT GLBL STRATEGY FD 

d Moaaaed Currency S 3951 

tf GiaboiBand S 3696 

tf Global High Income Bond_S 2X38 

tf Gilt At Bond 1 1184 

d Euro High Inc. Bard 1 2140 

d Global Eau4ty_ * mo 

d AlMricon Blue Chip * 29-05 

tfiroan and Padflc.. .. —8 13641 

d UK 1 ».« 

d Eureoean S 11677 

GUINNESS FUGHT INTL ACCUM FD 

d DaufKfiemark Money DM 18859 

'tf US Donor Money * 3ft242 

d US Dollar high Yd Bend — S 2&04 

d inn Balanced Grth 5 368 4 

HASENB1CHLE R ASSET MAMGT QeSJBML 

wHasertXditorComAG 5 &57&8B 

wHasertWchlef Com Inc S 11104 

w HoswiMcfikr Div— Ji ”5.13 

WAFFT S 134785 

HEPTAGON FUND NY 15999415351 

I Heptagon QLB Fund S 1JMS 

mHwtogonCMOPtmd 5 18I4S 

HERMES ASSET MANAGEMENT LTD 
Bemuto! [809)295 MOD. LmcOOMM 64 61 
Find Prices 

m Hermes Eunxwxi Fund— Ecu MSS 
m Hermes Nwth American Fd* 2*954 

m Hermes AsKn Fund -* 

m Hermes Emero Mkts FuraU 1*062 

ra Hermes 5 Irotegfes Fund — S 74227 

m Hermes Neutral Fond J 119i7 

m Hermes GioHl Fund * (8383 


/nHertne* Bond Fund Ecu 12*66* 

m Hermes Starting Fd— — I trX*1 

raHerme* Goto Fund -S 41631 

INCOME PARTNERS (ASIA) LIMITED 
w Allan Flam income Fd— I 1U1S 

INTERINVEST (BERMUDA) LTD 
Cra Bank of Bermuda. Tel : «9 2»S 4008 
mHedue Hog A Conserve Fd-S *87 

INTERNATIONAL ASSETS FUND 
Z Bd Ravel, L-2449 Luxembourg 

wEaraneSudE Ecu *MI 

INTERNATIONAL MGMT INCOME FUND 

d Arnertouotkj Hard * nan 

ff rurmri riwKniainle nm l DOJIS 

a I to lie LU HMOOB 

rfZeneAauflque — v leoQSJW 

INVESCO INTL LTD, FOB STLJenev 
Te<: 44534 73134 

d Maximum Income Fund 4 13088* 

d Starting Mngd PHI— 4 22718 

0 Pioneer Markets t 6M88 

tf Okaron Gtobal Slrotagv S 175800 

d Asto5up*rGnxtoh J 222H0 

tf NlnoonWwrniitFufld ! 28300 

tf Asia Tiger warrant S IXSD 

d Cunmcon wsrront Fund » 35800 

tf GH N.W. 19*4 i *8188 

PREMIER SELECT FUNDS 

tf Amer Kan Growth 5 87700 

d Anwkon Enterprise s 1&2HH 

tf Ado Tiger Growth 1 11.1500 

tf Doltor Reserve 5 52680 

tf Euraoenn Grawm ..I 5X300 

tf European Enteror Ise— JI 6J300 

d Global EfwotnoMariMtsJ L9*n 

d Global Growth S SJ1SB 

tf Ntouaa Enterprise S 77888 

d NIoponGrantn S 50500 

d UK Growth C 56580 

if Staling Reserve. J 

d North American Warrant S 57588 

a Greater China Qscn S 72900 

1TALFORTUNE INTL FUNDS 
wCkssA (Ager. Growth! taut 88*3380 

w Class B I Global Equity) s 1180 

W Class C f&JoOai Bond) S 1185 

wCtossD (Ecu Band) — Ecu 1181 

JARDIME FLEMING , GPO 80k 1W8 HR Ki 

d JF A5EAN TrtHt X 5183 

d JF Far East WrntTr i 1157 

tf JF Global Com. Tr » 148* 

tf JF Hong Kang Trust s 1759 

tf JFJopanSm.Ce Tr Y M7iu» 

dJF Japan Trust Y 1336380 

d JF Mtaovsta TrtriJ i 2182 

d jf Pacjflcine.Tr. 5 iloo 

tf JF Thailand TTud I 3U8 

JOHN COVETT MAMT (I8JU LTD 
Tel: 4661* -62 *4 3 

wGaven Mon. Futures r 1X41 

w Gowett Mat FuL USS S *J1 

w Govett S Got-. Curr S 030 

ar Govett S GIU BaL Hdge S 1)253* 

JULIUS BAER GROUP 

tf Baenwid SF 

1 tfCanoor SF 

d EouCwer America S 

tf Equitxter Europe 5F 

tf SFR -BAER SF 

tf Stockbar SF 

tf Swtabar SF 

tf Uautooer ! 

d Etxape Bond Fund Ecu 

tf Donor Bond Fund S 

d Austro Bond Fund AS 

tf Swiss Bond Fund SF 

tf DM Bond Fund DM 

tf Convert Bond Fund SF 

0 Global Band Fund DM 

tf Euro Stock Fund Ecu 

tf US Stock Fund S 

d Pacific Stock Fund 5 

d Swiss Stock Fund SF 

a special Swiss Stock SF 

tf Japan Stock Fund Y 

tf German Slock Fund OM 

tf Korean Stock Fund 5 

tf Swiss Franc Ca* SF 

tf DM Cash Fund DM 

tf ECU Ca* Fund Ecu 

d Starling Cash Fund r 

O Dollar Cash Field X 

d French Franc Ca* FF 

w Mutttaavbar Forax Fd J 

KEY ASSET MANAGEMENT UK 

m Key Globa! Hedge I 27476 

m Key Hedge Funo Inc 5 14771 

mKev Hedge Invesimenh S 14583 

KIDDER. PEABODY 

b Chesapeake Fund LM S 2*6240 

b 111 Fund Ltd I I1I7JB 

b inti Guaranteed Fund 5 179B50 

O Stonehenge Ltd I 165587 

LATIN AMERICAN SECURITIES 
Tel : London 071*3123* 

d Argentinian Imres! Co SkovS 2542 

d Brazilian invest Co Sknv 1 3X57 

d Colombian invest Co Sleav_S 1750 

d Latin Amor Extra Yield Fd* 11.1894 
d Lotto America Income Co 978 

d Latin Ameriaxi Irtvesl Cu_5 11.13 

tf Mexican Invest Co Si oov S 40*9 

a Peruvian Invest Co Slcov_5 1610 

LEHMAN BROTHERS 

tf Aston Dragon Port MV A S *84 

tf Asian Dragon Part NV B — i 9 74 

d Global Advisor* II NVA S 

tf Global AdvtBTS It NVB S 

d Giobal Advis** Part NV A_! T1J0 

tfOtabofAdvtoon Port NVB J IL2S 

if Lehman Cur Adv. A/B S 615 , 

d Premier Futures Adv A/B _! 950 1 

LI PTO INVESTMENTS 
24/ F Uopo Tower Centre 09 QueenswayJtK 
Til (8521 067 *BH Fax (852) 5M B» 

w Java Fund S 1053 

wAM Fixed Inc Fd 1 989 

w IDR Money Market Fd 5 1255 

w USD Money Morkel Fd S 1663 

w Indonesian Growth Fd S 2189 

w Asian Growth Fund X 1172 

w Aston Warrant Fund S LB2 

LLOYD GEORGE MNGMT (052) 8tS 4*31 

wAntonnaFund— S 1751 

w LG Asian Smaller Cot Fd — I 17580 

w LG India Fund LM S 1456 

LLOYDS BANK INTL (BAMAMASlUd 
Lloyds Americas Portfolio (B09J 3228711 
wBotonced Moderate Risk Fd! 1612 

LOMBARD, ODIER A C1E - GROUP 
OBUFLEX LTD (Cl) 

d MultkurrOTCy s 3X55 

tf Duller Medium Term S 25^ 

tf Dollar Long Term S 21 JB 

d Jerboa) Yen— — .. ... Y 4*1550 

tf Pound Slrrdng C 2787 

tf Deutsche Atark DM 1789 

tf Dutch Florin R 1884 

tf HY Euro Currencies Ecu 1683 

tf Swiss Franc SF 138* 

tf US Dollar Start Tenn S 1212 

tf HY Euro Curr DMd POV— Ecu 1183 

d Swiss Multtairrencv SF 1776 

d European Cwrency Ecu 2288 

tf Betgtan Franc BF 13855 

tf Converttai* S 1S49 

tf French Franc FF 16X54 

tf SwtseMultHUvktaad SF 1039 

tf Swiss Franc Short-Term— SF M617 

d Conodlcn Doltor CS 1187 

d Dutch Florin Muffle FI 1581 

tf Swim Franc DMd Pay SF 1152 

tf CAD Mud law. Div CS 117* 

tf Mediterranean Curr — SF 11.15 

tf Catverllbtes SF 1628 

MALABAR CAP MGMT (tteneedo) LTD 

mMaktoar Inn Fund 1 1695 

MAN INTERNATIONAL FUTURES 
mtalnt Limited- Ofdtoorv — S 4*.l? 

m Mint Limited- Income S U74 

m MW GM LM- Spec Issue _5 3617 

mMInlGId Ltd -Nov 2802 S 2489 

mWntGId LM-Janl«*4 S 22.U 

m Mint G Id Ltd -Dec 1994 S 1*47 

m Mbit Gtd LM- Aug 1995 S 1635 

wiMbit Gtd Currencies- —.5 1031 

m Mint Gtd Currencies 2001 — S >085 

mMint 5p Res Ltd I BNP) J 1IDJ2 

BiMhenoGhl Futuna S 1283 

/n Athena GM Currencies J 9U 

mAlhena Gtd Ftnancioto lnc-4 16S7 

inAltienoGtd F«vmcioisCap5 1149 i 

mAHL Capital Mkts Fd S 1234 1 

m AH L Com moalty Fund— 8 1645 I 

mAHL Currency Find S *34 I 

I71AHL Real Time Trad Fd — I 19.18 , 

mAHL Gld Real UNtoTrd — S 1053 I 

tn MOP Guaranteed 1996 LM — ! 95* 

mUa> Leveraped Reeov. LrdX 1185 | 

mMAP Guaranteed 340 S 1)82 , 

mMlntGGL Fin 2803 1 613 

MARITIME MANAGEMENT LTD 
73 Front St Hcmilton Bermuda 1809)292 9719 
w Maritime MB-Sedor I Ud-l 107097 

w Maritime GfOl Bela Series J *7544 

w Maritime Glbl Delia Series! 85687 

w Mari 1 1 me G*4 Too Series^ 1544) 

MATTHEWS INTERNATIONAL MGT 
EMERGING ASIAN STRATEGIES FUND 

rnCiOMA * 12089 

tf d es s B— * 114-57 

m Pocltlc Convert. SrnM 6 **8* 

MAVERICK (CAYMAN) (UP) 9*9*9 « 
m Maverick Fd ...■■■■■- J 

MCKINLEY CAPITAL PARTNERS, LTD 

m The Corsair Fund Ud S 124J0 

MEESPIERSOM _ 

Rotln 55, 10t2Xk, Airalerdam 00.5211111) 
w Asia Pac. Growth Fd N.V.—8 4186 

W Aston capital HoXflngs S *253 

w Asian Sided ton Fd N.V FI 16374 

w DP Amer. Growth Fd N.V._» 37.12 

w EAAS Otfshare Fd N.V R 109.10 

W Europe Growth Fund N.V. -FI 678* 

wjaixxt DtvefSHtad Fund— S S437 

w Leveraged Can Hold S *342 

wTdIcvd Pac. Hold. N.V % 25642 

MERRILL LYNCH 

tf Dahor Assets Porttoi to x 150 

tf Prime Roto PorttoOc -J 1D80 

MERRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

tf Class A * 663 

dOessB * 663 

MERRILL LYNCH 

GLOBAL CURRENCY MMDSEftl CS 

AUSTRALIAN DOLLAR PORTFOLIO 

d Cattgory A AS 882 

d Cotegorv B *1 1631 

CANADIAN DOLLAR PORTFOLIO 

<f CotegMY A CJ 1648 

d Cflt«oory R ^ W.17 

CORPORATE HIGH INCOME PTFL 

tf Class A-l * JJ3 

d ao*A4 * 1654 

d Doss 0-1 -S 

d DaSJ B-2 S 1652 

DEUTSCHE MARK PORTFOLIO 

tf C ategory A ill* 

Co t wo or y R )2M? 

