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Heralfc 


INTERNATIONAL 




PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 





** 


Paris, Friday, May 27, 1994 


No. 34,599 


South Africa 


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Sets Out Plan 


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For Major 

Arms Exports 




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Mandela Defends Move 
As 'Nothing Wrong 9 
After UN Ends Embargo 








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By Paul Taylor 

H~aihing:tn p<zi Servur 

• PRETORIA South Africans announced 
hopes Thursday for sharp increases in arras 
exports following the United Nations Security 
Council vote to lift the embargo on the coun- 
try's arms trade. 

. The head of Armscor. the state-run arms 
industry, predicted Thursday that South Afri- 
can aims exports would more than double this 
year alone, to about S500 million in annual 
sales. He added that long-terra survival of his 
country’s arms industry, which flourished un- 
der the apartheid-era sanctions but has been 
contracting since the late 1980s, would be “in- 
creasingly driven” by exports. 

The prospect of South Africa turning into a 
major amis supplier in a con tinen t already 
riven by war and carnage has caused some 
alarms bells to go off, but the post-apartheid 
government appears lantnlm-rl by thejobs and 
revenues the exports would generate. 

“I don't think it would be fair to i 


i say that a 


particular country should not engage in trade in 
arms,” President Nelson Mandela sail 


I ivl ^-R\uio 5 

\ I US' 




l said on tele- 
vision before the UN action Wednesday. 
“Arms are for the purpose of defending the 
sovereignty and integrity of a country. From 
that angle, there is nothing wrong with having 
trade in arras.” 

This week, as the Security Council voted to 
drop a 17-year-old embargo on arms imports to 
South Africa and a decade-old ban on arms 
exports bom it, the head of a another UN 
agency scolded industrial nations for arms 
dealing in Africa. 

James Gustave Spcth, administrator of the 
UN Development Program, noted that the 
worldwide annml revenues from arms sales — 
SI 25 billion — was double the level of develop- 
ment assistance — $60 billion — to poor coun- 
tries in Africa and elsewhere. 

Tielman de Waal, executive general manager 
of Armscor, said South Africa’s secretive arms 
industry already conforms to international 
standards on not selling arms to governments 
that suppress their own citizens or otherwise 
engage m human rights abuses: 

the stirrings of civitwar became moreapparent 
He also noted that Annsoor had- suspended • 
arms sales to Zaire, widely believed to De sup- 
plying the Angolan UNITA rebel movement. 

The trouble with such restrictions, analysts 
say, is that once aims get into the marketplace, 
they tend to fall into unsavory hands. South 
Africa knows that as well as any country. Its 
exceptionally high levels of criminal and politi- 
cal violence nave been faded by the brisk illegal 
trade in AK-47s and other light arms from 
neighboring Mozambique, where a 1 5-year civil 
war ended in 1992. 

When the United Nations slapped its first 
arms embargo on South Africa in 1977, P.W. 
Botha, then defense minister, reacted by invest- 
ing heavily in an already sophisticated domestic 
arms industry. At the time, South Africa was 
engaged in destabilizing its neighbors in the so- 
called front-line states, which opposed its poli- 
te of apartheid. 

At its peak in the late 1980s, the sanctkms- 
r * awned domestic arms industry here em- 
tyed 150,000 people, and was said to be 
Dth Africa’s largest exporter of finished maa- 
Uiacturing products. Although all of its deal- 
ings were shrouded in secrecy, it was “ 
applying such states as S< 
r Ethiopia and Sri f ,anka. 



U.S. Ends Link to Rights, 


China Keeps Trade Status 


But Clinton Bans Weapons Imports 
To Keep Some Pressure on Beijing 


By Paul F. Horvitz 

l/aemjiifiui limbi Tribune 

WASHINGTON — In a sharp change of 
policy. President Bill Clinton declared Thurs- 
day that he was breaking the link between 
human rights and trade with China. 

Tbe president's declaration came as he an- 
nounced what U.S. officials had been signaling 
for days: that the White House believes China 
should retain its most-favored-nation trade sta- 
tus. which means low U.S. tariffs on the S31 
billion worth of goods it exports to the United 
States. 


Nevertheless, Mr. Clinton took a series of 
steps designed to maintain at least some pres- 
sure on China: 


Ajndon W mj wi f . 1 Rnan. 

FORCE OF ARMS IN BURMA — A young fighter of the opium warlord Khun Sa 
on goad at a rebel base in Burma’s eastern Shan Province. Fighting between tbe 
army and the warionTs forces in the last two weeks has claimed more than 100 lives. 


He ordered a ban on the importation of 
Chin esc -made weapons and ammunition, but 
there was no explicit link to human rights. 
Cheap. Chinese infantry assault rifles are flood- 
ing the U.S. market and are increasingly being 
used in violent crimes. 


He announced his intention to enhance Ra- 
dio Free Asia and Voice of America broadcasts 
into China and increase government support 
for private human rights groups. 

He asked the U.S. business community' to 
adopt a voluntary code of conduct for their 
affairs in China that would take human rights 
questions into account. 


advanced in the longer term through increased 
engagement in U-S.-Chinese relations. 

He said that at the same time “very signifi- 
cant” U.S. strategic interests would be en- 
hanced. Tbe president said. “I am offering to 
build the basis for a long-term strategic rela- 
tionship.” 

Mr. Clinton said he would work to end the 
process under which Washington annually 
scrutinizes human rights and immigration poli- 
cies in China to determine whether favored 
trading status should be retained. 

“We have reached the end of the usefulness 
of that policy." the president said. 

“1 am persuaded that the best path for ad- 
vancing freedom in China is for the United 
States to intensify its engagement with that 
nation.” he added! 

Pan of the reason, he said, was that China, os 
a great nation, could not have it appear as if 
every- step it takes in the direction of improving 
the lot of its citizens is done as a result of 
outside pressure. 

The derision to retain China’s trade privi- 
leges cheered business leaders across tbe Unit- 
ed States and pulled Washington and Beijing 
back from the brink of a serious trade estrange- 
ment that threatened to undermine the two 
nations’ strategic relationship. 

But it bitterly disappointed human rights 


groups and other American political leaders 
Li cal conditions 


Mr. Clinton said China was still guilty of 
“serious human rights abuses.” but he said that 
although he was dropping the linkage between 
human rights and trade, human rights would be 


who highlighted soda! and pol 
in China that they say are repressive. 

The announcement came on a day in which 
the State Department reported progress with 

See CHIN A, Page 5 


Rebels Dare 


To Challenge 
Beijing Over 

1989 Assault 


Ease Up on China, Singapore Advises 


Lee Kuan Yew. Singapore’s senior minister, 
said Thursday that U.S. pressure on human 
rights could lead to the breakdown of order in 
China and set off an exodus of Chinese citizens 
seeking refuge overseas. 

“With the rigbi of emigration a centerpiece 


of the U.S. human rights movement, this will be 
an enormous problem for East Asian countries 
and also for America.” Mr. Lee said in an 
interview with the International Herald Tri- 
bune. Any upheaval in China could result in “at 
least” 20 million refugees, be asserted. (Page 4) 


ft’s True! Hubble Proves Pluck Holes Are There 


By John Noble Wilford 

Nev York Tima Service 

NEW YORK —Tbe strange and awesome cosmic phenom- 
enon known as a supermassive black hole has moved from the 
realm of theory to reality with observations announced by 
astronomers using the Hubble Space Telescope. 

A supermassive blade hole is a gravitational monster that 
gobbles up everything around it and is so powerful that no light 
or matter can escape. 

The astronomers reported finding what they said was con- 
clusive evidence for the existence of an extraordinarily power- 
ful black hole in the center of the giant elliptical galaxy M87, 
which is 50 million light-years away in tbe constellation Virgo. 

This attractive force of collapsed matter weighs as much as 3 
billion Suns, but is concentrated in a space no larger than the 
solar system. 

Tbe discovery appeared to lay to rest any remaining skepti- 
cism about Mack holes, predicted by Einstein as part of his 


general theory of relativity. Over the last three decades, ihey 
were the ultimate goal of astrophysics. 

While scientists theorized and searched, the concept became 
so intriguing and expressive that it crossed into popular cul- 
ture, and even the term black hole entered everyday language 
as an all-purpose metaphor. 

in their excitement, astronomers were calling (he Hubble 
observations the derisive clue needed to solve the mystery of 
tbe tremendous energies and gravitational forces at the core of 
many galaxies. 

They called the M87 black bole the most significant discov- 
ery made so far by the Hubble telescope, which had iis vision 
enhanced with new optics installed by shuttle astronauts, in 
December. 

At a news conference at NASA offices in Washington. 
Holland Ford, an astronomer at Johns Hopkins Llniversitv 
and the Space Telescope Science Institute in Baltimore, said. 
“This is conclusive evidence of a supermassive black hole." 


Observations and calculations of a whirlpool of hot gases 
toward the center of M87 were the baas for the black bole 
discovery. The gases formed a surprisingly well-ordered disk 
that stretched across a distance of 500 light-years. 

The disk reached within 60 light-years of the galactic nucle- 
us. The energy released by gas railing into the black hole also 
produces a beam or jci of electrons spiraling outward at nearly 
the speed of light. 

Daniel Wcedman. the space agency’s director of astrophys- 
ics, who had been skeptical of previous evidence regarding 
black holes, said he was now convinced of tbeir existence. 
"This is a tremendous breakthrough." he said. “1 do believe 
there is a black bole there.” 

Tod R. Lauer. an astronomer at Kilt Peak National Obser- 
vatory in Arizona, whose previous studies of MS7 provided 
strong but not quite conclusive evidence for black holes. 


See HOLES, Page 5 


By Lena H. Sun 

VaJungton Fob Service 

BEUING — Five years after the Chinese 
Array crackdown on pro-democracy dem- 
onstrations, seven dissidents publicly peti- 
tioned tbe government Thursday for a reas- 
sessment of the 1989 movement and 
compensation for the families whose loved 
ones were killed or injured in the repression. 

The activists, led by a former student 
leader, Wang Dan. also called for the re- 
lease of all prisoners associated with the 
crackdown on June 4. 1989, and for the 
government to allow those who have been 
released from jail to lead normal lives. 

The appeal came in a petition to the 
national legislature that was made avail- 
able to reporters. It is a direct challenge to 
the government’s characterization of tbe 
massive, student-led protests that swept 
Beijing and spread nationwide as a “coun- 
terrevolutionary rebellion.” 

The document comes a week before the 
fifth anniversary of the crackdown. 

Security has tightened in Beijing. The 
homes of dissidents and their relatives are 
bong watched, and Mr. Wang and several 
other activists have left the city to avoid 
tbe surveillance. 

President Jiang Zemin recently de- 
fended the use of force to crush the 1989 
protests as the only way to ensure stability 
and continued economic development. He 
added that China would not hesitate to use 
violence a gain if necessary. 

Tbe government has never given a pub- 
lic accounting of the exact number of dead 
and wounded in the 1989 crackdown. Nor 
. has it said bow many people were arrested 
’ in connection with the repression. 

Several of the activists making the ap- 
peal Thursday to the government were on 
China’s most-wanted list of student lead- 
ers and have served time in prison for 
participating in the 1989 movement. 

In the document, they said the time had 
come for the government to “untie the 
knot in the people’s bean." 

The 1989 demonstrations, they added, 
were part of “a nationwide patriotic popu- 
lar movement” that adhered to the princi- 
ples of “peace, reason and nonviolence." 

“We believe the government’s character- 
ization of it as a ‘riot and a counterrevolu- 
tionary rebellion’ is unjust and immediately 
should be re asse ssed," the activists wrote. 

“We fed that the ‘June 4th’ incident 
represents an undeniable ’knot’ in the Chi- 
nese people’s historical development," 
they added. "Resolving tbe ‘June 4’ prob- 
lems and untying this knot in the people's 
bean will help heal social contra dictions 
and promote social stability.” 


Europeans’ Security Talks 
Expose Broad Differences 


’ Mr. de Waal said the industry now 


just 75.000 people, as a result of a cutin defense 
capital expenmti] 






lauuai GAfroui tunes over five years. Because 
South Africa is no longer in conflict with its 
nei ghbors/ the industry wffl continue to Shrink 
unless exports can sustain it. Currently, be raid, 
15,000 drfenst jobs are export related; an addi- 
tional 20,000 jobs wffl be added m this commg 

m year alone. 

- Spiith Africa is said to be export-competitive 
in artiSesy, armored vehicles. • mine-sweeping 
Vehicles and the Roorvalk helicopter gunstap. 

Just how aggressively it pursues these sales is 

a policy matter for the new govern ment. 
Though Mr. Mandela appeared to give a green 
light ; to arms exports this week, he has spoken 
and written inthe past in support of universal 
disarmament • , ... 

< Jak&e.Gffiere, head of an in£epen<tot imb- 

tary watchdog group, said he believes the hawks 

have already carried tbe day. 

- -Urn's been » *““* 


Compiled bp Our Staff From Dispatcher 

PARIS — Russia, Germany and East Euro- 
pean speak as set out divergent views of Euro- 
pean security Thursday as they discussed a new 
plan far averting conflicts over borders and the 
rights of minorities. 

Foreign Minister Andrei V. Kozyrev of Rus- 
sia, addressings two-day, 53-delegation confer- 
ence on European stability, welcomed a 
French-conceived blueprint for blocking poten- 
tial wars over border disputes or minority treat- 
ment. 

The mechanism caDs for elaborating a stabil- 
ity pact far potential European Union candi- 


dates within roughly a year. In tbe meantime, 
l“roundu 







two regional “roundtables" of discussion would 
be formed, one on the presence of Russian 
troops in Latvia and Estonia, and Russian 
speakers in all three Baltic countries, and the 
other on the large Hungarian minorities in 
Romania and Slovakia. 

But whale praising tbe plan, Mr. Kozyrev also 
seemed to question the usefulness of the round 
tables, saying they might duplicate the work of 
bodies Eke the Conference on Security and 
Cooperation in Europe. 

Instead, he insisted, tbe focus should be “to 


concentrate on specific steps to impawe inter- 
ethnic relations and to ensure the rights of 
national minorities.” 

“This is especially necessary for the three 
Baltic states, Estonia, Latvia and Lithuania." 
he added. 

He said discussion of border and minority 
issues “should lake place exclusively in the 
framework established by CSCE documents.” 

But Foreign Minister Klaus Kinke! of Ger- 
many said it was vital that other institutions 
such as the North Atlantic Treaty Organization 
or the Western European Union should not be 
“subordinated" to the Conference on Security 
and Cooperation in Europe. 

Mr. Kozyrev avoided saying whether Mos- 
cow would join a regional roundtable with the 
Baltic states, and Foreign Minister Willy Gaes 
of Belgium said such talks were still “hypotheti- 
cal” 


Instead, Russia proposed selling up a Euro- 
pean university in a Baltic stale as a way of 
overcoming ethnic tension in a region where the 
status of Russian minorities is politically explo- 


re EUROPE, Page 5 





Kiosk 


Arafat Delays Trip 
To Sell-Role Area 


RmjI hftjn'Afafcx' Franrt-PicM 


PARIS PERENNIAL — Spectators at tbe French Open tennis tournament Thurs- 
day, waiting oat tbe rain. Some saw Aaron Krickstein upset Michael Stich. Page 23. 


Fifty Years After D-Day 


JERUSALEM (Reuters) — Israel said 
Thursday that Yasser Arafat, (be PLO chair- 
man, will visit tbe new Palestinian self-rule 
enclave of Jericho on June 15. 

“We have received an announcement that 
he has delayed his arrival from June 6 to June 
15, and he is authorized to do so,” Police 
Minister Moshe Shahal told Israel Television. 

Earlier Thursday. Israel Radio reported 
that Mr. Arafat would begin a three-day visit 
on June 12 to the self-rule zones of Jericho 
and tbe Gaza Strip, which Israel handed over 
to Palestinian control this month. But a PLO 
official said Mr. Arafat postponed the visit to 
the 15ih because of previous commitments. 

The radio quoted Palestinian sources as 
saying Mr. Arafat would meet the U.S. secre- 
tary of state: Warren M. Christopher, who is 
due in the region then. 


Next in this series, the conflicts of cul- 
ture. Frank Schtrrmacher. a senior edi- 
tor at the Frankfurter Allgemeine Zei- 
tung, writes of Europe's fascination with 
American pop culture — and its revul- 
sion, too. 


'•“tVI* • 


General News 


The theme for Richard Grenier . a colum- 
nist for The Washington Times, is the 
dangers of Hollywood's Utopians, 

Read them in Monday’s Herald Tribune. 


Tbe stow political death of an important Clin- 
ton aOy in Congress. Page 3. 


Book Review 
Bridge 


Page 4. 
Page 4. 


Vladivostok , Open City Once Again 9 Is Making Up for Lost Time 


Newsstand Prices — 


Andorra. ... .9.00 FF 

Antilles — 11J0O FF 

CameroonJI.400 CFA 

Egypt E.P.50» 

France- — 9.00 FF 

Gabon .960 CFA 

Greece... — .300 Df • 

ituly,. -AMOUre 

Ivory Ciast .J. 12 DCFA 

Jordan; 

Lebanon ...US$7-50 


Luxembourg 60 L.Fr 

SKM** 

Bsiyss 


By Lee Hockstader 

tt’mJdngion Post Service 

VLADIVOSTOK, Russia — Rising on craggy, fog- 
shioudcdKGs from Golden Horn Bay, Vladivostok is like a 
distorted mirror image of Russia itself: dist e n d e d in its 
lawlessness, misery and disorientation, but also in its gaudy 
new wealth and commercial promise. 

This is the capital of Russia's rough "and ready east, a port 
city seven time zones and 5,700 miles (9,200 k 2 a®eiCT 5 ) 
from Moscow that has .been thoroughly transformed in the 
two and a half years since, tire Soviet Union's denpe. 

It is in Vladivostok, farther east than any nOjr dty in 
mainland Asia.. that Alexander Solzhenitsyn wilvarrive Fri- 
day like s o m e latter-day Rip Van Winkle, after 20 years in 
the WesL Here he will have his first glimpse of Russia's 
kaleidoscopic, imitation to capitalism in all its raucous, 
lurid, hoj^ colors. 

“We’re like a. decaying organism, beset by parasites. ” said 
Yuri Didenko, director of Vladivostok's huge fishing fleet 


But after railing at Moscow's callousness and Russia’s lost 
dignity, he captured the tough optimism of the place: “I'm 
upbeaL The geography of Vladivostok allows us to hope it 
will be a center tor business for East Asia and the Pacific 
Rim.", 


Founded in 1 860 to block China's expansion to the Sea of 
Japan, Vladivostok (the name means “Possess the East") 
boomed after die Tran^-Siberian Railway linked it with 
Moscow in 1903. As the home of the Soviet Pacific Fleet, 
Vladivostok was a dosed military camp after World War II. 
Coddled by subsidies from Moscow and anchored hv the 
navy, military factories and the fishing fleet, the city glided 
along in splendid isolation, except for a 1975 meeting 
between President Gerald R. Ford and the Soviet leader. 
Leonid I. Brezhnev. t 

Since it was opened officially to the outside world Jan. I . 
1992, Vladivostok has made up for lost time. As Moscow’s 
influence wanes, Seattle and Seoul are the new point.-, of 
reference for Vladivostok's hustling traders. 


Coca-Cola is tripling sales forecasts. U.S. Peace Corps 
volunteers are offering seminars on commercial banking. 
Italians are building a new airport, Australians operate the 
best restaurant in town, and Chinese workmen recently 
refurbished a 5220-a-night hotel. 

Hundreds of joint u enuires with Japanese. South Korean. 
Chinese and American firms are under way. Flights are 
planned or already link the city with Alaska and Japan. In a 
red-brick church atop a hill, an American Roman Catholic 


priest hears confessions in a room that for decades was a 
Communist Party archive for top-secret documents. 


Signs of new money include stylishly dressed women 
downinwn to swanky new apartment buildings on die out- 
skirts. where luxury duplex condominiums are on sale at 580 
a square fool. Thousands of white Japanese sedans — 
brought in tax-free by merchant sailors for sale at a quick 
profit — clog the narrow streets in epic rash hours. 

But the city is beset by oulsized economic and social 
problems. more severe than those of most Russian cities. As 


subsidies from Moscow dry up, huge defense plants are 
switching to television sets and automatic bowling pin 
setters for Asian markets — but not fast enough to avoid 
mounting layoffs and unpaid workers. 

Alongside the newly rich, a new class of unemployed and 
impoverished is taking shape. City officials say a third of 
Vladivostok's 700,000 civilians live below the poverty line. 
Prices, the highest in Russia, soared last year as annual 
inflation reached 1 ,300 percent, nearly half again the nation- 
al average. 

The emerging extremes of wealth and poverty are fueling 
a wave of enme and corruption, including a murder rate that 
has quintupled in five years and rivals Washington's. 

The authorities are swamped. Dm Vladivostok police 
force, which has just two computers, is hiring hundreds of 
new policemen. 

“In the United States, you passed this racketeering stage 
long ago," said the chief prosecutor, Vyacheslav Yaro- 
shenko. “We’re just entering iL” 


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Page 2 


INTERNATIONAL HERALD TRIBUNE. FRIDAY, MAY 27. 1994 


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Vatican Denies Iftt Admit to Turning its Back on Jews 


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By Alan Cowell 

.Vfh- >'arA Times Stn-ne 

ROME — A German theologian has suggested that 
Roman Catholics acknowledge co-responsibility and 
guilt for the HoiocausL but the Vatican said Thursday 
the idea had no imprimatur from the Holy Sec. 

A document presented Wednesday at ajoint Cath- 
olic-Jewish meeting in Jerusalem spoke of shared 
Catholic guilt in the extermination of Jews, stunning 
Jewish participants at the gathering. 

“It's not just important. It’s mind-boggling." said 
Rabbi David Rosen, director of interfaith relations 
and Vatican relations for the Anti-Defamation League 
in Jerusalem. 

The Vatican said, however, that the document had 
not been approved by any ecclesiastical authority and 
was “in no wav a projected document of the Hoh 
See.” 

The document, according to a version of it leaked in 
Jerusalem, said the Catholic Church “confesses that 


hhe bears co-responsibility for tbc Shoah and that she 
has burdened herself with guilt.” Shoah is the Hebrew 
word for the HoiocausL 

“A long-standing theology and preaciung had 
soothed the conscience of Christian people and had 
weakened their ability to resist when in Europe and 
Germany, the National Socialist anti-Semitism came 
up with all its brutality and criminal energy." the 
document said. 

The document was sensational because it upended 
the church's insistence that it acted to resist Nazism 
and in no way collaborated with iL 

It said: ''Despite the exemplary behavior of some 
individuals and groups, we were nevertheless as a 
whole a church community who kept on living their 
lives in turning their back too often on the Tale of this 
persecuted Jewish people, who looked loo fixedly at 
the threat to their own institutions and who remained 
silent about the crimes committed against the Jews 
and Judaism. This led to the manifold guilt of many 
Christians and in the church.” 


The document caused an uproar Thursday in Italy, 
where many newspapers gave it front-page 
prominence. 

In a series of statements, however. Joaquin Na- 
varro- Vail*. a Vatican spokesman, insisted that the 
Jerusalem document was completely separate from a 
statement in preparation at the Vatican since 1987 on 
the Church and Lhe HoiocausL 

“The document was a project being prepared by the 
German Bishops' Conference in consultation with the 
Polish Bishops' Conference." a statement said. “It is 
clear that it has not been approved by any ecclesiasti- 
cal authority.’ 

“Of course, it is in no way a projected document of 
the Holy See," the Vatican said. 

Vatican officials said the document — titled “Anti- 
Semitism. the Church and the Shoah” — had been 
written and presented to the Jerusalem meeting by a 
German lay theologian. Hans Herman Henrix. of the 
Catholic Theological Institute in Aachen. Germany. 

“It has r.ot been approved either by the German or 


Reuters 

GENEVA — U.S. officials esti- 
mate that up to 450 Americans may 
have died each year from 1989 to 
1991 from a bacterium that has 
caused a major scare in Britain, the 
World Health Organization said 
Thursday. 

A spokesman said the figures 
were provided by the U.S. Centers 
for Disease Control and Prevention 
in Atlanta, the main UJ>. coordi- 
nating body for tracking such in- 
fections. 

A bacterium that destroys fat. 
skin and muscle within hours has 
ItiDed 12 people recently in Britain, 
and Norwegian doctors say 25 to 
30 people have died from it and 
similar bacteria this year. 

A spokesman. Thompson Pren- 
tice. said the World Health Organi- 
zation was in contact with U.S. and 
British medical authorities to try to 
improve international monitoring 
of such diseases. 

He said the U.S. Centers for Dis- 
ease Control estimated that there 
were 10.000 to 15.000 cases of 
Group A Streptococcus, the fore- 
runner to the disease that is known 
as necrotizing fasciitis, in each of 
the three years from 1939 to 1991. 

Of the sufferers from Group A 
Streptococcus, or GAS. 500 to 
1.500 each year developed the viru- 
lent strain. That strain has had an 
average death rate of 30 percent, 
indicating that 150 io 450 .Ameri- 


cans died of the disease each year. 

In Norway. Dr. Arne Hoeiby, 
chief physician at the National in- 
stitute or Public Health, said Mb 
cases have been reported this year, 
and that 25 to 30 people or about 
one in four who had contracted the 
disease, have died. In the same 
months of 1993. there were 50 simi- 
lar cases, he said. 

Mr. Prentice said the World 
Health Organization had found 
166 articles in medical publications 
on outbreaks around the world 
over the past five years. 

It is awaiting news from Britain 
on whether medical authorities 
there had evidence that a new 
strain of the bacteria had caused 
the latest deaths. “If it is. it has 
major implications for alerting oth- 
er countries." Mi. Prentice said. 

He added that the scare over the 
bacteria, which has existed for 
some time but had largely been 
unnoticed, illustrated the inade- 
quacy of international monitoring 
of such diseases. “We and the 
Americans are looking for an inter- 
national network to be set up to 
track this type of disease a* a mat- 
ter of urgency.” he said. 

He said a lack of concrete infor- 
mation worldwide on necrotizing 
fasciitis was largely due to the fact 
that it was not a disease requiring 
notification to health authorities 
and was not always reported. 



I> - . \ • 1 „ ‘it v .. 

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TIk AMKBded new 

The body of the pilot, David Robertson, being carried from the British .Airways jetliner after the co-pflot loaded it in Tokyoh 


Reuters 

TOKYO — The pilot of a British Airways 
jumbo jet died of a heart attack on Thursday 
while the plane, with 331 people aboard, was 
over Russian territory on a flight from Lon- 
don to Tokyo, airline and transport officials 
said. 

Captain David Robertson. 52. died of a 
heart attack while taking a scheduled rest on 
the flighL according to a British Airways 
spokeswoman in London. 


The 747-400 jumbo jeL earning 312 pas- 
sengers and 19 crew members, was being 
flown by one of its two co-pilots at the time 
the pilot died, the spokeswoman said. 

The co-pilot made a routine landing at 
Tokyo's Narita Airport, she added. 

She confirmed Japanese Transport Minis- 
try reports that the airliner was at no time in 
any danger. 

“There was never any danger to passengers 
on the flighL" she said, “and in fact the 


passengers were unaware that anything had 
happened." 

Japanese news reports said passengers 
knew someone aboard was ill after an in- 
flight announcement asked if there was a 
doctor aboard. They did not learn of the 
captain's death until reporters questioned 
them about it on arrival in Tokyo. 

Mr. Robertson was three years away from 
retirement All British Airways pilots must 
retire at 55. the spokeswoman said. 


22 Years Later ^ Europe Faces a New Uphill Battle in Norway 


Bv Steve Vogel 

H 'eshtnem hist Serv.tv 

OSLO — The last lime Norway voted on whether 
the country should join the European Community 
parties splintered, towns and even families divided 
bitterly, and the government collapsed after the pro- 
posal was rejected. 

That was in 19“2. Twenty- two years later, as the 
counuy prepares for a referendum on whether to.ici.n 
what is" now the European Union, there are predictions 
that Norway is in for another bruising battle. 

“The debate will be at least as tough as it was last 
time." said Anne Enger Lahnstein, head of the Center 
Party and leader of the anti-union forces. 

Prime Minister Gro Harlem Bnmdtiand. leading 
the movement for approval, agrees that 3 long fight 
looms, but she rejects the notion that Norway faces a 
repeat of the 1972 political earthquake. 

“It will be a different situation" she said, predicting 
victoty during a recent interview. 

But Mrs. Brundtiand and her supporters have their 
work cut out for them before the referendum, likely to 
be in November. Polls show about 50 percent of voters 
opposed to joining the ELL less than 40 percent in 
favor and the rest undecided. 

Along with Sweden. Finland and Austria. Norway, 
after resolving a dispute over fishing quotas, reached a 


Roxal Plaza 

i MONTREUX i 


membership accord with lhe EU in March. But the 
referendum may prove a bigger hurdle. 

Much will depend on what happens in Sweden, 
likely to vote (wo weeks earlier. Approval there could 
influence Norwegians, who fear being isolated from 
their Nordic neighbors. But polls have shown a small 
majority of Swedish voters opposed as well. 

The strong opposition in Norway may dash with 
the country's image as good world dozen — a reliable 
NATO member, perennial contributor to UN peace- 
keeping missions, and key partidpant in such efforts 
as the Israeli-Palestinian peace talks. 

History accounts for some of the opposition. Union 
has long been a dirty word in Norway, which gained 
independence in 1905 following a succession of unions 
going back to 138! — fust with Denmark and, begin- 
ning in 1814, with Sweden. Moreover. Norway has a 
small nation's fear — its population is 4.3 million — of 
being swallowed up in a much larger political entity. 

“It’s pan of a schoolboy’s education that it’s not 
good to be part of a union," said an offidal for a large 
Oslo corporation. “It’s like the U.S. looking back 
fondly on union with the British." 

Mrs. Brundtiand contends that enormous changes 
in Europe as well as Norway’s economic ties with the 
Continent over the last two decades have changed 
Norwegian attitudes toward the ELL 


In 1972. the Community was a six-nation organiza- 
tion far less dominant economically and politically 
than the current 12-msmber Union. Moreover, the 
collapse of communism irt Eastern Europe has created 
instability across the Continent and led to nervousness 
about security, 

“All of this has created a new picture of Europe ar.d 
our role in iL" Mrs. Brundtiand said. She warned that 
a “no” vote would likely leave Norway “standing more 
or less alone on the European continent among West- 
ern countries." 

The view seems to have taken hold with at least 
some voters. 

"I was young in 1972. and I didn’t vote for iL" said 
Finn Nondli. an Oslo construction worker. “It was 
another story then. Then it was just a few countries. 
Now, we would be isolated, and I think it's better for 
the security of Europe that we stick together." 

Lining up agai n st the agreement is an eclectic mix- 
ture of groups, including feminists who fear less sup- 
port for women’s rights and fishermen worried that 
their catch quotas will be reduced. There is opposition 
from producers of such foods as dairy and meat 
products who fear they will not be able to compete 
with cheaper European imports. 

Norwegian farmers receive enormous support from 
the government in the form of subsidies and guaran- 


tees. and there are fears that cutting these would 
depopulate the country’s vast northern expanse, a 
sparsely settled region dependent on fishing and fann- 
ing. Kirs. Brundtiand said subsidies would be cat 
regardless of membership in the union, but that spe- 
cial EU rules tailored for Norway would protect the 
livelihood of farmers. But opponents are express 
doubts about this. 

Hanging over the debate is concern that Norway 
will be surrendering sovereignty to bureaucrats in 
Brussels. 

“I don't feel I have much control over our decisions 
as it is. but at least in a country of 4 million, you have a 
vote," said Grete Stokka, whose Oslo bookstore sells 
buttons urging a no vote. 

“We think this means too much power in too few 
hands," Anne Lahnstein said in her office, waving a 
dog-eared copy of the Maastricht Treaty on European 
Union. “This union isn't something bong demanded 
by the population; it's being imposed from the top." 

Mrs. Bnmdtiand has painstakingly laid the ground- 
work with study groups and grass-roots organizations. 
Significant elements of her party are opposed to Euro- 
pean union, but unlike 1972. when the party splintered 
on the issue, agreement has been readied allowing 
differing views without rancor. 

“Nobody’s quarreling about the process," she said. 


on Bosnia Said to Focus on a 51-49 Division 


Be part of 
Europe's greatest 
water wonderland. 

The wily grand 
hotel right on the shore 
. d Late Geneva. 

1B20 MONTREUX - SWITZERLAND 
TEL. 41-21/9635131 
FAX 41-21/963 5637 


SARAJEVO, Bosnia-Herzegovi- 
na — International mediators end- 
ed two days of talks with Bosnia’s 
warring factions on Thursday, with 
no apparent agreement on ihe fu- 
ture division of the former Yugo- 
slav republic. 

But sources close io the talks in 
France said leaders of the new 
Muslim -Croatian federation and 
rebel Bosnian Serbs agreed to meet 
again with a contact group from the 
United States, Russia and the Eu- 
ropean Union in a week to 10 days. 

The sources said the talks, at 
which the factions did not meet 
face to face, focused mainly on the 
division of the territory between 
the federation and the Serbs, who 
currently control 70 percent of the 
territory. 


The Croatian news agency 
HINA reported earlier that the 
Croats and Muslims had partly ac- 
cepted a proposal from the media- 
tors that would give them 51 per- 
ceoL 

In a report from the talks at the 
French lakeside resort of Talloires. 
the agency said the allies had 
agreed to give up their opening de- 
mand for 58 percent “for the sake 
of peace." 

it said the Croats and Muslims 
“were ready to compromise and 
partly accept the 51-49 division" 
after some new ideas on dividing 
the territory had been presented by 
mediators. 

Sources close to the negotiations 
said lh3i during talks with individ- 
ual delegations on Wednesday, the 
mediators had presented at least 


three slightly different maps for j 
postwar Bosnia. 

WhDe the political leaders were 
trying to redraw the map of their 
devastated country, their armies 
were reported to be battling for 
territory in northern Bosnia. 

UN and Serbian reports said 
fierce righting was going on be- 
tween Muslim-led government 
troops backed by Croats and rebel 
Serbs around Tesanj. 

On Wednesday, LIN officials 
said Croatian and Muslim forces 
were pursuing ajoint assault for the 
first time since the two former ene- 
mies agreed to form a new federa- 
tion in February. 

Heavy fighting was also reported 
in the Muslim enclave or Bihac in 
northwestern Bosnia. 

A spokesman for the UN High 


Commissioner for Refugees. Peter 
Kessler, said rebel Serbs in Croatia 
had blocked aid convoys into Bos- 
nian government-held parts of Bi- 
hac for the 10th day in a row on 
Thursday. 

In the Muslim enclave of Gor- 
azde in eastern Bosnia. Serbian 
forces continued to defy a NATO 
exclusion order after the UN com- 
mander asked government defend- 
ers to withdraw from a contested 
area to encourage Serbian compli- 
ance. a LIN spokesman said. 

Despite an exclusion zone of 
three kilometers (two miles) or- 
dered by the United Nations 
aroundihe town last month after it 
came under heavy Serbian attack, 
about 150 Serbian troops remain 
inside iL 

The Serbs and the United Na- 


tions signed an agreement last 
weekend for the withdrawal of the 
troops, but the Serbs said a few 
days later that it was invalid be- 
cause the Muslim-led government 
army had not signed iL 


Cyprus Accepts UN Pact 


NICOSIA — The Cyprus gov- 
ernment will not negotiate further - 
on UN-proposed measures to buOd 
confidence between rival commu- 
nities in the divided island, a 
spokesman said Thursday. 

President Glavkos Klerides has 
accepted a March 21 document 
that proposes steps to boost confi- 
dence between the communities, 
divided since 1974. 


WORLDBROIS 




the Polish bishops' conferences, and it is an initiative 
of these conferences, not the Vatican,” Mr. Navarro- 

Valls said. , , . 

Additionally, he said, the Vatican was still working 
on its own document on anti-Semitism and, after 
seven vears, there was still no indication when the text 
would" be ready for Pope John Paul ITs approvaL 

The Pope, in a hospital where he is recovering from 
a broken thigh, has led the church in recent years toa 
rapprochement with Jews. The Vatican has called the 
Holocaust a “monstrous abyss” and the newest Uni- 
versal Catechism — the church's textbook of religious 
education — refers to ami-Semitisn as a "crime 
against humanirv." 

It was only In 1965. however, that the Vatican 
abjured the notion of collective Jewish guilt for the 
crucifixion of ChrisL 

And it took until December for the Vatican and 
Israel to f inall y establish diplomatic relations. 

Pope John Paul n took the process of reconciliation 
a step further last month when the Vatican was host to 
a concert to commemorate the HoiocausL 


• .v..- 4 . s.:; 


MANILA (WP) — The Philqjpineinilittay on Tln^U^sa 
country's most-wanted Communist rebel, 
squad that has been blamed for the kiltin gs of mqeej flafe 
officers and local officials, as we&as-a U.S. AttnyoSc®^-? 

The arrest of Felimon Lagman, 43, uppeaiad 
26-year-old Communist insurgency that has been wxiedJtej 
ly bitter infi ghting , ideological rifts and thfr 
principles in much of the wodd. v L; 

Mr. Lagman was arrested by naval intdligjaieeiag^s^g^ 
in the Quezon City district of Manila. V fyi ' 

Yeltsin Harangues His ComSeja y- 

MOSCOW (Reuters) — PresideDt B{sis74 ; TeaSti^^^ 
game-services Thursdays 

commercial secrets. 

"Them are forces in the wodd that 
country with cheap work force and low mtHfeafej 
news agency quoted Mr. Yeltsin as tdEng 
Federal Counierintelligence Service. W j, 

take dear actions to counter this.'” . . 

The officials themselves, in a raze PobticitY camMi gy"^ p 
intelligence services were stil l ope rati ng in 
secret services “are moving from nriBtaiy to 'ecdapna^ m^ A 
Vladimir Tsekhanov, the department head, said m an 
in the government newspaper Rossnskaya 

Northern Yemenis Attacks 

ADEN, Yemen (Reuters) — Northern Yemqft r j^oK^^^ 
southern o9 province on two fronts Thursday 
proposals from breakaway southern Yemen .. : & 

Brigadier General Omar Atlas, southern joiiff 
northern troops were pushing into Hadhrarnam Pfoyma ^^ fi 
reserves, south from Shabwa Province and east 
desert border with Saudi Arabia. He told of: tho'advaigx^fifc^ 
the southern vice president, Abdd Rahmaa Jffi 

General Attas predicted that, forces of die 4taie < >h y 
united Yemen last Saturday would “cbBterate? the fejgatei 
Hadhramatrt, where the so u t hern leaderv : AS.SdemBM^ ^^ j 
for more than a week. However, forces Jcyal to Yrjpe^g 
president. Ah Abdullah Saleh, appear to hav&madeadatmm^i 


i,' -jj Zgg&J?-* 


MAGDEBURG, Germany (Reuters) — A Syrian 
in an apparently motiveless attack, the police safdlhnradayiarS^ 
cutors brought their first charges in connectkm with auep^Nazi^ 
farmer East German city two weeks na • 


The police said the Syrian was found lyiitfimlhestreOTah^ff fl 
night They said he told them two Germans, ope 
him for no reason, pummelling and locking him. 

Magdeburg’s chief prosecutor, Rudolf Jaspers, 
adolescent had been charged with giving die 
crime in Germany — during the riots on May 12. -wbrii 
Nazis clashed with police and foreigners. The 
directly involved in the fighting, he added. 

io bring more charges Hex I week. tVr .*■ jh; 

Sinn Fein to Reply to XLK. Peaeei&i 

LONDON (AF) — The leader of Sinn Fem. 

Army’s political wing, said Thursday that h&jparty wou&ai&pDae^ 
decision mi a proposal for peace in Northern Irehmd neirt.^nMctte^ 
The pledge by Geny Adams restored hme in the search 
to settle the conflict over the future of theHritishrtiided^ 

Mr. Adams said, however, he could not promise an inuDicdi^g&Mta 
more rimn two decades of violence in Northern, lidandr^ra^^m^ 
respond to the peace formula offered Dec. 15 by Brita&tt&TOgBl 
sometime after the elections for the European Parhamenfon 
Adams told BBC Radio 4. ,;-V~ 

Nanking Toll Questioned in 

TOKYO(AP) — Shin taro Iriiihara, a mommentconsezvtdn$Ja^^r 
er, said Thursday the United States and China dehberatriy o v erp^ataj 
the number of Chinese killed during the Japanese AnnyVcop tffi&ri 
Nanking. . ... 

Thc remarks came barely three weeks weeks after Ju^iee H 
Shigeto Nagano was forced to resign when be angered Asu^^jj^ 
saying the 1937 massacre was a hoax. At anews OTiferencei-Mri^iSHi 


300,000 people." "- 

Mr. ishihara, who is best known for his book “He Japan 
No,” in which he questioned Japan’s reliance on the United Stfi$c£ swd 
the United States may have overstated the death toB dm^warioi& 
tribunals after Japan's defeat in 1 945 because “of a sense{rfgtnll'’qwr te 
atomic bombings of Hiroshima and Nagasaki. :-£. , £„v 

I ranians Sought in Thai Bomfr 

BANGKOK (AP) — The police have issued anest warrants 
Iranians in connection with an unexploded truck bomb found id Mani 
near tbc Israeli Embassy, according to a report ThuTSday.:‘Asi)fiw 
foreign suspect also was soughL ' •' --'i;- v 

The one-ton bomb, made of ammonium nitrate fertilizer 
was found in a rented truck abandoned by its driver after h ^asasated 
in a minor accident in central Bangkok. The body of aThaihfi^ta&he 
the truck was also found. • 

The truck was abandoned several hundred meters froraAeTsoftfi 
Embassy, which police think was the intended target - £ 

. : f ■ 1 


Correction . 

An article in Wednesday’s editions about Memorial Dayobs^&jaJ 
in Europe incorrectly hsied the date for a memorial service at-theHaff 5 ' 
Chapelle cemetery in Belgium. The service will be held Saturday ^483i 


TRAVEL UPDATE 
Less Crime on Foreigners in Mosei^. 

MOSCOW (AP) — Moscow police officials on Wednesday 
against foreigners in the Russian capital had declined becanse-lre^t 
residents ana visitors were being more careful. • : : 

four months of this year, compared with 5^^^ered^^ ...fflPM 
similar period in 1993, the police said. -'.v'iVrV 

Crime has plagued Russia since the disintegration of the Soytettfu? 1 
in 1991, and the government lists crime-fighting as ane.-c£.m>^ 
priorities. But lack of funds and widespread corruption sck&F.w* 
blocked any serious progress. 

Subway workers in Madrid and Barcelona walked off die job 
to press for h wage rise and better benefits. There were i» ri^^f 
senous violence or vandalism. The subway strikes come ddrihg tw?,*|® 
of walkouts by workers in Spain’s public transport system. 

Emergency anti-poOutkm measures in Athens were extefKb&fiT* 
second day until Friday. Cars are banned from the city css&iBQf^ 
AM to 8 P.M^ and taxis are heavily restricted. Industrics haye^ 
ordered to cut oil consumption by 30 percent on Friday. . V 





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1 



Page $ Page'5 


U— ~ 


A POLITICAL NOTES + 


Miis.s - ^ 


Clinton a Health Pitch; Delivery Varies 


lesHisf- 

rtidtr. =,, r°l ttl 

i'-fV • N v.’ 

* -s^L“ . ' Irti 


•mw. 


mVino Ik. -,.1,^ f — “—viM.g raiiio win lotiuctviu ana 

of . S ? afe Republicans. President Bill Clinton 
KISS iwS he Lce P P«^a«8 this year for passage 

ArwSrr>ri Care ,Jll0n lhat would provide insurance for every 

JS*JE" the Private meetings switched back and forth, pjrtici- 
SSf^?l dcar ’ ' V,lh ^“bbcan senators, be stressed his readi- 
ness tor compromise, so long as his basic goal of universal coverage 
was met ^ 

< -,J^, n L ee . Uns l Housc democrats. ti* presidem told them. “We 
can do IU but we have to fight.” He also said that success on health 
care would be very important to the party in the elections this fall 
vwL. . !5?P , V ilh Republican senators. Bob Packwood of 
Oregon [old Mr. Cbmon that he could not get Republican support 
jorrequinng employers to buy their workers' insurance, and said 
yeinocrab would have to decide whether they wanted to fight an 
election over this issue or to drop that demand. (N YT) 




pV'Sig 2 % 


' ” 'j*.,. , b»s$ 


Atta 


la President’s Record Good to Run With? 


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VfiU tdm said, leaking of the lo&$ of a House seat in Kentucky held 
by Democrats for 1 29 years. The defeat spurred increased concern 
among Democrats and enthusiasm in Republican circles about 
prospects in the fall elections. 

®ut some independent analysts and Democratic consultants re- 
jected Mr. Wilhelm's argument. 

“Right now the president is not seen as an asset” in many 
Southern districts, said Merle Black, an Emory University specialist 
on Southern politics. Democraiic candidates in those districts “are 
stuck with Clinton and he has given them an unpopular agenda,” 
Mr. Black said. <LAT> 




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Tired Greens lein. a Princeton University 
commenting on President Clinton's conduct 


residential scholar, 
foreign affairs: "In 


foreign policy, it’s important to present a firm ima ge With Clinton, 
it’s like globs of mercury; he’s all over the place." (LAT) 


Clinton in Europe 


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Jllrie 1 : Prosldont Clinton loaves Washington. 

June 2:. Meets Pope John Paul II and Italian political 
leaders in Rome. 

June 3: Visits American cemetery at Nettuno Beach. 

June 4: Meets Prime Minister John Major in London, 
visits U.5. cemetery in Cambridge and attends state dinner 
in Rortsmouth with Queen Elizabeth II and leaders of other 
ailiied countries. 

June 5: Crosses the channel aboard the U.S. aircraft carrier 
deorge Washington. 

June 6: Speech at La Pointe du Hoc and the military 
cemetery at Cdteville-sur-Mer near Omaha Beach. 

June 7: Addresses the French National Assembly in Paris at 
'1500 GMT. 


Away From Politics 


• A Florida school board has been sued for rcqurringthat students be 
r ■ tangbt that American culture is superior to others. The $mi, filed by 
ri Oadaers and parents in Lake County, is the latest in a string of 
.1 ' -' ebb tro venues to hit the five-member school board since the election 
of three members who pledged to return education to traditional 
* Christian values. 


i ppaJ. 


.rrifinf' 


• A Korean man has been found dead on Mount McKinky in Alaska. 
Kee Won Kim, 27, of Pusan, had volunteered to help rangers patrol 
the 20320 -foot peak. 

•Ira Michael Heymao, a lawyer and former chancellor of the 
University of California, has been selected as secretary of the 
Smithsonian Institution in Washington. Mr. Heyman, the first 
' nonscientist to lead the museum and research complex, replaces 
RpbertMcC Adams. 

^fntenr*! documents of cigarette aunpames show that rompany 
lawyers for years ran a “special projects” drwaon within the pute- 
dvdy indepeod&it Coundl for Tobacco p^rcMte^inggantsto 
fav<wed ‘scientists whose research might be used to deteodihe 
r industry^S legal attack. Documents from die files of Brown & 
SL To£co Co. show that a samoiic advisory toard of 
. outride experts was bypassed. wp. lat. Keuun, ap 


Business as Usual , as Rostenkowski Twists in the Wind 


■ radiations, 
ed. being 
ale’s gravi- 




WASHINGTON — The Democratic national chairman, David C. 
Wilhelm, has denounced Democratic candidates, incl ud ing the loser 
in a special House election this week in Kentucky, for not running on 
President Clinton’s record. 

vriSf ^ ess 5 m here is that Democrats should run as Democrats,” Mr. 


By Robin Toner 

A'rir York Tima Seme «■ 

WASHINGTON — Officially, the House Wavs 
and Means Committee is making its way through the 
various alternatives for health care restructuring. Un- 
officially, it is struggling to deal with one of the most 
painful rituals on Capitol Hill: the slow fall of a public 
man. 

Each day. the masses of reporters and photogra- 
phers inside the committee room grow larger, the 
lobbyists in the corridors las discreet as they talk 
about the passing of the man they feared and cultivat- 
ed for 13 years. 

Each morning. Dan Rostenkowski bounds in to 
take the chairman's seat, trying another performance 
of business as usual. But each time he moves, or 
confers with a colleague, or engages in a gesture like 
biting bis nails, he hears the whir of a dozen motor 
drives and looks up with a jolt to a wall of photogra- 
phers. in such moments, he looks haunted, trapped in 
his own committee room. 

It is pan of the code of this political death by inches 
— a process that dragged on for months with Jim 



Wright, the speaker of the House who was forced to 
resign in 19»9 — that one's friends and colleaeuo irv 


resign in 1989 — that one's friends and colleagues try 
to avoid acknowledging the obvious. 

“I cannot discuss the possibility of the tragic loss of 
my chairman," said Representative Charles B. Rangel 
of New York, the fourth-ranking Democrat on the 
committee. “While there's a lot of speculation. I've 
always felt it’s as if I've got a friend with a serious 
health problem and I’m preparing for his funeral. 1 
can't do i’l“ 

This is an emotional reality that is lost outside the 
clannish world of the committee's Democrats. 

“We need the chairman now more than ever.” 
Representative John Lewis. Democrat of Georgia, 
said loyally and protectively. 

Mr. Rangel edging away from the cameras this 
week, said at one point: “You're talking about a life, a 





WASHINGTON — A year after the Mississippi River and many 
of its tributaries spilled over their banks, devastating much of the 
nation’s midscciion, a committee of government experts is urging the 
Clinton administration to abandon the Army Corps of Engineers' 
longstanding preference for dams and levees as the primary means of 
controlling floods. 

The committee's draft recommendations call instead for greater 
efforts to promote the evacuation of risky flood plains, the relocation 
of businesses and farms to higher ground and the restoration of 
natural flood cycles. 

“It is a fairly hefty set of recommendations," a White House 
official said of the report. (NYT) 


family, a guy without a blemish on his legislative 
career. But the news is not the good one does.” 


career. But the news is not the good one does.” 

Amid such emotions, any speculation about Mr. 
Rosteokowski’s successor — if Mr. Rostenkowski is 
indicted or reaches a plea agreement — is done very. 




very carefully. The rules of the House Democratic 
caucus are clear enough, datine back to the Abscam 


.t- 


caucus are clear enough, dating back to the Abscam 
investigation in 1979 and 198Q. if indicted on a felony 
charge that carries a sentence of more than two years, 
a chairman must relinquish his seat and the next most 
senior Democrat becomes the acting chairman. By this 
rule. Representative Sam M. Gibbons of Florida 
would succeed Mr. Rostenkowski. 

Since these are caucus rules, however, they can be 
changed by the Democratic caucus and an election 






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could be held for the position of acting chairman. .An Representative Rostenkowski listening to health care proceedings of the House Ways and Means 
election would also be held if Mr. Rostenkowski Committee, of which he is chairman. The Illinois Democrat faces charges of financial misconduct 


resigned and there is an official vacancy. Still the 
principle of seniority remains strong. 

It i$ given high priority by' Mr. Rangel who is 
widely viewed as the most powerful potential chal- 
lenger to Mr, Gibbons. Mr. Rangel has indicated that 
be would sot oppose Mr. Gibbons but would protect 
his seniority if someone lower on the totem pole gels 
into the race. 

Mr. Gibbons prefaces his comments with a defense 
of Mr. Rostenkowski. ; 

“He is innocent in the eyes of the law and in ms- 
eves” he said, going on to’ say be docs noi expect 
struggle over succession. 

Bui the rumors continue 10 ripple through the 
House. The majority leader. Richard A. Gephardt, 
shot one down this week, denying that the Democraiic 
leadership was planning to install him in some capaci- 
ty on the committee if Mr. Rostenkowski left. Other 
lawmakers simply refuse 10 talk to reporters about -a 
possible succession, among them Representative Rob- 
ert T. Mitsui of California, widelv regarded as a 
potential challenger. 

This anxiety is only stoked by the thought of a 
leadership change as Congress is considering' the big- 
gest domestic legislation since Serial Security. 

"None of us knows how to live through Lhis," said 
one Democrat who is not a member of the committee. 
At the moment, members ore not actually voting on a 
health care bill; that phase was pushed back because 
the Congressional Budget Office is so far behind on its 
financial analyses. 

Bui after the Memorial Day recess, the dock truly 
begins to count down on health care reform; if the 
main committees do not move a bill in June, the 
chances of getting comprehensive legislation this yeajr 
are very, very dim. 

Democrats on tbe committee say thev will rise 10 the 
challenge. ' 

Mr. Rostenkowski 's allies also insist that so faT he 
has maintained his focus on the work. “It's not slowed 
down.” said Representative Stay H. Hover of Mary- 
land. chairman of tbe House Democratic Caucus. 
“Things are slowed down by policy reasons.” ) 

Mr. Rostenkowski. who denies any wrongdoing, 
was in the meeting of Democratic leaders with Presi- 
dem Bill Clinton on Wednesday afternoon, grousing 
about the delays of tbe Congressional Budget Office! 
participants said. He has presided over the' questions 
and debates this week, as members make their way 
through the various health care plans, occasionally 
chiding them for dragging their feet 

But as the committee made its way through the 
arcana of Medicare Pan C and tbe like, it is hard to 
avoid the real drama, the climax of a two-year investi- 
gation into accusations that Mr. Rostenkowski mis- 
msed his office expense accounts. The members them- 
selves seem rattled. 


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Anti- War Past Blocks Nominee’s Senate Approval 


By Helen Dewar 

Washington Pa it Serrice 

WASHINGTON - Political 
differences from the Vietnam War 
have reappeared to deadlock the 
Senate, threatening the ambassa- 
dorial nomination of a former anti- 
war mililant, Sam W. Brown Jr. 

Mr. Brown’s supporters failed lo 
break a Republican-led filibuster 
against naming him the bead of the 
U.S. delegation at the Conference 
on Security and Cooperation in Eu- 
rope. . 

With the Senate voting 56 to 42 
on Wednesday in favor of ending 
the delaying tactics, Mr. Brown’s 
backers remained 4 short of the 60 
votes needed to invoke cloture and 
force the issue to a vote. Without 


cloture, a measure rarely voted, de- 
bate in the Senate can be limitless. 


Senator John F. Kory, Demo- 


crat of Massachusetts, who helped 
lead the fight for Mr. Brown’s con- 
firmation, said another vote to end 
tbe filibuster is possible after Con- 
gress returns June 7 from its Me- 
morial Day recess. If at least one 
more Republican breaks ranks, 
three Democrats of the four who 
voted to sustain the filibuster are 
prepared 10 switch and bring the 
issue 10 a vote, Mt. Kerry said. . 

Democrats who voted Wednes- 
day against ending the filibuster 
were Sam Nunn of Georgia, the 
Armed Services Committee chair- 
man; J. Jama Exon of Nebraska. 
Bob Kerrey of Nebraska and Ben 
Nighthorse Campbell of Colorado. 

Senator Hank Brown. Republi- 
can of Colorado, who led the oppo- 
sition, said he believed another 
vote was unlikely because, even if 
the filibuster were broken, the 


nomination is in serious trouble. 
He claimed at least 53 “clearly 
committed votes" against confir- 
mation. 

Mr. Brown’s appointment as 
head of the U.S. delegation to the 
Conference on Security and Coop- 
eration in Europe is not subject 10 
Senate approval. But without Sen- 
ate confirmation, he will not have 
status as an ambassador, a rank 
enjoyed by his predecessors and his 
European counterparts in the orga- 
nization. which is based in Vienna. 

If the Senate rejects die nomina- 
tion, President Bill Clinton would 
have to decide whether to keep Mr. 
Brown on the job without ambassa- 
dorial status. 

“He can do the job without iu" 
Mr. Kerry said. 

The debate echoed with many of 
the bitter feelings that character- 


ized U.S. internal differences over 
the Vietnam War, with Republi- 
cans attacking Mr. Brown’s views 
and his lack of military experience 
and Democrats defending his re- 
cord as a principled crusader. 

Mr. Clinton has a political stake 
in the outcome, not just because 
Mr. Brown was his nominee, but 
because tbe president himself was 
an opponent of the war and man- 
aged to avoid mililaty service. 

Mr. Brown “opposed actions to 
block communism” and should not 
now be put in a position to “deal 
with the world after communism,” 
said Senator Robert C. Smith. Re- 
publican of New Hampshire, accus- 
ing the administration of slighting 
veterans in favor of war protesters. 

“The U.S. Senate should not 
lynch a nominee on the basis of his 
exercise of his constitutional 


rights.” contended Mr. Kerry, de- 
scribing Mr. Brown as someone 
who always worked “within the 
system” and eventually became “a 


M' 


full-fledged American capitalist” 
and “the vice president of a shoe I 
company.” I 

A key point of dispute was a 1 
1977 interview in Penthouse maga- 
zine that quoted Mr. Brown as say- 
ing. “1 take second place lo no one 
in my halted of the intelligence 
agenda.’’ 

Mr. Kerry quoted Mr. Brown as 
saying the quotation “does not ac- 
curately reflect his views now or 
then” and was made in reference to 
a controversy at the time over CIA 
involvement with tbe Peace Corps, 
which he oversaw as head of AC- 
TION in the late 1970s. ACTION 
administers U.S. domestic volun- 
teer programs. 


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Russian Crime Gangs Threaten U.S., FBI Chief Says 


offers to iu guesb il* PGA golf enure 
that fm 60 stars has Nen the sit of the 
•SWISS OftEN*. You will also find a 
swimming pool a sauna, a beauty salon, 
two oouloor tennis courts and a kri more 
in a great erclosive ambiance. 


By R. Jeffrey Smith 

Washington Post Service 

WASHINGTON — Russian organized 
crime groups have made substantial inroads 
in the United States, engaging in such activi- 
ties as lax fraud, insurance scams and drug 
trafficking, according to the FBI director. 
Louis Freeh. 

Mr. Freeh told a Senate panel this week 
that the rapid growth of these groups posed 
“a mounting threat to the safety and well- 
being” of Americans. 

He also warned that the groups could 
obtain nuclear weapons materials or a nucle- 
ar bomb. 

“Such stolen weapons could be sold po- 
tentially to terrorists who could use them 
against tbe United States and other coun- 
tries," Mr. Freeh said. “We have all been 
fortunate — maybe lucky is a better word — 
that there apparently have been no nuclear 
thefts so far/ 

He added, however, that an international 
probe was under way into a possible theft 
from the Sl Petersburg area of two kilo- 
grams (about 4 Vi pounds) of highly -enriched 
uranium arable of bang used in a nuclear 
weapon. Thai is less than one-third the 
amount needed to fashion a erode nuclear 
device. 


Mr. Freeh’s blunt warnings at a hearing of 
the governmental affairs permanent imesti- 
gations subcommittee prefaced his an- 
nouncement that the FBI would soon open 
its first office in Moscow to forge anti-crime 
links with the Russian law enforcement com- 


Wednesday was the top Russian official 
charged with fighting organized crime. First 
Deputy Interior Minister Mikhail K. Ye- 


gorov, who confirmed and enlarged on Mr. 
Freeh's warnings about the threat to Aroeri- 


munity. 

This move and Mr. Freeh's depiction of a 
new threat to U.S. security come ai a time 
when federal intelligence-gathering and law 
enforcement agencies are under pressure to 
trim their budgets and develop new missions 
in the aftermath of the Cold War. 

As part of a new effort to cooperate with 
Russia, Mr. Freeb said he was willing to 
begin FBI training of Russian police officers 
in techniques for fighting organized crime. 
He also said he planned 10 establish a joint 
intelligence data base and install secure com- 
munication links to exchange leads or such 
groups. 

Details of the new cooperation effort are 
to be discussed when Mr. Freeh travels to 
Moscow next month with senior officials of 
the Treasury Department. State Department 
and the Drug Enforcement Administration. 

The FBI chief said tbe “template " for such 
cooperation was a 1981 arrangement with 
Italy that has sent hundreds of Mafia figures 
to prison in both countries. 

Seated near Mr, Freeh at the hearing 


According to information reaching Mos- 
cow. Mr. Yegorov said. 24 Russian organized 
crime groups were operating on U.S. territo- 
ry. principally in San Francisco. Los Ange- 
les. Miami. Chicago and New York. He said 
they were involved in “money laundering, 
illegal money transactions and narcotics." 

Mr Freeh said FBI proba of “Russian- 
/ Eurasian” organized crime and racketeer- 
ing had increased from 13 in 1992 to 35 early 
this year. He said, for example, dm the FBI 
had 'evidence that Russian emigres were 
working with Cosa Nostra' organizations to 
control the illegal u maxed sale of 50 million 
gallons 1 190 million liters) of gasoline a 
month, costing the Treasury $7 million a 


tnomn. 

Profits from the scheme were funneled 10 
import-export companies conducting busi- 
ness in Eurasia and to an organized crime 
figure in Moscow. Mr. Freeh said. He added 
that 1 8 individuals and three companies had 
pleaded guilt) to the fraud, including two 
people hunted down in Russia and returned 
to the United Slates. 


Mr. Freeh also noted that a Russian emi- 
gre affiliated with an organized crime group 
operating in the Baltic stales was convicted 
three years ago in a medical insurance billing 
scheme that netted S50 million. He said FBI 
data “clearly indicates" that Russian emigrts 
were laundering millions of U.S. dollars 
“that originated as rubies" and in some casa 
stemmed from criminal activities!. 

According to Mr. Yegorov, the United 
States is not alone in providing fertile ground 
for Russian criminals. He said 47 organized 
groups were operating in Germany and 60 

S is in Italy, often banding together with 
criminals to commit extortion, fraud or 
provide a conduit to the West for narcotics 
from Central Asia. 

Mr. Yegprov said that during the past 18 
months, his organization had invatigated 47 
criminal cases involving radioactive materi- 
als. including nine alleged thefts of highJy- 
enriched materials of the sort needed for 
nuclear weapons. 

While only one such theft involved “orga- 
nized crime groups.” he said this daager 
should be taken more seriously. 

Hans-Ludwig Zachert, president of Ger- 
many’s Federal Criminal Police, echoed Mr. 
Freeh’s warnings on the potential for trade in 
nuclear materials from the former Soviet 
Union and Eastern Europe: 


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MauEOikBi .Mam et Sene Momd 


laToraurinfl & resen auras 
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Key Accord on Haiti Embargo 


-Island Neighbor Vows to Plug Border Leaks 


j SANTO DOMINGO, Domiiu- 
! can Republic — The Dominion 
j government has promised to shut 
, its border with Haiti in support™ 
j the United Nations embargo 
against that nation's military ro- 
f gnne, according to US- bm UN 
officials. 

I The’ ‘ Dominican comnuimenl 


democratically elected president,, 
[he Reverend Jcan-Bertrand Aris- 
tide, to return to power. The nuU- 
tary deposed Father Aristide in a 
bloody coup in September 1991. 

Earlier embargoes of Haro have 
proved ineffective because huge 
amounts of goods, especially fuel, 
were smuggled from the Domini- 
can Republic. The two nations 


t held out the 


that the big- 


{ gest leak in the ; .. 

\ dosed, limiting the supplies 
| able to Haiti’s military -laden, Avbo 

I j.f international COW" 


■ auib iviltuu a i n 11 j 

j are-defying the international com- 
1 munity. Without Dominican coop- 
J cration there is little chant* that 
; the UN sanctions will work. 

| Dominican officials made the 
1 oommhmear Wednesday m 
! ing with the UN mediator, Dante 
1 cfputo, and the new US. «voy 
{ for Haiti, WjHiam H. Grayed 
’ The Untied Nations imposed a 
. sweeping new embargo^ e*‘j*u 
midnight Saturday, to 
military leaders to allow Haro 


After the meeting, au of the par- 
ticipants said it had been, cordial, 
andUS. and UN officials said the 
pQfjtijtican government had agreed 
to fully support the embargo. 

“ president Joaquin Balaguer has 


assured us that the Dominican Re- 
public will close completely its 
frontier with Haiti and conform 
with Resolution 917 of the Security 
Coundl of the United Nations,” 
Mr. Gray said. 

Earlier hr die day, the U.S. am- 
bassador to Haiti, william Swing, 
said the strict trade embargo had 
been violated repeatedly. 

Mr. Swing met with reporters at 
the Mai passe border crossing with 
the Dominican Republic, through 
which much of the smuggled fuel 
and other contraband goods pass. 
He said that oD was coming into 
Haiti. (Reuters, AT) 


to ask tte butter. 





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I Page 4 




INTERNATIONAL HERALD TRIBUNE, FRIDAY, MAY 27, 1994 


Singapore Fears a Chinese Upheaval 


By Michael Richardson 

International Herald Tribune 

SINGAPORE — Continued US. pressure 
.on human rights could contribute to a break- 
down of order in C hina that would drive mil- 
bp ns of Chinese to seek refuge overseas, Lee 
■ J4uan Yew, Singapore’s senior minister, said 
-Thursday. 

Reflecting a fear that is shared by virtually all 
| ^ether East Asian countries as China copes with 
major problems in changing from a centrally 
' planned economy to a market-based one, Mr. 
''Lee said that any upheaval in China could 
' result in “at least” 2G million Chinese refugees. 

. " “With the right of emigration a centerpiece 
• of the U.S. human rights movemen t, this nill be 
" ah enormous problem for East Asian countries 

! .and also for America," Mr. Lee said. 

He spoke just hours before President Bill 
-Clinton announced his decision on renewing 
most-favored-nalion trade benefits that al- 
lowed China to send more than S31 billion in 
■exports to the United Slates in 1993 at the 
- lowest tariffs, 

Lm Last June. Mr. Clinton said he would revoke 
those trade privileges this year unless China 
‘■made “overall, significant progress” on seven 
human rights issues, including earing emigre- 
lion, freeingpoliticai prisoners and ending re- 
pression in Tibet. 


Mr. Lee said it was a bad idea to link human 
rights and trade issues. 

“The best way to improve human rights in 
China is to open up its economy and therefore 
its society through investments, trade and tour- 
ism.'' be said. 

Mr. Lee said that on the issue of human 
rights, the influence of .Asian. African and Lar- 
in American countries would weigh more heavi- 
ly with China than the influence of the West. 

"U.S. human rights groups can continue 
publicizing and shaming China for its cruel and 
repressive treatment of Tibetans, and political 
dissidents, and all its other failings,” he said. 

But be added that China would “truly change 
only when its leaders are convinced that their 
conduct diminishes them, not with Americans 
and Europeans whom they consider cultural 
upstarts, but with other Asians. Africans and 
Latin Americans, peoples they identify with 
and want to be a leader of.” 

Even then, Mr. Lee said. China would 
“change in its own way.” 

He warned that if China was “seized by 
economic, political or social upheavals, the re- 
percussions will be great, affecting all of East 
Asia and all industrial nations.” 

Mr. Lee noted that during every major disor- 
der in China in the last 150 years, there were 
massive outflows of Chinese people into South- 
east Asia, the west coasts of the United States 


and Ca fifl/fa and Australia and New Zealand. 

East Aria also has a strategic slake in ensur- 
ing that China cooperates In settling major ■ v . 
security problems, such as North Korea's at- I 
tempts to develop nuclear weapons. Mr. Lee ■ - : - 

said (he United States shared this interest. 

He added that, as the Chinese economy grew 
in coming decades. Beijing might be able to 
develop a blue-water fleet to project its power 
across the oceans. 

“Before then, America, Japan and the other 
countries of East Asia should engage China and 
help it recognize that any resort to force would 
alter ihe trade and investment climate and 
damage China's growth.” Mr. Lee said. 

Asked why the United States should commit 
its military to help maintain a balance of power 
in the Aria-Pacific region when be and some 
other .Asian leaders said that their countries 
were incompatible with America, Mr. Lee re- 
plied: “We do not say that we are culturally and 
politically incompatible with America. What 
we do say is that we cannot be what your 
human rights groups want us to be. pale copies 
of America culturally and politically.” 

Despite objections from Mr. Clinton over 
Singapore’s recent c aning of an American teen- 
ager, Michael Fay. for vandalism. Mr. Lee 
indicated that relations with the United States 
continued to rest solidly on mutual economic 
and security interests. 






MS 'telrr'l 

.rffc 

, -.y. /Vfk. 





Vietnam and U.S. to Set Up Diplomatic Missions 

By George Esper 

The Associate J Press 

HANOI — Vietnam and the United States 
have agreed to establish diplomatic missions. 

“an important step toward the normalization of 
relations,” the Foreign Ministry announced 
Thursday. 

- The agreement comes more than 20 years 
after the two countries fought each other in a 
war in which 2 million Vietnamese and nearly 
40.000 Americans died. 

The Foreign Ministry said in a statement (hat 
the U.S. assistant secretary of state for East 
Asian and Pacific affairs. Winston Lord, and 
the Vietnamese deputy foreign minister. Le 
Mat had “exchanged letters concurring in the 
establishment of representative offices in their 
respective capitals.” 

. It did not say when the offices would open, 
but other officials have said the offices would 


open in two to three months. A spokesman said 
he had no additional details. 

Vietnamese officials said the offices would 
handle trade and business, tourism, culture and 
help in the fullest possible accounting of the 
2,233 Americans still listed as missing in action 
from the war. 

Vietnam lists 300.000 ol' its soldiers as miss- 
ing. 

The Clinton administration has made the 
establishment of diplomatic relations contin- 
gent on Vietnam providing more information 
on MlAs and on improving its record on hu- 
man rights. 

In Washington, the State Department 
spokesman. Mike McCurry. said Thursday that 
the date for opening the offices will depend on 
implementation of an agreement to return each 
other's diplomatic properties. “This office 
should facilitate progress on all issues of con- 
cern. particularly POW-MIA accounting," he 


said. “The liaison office also will enable us to 
provide services for an increasing number of 
Americans in Vietnam and advance our human 
rights dialogue." 

President Bill Clinton announced plans to 
establish the liaison offices when he lifted the 
1 9-year trade embargo against Vietnam on Feb. 
3. Since then relations between the countries 
have steadily improved. 

Mr. Lord is scheduled to visit Vietnam in late 
June for the second time in six months. 

The only official U.S. presence in Vietnam is 
the U.S. MIA office. Twenty-two Americans 
work there, including military and civilian spe- 
cialists, and three low-level Slate Department 
representatives. Vietnam's only presence in the 
United States is a mission at’ the United Na- 
tions in New York which is headed by an 
ambassador. 

Each mission will be staffed by 10 to 20 
diplomats and other personnel. 



Maud Centra/ AjarrFmr-Ptwc 


SHAPING UP — A sokfier woriring out on Tbnrsda) 1 at a barracks near TianaiMDen Stpnre iii 
Beijing. Security has been tightened ahead of the fiftb anniversary of the Jiroe 1989 crackdown. 


A Thai Whodunnit: Which Lawmakers Are Accused o 



By Phiitp Shenon 

Ne* York Tones Service 

BANGKOK. — Parliamentary sessions in 
Thailand have degenerated into a jittery guessing 
game as lawmakers struggle to figure out who 
else among them has been labeled a drug dealer 
by the II JS. government. 

One member of Parliament was forced to re- 
: sign this month after a federal court in California 
unsealed a 1991 indictment in which be had been 
charged with smuggling more than 45 tons of 
mar ijuana into the United States. His assets in 
the United States, including a home in Beverly 
Hills and a Mercedes-Benz, were seized under a 
court order. 

• Last week, the U.S. embassy in Bangkok con- 


firmed that a second member of the Thai Parlia- 
ment was refused a visa in March because there 
was “reason to believe” that he was “involved in 
illicit narcotics trafficking" 

The legislator. Mongkol Chongsuithamanee. 
bad appeared on the floor of Parliament in tears 
to insist that he was not a drug dealer and that he 
had never been barred from entering the United 
States. 

Thailand is a major international transship- 
ment point for drugs, especially for opium grown 
in border areas of neighboring Burma. 

The involvement of prominent Thai politi- 
cians and military commanders in the drug trade 
has long been known. The U.S. Stale Depart- 
ment said in a recent annual survey that efforts to 


control drug trafficking in Thailand were hin- 
dered by “the narcotics involvement of some 
politicians.” 

More names are likely to surface soon. Ac- 
cording to newspaper accounts in Bangkok. For- 
eign Minister Prasong Soonsiri told colleagues at 
a cabinet meeting lasL week that at least nine 
other members of Parliament and seven former 
members — all associated with opposition par- 
ties — were suspected by the United Stales of 
involvement in narcotics. 

His accusations led opposition members to 
walk out of Parliament in protest. When they 
relumed, they said his assertions were intended 
to embarrass the opposition, and some lawmak- 


ers demanded that the foreign minister resign 
unless Ik made the list of names public. 

“All of us politicians have to hide our faces in a 
bin,” said Phnote Suwanrhawee. an opposition 
legislator. 

By week's end, the charges had taken a biparti- 
san tone after news reports linked three other 
lawmakers to the drug trade. This rime the tar- 
gets are part of the governing coalition and 
include a deputy minister. 

UB. diplomats said that while they bad not 
presented the government with a list of legisla- 
tors suspected of drug charges, evidence com- 
piled by prosecutors and drug agents m the 
United States showed that several are involved. 



U.S. Hotel 

tVhereKao 
’ays 
Bias Fine 

. The Associated P™» 

BOSTON — A luxuO^'S'T 
-m 570,000 and allowibe state .o 

moatior its mmon^ W® 

tioestb settle a <fiscnmmaUon wnj 

plaint by employees who 

^sSvSg the prime rnnmter of 

India. . _ 

. The Four Seasons Hotelm Bos- 
ton admitted that it alto**? on 
white employees to serve P. V . N*- 

- {wariiha Rao during his stay 
ld,biitsaidi! vasctwiplyn)5J«5 “ 
request from Mr. Rao s security 
team.’ Hie Indian government de- 
nied making die request 

- : TbeMassachusetts Commission 
Against Disoirmnatioo oouW «* 
corroborate the hotel's chum, ou 
also ioahd that the bold did not 
/'discriminate on three other occur 
siotis'as alleged by workers. 

- The hotel agreed Wednesday to 
pay the fine, and said the manager 
who. kept the: workers away from 
the p rimft minister would be disa- 
plqtfitt The c omm ission wffl use the 
§70,000 to monitor the hotel for a 

.'year and train its employees and 
other -Boston-area employers in 
firir-en^GyizKnt laws* 

The hotcTs general manager has 
apologized and said the hotel 
would itatt burse (he workers $179 
each for lost tips. 

Father Wins Case 


“And over tune, some of that evidence has 
been pasted along to the Thais,” a U.S. official : 
said. . vi'.'V t’'-- »vv>; 

Some allegations go beyond lawmaiws triV 
their families. Interior Minister Chaovalit Yong- 
chaiyut stepped forward last week to say he 
might take legal action against politicians who 
tried to link his wife, a prominent business figure, 
to a major heroin case in Los Angeles. 

Mr. Mongkol, the legislator linked to narcotics .' 
trafficking by the embassy, was a dose aide to 
another legislator, Narong Wongwan^wbo near- 
ly became prime minister, two years ago but lost ' 
his chance after if was disclosed that he, tocthad ^ 
beeo denied a visa to tbe-Unired States because 
of drug aUegations/ 


. Reiners 

.STRASBOURG, France —The 
European Court of Human Rights 
rated Thursday that Ireland vidat- 
6tf the rights of-a father whose child 
bam out of wedlock was put up for* 
adoption without his knowledge or 
consent 

The court -ruled that Irish law 
violated the right of Joseph Keegan 

a fair^bhehearingto 1 custody of 
Ms daughter. He and the child's 
mother separated shortly before 
their daughter was born. Tne moth- 
er hderOffered the child for adop- 
tion. Umfet Irish law, die was not 
ttqmrid to inform tbe father be- 
cause they were not married. 

The court ordered Ireland to pay 
the father 10,000 Irish punts 
($14,780} for die “trauma, anxiety 
and feelings of injustice” he suf- 
fered in hbimsoDcessful attempt to 
win cnitady of the driki The court 



vanced in legal aid 


already 


Vietnam, Pressured, Frees Political Prisoner 


The Associated Press 

HANOI — A Vietnamese jailed 
for 16 years after trying to publish 
newspaper articles critical of the 
Communist government has been 
released and has gone to Australia 
to join his wife and daughter. For- 


eign Minister Gareth Evans of Aus- 
tralia said. 

Quach Vinh Nien is the first 
known political prisoner to be 
freed in recent times. His release 
apparently was a result of Austra- 


For investment iiilwiuulwni 

Reed 7W MONEY REPORT 
every Saturday in die HT 


lian and U.S. demands that Viet- 
nam improve its human rights re- 
cord. 

Mr. Evans said Mr. Nien arrived 
in Australia on May 1 1 after being 
released from prison earlier this 
year. His wife and daughter are 
both Australian citizens. 

Mr. Nien was arrested in 1978 
and sentenced in 1980 to life im- 
prisonment on charges of anti-gov- 
ernment activity and disloyalty. 


Russia Military Satellite • 
Lost a Day Alter Launch 

The .Associated Press 
MOSCOW — A military satel- 
lite has been lost, a day after its 
launch from the Plesetsk Cosmo- 
drome in northeastern Russia, the 
Itar-Tass new? agency reported 
Thursday. 

The report said the Cosmos-228 1 
satellite was launched Wednesday 
aboard a Tskilon-3 rocket. The sat- 
ellite failed to reach its orbit 


Envoy Says Russia Doubts North Korea Has Atomic Weapons 


The Associated Pros 

SEOUL — The Russian ambas- 
sador to South Korea, Georgi F. 
Kunadze, said in an interview pub- 
lished Thursday that North Korea 
did not appear to have built any 
atomic arms, despite U.S. fears to 
the contrary. 

“Russia does not believe that 
North Korea has developed nucle- 
ar weapons," Mr. Kunadze said in 


an interview with the newspaper 
Chosun Hba 

Mr. Kunadze, who served as 
Russian deputy foreign minister 
before being posted here, said 
North Korea should abide by all 
obligations imposed on it as a sig- 
natory to an international nuclear 
safeguards accord. 

North Korea, which signed the 
Nuclear Nonproliferation Treaty 


in 1985, annotmeed last year that it 
was quitting tire treaty, but sus- 
pended the derision a few months 
later undo: pressure. It so far has 
refused to allow full inspections of 
its nuclear installations as the trea- 
ty requires, raising fears in the 
West that the North Koreans were 
secretly brnkting atomic aims. 

The North’s refusal to allow foil 
inspections has deepened suspicion 
that the hard-line Marxist state 


might be developing nuclear, weap- 
ons, despite its repeated denials. 

In the interview, Mr. Kunadze 
faulted Noth Korea for blocking 
full inspections and. said Russia 
would not provide unclear technol- 
ogy to tbe North 

Mr Kunadze also renewed a 
Russian proposal to convene a 
multilateral forum to resolve the 
dispute. 


BOOKS 


BRIDGE 


THE NORWAY CHANNEL: 
-Hje Secret Talks that Led to 
the Middle East Peace Ac- 
cord 

By Jane Corbin. 213 pages. S22. 
Atlantic Monthly Press 

Reviewed by 
Benjamin Frankel 

T HE evolving accommodation 
between Israelis and Palestin- 
ians is a dramatic and moving sto- 
ry. Two peoples, burdened with 
painful histories and an acute sense 
of grievance and deprivation, both 
claim the territory between the Jor- 
dan River and the Mediterranean 
Sea as their national home. After 
decades of war and agony, the lead- 


of the two peoples have 
concluded that it is time for com- 
promise and reconciliation. 

Tbe implementation of this com- 
promise is complicated. Israelis are 
justifiably worried about their secu- 
rity. Palestinians have to reconcile 
themselves to a circumscribed ex- 
pression of their nationhood. In ad- 
dition. religious zealots on both 
sides reject the reconcilia lion be- 
tween the two communities. .Among 
the groups vying to destrov the 
peace process are the Islamic funda- 
mentalist Hamas movement and the 
fanatics among the Jewish settlers in 
the West Bank, many of whom are 
from Brooklyn, disciples of the rac- 
ist Rabbi Mdr Kahane. “The Nor- 
way Channel" does not do these 
complexities justice. 

What first alerts the reader that 


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this cannot possibly be a serious 
discussion of serious events is the 
author’s style. If the BBC reporter 
Jane Corbin has missed any cliche in 
the English language, it is surely not 
for lack of trying. She seems consti- 
tutionally incapable of using a noun 
without preceding it with a flowery 
adjective or a verb without qualify- 
ing it with a gushv adverb. The re- 
sult is a gooey, syrupy prose that 
manages to combine wide-eyed na- 
"vete and cloying sentimentality. 

There is in addition an air of 
earnest enthusiasm to the book usu- 
ally found in the journals of a pre- 
cious adolescent It is also apparent 
that she has watched loo many B 
movies; unfailingly — and unbeliev- 
ably — all the important decisions, 
all ihe crises in the negotiations and 
the resolutions of these crises always 
occur in the wee houp. It never 
crosses the author's mind that an 
agreement between Israelis and Pal- 
estinians would be a dramatic 
breakthrough even if it were agreed 
to during business hours. 

Corbin's gushy imprecision 
causes her to mislead in small 
things and large. Here is a small 
example: She describes Prime Min- 
ister Yitzhak Rabin as hating a 
“military bearing.” Now there are 
many adjectives one may use to 
describe Rabin — I prefer tense, 
brooding, cerebral, shy. introvert- 


WHAT THEY RE READING 


• Andrew Laird, bead of tbe hu- 
manities department at the Havd 
School in Berlin, is reading ‘'Ge- 
nius: The Life and Science of Rich - 
ard Feynnum" by James Gleick. 

"This biography of Richard 
Feynman has turned out to be a 
very absorbing read. It is easy to 
follow the events of postwar math 
and physics without basing to con- 
sult a text book.” 

(Michael Kalienbach, IHT) 



ed. suspicious, irritable — but no 
one familiar with Rabin — with his 
shuffling gait, baking speech and 
nervous habits — would ever mis- 
take his demeanor for anything re- 
sembling “military.” 

Corbin’s ignorance of history 
leads her to make more serious mis- 
takes. For example, she describes 
Foreign Minister Shimon Peres of 
IsraeL as “a man who had consis- 
tently pursued pease (sic!) with his 
Arab neighbors." In fact, the oppo- 
site is the case. For three decades — 
from tbe late ] 940s to the late 1970s 
— Peres was a leading hawk within 
tbe Israeli Labor movement, in the 
1950s be launched the Israeli nucle- 
ar bomb program, orchestrated the 


impressive development of Israel's 
military industries, initialed tbe in- 
timate military cooperation be- 
tween Israel and France, and was 
an ardent supporter of Moshe Da- 
yan’s hawkish policies. Peres, ever 
agile and creative, moved steadily 
to the dovish wing of Israeli politics 
since the late 1970s. but for most of 
his career he was on the other side. 

The book’s juvenile quality, 
however, is exhibited not only in its 
style and imprecision. Its underly- 
ing thesis is even more ludicrous. 
According to Corbin, tbe historic 
peace between Israel and the Pales- 
tinians happened because a group 
of Israeli, Palestinian and Norwe- 
gian individuals happened to 


“dick” (her word, endlessly repeat- 
ed) while meeting in ornate Norwe- 
gian guest houses, drinking good 
wine and eating baked salmon and 
steamed potatoes. Tbe author 
dwells so much on tbe guest houses’ 
and hotels’ furniture, interior de- 
sign and architecture, on the 
weather and landscape, on the 
drinks and food consumed by tbe 
negotiators, and on the partici- 
pants’ mood swings, that not much 
roan is left for the truly important 
story — an assessment of tne histo- 
ry and politics of the peace process. 

Tbe Israelis and die Palestinians 
are trying to pul an end to a history 
of violence and terror, of occupa- 
tion and subjugation, of suspicion 
and mistrust Their effort may yet 
laB. One thing is sure, though: 
Whether these worthy efforts suc- 
ceed or not it will have nothing to 
do with the quality of the accom- 
modations and the manner in 
which the potatoes are prepared in 
a faraway place. The success of ' 
Israeli-P&lestinian peace will be de- 
termined by the yearnings of suf- 
fering and exhausted peoples and 
the manner in whidi their leaders 
exercise their responsibilities. That 
story is yet to be written. 

Benjamin Frankel co -editor of 
the quarterly Security Studies, wrote 

this for The Washington Fast. 


. By Alan Truscott 

J ERRY. GOLDBERG, Bob 
Jaffe, Jane Dillenbezg, Nancy 
Kalow and J eff Rothstdn, won by 
more than 90 ingjs against a . 
group led by Charles Reich 
Manhattan, in the prestigious Von 
Zedtwitz Double Knockout Team 
Championship. 

In one room, as shown. North-. 
South reached four hearts after a 
transfer response to one no-trump. 
This would Succeed with normal 
breaks, but Goldberg as East was 
happy to double. South won the 
spade lead with the ace and led to 
the heart king, confirming his sus- 
picions about the bad split He then 
tried the queen and another club, 
hoping for. tricks in that suit. East 
ruffed and. .led the spade jade. 
Rothstdn as West overtook with 
the queen and shifted to tbe dittr 
mono jack. This was docked to 
Sooth, who won and led a high 
club, throwing a diamond Grom the 
dummy: East raffed and led die 
heart queen, and the dosed hand 
was not useless. South had to lose 
one more trump trick and two din- : 
mond tricks, for a penalty of 800. a 
heavy punishment for reaching a 
normal oon tract. 



vulnerability by jumping to two 
spades. Kalow bid three beans as 
North, and East tried to apply pres- 
sure by bidding four spades. Pa- 
ne feared an opposing five- 
contract, unaware that his 
partner held length in that suit. 

. Four sparks was doubled and 
could have bees defeated by two 
trickaafter a passive lead. But after 
the normal lead of tbe heart tong 
West was able to escape for down 
one by establishing a heart trick in 

the East hand. The result was a gain 
14 imps to the Goldberg team en 
route to victory. 

NORTH 
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In Sicily, a Liberation Chapter the Allies Won’t Note 


HOLES: Conclusive Proof Found 


By John Tagiiabue 

m,,..., . Yc,i Ttmn Senue 

4e& of thr mjri Jf 1 * 5 ’ r B “S» a Humeri site a; the 

°. 1 0f P^ 16 around hCTC » 

WflSd^a ,CS Speed >' occu P at * on «f sSy in 

riiS?"' 55 - 3 lotnal ° former who has been 

25“ 1%7 - 14 «" rauch 

VillalKa u i„ „ ^wion wfll not stop at 

Hi Jn h “ hc ' 1>,ls *«& *» help edebrate 
* * c of Rome by 

JSsSSSSi^ 1 ^ a!leod ‘he D-Day conunem- 
SfeShSJS? 06, p ^ s 10 mn Ando and Netlmw, 
and Rome where Allied 
h ° rc OD ,hc ItaUaR nuinland in Janu- 


Ihc lush garden that is central Sicily.'but the change* 
Over is an uphill struggle; and there are the prepara- 
tions for the annual Feast of the Tomato, celebrated 
in August. 

Viilalha’s moment of glory came in 1943 because 
of one of Mr. Plumeri’s predecessors, a prosperous 
local farmer named CaJogero Vizrini. known locally 
as Don Cajo. Mussolini’s Fascists haled him; the 
American invaders named him mayor, and most 
people around here say he was considerably more 
than just a footnote in the history of the invasion. 

"They came up Route 121 from Caliani&sctta. 
armored vehicles, jeeps," Mr. Plumeri recounted, 
mixing childhood memories with what older folks 
had told him about that sunny day. “One tank was 
hit near the turnoff when the Germans look (hem 
under fire, and a soldier died. 


those who remember, sitting in the sun on benches 
around the town’s main piazza and dressed m the 
customary soft peaked caps, oral his tor* is at best an 
inexact science. 

Bui Don Calo is recalled as a kind of Gandhi, a St. 
Francis in baggy high-rise trousers and suspenders 

"Don Calo was □ magnanimous person, a good 
man, not vindictive, despite the many outrages com- 
mitted." said Giuseppe Sdvaggio. 72. who "deserted 
his Italian Army unit in Rome at the twilight of the 
war and walked 40 days home to Sicily. 

For decades after the war. Villalba s politics were 
rock-solid Christian Democratic, though in the last 
elections the majority voted for Silvio Berlusconi, 
the magrute-turried-polilician who is prime minister 


M , «»*V, MAIM I* JVJUIWi y(VU. 

“* Anies actually stepped into Europe six "One guv took a white sheet and fixed it to a pole, 
months Garber, on July 9-10, 1943. when American and we all walked out. even us little kids, like a 
ESS 5 , Gea S c PSHon’s 7tb Army and parade,” hc recalled. “They only stayed 24 hours, 

onusn troops of General Sir Bernard Montgomery's and then pushed on to Palermo. But they named 


ofa rightist coalition that irali^ n&ifay.-ms for the night of the local cSvi “jw-oui and the 
first time since the war. But no one ever much liked cS w^ o oroSs ! “ dcr ’ ,l °° n 

the Fascists around Villalba. hSt ° pr ° - scnt ,n lns - unmen - ^ 


Sicily, including Don Calo a fnrad Giuyrppe Genco 
Russo, who was appointed mayor over in Musso- 
meli. a nearby farming village. 

But in 1974. an Italian parliamentary commission 
investigating the resurgence of organized crime con- 
cluded that at the time of his appointment during the 
American 7th Army's one-day \isi; io Villalba. Don 
Cato had probably been the boss of all bosses of the 
Mafia. Genco Russo, who late: succeeded him. was 
at the time his No. 2. 

When the black market sprouted in postwar eco- 
nomic confusion, the commission report said. Don 
Cato’s men ran iL 

When ihe Communists held a rally ia Vj||o]ba in 
Sepiembcr 1944 that ended in a shoot-out and the 
Right of the local Communist leader, n was Don 
taJo who probably sent in in- gunmen, the report 


Continued bum Page I 

praised the new findings. "From 
my point of view." he said, “this is 
reallv it. It reallv banes together 


of X-rays and other radiations. 
They were, it appeared, being 
sucked in by the Mack hole's gravi- 
tational pull. 

Mr. Lauer reported in 1992 that 


made amphibious landings from North 1300 Cal ° ^ "• 

| ° n ® ouches of Sicily’s southern coast. A Don Calo, be said, had established his fortune in 
-w/ 7} . rae island was in Allied controL the town in 1922, before the Fascists come to power, 
. 7°° 1 r«aUy mark the day," Mr. Humeri when he led disgruntled peasants who grabbed land 

aa £r“ ea - from the aristocratic absentee landlords. 


- Th * "“yor h3s other problems. His town of 2.300 
is nearly bankrupt; tomatoes have replaced lentils as 
the stock crop of this hardy farming community in 


Every peasant got a plot, he said, but Don Calo. 
with characteristic forethought, kept more than 
12.000 acres (4,800 hectares) for himself. Among 


Salvatore Sferazza, a 70-year-old war veteran, 
earned general consent or his listeners when he 
observed: “The laws Mussolini made were good. Bui 
il was ihe local Fascists who were bad." 

When Don Calo died in 1947. a death notice 
-lauded him: “He received from friends and foes 
alike, that most beautiful of ail tributes: He was a 
gentleman." 

Indeed, dozens of anii-Fusri*ts like Don Calo 
were named mayors when the Americans arrived in 


Senior Iraqi Envoy 
Is Expelled by U.S. 

Activities Violated Accord 


Fighting in Rwanda Hampers UN Aid 


By Thomas W. Uppman 

Washington Pan Service 

WASHINGTON — Iraq’s se- 
nior diplomat in Washington has 
been expelled from the United 
States for repeated violations of the 
agreement that allows Iraq to 
maintain a diplomatic presence 
here, according to State Depart- 
ment officials. 

The diplomat, Adnan Malilr at- 
tempted to lobby members of Con- 
gress, sent out news releases es- 
pousing an end to the United 
Nations economic embargo against 
his country and hired and fired 
staff members without notifying 
the State Department, all actions 
that were specifically prohibited, 
the U.S. officials said. 

Mr. Malik's expulsion was not 
announced, but tire State Depart- 
ment confirmed the move when 
asked about iL 

Transferred to Washington in 
February from Iraq’s UN mission, 
Mr. Mank began violating the rules 
within days of his arrival, accord- 
ing to a State Department official 
who monitored Us activities. He 
routinely circumvented regulatio n! 
that his predecessor had complied 
with for three years, tire official 
added. 

Mike McCuny,. the State De- 
partment spokesman, said Mr, M&- 
lik had been “attempting to func- 
tion as a foil-fledged diplomat,” 
although he was permitted only to 
provide consular services, such as 
issuing visas and renewing pass- 
ports of Iraqis in the Uni ted States. 

The United States and Iraq have 
not had diplomatic relations since 
the beginning erf the Gulf War in 
1991. As is common in such cases, 
the two countries pentnt each other 

in maintain limitfirt di plomati c 


lion” of the Algerian Embassy. 

Iraq and other countries without 
embassies in Washington, such as 
Vietnam and Cuba, have full- 
fledged diplomatic missions in 
New York. Thor envoys there are 
allowed to operate freely, although 
Washington often restricts thar 
travel outside the New York area. 

Iraq is free to replace Mr. Mahk 
in Washington but has not done so. 

■ Payments to War Victims 
A special United Nations body 
on Thursday approved first com- 
pensation payments, totaling S2.7 
million, to victims of Iraq’s occupa- 
tion of Kuwait in 1990-91, Reuters 
reported from Geneva. 

Carlos Afeamora, executive sec- 
retary of the UN compensation 
commission, said tire awards would 
gp to 670 individuals or families in 
16 countries who nude claims for 
personal injuries or death of dose 
relatives. 

“This is a first step that should 
restore the faith of tire miffirms 
around the world who are waiting 
for their turn to be compensated,” 
Mr. Alzamora said. 

He said the total payment, the 
balk of winch would go from the 
compensation fund administered 
by the commission to claimants in 
KnWait and Jordan as well as Sri : 
Lanka and Britain, would be made 
through governments in the next 
two weeks. 




_ rhrkaiwUivinrl-'RcurT. 

Pnme Munster-designate Faustin Twagiramungu of Rwanda in 
Paris on Thursday. He assailed the United Nations for not acting. 


By Donatella Lorch 

Xr* Y«v4 Tttrei Service 

NAIROBI — The heavy fighting 
in Kigali has made it impossible to 
distribute food to tens of thousands 
of people stranded in the Rwandan 
capital, relief officials say. 

Only a couple of UN cargo 
flights' have been able to land at the 
airport in recent days, and UN 
troops have not been resupplied for 
several days, said Roger Carter of 
Unicef. pan of a three- member UN 
relief team in Kigali that just ar- 
rived in Nairobi. 

The United Nations estimates 
that there are 50.000 10 70.000 peo- 
ple still in the capital. In the past 
few weeks, the United Nations has 
been able to reach only about 
12.500 Rwandans hiding in 
churches, hotels, orphanages and 
stadiums there. 

Now they have access 10 fewer 
than 3,000, and relief workers, un- 
able to get to their food warehouses 
on the front lines, have been able to 
distribute only high-proiein bis- 
cuits. 