EUROPEAN BOND PORTFOLIO (DM) 

d Class A-l — * S.»| 

d Class A-2 — — » 162S 


rwnMGii«i4ff-cni _ cib 







a Odd B-l s 15 IS 

tfCtaSSfrl— 3 16.16 

EUROPEAN BOND PORTFOLIO (US» 

i £5?*’' DM MS 

tfCtoisA-J DM 1081 

<4 glnVsft.1 I 9 94 

0 Class B-2 « i m 

POUND STERLING PORTFOLIO 

tf Category a 1*17 

tf Caieoary B r it oj 

US DOLLAR PORTFOLIO 

d CotogonrA S 138* 

tf CateaofY B S n ~n 

YEN PORTFOLIO 

tf anegonr A y I2B 

d Category B - - v U57 

MULTI CURRENCY BONO PTFL 

tf CtdS A. e 2X51 

d CVmB_ j ww 

| US FEDERAL SECURITIES PTFL 

I tf O^A__ I *83 

I rf OaM B t KLII 

I MERRILL LYNCH 
! EQUITY / CONVERTIBLE SERIES 
BASIC VALUE PORTFOLIO 

tfCJ<»A- J IS.I7 

d Class B $ tvLSS 

, CONVERTIBLE SECURITIES PTFL 

tf Class A s u*0 

tf Onsi & S 1431 

GLOBAL ALLOCATION PTFL IUSSI 

tf CRIB A . . e 1042 

tf Class B S 10-57 

GLOBAL EQUITY PORTFOLIO 
0 CUBA— ——ft *.« 

, a Class a . _ 7 944 

| EURO EQUITY PORTFOLIO 

' tf Class A S 1439 

tf Class B » IXU 

i LATIN AMERICA PORTFOLIO 

I a Class A $ 16.14 

flOossB s 1SJ4 

WORLD NATURAL RESOURCES PTFL 

tf Class A S 1X15 

d Class B i 1147 

DRAGON PORTFOLIO 

tf Class A i 1564 

ff Class B i 1484 

MERRILL LYNCH INC S PORTFOLIO 
d Class A S 931 

% 9JI 

d Class C S 931 

MERRILL LYNCH MEXICAN INC PORT 

d Mexican Inc SPtfl Cl A S 9.94 

tf Mexlcat incSPtffCIB S 99* 

a M»toan IncPesa Pttia A5 *34 

tf Mexican Inc Fese Prfl OB7 *74 

MOMENTUM ASSET MANAGEMENT 
w Mnmenlum Novefller Pert_S 1K59 

m Momentum Ratnbow Fd S 126X3 

m Momentum R»R rjj s 89 j) 

m Momentum Stoexmasler -J 1*158 

MORVAL VONMflLLER ASSET MGT Co 
wWlllerfuntfs-tMUeraand Caps >584 

wWlltortunOs-WiltorbondEurEai 1246 

wWHtorf u nds-Wlllereq Eur_ Em U39 

w Wlilertunaywiucreq Italy -Lit 1303180 

wWlllortunavwiftereq HA s 1150 

MULTIMANAGER H.V. 

w Ca* Enhancement S 105* 

w Emerging Markets Fd 5 2384 

• European Growth Fd Ecu 1600 

w Hedge Fond S 1X36 

w Japanese Fund Y 88* 

w Market Neutral S 11.74 

w world Bond Fund Ecu 1384 

NICHOLAS-APPLEGATE CAPITAL MOT 

w NAFIevfale Growth Fd S 1588478 

itna Hedge Fund $ 1345151 

NOMURA INTI- (HONG KONG) LTD 

d Nomura Jakarta Fund S 695 

NORIT CURRENCY FUND 

mNCFUSD S 828.95 

mSCFDEM DM 89549 

mNCFCHF SF 92459 

mNCFFRF FF 44*688 

IBNCFJPY Y 8269580 

mNCFBEF BF 2703180 

ODEY ASSET MANAGEMENT LTD 
21 Grosvemr SU-dn Wtx 9FE44-7V499 2998 

tf Odev European DM 16693 

wOctev Furocean S 17643 

wOOev Eiatop Growth irv ru u 15151 

wOdey Europ Growth Acc OM 15387 

wOdey Euro GrihSter Inc C 6048 

wOdev Euro Grth St er Acc —I 6S83 

OLYMPIA CAPITAL INTL. INC 
Wlk tarns Home. Hamilton HM1L Bermuda 
Tel: 809 292-1016 Fax: HP 295-2305 

w Finsbury Group S 22195 

wotympia Securile SF SF nil 7 

w Olympia Stars Emero Mkts S 90687 

w Winch. Eastern Drogort S 17.53 

w Winch Frontier s 32240 

w Winch. Fut, Otymeta Star S 14989 

w Winch Gl Sec me PI (A) S 986 

w Winch Gi Sec Inc Pi (C) S 952 

IV Winch HMe Inti Madison _Eeu 144756 
w Winch Hlda IrtnSer D. ...Ecu 172642 

ar Winch Hldg Inn Ser F Ecu 172115 

w Win*. HldgOtv Star Hedges 116583 

w Winch Rrser. Mulll. Gv Bd-S 19.97 

ar Winchester Thalicmd s 3630 

OPTIMA FUND MANAGEMENT 
73 Front St, HamiltomBermudo 109 795-4658 
w Optima Emerald FdLM S 1089 

IV Optimo Fund 5 1648 

arOpHota Futures Fund s 1743 

ar Optima Global Fund S 1630 

iv Optima Pericuta Fd Ltd 5 1685 

w optima snort Fwl S 615 

PACTUAL 

a Etanltv Fund Lid % 309.7929 

if Inf InltY Fund Ltd S 49X4537 

tf Star HtohYteidFtf Ltd S 1233270 

PARIBAS-GROUP 

m I in ter « 

tf Parvest USA B_ 

tf Por vest Japan B — Y 

tf Poorest Aito Poctt B 5 

cf Parvesl Europe B Ecu 

tf Parvest Holland B FI 

tf Parvesl France B FF 

tf Parvest Germany B DM 

tf Parvesl Obit- Dollar B 5 

tf Parvesl ObU-DM B DM 

d Parvesl Obli-Yan s Y 

tf Parvest Obtl-Gukten B fi 

tf Parved Obil-Frenc B FF 

tf Parvest Qbtl-Ster B 1 

d Parvesl OMI-Eai B Ecu 

d Parvest Ooft-BeknrB LF 

d Parvest S-T Del far B S 

tf Parvesl S-T Europe B Ecu 

tf Parvesl S-T DEM B DM 

tf Porvast S-T FRF B_ — _FF 

d Parvest 5-T Bet Plus B BF 

tf Parvest Global B LF 

tf Parvest Hit Bond B S 

tf Parvest OUHJraB Lit 

d Parvesl Ini Equities B S 

tf Parvesl UK B C 

tf Parvest USD Plus B S 

tf Parvest S-T CHFB SF 

tf Parvest Obll-Conoaa B CS 

tf Parvest OblFDKKB DKK 

PE RMAL GROUP 

/ CommaamesLttf S 99X39 

f Drakitar Growth N.V. S 30*541 

/ Emerging Mkts Hktgs S 95675 

f EuroMIr (Ecu) LM Ecu 177649 

f Invesfmrnl HktoS N.V X 13*44* 

f Madia 6 Common! rattans — X 109971 

f NBSCOiUd S 181651 

PICTET* OS -GROUP 

W P-CF UK Vaf (LUX) l 6544 

w P.CF Germavot (Lux) -DM 9773 

arPX.F Noramvoi (Lux), 5 2945 

a> P.CF Voliber (Lu») PBh 104278* 

WP.CF Valltolto (Lux) Lit 11X1480 

wPC.F1/blfrance I Lux) FF 138178 , 

wP.U.F.VcaxxKJSFR (Lux)-SF 79eJt 

wP.U.F. VoiCicnd USD (Luxl-S 23382 . 

wP.U.F. Volbond Ecu (Luxl_Ecu 1B741 I 

w P.U.F. Valbond FRF (Lux)_FF 98489 

arP.UJ'.VftStoondGBP (Lux)_I 97.12 i 

W PJJ-F. VaOxxtd DEM (Lux) DM 29781 1 
ar P.U.F. US S Bd Ptfl (Luxl_S 10235080 ; 

wPAJ.F. Model Fd ECO 12631 

wPJJ.T. Emero Mkts (Lux I _4 20115 

a'P.U.T. Eur.Opport (Lux) —Ecu 15X13 

b P.U.T. Global Value (Lux I -Ecu 15383 

W P.U.T, EWOVOI I Lin 1 ECU 23340 

d Picfei voisuisse (Chi sf m.k 

mlntl Small a»(lDM) S 4*484 

PREMIER INVESTMENT FUNDS LTD 
C/6 PjO. Bay lUa Grand Cayman 
Fax: (U9) *49-0593 

mPramier US Equity Fund _S 121602 

m Premier Ea Risk Mgi Fd— S 13*9.95 

m Premier bill Eq Fund S 131684 

mPrrmfcf Sovereign Bd Fd_S 1204.79 

m Premier Global BdFd 1 150X17 

m Premier Total Return Fd-J 11*677 

PUTNAM 

d Emerotoo Him Sc, Trust — S 4285 

wPumam Em. lnto.Sc. Trusi8 4X99 

tf Putnam Gto6 Hlgn Growths 16M 

d Pumtoh High Inc. GNMA FdS 845 

d Putnam inn Fund S 1544 

QUANTUM GROUP OF FUNDS 
w Emerging Grow* FdN.V_» 201.97 

w Ovontwn Fuod N.V., . „ J 1623037 

wQuanium Realty Trust— _ S 13606 

w Quimhim UK Realty Fund _I 10*7* 

wOuasar inti Fund N.V S 15086 

w Quota Fund N.V S 166*1 1 

OUARRY MANAGEMENT LTD 
Telephone: 809 -*4*4)050 
Facsimile : 10* -*498062 

d Altos Arbitrage Fd Lid S *62* 

0 Hesperia Fund Ltd S 10690 

tf Meridian Hedge Fd Lid s/s 5 1015* ! 

d 2enltil Fund Ud VS S 6662 , 

REGENT FUND MANAGEMENT LTD 

w New Korea Growth Fd S 1284 

wNaya Lot PaciBc Inv Co— 8 4545 1 

w Pobffc Arbitrage Co X *22 

m RJ_ Country wrnt Fd S 2722* 

d Rroert GUS Am Grttl Fd 5 6317* 

if RwOTtGIW EuTO Grth FdJ 48313 

tf Regent Gtbi Inti Grth fd 1 27662 

tf Regent GW Jap Grth Fd__S 25111 

tf Regent GM Pocll Basin — s 4.4377 

tf Roger I Gib I Reserve— S 11663 

d Regent Gun ResourtM * X 4577 

tf Reaem CM Tiger S 13793 

tf Regent GW UK Grth Fd — 5 i-«a 

w Regent Moghul Fd Ltd 5 IU2 

m Regent Pgrtdc Hag Fd s nxM» 

tf Regent Sri Lonka Fd s 1155 

w Undervalued Assets Ser |_J II.W 

ROBECO GROUP 

P0B 97WC00 AZ Rotterdam, (31)18 WWW 

tf BG America Fund . . . .. — FI 15180 

tf RG Eieew Fund FJ 13150 

d RG Podtic Fund FI 14500 

d RG Dhrtrente Fund-. —FI 54J0 

tf RG Mono* PIUS F FL FT J128* 

d rg Monev Pha ps * oia 

tf RG Money Plus F DM DM 11182 

U RG Money PhBFSF 5F 18638 

More Robece see Amsterdam Sleek* 


-FF toHXlS 
J 500*79 


ROTHSCHILD (GROUP EDMOND DE) 
IN-HOUSE FUNDS 

w Aston Cagffoi Hoiaiftss FdJ <273 

m DaiM LCF RethKhUd Bd_S 101483 

w Dalwa LCF Rethsc ti Ea S 115677 

w Farce Cash Tradition chfjf 1630677 

wLetcom k 2657.90 

w Leveraged Can Hauinux s 6X42 

b Prl Challenge Swiss Fd 5F 116471 

b Prtoauity Fa-Euraoe Ecu 117^0 

fi PrieoUtv Fd+triraho SF 11X664 

6 Prtoauity FDLafLn Am_5 ]«770 

b Pribena Fund Ecu Ecu 124743 

ft Prinond Fund USD 5 11X903 

ft Prtoana Fa hy Emw Mkh-S 117411 

wSeleaiveiAtfniSA— 7 tuui 

ft Source— S 16*4150 

w US Bond Pics X 1001761 

wWfcrtn For 1 14388 

ROTHSCHILD (GROUP EDMOND DE) 
OTHER FUNDS 

d Adia/Jagan Emerg. Growths 16.95250 

wEsprtl Eor Porta Inv Td Ecu 1451*7 

w Europ Strctog Investm M— Edi 1064*0 

b tmegrei Futures S ISB070 

ft Optlgest Global FdGenenN DM 194886 

ft (Mioest G tooai Ft. Income DM 1677S2 

a PnOfc Ntos Fund _J Lft 

wPennaldrakkarGrowtnNVS 38*677 

r Selection Harizaa — _ff ewsxis 

ft VtOotro Arigne * 506*79 

ROTHSCHILD ASSET MGMT (CJ) LTD 

m wen rod Leve ra ged Hid I »*»_» 

SAFDIE CROUP/KEY ADVISORS LTD 
m Key Diversified Inc Fd lmj* 1186802 

SAFRA REPUBLIC HOLDtHO 

w Republic GAM S 14627 

v Republic GAM America— s 12264 

w Rep GAM Em MMs Global J 15687 

w Rep GAM Em Mkts Lot Ami I24JI 

w Republic GAM Europe SF _8F 
w Republic GAM Europe USS7 
w Republic GAM Gnrih CHF JF 

W Recublle GAM Growth Z C 

w Republic GAM Growth USS J 
a> Republic GAM Oooortuntty S 114.92 

w Republic GAM Peellic I 

w Republic Gosey Doi Inc 3 

w Republic C-nsev Eur Inc —DM 

w Rnoubtlc Ltd Am Anec X M4S1 

it Republic Lot Am Argent S 18153 

nr Republic Lot Am Brazil— 8 11042 

w Reog&Uc LO) Am Mexico S 

nr Republic Lot Am Vertex 5 

w Rep Setoman Si rot Fd Ltd_S 
SANTANDER NEW WORLD INV. 
m Commander Fi«ld_—S 104759 

mErotorer Funu S 120837 

SKANDIKAVI54CA EN5KILDA BAN KEN 
S-E-BANKEN FUND 

d Europe Inc s 181 

d FtarronOstrrnlnc— S 652 

d Giobal Inc S 184 

d Lokamedcl ine S 185 

tfvortdenine « 18* 

tf Japan u»e Y 9949 

tf Mllle Inc X 187 

tf Sverige ire Set Ida 

tf Nordaraerlko Inc S 182 

tf TeXnofctW Inc— — 5 1.14 

tf Svtnse RoniefcnO Inc Sek 1042 

SKANDIFOND5 

a Equity loti Act s 1743 

tf Equity Inn Inc S 1357 

tf EaotTY Gtotxri S 1J9 

tf Equity Not. R e so ur ces S ITS 

tf Equity Japan— Y 11188 

tf Eauity Nordic — S 165 

tf Equity UJC. t 163 

tf Eau'dr Canllnenta) Europe_S 172 

d Equity Mediterranean X 180 

tf Eauilv North America s X13 

tf Equity Far EOS S 447 

tf irtri Emerging Markets s 145 

tf Bond Inti Acc S 1245 

tf Bond Inn Inc X 74) 

d Bond Euruce Acc S 1 79 

O Bond Eorooe Ine X DJB 

0 Bond Sweden Ac c _5efc 176S 

a Bond Sweden Inc Sek 1188 

tf Bond DEM ACC DM 17* 

tf Bond OEM Inc DM 055 

d Bond Dollar US Acc X 141 

d Band Dollar US Inc S 187 

if Curr. US Dollar S 165 

tf Curr.SwetftehKrarwr Sek 1272 

SOCIETE GENERA LE GROUP 
SOGELUX FUND (SR 

w SF Bends A UJLA S 1641 

wSF Bonds B Germany DM 31.99 

w SF Bonds C France FF 1317B 

wSF Bonds EGA. £ 1254 

wSF Bands FJcdan Y 230 

wSF Bonds G Europe ECU 1880 

wSF Bonds H World Wide 8 1B45 

» SF Bands J Belgium BF B2U» 

wSFEaK North America _S IB41 

w SF Eq. L W.Eurooe Ecu 1L7B 

w5F Ea. M PacHK Bask) Y 1583 

wSF Eq. P Growth Countries J 178* 

ir SFEaQ Gold Mines % 34.18 

w SF Eq. R World Wide i 1583 

wSF Short Terms Frooeei— FF 1*9.4300 

wSF Short Term T Eur. Ecu 167* 

SOOITIC ASSET MANAGEMENT INC 

wSAMBrroD S 23612 

w SAM Diversified i 1MB* 

urSANl/McGarr Hedge S 11187 

w SAM Opportunity S 12670 

■r SAM Strategy S 12181 

ra Aloha SAM S T»S5 

WGSAM Composite S 3074 

5R GLOBAL FUND LTD 

mSR European S 9642 

mSR Asian s 10045 

mSR Intornotfoaol S 101.17 

SVENSKA HANDELS BAH KEN SJL 
146 Bd de to Prtrusse, L-23» Luxembourg 

ft SHB Band Fund 5 ss*7 

wSvensfcaSel. Fd Amer Sh — s 1557 

wSvenskaSeL Fd Germany —S 117* 

w SvensXa SeL Fd Inti BdShJ 128* 

erSvenekaSei. FdlnrtSh S 5*84 

w Svenstca SeL Fd Japan Y 407 

w Suentoa Sel. Fd Mta-Mkl —Sek 115-93 

arSvensko 5eL Fd Podf Sh S 742 

wSvanakaSaL FdSwed Btfe—Sek 143680 

w S va rokn Set Fd Srtvta Sh_Ecu 1449JB 
mm BANK CORF. 