“It’s quite a desperate situation 
in Kigali.” Mr. Carter said “People 
are hungry now. We’re going to see 
malnutrition. We can’t get to most 
areas because of the heavy fighting. 
Nine out of 10 times we get caught 
in the crossfire. The situation will 
get worse.” 

In Kigali on Wednesday, the 
hospital operated by the Interna- 
tional Committee of the Red Cross 
was hit by mortars that killed two 
of their Rwandan staff members 
and wounded several others. 

An American surgeon. John 
Sundin. said that staff members 


^urgence 0! organized crime con- h»e come as an anticlimax.' They 

ime of . js appointment during the could not imagine any wav other 

Vsoncday usi; 10 Villalba. Don than a black hole that so much 

been the boss of all bosses of the mass could be crammed in such a 

so. who late: succeeded him. was relatively small space. 

°* ~ Last year. John L Tomy. an 

market sprouted in postwar eco- astronomer ai Massachusetts Insti- 
ihe commission report said, Don rate of Technology, said. “Astrono- 

mers are 99.9 percent sure that 
lunists held a rally Ln ViibJba i n . 

at ended in a shoot-out and the h of b,i ?ck 
Communist leader, it was Don ai ’ C u U pils T ,lh 

VI . , . . , lished. Other galaxies with active 

Not that any of this escaped nonce of die Allied cores, like the one at M87. were 
occu F |ers ' assumed to harbor black holes. 

In his book, “Crime in .America." Senator Estes . Conditions at the nucleus of the 
Kefauver wrote how in the course or iavestigatine Milky Way. the galaxy that re- 
organized crime in the United States, he found clu . des tile solar system, are much 
indications that American intelligence agencies used quieter, scientists say. and so it is 
Mafiosi to contact anii-Fascist futures in Stcilv be- DOt c . Icar if il aj5 ° has a black hole, 
fore the invasion. That could explain whv Sicilv fell Still, the actual discovery was 
rather quickly. * * reassuring to the theorists because 

it seemed to rule out any conceiv- 
able alternative explanations for 
__ the observed phenomenon, like ev 

V T7VT A • iretnely dense clusters of ordinary 

Richard Harms, sice president of 

. , , Applied Research Corp. in Lan- 

<£P n i? tha il r' 0 ? dover - Maryland, one of the Hub- 

? lJ ? at .*** sla J 5 ad ble investigators, said. “If it’s not a 
*em five hours in sneliers the day black hole, it must be something 
tefore as shrapnel came through even harder to understand with our 
uUffliiAD j « present theories of astrophysics.” 

mcm ‘ Because bluet holes m invisible 
by definition, astronomers have 

££ I0 „, dcna of Ihelr exji . 
neonie oho ICi,L ‘ c ‘ dirough the effects thev have 

IhehospiraJ forlreamKnL on surrounding marrer. 

The Red Cro« hosnital i c .hi- . such piece of evidence was 


really it. It really hangs together Mr# ^ in ,992 *31 

and is very wetting. the increase of starlight toward the Pnpp / . ‘ 

For astronomy who were al- cenicr 0 f MS7 was slrong cireum- _ g 
ready bdicvcrs the discovery may SDnlia j evidence of a black hole. 


the hospital for treatment. 


The United States and Iraq have frozen after Baghdad's farces in- 
not had dqilomatic relations wim vaded Kuwait in August 1990, as 
the b^tnohig (rf the Gulf War ia wc h us vrrfmitaiy _ contributions 
1991. As is common in such cases, frpra donors, including Saudi Ara- 
the two countries permit each other bia and the United States, 
m maintain iwmtfirt di plomati c . But Mr. Alaunoia said that 

sions under the fla gy of other na- meeting tire first ni stallmen ts of the 
tioos. The United States has an next two categories of claims later 
office m Baghdad uiKler the flag of tins year would require “around 
Poland, while the three Iraqis sta- S!50imIBontiiat the compensation 
doited here are under the “proleo- fund does not currently possess.” 


from Iraqi assets abroad that woe EUROPE: Divergent Security Views Mark Meeting 

frozen after Baghdad’s farces in- - . .. - . •• .u. u.._ c .k . , r 


Continued from Page 1 

sive. Hungary raised a problem by 
insisting that representatives of the 
Hungarian minorities in Romania 
and Slovakia be included in the 
talks. Romania refused, diplomats 
said. 

“No agreemoit affecting the po- 
sition of minorities can be reached 
without consulting them or without 


their participation,*' said vhe Hun- Karl Schwaraenberg. chid aide 
garian foreign minister. Geza Jes- to Presideoi Vaclav Havel of the 


zenszky. 


Czech Republic, pointed to the EU 


Russia Asks UN to Back Move in Georsda 

£7 Edouard Bahadur, but has been 

By Paul Lewis known as tire Friends of Georgia, aroused apprehension among the Council to raise from 22 to around Si 

New York r.ma Service which cooasts of representatives of now independent former territories 200 the number of UN military f S?ff 5 ol,cy ’ "If con ; 


Some East European officials stales’ own problems in an inter- 
critidzed the Paris conference as view with the French daily Le Fi- 
patrooizing and even potentially garo, saying: “Can vou imagine a 
dangerous, since it could exaccr- roundtable organized in the French 
bate nationalist politics in their Basque country to discuss the 
countries. Other officials, even in Basque and Irish problems of 
Western Europe, privately called it France, Spain. Ireland and Britain 
hollow. under the benevolent eye of the 

Czechs and the Americans? No. 

nor can I." 

w* m /y The stability pact is the brain- 

F §/ v/ L'l/I CjLSAJt/ child of the French prime minister. 

Edouard BaUadur. but has been 


By Paul Lewis 

New York Tima Service 
UNITED NATIONS, New 
York — - Senior Russian, officials 
said Thunday that Moscow wants 
Security Council permission to 
quickly deploy a peacekeeping 
force of several thousand troops 
from Russia and. other members of 
the Commonwealth of Indepen- 
dent States for a period of up to six 
months in Georgia. They would re- 
inforce a fragile cease-fire there 
and oversee the return erf thou- 
sands of ref u gees from the dvil war 
in Gooigia. 

As a result of the Russian re- 
quest, made to a meeting of a group 


wmen conasis w iepresenianves ot now mdependent former territories 200 the number of UN military " T . lT i ? r 

R, 5®u’ ^^i 5*°^ S™"** ? r **“ Union - ^ f ««s observers deployed in Georgia and 5?!! °! 

and the United States, dmlnmtitc rnvM e-« a nr» w i M ,i Tnr r auu. mc United Nations Educational. 


and the United States, diplomats it could set a precedent for renewed 
say the council is likely to give its Russian military interference in ar- 
cautious assent to tire operation eas Moscow once ruled, 
next week. Russia sent forces into Georgia 

Although tbe Russian team, led last year to rescue President 
by Deputy Foreign Minister Boris Eduard Shevardnadze’s belea- 


Pasmkhov and Cokud General guered government from separatist 
Gcorgi Kondratyev of the Defense Abkhazi rebels, compelling him in 
Ministry, gave no date for the do- return to bring his country more 
ployxnent. Western diplomats deeply into Moscow’s sphere of in- 
formed tire impr e ssi on that they flu ence by joining ibe CIS. 

want to sod in tbe troops in June. To allay fears that Russia may 
The plan for a CIS peacekeeping harbor secret imperialist ambi- 
force in Georgia, expected to be tioos, diplomats say the Friends of 
predominately Russian, has Georgia group wants the Security 


Under a peace agreement signed Separately, in a further sign of 
in Moscow on May 14. the central the European Union looking' east. 
Geoigian government and the Ab- Mr. Bahadur and Chancellor Hel- 
khazian separatists have accepted a mui Kohl of Germany proposed 
cease-fire, the separation of their that potential EU members in Easi- 
forces and the return of many of em Europe he invited io jticnd 
the 200,000 or more refugees forced Union summits. The proposal «as 
from their homes by the civil war. made in a joint opinion column 
Tbe Security Council is unlikely Thursday in the daily Le Monde, 
to “approve" or even “authorize" .... „ 

ihe CIS QpemUrm hrwvevpr tAth, RcWt'rsI 


The Red Cross hospital is the sucn P ie « 01 evidence was closer to the galactic center to sec 

only working medical center in Ki- , °bservauon that the population if. as expected, the velocities woufc 
gali‘. Mr. Sundin said the main Ki- of sta rs grows denser toward the continue to increase. The new mea- 
gali hospital had been abandoned l ? n!er ^ nnny especially surements. Mr. Ford said, “would 

by its staff several days ago. after lh05C Wllb cores S^crating a blaze absolutely nail it down.” 
mortars killed 30 patients. Al- — 

though the Red Cross has aot been _ T a '* 

dS e fiS l ttee h ??^ ^y 11 ^ CHINA: Clinton Ends Rights Link 

2.000 patients who have been aban- ° 

doned there. Conthmed from Page 1 tus. or attach conditions to its re- 

Thougb most of the gove mmem - . , oewal. 

controlled territory is inaccessible 1 Man y American companies 

to the United Nations or relief Waxhinlw! feared that other nations, particu- 

workers. officials think the massa- SS i lar, y in £uro P e - would have 

cres have slowed, and fewer bodies t of human nghts eondi- stepped into the trading void, carv- 


He conceded, though, that absolute 
proof would have to await the Hub- 
ble repairs. 

Then it would be possible to gft 
observations of the starlight apd 
swirling gases even closer to the 
galactic nucleus, which would be 
sufficiently detailed so that than 
orbital velocities could be mea-' 
sured. Tbe matter should accelerate 
almost to the speed of light as ’it 
falls in toward the core, if it is filled 
with a supermassive black hole, he || ‘ > 

said. 1^ ’ 1 

The space telescope's faim-ob-L 
jeci spectrograph measured the ve- 
locity of the disk’s gases by obserir- i is identi* . 
ing the difference in ware length thefonnei • 
between the spectrum of light etrtii- any. He is : 
ted as it approaches the viewer and ibe'rs of the ; 
the spectrum it emits as it moves : Alliance • 
away on the other side of the whid- e Occhetio 
pool. The spiraling disk is rotating -nsidered a 
at a speed of 1.2 million miles (1.9 f the leftist > 
million kilometers] an hour. ' v’s recent \ 
From this measurement, Mr. r 

Harms said, the scientists applied \ Tw Berlus- i 
straightforward Newtonian physics r .j e f f p^i;. .. 
to calculate the mass of the imvi- is S j n o 
ble central object needed to keep re os the - 
the disk spinning so fast without its ; 

flying off in all directions. „ .. , ’ 

They estimated that the mass at : 

ihe core must be equivalent to that ■? 

of 2 billion Suns, perhaps 3 billion. . , 

Nothing ctf that magnitude couFfi K>ul P n ^ , 
be explained by ordinary’ phenome- 
na. the scientists concluded, only create 
by a black hole. broad 

The astronomers plan further * n £l°^Sax _ 
observations of M87. trying to get nl .P nv3l,_ 
closer to the galactic center to see raaie Ila ‘ 
if. as expected, the velocities would ■* 

continue to increase. The new mea- v **'*■ “ e . 
surements. Mr. Ford said, “would " ,er , 

absolutely nail it down.” i 10 ta * e ' • 

anks any- 

— ■ r- t a small ! 

' storsand • 

Ends Rights Link • 

tus. or attach conditions to its re- ^bosen by 
newal. ampany’s 

Many American companies “ nce d. is ■ 
feared that other nations, particu- ‘ rom ^ ' 


workers, officials think the massa- i hrn^r. riJhK SSi ,ar,y in £uro P e . would have as 

cres have slowed, and fewer bodies stepped into the trading void, carv- fesuh of 

been fitting down riv- HS*-,2J5r22. Si S ing oui n diaic of Lhe^rasi Chinese ? d = bl! 
ers. But as the two armies battle for munrlS had i. consumer market to the exclusion hon ^ 

the capital, hundreds have been 2JPESJP21 “E of American goods and services. “annual 

saarirssrM f-iatMts . , 

* S?* rasa broadcasts. gress and among security officials 

aresSut^k' t^R^iS 1,1 ^ retreated **“« 3 ^ap attic Chinese would "Jf. 

mSiSri k F ^ Rwandan f rom the rhetoric ofhis successful seriously undermine regional secu- jS 1 "* to 
*77^' . . . . . 1992 campaign for the White nl > r m Asia, particularly on the 

House, in whida he accused Preri- question of North Korea’s nuclear 
<fcnt George Bush of “coddling die- program. Also handing in the bal- 
& toM ^o re^MHf?hp tators" in Bojing. A more fumda- »nce were efforts by the Ointon 

Al mmlal Clinton campaign theme *g>« » S 


There were fears, as well in Con- 
gress and among security officials 
that a slap at the Chinese would 


strongholds in the hills outside Ki- 
gali it is unclear whether the dty is 
ready to fall into rebel hands. The 


*32E52iEt2£2ft, 

Of weapons and is well deployed. It “eemomic wnmM" f«r matters before the United Nations 


does, however, have a limited sup- fte narkm in^nrimacv ? 
dIv of food Uie nation — took primacy. 

Relief agencies have about >£■ Clinton’s decision was likely 

10.000 metric tons of com. beans tSSSfS!S£i 

and oil in seven warehouses on the 25S'.“ thepillyof 


providing “economic security" for before the United Nations 

the nation — took primacy. Security Council where Bey ing has 

Mr. Clinton's decision was likely a veto - 
to be seen as a watershed in U.S. Economists had reasoned that 


ring the 
ring the 
Igled to 
he found 
with the, 
e Minis- 
ulio An- 
Mitinued 
political 
ndustrial 


been inaccessible for more than 10 re J atl0nS m 


days and have probably been 
looted. Mr. Carter said. 

Many of those in need of food 
and water are women and children. 


erence to two other foreign policy 
pillars: economic security ana mili- 
tary security. 

The notion that the United 


M^ ^MO^^moTtiy ^ States would use its views about United Stares. wfiTch last year sold 
der age 10. have not been resup- h*™ 1 "ghts as leverage to pro- neatly $9 billion in goods to China, 
plied with food in over a d “* P 1 ^ 00 unrelated issues would have suffered more in 

Mnr<* than w and economic rdanons long run. 


ch the pillar of China, whose S3 1 billion in exports 
Lined but “de- to the United States last year 
stations in def- ranged from toys and textiles Jo 
foreign policy shoes and assault rifles, would have 
urity and mili- suffered more in the short term 
from a loss of trade privileges. But 
the United experts also suggested that the 
► views about United Stares, which last year sold 
erage to pro- nearly S9 billion in goods to China 


More than 200.000 people are in “ r ■ ms 

need of food assistanceon the out- ^ "any other nations, particu- 
ci*,„c .k. 'any in Asia. 


Mr. Ointon's agriculture secne- 


skirn <rf the capital. “JX H* .. . taiy, Mike Espy, had argued, for 

Mr. Carter said there was only apf> 11x81 ^ na w 83 one of ihe 

one doctor, a Ghanaian peacekeep- !?» 01051 important markets for U.S. 

er. at the airport. hJS n ^ ^ farmers. Bocmg, the big aerospace 

■ Cease-Fire Talks Planned “ tobbtad^^sfy 

sH 3, “o” 0 ^ “■ SjsKSJSff 31 ® 

ing the guerrillas had agreed ,o As hue as Thursda, uronriag. SlmmluLr’ * 
meet the government army' to dis- China declared that any U-S. san? orders irom Beijing, 
cuss a cease-fire plan, Reuiere re- uons would be “unacceptable." 71x6 hnkage of human rights to 
poned from Byumba, Rwanda. The Chinese had long said that relations came io prominence 
Iqbal Riza. a L^N special envoy, dropping favored trading status hi the mid-!970$ when Congress 
emerged from talks with General would result in retaliatory tariffs P 355 ** 1 311 amendment designed tb 

Pm 1 1 k onama .xf tKa DnM,n.-1». D n • n t I n a J «h1<t. C Aa J n . ■ - 


Paul Kagame of the Rwanda Patri- on U.S products 
otic Front and said: “We had very. Most- favored-nation trading 
useful discussions with Gener- status, or MFN. is enjoyed bv vir- 


or even “authorize" 


operation, however. 


al Kagame, and we agreed that the 
two military sides should meet in 
Kigali on Monday and work out a 
process towards a’ cease-fire." 

UN officers have cast doubt on 
the sincerity of the Rwanda Patri- 
otic Front’s agreement to seek a 
cease-fire given its continuing as- 
sault on the capital. Kigali, where 
they seem io be getting the upper 
hand in weeks of fighting. 


tually every nation with economic 


relax Soviet emigration resirio 
tions. The linkage with China was 
cemented in the aftermath of tbj? 
1989 democracy movement, whiti 


ties io tbe United States. It allows was violently crushed by the Chi : 
goods to be sold in the United nese authorities. *7 


States under relatively low tariffs. 

Dropping this status for China 
would nave raised import fees on 
all Chinese goods sold in the Unit- 
ed States from an average (rf 3.5 
percent to nearly 40 percent, begin- 
ning in July. Congress could still 
vote to deny China favorable sta- 


H liman rights groups had been 
pressing for a voluntary code ef 
conduct for U.S. companies doing 
business in China, one that would 
discourage the use of products 
made with prison labor and politi- 
cal indoctrination in the work- 
place. 


!RL Mr. 
s profes- 
o teach- 


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INTERNATIONAL 



PI'BLtMfEb WITH THfc NEW YOKK TIMM A^ID THE MASlilNUTOP POST 


U.S.-Japanese Fudge 


, -Tbs trade agreement announced this week 
■ Vf President BUI Clinton and Prime Minister 
Tsutomu Hata does not obligate Japan to stim- 
' Jlate its economy so as to absorb more imports, 
_3r open up markets or settle any other dispute. 
.But it does get trade talks back on track — a 
. •velcome reversal after the breakdown in Feb- 
i ruary. Talks should relieve the friction that has 
Ifocioed undue attention on a secondary issue 
the 550 billion bilateral trade imbalance — 
that drives these allies apart, rather than on Mr. 
Hata's stalled agenda of political and economic 
reforms that can pull them together. 

'Although Japan's overall trade surplus re- 
sults from its high savings rate, the unbalance 
with the United Slates is in part because of 
barriers that shut out US. exports and invest- 
ment. Most economists agree that the harm to 
the U.S economy is small. But Japan's prac- 
tices undermine confidence in trade rules and, 
most important for Mr. Clinton and Con- 
gress. hurt powerful constituents — like Mo- 
torola in the cellular phone market 

■U.S. officials say Japan has pledged to 
negotiate higher foreign penetration in five 


Health Care, Budget Care 


Congress went home on Thursday still try- 
ing to figure out how, if at all, to restructure 
the health care system. With regard to at least 
one aspect of the problem, cost containment, 
our own sense is that it has no choice. It has to 
act somehow, the government cannot afford 
the system as it stands. No payer can. 

I Some members of Congress have said in the 
past that the way to counter health care costs 
^-the federal share, at any rate — would be to 
impose an entitlement cap. The cap would 
force the necessary cuts, if not in health care, 
then in other entitlement programs to make 
room for health care. The Washington Post 
has been among those opposed to a cap on 
grounds that it would be a cop-out — another 
broad promise to achieve great savings by 
cutting specific programs in the future instead 
of cutting them up front But if Congress fails 
to provide Tor such cuts up front when given 
the chance, if it fails to enact a credible health 
care cost containment mechanism — well, 
what is left but an entitlement cap? The cap 
becomes harder to resist. 

There is already a cap on the third of the 
budget subject to the appropriations process. 
It is a crude device, but it is working pretty 
wdL forcing the administration and Congress 
to make choices they would otherwise finesse. 
Cappers say there needs to be a similar ceiling 
on the entitlements side of the budget, or else 
the deficit, so painfully reduced last year, will 
soon start to rise again. 


Blowing a Smoke Screen 


Americans generally think it unsporting to 
kick an opponent who is down. But the 
sellers of cigarettes, given their history of 
arrogance and mendacity, provide a target 
loo tempting, and deserving, to resist. So 
here is a cheer for the state of Mississippi, 
which is suing 13 cigarette manufacturers for 
the cost of medical programs that support 
victims of smoking-related illnesses. 

The tobacco industry, a resourceful oppo- 
nent, is of course hitting back — with a libel 
suit here, a ballot initiative there and, all 
America, an advertising campaign disputing 
government claims that secondhand smoke is 
a health hazard. The campaign started this 
week, just 10 or so days after the House 
Subcommittee on Health and the Environ- 
ment approved the Smoke-Free Environment 
Act to protect Americans from secondhand 
smoke. The bill, which requires smoke-free 
spaces in virtually all nonresidential build- 
ings, has a long way to go before it becomes a 
law. Neither is it perfect: restaurants and 
prisons, for example, are excluded from its 
provisions. Still, it marks the first time in 10 
years that the subcommittee has succeeded in 
passing significant anti-smoking legislation. 

Such legislation is not needed, if one be- 


lieves the industry’s advertising campaign, 
which relies on a methodology — cigarette 
equivalence — rejected by both the U.S. 
surgeon general and the Environmental Pro- 
tection Agency. For example, the ad con- 
tends that a nonsmoker sharing an office for 
a whole month with a smoker would, on 
average, be exposed to secondhand smoke 
equivalent to smoking only about one and a 
quarter cigarettes. That may be true if one 
looks only at nicotine, as the ad’s sponsors 
did, because nicotine is rapidly depleted 
from the air. But if one looks at other com- 
pounds (there are thousands of chemicals in 
cigarette smoke, many of them dangerous 
carcinogens), the cigarette equivalent mea- 
sures are hundreds of times higher. 

The Smoke-Free Environment Act is clear- 
ly needed if one believes instead the EPA. the 
Centers for Disease Control, the American 
Medical Association and every independent 
health organization that has analyzed the is- 
sue and decided that secondhand smoke is 
responsible for thousands of deaths every 
year. Weigh that evidence, and it is fair to 
conclude that once again the tobacco industry 
is blowing smoke in America's eyes. 

— THE HEW YORK TIMES. 


Other Comment 

Rwanda: The Strong Must Help Bad Thane for a Trade Accord 


We thought we had seen all the barbarity of 
this terrible century, but the genocide in Rwan- 
da has touched the deepest abyss of cruelty. 
About half the Tutsi population has been mas- 
sacred, cut to pieces, myriad horrendous homi- 
cides perpetrated by bloodthirsty bands. The 
conflict that incited these horrors isn't politi- 
cal, ideological or religious, but ethnic. The 
roots are in the secular domination of the 
minority Tutsis over the majority Hutus. 

Why haven’t the neighboring African 
countries, .African political organizations, 
the North Atlantic Treaty Organization and 
the great powers of the worid put an end 
to the massacre? We can't passively allow the 
primitive cruelty of the Rwanda conflict, as 
well as other conflicts elsewhere, to become 
the model for society. 

Responsibility lies above all with those 
countries that have the greatest resources, 
wealth and military power. 

— Corriere delta Sera (Milani. 


It must be a mark of the Clinton adminis- 
tration's political immaturity that the United 
Slates should choose the present moment to 
tty to get the stalled economic framework 
talks with Japan going again. Washington is 
demonstrating yet again that its foreign policy 
is driven by economics only. 

Prime Minister Tsutomu Hata’s hold on 
power is so tenuous that any agreement 
reached between Japan and the United Slates 
is unlikely to be worth the paper it is written 
on. unless explicitly underwritten by ah politi- 
cal parties in Japan. Yet the Liberal Demo- 
crats and others jockeying for power will wish 
to keep their future policy options open. 

In the absence of a strong government in 
Japan, United States trade negotiators are. 
ironically, having lo deal with the very bu- 
reaucrats who could thwart the economic 
deregulation process needed to underpin 
any framework agreement 

— The Business Times (Singapore). 



International Herald Tribune 

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FRIDAY, MAY 27, 1994 

OPINION 


D-Day + 


specific sectors and use quantitative criteria to 
measure success. Japan won a pledge that the 
United States would not seek numerical tar- 
gets. Exactly what these pledges mean is un- 
clear. “Numerical targets." for example, is not 
defined. Washington uses the term to refer 
only to targets that would set market shares 
for foreign goods: that leaves the United 
States free to demand other types of numeri- 
cal benchmarks, such as the number of Japa- 
nese automobile dealers that sell foreign cars. 

The danger is that this type or ambiguity, as 
so often in the past, will trigger mutual ani- 
mosity as each country accuses the other of 
failing to live by its promises. But both leaders 
need resolution. Mr. Clinton wants to reas- 
sure anxious currency traders that he can 
settle trade disputes with Japan without driv- 
ing the dollar to lower levels; Mr. Hata needs 
to prove at home that his fragile coalition can 
govern. They have good reason to hammer out 
a series of accords that will give exporters a 
fair shot at Japanese consumers and thereby 
end spats over the bilateral trade deflciL 
— THE HEW YORK TIMES. 


W ASHINGTON —An officer in Her Majes- 
ty’s aimed forces was recently heard to 
quip that the Allies would not have invaded 
Normandy if they had known how difficult it 
would be to commemorate it. Fifty years after 
the historic invasion of France by the Allied 
Expeditionary Forces, a high- visibility program 
has been planned, but the scheduled events have 
caused more than a little consternation. 

Germany and Russia are offended that they 
have been excluded, and President Bill Clinton, 
who has no wartime experience, is calling in 
consultants to come up with an appropriate 
theme. Finding the right message will be diffi- 
cult because a decision was made to mark this 
historic event in the traditional way — which 
seems not only outdated but wholly inadequate 
in today's international enviroomenL 
The world is a very different place 50 years 
later. The Germans, the evil-incarnate enemy, 
are now a united, democratic country, an impor- 
tant US. ally and the linchpin of stability in 
Europe. And one of the critical players on the 
allien side no longer exists. The Soviet Union, 
which heroically beat back Nazi attempts to 
conquer it, has splintered into a mostly non- 
CommunisL multi-country region. 

Rather than deal with these new compticaiing 
factors, the French, hosts of the D-Day events, 
adapted a formula that accomplishes no particu- 
lar objective. It does not place essential focus on 
the veterans, who are bound to be overshadowed 
by too many politicians, nor does it give the 
parti dp aline heads of state an opportunity to 
draw on D-Day's contemporary meaning. 
Finding a way to reconcile wartime comment- 


By Susan Eisenhower - 

orations when the enemy is now your ally has 
been a problem for some time. Ronald Reagan 
used the 40th anniversary Tot great rfaetoncal 
benefit, but then felt he bod to “nuke it op” to 
the Germans. After D-Day plus 40 (and Bilbuig), 
Weston diplomats apparently promised the Ger- 
mans that thq^ would oc induaedeo the 50th. . 

Of the nine beads of state whom the French 
have invited, it is known that Germany and 
Russia are not among them. This is unfortunate. 
If any heads of state were going to participate, 
inclusion should have been the order of the day. 
The reason for it is simple: Who the protagonists 
were in 1944 is not neatly as important or rele- 
vant as the nature of the struggle itself. 

The “great crusade." as Dwight Eisenhower, 
my grandfather, called it, was assembled to de- 
feat fascism. This was successfully done, and 
Germany went thxooj’b the painful process of de- 
Narification. Renegmg on. our earlier promise 
now implies that we harbor some belief that the 
Germans have a kind of ethnic original sin. 

The decision to exclude also constitutes the 
loss of a real opportunity. Many contemporary 
Germans regard the allied victory as the “libera- 
tion” of their country from the fascist grip, and 
they express gratitude that history turned out as 
it aid. The German presence on the Normandy 
beaches for the 50th would have given legitimacy 
to that feeling in Germany, and emphasized 
Boon's own commitment to keeping fascism 
from ever dominating political life a gain. 

It was also wrong not to extend an invitation 


You can make a lot of arguments against 
such a cap. Entitlements are a false category, 
an arbitrary lumping together of unlike pro- 
grams {although the same can of course be 
said of appropriations). The word is a euphe- 
mism mainly for aid to the elderly in the form 
of Social Security and the payment of health 
care costs through Medicare and Medicaid. 
The health care costs are the ones that are 
driving the budget They are the ones that 
should be contained, and other programs, 
including the rest of the federal support sys- 
tem for the poor, should not be put at risk 
because of them. Most cap proposals also 
leave out tax entitlements — the mortgage 
interest deduction, for example. Those should 
be put at risk as well. A cap is also likely to 
produce not so much genuine savings as 
shifts. Particularly in health care, costs now 
borne by the federal government will simply 
be shifted to the states or private payers. That 
reduces the deficit more than it helps the 
society; there is a better way. 

But tf Congress won't do the right thing, 
which is to face up to health care costs directly, 
then maybe it ought to pul agun to its head in 
the form of an entitlement cap. The health care 
problem is also a budget problem. Unless you 
solve the problem of health care costs, you 
cannot provide even the health care the country 
needs. The members need to think about that 
amid the swirl of pressures back home. 

— THE WASHINGTON POST. 


In Fact, Greater China May Be Mostly in the Mind 


T AIPEI — Investment bankers 
love catchphrases. In the past 18 
months vast amounts of other peo- 
ple’s money have been marshaled un- 
der the banner of Greater C hina. 
Here was gathered the genius of the 
Chinese people — the manpower and 
resources of the mainland, the manu- 
facturing expertise of Taiwan and the 
trading and investment know-how of 
Hong Kong. Watch out, the WesL 
Watch out. Japan. Here comes China! 

It’s not that simple. The closer one 
looks at the economic relationship 
between the various “Chinas” and 
between them and the rest of the 
world, the less substance there seems 
to be in the concept of ever closer 
integration into one economic zone. 

It may not look that way from the 
trade statistics and capital flows, 
which appear to show ever more rap- 
idly growing interdependence. But 
much of this seems to have far more 
to do with short-term opportunity 
than with long-term complementarity. 

The inoompaiibiliry of the systems 
will mean that once export processing 
reaches a plateau, integration will 
slow drastically, at least as far as 
Taiwan and the mainl and are con- 
cerned. Identifying where that point 
Ues is difficult, tot it is probably 
much closer than most imagine. 

For Taiwan, trade (all officially in- 
direct) with the mainland has grown 
rapidly from negligible levels six years 
ago. It now accounts for roughly 20 
percent of Taiwan's exports. 

For Hong Kong, the mainland is 
the destination of 28 percent erf do- 
mestic exports and the source or des- 
tination of 90 percent of its re-export 
trade, which itself accounts for 80 
percent of all Hong Kong exports. As 
for the mainland, slightly over 50 
percent of its total exports are 
through or to Hong Kong. 

Figures on investment are harder 
to come by. Chinese statistics show 
Hong Kong accounting for an accu- 
mulated 64 percent of contracted in- 
vestment, and Taiwan 8 percent But 
there is a big gap between actual and 
contracted. Much Taiwan investment 
is through Hong Kong, and much 
“Hong Kong” investment is “black" 
mainland money siphoned off and 
recycled to avoid lax and exchange 
control. A reasonable guesstimate is 
that SIS billion has come in from 
both Hong Kong and Taiwan. So the 
total of S30 billion roughly matches 
the amount of mainland money that 
has flowed into Hong Kong. 

But beyond share and property pur- 
chases, much of the integration is 
ephemeral. .Almost all South China 
exports are the products of outward 
processing industries either owned by 
Hong Kong and Taiwan or entirely 


By Philip Bowring 


beholden to the sourcing needs of 
Hong Kong- or Taiwan-based traders. 

No figures on value added in Chi- 
na are available, but estimates range 
from 10 to 25 percent on the gross 
export value, or an average IS per- 
cent This would mean that China is 
making no more than Hong Kong, 
whose marg ins on re-exports of Chi- 
nese origin are 15 percent or more. 
(Some of this ends up back in the 
hands of corrupt mainlanders.) 

Beyond the use of cheap mainland 
labor, there is scant indication of in- 
tegration. The mainland's share of 
Hong Kong's retained imports has 
been falling and is now only 6 percenL 

Its share of Taiwan imports is only 
2 percent That is partly due to Tai- 
wan restrictions, but it is more a re- 
sult of lack of salable items. Unoffi- 
cial estimates suggest that 80 percent 
of Taiwan's exports to the mainland 
are related to Taiwan-organized out- 
ward processing — the very kind of 
low value-added activity that could 
be shifted out of South China as 
quickly as it was moved in. 

In the case of Taiwan manufactur- 
ers, some vertical integration has tak- 
en place. For some small component 
suppliers, who are so important to 
Taiwan industrial capability, a move 
to the mainland along with end-pro- 
duct producers has attractions of lan- 
guage and culture not available in 
alternative locations such as Thai- 
land or Indonesia. There is the hope, 
too, of eventual access to China's 
domestic market But outride the real 
estate sector there is still scant evi- 
dence of long-term money bring in- 
vested on the mainland. 

There is plenty of talk but little 
action. Uncertainties range from per- 
sonal security to political stability to 
tax policies and fears of difficulty in 
repatriating. From the Chinese side. 


however cheap and pliable the labor. 

Much of China’s export economy 
is of the enclave sort. Even within the 
southern coastal provinces there is 
limited integration. Transport be- 
tween Guangdong and neighboring 
Fujian is poor, so that beyond the 
Pearl River delta, with its direct ac- 
cess to Hong Kong, and towns with 
access lo Fijian’s port at Xiamen, die 
links fade quickly. 

Although much is made of the im- 
pact that direct Taiwan-mainland 
links could have in spurring integra- 
tion, there are good inf rastucture rea- 
sons why most Taiwan investment is 
in Guan gdong , not just across the 
straits in Fujian. 

Nor is there any likelihood that 
Beijing wfll allow free movement of 
capital within Greater China or cre- 
ate a currency in winch Hong Kong 
and Taiwan people might have some 
confidence. 

Least of all is there any suggestion 
of the creation of a Greater China 
labor markeL Indeed, avoidance of it 
may be Hong Kong's biggest future 
challenge, and even the Taiwan Strait 
may be insufficiently wide for Taiwan. 

Hong Kong may now have gone 
too far down the road of de-industri- 
alization and reliance mi China. It is 
still the nerve center of some compet- 
itive high-technology manufacturing! 
But even without post- 1997 political 
integration, it would be bard to re- 
verse the trend erf the past 10 years. 


temtoacs-The United States and Eu- 
rope have pledged a lot erf money to 
i^pimik&meFriestxiiian areas viable. 
It 'should .start flowing now. Waiting 
until there is a solid administration 
would besrif -defeating 
But in other parts of the world, 
firing hasn't .even begun . beyond 
empty, . often misleading gestures. 


Human Rights a Trade Issue? 


allowing foreign investors access to 
demesne markets would be counter- 

E reductive if the foreigners reaped 
uge profits because of China’s high 
import barriers. 

The past three years have seen a teg 
flow of Taiwan money to the main- 
land, but it is no bigger than an earlier 
outflow from Taiwan that went mostly 
to Southeast Aria. Non-mainland lo- 
cations ranging from Vietnam to Su- 
bic Bay to Mexico and Hungary may 
see the' next wave erf Taiwan money. 

In any case, the rate of outflow wfll 
slow. Many of the most labor-inten- 
sive industries have already left, and 
Taiwan's capital surplus has shrunk 
to almost nothing European and 
North American barriers against 
Chinese products will also deter reli- 
ance on China as a production center. 


By Stanley A. Weiss 

L ONDON — According to China's 
/ finance minister, when it cocoes 
to human rights Washington has a 
triple standard. “For their own hu- 
man rights problems they close their 
eyes. For some other countries’ hu- 
man rights questions they open one 
eye anasbut the other. Arid for China 
[hey open both eyes and stare." 

It is hard to argue that there is not 
arbitrariness in America’s human 
rights sanctions. Eleven countries are 
denied most-favored- nation trade sta- 
tus at present. But only two of the 
right states designated “most repres- 
sive” by the State Department, Cuba 
and North Korea, are among them. 

And of the seven states on the offi- 
cial terrorism list, only those same two 
do not have ready access to the Ameri- 
can market. Some of the seven are 
entitled to most-favored status be- 
cause they are GATT members. For 
others (lie reasons are rdaled to 


Bull Run III: A Lot of Mickey Mouse 



W ASHINGTON — When 
word reached the US. capi- 
tal that the fust major battle of die 
Civil War was to be fought at Bull 
Run. a little stream near Manassas, 
Virginia, all of social Washington 
packed luncheon baskets and 
turned out in buggies to witness iL 
Hours later, they streamed back 
in panic. The rebels had won: the 
capital was in danger. That first 
battle of Bull Run, as well as Sec- 
ond Manassas later, sent a frisson 
of (ear into the heart or the Union. 
Fast-forward 13 decades. 

A little band of welJ-credcn doled 
historians, litigating greens, liberal 
columnists and self-protective 
landowners have drawn together in 
paternalistic protection, rendering 
Lhe principle of artistic expression 
weak and contemptible. 

Wait; sometimes iconoclasm 
goes too far. Artistic expression? 
It's a commercial Disney theme 
park, a magnet for boi-dog stands 
and exhaust-belching traffic, rip- 
ping off the public for S163 million 
in road-building costs just 3 miles 
f5 kilometers'! from the hallowed 
ground where an Alabama officer 
shouted lo his troops: “There 
stands Jackson like a stone wall — 
rally behind the Virginians!" 

Yes. If Buil Run Hi is to be 
merely a battle between history* 
minded preservationists and profit- 
minded land developers, that's fine; 
environmental impact will compete 
with the benefit of thousands of 
new jobs and will result in a com- 
promise balancing property rights 
with zoning powers. 

But if it is to be a dash of cul- 


By William S afire 

tores, with armies of elitists drawn 
up in vast array against the multi- 
tudes of average families that Lyn- 
don Johnson used to call “the pee- 
pul." then we have a war of taste 
worthy of the field near which 
it will be fought. 

A theme park is a fantasy; no 
matter how frightening its plastic 
dinosaurs or appealing its Cinder- 
el las, the park is an idealized 
world. The critics say that’s O.K. 
when you’re marketing Mickey 
Mouse, but wrong — worse than 
wrong, vulgar — when dealing 
with anything as sacrosanct as 
American history. 

My colleague Russell Baker sati- 
rized the growing success of theme 
parks with his theme family” liv- 
ing artificial lives in a theme town, 
all nice and fake. My colleague 
Frank Rich dissected the “larger 
struggle between theme-park 

America and authentic America.” 

Going overboard. The Washing- 
ton Post's Jonathan Yardley foam- 
ingly denounced die conservatism 

opposed to the curtailment of 
theme parks as “a force for the 
diminution or elimination of bant- 
ers erected by government against 
the uncontrolled exercise of indi- 
vidual and institutional avarice." 

Hold on. Historians fear that the 
ibeme-parkers. as they move past 
Famasylands and into the real past, 
will dcfiberaidy falsify history. The 
professional historians worry that 
the wrong people are going to inter- 
pret — overdramatize, perhaps 


prettify — the reality of our past 
Those historians are right when 
they warn of the encroachment of 
any commercial enterprise on park 
lands set aside for reverential study 
of past wars, on the i limited ground 
of protecting historic sites. 

But they are intellectually arro- 
gant when trying to block the con- 
struction of a commercial project 
on the grounds that it might mis- 
interpret the past 
I thought Oliver Stone, the film 
director, was wildly kooky in his 
film about JFK. claiming that the 
entire government was involved in 
a vast conspiracy. I happily dero- 
gate the film, as most historians do. 
Butl would not join a movement to 
block his filming of his nutty inter- 
pretation, or in any way censor it 
He is an artist expressing himself . 
lor fun and profiL 
Faced with in authenticity, histori- 
ans should compete with what they 
believe is the way it really was. U 

they cannot persuade the developers 
to let them influence the portrayal of 
the past, then they me obliged to 
denounce fuzzy interpretations and 
to rebut the rewriting erf history — 
and should their worn fears come 
true, to picket Disney’s America. 

But oot. to join the pretentious 
amalgam of self-appointed arbiters 
of culture, green peaceniks, local 
zoning lawyers and Vhgfoia’s. fox- 
hunting set to stop its presentation. 

Historians don’t own history. ^ 
Some say that the Alabaman who - 
gave Stonewall Jackson hts sobri- * 
quet wascomplaraiflc that the Con- 
fedcrate general wouldn’icharge. 

The New York Times. ■ ' . 


n . 1 It’s Broke, 

Kussmns So Get Busy 

to the Russians, and perhaps other countries of # T ■ 

the former Soviet Union. Failing to do so synx mV^TSYIO* II 

boticalty decouples the Easton and Weston - Jl Li% B 1 1 

fronts, and ignores the inmact that the .Soviet 

effort had on the anxcss of D-Day. n«- Flnra Lewis 

Failing lo invite the former Soviets bai given r,w • .. Jf •. 

credence to those in the East who say the West T} aRJS — Americans 
never appreciated their rde in defeating Hitler. jy ain’t broke, don't fix il hk 
S uch an omission also deepens the sense of isola* . foe equal weight. If » ni r7 
tion that is now widdy /dt all over the regioni . ■ ffofog and you haven't suCce p£'T 

Although Americans tend to play down the . more closely at the problem, 

importance of symbolism, it is a highly, potent take another approach, and try 

force in many other countries around the worid. ^ problems which wont 

It is intriguing, for instance, that on V-E Day . yield to the ualal solutions with some 

phis 10 years, Germany became a full manber of knaenatian and a shift of mental 

NATO- The dates agreed upon -by the United foj t don’t give up. 

Stales and its allies must have been a dearly - The cranky, querulous worid lac» 
calculated effort to demonstrate Germany’s re- . ^ both kinds just now. 

birth as a member of the international communt- South Africa ana Isracl-Paleshne 

ty. Why then is it so difficult some 40 years later? have started to ffc themselves, at long 

Asm so many other instances, the world waits ; pajpje didn't suddenly change 

for UA leadership. Washington should have m- thdr natureand turn sweet-tanperoi 
asted on ccxnpleteinduson as a prerequisite tor- Ri ft ftwir finally came to see 

presidential partsapanon. If cot, the conmianora-^ that endless conflict meant endless hu- 

tion should have remained a veterans’ affair. mw cost and settled nothing. Only 

The presence of <iennany and Russia would - coumroniise could offer a new start, 
have helped to heal the wounds that re main . It So far, ! South Africa, with miracu- 

would also have underscored that those aflies foukiy dear - minded, rational leaders, 
who fought not only won the war against fascism. ^ moving smoothly Nobody knows 

Their ultimate sacrifice paved the way far a new bow long Nelson Mandela will be 

Europe of peaceful democratic countries. / abie towm acc ep tance from his peo- 

- — - - ' pie that their urgent needs cannot be 

The writer is chairman of-the Center Tor 'Fort- me t fey puffing the economy apart, 
Soviet Sadies in Chewy Chase, Maryland, and wiu ; : oaty-ty broadening and streitgtheu- 
be in Normandy on D-Dep with ABC She amtrfa ' fog it But he is starting wdL He is a 

uted this comment to The Washington Post reaKstas well as a humanist. 

' — Things are rockier in Israel- Pales- 

tine. Prtme Minister Yitzhak Rabin 
• -a •■mjr#.- - and Chairman Yasser Arafat know 

m tlip Mind . that ihetr personal fate is cooimitted 
U113 ITIUIU to nakfog*^ agreement work, but 
, they are not hdpingeadi other. They 

Yet it would do wdl to pay more arc scoring smaQpofots, each proviM 

attention to its regional and interna- -that he can!t be nudgpdOT outplayed, 
tional roles, which have Stiff cred dtir- .. It is in Mr. Rabin's interest, as much 
fogthe Ghina euphoria. / -as Mr.Arafat’s, to show that the PLO 

Taiwan is now thinking ^of playing can deliver functioning .civil govem- 
a regional role. It does not ' have a moot in Jericho and Gaza, and move 
Kiofhiy of openness or cosmopolitan- on to eariy elections in all the occupied 
ism but it does have 'good ports, a ” r tenitcries. The United States and Eu- 
strorig and independent currency and rope have pledged a lot erf money to 
a liquid stock market, and it faces ' hm make the Palestinian areas viable, 
little medium-term political threat . 1 It 'should .start flowing now. Waiting 
As for Taiwan's own manufactory, until there is a solid administration 
fog prowess, the best companies would be self-defeating 
tlmilf more erf theirgiobal role than oT ~ Blit mother pans of the world, 
the China factor. They may in future, fixing.hnsn ’1 even begun beyond 
use the mainland for some manatee- . empty, . often mk 1 «iriing gestures. 
hiring , just as they already use Mat- . There should be no pretense that 
layaa, Thailand, Indonesia — even there are just a few overwhelming 
Brazil Bat Taiwan is small enough trouble spots. When Zaire, with 40 
and sufficiently dedicaied to excd- ' xmffion jwople, blows,' Somalia and 
lence in a few areas that it can takeon 7 Rwanda, are Kkdy to fade in memory 
the best in the OECD countries. - 'as relatively minor tragedies. Yet 
The mainland' may offer invest-. .Zaire, too, has reached-the category 
meat o pp ortu ni ties for branded hoo- of a totaRy failed state, one that the 

die makers and sates opportunities - United States and some West Euro- 
for manufacturers of laptops and i>ean countries have a major respon- 
steeL But ultimately the interests of a ability for helping slide la disaster, 

small, agfle, tradetoiimied, advanced The idea that Haiti can he fixed by 

economy are not at one with lhe more sanctions on its already desper- 

nceds of a vast and relatively back- ate, bedeviled people is too weird for 
ward continental one. ' Alice mWohderlaod’A* for the idea 

TheeccHionHcfutarefortbetecimo- ’''erf invasion, the US. Marines had 
kmcally alert, trade-oriented econo- . •... nearly 20 years (1915 to 1934) osien- 
nnesof EasLAsiaisnow.asiteverwas, sflrfy trying to '*fvC Haiti. Not only 
in avoiding ethnic or regional blocs . Haitians but the .whole, of 
and comprting on a world scale with America couto be expected to rise in 
thebest of Japiii, America, or where* ' outrage if they pied again, 
er. Greater China mity be worse than a Algeria is on the brink of a particu- 

mytteltmay.be! a trap:/ laity nasty ayfl war that would haw 

International Herald Tribune. reverberations throughout the Islam- 
ic world. France and its' European 
. —J . * t- . q neighbors have even more reason to 

a i lYl/l/) fGeif J) r fear an overwhelming torrent of refu- 

M- f \MUUG ..luOllva gees from across the Mediterranean. 

What could be graw trouble, with 
geopolitics and national security, implications for the future of Russia. 

Take Syria. The UJS. government's is brewing between Moscow and 
annual human rights report dtes basic Kiev over Crimea. Not everything 
rights violations, including “arbitrary gets on the nightly television news, 

arrest and detention, systematic tor- There isn't time, and there aren't 

ture, lade of a fair trial” ana the ah- enough camera crews to report it all 
sence of ^freedoms of speech, press And then there is Bosnia, 
and association.” r. These are only current urgencies 

The Tiananmen rroression in 1989 that leaders have to decide about 
cost several hundred lives and trig- quickly, nothing to do with the long- 
gered an annual most-favoredrnatkn term issues tike the global agenda — 
debate about China. In the Syrian dty population, environment, devefop- 
of Hama m 1982, Hafiz Assad’s re- ment and so on. There is neither a 
gime massacred about 20 ,000 people, general guide for how to sort them 
Syria, but iwtQiina, is on the U& out, nor the luxury of ignoring them 
list of stales involved fo the interna- to adopt .a specific pet cause, 
tional drug trade. Syria is among the Perhaps it is lime for another “X” 
seven states fisted as promoting tenor- overview. ! refer to the famous article 

ism Syria is one of six states suspected that George Kennan agned anony- 

of possessing chemical weapons that^ mously, recommending' “con tain - 
have not signed the -Chemical Weap- ment” as the way to deaTwith Soviet 
ons Convention. Yet Syria has most- omanskroism . — neither passive in- 

favored trade status, becausepeaoe in .difference nor preventive war His 
the Middle East is a US. priority. secretary .of slate, George Marshall. 