tf SBC Equity PKKonocta — CS 22780 

Cf SBC Equity Plfl-Eurapa ECU 28088 

d SBC Eq m-KethertorxH — FI 3*U» 

rf SBC Govern Bd A/B S S 1007X7 

if SBC Bond Ptfl-Austrt A AS 104* 

d SBC Bond Ptfl-AustrJB AS 123-10 

if SBCBondPHKConJSA CS 1062 

tf SBC Bond PtGCanSB O 129.I3 

tf SBC Bond Ptfl-OM A DM 17155 

d SBC Bond Ptfl-DM B DM 18272 

rf SBC Bond Ptfl-Olllctl G.A—F1 TTOB3 

Cf SBC Bond Ptfl-Outrtl G. B_F1 18151 

tf SBC Bend Ptfl-Ecu A Ecu 1155* 

tf SBC Bond Ptfl-Eoi B Ecu 13158 

rf S&CBondPin-FFA FF *0359 

Cf SBC Bond PW-PFB FF 68605 

d SBC Bond PtfVPtogA/B — Ptae 960280 
Cf SBC Bond Ptfl-SfertlngA — t 5743 

0 SBC Bond PtfLSterlfng B — C 6154 

tf SBC Bond PBfttolto-SF A — SF 11S172 

0 SBC Bond PnrttalipSF B — SF Ml 170 

tf SBC Bond PtfWiSS A 5 10SJ5 

tf SBC Band PHHtSSB S 11183 

rf SBC Bond Ptfl- Yen A Y 16*12608 

tf SBC Bond Ptfl-YOT B Y 11410580 

tf SBCMMF- AL . ■ . -AS 4294J8 

d SBC MMF • BFR BF 111HX80 

tfSBCMMF-Cmt* C* 4£7D5* 

d SBC DM Short-Term A DM 1019^1 

tf SBC DM Short-Term B DM 131*78 

tf SBC MMF - Dutch G FI 731742 

0 SBC MMF - Ecu Ecu 273579 

d SBC MMF - ESC ESC *5095780 

rf SBC MMF ■ FF FF 2503600 

tf SBC MMF - U1 — Ut 533040*80 

tf SBC MMF - Plas — Pta 3*017180 

0 SBC MMF -Schilling AS 3184147 

d SBC MMF -Stoning 1 261*51 

tf SBC MMF - SF SF 5*145 

tf SBCMMF-US-Daltar S 7H4.18 

tf SBC M6IF - USS/II S 2884 64 

tf SBC MMF - YOT Y 59723280 

tf SBC GIW-PtfiSF Grth SF 120987 

0 SBC GtM-Ptfl Ecu Grth Ecu 131351 

tf SBCGibi-Ptn USD Grth S )1«L5D 

tf SBC GtbLPtfl SF Yld A SF U2676 

tf SBC GtoWHil SF Yld B SF 122667 

0 SBC Gttd-PHt ECS Yld A Ecu 123186 

d SBC Glbt-Ptfl Ecu Yld B — Ecu 13S6S4 

rf SBC G 1CI- Ptfl USO TtdA S I0B161 

tf SBC Glbt-Ptfl USD Yld B — S 11»69 

tf SBC GtM-Pffl SF ine A_ SF 1X)6fI 

tf SBCGIW-PIflSFIneB SF 11198* 

tf SBC Glbl- Ptfl ECU Inc A Ecu 115X7* 

tf SBC GtoFPHi Ecu Inc B— .Ecu 1171(6 

d SBC Glfil-Ptfl U5D Inc A — I MM82 

d SBCGIM-PtftUSDIncB— S 163636 

0 SBC GOT Ptd-OM Growth -DM 1099J9 

tf SBC Glbl Ptfl-OM YidA/B-DM 10».« 

d SBC GOT PtfWJM Inc A/8 -DM 105269 

tf SBC Emerging Markets S 11*272 

d 5BC Small &MIO Cap* Sw-SF 54480 

d AmericnVolur S 3S483 

d AngtoValor i 23177 

tf AsiaPortlolto S *4950 

if Convert Bond Selection sf 11610 

a D-Mark Band SetocHon DM 11788 

tf Dollar Bond Selection S 137 JO 

d Ecu Band Seletfton— Ecu WSJ* 

a Florin Band Selection FI 12177 

tf FranceVaiar FF 21*1.11 

tf German to Vo I or DM 53621 

rf GoklPorftaflO. 1 39442 

tf IbertaVator, Pto *360600 

tf noivolor Ut 4443*780 

0 JcsonPorttaito Y 2517*88 

rf srerllnuBantf Selection 1 11436 

rf Sw. Foreign Band SelecttonJF 11186 

tf Swinvolor SF 5 vkb 

d Universal Band Sciedton SF 7*80 

rf Universal Fund SF 12X03 

d Yan Bond Selection Y 1173666 

TEMPLETON W. WIDE INVESTMENTS 
GROWTH PORTFOLIO 

0 Class A-1 S 1114 

0 Oas5 A-2 S 1784 

d Ocjsa-3 S 14.95 

d CtossB-l S 1X65 

d Class B-2 5 1455 

INCOME PORTFOLIO 

d Class A S *.*7 

tf class B— * *71 

THORNTON MANAGEMENT LTD 

tf PocH lovt Fd SA ( £ 1475 

d PodllmrtFdSADM— — DM 3571 

d Eostern Crusotfer Fund— jS 1476 

tf Thor. Lttil Dragons FdLM J 3976 

tf Tnornran Orient Inc FdUtfS 2787 

d Thornton Iter Fd Lid S 5122 

tf Managed SriecHon—j 227* 

w Jakarta S 1682 

tf Karoo s 1582 


.ECU 11527* 
.Ecu 117X66 


NEW TIGER SEL FUND 

tf Hang Kang— ——s 5786 

tf Japan * 1610 

a PMflenmes s 6186 

tf ThoBcnd. S 260 

dMalaytlo 2693 

tf inaanesia S 981 

ff USSLMuUlly— s 1618 

rf China * 1473 

tf Singapo re s 21.16 

THORNTON TAIWAN FUND 

d Eaulty Income i 1281 

tf Eauifv Growth — J 14.13 

tf UaUdltv X 1688 

UEBERSEEBAMK ZarWi 

tf B - Fund JF (35177 

tf E - Fund SF 63651 

tf J. Fund — SF 380X5 

tf M- FuM SF 129608 

tf UK Euro-lnane Fund — SF NTS 

tf UBZ work! Income Fund —Ecu 5426 

if UBZ Goto Fund S 13371 

tf Uft2 Ntauan Convert SF 13(468 

tf AJia Growth Convert SFR _SF 121407 

tf ASM Growth Convert USS_J 11*480 

tf UBZ DM- Bond Fund DM 1UD3 

tf UBZ D ■ Fund DM 11146 

tf UBZ Swiss Eauity Fund SF 1M7T 

tf UBZ American Eq Fond — S *874 

tf UBZ 3 -Band Fund t *779 

UNION BANCAIRE ASSET MGT UIBAM) 
INTERNATIONAL, NASSAU 

wArdeilnvest t 262SS7 

■v ArralavgSf S 118183 

U> Bocofln S 115172 

nr Becfctnvtst S 13084 

W Bructovtst S 1067.17 

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For investment 
information 

Read 

the MONEY REPORT 
every Saturday 
in the IHT 


For information on how to list your fund 3 fax Simon OSBORN at (33-1) 46 37 21 33. 




4»t 


f 



The conference program 
will highlight the investment 
opportunities in 
Latin America following the 

region’s economic revival. 


Latin America 

A New Investment Partner 


LONDON • JUNE 9-10-1994 


JtcraUQELSribunc 



KVBIHEMklW 


FOR FURTHER 
INFORMATION ON THE 
CONFERENCE: 

Brenda Hagerty 
International Herald Tribune 
63 Long Acre, London WC2E 9IH, England 
Tel: (44 71)836 4802 
Fax: (44 71)836 0717 


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The Gators 9 Surprising Bite 

Starless, Florida Thrives on Team Unity 


By Charlie Nobles 

New York Tima Service 

GAINESVILLE, Florida — 
Amid the abundant joy here in cel- 
ebration of just the second Sweet 
16 appearance by a University of 
Florida basketball team in the 'pro- 
gram's 75 years, there is anger and 
some confusion. 

The Gators were allotted 1,000 
tickets to the East regional com- 
mencing Friday at Miami Arena, 
850 of which will go to alumni who 
have demonstrated their faithful- 
ness ( read: money) and the remain- 
der to students. 

“A lot of people are mad,” Norm 
Carlson, a university athletics 
spokesman, said Tuesday. “They 
don't understand the process. They 
think that tickets just went on sale, 
not that the place has long been 
sold out. 

“I guarantee you that if they had 
a 20.000-seat arena down there, we 
could more than fill it up with Ga- 
tor fans." 

Still a number of Florida loyal- 


ists will make the 330-mile 1530- 
kilometer) trek to Miami 

“People have told me they're 
gonna Cud a way to gel in,” said 
Dametri Hill . the 6-foot-7-inch, 
286-pound (2.02-raeter, 1 30-kilo- 
gram) center for the Gators. “fm 
rooting for 'em.” 

Certainly the Gators' proximity 
to the regional appears to make 
their meeting Friday night against 
Connecticut the next best thing to a 
home game — unlike last week, 
when they were roundly booed 
against Pennsylvania at Nassau 
Coliseum at Uruondak, New York. 

“If we can give them something* 
to set excited about, then they 
might really gel involved," Florida 
Coach Lon Kruger said. “Of 
course, too, you have to consider 
Boston College fans and Indiana 
fans. They’re going to be on our 
side because they’ don't want to 
play UConn, either.” 

The Gators (27-7) could well be 
the most faceless group this year to 
make the Sweet 16. Most of the 


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Continued from Page 1 
some NBA preseason games the 
following falLBut he retired a sec- 
ond time shortly before the 1992-93 
season after some NBA players, 
including Olympic teammate Karl 
Malone of the Utah Jazz, expressed 
concern about whether Johnson's 
presence could cause a health haz- 
ard. 

Johnson and Larry Bird led an 
NBA resurrection in the 1980s. 
providing style, pizazz, great play 
and an intense rivalry at an uncer- 
tain time for the league. The league 
emerged from the decade as the 
holiest of professional sports. 

Johnson's command on the 
court, his captivating smile and 
outgoing personality helped make 
the Lakers one of the marquee 
teams in all of sports. 

However, it wasn't until his scor- 
ing average soared from the teens 
to 23.9 in 1 986-87 that Johnson was 
awarded Most Valuable Player 
honors. He also won in 1989 and 
1990 and was named all-NBA first 
team every year from 1 983 through 
1991, his final season as a player. 

When he retired, Johnson' was 
the league's career assist leader. 

Mark Heisler of the Los Angeles 
Times reported earlier : 

If the timing was surprising, the 
switch was noL Johnson said last 
spring that Laker owner Jerry Buss 
offered him Pfund’s job but he 
turned it down. At the time, John- 
son said he would be interested in 
coaching only if he also was al- 
lowed to buy a percentage of the 
franchise. 

Johnson was then a member of a 
group applying for an expansion 
franchise in Toronto. Several 
months later, the franchise was 
awarded to a rival group. 

Pfund was allowed to keep his 
jnh when the Lakers made a sur- 
prisingly strong showing in last 
spring's playoffs, taking a 2-0 lead 


To our readers m Holond 

Ifs never been easier 
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Just caM toH-free: 

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over the heavily-favored Phoenix 
Suns before falling, 3-2. 

Buss said at the team's training 
camp in Honolulu in October that 
he planned to extend Pfund's con- 
tract, which was to run through the 
end of next season, adding he want- 
ed to keep him in the organization 
“in some capacity.’' 

Buss also said of Johnson in Oc- 
tober: “I think it would be great for 
Earvin to be coach of the Lakers 
but, at the same time, he has a lot of 
very big-time businesses. And 
whether he can devote the unbe- 
lievable number or hours weekly to 
one occupation to the exclusion of 
all others, J don't know. If he tells 
me he can, we're going to sit down 
and talk.'* 

Johnson, a season-ticket holder 
who sal in a courtside seat a few 
fee t from the Laker bench, grew 
restless during the winter. In Janu- 
ary. he blasted the team's perfor- 
mance and demeanor. 

”1 don't think the guys have 
pride,” Johnson said. “I see teams 
coming in here laughing at us. 

“What’s so bad about it is the 
fact that it is something that you 
have built up and you have pride in 
that I never thought in my wildest 
dreams that after I retired it would 
be this bad so quickly. 