But China isnoless important to' grasped the meaning, and with Hairy 
U.S. national security. Reining in Truman put the poSy into effecL 
China’s exports of weapons and sen- Another kind of containment is 

sitive technology is a U.S. priority. - needed now. recognizing' that we 
So is convincing Beijing 10 use its can't repair everything but can't 
influence to contain North Korea’s stand aside with meaningless mum- 
nuclear ambitions.. - bles. Washington musTdScera wfeat 

■Singapore s former rnme Minis-. America can do; explain it to peoole. 
ter Lee Kuan Yew has warned that . and mobilize their energies, fwthai 
China would likely retaliate for any it needs an activist secretary of state 
UJS. trade sanctions: “You will end up able to articulate baric policy to Cm 
with a vay hostile China, one winch gress and the public. There are sever 

you’ll haw to hw with as an adversary al attractive candidates. 

; From all parts of the world now 
mg the world peaceful a nd stable." . the chorus <rf cbmpkmts is swSg 

The writer is chaimtni of Business- 

Execu f ne f for Nanona 1 Security, an cy, as an Australian diplomat Jrote 
°n$ anisan ™ of UJL business leaden, onth&pageon Wedn^ay. Thevare 
He contributed tha comment to the saying it is broke, try to foe il ^ 
International Haald Tribune. \ pSomLewi^ 


Brazil Bnt Taiwan is small enough 
and sufficiently dedicated to' exed- 
lence in a few areas that it can takeon 
the best in the OKU countries. - 
The mainland' may offer invest-, 
meat o pp ortu ni ties for branded noo- 
dle makers and sates opportunities 
for manufacturers of laptops and 
steel But idtimatety the interests of a 
s mall, agfle, tradoorienled, advanced 
economy are -not at one with -the 
needs of a vast and relatively back- 
ward continental one. ' 

The economic future for the teefaho- 
lagjcaUy alert, trade-oriented econo- 
my of EasiAria is now, as it ever was, 
in avoiding ethnic or regional blocs 
and competing on a worid with 
the best of -bp*n, America, or wherev- 
er. Greater Cnina may be worse than a 
myth. It may be a trap: 

International Herald Tribune 


geopolitics ’ and national security. 

Take Syria. The US. government's 
annual human rights report dtes basic 
rights violations, including “arbitrary 
arrest and detention, tystematic_ tor- 
ture, lade of a fair trial” and the ab- 
sence of the freedoms of speech, press 
and association.” “ 

The Tiananmen represaon in 1989 
cost several hundred lives and trig- 
gered an annual most-favored-nation 
debate about China. In the Syrian dty 
erf Hama m 1982, Hate Assad's re- 


Syria, but not China, is on the US. 
list of states, mvofced in the interna- 
tional drug trade. Syria is among the 
seven states fisted as promoting team- 
ism Syria is one of six states suspected 
of possessing chemical weapons that . 
haw not signed the -Chemical Weap- 
ons Convention. Yet Syria has most- 
favored trade status, because peace in 
the Middle East is a US. priority. 

But China is no less important to' 
US. national security. Reining in 
China’s exports of weapons and sen- 
sitive techitology is a U.S. priority! 
So is convincing Beijing 10 use its 
influence to contain North Korea’s 
nuclear ambitionsl. 

Singapore's former Prime Minis- 
ter Lee Kuan Yew has warned that . 
China would likely retaliate for any 
UJS. trade sanctian£.'. u You will end up 
with a very hostile China, one whim 
youH haw to tiw with as an adversary 
and wifi not be your partner in keep- 
ing the woddpeaoefiil and stable." . 

The' writer is chairman of Business - 
Executives for National Security, an 
organisation of UJL badness leaders. 
He contributed this comment to the. 
International Haald Tribune. 


IN OUR PAGES; lOOj 75 AND: 50 YEARS AGft ~ 

1894« Recalled to life Ito-byth® northern annv 

NEW YORK -- A despatch fnjm ■ 

Columbus, says that a ywx^ Gulf of Ffoland. TlieSonliSe^f 
woman named Eleanor Marks appar- thiscmtureiscoasidcraW^iwi r 
cntly died a week, ago and prnara-- on the south coast OTtfe calf h* 
tians were made for bee funaaL while only ty«entyfoiir kilometres f 1 ® 


the coffin was bein£ taken to the 
graveside a feint lapping m hs interior 

was beard by the rneaemryingh, and 
the fid bong removed it was Found 
that tlx, siqiposed. corpse was alive.. 
She was removed to her residence and 
. 19 . now recovering. She says sbe had 
full knowledge aD the time of what was 
passing while arrangements were be- 
lag.made for her burjal but was. urn 
able to gtye any smn of cooscioasikss 
until the fear of being interred aEve. 
aronsed her to action: 

1919: P^rfKrfls T^«tt 


? vasiOD of Finland £ 

also expected at any moment. 

1M4! Sommer OHensiye 

aarMM.- -iS 


r 1 *" ““ that the rr. ~ 

PARIS.—. Demarches received here ... mgoperationson a* ““Pend- 

foeficated tfisii the anti-BoL$bevists' Roosevelt also raised 7 r? UnenL Mr. 
' march-, on Jfctrograd is. proceeding that he may be niaiJ: P^sMity 
. with continued success. From Stock- haridin England t0 be on 











with continued success. From Stock- hand in England 
hobn; it-ts announced tbai-Peteriipf - against the Axis 















INTERNATIONAL HERALD TRIBUNE, FRIDAY, MAY 27 , 1994 

™ O P 1 N I o N 



Page V- 


■joci’-TT- .--'a k- ^U^. 


The Russians’ Subversion 
And Why It Still Disturbs 


By William Pfaff 



os*?"*"' 2 


„ * ;i = — -Tiv :^'*np * 



-:•: I"=- M^?>Nki 



" - P^au.t. 
- ■■•-' \:2y 


F VWN-LES.BAINS.France^Akx- 

*“* re,urned *0 

Russia. His fellow di»idcii Mstislav Ro- 
su^owh remains in the Wea. installed 
35 ^Hducior of the Na- 
K’iSSgP’y. “ d here in this faded 
H SiStfl* ^ for the 
last 19 years he has conducted a notable 

f n 2 muDC *W»WI *i'th an emphasis on 
Amajcan music schools and young 

performers, tins vear froi^ 

Phdaddphia s Curtis Institute' 

The conductor owes his exile from his 
native Russia to his friendship with Mr 
Swzhetutsyn, and to the support that he 

VishnESdoia. gave 

to the Solzheniisyns in their persecution 
The tUwtrajoviches took the Sofcheni- 
^■ns in when the Soviet authorities de- 
prwed die latter or ihdr home. 

Mr. Rostropovich has described the 
act as moDvated by human solidarity 
rather than politics, but it was inevitable 
an act of political defiance. and it earned 
hun and Jus wife places in the melon- 
cboly Russian tradition of politically 
motivated victimizations or anUis. a tra- 
dition that originated long before there 
was a Soviet Russia. It was a phenome- 
na of the raanst period, from the time, 
wly in the last century, or the roman tic 
rebellion against absolutism. 

The preoccupation of despots with 
witters is logical. Writers, whether thev 
are novelists, playwrights, poets or potif- 
ical intellectuals, deal with the human 
plight m terras that have implidi if not 
ovm social and political significance 
™ commitment, The intentions of Mr. 


to their destinies. He will then travel 
across Russia, according U> his wife, “m 
order to understand the realities of life 
in his country lodav." 

He has been attacked m the press as 
returning "in ceremonial robes," expect- 
ing adulation, and has been defended in 
equally passionate terms. He has alread v 
made clear his harsh opinion of the 
imported "hamburger culture" of Mos- 
cow today, and of the alliances of e.\- 
nomenklatura members with “financial 
sharks” and “nouveaux riches.” He has 
also said that the present borders of 
Russia are “wrong" and that Ukraine, 
Belarus and much of Kazakhstan prop- 
erly belong inside Russia. 

Music has always presented a differ- 
ent problem to authoritarian regimes, li 
provides another and more subtle artic- 
ulation of truth ihan the writer docs, 
becoming political mainly when it is 
confronted with totalitarian demands 
for conformity and ideological correct- 
ness — which is to say. when authority 
demands spiritual submission. 

However, music, like ail of the arts, is 
a practical affair in that it makes things 
— compositions and performances. It is 
work, a tangible accomplishment, at the 
same tune that it is pan of ihe persisting 
effort of men and women to perceive 
and penetrate to ihe center of reality. In 
that respect it discomforts any political 
regime that claims to define the meaning 
and purpose of human action. 

It scandalizes because it transcends. 



j 

r: 


The r Nice, Ordinary Chap 5 


Was a Bit More Than That 


By Barry James 


- Page It 


P ARJS — Chris George was an ob- 
* scure high school science teacher on 
the Scottish island of Islay, but the re- 
PR 11 of his death in a London newspaper 
17 brought “P with a start. 

For I had just been reading about his 
family in Rebecca West’s monumental 
sungi of jhe Balkans, “Black Lamb 


jrey Falcon." 


p^Grai^jvas not his real name. He was 


, , -isttfor Karadjordjevic. nephew 
Of the last reigning monarch of Yugosla- 


MEANWHITF- 


p 


LETTERS TO THE EDITOR 


Reach Out to the Cubans 


Regarding “ Cuha : Don't Reward Cas- 
tro. Tighten the Embargo “ (Opinion. May 
16) by Vicente Echern: 


Sdzhenitsvn. the novelist, have been 


itsyn, 

moral and properly artistic, rather than 


- >. •- .- >”. v --^Siassaat 
• . Jr* 

- ..J,"' nr-. V 

■ • 

•• •••• • •••'- *s 

* • . ‘ “'■KS 35 , 






'■aSti 
*-sp 
l-:; caia: 

r.-ri 


, ^Property- 

directly political, but for that reason he 
has had more explosive political effect 
than had he been a simple polemicist. 

He has written to tell the truth about 
the experience of Russia during his K/e- 
ume and before, a truth whose expres- 
aon inevitably proved intolerable to the 
Soviet authorities, and very often even 
to leaders in the West, who had imposed 
upon Bolshevik Russia ideological pre- 
conceptions of their own, suiting their 
own agenda, whether of left or right. 

Mr. Solzhenitsyn was a' subversive 
force with respect to all of them —and 
may yet again become one, in the Russia 
of Boris Yeltsin, as he returns. An in- 
tense controversy has broken out in 
Russia over the ostentatiously symbolic 
return of Mr. Solzhenitsyn, by way of 
the Russian Far East and the city of 
Magadan, where prisoners destined for 
the gulag were classified and dispatched 


The liisi is about how a sitting presi- 
dent who has committed no known 
crimes but who has tned to reshape the 
balance of social and economic power in 

- : a troubled society has become the object 

It is high lime for the United States to ^ dee P distrust among pans of the popu- 

wihoui doing so in any ovhtiy Dctilia) FT' ' ? and L lls ' jrmj> and * «*me btion - "P™ «> continuous 

way. The kind of contemporary Western ££*■ bac ? ,nl ° thc . fan ^y ° r nations, pe^al atucks on the prundeni by the 

SftKt ukn ulc ™.i .« a: J}™ is not to recognize the aging Fidel likft Rush Limhaugh and Ron Reagan 

Castro; this move would, of course, tv — , " -1 L * ‘ 


Don’t Pressure Bosnia 


artist who sets out to scandalize audi- 
ences by presenting what ordinary people 
find blasphemous or disgusting considers 
himself or herself a political activist. 
These artists are actually trivially re-en- 
acting that attack mi conventional senti- 
ments that bad a purpose in the 19th 
century but a century later has become 
not only cliche, but a cliche that claims 
and finds subsidy from the very bourgeoi- 
sie it purports to attack. It thereby can- 
sohdales the power of those it pretends to 
attack, and it is rewarded accordingly. 

There is no transcendence in that. 
Music disturbs convention and author- 
ity because it transcends, and because it 
is not explicitly political it is a source of 
true subversion. Mstislav Rostropo- 
vich's art is more profound than that of 
Alexander Solzhenitsyn because it has 
no conscious political mission. 

Art is more important and enduring 


made in spile of Fidel. 

The Cuban people are enduring great 
hardships because of a distorted and 
worn-out vision that Mr. Castro imposes 
on this once prosperous nation. A laree 
body of hard-nosed Cuban exiles living 
in the United States oppose any gestures 
pf friendship toward Cuba. They would 


inieigret such a move as kowtowing 10 


stro. They are wrong. 


If ihe United States approached the 
noship. Mr. Cas- 


Cuban people with frient r , 

tro would quickly be shunted off 10 the 
museum for failed, overripe dictators. 
Peace and accord would bring rich re- 
wards to both countries. The fact that 
Mr. Castro is too stubborn and proud 10 
start the process should not prevent the 
United Stales from doing it. 

EDWARD RAPP. 
Duras, France. 


' 

' vac 

• i-iL^vgE 



Letters intended for publication 
should be addressed “ Letters to the 
Editor" and contain the writer's sig- 
nature. name and full address. Let- 
ters shadd be brief and arc subject lo 
etSting. We cannot be responsible for 
the return of unsolicited manuscripts. 


than poli ties or history. This is a difficult 

admission for politicians, historians or PnoaSJLwM*.* I a** j 
journalists to make. Bat the truth is that ™ 8M,cnc y L,n(ler Attack 


when everything else is buried and wind- 
swept, lost to archaeology and myth, art 
survives — the vase, the statue at Delphi 
on which human consciousness dawns, 
the text of the tragedy, die poem, the 
quartet's score — even the memory of 
a Rostropovich performance. 

International Herald Tribune. 

© Lea Angeles Times Syndicate. 


^Regarding “ America lo Clinton: We 
Hate iou! (Go Ahead. Take It Personal- 
ly) (May 23) by Anne Devroy. and "Jour- 
nalist Loses His Column After Attacking 
Nixon" (May 23): 

The next time someone vou know 
begins carping about the “liberal media” 

1 suggest that you show them the two 
articles tit * * 


died above. 


exploring 

lavishly sponsored media campaigns 
might have something 10 do with foment- 
ing the distrust, she turns the focus on the 
president and his “character problem." 
This in effect validates the notion of a 
character problem, a concept cynically 
invented by Republican strategists to un- 
dermine a young and energetic president. 

The second article is about a reporter 
in California who lost his column for 
having the temerity to contend that a 
dead Republican president, a proven liar 
whose penchant for paranoia- inspired se- 
cret acts provoked the most serious con- 
stitutional crisis in U.S. history, had sub- 
stantial character flaws and should not be 
an object of aduJabon. 

The lesson to young Americans would 
seem to be clear’ li is acceptable to try to 
cripple the effectiveness of a silting presi- 
dent through unsubstantiated ad homi- 
nem attacks but it is unacceptable to 
speak of the readily substantiated charac- 
ter flaws of a Republican icon who dam- 
aged forever the office of the presidency 
and. more importantly, Americans’ col- 
lective ability lo tackle national problems 
in a spirit of good faith and trust. 

And some still wonder about the ori- 
gins of the odd mix of apathy, defeatism 
and cynicism among young people today. 

THOMAS S. HARRINGTON." 

Santiago de Compostela, Spain. 


Regarding “Bosnia After Vietnam : Ig- 
norance. Bad Mistakes" (Opinion. May 
20) by Gregory Clark; 

Mr. Clark wants the United States to 
join Wesiem Europe in pressuring the 
Bosnians to compromise with the Serbs. 
But the parallel he draws with Vietnam 
does not stand up. During the Vietnam 
War. Washington could no doubt have 
brought pressure on Saigon to compro- 
mise by withdrawing mitiiary support. 

But the Bosnian government has no 
fighting allies; it is not even allowed 10 
buy arms to defend itself. The only extra 
pressure that can be applied is what the 
West Europeans are now doing — threat- 
ening to hall humanitarian aid and stop 
their very limited protection of certain 
cities. The United States should have 
nothing to do with this. At the least, the 
West should not prevent the Bosnian 
government if it tries to win back some of 
its territory, including areas that have 
fallen victim to “ethnic cleansing." 

CLIFFORD SMITH. 

Brussels. 


Shades of Soapy 


'2 s * King Feler. He was also cousin of 
the heir to the nonexistent Serbian 
throne, Crown Prince Alexander. 

This is a circular story, because some 
time ago the crown prince shared an 
informal crust with some of us at the 
International Herald Tribune. 

Although I did not give too much 
credence to the possibility of hi^ boom- 
ing the king of Serbia, he did strike me as 
bang more knowledgeable and certainly 
a lot more pleasant than former Yugo- 
slavia’s current rulers. 0 

Talking to him gave me a ven to know 
more about the Kiradjordje royal family 
and its tragic history of plots and assassi- 
nations, which is bow I came to be read- 
ingRebecca West’s 1942 tome. 

The publicity-shy Chris George, who 
served mcqgnito as a noncommissioned 
officer in the British Army for eight 
years before retraining as a teacher, fol- 
lowed a family tradition of uncon ven- 
Donaliiy and reclusivcness. His most il- 
lustrious ancestor. King Peter 1 of 
Serbia, lived penuriously in Geneva be- 
fore being summoned to the throne. 

Like Chris George, Brier elected to 
become a soldier. He attended the mili- 
tary schools of Saim-Cyr and Metz, 
fought for France in the Franco- Prussian 
War. was wounded and decorated and 
then studied law and soda! science. He 
translated John Stuart MQTs “Essay on 
Liberty” into Serbian, married a Monte- 
negrin princess and had three children, 
was widowed, and eked out a living in 
Geneva by copying legal documents. 

A group of officers found him there in 
1903 and offered him the throne after the 
asassination of King Alexander and 
Queen Draga, last of the Obrcnovic dy- 
nasty. Peter, who regarded himself as the 

rinhtfiil kiamahJi . _ ■ - . • 


"it was to them what their national 
costume is to us," she wrote. “They 
stood gaping, while by continuous pni- 
bity Peter brought his own state to 
financial order.” ■ J • 

More importantly, under Peter the . 

Serbs finally broke the back or the Oito-.^ 
man empire during the first Balkan war* -' 

Peter’s heir, Alexander, was assasst--, 
nated by a fascist-backed Croat in Mar-- 
seiJJe in 1934. Alexander's cousin. PauC '• 
became regent and his son became kina J 
as Peter II. A coup d’etat forced Paul to J 
abdicate. Hitler invaded, and Peter went -I 
to London after a brief but brave resis - 1 
ranee. With the establishment of the j j s identi- 
Tito regime after the war. the Yugoslav , the formei 
royals had no place, and now the coun- ..'am- He is 

^nSS'-, h< l ped buUd m - p ? cces ’ - J ibers of the 
. kresp'te hu connections with the Brit- Alliance 
ish monarchy (the Duke of Edinburgh e Qcchettn 
his great-unde) and occasional gilt- ; nsidered a 
edgedmyiiauons from Buckingham Pal- r ,k e lefiki 

5j eor ° e decided early that afV s recent 
privileged Uf e ^ not for > 5 reccDI 

coming family demands that he should- ' „ „ . 
go to officer training school he joined 1r ; P erl 4? _ 
the Royal Electrical and Mechanical En- : M * fl P**" 
guieere as a private and became a heli- lssin S ask " 
copter maintenance engineer. ' e the 

After leaving the army with the rank 
Of sergeant he took an engineering de- Prodi has 
gree at Heriot-Watt University in Bdin- »f a public 
burgh, and accepted the teaching assigri- Sanca. the 
meat on Islay last year. • >oui priva- 

He seemed happy in the job, and was ' 
by afl accounts popular with pupils and 
colleagues. One described him as a “thor- 
oughly nice, onlina/y chap." He enjoyed- 
hiking over isiay with another leaner.' 
lived by himself in a rented house, arid 

Ws sriSfffiri <s 

this past Monday, and his ashes were ' 
scattered owr the island, far from Serbiat : S 

He was a voy good boy," said Alexait J 
der. “He worked veryhanl and succeeded d 

on his own. That was voy admirable." 

International Herald Tribune. ; v 


| to create 
1 th broad 
.nglo-Sax- 
nt privati- 
rriale f Ll- 
ano, two 


History Is Speeding Up 


The strategic concept of Greater Ser^. 
bia is bankrupt Economically, polilicaJ- 

lv an/1 miKtonltf .m . *■ 


Regarding “For ‘Serial Diner , ' Jail Is 
Main Course" (May 20) by Rick Bragg: 

What a sad comment on our times that 
Gangaram Mates should be character- 
ized as a “serial diner," rather than as the 
lineal descendant of Soapy, the hobo hero 
of O. Heniy’s classic “Ine Cop and the 
Anthem.” to whom jail represented 
“three months of assured board and 
bed . . . the essence of things desirable." 

REBECCA BRITE. 

Paris. 


rightful monarch, accepted, arrived in 
o weeks of the assassi- 


Belgradewithm two — 
nation, and immediatdy lifted press cen- 
sorship, saying, “Serbia shall henceforth 
know what other countries think of it." 

The memory of the assassination tar- 
mshed Iris welcome, but Peter soon 
amazed his countrymen with his industri- 
ousnessand simple ways. He tramped the 
country on foot, calling in unannounced 
on hospitals and schools. He introduced 
modem financial methods and made sure 

that civil servants got paid. All of which 
to th e Serbians, Rebecca West said, 
seemed “picturesque and exotic." 


!y and^mihtanl^tije resources of Presi- 


: banks. 
lianTrea- 
:hosen by 
ampany's 
unced, is- 
from 4.7 
as much, 
result of 
's debts 
lion lire, 

ts annua l 


ring 

ring 


the 

the 


dent Slobodan Milosevic are UnriteA He. 
still has a lot of political maneuvering ' 
space left, but history in the Balkans » 
picking up speed. Just from its efforts at 
survival the Bosnian army has become' i*ug me 
one the toughest fighting forces in thfe' jgled to 
world. Serbian military strength has he found 
creased in terms of numbers, materiel" with the 
and combat morale The Serbs seem to 
have realized it is too late now to launch 
an offensive and are more likely to seek 
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International Herald Tribune 
Friday , May 27, 1994 
Page 8 







Scenes from Suzhou, in the Yangtze river basin, a city that Marco Polo described for Westerners more than 700 years ago. 

Suzhou: Silk, Canals and Marco Polo 


By Thomas Fuller 

I mental tonal Herald Tribune 

S UZHOU China — Sitting on a aide- 
walk in this ancient Chinese city is a 
man who makes raltraps for a living. 
He wears a worn navy-blue spon 
coat, his graying hair is cut short enough to 
Stand on end and an extinguished cigarette 
hangs from his mouth. A small audience of 
schoolchildren and passersby is less interested 
in the wire that he twists and cuts to make the 
traps t ha n in the demonstration model dis- 
played oo the sidewalk; a medium-sized rat, 
caught by its hind leg, desperately tries to 
gnaw itsdf free. Next to the rattrap maker on 
the same sidewalk a roan sells bicycle seats 
and fixes flat tires. Two steps farther is a 
machine that crashes sugar cane and makes 
juice from it. Suzhou's tree-lined avenues and 
narrow back alleys are replete with similar 
scenes, making it a great city to see on foot 
Rats and traps, however, are not what put 
Suzhou on the tourist map, nor what has 
brought foreigners here Tor centuries. It was, 
and chiefly is, worms and looms. Suzhou's 
silk embroidery, classified as one of the four 
major types in China, can be traced back to 
the third century. 

Foreign visits to Suzhou seem to have 
started with the arrival of a Venetian tourist 
some years ago who noted that the inhabit- 
ants of the city, “live by trade and industry, 
have sOk in great quantity and make much 
silken cloth for their clothing," 

By his description not much has changed 
in Suzhou since Marco Polo's visit in 1276. 
The distant smokestacks are evidence of to- 
day’s industry and a banner strung across 
the entrance to a silk mill proor of ongoing 
trade. “What Boundless Joys to Have 
Friends From Mar,” it reads. 


It seems only fitting that Marco Polo was 
the first European to describe Suzbou to his 
fellow Europeans. Linked with the Grand 
Canal by a series of smaller waterways that 
crisscross the city, Suzhou has predictably 
been called the Venice of the East. Polo, prone 
to exaggeration, described it in this way; “Let 
me tell you that in this city there are fully 
6,000 stone bridges, such that one or two 
galleys could readily pass beneath them." 

Today, within the same confines of the 
moat that Polo must have crossed, there are 
17S bridges, of which only a handful could 
fit anything larger than a canoe underneath. 
Remarkably, however, the canals are still 
used to transport produce from the sur- 
rounding countryside co the city's markets. 
Located in the Yangtze river basin, Suzhou 
has long profited from both the fertile soil 
that the riverprovides and the transport that 
it carries via the Grand Canal. 

More important for Suzhou's trade and 
industry today is nearby, massive Shanghai 
The city that expands daily under towering 
cranes — and nightly by the lights attached to 
them — is just 75 minutes by train from 
Suzhou. Day trips from Shanghai to Suzbou 
can be done, in addition to the train, by bus or 
taxL Once travel becomes easier between the 
two dries, Suzhou could foreseeably be con- 
sidered a suburb of Shanghai qualifying it 
perhaps as one of the world? top 10 pikes to 
buy property! 

Compared with Shanghai, certainly one 
thing that Suzhou has more of is ga rdens . Not 
Western-style flower gardens, but rocks, ki- 
osks, pagodas and ponds. Perhaps the most 
wen-mown is the Humble Administrator's 
Garden, which, by one account, takes its 
name from a Chinese proverb of the Jin 
Dynasty: “Irrigating gardens and raising veg- 
etables for daily meals are also a way for a 


humble person to manage administrative af- 
fairs." 

Needless to say, there are no vegetables in 
the garden; instead, plenty of trees, ponds, 
and Chinese tourists photographing each 
other. Paths guide the visitor through silting 
rooms that overlook the pools. The cham- 
bers have names such as the Hall of 36 Pairs 
of Mandarin Ducks and are decorated with 
framed prints and paintings. 


A DMISSION to t be garden, like 
nearly all museums and parks is 
China, costs several times more 
for foreign “guests" than for Chi- 
nese. “Guest" is perhaps the most feared 
word for foreigners in China as it is almost 
always used in conjunction with an inflated 
tourist price. Train fares, boat tickets and ■ 
rooms in some hotels are subject to foreign 
pricing as welL By Western standards, the 
foreign prices are still cheap; but sometimes 
you clearly gel what you pay for. Overseas 
Chinese are the lucky ones with this system 
— which is largely based on appearance — 
as they often slip through the cracks and 
manage to pay the “Chinese" price. 

Fortunately, most of Suzhou’s charm bears 
no admission price. A walk through the alley- 
ways, past the shops, markets and homesteads 
is as rewarding, if not more, than a visit to the 
Hall of 36 Pairs of Mandarin Ducks. Bicycles 
are the main form of locomotion in the alleys, 
the sound of bicycle bells undoubtedly more 
pleasant than the truck horns blaring on Suz- 
hou's bigger streets. 

Judging from the number of stares a visi- 
tor gets in the alleyways and along the ca- 
nals, it's hard to say who's on display. 
Schoolchildren have invariably learned the 
one word they assume all foreigners know 
and relish eacn opportunity to use it. Passing 


■ Howard Jenkins became a 
millionaire on bis lunch break, and he 
didn’t have to rob a bank. In fact, it 
was the bank's computer that put $88 
million in his account. The 
Associated Press said the 31-year-old 

Florida, withdrew f^nrilrionand took 
his girlfriend to lunch. Then he went 
back to the bank — with his lawyer, in 
case he was arrested — and gave 
back every cent, Nice while it lasted- 


Of Jazz and Minarets: 
The Charm of Istanbul 


By Alan Cowell - 

Netr York Times Senke 

I STANBUL — Is a world that is 
changing rapidly, Istanbul retains a 
flavor of the exotic that seems increas- 
ingly rare, even in Turkey. Although 
the dry’s ouier limhs have been transformed 
by high-rises and freeways, the central core 
of old Istanbul remains intact: the six mina- 
rets of the Sultan Ahmet mosque, tho clam- 
orous tangle of the Grand Bazaar, Tapfcapi 
Palace and the spangled confines erf the 
Bosporus with its shoreline villas and grand 
Ottoman palaces. 

That is not to say, though, that the newer 
areas are without attraction. For Istanbul's 
smart set — far more at home with Armani 
suits than with any vestigial memory at the 
fez — the city’s residential spread onto the 
eastern shoreline of the Bosporus provides 
the setting for some of the trendtest hew 
discos and restaurants. . ' 

And, with the expanding Istanbul Interna- 
tional Festival offering theater, classical mu- 
sic and jazz through July, the caty is also 
striving to carve a place on a . cultural circuit 
offering, a range of drama, opera and ba&et. 

Yet the cfaann erf the city is stflOl its snnplei 
Offerings i~ the feary ride cm the Bosporus to 
the fish restaurants of its northernmost set- 
tlements, or just browsing through the wares 

out comxmtment Urittiy. . 


pl*» Witi 


views ofthe Bosporus snu 

Stotds off^xanmodahons 

imnsual or historic connotabOTis, albet a ^ ^ 

price. The ornate Pent ^ 

45-60, fax 251-40-89) b the same I9thjoen“ 

ry establishment once used by travelers on 

Se old Orient Express. The tot^s axsmca 
and-some of its 139 rooms hav^ews ova 
the Golden Horn and the minarets b eyona. 

restored Ottoman viBa equipped throughout 

century. 

It Ees close to tfieSnltan Ahmet mosque and 
the Topkapi palace. A-double costs Sio 

^fetanbuTs restaurants have boomed ha re- 
cent-years with the economic turnaround oi 


T HE dominant event in this year’s 
Istanbul calendar is the Istanbul 
Festival, winch started in April 
with a movie section, moves, onto 
theater, classical muse from June- 15 to July 
21 and ends with jazz from July 10 to 25.- 
. The classical section (telephone 258-32- 
12) offers an array of works by Brahms, 
Wagner and Beethoven, played by several 
orchestras including the Dresden Phflhar- 
mooic, the BBC Symphony Orchestra add 
the Kirov Opera and Chorus, all at St. 
Irene's Church on the grounds of fheTopV 
kapi Palace. Ticket prices range from $10 to 
£25. Soloists giving recitals at St Irene's 
include the flutist James Galway arid the 
cellist Johan Lloyd Weber. . . . 


a pack of kids sounds something like this : 
“t?I T fYET T DPI 1 OF! t O " 

The canals are less picturesque but perhaps 
more functional than those of Venice, which 
the Chinese might be tenroted to call the 
Suzhou of the West Inevitably but sadly, the 
functioning canals have their share of pollu- 
tion, in pan because of a popular notion that 
they serve as the local garbage dump. 

Suzhou’s dilapidated canal-side housing 
seems to be giving way to modernity these 
days. The city's main east-west waterway is 
undergoing a large-scale face-lift involving 
the destruction of all that was beside it. 
Bulldozers accompany hundreds of human 
earth-movers, proof that the concept of coo- 
lie labor is not dead. The construction is due 
to be completed less than two years from 
now. Future visitors to Suzbou can. only 
hope that the project's planners keep the 
charm erf a city that has entertained visitors 
from the West for 700 years. 


Harbiye, Istanbul, between July 10 and 25 
promises performances by a wide range of 
jazz and rode artists including the Bobby 
McFerrin trio, Gary Moore, Jack Bruce, 
Ginger Baker and Neil Young. 

Many of Istanbul’s traditional sights are 
in the Sultan Ahmet districL With crowded 
sidewalks and too much traffic, Istanbul is 
not really a walker's city, so it comes as 
something of a refief that city authorities 
have broadened the sidewalks around the 
Sultan Ahmet district, and Istddal Caddesi, 

sim Square^wn^owanJ * 1 ^ 11 Bosporus, has 
been turned into a pedestrian area with a 
turn-of-the-century,tramlioe running down 
its middle. 1 • •- "•! 

Sadly; - the dW Galata? Bridge across- the 
Golden Horn, with its accumulation of wa- 
ter-level eateries and vendors beneath it, has 
been replaced by a newer, mare sterile ver- 
son that, while more suited ip the weight of 
Istanbul's modem traffic flows, offers none 
of Its predecessor's bustle. ' ' 

No visit to Istanbul is complete without an 
hoar’s Bosporus Ferry ride from Emmanu, 
the principal boatdandin^ on the 'Golden 
Horn near the main Sirkea railroad station, 
to Rnmeli Kavagi on the wesfembank at the 
northern tip of the Bosporus and Anadolu 
Kavagi on the eastern bank: The ferry leaves 
from the Ennnonu jetty at. 10:35 A. M. arid 
1:35 F. M. and a return ticket costs just over 
$1. The slightly rundown vcssefczigzhg up 
the Bosporus, stopping at just about every 
landing an the way and giving spectacular 
views of the two soaring badges connecting 
Europe and Asia and of the 15thrcentury 
Rumefi Hisari fortress. 

Once at Rumefi Kavagi or Anadolu Ka- 
vagi, there is ample time for a meal at one of 
many fish restaurants where a lunch of fresh- 
ly caught Black Sea fishvwith Turkish- mere 
(hors d’oeuvres) costs^ between $10 rind $15. 

Istanbul's hotel operators seem to have 
concentrated in recent years on creating 



the, 1980s and the sodden appearance of a’; 
new middle, class Looking for the same so- 
phistication they would find m Europe. At . 
the same tune, it is still possible to eat for a 
few dollars on a plate. of doner kebab and. 


mam sites in SultanAhmet- 
: For 'the smart set, ihein place is 29 (Yirmi- 
ddenz in. Turkish) at lAus Pariti, Etiler (265 
61 81). It has a Manning Bosporus view and 
the dref is French. Dinner trim wine will cost 
a nrimmumof $40 apereon. Starters include 
seafood crepes at $6, artichokes in olive oil at 
$3 and smoked salmon at $8. A la carte 
specialties include poached sea bass (around 
$10), lamb fiflet($8) and a variety of kebabs 
and kofte meatballs at $5 to $8. 

K ORFEZ, oh .the Asian side of the 
Bosporus at 78 Korfez Caddesi, 
Kanfica (21&413.4314, closed. 
Monday), is another seaside place 
in a similar price range.. The specialty is sea , 
bass oven-roasted in layers- of rock-salt! 
above and below it. Then, when it is brought- 
to the table, the waiters crack open the salty , 
shcD arid serve the fish inside. 

Su reyya at 26 Istinye Caddesa. Istinye 
(277-58-56, dosed Sunday), is one of Istan- . 

KllIV nllt fovinnta« rrffanrur Dviooittn T avl riclr - 


chicken Kiev are specialties. Prices E ot din- 
ner with wine start at around $25 a person. 

Sightly cheaper is the Aritane in the Kar-. 
iye Hotel, 18 Kariye Garni Sokak, Edirne- 
kapi (534-84-14), next to the. Church of 
Chora. Asitanc offers, three fixed-price ' 
menus ranging from $12 to $18 without wine; 
and all composed of traditional Turkish cui- 
sine. The most extensive; at $18, features an 
array (rf dishes made with olive oil, such as' 
stuffed vegetables, followed by hot appetiz- 
ers, the Sultan’s Favorite veal stew on a bed 
of aubergine purte, salads and a cboice of 
desserts. , 

For budget travelers, any pjnnber of eater-' 
iesat S alta n Ahmet offer cheap doner, rice, 
lentil soup, beans, lamb dishes and dessert. 
One of tee oldest is Sultauahmet Koftedri 
(12A Divanyolu Caddesa, 51344-38) known, 
for its meatballs. The averagepriceof a meal 
is around S3: 


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luverkk 

Directed by Richard Danner. 
US. 

Fast, funny, full of straight- 
ahead action and tongue-in- 
cheek jokes, “Maverick" is “Le- 


Cassidy and ihe Sundance Kid” 
That combination won't win any 
prizes for originality, but it 
works like a movie moguls 
dream. Heading for a high- 
stakes poker game on a river- 
boat, Bret Maverick (Md Gib- 
son) is a few days away, $3,000 
short and trailed by villains 
hired to keep him out of the 
game. On the way be hooks up 
with Jodie Foster as AnoabeQe 
Bransford, a semi-efficient coo 
woman, and James Garoer, lete- 
visktn’s original Maverick, as 
Zane Cooper, a marshal who can 

teach Maverick a thing or two 

about spineless survival As they 

bumble their way ihrough the 
Old West, they turn it into the 
New West of moviedom with 
their smart contemporary tone. 
Richard Dooner. who directed 
Gibson in all three “Lethal 
Weapon" pictures, takes a simi- 
lar approach here. Just as “Le- 
thal weapon" is an action movie 
that chuckles at action movies 
without straining anyone’s 
brain, “Maverick" exploits and 
utKkafmitta evwy western cliche 
from ffmfig fais to war-whooping 
Indians to. runaway stage- 
coaches and heroes hanging off 
cliffs. William Gokhoan isn’t 
shy about borrowing from his 
own clastic “Butch Cassidy" 
screenplay. No meeting between 
.strangers is quite what it seems 
in this story, which rcScs oo con 
after con after col You don't 
have to know anything about 
poker to guess that even away 
from the table, everyone in 


/// n a unit 


■ > fir r: -te: •< . 



Uma Thurman in “ Even Cowgirls Get the Blues. ' 


“Maverick" is bluffing all the 
time. (Cory n James, NYT) 

Even Cowgirls fltot tlM 

Hu** 

Directed .by Gus Van Sant. 
US. 

It's entirehr posable that“Even 
Ctwgjris G« tiit Bliies," Torii 
Robbins’s cuhzsh ztowl about 
Sssy Hanksbaw ' the proto- 
feminist hiidihiker with oversize 
thnmbs and smoUering sexual- 
ity —is unfiknable. But if it is. 
posable to trananc^rify Rob- 
bins's 400-plus pages of pseudo-- 


sfying movie. Gus Van Sant is. 
chariy not the one to do it. 
“Even Cowgirls Get the 


BLnes, n thc movie, starting Uma 
Thnrman, is a moribund, mo- 
notonous affair. Redodng the 

nova to most basic plot line, 
writer-director Van Sant dips 
every flight oT Robbins's. fancy 
— the only ttang^ that holds fee 
book together in the first place. 
Bereft of' atmosphere, or even 
coherence; - the morie becomes 
an qnsbefier parade erf goofbaDs, 
eccentrics : red . lesbians whose 
fives and Purposes are barefy 
out&Kd. f§my. and company de- 
serw better fean tins; HowcocJd 
Van Sant. — maker of : “l«Wa 
Noche," “Dragstere Cowboy" 
ahd^i^Own nivateldalxr— 
produce such an iHtffn&aied di- 
saster? How ifid fee gomxn im- 


age-poet to all thumbs? He 
seems also to have instructed his 
numerals performers r— includ- 
ing Keanu Reeves, John .Hurt, 
Lorraine Braccp, Rain Phoenix 
and Pat Mbrila — to e xhib it 
their dullest instincts. Even 
Hurt, who plays the ultra-flam- 
boyant Countess, is oddly sub- 
dued. As for Thorman, who 
brings grace to almost evejy- 
thing, her Sssy seems weighted 
down, toy ibbse prosthetic, zne- 
elmwired, djgitsi They shrwiirf 
have called this “Even the Livina 

. Dead Get the Blues.” 

(Desson Howe, WP) 
Bmmrtw HBU Cop u 
greeted by John Landis. 

- m." Ed- 

die Murphy once again mugs. 

tt^") deSoma at the wort Wo- 
m H* director'! 

in fanri £ 

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International Herald Tribune 
Friday, May 27, 1994- 
Page 9 


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Saving a Fallen Star 

Rome s Via Veneto Getting a Face- Lift 


By Roderick Conway Morris 

ImanaH*n*t /ftraa/ Tribu ne 

R pk*E™“ ' ,, ia Vcnevo had, bv ihe 
fa*e 1950s, become not so much a 
thoroughfare as an ongoing celeb- 

restaurants attracted more stars and big 

iS^dT* r °w Audre >’ Hepbum. Anita Ek- 
te^Anna IMa^aoi Md Gary Cooper, to 
Urson Welles, Tennessee Williams, Jean 
Cbctevi and Coco Chand —per square cafe 
table than anywhere else on anh. 

Mm were men (and not infrequently sev- 
eral sheets to the wind), starlets were as 
likely to appear with a leopard on a leash as a 
apdofe and current and former VIPS such as 
the ewled King Farouk of Egypt, made spir- 
ited attempts to throttle intrusive photogra- 

Toere were public scenes galore. Ava 
Gardner and Frank Sinatra offering, so his- 
tory relates, almost nightly performances at 
Via Veneto s Excelsior Hotel, as the couple 
slugged out round after round of tbeir tem- 
pestuous marriage — the staff looking on. as 
powerless to arrest the conflict as the average 
UN peacekeeping force. 

In “La Dolce Vita," Fellini immortalized 
Via Veneto’s hyperactive lifestyle, lights and 
crawling stream of honking traffic — out of 
which, every so often swooped Vespa-borne, 
kamikaze paparazzi, flash guns blazing — in 
such appalled and loving detail that the 
street itself became a star of the film. 

(Via Veneto was then such a maelstrom of 
activity that the director had to build a 
replica of it on a lot at Cineritta to shoot the 
scenes set there.) 

But after the binge of the ’50s and ’60s a 
protracted hangover set in. The beautiful 
people ceased to be beautiful, or moved on 
elsewhere. The famous watering holes — 
Caffe de Paris, Doney, Strega and Rosad — 
lost tbeir luster and began to close down, 
some for prolonged periods, others, it 
seemed, forever. 

Eighteen months ago two establishments 
were shut by the health inspectors. Brief 
notoriety returned when it emerged that 
some of Via Veneto’s remaining bars had 
become a favorite place for gray men in gray 


suits to hand over cash-filled envelopes — 
the stock-in-trade of Italy’s ‘TangentopoH" 
(Briberity) scandal. 

But by last spring the Italian press was 
gleefully declaring the party over — and Via 
Veseto well and truly dead 

Last summer Via Veneio’s top strip. lead- 
ing up to the Porta Find ana gateway in 
Romes third-century walls, Where snow 
biz’s monde airier used to gather, was closed 
to traffic by the municipality — prompting 
some cheerful souls to predict that this was 
all that was needed to transform the once 
teeming drag into a hushed Memory Lane. 


B UT the Via Veneto Association — 
a group of hoteliers, restaurateurs 
and residents dedicated to reviving 
the street’s fortunes — led by 
Mario Miconi, who started his career as a 
bellboy at the Exoeisior in 1948. and is now 
its director, living in the hotel (describing 
himsdf as the “Prisoner of the Via Veneto") 
— thinks otherwise. 

“Every other major capital has a closed 
section of the town for pedestrians — so why 
not Rome?” said Miooni, as we took a stroll 
up the middle of the Via Veneto, where the 
old traffic markings on the tarmac are crossed 
by new batches, flower beds and slightly 
surreal, artificial grassy mounds that have 
erupted here and there, sprouting shrubs, 
bamboo thk&ets and even (as in cartoon 
desert islands) solitary palm trees — all in- 
stalled with money raised by the association. 

“We want to improve the street in all 
kinds of ways — hold concerts, exhibitions 
and other events to bring people here and 
show that it is still alive,” said Miconi Al- 
ready. the famous old bars like Caffe de Paris, 
Doney and the refurbished Harry’s Bar, all 
previously dosed, are functioning a gain 
Meanwhile, the Swiss jeweler Cbopard, at- 
tracted by Via Veneto’s new image, has 
opened its first shop in Italy there Strega, 
once a celebrated htexaiy hangout, which used 
to award its own annual book prize, belongs 
to Wimpy and is being convened from a fast- 
food outlet into a more stylish rendezvous 
(though whether todays literati will be able to 
afford the prices remains to be seen). 

“Before the war,” said Micorn, “Via Vene- 
to was most of all a place for Italian writers 



Orson Welles on the Via Veneto in 1958, when the street was in its heyday. 


and intellectuals. The Americans discovered 
it when Rome was liberated. General Mark 
Dark made his headquarters at the Excelsior 
and the Palazzo Maigberita down the street 
became die U. S. Embassy. That's why the 
American movie stars started coming here in 
the ’50s. 

“In those days people came by ocean hner. 
with piles of cases and trunks and their dogs, 
and stayed For weeks. It's not tike that any- 
more — everybody’s in such a rush these 


days, they don't fee) they have time to sit 
around in caffes. 

“But now the street’s been closed to traf- 
fic. the quality of life here’s changed for the - 
better. We don’t want to try to re-create *La 
Dolce Vita’ — it was like La Belle Epoque. 
and you can’t repeat eras like those. But we 
do hope to encourage people to come here, to 
escape the Roman traffic, and spend a little 
lime talking and relaxing — after all. just 
talking can be a cultural activity, you know.” 


Baby Eels: Look at the Eyes Before You Bite 


By Mark Kuriansky 

A GUINAGA, Spain — Before a 
Basque bites into a baby eel these 
days, he wants to see its face. 
Some blame it on the Japanese 
and others know better. But everyone knows 
that some funny eels have been showit^ tip 


in the Basque provinces of Spain and the 
only way to be sure of what y ou are about to 
eat is to look into those tiny black eyes. 

Angulos, 5-oentimeteMong (2-inch) baby 
eels, known m English as elvers, are a tradi- 
tional Basque dish. For centuries they have 
beat scooped out of the rivers just above the 
mouths in northern Spain. In this Basque 
village on the Orio River only a Few kilome- 
ters from San Sebastifen, six Basque families 
are the principal suppliers in the world. 

In Agninaga, the angula companies wait 
for nightfall before dragging the river be- 
cause the elvers stay on the bottom resting in 
the day. They haul up a fine weave of white 
squinny creatures that they most keep alive 
in their fresh water tanks for about a week 
until the backs turn dark. Since a dead ed 
will not turn color, the dark color assures 
that the eels were taken live, an issue that has 
grown in importance as the rivers have 
grown increasingly polluted and inhospita- 
ble for the delicate elvers. 

LikeaD eels, elvers most be cooked live or 
shortly after death to maintain an agreeable 
texture. They are then sold all over Spain 
and exported fresh, frozen or canned to 
France and t-»rin America. In the Basque 



NialarAKn/IHT 

provinces, where people are passionate 
about anguhs, usually served with olive oil, 
garlic and peppers, they are being sold this 
year, a relatively plentiful one, lor about S40 
a pound in the fish markets. 

In the 1980s the catches were so meager 
that it became widely believed that the eds 
were dying out The price leaped to triple Us 
current lerel and the Aguinaga fisheries could 
still not meet the demand. That was when one 
of the old-established Basque family compa- 
nies. Angulas Aguinaga, decided it was rime 
for an alternative. They turned from the Orio 
to the Japanese for technology in converting 
suriirri into a substitute angula. which they 


produce in a factory in the indusirial moun- 
tain village of Inina. Angulas Aguinaga hopes 
to sell 500 tons of these pseudo-dvers. which 
they call “gulas" this year. 

Surimi is fish from Alaskan waters pressed 
into blocks on factory ships. Nichirei Corp. of 
Japan designed machines ihai force ihis mala- 
rial out, spaghetti like, into the shape of elvers. 
A touch of squid ink tints the backs dark. 

“It’s a completely natural product." as- 
serted Angulas Aguinaga’s sales director. 
Juan Carlos Souto Ibanez, although the in- 
gredients listed on the package includes 
monosodium glutamate E-415. Souto Ibanez 
further asserts that unlike angulas. gulas are 
cholesterol free. 

What they are not is eds. and they have 
neither the same taste nor texture. Visually 
the main difference is that there is no face. 
The two black specks that are eyes and the 
thread line of a tiny mouth on one end are 
missing. In the Basque provinces, where it is 
widely believed that the Japanese are in 
Irura making gulas. some people do not even 
trust this, and there are persistent rumors 
that “the Japanese are painting fake faces on 
gulas.” 