“We had pride. We lost a game 
and you'd think we had lost 20 
games. Nobody said a word. We 
showered and no words. And we 
came back and made a point the 
next game we were going to kick 
somebody's butt because we 
weren’t going to lose two games in 
a row. 

“We took losses hard, and I 
don't think I see the same thing 
now. I don't see it and Pm there all 
the time. 1 don't see guys getting 
better and I don't know if they’re 
not working at it or whaL It’s tough 
for me.” 

Pfund, a Pat Riley protege, was 
66-80 in his brief tenure. Ironically, 
he was burdened in his first season 
when Johnson called off his come- 
back during the exhibition season. 
After that, the team began stocking 
younger players in a rebuilding 
program. 


players look like crewcut clones of 
their coach. There is no National 
Basketball Association first-round 
draft choice among them. Nobody 
averages as high as 16 points a 
game. They preach team unity. 
There are no discipline problems. 

These guys don't even yield to the 
fashionable temptation of the day 
— trash- talking their opponents. 

That is just the way the mild- 
mannered, organized, blend-mto- 
a-crowd Kruger likes it. He says he 
believes you win with good people, 
an approach that served him well in 
four seasons at Kansas State. Be- 
fore he got here four seasons ago, 
discipline was a foreign word in the 
program. 

One of his first moves was to 
make the players start carrying 
their own bags on road trips. 

“Obviously there were some 
things that needed to be changed 
perception-wise, both internally 
and externally,” Kruger said, “1 
think the key to that is just getting 
the type of people that are interest- 
ed in being here, the type of people 
who are going to work hard on and 
off the basketball floor." 

Kruger still hasn’t made many 
inroads to the vast reservoir of 
Florida lalenL One of his two Flor- 
ida starters, 6-10 Andrew De- 
Clercq, had doubts. 

“I had no intention of staying 
within the state until he took this 
job.” said DeOercq. wbo added 
that he had associated the universi- 
ty with its NCAA football and bas- 
ketball violations that punctuated 
the 1980s. 

This team long ago surpassed all 
expectations. Even earlier this sea- 
son, after a fast start, Kruger had 
no reason to believe his Gators 
would be among the final 16 teams. 

“It's like you go on vacation for a 
couple of weeks and come back to 
find the kids have grown up.” he ' 
said. “Things have changed so 
much that all of a sudden we're 
sitting here talking, “Well we've got 
a chance to beat UConn, then the 
next team might forfeit.’ That's a 
big change in attitudes, big change 
of perceptions.” 

Friday, of course; Connecticut, 
with Donyell Marshall could bring 
the Gators crashing back to reality. 

“Our primary objective going 
into the ball game is to handle their 
pressure, because if you don’t do 
that, then I really don't think you 
have a chance to win,” Kruger said. 

He hasn’t divulged his strategy 
for dealing with Marshall 
“If you double on him you give 
up a lot elsewhere, and you make 
players around him even much bet- 
ter than what they are. and they’re 
already pretty good," he said. 
“Otherwise, maybe you just play 
everyone straight up and recognize 
that Donyell is going to get his." 

“We don’t have the luxury of 
dictating the situation. We’D have 
to react a Utile bit." 

Early this season, Kruger said his 
team appeared to “find a way to < 
win " Eventually it caught on. Flor- 
ida became Team Find-a-Way. 

“Not always have they shot the 
ball well or not always have they 
rebounded effectively,” tbe coach 
said. “But they’ve really not been 
consistently poor in any one area. 

“Plus, they’ve developed a reaKza- 
tioo of what our strengths are and 
let's play to those, and let’s not try to 
do thing s we can’t do individually. 
That's tbe trademark oF this team." 



It’s Not the Playoffs, # 
But Knicks Still 
Savor Beating Bulls 4 



By Clifton Brown 

iV«w York Tima Service 

NEW YORK — The Knicks 
would have enjoyed winning their 
10th consecutive game against any 
team. But for New York, beating 
the Chicago Bulls made tbe night 
even more enjoyable. 

Continuing their unbeaten 
march through the month of 
March, the Knicks outlasted the 

NBA fflGHUGETTS 

Bulls, 87-78, Tuesday night at 
Madison Square Garden. Their 
10th consecutive victory gave the 
Knicks (46-19) Lheir longest win- 
ning streak of Pat Rileys three- 
year tenure as coach. 

The last time the Knicks won 10 
consecutive games was during the 
1972-73 season, when they won 1 1 
straight games, and ultimately the 
NBA championship. Tuesday 
night's victory pulled New York 
into a tie with the Atlanta Hawks 


,ts, but the Knicks held the All- 
tar guard BJ. Armstrong to 4 
points on 2-for-7 shooting. Tbe 
Bulls managed just 16 points in the 
fouth quarter. 

Pippen agreed with Riley s com- 
ment when he said: “They talk 
about respect They only way tbeyU 
gel it is to win a championship.” 

The Knicks took control in 
clutch situations. A 12-foot (3.6- 
meter) jumper by Pippen over Da- 
vis pulled the Bulls to within 4 
points, at 76-72, with 3:50 left. 
Then, after Patrick Ewing missed a 
20-foot fadeaway jumper, Pippen 
drove to the basket past Ehvis, 
then fed Horace Grant with a pret- 
ty pass. Grant dunked, pulling Chi- 
cam to within 2. 

But tbe Knicks scared the next 7 
points. Derek Harper drove to the 
basket, then whipped a baseline pass 
to Anthony Mason, who made a 12- 
foot jumper from the basdine to pul 
the Knicks ahead by 78-74. Then, 
after Toni Kukoc missed a three- 



atop the Eastern Confcreice. point attempt from hriwvt tty, key 
As the three-time defending Na- Ewing drove to the basket and was 
tional Basketball Association hacked by Pippen. Ewing, who 


KjJn AmaaMd Pres* 

Charles Oakley dominated BJ. Armstrong as the Knicks (fid tbe BuBs in their New Yoric showdown. 


champions, the Bulls (43-23) have 
nothing to prove to the Knicks. But 
whenever these teams meet, the 
Knicks look upon the matchup as a 
rest. And on this occasion. New 
York passed. 

“I think the Bulls have no respect 
for us a tall from the coach right on 
down through the team,” Riley 
said. “And they have a right to do 
that. They’ve got tbe rings on their 
fingers. Until we can beat (hem — 
as the Lakers had to beat. Boston, as 
Detroit had to beat Boston, as Chi- 
cago had to beat Detroit — until we 
can beat them when it counts, they 
will dismiss this.” 

Hubert Davis, stepping forward, 
in die absence of the injured John 
Starks, led the Knicks with 24 
its and 6 assists. It may have 
i Davis’s best performance as a 
Kmck. considering the opponent 
Scottie Pippen led the Bolls with 25 


'Overachieving’ Siena Topples Tulane 


The Associated Press 

There was a time when Siena’s 
Dor emus Bennerman had to be 
urged by his coach to shoot the 
ball. Georgia Tech and Tulane 
know those days are long gone. 

Bennerman matched a 3 3- point 
performance against first-round 
opponent Georgia Tech with an- 
other one Tuesday nfcht. helping 
the Saints advance to the quarterfi- 
nals of the National Invitation 
Tournament with an 89-79 victory 
over Tulane. 

“We’re just overaefaieving like 
we’ve, never done before." Benner- 
man said. “We're playing like a 
group possessed. Nobody expected 
us to be at this point No one gave 
us a chance.” 

In tbe quarterfinals Thursday 
night, Siena plays Bradley, a wan- 
ner Tuesday over Old Dominion; 
Kansas State, a winner over Gon- 
zaga. entertains Fresno State, 
which beat Brigham Young. 

The quarterfinal games Wednes- 
day night featured Xavier. Ohio, at 
Villanova, and Clemson at Vander- 
bilt. 


Bennerroan, a senior guard, has 
2,001 points in his career. He said 
the coach, Mike Deane, has prod- 
ded him for years to take the shot 
when the opportunity presented it- 
self. 

“I try notto force shots,” he said. 
Tve been yelled at for four years 

NTT ROUNDUP 

for not taking the open shots. So I 
took them." 

Bennerman scored 19 of his. 
points in tbe first half of the game, 
played in Albany, New York. Tu- 
lane (18-1 1 ), which led only at 5-3. 
got no closer than 64-55 in the 
second half. 

"We wanted to get Doremus in 
the open court where he can pull up 
and shoot that 3 — he's done that 
so well aQ year long — and to 
create things for the other guys," 
Deane said. 

Stuart Downing and Matt Gras 
finished with 15 points each for 
Siena (23-7). Tulane's Jerald Hon- 
eycutt scored 14 points and Carlin 
Hartman added 13. 


Bradley 79, Old Dominion 75: In 
Peoria, Illinois, Deon Jackson 
scored 27 points and Bradley (23-7) 
rallied from a 14-point second- half 
deficit to advance. 

Trailing 77-75, Old Dominion 
(21-lOj twice had a chance to tie in 
the final seconds. Bradley’s Marcus 
Pollard drew a charging foul on 
Kevin Swann with 8.8 seconds left, 
and Old Dominion's Mike Jones 
was called for traveling with 3.4 
seconds remaining. 

Billy Wright, who had seven 
.steals, made a pair of free throws 
with 2.1 seconds left to seal Brad- 
ley’s 21st straight victory at home. 

Odell Hodge scored 25 points 
and had a game-high 1 1 rebounds 
for Old Dominion. 

Chad Kleine scored 1 8 for Brad- 
ley and Anthony Parker added 14. 

Kansas State 66, Gonzaga 64: In 
Manhattan, Kansas, Askia Jones 
scored a game-high 22 points, in- 
cluding two free throws with 4.9 
seconds left, to preserve tbe victory 
for Kansas State (19-12). 

Gonzaga ends its first postsea- 


son appearance in its 36 years in 
Division I with a 22-8 record. 

Anthony Beane added 12 points, 
six rebounds and five assists for 
Kansas State, while C unningham 
scored 13. 

Gonzaga was led by Matt Stan- 
ford, who scored 20 points but sat 
out late in the game with foul trou- 
ble. 

Fresno State 68, BYU 66: In 
Fresno, California, Seth Marshall 
hit two free throws in the final 11 
seconds for Fresno State. 

Marshall who scored 19 points, 
hit one of two free throws with 1 1 ■ 
seconds left to give Fresno State 
(21-10) a 67-64 lead. Randy Reid 
made two free throws with nine 
seconds left for visiting BYU (22- 
10), cutting the lead to one. Mar- 
shall answered with another one of 


scored 18 points on the night, made 
both free throws at the 2:18 mark to 
put the Knicks ahead, 80-74. 

■ In other games. The Associated 
Press reported: 

SuperSonks 105, Spurs 89: In 
Seattle, Sam P&fcxns scored 27 
its, including six 3-ppimers, as 
ttle beat San Antonio in a show- 
down of Western powers. 

“He had that look," said Seattle 
coach George Karl “On one shot, 
he faked the 3, then reset and hit h 
anyway.” 

The Sonics, who have the 
league’s best record at 48-17, beat 
the Spurs (46-20) for the third 
straight time. The Sonics had 13 
steals and scored 25 points off San 
Antonio turnovers. 

Cavaliers 93, Pacers 61: In Rich- 
field, Ohio, Cleveland held Indiana 
to the third-Iowest point total since 
the 24- second shot clock was intro- 
duced in 1954. Indiana shot only 29 
percent from the field, missing 58 
of 82 shots. 

The Pacers’ point total was only 
four more than the lowest ever with 
the shot clock, by Milwaukee 
against Boston in 1955. 

Tunberwotves 83, Rockets 81: In 
Minneapolis, Chris Smith rebound- 
ed his miss and scored the game- 
winning basket with 5 seconds krft. 
The loss halted a five-game winning 
streak by the Rockets. 

Stacey King scored 19 points, 
grabbed 13 rebounds and blocked a 
career-high seven shots for the 
Timberwolves. 

Hornets 125, 76ers 91: In Char- 
lotte, Alonzo Mourning and Dell 
Cuny scored 24 points apiece as 
tbe Hornets won by. their largest 
margin of the season. 

Philadelphia’s Moses Malone 
scored nine points to move into 
third place on the NBA's aii-time 
scoring list. 

Sims 124, Heat 118: in Phoenix, 
the Suns came back from an 18- 


4- 


two from the line with 5 seconds P9* 11 * deficit in the third quarter to 
left. lr ‘ 

BYU had a chance to send the 
game into overtime; but Kenneth 
Roberts missed a 10-foot jumper 
from the basdine as time expired. 


wm it m overtime behind Kevin 
Johnson's 35 points, 24 of them in 
the second half. A.C. Green had 
seven points in overtime for the 
Suns, who have never been beaten 
by Miami in 14 meetings. 


DENNIS THE MENACE 



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TO INTERVIEW A 
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SPORTS 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 24-, 1994 


Page 19 


Canadian B 




1 Compiled by Our Staff From Dispatcher 

CHIBA, Japan — Evgenia Shish- 
tova and Vadim Naumov of Russia 
|-wn Hw pains title at the Worid 
figure Skating Championships on 
Wednesday, beating the defending 
champions from Canada with a daz- 
zling free skating program. 

Isabelle Brasseur, skating in pain 
from a cracked rib, joined Lloyd 
Eisler in a brave and flowing per- 
formance that left the Canadians 
just short of a second consecutive 
pairs world championship. 

Skating before about 4.000 spec- 
tators including Japan's Crown 
Prince Naruhito and Princess Ma- 
sako. Shishkova and Naumov won 
first plaoe votes from six of the nine 
judges in the free-skating program. 
The Canadian pair had three firsts 
and were unable to move up from 
their second-place standing after 


ihe last 10 world championships 
for Russian or Soviet skaters. 

Another Russian pair, Marina 
Eltsova and Andrey Bushkov, 
placed third in the tree program 
and third overall. 

Canada bad something to cheer 
about in the men's competition, 
meanwhile, as Elvis Slojko, fla$h- 
■ng his footwork and nailing his 
triple jumps, won the men’s techni- 
cal program. 

Brasseur said she thought she 
probably had worsened the injury, 
suffered before the pair's bronze 
medal performance in the Olym- 
pics, by skating here — against' her 
doctor's advice. 

Brasseur and Eisler said earlier 
on Wednesday they might decide 
to guit during the afternoon, after 
their warmup ot even during their 
routine if Brasseur was in too much 
pain. 


Russian Victory 


| tflHJIUlUg 

Tuesday's technical program *- v. . 

r. ,i_ - ■ . . *o it was an accomplishment to 

U was the ninth pairs triumph m complete their routine. “I never 


wanted to quit, but Lloyd did," 
Brasseur said. 