Souto Ibariez points out that they deliber- 
ately left off the faces and changed the name 
to gulas so that they could not be accused of 
perpetrating a fraud. 

“It’s a swindle," Jose Maria Otamendi. di- 
rector of a traditional elver fishery. El Angu- 
Jero de Aguinaga. nevertheless declared. Al- 
though gulas are selling for $16 instead of $40 
a pound, he asserted that this was still “very 
expensive for some unknown fish." 


Back in the days when Angulas Aguinaga 
was fishing real angulas and really in Aguin- 
aga. Otamendi worked there hut went hack 
to his family businev. when it changed its 
product. In hip boots by the swirling tanks of 
the busy family elver pound, he said. "It is 
hard work but it is a tradition. It is what my 
grandfather did and my rather and my son.” 

Angulas Aguinaga claims to he saving the 
eds and is asking the European Union to ban 
elver fishing. The Orio River is a suspiciously 
bright green-gras o4ur and its banks are 
peppered with hiis of trjsh. Not surprisingly 
it doesn’t support a> many eels as ii once did. 
The company now buys elvers front other 
parts of Spam. France and England. 

The common Atlantic eel ihai lives in 
many European and American ri\er> is horn 
in the deep warm waters of the Atlantic off 
Bermuda, an area known as the Sargasso 
Sea. At about 10 >ear> of age. eds leave their 
rivers and return to their birthplace u* spawn 
and then die. The Ian ae float in the Atlantic 
Tor about three years, drifting m currents 
until they find the mouths of fresh water 
rivers where they transform into tiny almost 
translucent elvers and swim in with the tide. 

The Aguinagj eel families say that there 
were a few bad \ear.» hut now the catches jre 
coming back. But while they jre currently 
having a relatively fruitful year, the future of 
cels seem.' questionable since even the eel 
men admit that most of the elvers that they 
don’t catch quickly die in the green Orio. 

Work kiir!iin\k \ *» >«r v MiW K-A, <>/i 
E uropean Jewry, mil he purlrJhii this i ear. 


How to Eat Cheaply, 
And W ell, in London 


By Roger Collis 

laitmuianal Herald Tribute 

S TEREOTYPES die hard, and drive 
our perceptions to the extent that 
bad food in Britain has become a 
self-fulfilling prophesy. But most 
savvy travelers will agree that London has 
become one of the great eating-out capitals in 
the world, rivaling Paris and New York for 
quality and ethnic variety. 

Over the past 10 yean, British cuisine 
(which at its worst was overdone meat and 
soggy vegetables, and at its best, prime pro- 
duce done simply) has been overwhelmed by 

Tit frefitMt Tmthr 

“modern British" — which has been variously 
described as modern international with Medi- 
terranean overtones. Californian -Italian, or 
just plain eclectic. You are likely to find char- 
broiled steak sharing the menu with couscous, 
ratatouille and salm on fishcakes. 

The problem for the visitor is that straying 
in to the wrong places can lead to some pretty 
diabolical culinary (and wallet-threatening) 
experiences. London does not offer as good 
value at cheaper places as you get in Paris or 
New York. I’m glad to say that help is now at 
hand with the publication of “Harden’s 
Good Cheap Eats in London 1994” — a 
guide to more than 400 places where you can 
get a good meal for less than £20 (S30) a bead 
for two courses, a glass of wine, coffee, tax, 
service. The guide has been compiled and 
written by two brothers. Richard and Peter 
Harden, who gave up a career in merchant 
banking four years ago to eat their way 
around London and publish the findings. 
“Cheap Eats” is a companion to “Harden’s 
London Restaurants 1994” — a guide that 
first came out in 1992 
“We’ve sampled at least 1.500 meals in the 
last three years, so we’ve spent well over 
£30.000 on eating out," says Peter Harden. 
“We aimed for a quick fix guide that helps 
you to make a decision about what is relevant 
to you and where logo for a certain occasion. 
The other guides aren't like that They’re 
either in the ’foodie porn’ school or good for 
browsing. Most food journalists beOeve it’s 
their job to be interesting rather riian useful ” 
Richard Harden says: “Our principal inspira- 
tion was the ‘Zagai New York City Restau- 
rants' guide. Bat* in June 1990 I was silling 
with die owner of a gallery in SoHo who 
pointed to my copy of Zagat and exclaimed 
that ‘London could really do with one of 
those things.*" 

Harden’s follow the Zagat fonnat of short, 
pithy remarks like “inexpensive, but over- 
priced” and “get Edwin to guide you." Hus a 
similar rating system. Tor food, service and 
ambience. Food isn’t always the most impor- 
tant ingredient in the amalgam of an enjoy- 
able experience. “Cheap Eats” shows two 
stars for places worth traveling out of your 
way to; one star for especially good value and 
an A Tor charm, style or atmosphere. 

E NTRIES are broken out by area, 
types of cuisine, price ranges plus 
classifications such as “top lunch 
bargains," “top lor style.” “bring 
your own wine” places, “pre/post theater" or 
“riverside." So you can target what you need 
either a good place to eat nearby or a special 
place across town. So, for example, if you are 
staying in Chelsea, you have a cornucopia of 
entries around the comer — from Geale’s 
(sublime fish and chips; although if you’re 
over east in Islington, uy the Upper Street 
Fish Shop! to the “grand and glittering” Sl 
Q uentin brasserie. Or splash out at La Tame 
Claire; if you want to go Greek, the Kala- 
maros is a short Laxi ride away in Bayswater. 
Hosting a budget business lunch, you could 
do worse than Hubble & Co., an atmospheric 
Southfield wine bar. Or step into a lime warp 
at the Kosher Luncheon Club — gastronomic 
annex to the Great Garden Street Synagogue. 
But you cannot rely on the maps for getting 


you there. Some entries are shown marooned 
in the middle of blocks, or on unnamed 
streets. “The inflated-price restaurants and 
rip-off joints tend to be in Mayfair or the 
heart of Knightsbridge,” says Peter Harden. 
“If you’re gong to spend what I think is the 
normal amount for dinner in London, which 
is £25-00 per person, you’d probably do 
better to head out to where the real London- 
ers eat — which is Chelsea, Kensington or 
perhaps Primrose Hill to the north.” 

Some restaurants are decisively put down 
(Veeraswamy: “Food almost inedible . . . 
grossly overpriced”; Cecconi’s: “Its loyal fol- 
lowing have more money than sense”). So 
why include them? 

“Because they are places that are too fam- 
ous for us to to ignore.” Peter Harden says. 
“For example, we are very uncomplimentary 
about Scon's; Langan Brasserie has been 
cruising quite monstrously. The Dorchester is 
so upset with us they hare told the bold 
bookshop not to stock our guides.” 

“Cheap Eats” includes, as you would ex- 
pect, pubs, wine bars, cafes and take-aways 
along with a sprinkling of pricey restaurants 
that offer good-value lunch menus, t About SO 
percent of the entries are to be found in 
“London Restaurants 1994.”) For example. 


Now you are likely to find 
charbroiled steak sharing 
the menu with couscous 
and ratatouille . 

The Ivy. the grand old ’30s theaterland res- 
taurant, has an affordable lunch menu (£14) 
on weekends; and throughout August the 
Savoy group offers a two-course lunch or 
dinner for £10 at the Savoy (Upstairs). Clar- - 
idges (Causerie), the Berkeley (Perroquei), 
Grill Sl Quentin, and Simpson’s-on-the- 
Strand. (The Causerie has an “all-you-can- 
eat” smorgasbord at lunchtime for £12 but - 
house wine is a regal £15). 

M ORE to my taste are gpms like 
the Lahore Kebab House in the 
East End (the best-value Indi- 
an restaurant in London) and 
The Eagle, a convened pub on the northern 
fringe of the City, which has great Califor- 
nian/Meditenanean food at bargain prices. ■ 
The Pizza Express chain is consistently good 
value (You*B find some of the best live jazz in ’ 
London at the Dean Street branch in Soho). > 
For a good sandwich, try Prct A Manger 
snack bars (almost as good as the Super . 
Sandwiches chain in Hong Kong); while a 
great bagel (with lox and cream cheese) can i 
be found at the Brick Lane Bagel Bake — a 
24-hour takeaway. 

“Cheap Eats” is focused on places you're • 
likely to enjoy, and much more practical th an 
anything else that I've come across. If you .1 
want a second or third opinion buy “The . 
Time Out Grade to Eating & Drinking in : 
London 1994,” or "The Evening Standard < 
London Restaurant Guide 1994” by Fav t 
Maschler. 

“Time Out” is more encyclopedic than 
Harden’s (it lists around 1.500 places) and ■ 
more browseable. But there are no maps, it's < 
easy to get lost, and I find there's a tendency , 
to be over-generous with praise. Maschler has 
written her food column for the London 
Standard for 20 years, and brings her fermi- . 
dable perception to focus on the finer points 
of cuisine. 

“Harden's London Resiaurarus 1994 650 
entries. £6.95 (includes two updates a year). < 
“ Harden's Good Cheep Eats in London « 
1994": 400 entries. £3.95 ( includes two updates . 
a year). 

“The Time Out Guide to Eating & Drinking • 

in London 1994": 1.500 entries. £6.99. 

“The Evening Standard London Restaurant i 
Guide 1994 " By Fav Maschler: 2S3 entries ’ 
£9.99. 


Page h 


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Some highlights <4 European and 
American music and arts festivals: 

MOTTWA ' 

Bragenz 

Breqenzer Festspiele. tel: 43 
(5574) 4920-223. July 20 to Aug. 
23: On the take’s floating stage, per- 
formances of Verd’s Na&jcco. 
and Zandonai’s "Francesca da Rtml- 
ni," a 1914 opera based on atragedy 
by Gabriele d’Annunzio. 

Innsbruck 

Ftestwochen der AHen Musik. lei: 43 

(512) 57-10-32. Aug. 14 to 27: The 

program Includes TetemannsOr- 

phsus Oder Die wunderttare Bestan- 
dlgkert der Uetoe." Bibefs " Arming 
Oder Chi te Dura te Vince, an dcon - 

certs performed with anoem instru- 
ments; 

Qsttch and VHJach 

Carinthtacher Sommer 1904, M: 43 
(4343) 25-10 June 17 to Aug. 2ft 
Seiji Ozawa conducts the Wener 
Phaharmonfcer on the first nighT 0J 
the festival (n a "Beethoven Total 
program extending over several 
att of the ofSo sonatas and 
piano concertos w* he pertormeo. 


FESTIVAL INTERNATIONAL 
O'ART LYRIQUE 

ET D E M U S I.QU E 

D’AIX-EN-PROVENCE 

PfUTABI 

Edinburgh 

Edinburgh International Ferfival. 
tek 44 (31 ) 226-4001- Aug. M » 
Sept 3: Guest opera £mpanr»«n- 
dude the Australian Opera, opera 
North and the .Scottish Opera, ana 
danc© programs are periorm eo w 
the Metoe-Gtawin^am. and Mark 
Moms companies. _■••• 
GftridabotSM . 

Qjyndeboume Festival .Opera, , tat 
44 (273) $13-813.. May 2B to Aug. 


25: In toe rebuilt opera house, a new 
production of Mozart's “Le Nozze d 
Rgaro,” opening on toe 60th anni- 
versary of toe first festival perfor- 
mance (May 28), followed by Tchai- 
kovsky’s “Eugene Onegin,” 
Stravinsky's "The Rake's Progress.” 
Mozart’s "Don Giovanni/' and Brit- 
ten's "Peter Grimes." 

HHLAMP 

SavonUrma 

Savonllnna Opera Festival, teJ: 35$ 
(57) 514-700. July 6 to 30: In the 
courtyard of Otevinllnna Castte, per- 
formances of VerdTs "Macbeth" and 
"Aida,” Mozart's "The Magic Flute.” 
Strauss's ‘ ’Salome" and Bartok's 
•‘Bluebear d's Castle.’" 

FRANCE 

Aix-en-Provence 
Festival int ern ational d'Art Lyrlque 
et de Musique, tel: 33 42-1 7-34-34. 
juty i & to 30: in toe courtyard of the 
archbishop's palace, Mozart’s “Mag- 
ic Ruse,” as weft as performances crt 
Mozart’s "Requiem," conducted by 
Wffiam Christie and Haydn’s "The 
Seasons.” in toe cathedral, choral 
programs, including Faure's "Requi- 
em" and PergotesT&* , Srabat Mater." 
Orange 

Chorfegfes d’Orange,tBf: 33 90-51- 
83- 83. Jtfy 9 to Aug. 2: In toe The- 
atre Antique. tterdi's^Nabucco" and 
Puccini's ’Tosca" with Gwyneth 
Jones, Marek Jarwwski conducts 

Beethoven’s Ninth Symphony. Also, 
Aug. 13 to 27: Performances by toe 
Kirov baifet and opera companies In- 
clude Mussorgsky’s “Boris Godu- 
nov.” VerdTs "Requiem” and two 
baRet evenings. - 
Saint-Denis 

Festival de -SainfrOente, le): 33 4S- 
13- 12-12. June J 1 to July a Empha- 
sis is on rftfiic composed. since 
World W&r II. with Gwecto’s Third 
Symphony, Arvo Part's ‘Te fJeum" 
andBrltten’s "War Requiem." : 

QEMHAHY ! 

Bayreuth 

Richard Wanner Festspiete, tel: '49 
(921) 20-221. July 25 to Aug: 28: 


opo)l conducts "Parsifal." Daniel 
Barenboim "Tristan ixid Isolde” and 
Peter Schneider “Der Hegende Hol- 
lander." 

Fraradurt 

Frankfurt Feste ’94. tel: 49 (69) 
1340-400. Aug .26 to Oct. 3: in the 
Afte Oper. orchestral concerts by 
German and foreign orchestras un- 
der Kurt Masur, Bccardo Chaaiy and 
Esa-Pekka Salonen, chamber music 
and recitals, performances of toe 
choir and orchestra of the Bolshoi 
Theater from Moscow, and the worid 
premiere of "Viva la Vtda,” a musical 
homage to the Mexican painter Frida 

Kahto. 


M i hi 


Tanglewffixl 


ITALY 


-fling des Nlbetungen” in Alfred 
Kirchner's production. Giuseppe Sin- 


Rossini Opera Festival, tel: 39 
(721 ) 34-473. Aug. 1 1 to 29: A year- 
ly homage to Rossini, a native of 
Pesaro, with performances of ’Vita- 
liana in AJgierf," "Semiramide," 
"L'lnganno Felice' 1 and the "Stabat 
Mater." 

t)pQ|(ftl 

Festival of Two Worlds, lei: 39 
(743) 222-611. June 22 to July 10: 
Opens with Poulenc’s “Las Mameiles 
de Tlrestas” and indudes Berg's 
“Wozzeck." Dance programs in- 
dude toe world premiere of Roland 
Petit's "Creation Menoffi.” 

HETHEUUiPS 

Amsterdam 

Holland Festival. tel:.3i (20) 627- 
6566. June i to 3Q; Nine operas from 
Monteverdi's "Orteo , ’toMax Brand's 
“MaschMst Hopkins" and recent 
works by Chinese composers. 

WOWWAY. ~ 

Odo 

ChamberMusic Festival, tel: 47 (2) 


255-25-53. Aug. 3 to 13: in concen 
halls, churches and casties. perfor- 
mances of ancieni and coniemporarv 
British music. Barbara Hendrcks is 
one of the guest artists. 

PORTUGAL 

Estoril 

20th Costa do Estoril Music Fesn 
val, tel: 351 (1 ) 468-5607. July 7 to 
Aug. 20: The Lithuanian State Sym- 
phony Orchestra, under Gmiaras 
Rlnkevicius, the Prague Chamber Or- 
chestra, and the Great Bulgarian 
Voices ensemble. 

SPAIM 

Santander 

Santander international Festival, 
tel: 34 (42) 314-819. Aug. i lo 31: 
Concerts by toe London Symphony 
Orchestra, the Dresden Philharmonic 
Orchestra; operas include Puccini's 
’Tosca" and Mussorgsky's “Boris 
Godunov” and various chamber mu- 
sic concerts and redials. 

SWEDEN 

Drottnlnghotm 

Drottningholm Court Theater, tel. 
46 (&) 660-62-25. May 26 lo Sepi B. 
A new productkxi ol "Youth and Fol- 
ly." by an IBto-ceniury composer. 
Eduard Dupuy, Haydn's "Orlando 
Paiadino," and an evening at Han- 
del’s arias and duels. 

SWITZERLAND 

Gstaad 

Musiksommer Gastaad-Saanen- 
land. tel: 41 (30) 304-B838. July 22 
to Sept. 10: Yehudi Menuhin con- 
ducts toe Slnlonia Varsovia and the 
PWharmonia Hungarica. 

Lucerne 

totematkxutl Festival of Music, tel 
41 (41 ) 23-52-72. Aug. l? io Sepi 
10: More than 50 performances, in- 
cluding concerts conducted by Kurt 
Sanderting, Lo-ln Maazel. Claudio 
Abbado, RiccarcJo Muti, retails by 
Maunzio Pofiini and Ket Koito. cham- 
ber orchestra concerts, Ingomar 
Granauer's “Die Winterreise.” di- 
rected by Philipp Himmelmann (Aug. 
24. premiere) 

Montreux and Vevey 

49e Festival de Musique. tel; 4i 

(21 ) 963-54-50. Aug 21 foSept.23' 


Pertiarmance'aDv inePi’.iiPurghS.ni- j 
phony Orchestra, m* R-v.ai Concen- ■ 
qebouw Orchestra and me Sc sia Phi- ! 
larmonic Orchestra -mor.c the j 
guest soloists. Maunno r'oiin -i. Mau- 
rice Andre and Manna Argencr. 

Verfjfer j 

Verbier Festival and Academy. :ei ■ 
41 (Cl) 963-B2-2C ju:. 12 K- 31 
Zubin Mehta opens me lesii.ai -viin 
the -joung Israel Pn»»h5« t.:r"; R ^-i- 
lals wrlh Uie Lempei M-chei &e '■->:* 
and Barbara Hendricks 


TURKEY 

Istanbul 

22d International Istanbul Music 

Festival, tei. &0 1 212 ‘ ZE.a-o21Z 
June 15 to July 2i Thj rosier ot 
quest soloists includes tiaiciso 
repes, James Galway Jui^m Lkn-d 
Weber, arid Victor <a de Los ^r^ies 


UNITED S TATES 

Los Angeles 

Hollywood Bowl's Summer Fesii- i 
val. tet: t (213) aso-2900 June JB I 
loSept. >8: The' Los Angeles Phiihar- I 
monte under Esa-PeKte’ &aicr-,en. me 
Detrori Symphony unde; Ne^me'l 
Jarvi. and the San Franoyco S\m- [ 
phony under Hert-en B;oms:eat ahe: 
orchestral concerts ! 



Tang tew ood 

Tanglewood Music Center. iei ’< 
(61?) 266-1492 July •' >0 ^up 29 
Seiji Ozawa opens me season witti a 
program leaiunnu Jeisve fit -r:nar. 
Yo Yo Ma. Leon Flwsne' and Pei •?< 
Seritm. Oiher goes: conoucrorr, oi the 
Boston Sympriorr, Orchestv inciuiV- 
Andre Previn and Leona id -islart- ■< i 
Lorm Maazel conducts the Pitiaburgn 
Symphony Orche^ira 


'OJ 

% 

ii 


I -Si I 

1^ 


Welcome 


WITH A SMILE! 


to destinations 1 'J countries 1 continents 

Lt in LO and J 


Genuine care for your safety and comfort. 
Delicious dishes , delectable cuisine to touch the heart of 
the most discerning passenger. 

• 

Welcome to a whole new world! 

A world of smiles and friendliness. 


KARACHI 


Biman BAMGLADCSH AOaJHES 


KUALA LUMPUR KUWAIT 


LONDON 


MUSCAT 




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W A N 

International Herald Tribune, Friday. May 2 7 , 1994 


Page 1 



International UariIh y . “ 112.49^ 

SSSW5SSS- 

oyeioomberg Business News. Jan. 1 , 1 992 = 100. 

120 


no 



100 


World Index 

S/26/94 close; 112.49 
Previous: 112.32 


yi -x-i r . i i ■ r ju 


D 

1999 


■ i -i 

M 


Asia/pacific ‘ 


M 

1994 


150 


Appro*, wagmmg: 32% 
Ctose: 130 83 Prev 131.72 


Axrro*. wcgnuig 37% 

C;ose 112-WPrev.. 112 48 E 


130 

no 






90 


D J F M 
1983 

A M 
1994 

D J F 
1993 

M 

A M 
1994 

■ North America 


Latin Amorica 


Appro*, wdghtng: 26% 
Close; 93.W Prev.: 93.99 
ISO 

E333 

CUbh 

Approx wesgttmp; 5% 
Ctose: H7ro ftp- HB59 

ml 

uT V,. 

nn v : 




\ A / 


M 



YvT 

D J F M 
1993 

HI World Index 

A M 

1994 

O J F 
1993 

M 

A M 
1994 


nw index tads US. doSar values of stocks fft Tokyo, New York, London, end 
Aigwitrno. AuotraOo, Austria, Belgium. Brazil, Canada. CfiBe, Deitmarti, Finland, 
Franca, Germany, Hong Kong, Italy. Mexico, itetnarianda. New Zeeland. Norway. 
Singapore, Spain. Sweden, Switzerland and Vanezuala. For Tokyo. New Yak and 
London the Max Is composed of the 20 top issues in lams of market capiakradon 
otoarwisa toe ten top stocks are tracked. 


1 bidostriat Soctrirs J 


no. Pm. % 

daw daw clung* 


Tta. 

dew 

An 

dOK 

% 

danse 

Energy 

IlliS 11123 -0.16 

CapM Goods 

11458 

11457 

40.01 

U«ttes 

W7 32. 118.10 -0.75 

RmtIMeiWb 

127.19 

12758 

-0.15 

Ftaonce 

117.92 11651 -050 

Consumer Goods 

97.42 

97.81 

-0.4 0 

Services 

117.18 11725 -0.07 

HfeceBaneous 

12758 

12650 

♦0.46 

For mans information abort the Index, a booklet Is avaBabfelraeol charge. 

Wide to T/to Index. 181 Avenue Chartas da GauBe, 92521 NeuOyCedex, France. 


Rates Stay 
Putin 
Germany 


Uncertainty Fuels 
Bearish Mood 


Com/nkJ hr Oar Stuff From Diyut, hn 

FRANKFURT —Aficr pepper- 
ing investor- with conflicting mes- 
sages about interest rates and pull- 
ing the plug mi a government bond 
auction, Germany's central bank, 
the Bundesbank, declined to 
change leading interest rales 
Thursday, in a subtle shirt to :i 
more cautious monetary polity. 

Germany's discount rate could 
stay at 4.5 percent and its Lombard 
rate at 6 percent through the sum- 
mer, analysts at major investment 
houses said. By then. Europe's larg- 
est central bank might be so trans- 
fixed by the inflationary potential 
of rampant money supply growth 
that it will stop cutting rates alto- 
gether, some added. 

The two rates, which tend to be 
trend-setters throughout Europe., 
represent the floor and ceiling for 
German money-market rates. 

Some observers said hopes for a 
cut in the rates disintegrated Mon- 
day. after Bundesbank President 
Hans TIetmeyer said that the bank 


was not pursuing step-by-step cuts 
i lor the iime beh 


in interest rates for the time being. 

The shift in monetary policy 
caught up with equity markets 
Wednesday, sending stock aver- 
ages Tailing throughout Europe. In 
Britain, Italy, France. Denmark, 
Finland and Spain, indexes fdl by 
more than 2 percent, while averages 
slid by more than 1 percent in Ger- 
many and Belgium. 

Stock markets ended mostly low- 
er Thursday, with shares failing to 
recover from Wednesday’s falls. 

Meanwhile, analysts across Eu- 
rope are debating’ how Wednes- 
day’s failed bond auction, the first 
since September 1990. will influ- 
ence Europe's bond markets. 

With Bundesbank interest rates 
on hold, say many, it’s going to 
take weeks of subdued inflation 


and slowing money-supply growth 
i* faitl 


faith in the 


© International Herald Tifaune 


to restore investors 
markets. 

“it's going to be a very slow, 
gradual recovery.” said James 
Mitchell an analyst at Deutsche 
Bank AG in London. 

(Bloomberg, Reuters J 


WALL STREET WATCH 


Another Side of Derivatives 


By Jay Mathews 

Washirtpon Post Service ■ 

EW YORK — Christopher Ramon 


Caslrovido is a man with trading in his 
' i wash- 


N blood, and he doesn't see why 

ington bureaucrats should fret so much 
about derivatives — the complex finan cial instru- 
ments that are his livelihood. 

Mr. Castroviejo, 44, is the managing partner of 
Parallax Partners, a small firm that uses derivatives 
to bet on the rises and falls in various fin a nci al 
indexes. 71131 is the type of trading that has begun 
to draw the attention of government regulators 

and legislators. 

Traders such as Mr. Castroviqo often operate 
on very thin margins — putting up very little 
. money with the chance of making huge profits. But 
' in some cases lately, the losses from such deals 
have been great, and some government officials 

wonder if the rules permitting such gambles should 

^Mr^Stroviejo, whose grandfather became 
famous for betting that the stock market was going 

to fall in 1929 and 1 930 , does not think so. The tale 

of one of his derivatives deals in early February, ui 
which he made 5188,432.78, provides an example 
of what he means, and why he thinks derivatives 
are a splendid and relatively safe way of keeping 
the economy going by iqecting money into the 
markets. , , . . 

Derivatives are investments whose value is de- 
rived from something else, such as stocks, bonds or 
physical commodities. Derivatives can be traded 
on exchanges, in the torn of fWurts <J2°« 
contracts, or over the counter, in the form of 
interest-rate swaps or some slock options. It was 
stock options that netted Mr. Castrovugoa healthy 
profit m February. 


It was quite early the morning of Feb. 2 when he 
left his cozy East Side Manhattan house and his 
faithful Norwich terrier. Uptick. When he reached 
his Park Avenue office, he discovered that one of 
his favorite market indexes was just where he 
wanted it 

The Financial Times-Stock Exchange 100-share 
index had been edging upward to a point where 
Mr. Castroviqo, who specializes in such things, 
thought it was about to change direction. 

The chan of the FT-SE’s movement and other 


data compiled by Mr. Castrovigo’s quantitative 
a [hematics wizard 


analyst, a young Venezuelan mat 
named Luis Sanchez, indicated the index was ex- 
hausted and unlikely to go much higher. Mr. Cas- 
troviejo wanted to bet that it would fall and 
Merrill Lynch & Co. was offering him an option 
that would allow him to see if he was right. 

For just 5157,487, Mr. Castroviejo could buy a 
put option contract valued at 57.5 million, essen- 


tially putting up only 2.1 percent of the total in 
that the market would turn just enough in 


hopes 


the desired direction — at which porni be could sell 
the option and make a profit The farther the index 
sank, the more money he would make. 

In the FT-SE deal his ins line is proved correct. 
The index began to descend, and five days later he 
pulled ont with a 1 19.65 percent return on his cash 
investment. With mounting dismay, he then 
watched as the FT-SE continued to go down, and 
down, and down some more. 

“If I had just left it alone, I bate to think whal i 
•would have made," Mr. Castroviejo said. Still, he 
said; “I like to sleep at night." 

Among derivative traders, “there will always be 
the occasional bozo who screws himself up,° Mr. 
Castroviejo said, but overall the instruments draw 
much more money into tie markets. 


Last In 5 First Out in Japan 

Women Face Job Bias, Official Admits 


By David E. Sanger 

\V» lift Tirrct Srni.r 

TOKYO — A senior Japanese cabinet official 

acknowledged Thursday that companies, through- 
out the country had systematically denied job 
opportunities to women through the four-year- 
long economic downturn, reinforcing charges by 
women's groups that progress made Toward equal 
opportunity in the 1980s bad been severely eroded. 

The official. EijiroHaii minister of internation- 
al trade and industry, called in leaders of one of 
Japan's biggest business groups and asked them to 
end a scries of practices" that had made Japanese 
women the last to be hired and the first to be laid 
off. 

The nunc followed a chorus of complaints, 
particularly from students and educated women 
who say recruiters have ignored them in Japan's 
job-placement rituals. A survey of 1.000 compa- 
nies hy the Labor Ministry late last year found that 
more than hair >oid they were culling back on 
hiring women so they could keep hiring male 
students, who generally stay with companies long- 
er and jimnM never seek child -care leaves. 

Executives said that, while they would listen to 
the government's pica, they were not inclined to 
change their attitudes or to comply w ith the coun- 
try's erght-y car-old Equal Employment Opportu- 
nity Law. which has been widely disregarded. 

A spokesman for the Japan Federation of Em- 
ployers' Associations, who declined to speak for 
attribution, said that the fault lay with women who 
were not willing to “seek jobs in smaller and 
medium-sized companies" in hard economic times. 

Many questioned Mr. Hata's motives, noting 
that within a few months the country may be 
forced into elections in which the votes of voung 
women could be critical. Mr. Hata. who is not 
related to Prime Minister Tsutomu Hata. may also 
have been seeking to embarrass the employers' 
group, which has opposed many of the govern- 
ment's new tax proposals. 

While reliable statistics are difficult to come by. 
Japanese newspaper headlines and other anecdotal 
evidence moke it clear that women have home a 
disproportionate amount of the nation's economic 
pain. 

Just last week. Nippon Life Insurance Co. an- 
nounced it would not hire any women for clerical 
positions next year. Usually, it employs 600 to 700 
annually. No men serve in such posLvl t also said it 
would reduce the number of women n hires for 
career positions by 15 percent. 

Two other major insurers. Meiji and Asahi, 
immediately made similar announcements, as did 
the country's most prestigious trading house. Mil- 


In j case that has attracted considerable atten- 
tion, a group of women employees at three compa- 
nies affiliated with the Sunuiontd group filed com- 
plaint* to force die company and the union to 
release information about salaries paid to male 
and female employees. They said a woman with 25 
years’ experience make- ar.’ average of one-half the 
pay of a similarly experienced min and that wom- 
en over 40 rarely rose up the corporate ladder a* 
high as men three years out of college. 

Some Japanese women's groups jrguc that the 
recent string of corporate announcements demon- 
strates that the strides made by women in the late 
l%0s and early *hh> — epitomized by the early 
career of Masako OwoJjl the Harvard-educated 


A survey of 1,000 
companies found that more 
than half said they were 
cutting back hiring women 
so they could keep hiring 
male students. 


subishi Corn. Mitsubishi lures only a handful of 
ch y 


women each year for career jobs but takes on 
several hundred men. 

Japan Air Lines and All Nippon .Airlines, the 
two largest air carriers, said recently they would 
not hire stewardesses next spring. 

JAL denies that the cutback is aimed at women, 
but it has not announced a hiring freeze or similar 
dimensions for posts traditionally filled by men. 


diplomat who married into the royal family lost 
year — had far less to do with a change in njiional 
values than with a labor shortage. Now. as compa- 
nies cut back, the record suggest.- that women are 
the last to get a foot in the door and the first to be 
escorted to the exits. 

A young woman at Gakusbum University, one 
of the country’s top colleges, said that while men in 
her class were deluged with recruiting literature 
from Japan's top companies. ~ihe women all had 
to call to get any information." ftTien she showed 
up for interviews at several companies, she was 
told to forget about applying for career positions 
and to settle for a clerical job. even though her 
grades were far higher than many of the inales who 
landed positions." 

She said other companies were largely interested 
in whether she would be ready to many a single 
man working in the company. Such questions are 
hardly unusual in Japanese recruiting: Even today, 
many companies review the qualifications of po- 
tential “office ladies'* largely to determine whether 
they would be suitable spouses, helping the mole 
employees to focus on their careers. 

This year, the Labor Ministry reported that only 
75 percent of women graduating from college said 
they had found work, compared with 92 percent of 
men. The statistics paint a rosier picture than 
reality suggests: Many of those women settled for 
jobs far below their capabilities. 

The problems reached such proportions this 
year that the government set up a committee to 
examine the problem. It concluded in an interim 
report that “cases that do not fit die spirit of equal 


employment opportunity" were rampant, especial- 
deni3 


ly involving denials of promotions to married 
women. 


Chief to Quit 
At Italy’s State 
Holding Group jjs| 



By Alan Friedman 

fnienumunul HentfJ Tribune 

PARIS — ■ Romano Prodi. chair- 
man of Istiluio per la Ricostru- 
zione Industrials, the leading Ital- 
ian state holding group" that 
controls hundreds of companies 
ranging from steel to Alitalia, the 
state airline, will resign in the next 
two weeks, according io senior gov- 
ernment officials in Rome. 

Mr. Prodi. 54. has been a driving 
force in Italy's privatization pro- 
gram. and he is viewed in interna- 
tional financial circles as well suit- 
ed to nm the sprawling stale- 
owned group. 

On Thursday, two senior govern- 
ment officials insisted that Mr. 
ProdP s departure would not hinder 
the government’s plans to speed its 
privatization program. 

The officials said Mr. Prodi dis- 
cussed his plans to leave 1RJ during 
a meeting Wednesday evening with 
Prime Minister Silvio Berlusconi. 
The two men are understood to 
have agreed to delay the announce- 
ment of Mr. Prodi's resignation, 
which could come as early as next 
week. 

Mr. Berlusconi and Lam bene 
Dini. the treasury minister, are be- 
lieved to have been in favor of Mr. 
Prodi’s continuing at 1RJ. 

In a recent interview. Mr. Dini 
singled out I RJ as a key privatiza- 
tion target, saying the government 
would "get out entirely." Among 
1RI holdings that Mr. Dini said 
would be privatized were Ilva. the 
steel subsidiary; Stet, the telecom- 
munications company; Finmec- 
canica. the heavy-machinery and 
aerospace group that controls 
Agusta helicopters, as well as arras 
makers and railway equipment 
companies. 

Mr. Prodi was named 1R1 chair- 
man last year by Carlo Azeglio 
Ciampi, then prime minister, hav- 
ing served previously in the post in 
1982-89. 




But his tenure is opposed by the 
: Rirty, 


neofascist National Alliance Party, 
a member of Mr. Berlusconi's gov- 
erning coalition. In addition, die 
IR1 chief has told friends he feds 
he has completed the mandate giv- 
en to him by Mr. Ciampi. 


Politically. Mr. Prodi is iden 
lied with ih'e left wing of the fonnetf^jg 
Christian Democratic Pony. He is ■•' .^5 
respected by senior members of the 
opposition' Progressive Alliance 
dial is headed by Achille Occhetto 
and would have been considered a 
possible prime minister if the leftist^ 
coalition had won Italy’s recen 
election. 

Since the victory of Mr. Berlus- 
coni and his allied center-left poli- 
ticians have begun discussing ask-^^S,- _ 
ing Mr. Prodi" to serve as the/;* v» 
opposition leader. > — 

In recent weeks Mr. Prodi has 
also been at the center of a public 
controversy with Mediobanca, tbe lH( dh(» 
Milan merchant bonk, about priva- ndjriK 
lization. fctbs. 

- Mr. Prodi wanted to create 
“public companies" with broad 
share ownership on the Anglo-Sax- 
on model during the recent privati- 
zations of Banca Commerciale Ita- 
lians and Credito Italiano. two snow- 
banks formerly owned by IRf. He loose 
lambasted Mediobanca after the ;cco- 
mercham bank managed to take^Ser- 
effective control of the banks any- vn of 
way by bringing together a small fcs on 
group of institutional investors and 1 
packing the boards of the banks. , said 

IR1 is owned by the Italian Trea- iHery 
sury. and its chairman is chosen by 

the government The company's , 

1993 loss, not yet announced, is- 

estimated to have risen from 4.7 
trillion lire (S3 billion) to as much 
as 10 trillion lire as a result of 
special provisions. IRI's debts 
amount to about 75 trillion lire, 
roughly the same size as its annual 
revenue. 

IRJ was founded during the 
Mussolini era. aud during the 
1980s Mr. Prodi struggled to 
streamline the group. But he found 
himself frequently at odds with the, 
governments led by Prime Minis- 
ters Bettino Craxi and Giulio An- 
dreotii. both of whom continued 
the tradition erf appointing political 
allies to key posts at IRI industrial' 
subsidiaries. 

After he resigns from IRI. Mr. 

Prodi. who is an economics profes- 
sor, is expected to return to teach- 
ing in Bologna. 


.•v 


Bad Debts From 1980s Cut Japanese Bank Profits 


Compiled by Out Staff From Dispatches 

TOKYO — Japan's 1 1 largest 
commercial banks said Thursday 
that their current profits declined 
42 percent in the year ended March 
31 as they continued writing ofr 
bad debts from the late 1980s" 


March 3 1. up o percent from a year 
earlier. 


The decline, to 563. 1 billion yen 
(55 billion) from 964.2 billion yen. 
reflected the cost of trying to write 
down a mountain of bad debL 
which the Bank of Japan now says 
is a major obstacle to economic 
recovery. 

The banks said their publicly dis- 
closed bad debts increased to 6.948 
trillion yen in the year ended 


The figures were disclosed by 
bank officials in news conferences 
at the Bank of Japan's press club. 
Unable to quickly dear their books 
of nonperforming loans, bankers 
remain unable to do much io help 
the economy out of recession. 

But they said their efforts to 
wriie off snowballing had debts 
were beginning to show results and 
that bad debt will continue to de- 
cline slowlv this year. 

The banks may he able to see the 
end of the tunnel of bad debts, but 
they have a considerable distance 


to travd before reaching it. said 
financial industry’ analysis in To- 
kyo. Furthermore, some may 
emerge in better shape than others, 
they said. 


loo far for banks to recoup their 
losses. 


Five Japanese electronics firms 
forecast higher profits. Page 15. 


Now that stock and land prices 
have tumbled, many Japanese 
debtors are no longer able to pay 
interest on loans obtained in the 
I9S0s. To make matters worse, the 
value of the land and securities they 
offered as collateral has declined 


The Japanese bankers said it 
would take two more years or 
write-offs, at the risk of further 
profit declines, before they finish 
sorting the bad apples from the 
good. 

Sakura Bank, one of the largest 
commercial banks, said its net 
profit sank 60 percent, to 22.85 
billion yen from 57.71 bOlion yen. 
Earnings per share tumbled to 6.89 
yen from 17.42 yen. 

Sanwa Bank surpassed Sumi- 
tomo Bank to become the most 
profitable bank in Japan. Managed 


with an increasingly international . 
perspective, the bank is supported 
by domestic lending, particularly 
to small and medium-sized compa- 
nies. 

Sanwa's group profit declined 52 
percent, to 45 billion yen from 
95. 19 billion yen, putting earnings 


per share at 15.75 yen. Its revenue 
feU 4 


percent, to 2.73 trillion yen. 

But Sanwa and Sakura are carry- 
ing the bulk of costs in a consor- 
tium of banks baiting out Japan's . 
largest housing finance company, . 
Nippon Housing Loan Co., whose ; 
nonperforming loans reportedly ' 
exceed 800 billion yen. 

(Bloomberg, APJ 


Hong Kong Land Sale 
Meets With Lower Bids 


Compiled by Our Staff Fran Dispatches 

HONG KONG — Two parcels 
of suburban land were auctioned 
off Thursday for lower- lhan-e\- 
pected prices, which analysts said 
reflected a joint effort by real estate 
developers to head off legislation 
aimed at cooling the territory's 
booming property market. 

A group of 12 companies jointly 
bought a 20,780-square- meter 
(25,000-square-yard) site in Fanling. 
part of Hong Kong's New Territo- 
ries area; for 2.04 billion Hong Kong 
dollars (US$264 million). 


CURRENCY & INTEREST RATES 


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The price was below market ex- 
pectations. which ranged from 2.6 
billion dollars to 3.7 billion dollars, 
said FA. Hay. the Hong Konggox- 
emmeni official who uiKtroncd the 
land. 

The mood was remarkably tame, 
compared with previous auctions 
where fierce bidding 
the spiraling prices that have made 
some parts of Hong Kong as ex- 
pensive as Tokyo. 

Analysts said the price was low 
because the companies decided to 
not bid against each other. They 
instead used the auction to display 
their muscle and show the govern- 
ment there was no need f- t n to 
drive down real estate pra.o. 

‘They hope to send ibe aewem- 
menl a signal that the property 
market is soft, and it divsn'r re- 
quire the government to take mea- 
sures to push the market further 
down. - said Andrew Hall, research 
director at Morgan Grenfell Asia ; 
Securities. j 

But Mr. Hay said it w\» "too I 
early to sav“ if iand prices in Hong | 
Kong were coming down from t 
their record highs. j j 

The government warned rc::l c>- ; 
tate speculators at the end «<f 1 
March that it would take action u< ; ; 
reduce Hong Kong's apartment I : 
pnees. many of which hate tripled i j 
during the past three wars. | 

Since then, jpannicni price- 
have fallen by 5 pert.cn i in 15 per- 
cent. A government Ui-lL force will , * 
M«on recommend meagre.- t«‘ re- ! _ 
duce prices. 

The group that Knight the pared 
from the government Thurvl.o in- 
cluded Cheung Kong ilMdincM . 
Ltd.. Sun Hung Kai Propcflie* i ' 
Ltd. New World EXidopment ! : 
Co.. Sino Land Ci». and the real I , 
estate, invest men! and textile group J ! 
Nan Fung Textiles t.’nnvJidatcd i 
Ltd. iBlnnmbtrxi. Reuters I \ !_ 


IB 


BlancpaiN 





Viir^ill.in 


Since 1735 there has 

NEVER BEEN A QUARTZ BlANCPAIN WATCH. 

And there never will be. 


Arfan 


i.„i_ i*. i-*, 

IS Imik-i vil 'Jr. Ca|Wfinf-- 75010 1‘jn-. TvL 1 1 1 43i>l M 74 
7 |i. rdiitaini Si-Hi«i>wc. 75 rtO( Pjfrw. TlI ll * 4 '» 24 Ql Zfi 


H.icl Ro.al. I -I HIM DrjoiilL.-. Tci i lot II 4K.MJJ 


£ 







Ifrge 12 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, MAY 27, 1994 


jJlue-Chip Average 
Is Little Changed 


Via Asuxautt tom 


The Dow 


Dow Jones Averages 

Own HU#* Low Lost Chs. 


-CmpilfJ bv Our Staff From Dispatches 

NEW YORK - U.S. siock 
ices ended mixed Thursday as a 
ide in Philip Moms was offset by 
rang gains in Boeing and General 
lectric. 

I The Dow Jones industrial aver- 
ie finished down 1.84 points at 
; 753.46. while gainin g issues out- 
peed losing ones by a 4-to-3 ratio 
A the New York Stock Exchange. 

, Philip Moms was the most ac- 
|Vdy traded U.S. stock, falling 3 'm 
\ 50fc, after the company decided 

U.S Stocks 

gainst splitting its food and tobac- 
j sectors and Florida adopted leg- 
■btion allowing the stale to sue 
ibacco companies forsmoking-re- 
iied Medicaid expenses. 

' But weakness in Philip Morris 
as offset by strength in Boeing, 
hich jumped 2‘i to 4f^ on re- 
ons it was close to winning an 
rder for 50 jets from China. Shares 
f General Electric, a maker of jet 
ngines, also benefited, rising 1 to 

m. 

Computer Associates Intema- 
lonal surged 6^a to 43’i in active 
fading after reporting fourth- 
(uaner earnings that were above 
nalysts' expectations for the com- 
niter software company. 

Upjohn rallied to 327* in ac- 
ive trading on news that Johnson 
k Johnson had withdrawn from an 
igreement to market a male im- 


potency drug that would have com- 
peted with an Upjohn product. 
Johnson & Johnson rose !4 to 441*, 

Cobra Industries rose to 6 af- 
ter the maker of recreational vehi- 
cles said it expected to report high- 
er second-quarter earnings. It also 
said increasing orders should push 
sales up by between 10 percent and 
15 percent in the current quarter. 

In the over-the-counter market, 
Lotus Development fell 37* to 60 
after an analyst at Goldman Sachs 
cut his earnings estimates for the 
computer software maker. 

Acclaim Entertainment, which 
makes Sega and Nintendo video 
games, rose 2 11/16 to 17 9/16 on 
speculation it may be a takeover 
large l 

Deere fell 2ii to 68tt after 
NatWest Markets lowered its rec- 
ommendation on the stock to accu- 
mulate from buy on Wednesday. 

Allwaste, an environmental 
cleanup company, rose ** to 54 
after being raised to buy from neu- 
tral by a Smith Barney Shearson 
analyst. 

The Treasury bond market pro- 
vided little direction for stock 
prices. The price of the benchmark 
30-year issue slipped 4/32 point to 
86 24/32, with the yield edging up 
to 7J6 percent from 7.34 percent 
Wednesday. 

No major economic data were 
released Thursday, and some inves- 
tors had already squared positions 
for the weekend (Bloomberg API 


Open n 

Dtmstori^Tndustria} average «£» SES ££» ~\2l 

Mn 5T i*iSo «fl?AS lai.u waa -?m 

WW oornp 13 kS 1X5.37 IJOtlO -110 

JllA ! Standard & Poor’s Indexed 



EUROPEAN FUTURES 
Metals 

CMC Piwtafl 

AM Ask Bid AIK 
ALUMINUM (MMt Grade) 

Dollars par metric ton „ 

Soot 132000 137100 133000 133(00 

Forward _ USOOO 1151 .00 136100 136800 


Last Settle arae 


industrials 

Transo. 

Utilities 

Finance 

SP500 

SP100 


Law tint 
531.52 53324 
38860 389.76 
15165 156.90 
4U8 43X1 
*58.79 *57.04 
*2300 <2305 


NYSE Indexes 


tfcgh LOW Last Chg, 

Canwaite 252JQ 2T.9Z 25761 -045 

SaaMlr«is 31 U7 3IQ2S 311 JO .046 

vnjnro 146.79 245X« 246.79 - IJ2 

Ulili-v 207.J7 305.91 207.23 -1J7 

Finance JIS.S3 214.91 215.17 -007 


*8300 48*00 
50100 30200 


648000 649000 
657500 650000 


554500 555500 
562SJM 563500 


95200 95300 
97700 TOM 


N D J R M A M 
1903 ' 1994 


NASDAQ Indexes 


NYSE Most Actives 


fHT CamDOirto 

Ir.Jyftriols 

Bcnfci 

mmm Irsurencc 
Finance 
Trcirsp 


HM LOW Lott COB. 
'MJO 730*1 731.98 — 0J» 
7*6.1* 7*365 7*190 —421 
77*46 722.15 72341 -246 
393.99 mOB 89127 *2J3 
930.09 927.00 930.09 -*J8 
715.74 710.91 71193 +14* 


VOL 

HMI 

Lew 

Lost 

Otg. 

96274 

51 

49*. 

SOW 

— 3'-'« 

46981 

43 Vt 

40*1 

a 1 - > 

-4*o 

30174 

33 VI 

29'. « 

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AMEX Stock Index 

Misti LOW Last dm. 

43967 43867 *3942 -QJ7 

Dow Jones Bond Averages 


COPPER CATHODES IHIffii Grade) 

Donors per metric too „ m I 

Spot 223500 223/00 227100 227200 I 

Forward ZU600 22*720 227900 228000 1 

LEAD 

Dollars per metric ton 

Soot *7740 *7840 «300 0*00 

Forward *9540 *9640 50100 50200 

NICKEL 

^pern^n 60000 M90M 

Forwifl 6*8000 648500 657500 658000 

TIN 

^•^'^"STOOO 55*500 555500 
Femora 559Q.00 5400.00 562500 563500 , 

ZINC (Spvdal Wo* Grads) 

Donors per metric ton 

Soar 9*600 94700 95200 93300 j 

Forward 97100 97140 97700 TOM 

Financial 

HMt Low ctee axarae 
AMONTH STERLING (LIFFE7 
CSMMO-pts of WOPCt 

JBD 9172 9*69 94.71 +002 

S*P 943* 9436 9434 +003 

Me 9305 9174 910 + 0JD 

Mar 9131 9121 9126 +00’ 

Jun 9278 9269 9175 +002 

Sen 913* 9201 9129 +0LD1 

DK 903 9104 9107 —000 

Mar 91J9 9143 9147 — IU» 

JW 51 M 9133 9145 —003 

5m «I.U 91.13 91.14 —005 

Dec 90J7 9UW W.W —004 

Mar 9002 90JV W5 —006 

EsL volume: 57409. Open Int: 490666. 
3-MONTH EURODOLLARS [LIFFE7 
nmUBoa-ptsoflMpa 


15*75 15100 
15713 15175 
15909 .15125 
14075 16000 
161.00 1MX2S 
N.T. N.T. 
15045 15025 
BLT. N.T. 
N.T. N.T. 
.voiumoLiiOM. 


15425 1405 Unctt 

IS7JOO i57jgo unen. 

138J5 13920 UndL 
18659" 18050 —040 
161-00 161JD — 040 
XT. 16000 — 025 
15025 15825 -52 
' N.T. 15725 — D2ff 

N.T. 15575 -025 
Open bit; 92487 


BRENT CRUDE OIL IIPE1 __ 

UA (Man par barrel-lots o# ID#) barrels 
M 1622 15.95 101* 1612 Uncn. 

AW 1AI4 15.92 1AM 1647 UndL 

Sen 1468 1549 15.99 1640 Undt 

Oct IMS' 15.90: 15M 157* —043 

NW. UU» 1520 15,90 .1545 -002 

Dec 1641 1547 1547 ' 1095 —042 

£» N.T. N.T. N.T. 15.97 —042 

FW 1599 15.90 1599 ISM —002 

Mar 15.95 ■ 1540 1545 1546 —042 

Est. volume: 35612. Onen tm. 130*599 

Stock Indexes “ 

. . mail Low dose Oom 


index nM 


20 Bands 
io utilities 
>0 industrials 


NASDAQ Most Actives NYSE Diary 


Possible Intervention 
Pushes Dollar Hig her 


3Com 

□XDi 

QuorurpH 

Mic&ffs 

Attaints 

TelCmA 

MCI* 

Lotus 

WinsionH 

Intel* 

weufii* 

NoveU 

Oracles 

NaiuCT 

CharlatE 


VaL HWl 
57367 S7«* 
50047 77 
42891 17'.. 
40171 5?4i 
33177 1 7H 
31952 Jl»» 
307*0 24W 
27959 a 
2570* 12'T 
23362 67 

mu so 

7096* 10’. 

34 w 
70389 1 V. 
16777 


Low Last 
*6V U *8Si 


Advanced 
Declined 
Unchanaeo 
Total issues 
:imi H.otis 
Now Laws 


AMEX Diary 


r\ iw» 

7>Vu 3V,, 


Adroncod 
Declined 
Unchan aed 
Total issues 
New Hiqns 
New Lows 


Close CH'oc 

9700 + 0.U 

94M +025 

10070 +0.11 


ii79 mi 

922 1029 

71* 670 

2815 2810 

29 33 

is a 


298 250 

266 302 

229 22B 

795 780 

10 10 

15 >3 



9S26 

7525 

9567 

+ 8 jM 


9468 

9467 

9468 

+ 806 


94.13 

9412 

9413 

+ OJO 

Mar 

9367 

9367 

9368 

+ OJO 


N.T. 

N.T. 

9368 

+ 811 

Sep 

N.T. 

N.T. 

9367 

+ 0.10 

Etl.votume: 9*L Open Int: 10.994. 



It 

71 

m 


DM1 BifflMfl 

-pis a# no pa 



94.90 

M66 

9467 

Urtcn. 


9458 

9494 

9499 

+ 063 

Dec 

9462 


9479 



9*67 

9461 

9464 

+ 861 


9443 

9437 

9469 

UrtCh. 

S«p 

9430 

94 IS 

94.16 

— 061 


9199 

93JM 

93.74 

—am 


9367 

9360 

9368 



9170 

9363 

9363 

—061 


9360 

93X7 

93X8 

+« 

DK 

■>3X2 

9367 

9367 

Mar 

7323 

9360 

9120 

Unttv 


JM 30256 29900 . 30074 +B4 

SW 30364 30104 3021 .5 +74 

DK N.T. N.T. 3031 J +74 

Est. volume: 17.11s. Open Int: 57,909. 


208840 + 1149 
207040 +1040 
2B6&93 +1140 
20B6S0 +1140 
711430- +1140 
714150 +1040 
EB. volume: 33437. Open Ml.: 82605. 
Sources; Mailt. Associated Press, 
London tntl Financial Futures Exchange, 
inn Petroleum Fxchanoe. 


Dividends 


Company per Ami Pay 

IRREGULAR 

Jardine Flam China b 165 . 6-7 

motor Coacn ind _ 45 6-0 

Snilttikllnr BeadiEa a 279 a*: 

WPP Group ADR b 4243 6-16 

b- Appro* amaunl per ADR. 


I ■ "■ U.S. /AT THt^ gS 

U.S. Wins Antitrasl Case 

| WASHINGTON (AP) ^- la the fini acti “ J 

! protect U.S. exports, the Justice P e P a H ra ^ h lhe 

■ British company to open the construction of glass i 
world to. American companies. • t ,«i million aitc' 

The mow could increase U.S. exports by hetw^ attomcv general. 
St.25 billion over ihc next six years, a depoty.assisiam ^ 

1 Robert Li tan, said Thursday. He said as many as su p Europe. 

[ built during that pdriod in China, Southeast Asa an 
i half of wWdMhight be.buili by U&oompgios. _ business- 

jobs for highly Skilled .American wooers fj‘ at glass for 

bmeral Janet Reno said. The factor** involved produce^ 8^ nal . 

most of the world's automobiles and buildings, usmg tech ology 

ly developed by the British company Pilkington PLt^ . 

• The nwanriirust polity was adopmd early ^ m 1992 ^woe^ 
viewed ai the time as a v<*w& far attacking market resm< , ?® ar »inenfE. 
Japan to keep out U.S. companies. Mr. Uvm audthe dqgrtfflen^. 
antitrust diWaon was snutying ihc conduct of otlw ftwogn businesses 
a result of the new policy. . . ' 

Thursday’s action was embodied in a lawsuit and a P r0 P£*®r 
decree to settle the lawsuit, which wereJffled sinmlwneoialy JJJ . 
court in Tucsoil Arizona. The government said Pilkington dominated tne. 
world's S15 billioo-a-year flat ^ass industry. *>. 

Hiilip Morris Keeps Itself Together 

NEW YORK (NYT) —Philip Morris Co. said it would take no action . 
for the time being to split its tobaoxi tinaness from its food and beverage.; 

operations. . , . 

Wall Street had been speculating. for weeks that a breakup or Ute- 
company was inmrinenL Some analysts thought a dramatic action -wasj 


Northbov Flncl 
Southern union 


- lit 6-10 

.. 5 % 6-14 


Est. volume: 119484. Open int.: 1 0 5 5 .45 2 . 




FF5 nrilUoa 

-ptsotMDptt 



7444 

7469 

94X2 

5tp 

9453 

9*68 

9*69 

DK 

94X1 

9466 

*439 


9431 

9423 

7424 


9461 

9196 

93.99 


9361 

9366 

9368 


936* 

9158 

9360 

Mar 

9151 

9363 

93X6 


REVERSE STOCK SPLIT 

Enerov Service 1 lor 4 reverse split. 
Winner* All 1 lor 2 reverse WH>. 

STOCK SPLIT 
Lancaster Colony * for 3 split. 

West Coast Bncp 7 lor 1 split 

INCREASED 

American Bankers Q .18 6 


AMEX Most Actives 


Bkvmher y Business /Vr* r 

NEW YORK — The dollar rose 
against most other major curren- 
cies Thursday, rebounding from a 
sinking spell amid speculation that 
the world's central banks would 
come to the rescue if it fell any 
further. 

The Federal Reserve Bank of 
New York and IS other central 

Foreign Exchange 

banks teamed to buy dollars on 
May 4 after the currency fell to a 
six-month low against the Deut- 
sche mark and tumbled toward a 
record low against the yen. Traders 
have been wary of the central 
banks ever since. 

“Fear or the central banks is 
lending the dollar support." said 
David De Rosa, director of foreign 
exchange at Swiss Bank Corp. 
“Otherwise, it would be heading 
lower" 

The dollar closed Thursday at 
1.6485 DM up from 1.6447 DM on 
Wednesday. It fell as low as 1.6398 
DM on Thursday before concern 
about another buying spree by the 
central banks helped it gain. The 


dollar rose to 104.62 yen from 
104.45 yen Wednesday. 

“People are jittery about the cen- 
tral banks," said Amy Smith, cur- 
rency market strategist at IDEA, a 
consulting firm. “Other than that 
the markets were very quieL" 

Some traders sold dollars early 
Thursday when Germany's 
Bundesbank left interest rates un- 
changed after its biweekly meeting 
on monetary policy. 

Traders do not currently expect 
U.S. interest rates to rise again 
soon. The Federal Reserve last 
raised rales May 17, pushing the 
federal funds rate on overnight 
bank loans to 4.25 percent from 
3.75 percent. The Fed also raised 
the discount rate on direct loans to 
banks to 35 percent from 3 percent. 

“The only play that makes sense 
at the moment is to sell dollars," 
said Nick Downes, a trader at 
Caisse Nationale de Credit Agri- 
cole in London. 

The pound closed at S 1 .5095. lit- 
tle changed from 51.5094 on 
Wednesday. The dollar rose to 
5.6315 French francs from 5.6250 
francs and to 1.4060 Swiss francs 
from 1.4040 francs. 



VhL Hgh 

LOW 

Lott 

oto. ! 

ExoLA 

134564 14. 

l'-i. 

1 Vi 

_ i 


4751 IP. 





3714 174. 

19S 




3A96 45i5 „ 

45* « 

45=*!. 



2808 7 Vi 

7>.» 

7Vj 



2731 11'.. 

ION 

1 1 43. 

— >.v 


2574 9"i 

8 V. 

9 

— *v 


2550 271", 

26 H, 

28 VT 

—i 


2372 5 

4Vj 

4-4. 

— > # 

Odlh 

2335 4>. 

4V> 

44. 


Market Sales 


NASDAQ Diary 


Uncnonoed 
Total Issues 


1603 1S54 

1501 1525 

1936 1955 

5030 5034 

55 63 

VI S3 


NYSE 
Amo 
Nasdoa 
in millions. 


Spot Commodlttea 

Com modify Today 

Aluminum, lb 0 l599 

Coffee. Braz. lb 1.1* 

Caaaer elect ralyilc. lb 1.1 1 

Iran FOB. tan JIJ-QO 

Lead, lb CO* 

Sliver, rrav os 5M 

Steel (scrnPI. Ion 13743 

Tin. lb 17*17 

Zinc. ID (U57 


Dec 9164 9058 9360 —945 

Mar 9151 93.43 «&46 —046 

Est. volume: 36042. Open bit: 21&588. 
LONS GILT (UFFE) 

bum ■ pti & Jams of too pa 
Jan 103-25 102 23 103-11 +0-01 

Sep 102-71 101-23 102-11 +0-0* 

DK N.T. N.T. IQI-Il + 0-0* 

Ett. volume; 131,918. Open Inf.: 122405. 
GERMAN GOVERNMENT BUND (LIFFEJ 
DM NUMB - MB Of WO BO 
Jvn 9343 93J6 9161 +046 

Sea 9131 92.97 9114 +0*0 

DK 9295 92J0 9279 +043 

Est. volume: 157438. Open lift.: 168.116. 
18-YEAR FRENCH GOV. BONDS (MAT IF) 
FFSOMH-Ptaal 100 pet 
Jon 119.50 11846 11942 +032 

Sea 11844 MEJffl 118.46 +030 

DK 117.46 117.10 11738 +030 

Est. volume: 261,124. Open Int: 1*1488. 

Industrials 

Hied Low Lost Settle OTee 
GASOIL (IPB) 

UJL dollars oer metric teo-lott of IN taos 

Jon 15CL50 14940 14930 149.75 —030 

JM 15130 15049 15075 15030 —030 

AOS 15100 15130 15250 15250 — 023 


BC Telecom 
Lancaster Colony 
NewPlon Unity 
Yankee EnerevSvs 


O .18 6-6 

9 31 6-10 

Q .16 6-10 
Q J32S 6-15 
O 305 6-7 


SPECIAL 

Spartan Molars . .05 6-19 

REGULAR 


AloanL Flncl 
Amellca Carp 
Bod on Dickinson 
Brawn Group 
Century Tel EM 
DOE Inc 
Elrniro SV05 Bk 
Fsl Colonial El kahA 
Imperial Oil A 
Jacobson Sirs 
LSB Snciiirs SC 
Merck & Ca 
Nil Cllr Bncsfirs 
Nth IN PSodlPf A 
Omnicom Group 
RCA inti 
Patriot Gib Dfv 
Phillips Jacobs 
Plains Spirit 
San Diego G&E 
Sonesta mil 
SI ration Monthly 
Technttro! Inc 
Union Bk SanFran 
unltea Bkilirs WVA 
United Fire 


- .10 6-10 
Q .235 4-15 

Q .185 +9 

O -<0 6-6 

Q m a-3 
O 32 6-ID 
Q .16 6-7 

Q .15 6 -X 
B .45 M 
Q .125 6-17 
a .17 6-i 

Q 38 6-8 

O 32 6-23 
, 35 6-16 

O 31 6-15 
Q 47 6-17 
M .1031 64 

a .1125 6-13 
O .125 6-15 
a . 38 6-10 
- .15 6-15 

M .16 5-11 
Q -28 7-15 

8 JS 6-10 
.36 6-10 
O 37 6-1 


company was iuuuuicul ouuiv auujau uiw^u •* w— — . - 

necessary to prop up the company’s depressed stock arid to project tne- 
Philip Morris food operations from possible future lawsuits related to us 
tobacco units. The slock fefi S3 25 IQ S5Q.5G. , - 1 

Philip Morris, the world’s largest consumer- padtaged-goods coni^ny ; 
| and the world’s largest tobacco company, has been buff eted by proposed 
increases in cigarette ^ taxes, price-cutring and. legal. threats involving 
hfral tfi damag es From smnlrmg . - 

Viacom Seeking Billion-Share limit * 

WASHINGTON (Bloomberg) — Viacbm Incl plans to seek aulhoriza- 1 
tion from its shareholrkcs.tp issue as many as 1 billion Class jB common^., 
shores, some of which may be used to sw '.financing needs or for,, 
acquisitions.. . . ... . J 

The New York-based .entertainment company is currently authorized 
to issue 150 milfem Class B shares. - - J . 

Viacom also .will seek authorization to raise the number of Class A and , 
preferred shares h can issue to 200 nnffiem apiece from 100 million each." 
the company said in a statement filed with the Securities and Exchange 
Commission. - - r 

For the Record : 

Standanl & Poor’s Corp. said it had lifted sigv dlbn ce' on Walt Disney 
Co.’s senior debt and kept its ratings un change d- S&P had put the debt 
under survaHance because of. concerns, regarding the potential debt 
burden of Disney, windiboids 49 percent of Euro Disney. Euro Disney's 
debt totals S3.3 billion. / (AFP), 

About 11,500- General Motors Otrp; car assembly' and components 
workers in Flint, Michigan, authorized the United Anto Workers union ( 
to call a strike unless complamts on work speed-ups and harassment are ’ 
resolved. - \> :-•••'/■ IBfoomberg ) 

Ted Taroer, the bead of CNN, says be will accepl an offer to join the" 
board of T de-Commutucations ItKi The' Collado-based company oper- " 
ales America's largest cable' idevision system. (Bloomberg) 


MG Defends Sales of 'Family Silver ’ Assets ML Expanding Amid Surging Profit 


FRANKFURT — Metallgcsellschaft AG said 
Thursday it hoped to raise at least 1 billion Deutsche 
marks ($608 million) by selling its stake in the heating 
appliances group Buderas AG and to cut its group 
debt to 2.5 billion DM by October. 

Metallgesellschaft shares had plunged 14 percent 
Wednesday after the company said it was selling 
Buderus as well as its transport group. LMT. and the 
prestigious Frankfurt site of its headquarters. 

Analysis said the company was being stripped of its 
prime assets and said the shares could fall further. 
They fell 12 to 219 DM on Thursday. 


WORLD STOCK MARKETS 


The company’s chairman. Karl-Josef Neukirchen, 
told the Frankfurter Allgemeine Zeitung that Metall- 
gesellschaft hoped to place its 80 percent stake in 
Buderus on sale as soon as possible and had already 
made most arrangements needed for a placement of 
the shares. 

The company's stake in Buderus is worth around 
135 billion DM at current price levels. 

Mr. Neukirchen defended his strategy to restructure 
Metallgesellschaft against allegations that he was 
“selling the family silver." 

He said the company had to increase its risk provi- 
sions by a “considerable amount" but that the asset 
sales would bring a marked reduction in debL 

U.S. FUTURES 


Bloomberg Businas News 

MILAN — 1FIL SpA, a holding company con- 
trolled by Italy's Agnelli family, said net profit 
rose 20 percent last year and said it would ask 
shareholders for 800 billion lire (S500 million) in 
fresh cash. 

. An IFIL spokesm an ra id the money would be 
used for increasirig IFTL's stake in the French 
paper company Sl Louis SA, for buying a stakein- 
the Italian cement maker Unicera SpA from an- 
other AgndH holding company and to raise cash 
for an expected bid for the GS supermarket chain 
that is being sold by the Italian government. . 


IFIL will offer shareholders five new shares for 
every 20 hdd at 6^00 fire each/ IFIL shares rose 50 
lire Thursday, to 4,120. ^ 

The company said i'l would pay.about 400 bil- 
lion lire to the buy the 50.4 percent stake in 
Unicem currently hdd by IFT SpA. IFI controls 
Fiat SpA and holds 54 percent of IFIL. . 

Umberto Agnelli, president of IFIL and vice 
-president of IF1. said the group intended to-move- 
mo5t of its investments to IFIL, leaving IFTs main 
stakes in it and Kat- • . - 

< IFIL said its profit in 1993 rose to 2313 billion 
lire from 1918 billion lire. 


Serai Seagal 

Hftrti Uw 


OP«l HMi Law Oran 


Season Seaton 
Wi Law 


Open HMi Low- Close Cha CkUnr- 


Agcnce Fn**e Prouo May 26 


Amsterdam 

ABN Amro Hid 6130 6139 
ACF Holding 45. ID 45.10 
98Jfl 9B 


Wo AuodoWl ft™ 

5snran Spo5Wi 
HWl Low 


Law Ctose Cho OpJnt 


Helsinki 


ACF Holding 45. ID 
Aesan 9E M 

Ahold 47 

Akn NotMl TPM 
AMEV 7X70 

Bals-Wesaanen 40.10 
CSM 64 

DSM 13* 

Elsevier 17150 

Fokker i*.70 

GIM-B roomies *930 
HBG 315 

Heine ken 228 

Hoobovhis 71.70 
Hunter Douokn 7330 
JHC Caland 
Inter Mueller 8X80 
inn Nederland 7SJ0 
KLM 5130 

KNP BT 48-20 

Nedllayd 7230 

Oce Grtnten _^80 
Paknoed 

Pnillp* 5230 

Poiyaram 77.*o 

Robeco 11930 

Rodamco . W 

Rallnco 12130 

KorenSo Vl« 

Royal Dutch 196.40 
!lw» 

Unilever lg* 

van Ornmeren S330 
VNU 175 

Y/ollers/Kluwer 116 

fgilggfigg 4 


Amer-Yni/ino 1 

EnsoJjutzeil 40 

Huhlamal'i 2 

i- OP IX 

Kvmrrene I 

Melra I 

Nokia < 

Pohloio 

Reooia 94. 

Slock mann 2 

HEX Index : I81S.49 
Prey lam -. 1B19.I1 


La ports 7.48 7 A3 

Losmo 1.49 138 

Legal Gen Grp 439 *33 

uevds Bonk 530 531 


NlarksSo 
ME PC 
Nall Power 
Nqtwesf 


4-02 4.03 

455 437 

437 435 

435 439 


Brussels 


AG Fin 

Artwd 

Barca 

Bek acid 

Cockerlil 

Cohspa 

Delhoize 

Eloanrtwl 

GIB 

GBL 

Gevaett 

Kred let bank 

Pefroflna 

Pawerfln 

Roval Bel Be 


ZTiO 2735 
5020 5040 
2495 2490 
26975 77300 
194 193 

5950 5960 
1164 1360 
5760 5MJ 
I59S 1585 
4 WO 4515 
9850 9B20 
6920 6959 

ISIS 

5460 5670 


Hong Kong 

B» East Asia 38 25 
Calnav Pocll'c il JO 
Cheung Kong 7830 
China Ligni Pnr 42 
Dairy Form Int I 11.40 
Hang Lung Dev 14.10 
Hang 5eti9 Bonk 56 
Henderson Land xo.rs 
HtCAirEno 4X^5 
HK China Gas 16 70 

nr. Electric 24^9 

HK. Land 23 

HK Realiv Trust 23 0 

HSBC Holdings S’ 50 
HK. Sliang H!|S 11*0 

HK Telecomm 1560 

HK Ftrr, 1X10 

Hulcn vvnamDoa 32.75 
Hyson De*4 23SO 

Jardine Morn 63 

Jardine Sir Hla II 
k ewloon Meter 1560 
r/onaarln Orient *150 
Miramar Hoiei 2X70 
rle« Ytorid Dev 2530 
SHk. Prtnw 5030 

Sieiur 73J 

Swire Pac a 6T 

Tai Cheum Pros I* 7i) 
TVE 330 

VWiarl Hold 3130 
Vl/ing Gn Co infl 11 60 
Winsori na 12-20 

Hang Seng index : 7401. 

Previous : 9571 J7 


38 25 38' 

1IJ0 1140 
7830 38 75 
4? 4230 
11.40 1139 

14.10 1420 

56 56 

40.25 42 

43.75 <330 
16 70 1620 
2439 2430 

23 2730 
3jo r 

f»30 91 

11*9 1230 
1560 ti/*0 

13.10 1X°0 

32.75 1175 
2180 24.10 

63 62 

11 JUS 
15.60 Tfi 40 
>1X0 11^0 
2170 27.40 
2530 25 70 
5030 51 

33J 335 
61 S9 
1170 liaO 
130 3 JO 
3130 3175 
1160 12.10 
1130 1230 
9481J1 


Johannesburg 


nuTui evnra 7777^ 

Soc Gen Banaur 807D EDO 
Soe Gen BeWdue ,2^ ,2™ 
Safina 15650 15500 

Salvor 16150 \£75 

Tractebei 1S2S1S5 

UCB 2 5300 74725 

Union Mlnlere 77 20 27 1 D 
Current Slock Index : 778133 
Previous : 7838.15 

Frankfurt 

AEG 

Allianz Hold 
Altana 
Asko 
3A5F 
Bayer 

Bar. Hvoc bank 
Bcv Vereinsbk 
BBC 

BHF Bank 
BMW 

CommenOanft 
Com menial 
Dclrnlnr Ben: 

Desussa 
Dt Babcock 
Deutsche Bonk 
Douglas 
Dreraner Bank 
FekSmuetile 
f nrupp H oesoi 
Haroener 
Henkel 

Hocmief 

Mgechsi 
Hotzmorwi 
Horfm 
IWKA 
7-011 3011 
k or stoat 
fauBlof 
KHD 

kioeeknerwerke 
Unde 
Lufthansa 
MAN 

'^onnwtTionn 
"elaiioeseli 
Muencn Rueck 
rwsi-he 


AECI 
Airecn 
Anglo Artier 
Barlows 
Bivvoor 

Butteis 
De Beers 
Dnefanieln 
Gencor 
GF5A 
Harmony 
Hlghveld Steel 
Kloof 

NMban* Grp 
Pandtaniehi 
Rusotai 
SA Brens 
SI Helena 

Sosai 

rtestc.'it Deea 


27 27 

lie 11* 
273 22S 

3735 PJ0 
NA. 175 
NA. 46 
103 105 

5475 553 : 
>035 10.40 
105.40 105 

35-50 7JJ0 
7830 2730 
47 47.75 
30 3115 
42JS 4230 

P4J0 B47S 

w 100 

43 41 

74.75 25 

164 I S3 


NltlWst WBIer 5JM £11 

Pearson 6.15 6.10 

P & O 6 J6 6J7 

Pilkington UD UM 

PowrrGon 436 468 

Prudenlial 286 291 

Rank Ora ’■* 

RKklfl Col 
Red land 
Reed Inll 
Reuters 
RMC Grow 
Rolls Royce 
Rottvnn (unit) 

Royal Stol 
RTZ 

Solnsburv 
Scot Newcas 
Scot Power 
Scars 

Severn Trent 
Shell 
Siobe 

Smith Nephew 
Smith Kline B 
Smlih I WHJ 
Sun Alliance 
Talc & Lyle 
Tosco 
Thorn EMI 
Tomkins 
TSB Group 
Unilever 
Uta Biscvit* 

Vodafone 
War Loan 3^ 

VuellCome 

Whitbread 
Williams Kdgs 
Willis Corroon 
f.t. 38 index : 237238 

Bnanio® ? 381278 
P rev levs : 3D29J0 


Madrid 

BBV 3265 3255 

Bco Central H ISO. 2960 2735 

Banco Sonlonder 6060 5970 , 

Banesla 1070 1080 

CEPSA 3350 3315 

Draaodos CTD 2320 

Endesa 6630 6600 

Ercros 214 213 

Ibwckola 1015 •m 

Reosol 4425 4435 

Tabocalero 4135 <220 

Telefonica ibtd 1865 

WMSBRWr - '" 


Accor 
Air Liquid* 

Alcatel Aistnom 
Axa 

Banealro (Cle) 

BIC 
BNP 

Bouvvues 
B5N-GO 
Carretovr 
CCF. 

Cents 
Choroeurs 
aments Franc 
OubMed 
El I- Aquitaine 
Elt-Sanotl 
Euro Disney 
Gen. Euux 
Havas 
Imetal 

Lafarge Caoaec 
Legrond 
Lvan. Eau* 

Oraai IL't 
LVJ6.H. 
Motro-Hactiette 

Mlchelln B 
Moulinex 
Paribas 
Petti In* v Inti 
Pernod- Rlcnrd 
Peugeot 
Piintemas (Aul 
Podlotechniaue 
Plt-Poulenc A 
Raft. St. Louis 
Redoule (Lot 
Saint Gotaaln 
S.E.B. 

Sie General® 

Sum 

Thomson-C5F 
Total 
UA.P. 

Valeo 
CAC 40 Index: 2891 JO 
Prevkros : Sm.xi 


Sao Paulo 

Bancodo Brasil OT 2B30 


Sydney 

Amcor 123 »J5 

ANZ OO 4*4 

BMP 1132 1138 

Boral 163 164 

Bougainville 083 dm 

Coles Mver 4 29 430 

Comalco 5 40 SJB 

CRA 1134 17.91; 

C5R 5JM 5J)2 1 

Fosters Brew 1.19 1.19 

Goodman Field 1A1 139 

ICI Australia 11.10 11 1 

Magellan 2 202 

MIM 323 320 

Nat Ausi Bank ll.ee 113* 

News Cora 9.11 9.27 

Nine Network 4.90 4.90 

N Broken Hill 1« 147 

Pac Dun loo A 60 4 +j 

Planter mrt 3 3 

Nmndv Poseidon 233 235 

OCT Resources 13® 1 j* 

Santas 193 3JD 

TNT 236 228 

Western Mining 736 835 

westpac Banking 4.83 482 

Wcaosiee *30 436 

All ordinaries rode* : 2096J0 
Previous : 210530 


Tokyo 

Akai Eleclr 475 477 

Ajcml cnemice: 7?s 773 

Asoni Glass 12OT :2!M 

Bank of Tok-o I6J0 16E9 

SrKJgeslartc 1550 1579 

Canon 1733 1690 

Casio 1279 1270 

Dol Nhkoon Pr.nf :683 1353 

Dalwa House 1513 15C0 

Oaiwa Securities rrxo 1749 


Banesaa 
Bradesca 
Bj uinna 
Pnr an apanenxj 
Pemotoras 

Tetetxm 

Vale Rio Dace 
Vartg 


1MC 1530 
77 27 

410 414.95 
3120 32 

1B3 191 

67JQ 66.49 
174 ITO 
W 170 




Singapore 


London 


Abbey NaFI 
I Allied Lrons 
Ario wtggim 
Argvll Drouo 
Ass Bril Foods 
BAA 
BAe 

Bonk 5»i lorn} 

Barclays 

Bass 

BAT 

BET 

Blue arete 
BOC Group 
Boots 
Bowaler 
BP 

Bril Airways 
Bril Gas 
BHI Steel 
Bril Telecom 
HTR 

Cade Wire 
Cadbury 5 eh 
Ca radon 
Coats VlyeOo 
Comm Union 
Courtaukts 
ECC Grow 
Enterprise Oil 
Eurotunnel 
Flsorts 
Forte 
GEC 
Gen l Aec 
G hzto 
" — 'Mel 


Hanson 
Hllisdown 
HSBC Mtoos 
1C1 

men CO DT 


Bonce Comm 
Bastnoi 

Benenon group 
CIR 

Cred llal 
Enlctiem 
Fsrfln 
Fortin Rlso 
Flat SPA 

Finmec can ica 

Generali 

IFI 

Italcetn 

Itatgas 

llalmabmare 

Mediobanca 

Monisdlsen 

Olivetti 

Pimil 

RAS 

Pinascente 

Satpem 

Scm Poole Torino 

SIP 

SME 

Snta 

Slgnda 

Slot 

Toro A 45 I RI*B 
MIB Index ; 1197 
Preview : 1327 




Cerobas 
Clt* Dev. 

DBS 

Fraser Weave 
Gantlng 
GakJwi Hooe Pi 
Haw Per 
Hume Industrie* 
intttCcM 
Keopel 
KL Kflpano 
Lum Cnartg 
Molavan Bon»g 

OCBC 

OUB 

OUE 

Setnbawortg 
Shanar/ia 
5 Ime Dartry 
SIA 

S ■acre Land 
sucre Press 
Sing Sleamstuo 
SUore Teteaomm 
Siraiis Trading 
(JOB 
UOL 


8.70 850 

7JS 7» 
1120 11J0 
1330 18® 
10JD 1210 
2 A0 2J0 
3S2 334 
530 530 
290 280 
1030 1030 
136 10* 
134 136 

870 8 90 
1130 11JU 
735 730 

330 830 

I3J0 13 
535 SJf 
182 380 
8 730 
7.79 730 
1230 IS 
4.02 4X8 
330 33e 
174 170 

1UC 1939 
224 219 
: 231530 


FocviC <240 <230 

Fuil Bonk 7270 2E0 

Full Photc 2140 2IS0 

Fulltsu 1050 1060 

HltOCfll 1310 1339 

Hifnchi Code 8J0 EX 

Honda 1350 1E7& 

I to Yakodo SZX 5217 

Itochu 723 719 

JCPOn Airlines 750 771 

Kalima 776 945 

KCJtSOl Power 2130 7650 

Kawasaki 5re*l 03 
Kirin Brewer* 1760 1250 

Kamaisu «6l 982 

Kubota 696 704 

Kyocera 6*55 6473 

Matsu Elec lret» 179a 1810 
Matsu Elec Wks 11M 1180 

Mitsubishi Bk rsa 2790 
Mitsubishi Koscl 5ie 52i 
Mitsublsni Elec tx 60 
Mitsubishi Hev 733 722 

Mitsubishi Carp 1183 >700 

Mitsui and Ca n* 799 
Mltsukoshl 953 967 

Mitsumi IMC I9W 

NEC 1170 U«o 

NGK Insula tars 1060 1C26 
Nllgca Securities 1300 1303 1 
Nloaon Kogoku 990 IIK3 [ 
Nippon Clt 751 753 I 

Nwcon Sleet 370 I 

Nippon Yinen U5 63* I 
Nissan SM B 5S 

Nomura Sec 23«C Z20 
NTT 8610c 86-00 

OIvTTKwsODHeal >080 1380 
Pioneer 2331 2950 

RICOh 9C6 7W I 

Sanyo EtK 525 533 1 

Share 1690 1720 I 

Shimasu 727 72> 

Shine flu Chem 2faC 2160 
Sorry KX 5970 

Sumitomo Bk 22QC 7777 
Sumitomo Chem <89 494 
Sutnl Marine «U ;30Z 
Sumitomo Me tel 2S2 w 
Toisel Core 690 711 

•.alsno Marine 


Canadian PncWc Z2W 
Can Tire A 12VS 

Canfor 
Care 4.10 

CCLIna B 
Cineplr* A 78 

Comlnco B34 

Conwesl ExBl 22'h 

Denison Min B N.T. 

Dotasco 

Dylfix A 0.37 

Echo Bay Mlno isss 

Equity Silver A 0X5 

FCA tntl 3X0 

Fed in 3 A 6V 

Fletcher Chail A ung 

FPI 

Genlra 048 

Cult Cda Res 4A5 

Hces Inll 14 

Hemlg GW Mines 12»* 

Hollinser 157* 

Horsham 19 

Hudson's Bar 31 *« 

Imasco 36 V, 

inco 37i* 

Interprov pipe 30W 

Jcrnnock 17tS 

Laban 21*. 

LoWawCo 231k 

■vackcnrie 
Maura Inll A 61> 

Matte Leaf J2* 

'Jiarillme 2R. 

Mark Res 
MttSOn A ZP1 

Noma 1 no A 
Konmaa Inc 26'k 

Noraneo Forest 
Moreen Energy 14W 
Nlhern Telecom *Hb 
Nova Coro 11 H 

Oshcwo 
Poo-jrln A 165 

Placer Dame 3l*k 

Pow Petroleum ilHk 
PWA Core 052 

Rin rock W6 

Pewussance 
Regers B 

Roihmens SO 

Rovat Bonk Can 23^ 
Sceotrc Pcs i3Ht 
Scott's Heso 
Sccgrcm A)Ti 

Sears Can 
Shell Can 43 Vi 

Sherrltt Gordon ll*fc 
SHL Svsfemhse 
Southern 19>. 

Soar Aerosoace 
Steles A 
Talisman Energ 
TeckB 2 T-a 

Thomson Corp. 

Tororuo Damn 22^ 
Torster B 24^. 

Tronsoltg Util 151 
TronsCde Pipe 
TriksnFkirA -c*0 
Trimoc 15><i 

Trirec A 030 

Ur tore Energy IJ5 


run ».l7Mar«S 11J1 IMS 1160 
IMS 1037 May 95. 11A5 11JB 1142 

lljg I0J7JUI9S 1147 1147 1147 

1140 HL570CI9S 11JSB 71.60 1140 

1140 ILMMcr 96 1149 1145 1145 

Est.sale* 31478 wetTvsalu 14461 
Wad's open W 126411 up 1W7 








(NC5E) HiMHcm-ln'tti ■ 








1466 

999JUIM 

1337 

1374 

1325 

1338 

WHEAT 

(ODD SJIUninflnHTwin-iMkir.cii'buinH 


1485 

1020 ftp 94 

1360 

M02 

1354 

1356 

356 

776 

Jvl94 129» 130 

119',* 


38.164 

1507 


1395 

U26 

092 

1371 

UTA 

362 

SreW 136 136 

12SW 

127 —069 Vs 

8651 

IS* 

1077 Mar 95 

1425 

1461 

1415 

1479 

365 

369 

DecW 1461b 367 

134 vi 

13Bti— 068ft 11171 

ISO 

ISIS May 95 

l*» 

H54 

1415 

Mil 

357 

127 

Mar 95 3X9-J 150 V, 

141V, 


1,128 

1593 

1225 Jut 95 




WJ 

350V, 

116ViMav9S 


356V.-4L09V. 

51 

1350 

1265 Sep 95 




MM 

XC4. 

3.11 

JUI9S 11915 122 

118 

120 —064 

!b3 

1570 

1290 Dec 95 




1126 

Est. sates 21600 WOfs. sates I9JC1 



1401 

OSOMortt 




1554 


wed's aoon in> 50,235 up 1925 

WHEAT (KBOT) MtOBunMnun. oo+cp-rhumc. 

15S 33 T All 94 Ml 131 Vi 123 126 — HQSVi T3J76 

345'6 3JI2)75ep9* U4’h 3J4Vi 176V. 1HV»— 046^ 4437 

360 XlZYiDecy* 343 1C 134 134 —047%. +774 

343'a 325 Mor ft 343 143 MS'.S 138 -046H 761 

334 IJl'iMovVS 333 -OJW,^ 17 

333 122 T. AH 95 127 -04*'-. 12 

ESL sales NA Wed’S (do* 4458 

Wed's open int 23.978 up 617 

CORN (CBOT) saw bu mtnt i w vn i. uu E u i » PW Ixphtri 

116^ 241 JKW 2M 2M’i 241 >'• 244'6-OJO’.'. I2IJ39 

1*!« L40“:5oeW 140’>1 l4l 24S*> 149 -04JV6 34.920 

173*4 136V. Dec H 244 244% I49>u 2J2’i— OinVj K7493 

2JV5 248*1 Mor 93 2x0'. 260H 246*i 2486— ILD?k> 9478 

242 243 May 95 244 2441j 26) 143 -0,02'-. 1,103 

243'. 244 -MW 244.1 246 242 244Vi-fl.02V. 7.787 

246 246 Sep 95 244 246 246 246 2 

348b 143 Dec 95 248 249Va 247 240N-OOIH 2477 

Est. saks sajioo wwssttes 58451 

WOO'S own int UP.199 OH 3639)7 

SOYBEANS I CBOT) UHeunwun-MniirMNI 

740 5.94'ri Jin 94 Uih US 646 L72L. -0039. 62,710 

735 623 Aug 94 6.71*1 677 4.6396 640 -0 02'. 15.114 

7.08"6 6,17 SuP 94 655 646*'. 647 6434.-08?". 8,733 


Ea.sdas 15432 Wed'S sates UJ04 
WtarsDoenW 82493 off 688 
ORAHSE JUICE (NCT9Q VMttu..tnh«a 
13500 9245 JU 94 9720 .9745 9545 

13(40 9540 ftp 9* 9940 10223 9875 

134.00 9645 Nov 94 >0100 1017)0 9970 

132.00 «7JQJan9S Mil 25 MR 40 HhJS 

11425 99.75 Mar 95 10.00 10140 T02J5 

11425 10040 May 95 

1W40 HHLB0JK9S 

11140 11140 Sep 95 

Est. sate* .1400 Wsaxstte* ZJO 

Wefs open Irt 22054 cfl 39 . 

Metals 


+118 2U» 
.'tail 3422 
tO.10 L4M 
*-am 640 
*018 37 


—33 37401 
-3420674 

■=34 9^70 
—34 1286 
—34 2451 
—34 546 

-34 

. -34 ■ 3 


TMS7 
♦040 3,911 
♦035 1.312 
MU5 2488 
t0^5 *40 

HUS . 
.*435 
♦ 035 


019 30467 
030 2. Ml 
035 1*35 

025 «n 

047 158 


Zurich 


690 7E1 

352 847 

1213 1272 I 
4550 454J I 
516 515 ‘ 

UK IKS 


Stockholm 


Montreal 


Atlas Copco 
E lectroluv B 
Ericsson 
EsvHt-A 
H and C I SbOnAuT* 
investor B 
Norsk Hydro 
Procordio AF 
SandvIkS 


>E 3ank*n 

Skandla F 
Skoraka 


TakedaChem 
TDK 
Tellin 

Tokyo fAarine UK UK 

rctVOEktcPw 33® 3250 

Toooan Printing 1400 :38e 

Torcv Ind. 700 669 

Toshiba 777 bk 

To veto 5-.I9 

Yamoicni Sec 9G7 91C 

a.* tea 

Nikkei 235 : 20496 
Prevtaus : 2066* 

Topi* index . 1651 

Previous : 1458 


Adi a inti B 269 264 

Aiusunse a new 672 675 

BBC Brwn Bov B 1271 1310 
Orto B BBS BBS 
CSHjsM.ngjB MU 601 
Ftoklrew B 351 354 
Fisttler B 1470 1450 

t-ftcrdissount B 2220 2180 

Jelmali B 830 625 

Landis G*r r 890 too 
(V* cvenpic* B <20 430 

NmtleR 1123 1114 

OenuLBuenrleR 15c 147 
PorsewHld B 1660 1650 
Socw Hdo PC 6S39 4440 
Safra Recubtic 132 123 

Sondor B NA. 722 

Sctmttuer 9 ffJSO B9» 
MWPC 949 944 

SwvttlUmc* B 2160 2150 
Soils Bnk CoreB 397 J9t 


SWISS Rolnsur B 

Swasaira 

U9S9 

Alntvrthur 0 
Zurich Ass B 

PteviOos : 9SS42 


577 575 

71a 7*4 
1160 1160 
688 TOO 
1320 1324 


ft's scar to subscribe 


PMtwai faB-fcec- 
0 800 1 7538 


7J7V: LSSV.Nm-94 M2 643^ 6J4 4.41 -QJE 56404 

49H, (.13 Am 95 646'h 648 ‘S 6J9 Mr.— 002 W *AJ6 

! 7JT. 618 MW9S L52 L53W 64ft oJJ'^-OOO'f; 1^73 

: 7.07'- 6JI MOV9S 4J2 6J4 LSI 654 302 I.IB 

7C3 &J4 JUI9S LS5 654^ 6<8 LSJ'.j— 102 1.182 

650-1 18 1 '>7 NOV 95 622 W 625 618 630 — OH’S 1A28 

ESI. soles 76000 Wed**, sates 87.934 
weer* open mi isinr oft 35ir 
SOYBEAN MEAL (CBOT) lam-omBt-ui 
nun 1 8620 JU 94 19600 194J0 191.10 .7120 -OJO 31 J90 

22300 V8Sj*HUig94 19128 19170 19070 W2JH -040 15.961 

| 71000 1311P3CP94 19200 752JO T89J0 1V1JD —070 9J55 

70600 1800000 « 190J1Q IWJJM 187 JO 189* — JJ» 5.717 

20900 lTBOODecM 189 JO IB JO IMJM 1 87 60 — 1J0 17.077 

201 JO 17880 Jan 95 tw.oo 189.70 1S680 1«7J0 -IjHJ 1,760 

20150 lllOOAtar95 191.00 19U0 188J0 191 JO -030 1.345 

197 JO 181.00 Mav 95 I8BJ0 —1 70 784 

19600 107X0 Ajl 95 1B8J0 —UK 248 

Es>. sales 75.000 Wed'S, sttes I1J74 
wcd sasepinf 83.059 alt 3717 
SOYBEAN Ob (CBOT) tMnte-iuignHimOt 
30JJ 21 55 Jut 94 27 JO 2797 2!A0 27J4 —OCX 36586 

3665 It 65 Awe 94 77 55 77 95 77 JO 27.71 15AS9 

30J4 22.40 Sea 94 27 JO 27J5 27.15 27J1 -007101294 

2954 22.10 0 0 94 2655 27.10 26JS »90 -0.17 7A14 

70J7 22LD0D6CW 26M 2655 2675 2642 -619 31067 

2055 7665 Am 95 2650 7640 2630 2635 ♦030 2. Ml 

2130 3UOMar«S 1680 2620 3676 WJ0 *035 1+25 

2105 2442 May 95 75J0 2615 Z5J0 261S *025 «D 

7785 74.15 Ail 95 3605 2605 &UB 2685 *0J7 ISO 

Em. so!« 25JM0 wee*, sates «.915 
wed's open int 15,9*4 aH 10106 


Livestock 

CATTLE (CMER) ♦CO90 9M.- mnv* 

7677 6247 JunM 6247 61 97 £7 JO 63.W . 1 JO 21*29 

7107 &137 Aug94 6337 6482 6307 6403 .150 74J4I 

7410 ftSWOUW 6585 *745 ftiJD 47 AS -150 0027 

763? 67«DK94 67 43 «J0 47 JB 6B.R 1 IX 1950 

'C! «B10Feo9S 67. «Q 69.*0 *7.90 6940 *150 S^W 

7510 49 70 Apr 95 6950 7130 *948 H 70 ■ 1 JO 2,764 

7150 4*90 Am 9S 6755 1040 6755 6840 - 1 JO 5S] 

Est. soles 14.7J9 Wed-V sates I0J9S 

WcffsTOnvn 7103 us 412 

PEEOtW CATTLR (CMER) SM»bt.«iBpvb 

3440 732- Mm 64 7440 7487 7440 7482 *047 IJ17 

eioa 71 *a Aug 94 7145 Till H.Jfl Tim • 1 JO 7583 

61 J0 71 9?fte94 71.72 na H30 7343 .158 1.968 

4135 72.170-3*1 71.es 7247 7150 7357 - I V) 1.971 

8800 nJIDNavU 7250 7433 7255 7+30 -1J0 1.538 

0095 7U0Jan« 72.95 7454 T2.9S TLS ‘ 150 500 

MJ5 7255 Mar 96 74JH -150 43 

7654 73 50 Apr 9* 72.45 7 L00 7245 7450 -158 21 

Est ides J.s*4 Wed*. 34M 

(Wtt* open Int 16138 UP 740 

HOGS (CMER) 

S67T 45 3? Jun K 46 VS 47.04 4680 4747 -3 JO 9571 

4137 4530 JU 94 47.12 4605 469S 4JJ7 -OW 9561 

5340 4J.WAW0M M 46/0 4643 46H -8.15 6S31 

49 JS CjSJCWM C15 4140 4257 <2,77 2.756 

5050 <331* Dec 94 4154 41*5 OJO OA5 -010 2,042 

5589 4J10FW95 BH 44J0 <LS5 4S.99 -018 651 

S2J0 <0.90 Act 95 42.70 43.18 4250 42.90 .OJO 288 

5150 <740 Jun 94 <671 <950 4625 48J0 -0.28 120 

4695 47 30 AV 95 <756 -OW S 

EsL sates 6444 Weds, sates BAM 
WedSopenM 10430 off 191 
P08KBELUSS (CMER) XAteeBL-cwibiwte 
623)0 39 30 JU 94 8140 4125 412)0 4133 -440 S.JM 

S?J» 4845 Aug 94 4060 4155 4020 4042 -018 2,176 

61 IS 39. 1 0 Fflt) *5 040 SO. S3 49J4 48.92 —GET 377 

48J0 OUOMcrfS HUH MTS 49.10 49.U -0(7 31 

61 AD 42 60 MOV *5 51 JS BBS SITS SUJ -048 39 

St JO 51 JO Jut VS SUB ELM S23B 523)0 -EJM 1 

33.10 4773AU87S SDJS —23)0 2. 

Est. sates liso weffiSdtei 440 
won's own n* Tjoa ntt 3m 


COFFEE C IMOB yjftlfcwMiw* 

14555 64.40 All f* 1313)0 ITUS 117J0 1I7J0 -J0 95 2S,W* 

14180 663DSiP*4 1»» 12J.7S 11S.10 IIS* -10.10 I6JDI 

137 JS TT.lOCeeVI 117.15. II&W 11655 ll(JS -43« 18,987 

13400 .T.40MarV5 11100 115 75 11445 114 45 — 43H SJW 

13125 82JDMflv74 I1U0 116.90 1I4.R8 113 JO -600 657 

1101)0 BS3»JU« ... 11100 -ABB 9! 