“Right after our first move he 
asked me: ‘Are you okay? 

“I said: ‘We’ve only just start- 
ed.' ” 

Eisler said the crucial point was 
their split triple twist, a move that 
ends with him catching her by the 
waist, after two minutes 45 seconds 
of tbeir 4£- minute program. 

“When she landed I could see her 
grimace. I asked her if she wanted 
to stop but she said ‘no.’ So from 
then on I knew we'd get to the 
end." 

“I really didn’t want to say that 
we couldn’t finish it. that I couldn't 
handle the pain for four minutes 
and 40 seconds.” Brasseur said. "1 
have the rest of my skating career 
to rest and take care of my rib. 

But she admitted: “It hurts a lot. 
it now, I can tell you it’s really 

g-" 

This was the last amateur com- 


petition for the pair, who are turn- 
ing pro. 

Some Canadians in the audience 
.were in tears after the pair’s perfor- 
mance. 

The Canadian pair won technique 
marks of 5.6 to 5.9 of a posable 6.0 
and artistic grades of 5. 7-5.9. 

Shishkova and Naumov, who 
were fourth at the Olympics, had 
marks of 5.6-5.8 for technique and 
5.7-S.9 for artistry. 

Stojkcv, seeking to move up from 
his No. 2 finishes at the Olympics 
and 1993 World Championships, 
won the top marks from all nine 
judges in the men’s 2 ft minute pro- 
gram of required elements. 

Philippe Candeloro of France, 
the Olympic bronze medalist, was 
second after the short program, 
which counts for one- third of the 
total score. The free-skating pro- 
gram comes Thursday. 

Viacheslav Zagorodniuk of 
Ukraine, the European runner-up. 
was third. (AP. Reuters) 


si J . 

* - 


SCOREBOARD 




** .V"i— 


NBA Standings 

EASTERN CONFERENCE 
Atlantic Division 


1 6 a/V. . - jt •— \rsa -upara* ?? r Z --i -.“»!• -i .fi ft 

j. '_v, . 7 > r ^ J ■ ifr — .*■ * 


NHL Standings 


EASTERN CONFERENCE 
Atlantic Division 




Vi- 



W L 

Pet 

GB 


W 

L 

TPbGFM 

NewYorK 

44 19 

-708 


x-N.Y. Rangers 

44 

22 

7 95 240 204 

Orlando 

39 27 

.991 

7Vj 

Mew Jersey 

41 

21 

11 93 240 195 

Miami 

37 29 

541 

9 Vi 

Washington 

34 

31 

I 76 215 224 

New Jersey 

34 31 

J23 

12 

Florida 

3? 

29 

12 74 203 2» 

Boston 

22 42 

344 

23 T * 

Philadelphia 

32 

34 

7 71 262 225 

r Philadelphia 

21 45 

JIB 

25VS 

N.Y. islanders 

3) 

33 

9 71 250 23S 

-Wayilnuton 

1« 47 

JSB 

27^1 

Tampa Bar 

25 

J9 

10 40 198 229 





NarttiHat Division 


Central Division 



Pittsburgh 

38 

23 

13 89 247 253 

Atlanta 

46 19 

JOB 

_» 

Montreal 

38 

22 

12 BB 251 204 

Oficaea 

43 23 

652 

3V5: 

Boston 

34 

25 

T2 84 249 214 

Cleveland 

37 29 

54) 

9V> 

Buffalo 

37 

27 

9 83 244 193 

Indiana 

34 38 

53) 

WV2 

Quebec 

30 

34 

7 47 340 247 

Charlotte 

29 25 

-453 

W: 

Hartford 

24 

42 

B 54 197 348 

Detroll 

IB 47 

XT7 

28 

Ottawa 

11 

54 

B 30 170 345 

Milwaukee 

18 47 

377 

28 

WESTERN CONFERENCE 





Central Division 

WESTERN CONFERENCE 



W 

L 

T Pts OF GA 


Midwest Division 



x -Detroit 

42 

25 

5 89 308 240 


w L 

Pet 

GB 

x-Toronta 

39 

23 

11 89 241 2D9 

/-Houston 

46 IB 

.7)9 


x -Dallas 

38 

25 

10 86 248 225 

x- Sen Anion la 

46 2D 

497 

7 

Chicago 

JS 

31 

8 78 224 204 

Utah 

43 24 

442 

4Vi 

SI. Louis 

34 

29 

9 77 228 245 

Denver 

33 32 

JOB 

7 jvj 

Winn toco 

21 

44 

B 50 218 297 

Minnesota 

19 47 

J88 

28 

Pacific Division 

Dallas 

8 57 


ana 

x -Cal gory 

34 

27 

12 84 249 235 



.1X0 


Vancouver 

3S 

34 

3 73 244 235 


Pacific Division 



San Jo» 

25 

33 

15 45 204 235 

x-Seattle 

48 17 

738 

— 

Anaheim 

27 

41 

5 59 201 225 

Phoenix 

43 22 

442 

s 

Los Angeles 

24 

37 

11 59 258 278 

Portland 

40 27 

597 

9 

Edmonton 

20 

41 

12 52 228269 

Golden State 

38 27 

585 

10 

x -clinched playoff spot 



LALaLen 

27 37 

A22 

20*3 

TUESDAY'S RESULTS 

i-A. Clippers 

24 40 

J75 

2373 

5aa Jose 



1 0 1 e-a 

Socramenio 

23 43 

J48 

2413 

Pittsburgh 



0 8 2 8-7 



% 




J ., 



TUESDAY'S RESULTS 

UA. ainoen 34 as 30 23-102 

New Jersey 31 20 23 29—105 

LA: Wilkins 13-30 Ss- 31 Spencer 0-125-521. 
Hamer 7-2074 21; NJ: Co lemon s- 20 9-T22S, 
Anderson 7-17 11-12 25. Rebounds— Los Ange- 
' les 47 (Wilkins 121, New Jersey 70 (Brown, 
Cole men 16). Assists— Los Angeles 27 (Jock- 
son 11). Now Jersey 22 (Anderson 14). 

PbKadelPAla 17 27 15 23— 71 

Charlotte 22 35 32 M— 123. 

I P: Wectherspaon 6-15 S-t 14, J JMaknefl-1404 

16; C: AVKimlno 7-1954 24, Currr IMF.tMm . 
. , Rebounds— PhUadeJeiiia 37 (Austin 11), Char- 
* latte SB (Mourning 7). Assists — PtilladeipMall 
IPerrv. Dawkins 3). Cborlotte36 (Bogus* 11). 

Indiana 17 13 16 13-61 

Cleveland 32 24 16 21-93 

■ : Smits 5-73 04 10, Richardson 34 1-2 7; C: 
Wilkins 54 3-4 11 Brandon 5-n 54 15 Re- 
bounds— Indiana 61 lADovts 10). Cleveland 
50 ( J. Will loms 10). Assists— l ndiana 13 (DJDa- 
vis 4). Cleveland 28 (Brandon 9), 

' Houston 24 22 22 13-51 

Minnesota 24 23 17 17-53 

H: Okrluwnn 10-27 44 25. E lie 7-163-3 23; M: 
Kins 5-15 3-4 17. Rider ft-13 44 17. Rebounds— 
Houston 41 (Thorpe 101. Minnesota 57 (Kins 
131. Assists— Houston 24 lEUe. K.Smltti 61. 
Minnesota 25 (Loettner 5|. 

QUcooo S3 21 15 W— 78 

New York 24 It 26 17—57 

C: Grant B-13 1-2 T7,Plppen 10-24 3-425; NY: 
Ewing 7-224-4 IB. Dovls 7-10 7-724. Rebounds— 
Cnkxrao 47 (Kukoc 7), New York 45 (Oakley. 
Ewing. Mason 71. Assists— Chicago 17 IPIp- 
- pen 5). New York 24 (Davis 6). 

Milwaukee 27 If 17 17- 74 

Denver 24 23 33 26-108 

M; Baker 7-l55-lll9.MurdocklVl5 4-530; D: 
Eins 8-12 2-2 IB Abdul-Rauf 7-18 2-2 21 Re- 
bounds— Milwaukee 48 (Norman 7), Denver 55 
(Mutomba ui. Assists— Milwaukee 18 (Mur- 
dock 6). Denver 22 f EHh. AbdufcRout. Pock 4). 
Miami 28 3> 28 17 6—118 

Phoenix 26 28 32 26 12—124 

M; Smith 11-220427. Burlon 10-178-828; P: 
K-IOhnson 13-24 11-13 15. Molerle 0-20 57 24. 
Rebounds— Miami 53 (Seftoiy 10). Phoenix 73 
( Miller 17). Assists— Miami 31 ( Long 7), pnoe- 
nix 26 (K_fohnson 11). 

Smt Antonio 21 21 27 20- 87 

Seattle 18 19 22 26—105 

5A: Pablnson 10-20 7-7 27, Anderson B-22 2-4 
18; 5: Po/fon 10-15 1-221. Perkins B-12 5-6 27. 
Rebounds— San Anlonlo 4s | Rodman 16), Se- 
attle 45 (Kemp 14). Assists— San Antonia 19 
(Anderson, Del Negro 6), Seattle 28 (Pavlon, 
McMillan 6). 

Orlando 31 26 33 24—116 

Golden State 23 28 32 34-117 

^ O: Scott 8-20 04 18, O'Neil 12-19 5-7 29; G: 
Rweauer 10-12 HI 25 Owens 7-11 4-7 22. 
'Sorewell 7-30 4-3 24. Rebaands-Orlando 53 
(O’Neal 12), Golden 5laie 54 (Owens 8). As- 
sists— Orlando 34 (Honknvav 15), Golden 
State 3s iMuiiln II). 

Portlniul 13 16 20 

Sa cram ento 29 17 25 7^-94 

P: D rex let 11-31 64 2L KeiwyJd7-1» 15; 5: 
Simmons 12-21 2-2 25 Richmond 7-10 7-11 25 
Redounds— Ftorl land 59 (B, williams 15), Sac- 
ramento 63 l Tisdale 17j. Assists — Portland 20 
( Strickland 9). Sacramento 25 (WeDO 12). 


First Period: SJ, -Makarov 26 (Larionov, 
Go man lav) (dp). Third PeHod: P-Lemleux 10 
(Jogr, Sandstrom); P-McEoaiem 14 (Le- 
mleux. Tocctet); S-l.-Ellk 18 (Ozoiinsh, Dah- 
lenl. Shots on goal: S J. [on Barrasso) 64-13 
1-27. P (on Irbe) 11-8-1 M— 39. 

Boston 2 8 1-3 

Ooebec I 1 3— s 

Pint Period; B-iatrote 11 (Bourque, wes- 
fev) (pp); B -Oates 29 (Bourque) ipp). Second 
Period: Q-Wotanbi 4 (Sutter, Fraser); Q- 
Bulcher 4 (Werenka. Kamensky); Q-RleeJ 25 
( Fraser, Gusoravl. Third Period: Q-SundM2S 
(Young, Werenka); B-tatrnte 12 IWosley, 
Bourque) (pp); Q- Kovalenko 16 (Saklc, 
Ftnn^ShoOHMHMal: B (on FI set! 17-12-14—41 
a Ion Rlendeau) 1-12-7—20. 

Tampa Bay 2 10 0—4 

N.Y. Islanders 0 2 2 1-5 

First period: T-Kllma 24 (HanuTIkD T-Sa- 
vwd 15 (Andersson,CretghionI. Second Peri- 
od: T-Gratton 12 (Joseph) (pp); T-Kllma 25 
(Cole, Chambers) (ppl; N.Y.-Kurvers 7 (Mo- 
lakhav.KIna) (pp); N.Y.-Kurvers8 (Mclnrtj. 
Hoove) (PP). Third Period: N.Y.-KIng 29 
(Thomas, Turgeon); N.Y .-Thomas 37 (Tur- 
geanKIng) (pp). Overtime: N.Y^MalokhovB 
(Turgeon, Mcirmts). Shots on goal: T (on 
Me Leman, Hextoli, McLennan 110-12-74— 33. 
N.Y. (an PUPPO) 104-7-5—32. 

Hartford 1 0 0-1 

Washington 12 1-4 

First Period: W- Johansson B (Hatcher, Ju- 
neau) top); H-Kron 21 (ProPP. Pefrovlcky) 
I cp). Second Period: W-BwDdge 24 (Khris- 
llch. Juneau) (pp); W-Hatcher 13 (Boadra, 
Johansson). Third Period: W-Jwneau 15 (An- 
derson. Johansson) (pp). Shots on pool: H (on 
Bcaupre) 644-1 6.W (on Burke) 17-10-11—46. 
Chicago l o o-i 

Detroit 2 0 1-3 

First Period: C-Amonte 17 (Murphy, Raen- 
tefc) (pp); D-Udsiram 10, D-Koitov 22 (Kon- 
stantinov, Fedorov). Third Period: D-U»- 
points 5 (Yzerman, SlUlecr). Shots oa gaol: C 
(on Osgood) 11-8-1—20 □ (on BeHour, Hock- 
ettl 10-13-15-38. 

Philadelphia 3 2 2-6 

St Lou Is » 2 0-3 

First Period: P-DlMato9(RecchLFedvk); 
SL-BoronS (Nedvea TIUey); P-Brlnd’Amour 
26 (Renberg, DlMolo). Second Period: P- 
B rind* Amour 27 (ReccW. Roelnel (pp); 5L- 
Koralev4 (Miller. Duchense) ; SL-Prokhorov 
12 (Zombo. Crossman) (pp); P-Radne 8 
(RecchO.TMrd Period: P-Beranok 25 P-LJn- 
dros 41 (Renberg, arkxTAmour). Shots on 
goal; P (on Joseph, Hrvlitok. Joseph) 1 P-7- 
8—25. 51- (on Sodenrtrom) 9-154-31 
Anaheim o 2 1—3 

Dallas l 2 1—4 

First Period: D-Klott 12 iModana Hatch- 
er). Second Period: A-Houkier 13 (Lstwau, 
Hill) (pp); D-Modon>43 (N. Braten, Gamer) 
(pp); D-Mndono44(po); A-Grlmsonl (Cam- 
bock, IMIHams). Third Period: D-Holeher T2 
(CourtnalL McPhee); A -Com back 10 (Wil- 
liams, HouUert. Shots oa goal: A (on Wafco- 
luk) 8-7-12 — 29. D (on Shtolenko) 11-157—35 
N.Y. Rangers 12 1 8-4 

Cataarr 112 0-4 

First Period: C-MocinnH 24 (Fleurv. ReL 
chel); N.Y.-Anderson 18 (Loetdi, Zubov) 
(po>. Second Period: C-Zatapskt ■ (Klslo. 
waiz); N.Y.-Leelcn 18 (Lormer, Kovalev): 
M.Y .-Anderson 17 ILeetch, Tlkkcnenk Third 
Period: C-Relche( 37 (Aflncimls. Storm; C- 
Zalapskl 7 I Patrick, Relchel); N.Y.-Mafteau 
16 (Tlkkanen). Shots oa goal: N.Y. Ian Ver- 
non) 8-15-8-2—33. C (on Richter, HeatY. Rieh- 
terj 11-7.7-2-31. 