I2SJB 89.00 ftp 9* 120-55 11580 11100 HUB —600 34 

Elk tOMB UL876 ween. SOW* 12.964 
Wtorsonnlnr 594 55 ctt 856 
SUGAR-WORLD 11 DCSE) tlSJMfaL-otpcc 
ILM 9I5JUM 1180 1284 11J0 123)1 -D.M 48,138 

II* 9.420cm 19.94 12J4 1IJBI 12J4 *020 50.756 



9S.180 90JTDDec94 94.110 94.170 94.110 94.H0 
KL580 902 40 Mar 75 93860 8UI0 93JM 93860 
94.720 90719 JUn 95 93570 90630 93JM 93L57B 

94J20 njUSep95 93370 91290 9JJ* 913* 
94780 fl.lDODecVS 931* 93150 91100 93110 
96220 90730 Mar 96 93080 KUHQ 93050 93050 

ESI. sates 19435 Wed's, sttes WJ73 
WWs open kit 36873)95 aH 31416 
Rm uHPCmi (CMER) tpermnd- 1 potercauabBl 
JJ226 18474 Jun W 1J0M 1J116 TJ07I.1J006 

1-52M . LMxaseovi ijan ijd» uon ijom 

1J170 lASOODecM 1-5BB- 

1-5179 1-4640 Mar 96 L5090 .L5B90 1JDB0 LOST 

est.KflM %m Wmfs.*ues MU7B 
wad’s open W <7,126 up sm 
CANADIAN DOLLAR (CMBU ipvdt-l uMaeauMtl 
07WB 07TT3 JunM 07222 07225 0720! 372)1 

07740 IMSStsM 07193 07195 07172 OTIC 

07870 OLTDMDecM 07167 07167 07151 07157 

37605 - 33020 MarH 37136. 37136 D7136 871X1 
07522 04990 Jun 95 37111 

37160 07138 SOP 95 07090 

Est. sales 5750 WkTl solos 3112 - - 

Wternmnlnt 44J27 Off 40 
GERMAN MARK (CMBU tnrmMi-laaWvgualiSO 
06133 05607 JunM (U0* 06098 0605B 36065 

aan ajuasapM -8 uuts sjo» iudso ounn - 

06105 15590 Dec 94 04090 04098 04060 06063 

161) 60 UNBJBRtS *• .1/9)5 

0-4SW ftSBHMcrM 04092 

Gsf.sote* 39JB1 Wteifs. rates «uea 
WM-xopenlnt 133600 UP 318 ' 

•MPAHe se.YW .IClMER) STyen-ipgpfgemieaa 
0^099563008071 Jltt M «8D95730J05B34ej»9SSajOa9S62 
D8M0t73088WSot94 Oill»6mo09680a00W3HL«»62» 
<unan3U0952SD«c94 UIJTraB-fKfi'eB.SOnOiSiSJWTOl 
tun 01 TO'ffiJil SAm 95" 0009168 

OD10133M9B30IMIP-96 . 0009781 

EsL sales HA. WstTs-nles 18L389 
WMteapaiW . 69,401 off 874 . . 

SWISS FRANC. (CMER) SMrftnc-lpaMMuvtesAAMI 
07174 0J590JUO94 07H1 07149 07104 071 H 

07190 05608 Sep 94 0713! OTIS 07117 O7U0 

07183 04885 Dec 94 07145 

• - JlinVS 0.7241 

Bt sates W254 Wed’s, saku 24774 
W«rsop<nkp 46738 up 2650 


♦10397,994 

♦ 28261781 
♦10205A87 

♦ 10181,171 

♦ 10138,196? 

♦ HH19J01 


+244746 
2769 
-3 77 

—6 14‘ 


—II 34445 
—12 3*15' 
—13 U38 
—94 4SD. 
—15 106 

— M 3 


.'-7122,108 

—0 HWM" 

■ m 

— M 49 
— WJ 622 


— 32 61,51 1 
-31 4676 
-32 )AB5 
-32 67 

-32 - 1<! 


-17 <3779 
—17 3J0B. 

- 2 M0 - 
-w . 3 


industrials 




pvTatV't. 

nfATTI#-: 



371.0 Jut 74 55. 

0 

SJ 541. 

376JS4PM 55 

6 

5626 5&I 


6 

569J 5515 


COTTON 2 (NCTN) «mote4- 

6465 5BJ0JUI94 83A5 82J8 

“ 77A5 TOIS'-IUS 


62J0Mar95 7485 77.15 7380 

MAMW95 7775 77 JO 7775 

TOSOJU 95 77J6 7775 77*66 

7106 Oct 9S 7400 7408 7480 

7^R Wed's. soles 4777 
WWrsaePikP- 54045 up 6VI 

HEATING OIL (N66Bn tun. 

41 80 JunM *770 48JH OAi 


-OA5 3I,ia- 
Mt 

♦ojn 

♦OH 2756 

♦072 1,499' 
■HU5 

70S 31 


♦0JI7 20,131 





7;'f-’T?r 








1 f 




Finanoaf 

U5T.06LL5 (CMSH it nh*M- eteur M6M. 


94X6 

9126 JunM 

9567 

7569 

9567 

95X6 

♦OJO 16,1*8 

96X1 

7462 SCP 14 

9112 

9116 

9112 

9113 

♦ OJO 11471 

76.10 

9*25 Dk 94 

7*69 

M69 

9*66 

9*66 

*862 7J15 

9S6S 

9l98M<rVS 

94X4 

94X4 

9440 

.94X0 

♦063 334 

Esr.mes 

4y319 HMTlSdes 

1219 





Wed-soaiM 39A60 Off 901 

5TR.TREA5URT ICBOT) SHMMpite-BWAaamaiteeMt 

112- 05T83-W5 JtmMIIEHIS MS-115 10S4B BS-07+ OSS 147736 

110- 195100-19 Sop 94 104-16 1Q4-H KR-VJ‘ QS 40877 

HD-01 101-26 Dec <4 ■ 103-23*- OB - 5 

EsL soles HA. W«fx. rotes 73423 
Wed'seoenW I6ftjzt off 636 

HY1L TREASURY (CBOT) smote nto- pop mttfWpa 
115-21 102-11 JunM 1(5-13 165-22 >85-11 MS-15 ♦ .67 K7J04 

115- 01 101-18 Ih74 184-09, »UV 104-0 10+11 - * LL3S4 

114- 21 100*25 OCC 9*183-21. 103-22 HD*U *5-16 * OS , 1.199 

111- 07 1B0-S5 Mgr» 102-M * 65 - 55 

135-22 99-re JU095 182-09* B5. . .1 

EsL sates saooo Wssfisotw m,.l7 
wetf* open int J«,9W off 4715 

. U5TREA5URV BONDS (CBOT) ma-onmihSlMtiiHHI 
119-29 91-05 A* 94 164-15 »+4M0 h» 104-11 -? 01 314366 
118-26 90-12 SCOM 1Q3-W. M3-29 KD-H HD-14.. . . tn^33 

UK-08 91*19 OeCM 102-30 'HD-08 187-23 103-26 M 34730 

116- 20 99-14 Mar 95103-06 192-15 M2-06 [SWT tt ' ttM 

115- 19 98-15 Jun 95 101-38 101-28- MI-22 MI-22 ♦ 02 UR 

113- 15 99-00 Sep 95 • 10M6 * 62 101 

113- 14 98-27 Dft 95 - - 100-25 » 02 ’ S 

114- os 98»n Mar 96 no-u ♦ or - .« 

EsL isles «»H n Wed , 4«din SUH 
VWd-lopanMT 467 Jl* Off 3KB • 

MUNICIPAL BOMU (CBOT1tMBa.tB*VHmA»« of _ . .. 

10447 87-46 JWlN «)-26 91-13 - 71-2 9HJ t 09 2LM4 , f 

95-17 86-13 S6094 9F44 '91*28 91-44 '91-09 '♦ B 0327 
EsL sates 5f5M Iteft. sates. 6438 - ma&fs - 

UM'seoefiM’ 33JPI up. KJ4 . _■ • SyTJJir. - 

EURODOLLARS (CMEJO StpPBBWteMU6rar-__ „ , r„ RrSSi-i. ' 
95490 mjWJWlM 91260 757SU 9S2SI 9SOT fcf. S?"* 1 ?.,.. . 

955m 903*0 Sep W sun 14770 fun 94468 *2*2423 COOL K8SB0TO1 


fl.lS 3«4U 


Commo< % Indexes 

■ . . Offig . 

mjo 

VMJO 




mm 

iMM 


mm 







'Win 

: wSPf 


s' . 

mrn |4H W -vjme f 

* iwiawij* 






ilijSki 

■- 


■ 

: 

J : W 

H 4 - / i - «K 

: ' 

I; 

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Eurotunnel Sets 
£1.6 Billion 
Refunding Plan 


Page 5: 

EUROPE f; 


Compdai 6v Our Fm, 

, *!^ R1S — Eoreuirmd PLC, the 
builder and operator of the tunnel 
linfang France and Britain, un- 
vakd a Tuifflcing package Thurs- 

sasTtptf h back from 

the bnnk of bankruptqr. 

Coroing three weefa" after the 
opoung of the Channel Tunod the 

pMkage consists of an £8 16 million 
(SI billion) stock sale to sharehold- 
er and £693 million in new bank 
ndin&plus a cushion of a further 
£50 mUbon credit Hue. 

The new funding will allow the 
company, which ran into several 
finanaal problems as it tunneled, 
to turn its attention to getting pas- 
senger and freight services — aJ- 
re?dy a year behind schedule — 
imov way during the summer and 
autUTOn. 


occasions to raise cash. “We think 
it’s the last time," Mr. Beaard said 
of the latest recapitalizaiioo- 

The new stock sale will be priced 
at 265 pence a share in London and 
2250 francs (S4) in Paris and will 
be offered to holders in the ratio of 
three new shares for every five al- 
ready held The rights offering, the 

third largest ever attempted on Eu- 
ropean stock markets, will open in 
early June and run for three weeks. 

Stares of Eurotunnel in London 
fell to a 17-month low after the 
announcement and dosed at 350 
pence, down 5. In Paris, shares fell 
to 29.65 francs from 30.50 Wednes- 
day. 

Fund managers had been 
gloomy about Eurotunnel during 
the lead-up to the offer as the com- 


Z 


“Shareholders have sustained as SS* t5S™£! , ?i' r * n ' 7 “““ 
) till now " said Andrf fkh? >°8d. battled to stave off 


till now," said Audit Benard, 
French co-chairman of the 
company. “Now they have a 
choice- There are some risks, but 
we’ve put most of those behind us." 

Mr. Benard, who also announced 
be was stepping down and would 
be succeeded by Patrick Ponsolle. 
said he did not think the company 
would need further funding before 
it tamed a profit, which it expects 
to do by 1998. 

Since its initial $770 million eq- 
uity sale in 1987, the company has 
gone back to the market on several 


bankruptcy by seeking new loans. 

But the announcement that Eur- 
otunnel had secured £693 million 
of loans has quelled concerns and 
allowed investors to focus on the 
company as a long-term invest- 
ment 

“All the banking’s in place now," 
said Tim Stevenson, a fund manag- 
er with Henderson Administration. 
“This is the final hurdle. It’s obvi- 
ously wdl underwritten, and tins 
discount makes it attractive." 

(Bloomberg, Reuters) 


Chip Makers Are Chided 

Reinvest More Profits, Europeans Urged 


By Mitchell Martin 

Irtiemuttonu) Herald Tribune 

LONDON — Europe's semiconductor industry 
has not invested enough of its recently hefty profits 
in new factories, the Dataquest Europe Ltd. re- 
search company warned Thursday. 

This will create problems for the chipmakers 
and the electronics companies that they supply, the 
analysts said at the annual European semiconduc- 
tor industry conference. The conference is orga- 
nized by Dataquest, a Dun & Bradstreet Corp. 
subsidiary. 

Home-grown European companies have little 
presence in the personal computer market. Most of 
the business of supplying PC chips is done by 
subsidiaries of U.S. and Japanese concerns. The 
big European chip makers — SGS Thomson, Mi- 
croelectronics, Siemens. Philips and GEC Plessey 
— are most competitive in semiconductors used in 
such industries as telecommunications and auto- 
mobiles. 

Although the overall market for semiconductors 
is surging, with global sales this year expected to 
rise to S101 biffion from $85.6 billion in 1993. 
capital spending has slowed, Dataquest analysis 
said, especially in Europe and Japan. 

Nonetheless, huge demand for personal com- 
puters, a trend (hat cannot Iasi indefinitely, has 
helped the Europeans to report good profits on 
their chip operations in the past few years. About 
25 percent of the European market for chips is 
related to personal computers. David Moorhouse. 
a Dataquest analyst, said 

Last year, there were 10.2 million personal com- 
puters made in Europe, and that is expected to 
grow to 18.1 millio n in 1998, accounting for a third 
of the Continent's semiconductor market. 

But weak investment means Europe does not 
have many chip foundries and silicon-wafer fac- 
tories, making it vulnerable to supply problems 
that are expected to arise because of the global 


growth in demand for semiconductors, whose sales 
are expected to double to S2Q0 billion by 2000. 

Already, some executives attending the confer- 
ence said, supply constraints are beginning to show 
up for technologically advanced chips. About 40 
factories around the world arc expected to open 
soon, but few of these will be in Europe. Mean- 
while. advanced chips are becoming vital for com- 
panies that make computers and other electronic 
devices because upgraded products are brought to 
market with increasing rapidity. 

European chip investment in 1993 was estimat- 
ed at about 51.5 billion, rising to just under 52 
billion this year. That compares with about $4 
billion in Japan List year. 55 billion in the United 
States and more than S3 billion in the Asia/ Pacific 
region. 

Meanwhile, Dataquesi forecast that much of the 
growth in the world would come from the Asian 
market, which was forecast to use 550 billion of 
chips in 2000, reflecting demand for all kinds of 
electronics devices in China, followed by Taiwan 
and Korea. It also said semiconductors would 
make up about 20 percent of electronics products. 

For the near term, the European market is 
expected to grow 12 percent this year, led by 
wireless communications, personal computers and 
telephone switching equipment, according to Gene 
Norrett, a Dataquest executive. 

Also at the conference. Dataquest gave Motor- 
ola Inc. its European Vendor of the Year award, 
the third time the American company has won the 
three-year-old award. The award is based on vot- 
ing by about 40 European companies that use 
semiconductors in their products and reflects the 
availability of chips, their quality, price and per- 
formance, and support and service by the supplier. 
Philips Electronics NV won a prize for the best 
quality and technical support, while Advanced 
Micro Devices Inc. was identified as the best 
midsized vendor. 


Rail System 
In Germany 
Posts a Loss 

Ksugk: RuLler 

BONN — The recently merged 
East and West German railroads 
posted a defied i Thursday of 15.6 
billion Deutsche marks (59 billion) 
for 1993. 

Heinz Durr, chief executive, said 
Deutsche Bahn AG hoped to re- 
duce the deficit in 1994 by stream- 
lining operations, investing in in- 
frastructure fen- its high-speed train 
and attracting more customers. 

He said the merged company 
planned to reduce staff from 
365,000 to about 312,000 by the 
end of the year. In 1993, the two 
railroads’ largest expenditure was 
for personnel costs, at 26 J billion 
DM. he said. 

Deutsche Bahn “started with full 
power." Mr. Durr said, after the 
two heavily indebted slate-owned 
railroads were merged Jan. 1. 

In the first four months of the 
year, sales were up slightly from a 
year earlier at 7.72 billion DM. Mr. 
Durr said that for the whole year, 
the company expected sales to 
reach 23 billion DM. 

The merged railroad intends to 
invest 14 billion DM this year, in- 
cluding 10 billion DM in infra- 
structure, financed through inter- 
est-free loans and federal subsidies. 

Mr. Dtlrr said Deutsche Bahn 
wanted to lure customers “with at- 
tractive offers, comfortable trains, 
highest productivity in freight as 
well as passenger transport, and 
total market focus in the way em- 
ployees think and work." 


Investor's Europe 


Frankfurt 

DAX 


London 
FTSE 100 Index 



Exchange 


index 


Thursday 

Close 


Piuv. 

Close Change]' 


Amsterdam 

AEX 

404.74 

403.50 

+0411 

. Brussels. 

Stock Index . 

7,7814)3 

7^39-15. 

-oia. 

Ftrankfurt 

DAX ' 

2,13025 

2,158.77 

-132. 

Frankfurt 

FAZ 

B16JH) 

B24.Q0 

-0.97 : 

Helsinki 

HEX 

1,81049 

1,829.12 

•0.58. 

London 

Rnanoal Times 30 

2^9Z30 

2.398o0 

-056 ; 

London 

FTSE 100 

3.019.70 

3.020.70 

-0.03- 

Madrid 

Genera! Index 

331J59 

334^3 

-0.81- ' 

Mian 

MUB 

1,197.00 

1227.00 

-2.44 

Paris 

CAC40 

2,091 £9 

2,084.41 

+0.36 ' 

Stockholm 

Affaersvaertden 

1,91024 

1,921.18 

-0.15. 

Vienna ' 

Stock index 


452.01 

. 

Zurich 

SBS 

954.98 

950.02 

+0.52 


Sources: Reuters, AFP 


IiuetmdibuI HenM Tnhune 


Very briefly! 


Yeltsin Moves to Ease the Burden on Foreign Investment 


By Steve Liesman 

New York Times Service 
MOSCOW — President Boris N. 
Yeltsin, in an effort to revive Rus- 
sia's economy, has signed a series 
of decrees that would cut taxes on 
foreign and Russian companies 
and eliminate some restrictions on 
exports. 

Western business executives, 
weary of a series of recent tax in- 
creases' and confusing laws, re- 
sponded initially with cautious op- 
timism but wondered whether the 
decrees would go far enough to 
alleviate a lax system that has bo- 
oome increasingly burdensome. 

| "Clearly it’s a good solid mes- 
sage,” said George Reese, manag- 
ing partner of Ernst & Yoong in 
ftfoscow. “I see for the first time an 
attempt to Hnk business interests to 
(fumges in the tax code.” 

i. :.if. it *■ ‘ 


But Mr. Reese said the decrees 
were “even more vague than I’ve 
normally seen." It was undear, for 
example, he said, which decrees 
would come into force immediately 
and which most be enacted by the 
Duma, the lower chamber of Par- 
liament. 

Mr. YdLsm, in one of six decrees 
issued Monday, ordered the gov- 
ernment to reduce baric taxes on all 
businesses in Russia by between 10 
percent and 20 percent. He cited 
the profit tax and value-added tax 
as among those that should be low- 
ered to ease the burden on busi- 
nesses as the nation moves to a 
market economy. 

In another move intended to en- 
courage Western investors, Mr. 
Ydtsm eliminated the national 
profit tax far two years for compa- 
nies rostered this year that have at 


least 30 p ercent forcig 
and more than $10 1 
capital 

companies would pay one- 
quarter of the usual profit tax in the 
third year and half in the fourth 
year. Taxes on profits set by region- 
al governments, which range as 
high as 12 percent, were not affect- 
ed by the decree. 

The revenue lost from the tax 
breaks should be made up by an 
increase in Russian income taxes, 
according to Mr. Yeltsin's decree. 

But Rath Cook, a tax specialist 
with Price Waterhouse in Moscow, 
questioned the benefit of a reduc- 
tion in the profits tax, saying most 
foreign ventures were unprofitable 
in their first year. 

“They are promising a tax holi- 
day for people least able to benefit 
from it,” she said. 


Oil industry executives are also 
waiting for a promised government 
decree that would cut in half the 
duty imposed on oil exports from 
fordgn joint ventures, which many 
executives say has stifled invest- 
ment in the country’s oil sector. 

On Tuesday. Economics Minis- 
ter Alexander N. Shokhin said Mr. 
Yeltsin would issue a decree “with- 
in days” to reduce the lax to $17 JO 
a ton from $35. 

Other decrees issued by Mr. 
Yeltsin, who chastised Prime Min- 
ister Viktor S. Chernomyrdin last 
week for moving too slowly to re- 
form the economy, would clomp 
down on tax evaders and close 
down Russian enterprises that do 
not pay their bills. 

Mr. Yeltsin's economic adviser. 
Alexander Livshits, said Wednes- 
day that the decrees were the start 


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of as many 30 economic measures 
that will be signed this year as the 
Russian president grapples with 
the country's worsening recession. 

The decrees were issued amid 
growing calls for action by business 
and political leaders, who ex- 
pressed concern about statistics 
this month showing that industrial 
production had fallen more than 25 
percent in the first four months of 
1994. It was one of the sharpest 
drops since the Soviet Union broke 
up three years ago. 

Western business executives said 
the decrees constituted welcome 
evidence that the government was 
using taxes to implement policy 
rather than just raise revenue. 

“What tHat tells me is the gov- 
ernment is listening.” Mr. Reese 
said. "They are hearing the com- 
plaints of the business community 
and realize they have to get some of 
these things through the Duma.” 

Since the beginning of the year, 
foreigners have been nit by a series 
oT tax increases that have led some 
to wonder about the wisdom of 
their Russian operations. They 
have complained that the current 
tax system makes almost any legal 
business venture unprofitable. 

An undetermined number of 
Russian and foreign companies 
have avoided paying taxes, in pan 
because the rates are so high. Mr. 
Reese said the new measures could 
help the government broaden the 
tax base and eventually reduce tax- 
es further. 


There was concern that a decree 
eliminating export quotas, a mea- 
sure intended to bolster Russian 
trade, might also reduce foreign in- 
vestment in the country's oil sector. 

Like all Russian oil companies, 
foreign joint ventures producing oil 
have boen given quotas that allow 
them access to the country^ pipe- 
line system. whose capacity is limit- 
ed to about 2 million barrels a day. 

Without quotas limiting exports, 
the foreign companies might have 
to line up to send out oil or could 
lose their access to the pipeline. 

■ Ruble Continues Slide 

The ruble slid to a record low of 
1 ,901 to the dollar Thursday on the 
Moscow Interbank Currency Ex- 
change, Reuters reported from 
Moscow. 

Dealers said the ruble would fall 
further in coming days because 
prices were rising much more 
quickly in Russia than abroad. It 
started the year at about 1,250 to 
the dollar. 

Dealers expect the ruble to weak- 
en to more than 2,000 to the dollar 
by the end of next month. 


• Iberdrola SA, Spain's largest private-sector utility, said its 1993 net 
profit rose 6 percent to 6L24 billion pesetas {$457 million! the result of 
cost-cutting and a reduction of long-term debt. 

• Royal NedBoyd Group NV, the Dutch shipping company, posted profit 
of 10 million guilders ($5 million) for the first quarter, reversing a loss of 
86 million guilders in the year-earlier period, amid a profitable turn- 
around in its ocean shipping division. 

• Sweden's central bank is changing its interest-rate structure to a three- 
tier system based on that in Germany. The move scraps the 7.0 percent 1 
marginal rate in favor of a securities repurchase rate, which will begin in . 
June at 6.95 percent. 

• Media Service GmbH, the digital television service company formed by ! 
Deutsche Bnndesposf Telekom, Bertebmaim AC and Kirch Gruppe, said 1 
it would begin testing interactive television products this year in Berlin. 

• Mock Group AG, the Swiss division of the German pharmaceutical 
company E Merck, plans to buy Kebo Lab from Handel Och Industrie 
AB; terms were not disclosed. 


.d 

Bloomberg, Reuten, AFX ■ Y 


Cable & Wireless Profit Up 


Remen 

LONDON — Cable & Wireless 
PLC. the international telecom- 
munications company, said Thurs- 
day its profit rose 19 percent in the 
year ended March 31 and said 
steady growth was continuing. 

Pretax profit in the year was 
£1.09 billion ($1.65 billion), com- 
pared with £918 million the previ- 
ous year, while sales rose to £4.70 
bBlion from £3.83 billion. 

The dividend for the year was 
raised to 8J5 pence a share from 
7.425 pence the previous year. 

Lord Young, the chairman, said 
the current year had started well 
despite price pressures on Mercury, 
its British telephone network sub- 
sidiary. 

Mercury One-2-One, the British 
mobile-phone joint venture with U 


S West Inc. of the United States, 
had signed up 62,500 customers by 
the end of March and was oh 
course to have 100,000 before the 
end of June, James Ross, the chief 
executive, said 

Mr. Ross said 12 million tele-’* 

{ ihone lines were installed in China \ 
ast year and said momentum was ‘ f . 
being maintained there. j 

He said the company was taking ' 
its lime in developing multimedia 
services to broadcast across its-’ 
phone lines. 7. 

“We're using Hong Kong as the .. 
lest bench for video on demand 
and then we will see whether we * 
fed that we want to launch some- • 
thing similar in the U.K.," he said , 
Cable & Wireless has a major 
presence in Asia through its 57.5 “ 
percent-hdd Hong Kong Telecom- ~ 
muni cations Ltd unit. 


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“I’ve MARAIS 

— :_,4 i, hied rcwifoice. 165 sq.w. (Hiow- 

“**“■ T Of lomTOfi.J uv. lnTr>gh uJikiKS. 

I ve bee ii«r Cf pc-#i*d wiKtycrd 

after d- p^cg j® yOSGES 

night Horsed mew. !nsd buiUnc kmutiful 
Orioles*^/ ^ 2 FrCCT'?rJ>L AP*M- 
rJ?. 0,C5 EfJT?- 13S o«d 1» w<n 
Milwai 

Rin u MUSE PICASSO 

. , I r'^ouiiful Iflih eemurr cdki's; r." :Hiwr 
rig 5 tftd g'adej'. ingwd cpr^ni .jr 2 
.■eh. Imrjc I - bedrwn; 2 boitc 

' 3.500.003 

NEAR PLACE DtS VOSGES 

1 I'lh <» flu. J IC-A-lir KW, l-/t floor no 

games ‘ 

SL 3 ? MARAIS - RUE CHARIOT 

” 17ih c?n; rrnnhei.ire. 1*. »er/ tejo 

three-rw cpwm™. l*5h wbryp. beiaas 

ipner. Clidec ijodinon. .e»; re 

relieve ru! ^ f+ { 

“Ma ns DE LA CITE 

□Ome .-eestonc bu.Uir.5. Mi. ?orircroii 
opt it fierarimen: it. kKki ecnoiT.yi 2 k“d- 

“ -vuklr ;ee»s:iof ihci 
M jl’75 CilOOX' 

live gf^iiiY. AY. DU CHATEAU 

“I'V-Vsdem bijJ-Jm-j. he— J rerrrre. Open 

'Jut'lei 'SortiTier.i. rang, j te> 

UaUOr :ort . 0.3,1,^ FF5i50.«0 

some | 5URE5NE5 

CaJIin^.j j, c . m ptxe de l'Eti>U? o»"^cl 

sir rab id •««.- iri^>.- ■ lpmtmeN. pe'*w 

X iiBe'rv.- 1ft. Miiiirarue t>e<» 

1 ^ * -3fl Pmi:. lerr-xe. -1 Ledeortt. <*■ 
peOpiCtphM :OOn 5m high itJIpci 

“if jiiATIMO Tel M2 72 33 25 
w “5. Fax: 1-48 W 77 63 


8rr, CHAMPS ELYSES 

Ht?hi iljj; bwhir^ 

: k i/.'i. -o :o.m 

REDONE AS NEW 

e.n.'ia>hd -j:eier rwo le bWfi 

5* ifcV. bc^»hv ;wi 

'2 •ve de ?:r.niei; 

Xli MCih: AfC VTUTOA3 
r-^T 1M pei >: >X p.- 
.it v. ?5 2: 


RAVISHING 
TBth cent. CHATEAU 

f n; .•.->,! <•• : 3 , ,3-. 

m:v in ^tTc-.i : , : j jc;h 

•>3 11. >i ‘-teres;::' 

-•' e r.l. ■: err:-: 
r r ■ :«.<••»: • 

7*1. aemer (!] 30 S9 50 78 
Fo> /1J 30 S3 12 28 


,l siCE^iONALiHlSTOftlC 

tflC I Lo=T EAWK PF5IDeiCe f6fh. Cdeonl 

helir . 1 fie .• i3* /••«•.: ! ■ ■-.- 

Tha. 

•*■••. T’e-i r-H *>:«n :l:-v 1 't :*v ( 
-I: : .*• :vc • 17-— r-eer» ■» .i; ;•*: | 
" a;te ‘i";. z' :-t-iMt •■:Te-. wd 

7 1. ••! , e :-jr b- icic : 

I e Vi. ■ 1 j52 J j£ '!•» 

Owner T<H It '•' '■» 11 c i I 

alter .-.vi-kct s : .-. ; ~ > 


A MUST TO VISIT 

T«L- (33-11 45 67 80 9» 
tat 33-1142 73 20 57 


KUBL MA1MAB0N - MAUDE 

rtgh dcu buikfirg. 4'3-jom 
cpartnwn!. on grnden [pnrcM ojdnt 
130 .qjn J (bong lowh. eobn o<«rbo(- 
ing kaae^pfd porV fuH. ittnoWled tn 
ordiiftc: wltj. 2 patro 
PvjfeiMond we poaifclc. FFI *50000. 
Tit: (1} 4258 6244 Fra 4732 3232 


BUTTE MONTMARTRE 
mol 3* turn opoitmefJ, <8 «,m,. 

snafflo raw on ah paris 

5* Hw. no kit. ow Andie :-xvxq 
FFI.IWJCT. Viih. dimnq-itwK. 

Tit: owner home {II 42 '57 48 09 
offio: (1)46 33 69 01 


(92) NEUIUY - SENSATIONAL 
Bo Cl Omu. ycjni fVyy 
350 sq in + SC ax.m. garden 
3 mcLf; re^-inn. craWn-s 
8th. RUE OS PENTHIEVRE 
105 aun . frh fioor. <dm & 
eomlomatte. GH1.TJ- 1 -v5 08 5e- e-H 


1 6th - PL DES ETATS UNIS 

4th floor. 390 iqjn.. hgn cetmgs. 

4 ouBiamtng recepr.cn or— a. 

betuhiijJ view. < fcedroe*^. 3 barfii 

Owner Teh 1 1) 45 01 96 99 
Feu [1] 45 00 54 91 


EXCEPTIONAL 

8th. PLACc FRANCOIS IB! 

TOF FIOOP BAUIOfrt 
Jll :qjn . r;«jrcK>*. n>gh cIok 
mad': BMte. Teh (11 44 ?l V 9c. 


tSlfu DIRECT ON RIVER SEINE 

£XCEPnOtiM .If.'. EIFFEL TiT.-.f- 
3 ! IL P^FIj :,.-h, H.>j- 1(14 Vjm J 
• •»nj eqnipf-.rj LiV.-.n ? fc-;rt,, . 

te'lni i.-b l iuj »f 2 .Vi '. I 
Chr-.-wr jH 4*1 ’•-• .jj j.; 

! CHANTILLY. ' s m iron. 

Pairs I-C-JI .id: rcn,!-,.; rod ifiiio 1 
be-ici^i h.r.n*. 3 E-crV. ihr>»— iv.'n 
l.ir-o -i rr-: an jb-H-i ? TOLr .i_i" 
grounds Clin* chaiir ff? -«IW ‘i'. 

■11 47 :■ 34 f‘ 

LATIN QUARTER - LUXEMBOURG 
Arfd shii'j -i* meiramne. huf-p-im 
hi.ertoon csWe TV ..-vin -ri a-r .+.' 

qutri M.'ir-untef.'. :^’ r ". eftirJvl 1 r— ■- 
j inn- .'i.r... l.lino F7L mi ft. cm 

Id rgi II) 4J > 'S . 1 l 

LE CHESNAT, VERSAIUB. Iudikm 
tfeenone hciia. 5 bechconr'. h«ng 
dinner ioom. 2 bdhl. i<V enrage m 
tage' basement, t. arnica r-w gtirien 
d»vl 7«> ag Td I y 555J 44 
BOUGtVAU 13 kms ROM PARIS, 
near Motion d ichc^i. chaining XX* 
X]m V|H^ 4 bed'O'JiTO double Lvmg 
garden. sHfting me^arwsr. Tel 
.?wnp I ?9ia 24^ ran I j>f8 550? 

J a. XUS ST HONORS 1 7ft cimrr. 
bn.ild.na *nh paranarac oew a-ct 
Fore i^erofc 3 reams bsi fk«j< 
retrace aft fleev. Iih FF3 75Q.CCO 
AGPNCE AlMtJ-CiE 111 43 65 37 ^ 
LATIN QUARTO. TOWNHOUSE oo 
1.000 sq.m 3 le-^efc. about 15 roans 
and bafts in gxxJ .^mdilian. ccCCf- 
nr.rut. garden- cswirjd. paflung. Te* 
(11 Ji $72 2 Fa. 45 25 1)1 50 


8ft. TRIANGLE D'OR 

cltl sqm • 4th Hoot 

Td 1-43 29 30 95 rax 43 29 15 35 


.“4 CHAMPS =LTSS 

CI&FJ2GE 

FOP 1 wax OR MORE high ^ 
IJlKlh? : oi 3-rtxm aLninTr.r. FULLY 
EijWPSC 1 IMMEDIATE rE;"Pi” TIC'1 5 
Tel: (T) 44 13 33 32 

INTERNATIONAL 3USIN25S 
RESIDUES - PARIS 

“READY TO UYE IN" FLATS 
SHORT AND MEDIUM TOM. 

Td; (1) 47.04.43.08. 


O7A0IN65 TROCADERO 
29 bis rue St DitStf 
PARIS 16ft 


Yixb sl-jdio or smi tmenl tq> I es*. 

1 c n-a-.Tel M) 44 34 73 73 
res (J) A7> 04 50 07 


Poring Held CONCORDE LAFAYETTE 

L'minr'us ' ixtr. T.. shame 
fig ogen;'. Fee. F4.5C0 
Lease * menft . C* more 
°i. EU '5w <nn 2i Cn. P«n I'm 
Tef Jij 4j 5? cO 'i 

| Sib AREA, ROMANTIC .urrfund.nv. 

n-rar ■ra'spc't. chanting Lhte h;.j>s 

~5 ;ijri lot ill - eoinppo: anagi.>e 

(»ra. I larvg rooitl * 1 


ST. CLOUC. IIS sqm douU- Jrnng. 
»!«;. 2 E-K't-idra. lit bafts bndw: 
^>.r- F- C-X' - ftqtgr. I4^17«2 
PARIS BIBS"/3iUE Jim pnvwy wtft 
ie-.i£* » \mswd tend: 3 wjnts ro 
2 T-. I -in 24iW! Fct 1—21210^8 ( 

PARIS 6m. sjMfi? impecrabL. tuB-, 
eaviopM 2 r;ems pl2,50.t net Sit ■ 
r..~nlrs nift itturt TeF II I 47 54 Q7 6F. 
6ft, ROOFTOPS VIEW. :ms ^,te 
cion. »nn. 2 room, quiet 45 sqm. 
Fa Ctf' .ter rtee m>. let 14633 2 IT* ! 
16ft. TROCADERO. ri=». Ik-m - 1 
MGtcott-. moiblc baft-, tv, dl 
j W'Ji^eri :*jn cuts!. Id: 1-4.-^ JM9 
MARAIS, Cbtming Inane t 2 beft 
’jerz, F-jll.- ariereeJ, TV. ainy 
r. M net Td l-27e TO; "nm. 
LADN QUARTO. 2-room flat m town 

hCthe ernorM. br.ftafl bcft. ttmrtr. 
hgqrirc. Qwn*r TH! i -i3 5^ 65 6^ 
WELCOME RENTAL lurnsbed remah 
■I c^mpetihto puns. 2 iughiv3 «etn. 

! T r l 14Q 2a S3 7 ! f<iK I-4Q 21) ifl jQ. 
1LE ST LOUS ;n !*:** Pome. 100 
top itor peft^cw Hat. Reap. 

■i&r 1 c<drc*-.«n. Fra.0TO. 1-0281359 

6ft, L OCA FLAT. 5 ekr/: to t motifts 
indev I ? J ractns lunmoul [men. 
Id 1 -Ct TV'- fa» ; l-tfiSoWijA 

ITSFUiyilfELED RENTALS ‘ 


®na 1 OF CHARACIS VILLAGE 25 lore, about 4So y»m. Good candmcm, 
Ims E*JT v.*' PA RC. EE-UT1R.IL rre rn -e. r»ae icaephon i pants to>*- 
R jKfft IIP50). &CBT10NAL LO- FRf M, Tel III 45^3 4£ oi ^ 

J® ST NOM LA BRETECHE [nr I sc*.>:J;). 

cots alas house p rooms! Mnl os 4ltoM lipi , , ;r y ,J : 


5ft. CLUNY SORBONhE <A sgm. 
f»ed h rerT« .j|l cxmlons. SlflUlh co»v 
bjr ,* building. Ve<:qiUrS pn-quet. 
beams firerfxe iid door, beicri: 
ver. qieel. rl -M Tel l4rJ?)0 T f. 
16lh. RUE LALO 2 rooms, heevena 
txAdng, equitpet) lirdien. :ft rtoai- 
ty Mr. tatm J tngh.r. culfca rFI i M. 
Ownei (1) 43 ip <0 1 3 « piavinces. 

Pd-j 44 21 It, t- 

RARE AND EX0W1ONA1 PARIS lift 
[Lonijchamp! TOWTJHC4JSE pn-ore 
»me about 4 50 yjm. Goc-d candmcm, 
'ai'oces. nee iccepnon loams, furl- 
mg. fflf M. Tel III 45 53 4£ «) 


KrmisNrig; i rijvrn. ! inng room * I | 
btfdocrrf (2 -ijutlf tedi.l ’D Atreftccs , 
liidien. taftreora FT .COO all irpadeli I 
Vacon- FrcT. ly lime tar 2 mamms c> | 

i y-oi Tei Hi j 2 Ti :: ■>:. I 

GROSLAY. near MONTMOFFNCY | 
:lav. rc 11 "-i ■ '-7' ' If mm- - *. 
Nmc fc-'.'Tl-' .H ' - r. ' t 'm i 


I ami, l*A'se or lor crolessrand me 

F375O.000. Trt owner 1-4*5723 52. 


259 sg m . * luarns '-"X' .g m. a: . 
:tmu-. -Af 'i-«s f F'-tf/. I ;J- ;M :, > 


Fc. US 54 02 68 “ ' s rr .- .. 

LA OUEUE Bi BRIE 12 im rrom ^ ^ 

Eutoctan-, 145 sqm Me.elhovte trfi 

fccin; south an landscacid garden uA4APTr.r?T t V/Ss- i.'S , * jn S s ' 

etwffred U>c hen. 4 brawns'mM*- ■ ^ggLLUL Cl ■' 3J0 

mg 1 mi In prrate tnth. ojfcn gieo. CLAMART - RESIDENTIAL, spaaoui 


d-.'se snaps, idwh. ^am^yvn.-^ 
FFI " r^gotiable low tees T-I (It | 
49 f.i ~ 5l Fat ill 45 ~o ?3 a0 


2 tO sc jm, Lrj-jht ~. j ■■goat house. 

oeauTituf intern^, g-aden be rajraqe 

FF? 080 000 Owns r-1 I-CO^D) ?.■ 


bed/'SOr-i an cc-utr. ard Dt.-u.mr4 L - 

world lamous o--;h,r-rC [ie-ai r-tac-.-tl 

Ajrhisa tmsibir Ffl.jC').W V ill 
J2oi 12 pi 

5URESNES - TOP OF A 

2 CO sq.m. DUNGEON 

T®lrtE.l Irrt f— r-^ 
rATiDRAMHl n't? A' 

Fr WOiX* ie- ,i: Jf r.- in 


Bordenn c fONTAJNSLEAU FOREST 

6; i. _ i-;rr. Ps-is b. note-*", 
besi-iiu* pr ah dts: esla*e r pe-rer 
C^ty-cr 2-e-s ;o : . Docuoertclian 
on request: Box 3623. i.H.T. 9252 1 
NeuiHy Cedes France 


VILLE D-AV5AY - EXCEPOONAl 

"A--, aw ct~'e fa*.:. I'-ft 
traman 4T(- sqm . sc*i. - he. c<=, 
rlamrjde i FF14 m 
Owiw fe» |i:->: 4* K r-i 

IN MEUIllY p:-A -us.denr.al o- 3 z?j 
.-or i: him P-j-n • > c'-e r.vVS.i ,n 


ST NOM LA BRETECHE ilaniB -nlk^e 
759 sq m bnd. wroirucabe. hit, un- 
| d-?sed okJ walk fTl 2‘A I 3462 (OS? 
j PUCE VB9DOME. 'Owtwt sells. :mdl 
I hjrin icu; cparttnenl TeWtiKme Pitt: 

I il|42el Q TvB 

PARIS, 1st PUCE V39DOM5 AREA. 

superb Plffi A TEPRE m i»ft d«j ->d 
tuildnq. Fr.5aQCU0 Tel l-j^Xae^ 

| ST. GBIMAIN DE5 PRES. 3 4 
' 0cm :ouple qparrr.-nt, calm rep 
1 FW -te*. me sen n*. 1432^0^ 



RELOCATION 

SERVICES 


vmFiS&TZJSSll Andrew Speirs 


2th, */}SVY or, TUiLERiES 

CtnK’de cifle -c-e 


2’h. ?r SAINT WHOSE 

" ' FLAU U 3C?iE 
:«!■ ! i i 40 93 19 19 


i 7= age. gactm. ir' j:e:. v>i > no--- 1 
I *r; ^ccc-, 'J2.il :• K\ Pt-me ?y; I 
i :-n"- II; H 4 1 *- y 86 icr*«;j hams! I 
! LTTANG-LA-VUXS. •!• r-itt t'C-t ?:r .1 
Ct-rt' i*a*ei l tf*. Ic<a*«d i-ecr-n | 
-:v-.e i- 0 ';) Vu zw vts 4 j.;. , 
•ms ; b~.tr, ;w. : 

■ ::-ti ,r-? »}•>}■// - 

-ill Jw.v:- -F-re -.a..-: 3 t HZ >r : < 
^ !;r-X birrei ii l it . 

1 NEAR TROCADBIO. RUE SCHffFER. ’ ‘ 

•*U ••.! Z.'-.I »Xhr wiF -••5*1' I 

v ' r' n I wkhs : 


RELOCATION CONSULTANTS 

.■he ccI'^ssk-jkJ Accroach v 

brevtHv 4c4xaho.it 

.'. ftr-s irjti r.n, it at- ranee 

T«l: (33-1) 34 7S 17 33 
Fax: (33-1) 34 75 17 36 


VERY P2FT7Y, FURNI5HS) COTTAGE. 

:a renf l> iunmethrK- « larger 1i 
'■m from Vi«etn» (Ev-‘e|. 40 itirwrc: 
trem Cdnt * garden fa haa-lc 
i scrien lever* Owfie* (angfeh td‘> 
tenl Tel 7 5 fi) 30 5c, Pgi ~5 Sc ~4 •?*- 
7ft AREA. 180 tqjn.. ; ptstbr^.. 

eiwjantl, iimvshed lull. oqwaCed 
linen. -liV.es phenr . t-r-. ei-L 2 tea- 
room:. 2’z t-rrhs ndl *-:.•• fo-mql in- 
usq oq-Jipted kitchen A Iqurir. b. 
ma r4f.9TO. mctift Id Ugj ^2 - 


TERNS, 5 ROOMS 

4 tricorn-. FI j.nX' 

EMBASSY: TEL 1-47 20 30 05 


Toft. PASSY. 2 bedtoam 

5upe<t t—>>tc*-e- Of-S-Ttiir.- 
5 meter *>sfi — -vlT’A-i 4 le— rl 

7<H 1-47 53 fiO 13 Fra 45 51 75 77 


* VERY EXCEPTIONAL PARISIAN * 
Furnished renrat m jiesii»^« -Jtex 
Fell, e-TJCpod Prewiccn ssandtadv I 
month a- mate .uir.rt*r rental: Piec'.e 
;sHjj??T 5ETT :el ::■ I 
SAMOIS SUR S3NE. c9 ktr, ?®.: 
^lendid hai-te raj. lunched. 25 a e 4 
i: 75 5 *f •'? 'cams. ?90 sem am 

4.LOJ sent g.-A-T±. quit:. Eicl-J*«iee 

■ dlcwe. FI ;■»:■ Te. 1 :4 24.^ 5s. 

TO RS9T 

rT v’dr^Hed ~-di~- apartment -II 
:t:es ?i-r, ;rut setu-bs CAPITALS 
PA?TT4f4s T-> li; A, a; II f 5 

111 4- 72 ;■■) --.c 

RafflNG PJPNISHH) APARTM3TTS 

rr ceniyr, bvldmi. neat PEf. Lt 
Vesiw: :• "i ■>.'•. Te her 4 c:-t -j 
(. n.;nihs iv:i'-.. 5 ->;rs. ? .-cart. 
Tel l x y. 2 V. F-r- 1-X =c U K- 


, RUE DE LIS BONNE, 175 sqm 

J ijsarmr»s. FI 9.000 net. W 1-4567 Si 51 

NajlliY. BD DE U SAUSSAYE, 

daa. kage reception. 1 bcdr.x.iro 9 
tath^ icrae Mcom on gcrdcr.. 165 
lam fJO.aOQ net Tel U5e3 17 77 

15ft. VIEW CN S3NE 2 r wn t 
inidena. -si :cntion*. nih T«. F MO 
5 F3.C*>? c*vsta»i inchiO*d Loric -.h;--! 

term Tel .-iCtfe CO'*- -j> 1-4752(29; 

NEAR STOLE - 3 ROOM PUT, 

• a-rsenj: pr f.v. LAHN OUAETF’ • 
TipkgI iVnnhea Mufto F4‘0('. 
0 *».-> **! i- 1 a" 2' c: ;L 


S07RAGM RENTS 

PASSY PLAZA 

23 RUE JEAN BOLOGNE, (16ft) 

STUDIO, 2 £ 3 ROOMS 

BALCONY. TERRACE 
CELLAR AND PARKING 
Vral Sct-jrday 28ft Moy 1 
I fnxti T.30pn hi 5pm 

| SOTRAC4M id: 1 -40 71 7T 21 

I DUPLEX LUXURY LOFT. 105 sqm. 

J lunn;. puge -mde*”. high ceilings, 
r hotn-a. 2 Ceab core bet— ,. hrephxe. 

i*eiii:t r. - . ISDN pbo - **;. 1 bio? 
Ccnri S: I'-'cmir FI 1. COO — (aLecna. 
Te*-. 1 -U a- A" 59 ro 1 4J 37 

5ft LUXEMBOURG GARD345. 3eou- 
nrul -X* arm, 7 bethoorn. 

i li-wing dining, freolcce. bdmr.t. 
eautpse: hirer, Py^uet flap-:. mL- 
lor. corbel FFI 1.9*0. -salable Jul, 
Tel At. De" P-dtt HI 64 Qa 49 QQ 


! 1 6th, AVENUE FOCH 

I 320 Mun. ctxvfoMfif Far reetpliam, 
I pEuidling. Embassy Td 1-4720 3D05 


By James Brooke 

\,n t rri Times Semce 

BARQUISIMETO. Venezuela — In the oil 
boom of the 1980s. the Venezuelan slate of 
Lara was a slighted stepsister. Lara had no oil 
wells, no refineries, not even a petrochemical 
plant. 

Without oil. workaday Lara trudged along — 
growing potatoes, picking coffee, bottling beer, 
forging sieel. exporting onions and assembling 
vacuum cleaners. 