Major League Scores 

PRE-SEASON EXHIBITION GAMES 
Tuesday’s Results 

Atlanta 9. Los Angeles 1, 8 Innings, rain 

Cincinnati 12. PniiodBlphla 7 

Montreal 5 Florida 3 

New York Mels 5 Houston 1 

51. Louis 7, Chicago White Sax 4 

Cleveland 15, Texas (ss) 7 

Detroit 4, Kansas a tv 2 

Texas l ss) 5 Baltimore 2 

Chicago Cubs at Mesa il. California (ss) 7 

Oakland 5, Milwaukee 7 

Minnesota 7, Boston 5 

Seattle 11 San Diego 8 

California (ss) IX Arizona State 1 

San Francisco X Colorado 2 


BASEBALL 
Amer ic an LaagiBk 

BOSTON— Acquired Lee Tinsley, outfield- 
er, from Seattle (or Mover to be named loier. 
De sign ated Billy Halt. Inftclder, tar reasslon- 
menl. 

CALIFORNIA— Sent Mork Detosandroatid 
p J- Fortes, InfleMers, la minor-league camp 
tor reassignment. Added Mark Letter, ptteft- 
' or, to 48-man rosier. Placed Pat Swingle, 
pitcher, on 60day disabled IlsL Opt toned Gar- 
ret Anderson, outfielder, to Vancouver. PCL; 
and Pete JanlckL pitcher, to Midland. TL. 

CLEVELAND— Sent Tom Kramer, Dove 
Mllckl and Bill Wertz, pitchers; David Bel 1, 3d 
baseman; and Jesse Levis, catcher, to Char- 
lotte, IL. 

KANSAS CITY— Signed Charlie Letarandt. 
Dltcner. Optioned Joe Rondo and Joe Vltlello, 
inflelderv and Les Narmaa ootflBlder. to 
Omaha AA, and Jeff Granger, pitcher; Lance 
Jennings and Chad Strickland catchers; 
Gary Caraballo and Shane Hatter, btflelders; 
and Oarren Burton, outfielder. Id Me/nohts, 
Sl_ Sent Mike Loynd, Pi Icher.and Ed Coceres, 
lnflelder.ro Itielr minor-league compfor reos- 
stonmanL 

MILWAUKEE— Sent Steve Smirks, Tyrone 
Hill and Charlie Rogers, pitchers; Greg 
Smith, Inflekser; Duane Slngleton,outftelder; 
and Jimmy Knnwi, catcher , to their minor- 
league camp far reassi gnm ent- Added Tom 
Popplewall and Barry Jone& pitchers, os 
spring training non-roster players, and Tam 
Brunanskv, oatflektec, to 40-man roster. Pul 
Angel Mlimida,pictt)sr,on60day disabied Oil 

N.Y. YANKEES— Sent Rated Qulrlco. Sam 
Mintello, James Austin and Jose Musset, 
anchors; Jorge Posada, catcher ; Russell Do- 
vis, 3d baseman; Bill Masse, outfielder; and 
Sam Mllltella, pitcher, to their mino r * leag u e 
camp tor reassignment- Traded Paul Aswn- 
macher. pitcher, to Chicago White Sax tor 
Brian Boehrlneer. pitcher. 

OAKLAND— Released Frank DIP! no. 
pitcher. 

SEATTLE— Oahned BUI RIslev. pitcher, off 
waivers from MndreaL Moved Ted Power, 
pHcner.trom 30- la 6IMav disabled lisL Optioned 
Anthony Monahov Inflekier. and Marc New- 
neKL outfielder, to Calgary, PCL. sent Dole 
Sveum. Infletder, and Tonv Ptunm pitcher, to 
their minor -league camp tor reassignmenf- 
Scnt Gres PlrkL 1st baseman, to Calgary, and 
Mac SuzuM, Mtchsr, la Jacksonville, SL 

T EXA5— Seni Dvft Bramley.Temr Burrows. 
Hector Fajardo, Vance Lovclaos and RllcMe 
Moody. pHChera; Beni! gu, s h or t s t op . Donald 
Harris and TsrreU Lowery. out tWd erv Roger 
Luca, catcher, and Oesl WUsoa 1st baseman, lo 
their minor league comp tor reassignment. 
National League 

ATLANTA— Released Ron Gent outfielder. 
Sent Tyler Houston, catcher; Troy Hughss.oul- 
fleJdor; Jose ODva Inflelitor; and Mike Potts, 
pitcher. to Richmond. I L Sant Tony Graftonbio. 
toft* Ider; Jerry Keller. Ditcher; and Joe Ayr- 
otrtl, catcher, to Greenville. SL. Sent Matt Mur- 
rav, pitcher, to Durham. CL Sent Brad Rtouei- 
meyer. catcher, and Chris Brack, Terrell wade 
and Royal Thomas, Ditchers, to their minor- 
league comp tor reassignment 

CHICAGO CUBS— Sent Lorry Luebbera. 
Lance Dickson and Rafael Novoa pitchers; 
Mali Franco and Tommy Shields, Inflaktora; 
and Ozzle Timmons. oulfleWer, to Iowa AA, 
and Doug GtanvIllA outfielder, lo Oriondx SL 
Sent Bill Brennan and Terry Brass, pitchers; 
George Pedre. catcher; and Cris Colon, Todd 
Haney and Eric Y elding, intteMers, to their 
minor-league camp tor reassignment. Sent 
Rondy Veres, pitcher, outright to Iowa, AA. 

Cl NCiNNATI— Sent Tim Casto, bifleider. to 
Indianapolis, AA. Sent RJ. RcvnoWs and 
Mart Merchant, outfielders, to tbeir minor- 
league coma for reoslgmnenl. 

COLORADO— Sent Curtis Leskanic Pitch- 
er; Jay Gamer, 1st baseman; and Javhawk 
Owens, catcher, to Colorado Springs. PCL 

FLORIDA— Optioned Darrell Whitmore. 
Carl Everett and Nigel Wilson, outfleWers; 
and Greg OHaltoran. catcher, to Edmonton, 
PCL Sen I Jim Cord, York Is Perez and Terry 
Matthews. Pitchers; Steve Decker and Mitch 
Lyden, catchers; and Scott Pos&oulfleMer.to 
m mar-league comp for reassignment 

HOUSTON— Sent Wlflle Afnsfev. ouffietder, 
to Tucson, PO- 
LOS ANGELES— Released Steve Wilson, 
pitcher. Sent Jerry Brooks, catcher, outright 


to Albuquerque, PCL Sent Greg Hanseil, 
Omar Daol and John DcSilva Pilchers, to 
Albuquerque. 

MONTREAL— Seni Shone Andrews, 3d 
baseman; Tim Laker, catcher; Gabe White. 
Pilcher; and Glenn Murray, oul Holder, tg Ot- 
tawa IL Sent Rodney H enderson, pitcher, 
and Oresle Marrero, 1st baseman, to Itielr 
ml nor- league comp tar reassignment. 

PHILADELPHIA— Sent Ricky Bottailco. 
Pitcher; John Moreano. catcher; and Tom 
Quinlan, brffelder, to Itielr m Inor-leoguc comp 
tar reassignment 

PITTSBURGH — Released Dennis Powell, 
Ditcher, mdTrocv Woodson, Infletder. seni Dcr- 
ren Reed, outfleWer; Mbie Simms, 1st baseman- 
outfielder ,- ert Mike Zimmerman, Marions De 
Los Sottas and Mike Dyer, pbehera, to their 
ml nor -league comp tor reassignment. 

ST. LOUIS— Sent Jim Nekillnger, Prank Ct- 
morelll. John Frascatore and Rao wish- 
nevskl, pitchers; Darrell Deak. Inflelder j end 
John Thomas. ouiftoWer.-fo Iheir minor- 
league camp tar reosstanment. 

SAN DIEGO— Sent Doug BacMter, Donnie 
Elliott. Joev Hamilton and Robbie Beckett, 
anchors, to Itielr minor-league camp tor reas- 
sign merit. 

SAN FRANCISCO— Sent Andy Altansonond 
Marcus Jensecv catchers; Fred Costello and 
Mike walker, pttchcre; aid Rlkkert Fanvto 
and Dax Jones, outfielders, to Ptioanbc, PCL 
COLLEGE 

AUBURN—' Tommy Joe Eagles, monte bas- 
keiaali cooctv resigned. 

CATAWBA- Named Jbn Baker men's has- 
kettxdl coach. Promoted Tom Harper Jr.assls- 
tent football coach to defensive coordinator. 

CENTRAL MICHIGAN— Promoted Herb 
Deroinadl. football coach, to othletfc director. 

CHARLESTON SOUTHERN— Named 

Andy Henry men's end women* track and 
field coach. 

CLEMSON— Named Rick Barnes men's 
basketball coach. 

COE— Named Bren) Brtse men's basket- 
ball coach. 

COASTAL CAROLINA— Russ Bergman, 
men's basketball coach, resigned. 

DARTMOUTH— Named Fran O'Leary 
men's soccer coach. 

DELAWARE—Oavld Lockwood, assistant 
football coach, resigned. 

EASTERN ILLINOIS— Named BobMcBce 
athletic director and aancr Borom assistant 
football coach 

FLORIDA ST.— Named Dan Gibb swim- 
ming cooch. 

FU RMAN— Named Joe Cantoflo men's bas- 
ketball coach 

GEORG) A ST.— Brenda PouL women's bas- 
ketball coach, resigned. 

HOUGHTON— Conn Bennies, men's bas- 
ketball coach resigned. 

IDAHO— Reassigned Laurie Turner, wom- 
en's baaktabail coach, and Robyn Stewart, 
women's assistant tadrieball coach witnin 
athletic department. 

JAMES MADISON— Named David Lock- 
wood wide receivers and tight ends coach 
KENT— Named Carl Battershetl offensive 
coordinator. 

LOYOLA. ILL-WIII Rev. men's basketball 
amen, resigned. 

MANHATTAN— Named Jeffrey. T. 

Wvshner women's tennis cooch 
McNEESE ST. — Named Ron Everh a rt 
men's basketball coach 
MISSOURI— Suspended Paul O'Uney, 
guard, from basketball team tor 1 game tor 
pleading wUty to assault. 

NORTHEASTERN — Reassigned Karl Fa- 
gel. men's basketball cooch to other duties. 
Named Doug Man-one offensive line coach 
PITTSBURGH— Promoted Charlie Coe, 
nmnhig bocks coach, to assistant head coach 
and Ken Karcher, quarterbacks, coach and 
passing coonfinator, to offensive coordinator. 

PRATT— Fired Brewster Smith strength 
and conditioning coach Named william RHev 
and Rod Gilchrist men's assi s t an t tennis 
coaches. Richard Udewttz. sports tofarmotlon 
director, resigned to become assistant rnente 
basketball coach and continue as basketball 
media consultant. 

PRESBYTERIAN— Beth Couture, wom- 
en's volleyball coach resigned. 

SOUTHWEST TEXAS— Jim Wool ridge, 
mente basketball coach resigned lo occepf 
same position ot Louisiana Tech 
TE NH ESSE E-MART1 N-Bettve Giles, wom- 
e/rtj athletic director, retired. Named Bennv 
Hollis men's ana women's athletic director. 

NORTH TEXAS— Named Mott Simon toot- 
baa coach. 

TEXAS CHRISTIAN— Fired Mae Iba, 
men’s basketball cooch 
UNION, KY.— Named Brian Evans men's 
basketball coach 

UC IRVINE— Fired Marcus Corrall, wom- 
en's assistant basketball cooch 
UCLA— Named MKte Sherman offensive 
line cooch 


'JWSh 


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Yah5iu Twx'^ivf Innutic-r 

V adim Naifflior fifting Evgenia Shishkova during the free skating program that won them the pairs event at the world championships. 


Klinsmann’s 2 Goals Stop Italy 


Compiled by Our Staff From Dispatches 

STUTTGART — Jurgen KJins- 
mann, key marksman of Germany'* 

1 990 World Cup triumph, proved he 
is returning to his deadly best with 
two inspirational goals in a 2-1 vic- 
tory over Italy on Wednesday. 

The blood forward has struggled 
in the last few seasons lo recapture 
the dangerous form that frightened 
defenses in Italy four years ago. 

But with just a few months to go 
before Germany starts the defense 
of its World Cup title in the United 
States, the 29-year-old forward, 
showed two sharp pieces of finish- 
ing to clinch Germany's confi- 
dence-boosting victory in the exhi- 
bition match. 

Midfielder Dioo Baggio gave thei 
Italians the lead in the45tb minute, 
after he headed in a cross from 
midfielder Roberto Donadoni at 
the right goalpost 

But less than a minute later 
Klinsmann silenced the celebrating 
Italian fans with a brilliant header 


in injury time, after a cross from 
midfielder Matthias Sammer. 

The swift striker pounced again 
in the 47th minute to fire in with his 
right foot from a narrow angle af ter 
Andy Mdller's close-range shot re- 
bounded off the post. 

Netherlands L Scotland 0: In 
Glasgow. Bryan Roy’s 23d minute 
goal meant victoiy for Dick Advo- 
caat's impressive Dutch team, 
starting its World Cup prepara- 
tions. 

The Dutch, even without injured 
sweeper Ronald Koeman. looked 
in control throughout the game, 
with several dangerous attacks on 
the Scottish goal. 

Russia 0, Ireland tk In Dublin, 
two makeshift teams produced a 
sterile draw in a World Cup warm- 
up that proved of little value for 
either side. 

Ireland, containing three new 
caps in a severely weakened team, 
wasted what few" chances they cre- 


ated against a defensive Russian' 
team still missing 14 rebels who are 
refusing to play under coach Pavel 
Sadyrin and are demanding his 
ouster. 

Greece 0, Poland 0: In Salonika, 
Greece's first test for the Worid 
Cup ended in a draw after Nikos 
Mahlas, with the Greeks' best 
chance, hit the crossbar in the 71st 
minute. 

Greek goalkeeper Andonis 
Minou made a key save in the 28th 
minute when he dived and grabbed 
the ball from Tomasz Kosecki's 
feel. 

Morocco 2, Luxembourg I: In 
Luxembourg, Morocco avoided 
embarrassment with a last-minute 
goal from defender Abdelkarim el 
Hadrioui in a World Cup warra-up. 

Playing against the part-timers 
of the Grand Duchy. Morocco was 
looking to give its forwards some 
target practice, but was often under 
pressure from the local strikers. 

1 Reuters. API 


Murdoch Backs 
World League 

Agewe France- Pri sse 

ORLANDO. Florida — 
Rupert Murdoch's Fox Televi- 
sion joined the National Foot- 
ball League on Wednesday .ls 
a partner in financing the re- 
vival of the World League in 
1995 with six European clubs. 

While dollar figures were not 
revealed, the new league will be 
directed by a board evenly com- 
posed of NFL and Fox repre- 
sentatives. A chief executive for 
the Worid League is expected to 
be appointed in July. 

Fox will “aggressively pro- 
mote the World League and 
American football throughout 
Europe." NFL president Neil 
Austrian said. 

The original World League 
was a success in Europe but its 
U.S. clubs received little sujv- 
porl and the 10-team circuit 
collapsed in 1992- 


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Page 20 


ART BUCHWALD 



p Bashing the MEDIA 


W 


ASHINGTON— E 
there is a big story in 


tune 

ash- 


mgion, the political paraapants 

: MEDIA. Words such as 



Bndiwafai 


blame the 

“press frenzy” and “yellow journal- 
ism" pop up all over the place. 
Those involved seem to believe that 
their problems 
would just dis- 
appear if only 
reporters would 
shut up. 

The question 
then arises: 

What branch of 
the MEDIA are 
we talking 
about? Who spe- 
cifically is to 
blame for at- 
tacks on the integrity of the public 
officials who (hose to serve then- 
country at great financial sacrifice? 
Are we cussing out the print or 
electronic culprits — the National 
Enquirer or Rush Umbaugh? 

This is not the first time that the 
MEDIA have come under fire. Be- 
fore Whitewater there was the 
Bluewater ScandaL It seems that 
the Coca-Cola machine in the 
White House basement was several 
dollars short whenever a particular 
assistant secretary of tbe Treasury 
emptied it At first, members of 
Congress, who had cheated on 
stamps at the House Post Office, 
were the prime suspects. But then 
the suspicion arose that someone in 
the White House bad done it to 
finance Clinton’s 1996 campaign. 

Word was immediately passed 
on to the president’s damage-con- 


trol team. The president was not 
implicated, but there was fear that 
once the MEDIA got hold of it, it 
could turn into another Tonya 
Harding scandal 

“Tbe MEDIA are overplaying 
this story," an aide declared in the 
White House situation room. 

“What MEDIA?” asked his col- 


league “The print MEDIA, the 
electronic MEDIA — Howard 


Radio JFK Goes 
On Air in Berlin 


Stem, George WHJ, Ted Koppd, 
'Hard Copy 4 ? Give me a bint.” 

**We can't name names. If we did 
we would have to include People 
magazine. Vanity Fair and the 
Congressional Record. We must 
target all of them, or at least imply 
that die MEDIA are solely to 
blame for Bluewater. That way 
we’ll prevent any damage to tbe 
president.” 

□ 

The president’s legal adviser 
said. “Tbe first thing we have to do 
is find out what the Coca-Cola ma- 
chine knew and when it knew it. 
Then we leak to the MEDIA that 
the press is a puppet of the Repub- 
lican Party. After the leak we deny 
that our people were involved in 
Bluewater. and we call for an inves- 
tigation to determine which White 
House staffer gave tbe information 
to Diane Sawyer.” 

“Thai’s a good idea,” chirped a 
White House intern. 

“Oh, shut up,” another staffer 
growled. Then added, “Should we 
consider shredding the Coca-Cola 
machine?” 

“Not unless a senatorial commit' 
tee subpoenas it. The MEDIA will 
probably find out about the ma- 
chine, arid then the president will 
have to apologize for the actions of 
his staff.” 


Reuters 

B ERLIN — A Berlin radio su- 
tiou name d after President 
John F. Kennedy went on tbe air 
Wednesday, broadcasting a mix of 
news and 1960s American pop mu- 
sic. 

The first morning’s transmission 
of Radio JFK, which calls itself 
“The Entertainment Station,” con- 
sisted of 1960s pop tunes inter- 
spersed with news bulletins. 

Prelaunch advertisements for the 
station carried Kennedy’s famous 
quote “Ich bin ein Berliner” (I am a 
Berliner) made in a 1963 speech in 
West Berlin. 


“Let’s keep the president out of 
this.” 

“How can we if Larry King in- 
sists that the president appear on 
Iris show?” 

“We’ll have to let him go - on.” 

“But isn’t Larry part of the ME- 
DIA?" 

“We’ll use Larry to attack the 
MEDIA." 

“How?” 


'By making telephone calls to 


his show from the < 

The damage control worked, and 
Bluewater was never heard from 
again. Now people were able to 
turn their attention to Whitewater, 
which, while not in the same class, 
came pretty close. 


Cindy Blackman: Overstepping Boundaries 


By Mike Zwerin 

International Herald Tribune 

P ARIS — Cindy Blackman’s parents 
bad doubts about her playing the 
drums because they were loud and expen- 
sive. Being a gjri had nothing to do with it. 
Her mother played violin and her grand- 
mother was a classical pianist. There was 
always music in the house. They were not 
shocked and they supported her. 

The shocking part came later. Outside 
the family environment, guys were cate- 
gorical: “Girls don’t play drums. Why 
don’t you try the flute?" 

By the time she was a teenager in the ’70s, 
playing drums had become a necessi ty more 
than a desire. She came to the conclusion 
that if someone said girls shouldn’t play tbe 
drums it was their problem. But it was hers 
too whether she liked it or not. She lost 
work because leaders did not want some- 
body named Cindy playing chums. 

She left Yellow Springs, Ohio, for New 
York City in the early ’80s. A wdl-known 
older drummer to whom she had been 
looking for encouragement, whose name 
she’d rather not mention, told her, “Girls 
shouldn’t play the drums, that’s not your 
place.” Tears in her eyes, she went to see 
Art Blakey, who had become a land of 
mentor. Blakey said “several choice words 
I cannot repeat" about tbe other older 
drummer and added: “You can always tell 
the maturity of a person by tbe level on 
which they deal with you. He’s just not 
mature.” 

She worked with Jackie McClean, Joe 
Henderson. Wallace Roney, Kearny Bar- 
ron and others and was gradually accepted 
beyond gender. She even discovered a pos- 
itive side to tbe “problem.” 

Jazz bandstands are often drenched in 
male angst. A smile is taken as weakness. 
Not to imply that females are forever 
glowing with peace and goodwill, but she 
provided a visual bonus that did not go 
unnoticed. Swinging drummers tend to 
look like their swing and here tbe reflec- 
tion was particularly beautiful to watch. 
Playing La Villa here in Paris earlier this 
week leading a pickup band. WarLman 
appeared to be fighting an unseen foe. On 
one up-tempo tune she was on the edge of 
ferocious. The drama was palpable. Was 
this some kind of attitude, was she strug- 



Qnlm I 


Drummer Blackman scorned the Bate and took up percussion. 


gling with the fast time or was there really 

cafi 


an enemy somewhere? Whatever yon 
it, it was fascinating to watch. 

Food for thought In an environment 
where men and women, are “cats” and 
“chicks,” who is devouring who? If women 
can pilot jet planes, what’s tbe big deal 
about playing drams? In general, women 
playing jazz often overcompensate. To 
demonstrate their force, (hey try to sound 


as “male” as possible. Female instrumen- 
talists often swing from the heels and 
strike out trying to bit the ball out of the 
park when a single would win the game. 

Jazz can be a heavy macho environment 
in which “hard-driving” and “tough" are 
compliments, “gentle” and “tender” gen- 
erally not Many hard-core fans consid- 
ered Chet Baker “effete” because he did 
not play high and load and long enough. 
I’ve heard blade players with similar ten- 
dencies criticized for playing “loo white.” 

In the other direction, it was said that 
Mfles Davis was trying to prove his virility 
by playing rock. His hair transplant was 
died as an example. When die wears a 
miniskirt, Blackman’s motives have been 
shoflariy questioned. But are we talking 


about fashion or music? Maybe I should 
ask her what her favorite color is? We are 
obviously on precarious ground. To look 
reality straight in the high hat, a tool 
Blackman uses with extraordinary finesse, 
we might wonder if this article would be 
written at all if Cindy Blackman were a 
man, although, one way or another, she is 
obviously exceptional 
Some drummers act, some react. Some 
keep time, others create it. In order to 
grow creatively, a drummer must at some 
point become a leader. As a percussionist, 
there is no way to assert your personality 
without overstepping tbe boundaries of 
the role. Blackman is among the few who 
can provoke horns to transform their pitch 
and color. She worked hard to build the 


strength necessary to project herself as a 
j eafW of men. Practicing eight horns a 
day. all-night jam sessions, writing songs 

and arranging them. 

In order IO be a leader a female drum- 
mer must know bow to be tough without 
“tough.” Some men do not easily 
tairr directing from a woman. While tbe 
drummer controls the groove, the leader 
covers the mood. Combining both is not 
easy. She was just getting to be rather good 
at it when she found hersetf no longer m a 
position to accept work for ter band. 
Since last May she has been touring with 
whai die describes as a “rock *n’ roll 
show” performing under the name of 
Lenny Kraviiz. 

How many people are waiting forthal 
telephone rail that will change their l ives? 
She was in New York, the call came from 
Los Angeles. The voice of a friend: “I just 
spoke with Lenny Kravitz. He’s looking 
for a dr ummer . Yon want to talk totem?” 
She played for him over a trans-continen- 
tal hookup and when she was through, he 
asked: “Can you fly out here?” 

“Yeah, O.JC, sure. When?” 

“Tomorrow morning.” He’d been look- 
ing for more than a year. 

When she arrived, she found 29 other 
(male) drummers waiting to audition. Un- 
der such circumstances it was bard to keep 
her cooL But she figured that if he’d been 
looking for so long he was probably very 
picky. He was either going to like her or 
noL The only thing to do was to do what 
she does. 

The crossover is not a far stretch f or h er 
because her strength is variety of texture 
rather than one particularly evident style. 
She plays hard softly, aggressive but sup- 
portive, distinctive without encroaching. 
She has a large musical arsenal and Kra- 
vitz is a diversified performer with ord- 
nance that shows every sign of becoming 
more powerful without blowing up. 

By now after almost a year they are like 
“one big family.” It does sound fatuous 
and she flashes an embarrassed smile, but 
she loves it. They travel in ease and com- 
fort and while she knows she ought to be 
making plans for a permanent band of her 
own, she explains: “Kravitz hires good 
people, he’s sensitive, it’s a good level 
musically and professionally. My own 
band mil have to wait” 

“Don’t you get bored playing a rock 
backbeat?” 

‘No. It’s just a different mind-set But 
one thing does bother me. My wig.” 

“You wear a wigT 

“On stage. It’s Lenny’s idea. Hey. You 
forgot to ask me what my favorite color 
is." 


PEOPLE 


Out of Jail, huoaUmoi 
Buttafuoco 1$ Released 


“What’s your favorite color?" 

“1 don’t have a favorite color.” 


tion from public enemy to private 
citizen, walking out of prison in 
East Meadow, New York, and imo 
a black stretch limousine. “I’m 
done. Everything is cool” said But- 
tafuoco, his 129-day prison slay for 
statutory tape behind him. He was 
released 60 days early from a six-f • 
month sentence for the statutory” 
rape of Amy Fisher, the teenage girl 
who is serving hfir own sentence for 
shooting Bnttafuoco’s wife, Mary 
Jo. Mary Jo Buttafuoco was plan- 
ning a party for Thursday night 
wilh 400 guests expected — includ- 
ing toe radio bad boy Howard . 
Stem. ■ ■ - Meanwhile, Stern be- 
came the best-known challenger to .! 
Mario Cuomo when be announced 
p}»ns to run for governor of New 
York. He says he’s serious. The 
platform: Pass the death penalty. 
Get road crews to work only at 

veart tra^^ams^rw these three 
goals are achieved. Stern promises 
to resign and turn New York over 
to his as-yet-unnamed lieutenant 
governor. 

□ 

In tbe supreme chutzpah depart- 
ment The men who have been in- 
dicted on charges that they clubbed 
the skater Nancy Kerrigan have de- 
cided folks want to hear their stray. 

So they’re hawking it on a Derrick 
Smith, Sbaue Slant Opinion Line 
to the tune of $4.99 a minute. 
Smith and Stant launched the 900- 
number line after a Portland, Ore- 
gon, grand jury indicted them and 
Tonya Harding’s former body- 
guard, Shawn Eckwdt, in the Jan. 6 
attack. Smith says be and Slant 
needed money to pay their legal . 
bills and possible fines. They also? 
plan to sell hats and T-shirts. 

□ 




\e« 


C 


i> - 


Lawmakers are putting the 
squeeze on tbe people who hired 
RmfaUmhaogb as the pitchman 
Florida orange juice. A state Saute 
committee showed its displeasure 
with the controversial commenta- 
tor’s $1 milli on contract by holding 
up the confirmation of three ap- 
pointees to the Florida Citrus 
Commisson. 


INTERNATIONAL 

CLASSIFIED 

Appears on Pages 7 & 19 


WEATHER 


WEEKEND SKI REPORT 


Europe 


Forecast for Friday through Sunday, as provided by Accu-Weather. 



Today 


Tomorrow 


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W 


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North America 

After several days of early 


spring warm Si. cooler weaflv 


1 return to the Eastern 


Untied Stales Friday and wfl 
9 weekend. A 


last into the 
storm 

Angeles and 
into Saturday may bring 
come sprtag rains to the cen- 
tral Plains later hi the week- 
end. 


rain to Los 
: Friday 
ng wof- 


Europe 

Northwestern Europe will 
have gusty winds and a 
passing shower or two Fri- 
day. Dry weather and sea- 
sonable temperatures win 
t*ewa» from London to Peris 
over the weekend. Madrid 
and Lisbon will have dry. 


Asia 

Northeastern China wO have 
colder than normal weather 


Friday Wo the coming week- 
end 


very warm weather this 
weekend. 


southward through 


Colder air wO sag 
Scantfl- 


end. A few rebt and snow 
showers will linger over 
northern Japan, but Tokyo 
wB be windy wSJi some sun- 
shine. Shanghai and Be png 
wD be have iky weather and 
same sunshine. Mates and 
Bartftcfc w9 be dry and hoL 


Asia 


Today 


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22/71 

12*3 

a 

21/70 

12*3 pe 

Ham 

23/73 

11*2 


28*2 

11*2 3 

a 

31*8 

27/BO 


33/91 

27*0 l 

25/77 

12 S3 pe 27*0 

WS7 pc 

Tunb 

23/73 

11*2 


23/73 

13*5 a 

North America 



Raeort 
Andorra 

Pas dels Casa motto Fair 
Soideu too 195 Farr 


;c:: 


Open Spmg 13<3 Resort tuBy open, p«<es good 
Open Var 13/3 Ftesort hajr open. tapstopesgood 


Austria 


Anctaage 

Mania 

Boston 

Chicago 


Middle East 


Latin America 


Todqr 

Mgh Loe W Mgh Low W 

of of of ae 

IBM n«2 pc area 14C7 to 

iwea 7 am * aa/73 lie* r» 

13*9 6 M3 pc 18*1 7/44 C 

JaruMhm 14*7 8*0 pc 16*1 SMS ah 

tutor 24/75 2/39 a 23/73 5/41 a 

RtfWtl 28/7B 14*7 a 2S*2 11*2 ■ 


Low W 


Baku 

Cairo 


Today 

Utah Low W 
OF OF OF OF 
Boanoa Akaa 28*2 17*2 pc 22/71 14*7 pc 

Cwstsa 29*4 18*4 a 29*4 19*0 a 

Lkna 20/79 21/70 pc 27*0 21/70 « 

MwdGoCSv 20*2 11 S3 pc 20*2 12*3 pc 

ftodafenato 33*1 26/79 pc 33*1 36/79 pc 
24/7# 8/46 a 29*4 15*9 a 


HgrUi 

HouWon 

UsAngstaa 


NawYorh 
Phoonii 
tei Fan. 


Logout seunw. pc-p»rt|ydoudy.C«*Mjy, to-tooawaWwridwstofmwah. tri-tote 
svsww, We*. w-Woohar. Al raps, fomaota arte dots provfdad by AcorttfoMtar, toe. e 


Toronto 


3*7 

22/71 

11*2 

11*2 

10*0 

14*7 

24/78 

29*4 

17*2 

29*4 

3*7 

2135 

20*2 

19*4 

a /79 

13*5 

14*7 


■7(20 

13*5 

3*7 

-4/25 

-2*9 

-2*9 

19*8 

17*2 

9/48 

2100 

•7*0 

-3*7 

21/70 

7444 

12*3 


toe. 01994 VU**n*n 22/71 


2*5 

- 1*1 

9/46 


C 3*7 
I 21/70 
C 12/53 
pc BMS 
pc 9/48 
pc S/48 
to 26/79 
1 24/75 

r 16*1 

pe 29*4 
si 3*7 
C 4*9 

pc 20*2 

r 14*7 
pc 22/71 
r tern 
S 15*0 
to 9/03 
to 17*3 


-6/22 pc 
B/46 pc 
2*5 pc 
-1*1 pc 
-2/29 e 
'3*7 pc 
21/70 pc 
17*2 to 
9*48 to 
20*9 pc 
-6*2 pc 
*7129 d 
21/70 a 
3*7 pc 
12*3 pc 
arm to 
4*9 a 
-4*5 pc 
9*7 a 


Ischgl 

35180 

Fair 

Open 

Va 1 

17/3 

AS tins open, good + laoom 

Kltzbuhel 

0100 Spmg 

Ctsd 

Myy 

4/3 

35/6* ttte open, lop nxo good 

Obergurgl 

60130 

Good 

SSh 

Var 

6/3 

AO Ks open, upper pistes good 

Saalbach 

20 70 Spmg 

Some 

Hvy 

17:3 AS Mts open, t$per slopes better 

SLAnlon 

25 270 

Fair 

Sfeh 

Hw 

6/3 

26 -"35 Bits open, loner runs poor 

Flanca 

AJpedHuez 

115300 

Fair 

Open 

Hvy 

3/3 

75/88 /ms open anew soft +2pm 

LesArca 

95 310 

Fair 

Open 

Hvy 

3/3 

57,6* Hits open, best + 2000m 

Avoriaz 

155 195 

Far 

Open Spmg 

3/3 

AS Wsopon. upper stopee good 

Chamonix 

20 320 

Fall 

Steii 

Hvy 

3/3 

•>0/46 fiftt open, gmd mantels ok 

Courchevel 

120 180 

Fay 

Open 

Hvy 

13/3 AS hto and prst&s open, spmg ski 

Les Deux Alpes 

35 310 

Good 

Cteo 

Var 

4/3 

45/63 Mb open. I20cmet2100m 

(sola 

110 170 

Far 

Open Spmg 

1-3 

24/26 mis ape n. spmg skiing 

Mfiritxri 

■45 1 ?5 

Fan 

Open 

Hvy 

3/3 

43 '49 Ms open, heavy conditions 

La Plague 

!25 260 

Fail 

Opai 

Var 

3.3 

lOS-'t 12 BAs open, n stapes best 

Serre Chevalier 

20 140 

Fair 

SWi 

Hvy 28/2 

72 77 Ms open, top stapes good 

Tlgrtes 

130 265 

Fair 

Open 

Var 

13/3 

59/61 Hfts open, grand matte best 

Val d'lsera 

105 310 

Fsu 

OpBn 

Var 

12.3 

SO ‘Si ms open, good suing 

Vaf Thorens 

1 00 250 

Fair 

Open 

Cret 

6/3 

AB 29 Ms open, north stapes good 

Germany 







Garniisch 

0235 

Fair 

C/sd Spmg 

16/3 

26-38 Ms open, good + 1700m 

Oberstdori 

0150 

Far 

Ctao 

Var 

17/3 2S'27 aits open. sncndnQ on top 


Hte» 

Bormro 

Centime 

Cortina 


Courmayeur 

65135 

Fair 

Some Spmg 

3/3 

AH 27 Sits open, good +200nm 

Selva 

10 75 

Fair 

Open Spmg 

4/3 

72, 75 Bits open, patchy tower 

Sastrfftre 

80 200 

Good 

Open 

PWcd 

3/3 

17/21 Ot8 open, spring skrog 

taw way 







Quito 

90150 

Good 

Open 

Var 

12/3 AS ms open, gooo skiing 

Spate 







La Molina 

20 85 

Fair 

Open Spmg 20/2 9/15 Ms open, best gpty am 

Swttzariand 







Anwa 

75100 

Fair 

Open Spmg 

13/3 AB 16 Hts open, good + 2000m 

Crarw Montana 

20150 

Fak 

Worn spmg 

2/3 

Alf-W Wteopen. Has! + 2000m 

Davos 

501B5 

Good 

Open 

Var 

13/3 ABSttsopen. sugary snow -2000m 

Grindeh/vakl 

0 90 

Fair 

Cted 

Hvy 

6/3 

26/33 Hits open, best + 1900m 

StMOritZ 

50190 

Fair 

Open Spmg 

4/3 

AB 64 Bfts open, good ptsta skSrQ 

Ve/Wer 

10300 

Fair 

Steh 

Hvy 

8/3 

37 >39 Bits open, tortingood 

wengen 

10 75 

Fair 

Cted 

Hvy 

6/3 

18/23 lots open. uppe< slopes ok 

Zermatt 

10 no 

Good 

Some 

Var 

3/3 

70/73 Ms open, best + 1900m 

U.S. 







Aspen 

130 145 

Fair 

Open Spmg 

9/3 

AB 8 Ms open 

Heavenly 

105 210 

Good 

Open 

Var 

8/3 

21/24 Ms open 

Mammotfi 

150 180 

Good 

Open 

Pckd 

9/3 

27,30 Ms open 

ParfcCIly 

90 185 

Good 

Open 

var 

13/3 

14 tuts open 

Steamboat 

120175 

Good 

Open 

Var 

9/3 

19/20 ms open 

TeBuride 

125 145 

Good 

Open 

Var 

12/3 Af 10 titts open 

Vail 

115 145 

Good 

Open 

PCM 

9/3 

AB 25 Ms opmt 

Ceewte 







Whistler 

55 270 

Good 

Open 

Var 

17/3 AB Bits and pistes open 




\- 


For 




5 135 Fair Some Hvy 14/3 15/17 tits open, good + 2000m 

35 2B5 Good Open Spmg 3/3 AB Wte open, topaopes good 

5 75 Fair Cted Spmg 6/2 38- 40 «ts open, tow slopes poor 


Key: LJJrDeptn in cm on tower and upper slopes. Mt& Ptster Mountainside pistes. Baa. 
Plates: Runs tearing to resort village, ArrAnificia) snow. 

Reports st^pned by the Skt dub of Gras/ Britan 


I ravel in a world without borders, time zones 

or language barriers. 


Att-T Access Numbers. 

How to can around the world. 

1. !>dng the chart below. Hod tbe country you are calling from. 

2. Dul che corresponding JQ8X Access Number. 

* An AIKT Englteh-speaJdng Opetaroror voice prompt wiU ask forthe phone number you wish to call or connect you cod 

customer service representative. 

To reodveyourfreevralkl cart Access Numbera iust clial the access number of 

the country youte in anti ask for Customer Service, 



Imagine a world where you can call country to country as easily as you can from home: And 
reach the US. directly from over 125 countries. Converse with someone who doesn’t speak your 
language, since it’s translated instantly. Call your clients at 3 a-tn. knowing they’ll get the message in 
your voice at a more police hour. All this is now possible with ARSD 

To use these services, dial the AIKT Access Number of the country you’re in and you’ll get all the 


help you need With these Access Numbers and your AIST Calling Card, international calling has never been easier. 

If you don’t have an AUSET Calling Card or you’d like more information on AT&T global services, just call us using the 
convenient Access Numbers on your right. 





COUNTRY 

ACCESS NUMBER 

COUNTRY ACCESS NUMBER 

ASIA/PACIFIC 

Ireland 

1-800-550-000 

Australia 

0014-681-0X1 

Italy* 

172-1011 

CUrejmC*** 

10611 

llsteasttiit* 

15JWJO-11 

Gam 

016-872 

Hrinwilnr 

8*196 

HcmgKaag 

8O0-11M 

Luxembourg 

0-800-0111 

indite 

000-117 

Mate* 

080(^890-110 

Indonesia* ' 

■001^601-10 

Monaco" 

190-0011 

Japan* 

0039-111 

Netherlands* 

- 060229111 

Korea 

009-11 

Norway 

800-190-11 

Korea** 

11" 

Poland**** 

CtaOlO-ttOOUl 

Malaysia* 

8000011 

Portugal* 

05017-1-288 

New Zealand 

000-911 


01-800-4288: 

Philippine** 

105-n 

Hwte^Otoscow^ 

155-5042 

Stepan* 

295-2872: 

Slovakia 

00-420-00101 

Xnnapure 

. KOO-Olll-111. 

Spala 



Colombia 


980-11-0010 1 


Sri Lanka 


430-430 


Taiwan" 


0080-10288-0 S wl tt eiUm l" 


0 20-793-613 


Thailand* 


0019-991-1111 UK. 


15*00-11 


EUROPE 


MIDDLE EAST 


0500^0011 


Armenia** 


8*14111 Bahrain 


800001 


Austria — 


022 - 903-011 Cyprus* 


080-90010. 


Bdgoim* 


078-11-0010' Intel 


Bulgaria 


00-1800-0010 Kuwait 


1T7-100-27Z7 


Crowds** 


CaedhRep 


99-38-0011 

00-420-00101 


800-288. 


IriwnO Bffdrw) 


426-801 


Saudi Arabia 


De nmar k" 


Finland* 


8001-0010 T urkey " 


1-800-100 


9800 - 100-10 


00-800-12277* 


France 


19*0011 


AMERICAS 


G erman y 


Aigatona* 


0130-0010 Brito? 


001-800-200-1111 


Greece* 


00-800-1311 Bolivia" 


555 


Hungary* 


00a-800-0lli 1 i to— Q 


0000-1111 


Iceland** 


999-001 rww- 


000-8010 


• AKf rjHirv Onl w v« In mmn W World Goomx- Sovfcc 

pwiwnMW1ifl»«P«to<towwnirte7Pgiiart3.flSUii M | | e 

~ rtii - nftswk-fTiT nn 1 n hi to r te n rint 


(Cosancan 

114 

■Ecuador* 

U9 

■El Salvador* 

190 

■Guaeemah* 

190 

Guyana— 

165 

Honduras** 


■jtfetecaaAA 

95-000-162-4240 

l'aca*w B i» (Managua) 174 

Faaasna 

109 

Pern* 

191* 

Suriname 

- ,156- 

Uruguay 

000410 

Venezuela** 

80011-120 

CARIBBEAN 

HalnlMJ 


'Beonuda* 


•British VX 

£■ g . i jT 



.Grenade 


:Haitt* 


Jamaica** 


Neds. Anil 

^ASLujLiX^ : -- i J 



AFRICA 


5100200 

Gwboo* 

OOa-OOZ 1 

Gambia* 

00111' 

Kenya* 


Liberia • 

797-797 11 

•Malawi** 

101-2992 


’-fc» * 




$ ss-.'r" 


be: 



*0sl< 

^Bojj 


wV, • -. * : 

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raw n ml r\- rn ccmri g»^v than 7D cmreW AttT •-CdltaattMunh. 


■ -ted W vnu 

A/wnJKcoikl.falione 

1 »iiMk p/ « rtvuut jrpuM^.x4n. >r p*, rJ nl fa, ow A* r=nxn pubOc ptMDO on/r, push (be red hjam, wsu for Jill B-**- l., 

■Ttolf plimie* ««ruli®A'pa4r , 4 c,'4l u, ri k| ™; caul far Jal lone DWOUMrKMHIl CaUnTfam T,i5>rnhB«~ 

burn mafartoira* hwcH ■tena-WtoridCO uii c u ■XgMcr laailvm^tatogrto 


e 1994 AIST 





i - - ■