Bui with the country's oil industry reding 
from a fall of nearlv 40 percent in prices since 
the start of the decade, business is instead 
looking to Lara’s thriving, diversified economy 
as a model tor Venezuela after the oil era. 

“We are getting a reverse flow — profession- 
als and laborers" are now moving here from 
Caracas." said Rafael Marcial Garmendia. a 
local rancher who is president of Proinlaro. a 
private investment promotion service. “We 
don't depend on oil. We don't depend on the 
state. Over the last 20 years, we have had the 
fastest rale of industrial growth." 

Growth has meant a new baseball stadium 
and modem buildings sprouting along spacious 
boulevards. Banquisimeto. Lara's suburb-like 
state capital, frequently ranks in polls as Vene- 
zuelans' second favorite place to bve after Puer- 
to La Cruz, a Caribbean resort. 

A metropolitan area of more than 800.000 


S * Baiquisimeto last year won a status 
coveted bv every Venezuelan corarauni- 
tj — a daily fligftt to Miami by Servivensa. a 
local airline. 

For the rest of the nation, however, it re- 
mains hard to kick a decades-long dependency 
on oil. Venezuela, the largest supplier of oil to 
the United Stales after Saudi Arabia, was once 
described as a nation glued to an oil industry. 
The state oil company. Peiroleos de Venezuela 
SA, is Latin America’s largest company. 

As recently as five years ago, exports by . 
Petrdleos de Venezuela accounted for 82 per- 
cent of national budget revenue. This year, the 
government expects oil exports to con tribute 47 
percent- 

“For my generation, it will be the first ume 
that we have seen oil fall below half of the 
national budget," said Treasury Minister Julio 
Sosa Rodriguez, who is 70. 

“The most foolish thing of the last 20 years 
was to not diversify the economy." 

Selling more oil for less money, Venezuela is 
seeing its other exports gradually rise — from 
20 percent of total exports in 1990 to an antici- 
pated 30 percent this year, fn 1992. other eco- 
nomic activity surpassed oiL Slowly, a diversi- 
fied economy is taking shape. 

“We have to abandon Ihe oil-royalty model,’' 
said Adolfo R. TaylhaidaL, executive director 
of Cooapri. a group that lobbies for improved 
investment conditions. 


^ r m/Ms jfcv.-.vw w :• fv ; 

Gold mining in the Venezuela^ Amazon: is . 
attracting SZ billion ia.kveaitKmis,-to^y : 
from Canadian. Sonth African and Venezirfaft 

companies. : By - the endof ti# 
tkra’s annual . gold 

increase tenfold, to 52 tB&m.' ■ . :&.' 5 .:'V rt ?-‘S 


“Mining is going to be mc hrtt f^pf y«ncra^ ; 
i." predicted 

ocal^ -group that is joinidgyri^%)a^A|p^^ - 
invest $100 million hr a; v: ..; 


to invest Jiuu mmiOT nr a goKfcmHK.-:' or^c- 
ftilp and paper are attracti^^; ■*; 

investment prcgects, iar^ly- &om .OSOTdmrr ' : 
and U.S.. companies. \ ■ \r ^ 

In tdecommunication& .a.cbosOTjnfiiO^.^ •' 
(JITS Gorp. is 

Venezuela's telephone bc^jan^.- •.' 

investment in tourism^ ty^apeqted ' to-^sci .‘ T j 
with the government planhih^c^^va^^aghtftv 
hotds. thfre . racetracks -^zid >arraiHtfie^ui riieT' ■ 
next year." Under a new public K^sr^mts^wJ.); 
cons miction and repair of 14 higfa^ys^ to^t ' 7 
. opened to. foreign aod domesnc biddtti:''; .. 

Much of the new economic- activity ts ceo- X'. 
tcred in this increasingfy -}Sal^ronJS&%TJ ' 
percent of Venezuela's pqpu|atictt4M»^irT 
hours oriess from Lara X - 

“Companies are. aLpand^-b^;^.-: the - 
lime," said AlIau J. RbWnsott^a^Bribc^i^dihrt : - 
general manager of the . Barqni^tnetd iHOimi : 

“ People oiay mkeasalarycuraft^C^racai bat*'; 
they get a better quali ty cf 4^e ^r.ie^ 7 traffic.: j 
less crime." 'r:.'. 


REAL ESTATE MARKETPLACE 


- i .r.. cn :u>:=a-.5Cusg 
7th. ON CHAMP DE MARS 

.ij .-r '-•a:-: -lyiv cirric-’ 
t:iT. ; -.ark -.j -. iqjn-, 

f=AU FIVE GA'JCHE 
T«l- (IF 47 05 50 36 


CHA7CU CEI47ES 

P«jiJ^iiic» *ca Fan-.. :0~j -n •£• 

/viihb :*fui. , 32v ,ia 

W- '-r,:^ie4 13) sqm "^nen 
a b*i'i vm rai 

l.M*) :^.ai -renniry-cJi -rri q:cvn.;i 
in: I scrooli -mi 

rf5 tiMS/S: I jilaal c-»n r - CMi 

TaL- 42 66 55 S3 or 30 60 40 51 


SCUGiVAL 

In rmvalfd lq«nhcKT.a 
«ift PAP), i SWIMMrJQ POOL 
? AiARTvENls Fi'iP VbZZrW'JC. 

4 ROOAtt EACH. 

O I-.I for*. FF2.WCl.OQO 
5 2nd Nco» S leroc?-. Fr2.5K».000. 
SOTRAGIM. Td: 1-40 71 71 00 


- EXCEPTIONAL COUNTRY HOUSE - 

1 hn-jt Pons .■ Tr^t^jci Inarh. rear 


RARE -MONTMARTRE 

lrt v; -n DUP.EL. ON OARCeN , . „ 

■ rod-r.^n; bern. s *nj *>vW- OFFER YOU !! 

v:ta-t. (dr: j-jnn, Fr: ivj | *jLlf>llTY (J'AJTmEFUS 

Td; owner (1) 42 23 61 73 j ® L-j.ur, ‘unished 

• F«lt^ eqiepped 

• .Mad 6 Tmcn so ocu 

1 6ft VILLA 5 AID, Off AVE FOCH Vhfcjni^ ■ 

OJ^UNOHOUSEon^ •ASteiSww 

JiSbEMTffUn. 

PrJUS PROMO Td; ( 1 ) 45 63 25 60 For hidtier rnfcrmotion A reservation 
ad 1-4525 9501. Fa* 1-4288 2991 


: Fl-RSISH ED RENTALS 

| PARIS 

! “BETTER THAN A HOTH." 

I * if- T-V/.i*/.-’ /t/s.i 

j Inlarrnallonol 


MONTPARNASSE -rfe^cn: hone m 

pn»3* Kjm*. 'Jfi -,a.rv. ivmch-d. — 
IqrQi? KhfSMS. S«»F. Svmrr^ 
ci r-e'e : i. sit n;. Tql 147)1 S5"* 1 


| _ FAWS 5TH ON SHNE ! 

I ZiTVZh-Zn^t V1£— . rfli-T7unq 14(1 JJ m • 
j 2 r-M-ic.ic.ri 2 coir -y.-i FliOW ■ 

.nricri; :^j/ses. Tet F-4T 4 1 “ ^ 

Srfi - AVENUE F. ROOSEVat -■ 

f C J AiC' F4LA1S. Il'iV'CVI 4) -, 

I ivi 3. 4- rk-y •le-.-^r-. cjn: :unr-.- j 
! F5.'K' - -svr^es vis.: r-, sprc-r*- j 

1 rr-.— Tel •'.( 42 oa 14 C-j ■ 

| LUXEMBOURG. ««• zzp-^-t 
j :• r 

•’ PARIS REALTORS 5SIV1CE5 >a 

?c-r -jo'-t' service. ■ 

Td i 425c 0i5a o' Fa. 14256052' • 
.NEAR LOUVRE, 17m :t—.: inermne Z'- 

j r;onc :c.rx':r-. 4 q msci F4 fi>j . 

j - F4K- Te? 1-0 fJ ” evemnes 1 
1 4ft. Ilf ST. LOUIS, irvcJ J loom 
1 k.icn-r teftisc*- m»Ear*n* FitfOl 
I c-»- TCr,m .ie- Td- '.-C ? r -6 5r. 1 

1 HOLIDAY RENTALS j 

| 7ft. RUE DU BAC 140 iqjn. ncec- .' 

• nona! giour-c 3oor apermere or. ; n ■ • 
! vrt oi-rrya; «er. ;me' -mh ne«.; 
I h-idroora Vid Jjn* Mid Ai-g.v . 

r-,C00 -ved. Tgi HI 4j 44 Tg -j ~ . 

ON LUXEMBOURG GARDBt, ev M ^| 
ncncjl vi«w. are: a-elw 4 r^oms, . 
100 sq m F© r«nt id; A k-af 

F13.0QU rncrrtv Fe> 133-1) 463? 7301 
MUSE D'ORSAY. m «*ur. t 3 «n-| 

I F^rnie. cO vi/v pcimd ftcor. ireti , 
?iB-i-icr. rl ? C'Y, hm Td: . ■}{ -i i 

URG5. UGHT. LIVING WORKLOFI.; 
T ra^r-ja.TC. F4000 nv^S. I lMi ar-a' 

I B«C Fhi.,n. Jcl- — uC3jl. 1434£flC<>5. j 

LOUVRE 1.5 ;:.t jl-cscr: ap<sTn-r:.i 
1 :j'I> eqvcc-eJ ,’une - JjU - Aik*.s» • 

| !• Ta. |1; 42 cO 4J ;a i 

I SUPERB HOUSBOAT, 180 sq.m. 

! Te-roces. NtwC* Jdr 4 A.ou:>. 
F1&300 f*» ncMfi. Td 14© 4* i? iZ | 


REAL ESTATE 
INVESTMENTS 


NOTH. - RESTAURANT 

ANCIENT MOUNTAIN KETKAT SO 
MILES ROM MCE RENCH i-VEto 
E -otu 40 sects, cod ExtBerw 
candsiqn FrencFi. bit! dienide. r.nee 
negonatle. F*. o«ifcr a JJ.5 j0306;1 

FRENCH RIVIERA, M-xaaArjri Ss’a: 
hcfel *ilh 75 eiduy-e uncus sottsi 
■nft sea i rp*. dream tui'mir. x. a 
75.D00_ sqm. pw* wrm o! sreaties. 

FF ib5 mJTcri F ZJ 1331 P2 3° 74 

T-EK3 93 -£il CC 

PM ME US REAL E5TATE. 1st dms 
Tencrw, Sch r^tis Cortac* 'MS)e- 
Powe & Ci. G*newi Te 1 . +41-22- 
32o B3.90 Feu 125 64)5. Mnnvn 

rr,gsftnem S'M 

REAL ESTATE 
FOR SALE 

AUSTRLA 

ROYAL COUNTRY ESTATE S’, Tec C f 

fte ounksrr. of Schb-rg wc. .-rMes 
From arpar: it j _ Tm r-;graf;er: 
Ct.jr.trs eilTe ?r r» Icte Pnncsis 
Nora at Prunic ccnirn c" ir^rHccse 
(jbir-3 bafts - vet :er.r- -rr'. 
.yies house Gh*m * ba+s|. inaao*- 
iwauning-Baoi, d©ut4- garao- and 
ma>r ofte'. arremtf. S»‘- wr. 
Ccniderd, i treed. Secu'.V ■«- rr 
tSTOui Ls'w Fusftl Ne«t ft 3 -role 
aJf ec-.-se. pr«d rr-. UTS 34 ma 
Pnnc.pds onl«. r'*-e ctre-w Mr 
Peter: J. dee. 'Zjcjsrcr.vsn. j-‘ eWE 3 

F-onifur-. Fct- 


ONLY 5 MffWTES FROM CH4TRAL 

GEbCVA, loand on ihe French bor- 
der, spacious and te du ded 3dory 
Jifljry ,-tvdencr (400 sqjnJ featuring 
5 bedrooms. 2 ded bi le i t u ning arm 
(60 8. 30 sam) a pcfto iwfc joLing 
pnvate gc70en, garage <n d ample 
□crane m from courtyard (the whole 
I 1800 sqm). FF3.6M.O0a Tel 50- 

j 389366 Fra= 50870198 

PROVENCE aerfecJ home ui Lounrarin, 

| between Anr^n-Provence emd A«- 
, gnen. Three bed r ooms. baths, 
j rrep<oce. Tan, pen os. Ameoccn 
i bxnen Surrounded by thyme. Mid 
! oai and pne. Easy martenance & 

I Guardian S3&0M0. Tel USA: L> 
i uenoe Ws4ie 617-876-3277. Fnmce- 
Crwer Ggh 321 90 72 07 55. 

! MANOR HOUSE <l 183a Dordogne. 
i ,r. chmrnmg cirat vLToge. 4 large 
| bedraori. drawing room dftmq 
:ocrr. playroom, efegantfy tunushed. 

: large, eawn Lnthen. btauhhd oki 
stone ban. inducted 18x 33" pool, i 
kwet* g ur dens n 4 E aon For sefe 
or lease. let 44 (0(494 782763 of USA l 
F2121 9£6 ->584 ?o> crioiir brochure 
AVEYRON. in Canlabre {hsed vBageL 
'5ft cent HOUSE. «ah important 
,eravc=c r needed wtoge on rod. 
K'endd new, te of dtorre. HO sqjo. 
cr sew'd lev el s 255 ores attached 
aoundL FF220.000. Tel: owner Paris 
n: 42 27 55 7t? lerenmc). 


17ft CB4TURY HOUSE. OUBAFB. 

bsw rtyest, l now from Pan T80 
sa.’n.. - oedreons. large amt About 
4 acres, c There!, smefl late, FF1 2 M. 
Tei: i4; 56 04 36. Fra 142 56 05 37, 

FRENTH RIVIERA 


A raw ON CAP HE8RAT 

SplereEd via, 600 sqm. Ihmig space 
«» sqm terraces, pool, garage. 
MogrAoert view. mT.0O0.03ff 
OPTIMA 

MC Tel 33-5016 15 Fra 33-93 50 42 46 


NEAR CAM®, FABULOUS VllIA 
INCRBHBtE VIEW, SOOSQJM. 

Foal etc Mat be seen to bsfi no. Paced 
30% befaw asst far qutdt tale. Owner 
Tel (33) 9349 771 1. Fax 9349 7701 


GERMANY 


PKNOPAIITY OF MONACO 
Faring ihe port of ta/tte Gala, Grand 
Pru view bvmg room with terrace, 2 
bedrooms, goad rondhm. color and 
pcrbng induderi. 


l«J3k .d 


ACENCE 


Le Fat Poioce 
25 Avenue de lo Cora 
AtlC 98000 Morte-Cario 
Tet 93 25 15 00. Fern; P3 25 35 33 


REALESTATE 
TO RENT/SHARE 


ia^^rj-T^TT 



MAGNRCENI WATERFRONT EiJcM 
2100 acres ft prucde IK acre nfcncL 
beach house ft 23 mi pnaie beach 


+ 500 acres twk few. TAX H£t 

SI8M. Owner, fas +33-1-39W 6197. - , 0 . 


rf * 


For <ve stem of v A a. 3 to 6 ' 
btM uu r ai owdodnng tbe-saoi veft 
Mstrang'pDol, sene tight on trie sea 


GREAT BRITAIN 


THAILAND 



19. BW eta Genetf lector - - 

oawa&MVEusuNkO -• -■.- 
Tef (33)930104 a f« 031 93 01 tl«6 - ' r 


E3S3SiiB53 




QB5EA: PALAZZO STY1£ HOUSE 
7 O^de* Kr^toxl Over 

on 2 Roars crowd a covereaawiyora 
Freehold pnvreriy for safe USS5.25m. 
Fired. 44 (0)71 221 1404 


CLASSIC tuifwrf-ttie-amhiTy C=-- 
»b ha** " ‘Jxxre •ytijan ft-,- 
'arm. :--!ei, '■''.ciir.cf-r-ie ^ouse i-as 
5 beftwr-s, :• bqr.-^;-s, : >?5 
rarrr -nd-jdes r-rr-.-e :zzh i <r v -, 
orcr«rds. 2 la ge borre c.tn c: i 
storage :ull' Fwvfted sure.toij : v 
«c*»«r*. and crahtatHe .eft' aurie: 
Pnvate tocanon m scvfte™. Cnrcrc 
OcSCt V 3C- n-k.!M 

‘som Windsor |C"ftr>0) anc 4f -rn. 
UK hem D«nc«t |M.cr"gsn| Inmesn- 
cie pcssesBon ahnq CS54F 000 
J!jnia^4r^jbbjr^4f^2^4i^ 

CARIBBEAN 


ST. Kins, 
WEST INDIES 

X> acts m with Msrrarr. Wa-s 
Arj tva'cl & : —ft :as.-j 

& rar nrrerer. 'Atari / seaft -;r- 

£-o|rer comitMX'. g.c :nr**c s - esc s’ 
S.' 2 anir.c-. 

Tel. NYC. USA 
(212) 888-7555 

(212) 371-9133 


FRENCH PROVINCES 


: <5 JOHN j 
; TAYLOR ! 

sannEBVS 

I'TULVlftOVlL Rcun 

■ Thu oms of fh» R&tOi XIVTBIA 

Super-CANNES 

1 UNIQUE Swng 4 oae prooenv with 
1 bee atft-t secs w*>. Begont 450 sqjn. 

‘ rJv cxevitrs home gevesges. 

1 rc&iits’.t, ia bufd another hone. 

| Pantan: tctanad gcrdeti wrth Life 
• wsenireatv Price: 35 *AAon Ftcm. 

I 

I CaU: Monica Barca 93 38 0066 
or Fra.- 93 39 13 65 


• Between CAP MARTIN 
AND MONACO 

I OaEna-ta. F.-: mft I messier bedroom 
. fi »r->vn tieh'oem. 2 to-ge bedcocaa- 
1 2 scft-oetrs. ci xertte doors. 

Veer eq-.-tpped f^chen. 

: Ie- -=ce f act*; rt-e sea. SmoB hgh dan 
Zu'ang writ pool, fail SKuny, pqrfang. 
rc» -ri'erttvattev. cdl owner: 

Tef: (33-11 45 24 52 57 
, Fra 133-1 40 67 73 93 



GREECE 


ATHENS, EXCaiaVT WVESTMBVT. 
Luanous o pci tnieni. centibBy locoted 
ufl 2 floors. 106 sqm Huge frepfoce. 
marbl* floors. Ba terraces. Open 
Far quid sde 
•“ 93 44 » 40. 


□ UKEGOeil 
Mfii.rans 

SabAthranenwAorraL 
eurndehrsaM >975 
select raanSTES It CNA1ET5 
in MONTREUX, VtUAKS. 

I£S DtABTOET^ G5TAAD, 
CRANS-MONIANA, VGRBBI, rift. 
From SB. 200.000 to 3 J mio. 
REV AC SA. 

5L ManfMM,CH-I2U Bemua 2 
Id 4122-734 15 40. Bra 734 12 20 




NEAR KARROOS. Lcwcfr 2 bet* 



SAIE A PURCHASE OF IAND in hraeL 
Hofy Land Red Eatatt Teh 9728- 
522331 roc *72*5M*7« 


LAC NOfR/FROOUSG, GRY0N7 
VUARSflpwtmwB. for saft nog* 
oert view Ufa 4 moureons, foreigners 
adhotized Fan ft41-3741l496 


USA RESIDENTIAL 







16ft VILLA SAID, Off AVE FOCH 
CHARMING HOUSE on garden 
Lvra - drang. 4 bedt-vra 


1st, PA1A1S-ROYAL 

Brrgjht 8 cofcn studio. 3m high cetffinq 
■» indecendem aid>. I 8*h cent, bidd- 
ing FF560.W0. Owner tel- 1-40159861 


16th, HAMEAUBOttfAU 

4 BOOM APARTMENT in former tamv 

hjirte Mt, facing South, porting. 
Ft3.0Tj0.CiC 0. TeL 111 <5 67 80 91 


4 WINDOkV5 ON PLACE dot VOSGES 
3rd floor, lift f,s seen tor 1*4. 
Private Partang. onyr.nc FF3 5M. 
Tel: Owner (I) 48 87 49 ?3 


artists & nature lovers calm charming 
FFI.2WOCO. CiA (1)4? 88 57 r 


i'> -=r y? ie is |i; or 

junctor, find .-.Vj . 1 


FIATOTB. 

BFFH TOWHI OR 
EXPO PORTE DE VERSAILLES 
From shidos ft five-rijom de line. 
Ztott. rreeUy or tnorlhlv 
Free shuhfe serves ft 
EwocfcnevLond 
Coil: 05.345 J45 TeR Free 
or (33-1) 45 75 62 20 


PARIS IA DEFENSE 1 
RESIDENCE CARTEL 

Spaoous 2 or Jroom opcrtnenB 
ft rent for 3 days or more 

C „ Imrcedioft Reservabons 

i-j Tel: (33-11 41 25 1616 
™ Fra (33-1) 41 25 16 15 


PLANNING TO RUN 
A CLASSIFIED AD? 

Place your Ad quickly and easily, contact your 
nearesl JHT office or representative with your text. 
You will be informed of the cost immediately, ami 
once payment is made your ad will appear within 
48 hours. All major Credit Cards Accepted. 


FRANCE HQfc Park. 

Td..M 40 37 9385. 

Fok (1) 46 37 93 70. 

GERMANY. AUSTRIA & CENTRAL 
EUROPE: FrarJArt. 

TeL (0*91 72 67 55. 

Fat. ^ 72 73 10. 

SWITZERLAND: Pjy, 

Td: (021)778 3021 
Fac (021)728 » 91. 

U68TH7 KINGDOM: London. 

TeL (071)836 4802 
Teto: •JSXfy*. 
fas (07 1] 2J0 2254. 


NORTH AMERICA 


NEWYORK: 

TeL- (21 2) 752-3890 
TdKretfflOCIl 572-721 2 
Tet*:Jyr5 
Fm (2121755-8785 

ASA/PACIFIC 

HONGKONG: 

TeL [852)9222-1 188. 
T(fes 61170 H1HX. 

F®: (852)9222-1190. 

SMGAPORL 

TeL 223 6470. 

Fas |65) 224 1566 
Tries 26749 HTS8-J. 




34.1348.41B0 


IQS TOONtMOS APAKTMHfTS 
Mrtffta, 9 Moriid. Between Prado 
NfAemm S Rebro (farfc Firwi exarafe 
a trt anu i u l farnftre. Deft -~WMfr 


raSciS] 




IN TUSCAN Mill OWN near S. Gem- 1 . .. 

gnanc. restored medfevd house. 300 | NYC/Certid P»l South 4h ROOM5 
sq.m, ckveble. qwet. praoraita, anal 
qoH neortrt. prrvate (0039/ 

5501*0,000 or best 




CBITER VAR 

25 fan sea £ arpori, Prewenoof ertste. 

5 ha land, wooed and kraheaped. 
160 sqjn. stone mos. 140 sq.ni oft 
budding ro be fated. Graft, enwon- 
mere. F4M. Owner Tel: (33] 94 33 2 ) 77 


SOUTH OF FRANCE - GRASSE 
10 fire front lea. 250 sqjn. VILLA 
on I JBOO sgjtt. GROUNDS WTTH CXIVE 
TREES, iwi raring pool. Vfi be dr oone. 
ihower rooms, b u wtxm. Superb wew 
and peaceful erwaranere. 

For sale by owner Confirmed prk* 
FF3.000JXXL fJegorablo. 
r* (33) 93 70 41 31 (office). 


MONACO 


MONTE CARLO 

MONACO VH1E Pleasart ?-be*oom 
cparttnenl, , about 90 sqm., separate 
ereranos. living roam. 2 bedroo m s. I 
brennwm. 1 fewer, equated ttchen. 
perfect condition, superb vww over Ihe 
labour. 

AAGEDI 

7/9 M des htaufre. MC98000 fcV-naco 
Tel Zm 16 59 59 Ira 3393 50 19 42 




USA FARMS A RANCHES 


819 ACRE5, Views and More. Mobfe 
Home B. Shop. S9B4.000 Jon Homton, 
Scatty World D&E Rratty, USA Teb 
209-9662001. Fm 2094662M6 




By their knowledge of 
the market and fneir 
"savoir-faire", the ISC 
consultants bring a new, 
professional answer to your 
real estate search. 


j s Analysis of your real estate needs. 

° Research through the full market offerings to find 
the products corresponding to your desires. 

• Escorted visits to the sites of your selection. 

° Assistance in administrative and financial negotiations. 


Jj" > "'I 1MMOBILIER 34 avenue Manceau - 75008 Fan's 
laLi consuitamts 1 1 J 40 7 O 03 49 


THE PARTNER FOR YOUR REAL ESTATE PROJECTS 


j The Special Section 

| j ‘'Luxury %caC ‘Estate " 

| will appear on June 25. 

i To place an advertisement please contact your 
j nearest IHT office, representative or in Paris: 

I Fred Ronan 

TeL: (33-1) 46 37 93 91 - Fax: (33-1) 46 37 93 70 



P01.5 .SY - -$t. Germain en La ye 

on the bonks of the Seine 

Lycee Int'l Adea 

Superb 1094 (fftarman-^ngfer.j Townhouse 
■320 sqm cm3 levels Private 150 sq.m, 
garden. Enhance haH. 3 reception rooms. 
4 bedrooms. A dressing rooms. 

2 t enhrooms. 1 shower room, newly fitted 
Inchon, maids room, garage wine cellar. 
Central heating. At In immaculate order. 

Tel owner.: (33-1) 39 65 00 15 
Fax: (33-1)47 07 86 04 


Exquisite 
Country Estate 

Just 55 km west of Paris 

in a calm and privileged site near 
Houdan. 7 ha. land of which 5 ha. 
forest with pond, 3 ha. meadows 
and 1 ha. landscaped grounds. 
Hunting lodge, dretaker's apartment 
helicopter landing possible 
8n(l sq.m, living space of which 200 sq.m, enfilade with marble 
fl<x>r. y Urge hedrnoms. marble nr Italian tiled bathrooms, large 
equipped kitchen. 5car garage. Top qualirc recent construction, 

vjrit ills pn ifc-oiiurul uses possible. Justified high price. 

Owner: Tel: U) 4? 31 02 49 or (1) *7 05 42 62 Fxx (1) 47 53 83 97 


\{ SALE AT IMF. PALAIS 1 1 lUSTIGEOF PARK 

MONDAY. JUNE 13, 1904, At 2 p.nu 
HOUSE IN MONTMARTRE 
PARIS ( 18th) - 8. rue Saint-Rustiquc 
Baxiiienr, Giound IL* * .Hid 3 srnrew 
Private use* <4 1 27 sq.m, of land 
STARTING PRICE: F.F. 2,250,000 

* - fti » i Mil ire Jean-Mkhri HOCQE^RD, l.nvjvr IPAKIS 8). 

. , n«- Sunr -T'liilippc-vlii-P-t title • TeL. 1 1 1 4>.M l'I C* 1 
Oawtt »iw?Munfav.M»if2fljBd]»flw4.Mi«iTjiiii«'6*idSiiiir4^Ji«w It, l‘N4,fttvn4ioti|>*. 


FRENCH 
MAGAZINE 
FOR 

PRESTIGIOUS 
REAL ESTATE 

1) K M KI R H S ^ 


Hiiivmi 


FOR SALE, all over France: more than 300 
chateaux, residences, vineyards, houses with 
character, estates on the French Riviera. 

For each advertisement: 

- a minimum of one color photo. 

- a detailed description in French and 
English. 

You will receive the last issue by air mail by 
sending your business card and check lor 
US$15 or £8 to 

DEMEURES ET CHATEAUX 
19230 POMPADOUR - FRANCE 


we require financing of, 
appr. US$ 14.2 mio. 

tor an OFFICE 
BUILDING 
+ ESTATE in 
MOSCOW 

on the bank of ihe Moskva river, appr. 

1 mSe from the "White House". A real 
top location, absolutely quiet, in the 
neighborhood of a building 
tor EU embassy staff. 

All permissions ind. the design from a 
US architect are here. The new 
construction Indudes the estate of 
9000 sqm and a 12 Boor bufldng. 

For further Information pis. contact. 
Exposrrus int. inc. p.o. box 
583 Vaduz Liechtenstein. 

Fax; -m41 75 2365 383 



tor O* IHt WOULD 

Luxury flab in very bed location, 
connected with SStorJHoteL 

■ A rooms, 166 sq.ni., Irvina/difring 
room. Fireplace, 3 bedrooms, 
2 bathrooms, kitchen. 

■ 2 rooms, 82 sqjn., Sving/drning 
room. Fireplace, 1 bedroom, 
1 bathroom, kitchen 

not furnished, long lets. 

Facsimile: +41 82-2 15 22 



Bayfeg property ora tasstess h France? 

Hundreds of Interesflnfi 'i 
oppittunittes Ask /or yo«r free copy 
CI.CEL (Kafufne 
CXCE. and E.CE Z sqvare de ta PemUfee 
49000 ANGERS -FRANCE 
Fae+(33l 4i.48JLW 


USA FARMS 
& RANCHES 

Houston, Texas 




V 











































■a S 

££. 

S’? I* 

5 r- % 

■ •• u “C V 

■ ft. U = 


:-i K i' 


Vi it 




i£ 

s 

ft 


; | >> 

J I "it 

; : jjf 
*: ft 
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s-’t 



Strong Yen Hits 
Big Electronics 
Firms’ Profits 


Agenee Frcnre- Presie 

TOKYO — Five Japanese elec- 
tronics giants Thursday forecast 
highCT global earnings after posting 
mixed performances for the vear 
ended March 31. The strength of 
the yen, particularly against the 
dollar, contributed to general slides 
in export profits. 

The biggest turnarounds were 
announced by the leading semicon- 
ductor inanker, NEC Corp., and 
the computer maker Fujistu Ltd., 
both of which returned to profit 
after steep losses in the previous 
year. 

Hitachi Lid. and Mitsubishi 
Electric Corp. had modest declines 
in group pretax earnings but pro- 
jec.ed recoveries for this year. To- 
shiba Corp. posted higher group 
earnings and said parent-company 
profit,' which fell sharply, was ex- 
pected to rebound. 

NEC posted consolidated pretax 
earning of 25. 1 billion yen (S240 
million), reversing a pretax loss of 
37.7 billion yen a year earlier. Sales 
edged up 1.8 percent, to 3 J trillion 
yen, despite reduced revenue from 


Siam Cement 

Pours It On 

A genet France-Presse 

_ BANGKOK — Thailand's 
biggest conglomerate. Siam 
Cement Co„ said Thursday its 
first-quarter profit more rhan 
doubled from a year earlier. 

Siam Cement and its sub- 
sidiaries posted profit of 1.44 
billion baht ($57 million) for 
the first three months of 1994, 
compared with 694 milli on 
baht in the first quarter of 
1993, President Chumpol Na- 
Lamlieng said, as revenue rose 
21 percent 

Everything was up." the 
executive said. “Operating ex- 
penditures decreased due to 
lower interest rates, and the 
group also profited from for- 
eign exchange rates." 

The news sent the compa- 
ny’s stock up 74 baht on the 
Stock Exchange of Thailan d, 
to dose at 1.054 baht. 

About 200 million baht of 
the gain was due to decreased 
interest expenses and foreign- 
exchange gains, Mr. Qiumpol 
saht~*~ - ‘ 


computers and industrial electronic 
systems. 

“Although it is likely the Japa- 
nese economy will begin lo recover 
in fiscal 1995, the severe operating 
environment may continue, owing 
to the further rise pf the yen and the 
acceleration of structural change in 
the electronics market," a company 
spokesman said. 

Fujitsu posted a profit of 44.1 
billion yen, reversing a loss of 16,2 
billion yen a year earlier. On a 
consolidated basis, however, figur- 
ing in the performances of all sub- 
sidiaries, its net lass widened 16 
percent, to 37.7 billion yen, mainly 
because of the cost of restructuring 
Amdahl Corp., a computer-making 
subsidiary in the United States. 

For the current year, pretax 
earnings ore expected to nearly 
double, lo 90 billion yen. with sales 
recovering to around 3.2 trillion 
yen, the company said. 

Hitachi’s earnings fell 3 percent 
from a year earlier, to 228 billion 
yen, as global sales declined 2 per- 
cent, to 7.4 trillion yen. For the 
current year, it forecast improved 
earnings of 245 billion yen. 

Hitachi said its consumer prod- 
ucts division had an operating loss 
of 46 b Alton yen, 4 percent larger 
than in the previous year. 

Toshiba's earnings grew 5 per- 
cent from a year earlier, to 902 
billion yen. but sales rose less than 
1 percent, to 4.6 trillion yen, de- 
pressed by poor performances in 
consumer products, information 
and communication systems, and 
electronic devices. 

The company offered no forecast 
for pretax consolidated earnings in 
the current year. 

“Although memory devices, liq- 
uid crystal displays and personal 
computers for the UJS. market re- 
corded healthy sales, domestic 
sales of distribution systems, color 
picture tubes and medical systems 
in overseas markets were low." To- 
shiba said. 

Mitsubishi Electric’s group earn- 
ings fell 10 percent from a year 
earlier, to 71.4 luDion yen. while 
sales fell 5 percent, to 3.1 trillion 
yen. 

For the current year. Mitsubishi 
forecast improved earnings of 74 
Uffion yen on projected sales of 3.1 
trillion yen. 

“The yen’s appreciation will con- 
tinue, and capital investment by 
the private sector and building-re- 
lated demand will remain inac- 
tive,*’ Mitsubishi said. 


Vietnam 9 s Currency Vicissitudes 

Exporters and Bankers Debate Devaluing the Dong 


By Kevin Murphy 

Inh-rnaiumal llrrulj Tribune 

HANOI — Buying a big bundle of Viet- 
nam’s currency, the dong, about three years 
ago would have been one of Asia's better 
foreign-exchange bets, wen if the largest note 
was worth only about 35 U.S. cenis at the time. 

From a low of about 14.000 to the UJ5. 
dollar in 1991, the dong strengthened to a 
rate of 50.500 to the dollar throughout most 
of last year, in Step with an economy recover- 
ing from its darkest days after the collapse of 
the Soviet Union. 

According to some exporters and econo- 
mists, however, it’s now rime to unload the 
dong. 

Despite its recent slip to 10,935 to the 
dollar, investment capital is pouring into the 
country, Vietnamese area bit less desirous of 
holding dollars, and the local banknotes are 
maintaining their overall strength. 

Like other Asian economies whose curren- 
cies have fdt upward pressure in recent years, 
Vietnam worries the rising dong will hurt its 
export competitiveness, one of the keys to its 
recent economic rebound. 

“There is some lew! of overvalue," said Do 
Du Dinh, head of the developing economies 
study department at the Institute on World 
Economy in Hanoi "To encourage exports we 
should devalue; not oil of a sudden, but step by 
step. A rate of about 12,000 could hdp." 


But the State Bank of Vietnam, which 
closely monitors the market-determined ex- 
change rate, remains unconvinced. 

"We will not depreciate our currency in the 
years to cone," the bank’s deputy governor. 
Le Van Chau, said recently at an investment 
conference in Hong Kong, where he denied 
that Vietnam was being pressed by its foreign 

ASIANMONEY MARKETS 

advisers to devalue the currency by as much 
as 30 percent. 

In a Communist country still in the sensi- 
tive stages of doi moi, or economic "renova- 
tion," stability — in exchange rates among 
other things — is a higher priority than vear- 
io-year export statistics, some analysts argue. 

Dollars and dong circulate freely through- 
out Vie tnam these days, with the relative 
value of the two determined by a host of 
factors including trade and investment flows, 
domestic credit creation and interest rates, 
and public fickleness. 

Given the immaturity of the reform pro- 
cess, tinkering with this delicate balance 
could harm die fragile public confidence in 
the local currency, some bankers and interna- 
tional economists say. 

"We have learned plenty of lessons in this, 
and that is wby we want stability overall." 


Mid Nguyen Van De. chairman and genera] 
director of Vietcombank. one of four state- 
owned hanks adjusting to life in a commer- 
cial environment. 

“People still use gold in property transac- 
tions, bin increasingly they are nring done in 
other big deals — that is welcome,” said Mr. 
De, who retains vivid memories of the dong’s 
rapid deterioration after it was unified into a 
single official rate in 1989 and fell sharply 
into line with black-market rates. 

“I don’t believe that all the purported ad- 
vantages to depreciation now being bandied 
about actually exist," said Erich Spittlkr, 
senior resident representative of the Interna- 
tional Monetary Fund in Vietnam. 

“A lower dong would bring price increases 
for the many imports for which Vietnam 
cannot produce substitutes," he said, "and 
you have to ask whether Vietnam currently 
has extra assort capacity that it can readily 
use if there is more demand for its products. I 
think noL” 

In the short term, a wave of capital-goods 
imports, continued deficit spending and low- 
er commodity prices for oil and rice, the two 
leading exports, will probably offset the ma- 
jor increases in aid and capital investment. 

But if Vietnam reins in its budget and adds 
value to its commodity exports — and if its 
oil fields create more foreign exchange — the 
dong will inevitably strengthen further. 



Hong Kong 
Hang Seng 

Singapore 

StraBsTin* 

Tokyo 

SS/ Ntkfcel225 



• r? i . 



JL il: 



CW-TTTT- 


tonnft 


IWWT Tfc 

ftwi* ■ 







W 



D4 FMAM 

1983 1994 1993 

Exchange index 

Hong Kong Hang Seng 

ttAU •"'DW 
1994 1993. 

Tftwsday • Prev, 
Close Close 

9^81^1 9,52157 

% 

CHatige 

-042 

Singapore 

Strafls Times 

2^315J20 

2.302.88 

■rtkS4 

Sydney 

AB Ordinaries 




Tokyo 

Nikkei 225 

2(k49&80 20,683.60 

-Oil. 

( Kuate Lumpur Composite 

997.05 

• 98736 

+0.99 

Bangkok 

SET 

1^5SL02 

t.34&fi0 

+0 j 54 

Seoul 

Composite Stock 

9SQ.76 

843.92 

+0.72 . 

Taipei 

Weighted Price 

5,852^6 

5,775.18 

+1^4 

Manila 

PSE 

2^17JJ0 

2,879^1 

+1^1 

Jakarta 

Stock Index 


502.00 


New Zealand 

NZSe-40 

2,139^1 

2,155.18 

-0.72 

Bombay 

National index 

1*807.11 

1,900.04 

+oia 



Sources: Reuters. AFP 


Inie nm ia u l UaaM Thbunc 


Very briefly: 


Oil Companies Disillusioned With China 


Reuters 

SINGAPORE — Foreign oil 
companies are becoming increas- 
ingly disillusioned in their dealings 
with China despite the market re- 
forms and anti-corruption drives 
sweeping the country, industry 
sources said. 

Some foreign companies have 
even sued Chinese companies in 
recent months. This would have 
been unthinkable a year ago when 
foreigners were extremely wary of 
offending Chinese clients and 
hosts. 

Many foreign companies have 
been patiently cultivating the po- 
tentially lucrative Chinese market 
for years, often backing away in 
case of disputes to avoid jeopardiz- 
ing years of bard work. 

Now some executives are saying 
they have had enough- New import 
bans and domestic price controls 
have slashed profits, and chaotic 
policy development is making even 
short-term strategic planning a 
nightmare. 

“China is a lag market with huge 
potential." a source at one Wail 
Street trading company said, "but 
policies in each organization lack 
transparency." 


One Wail Street trader recently 
managed to wangle $750,000 from 
a Chinese state oil enterprise after 
the latter went back on a deal, caus- 
ing the Western concern to sell the 
cargo to another Chinese buyer at a 
much lower price. 

At the time, rumors swirled that 
the first Chinese company might 
have gone back on the deal when 
spot market prices went against iL 
Prices sagged below $150 a metric 
ton around the lifting date, from 
$166 when the cargo was first sold. 

“Unlike Western companies." a 
Western trader said, "most Chinese 
companies do not have any risk 
management. So when prices move 
against them, they suffer huge 
losses, and they walk away from 
their earlier deals.” 

High on the foreigners’ list of 
complaints is the need to dole out 
gifts ranging from a carton of for- 
eign cigarettes to expensive Swiss 
wristwatches. 

"Such outlays can add another 3 
percent to business transactions." a 
Wail Street trader said. “Bui most 
companies still do it because the 
costs are still bearable." 

He added that the more sophisti- 


Cathay Seeks Ties to Mainland Airlines 


Bloomberg Business Pews 

HONG KONG — Cathay Pacific Airways is 
seeking alliances with China’s airlines and is 
considering the possibility of 
stakes in them, the company's i 
Sutch, said. 

“We would like to be closer to toe mainland 
carriers, but that doesn’t necessarily mean it has 
to be through shareholdings," Mr. Sutch said 
after the annual meeting of Swire Pacific. Mr. 
Sntch is also chairman erf Swire, Cathay's par- 
ent company, which holds a 51.8 percent stake. 

He said that in the past, Cathay had not seen 
the merits of entering into share-swap or equity 


agreements with other carriers. But he said, “f 
think the situation is different with China, and 
therefore we win certainly have another look at 

iL" 

Mr. Sutch said Cathay’s interests could be 
damaged if a major European or U.S. carrier 
established a dose alliance with one of toe 
Chinese airlines. 

“I think il would be in our long- tenn interests 
if their relationships with American or Europe- 
an carriers were not unduly strong," he said. 

Two major state-owned Chinese carriers, the 
Shanghai-based China Eastern Airlines and 
China Southern Airlines Group, based in 
Guangzhou, intend to list their snares in New 


York, possibly before the end of the year. Mr. 
Sntch said that a number of airlines are talking 
to them. 

“They do know that we wish to work closely 
with them," be said. 

Analysts said that by establishing links with 
Chinese carriers, Cathay would improve its 
chances of remaining Hong Kong’s dominant 
airline after the territory reverts to Chinese rule 
in 1997. 

Cathay bad blamed a 24 percent decline in 
1 993 after- tax profit, toZ29 billion Hong Kong 
dollars (US$296 mAhon) partly on stiff compe- 
tition, particularly from U.S. airlines. 


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caied Chinese nowadays prefer 
hard cash as gifts. 

For newcomers, ill-defined areas 
of responsibility in each Chinese 
organization also pose an obstacle 
to gaining a foothold in China's 
market. 

An executive from the business 
development group of Peico, an 
affiliate or Malaysia's state oil 
company, commented that his last 
trip had been difficult. 

“No one can commit to any- 
thing," be said. "Not the product, 
delivery destination or volume. I 
think, for the moment. Malaysia 
will wait for a dearer policy direc- 
tion from China." 

■ A Crackdown on Abuses 

Warning that widespread finan- 
cial crimes could derail its reforms. 
China has ordered twin crack- 
downs on abuses in banks and 
stock trading outlets, major Chi- 
nese newspapers reported Thurs- 
day, according io Bloomberg Busi- 
ness News in Beijing. 

Zhu Rongji. China’s vice premier 
and central bank governor, on 


Wednesday launched a nationwide 
campaign against fraud and em- 
bezzlement in banks, tax-receipt 
forgery and scams by foreign inves- 
tors, the official Peoples Daily 
said. 

Stock exchange trading outlets, 
plagued by corruption and even 
sieges by angry investors, could 
face closure in a separate investiga- 
tion ordered by the Ministry of 
Public Security, the Chma Securi- 
ties newspaper reported. 

“Fraud and other criminal activ- 
ities have become a prominent 
problem in our financial system," 
the People’s Daily quoted Mr. Zhu 
as saying at conference linking 
2,000 meeting rooms across the 
country by telephone. 

The crackdowns are a response 
to several embarrassing setbacks in 
China’s push to set up a commer- 
cial banking system mid Western- 
style financial markets. 

On Wednesday, the state press 
put China’s stock markets on the 
alert for a flood of forged trading 
papers after a man pocketed thou- 
sands of dollars in cash by sell' 
another investor's shares in a k 
trading outlet 


The Associated Press 

RANGOON — Tola] foreign in- 
vestment in Burma has exceeded $1 
billion, a government spokesman 
said Thursday. 

Brigadier General David AbeL 
minister for economic and national 
planning, told a trade delegation 
from Indonesia that 16 countries 
bad invested $1.2 billion, with a 
further S22 billion pledged. 

General Abd said most of the 
investment had been in agriculture, 
fisheries, mining, oil and gas, man- 


ufacturing, transport, and the hotel 
and tourism industries. 

Thailan d is the leading investor, 
at $210 million. The United Slates 
is second with $203 million. 

OlhCT investors in Banna, he 
said, in dude Australia, Austria. 
Bangladesh. Canada, China. 
France, Hong Kong, Japan, South 
Korea, Macao, Malaysia, Singa- 
pore, the Netherlands and Britain. 

The Indonesian delegation, led 
by Trade Minister L R. Hartarto, 
arrived Wednesday to explore busi- 
ness and investment opportunities. 


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• Indonesia's second-largest business concern, the dJ versift ed Astra Inter- 
national PT, said its consolidated net profit rose to 132 billion rupiah (S6 1 
million) in 1993, an increase of 63 percent from the previous year. 

• Japanese power companies said rate cuts for their services prompted by 
the yen’s surge dented profits in the year ended March 31; they said 
profits would suffer more if the government did not allow planned utility- 
rate increases this year. 

• Phi Siting, an independent China- watching magazine set up by the 
Hong Kong literary figure Ha Cha-Jen, will publish its last edition next 
week; the publication has had heavy financial losses. 

• Accor Asia Pacific Corjv. formed last year by Accor SA of France and 
Quality Pacific Corp. of Australia, is embarking on several hotel ventures 
in China; the company will open a regional office in Beijing next week, a 
senior executive said. 

• Hie Asian Development Bank announced formal approval of a 100 
percent general capital increase to about S48 billion after its annual 
meeting on new loan conditions. 

• Mitsubishi Motors Coqt, the Japanese car maker, has entered into a 
joint venture with Vietnamese and Malaysian partners to assemble 
automobiles in Vietnam, according to press reports in Hanoi 

AFP. Reuters 

Burma Attracts Investors 



aflcrw- 
. loose 
s coo- 

vn of 
-ks on 

; said 

tiBcry 


- T»*r 


































































































10 24 . 


Page 16 


INTERNATIONAL HERALD TRIBUNE. FRIDAY. MAY 27, 1994 





_ k^jail^ci^iloioh 1 

We e 5SS5S 

Tables mciv7|7?^rg 
me closing 

aie wades eis^jj -|g 


NASDA 





Thursday’s 4 p.m. 

This list compiled by The AP. consists of the 1.000 
most traded securities in terms ol dollar value, it is 



updated twice a year. 


12 won it 
HgtiLcw SI*:* 


Sb 


Hu Yld re IDte High L*»L«osavga 


*’ ■ . Ibill 5 M 
4 J ; ji- 85S^ w F vn *•**' 


?•; lfcasffi*L ^ w 37*13 

’l: £;;?S2X , ^ wra * : “■ ai'.i a 
ft KElsrts. «e>dr cn 1W r 


M 


£> Law lowho. 


17 w 4'oAAONs 
■30H12 ABC Ran 
30 IS ABT Bia 
UWACCCp 
74 4% ACS En i 

46*. 30 V, ACX Tc 
44 34 Vi ADC S 

l7\-4 IH.AESChn 
23% It AESCps 
23 1 7 V, A K Sled 

22% tS'V APS Hid 
.IRi MASK 

33 I3V.AJT 
XVilTWAUKVH 
37 *i 77% A claim 1 
AcmeMel 
8 '.j Adel 

7*i AtklCU) 

22 W f-Adapics 
24"> io Araiphn 

37 '<9 19*. AdloSv 
37 16' v Adobes S 


It 


ft to; as®*? =•"•«"« !?!2 ftSSSS 

SUb-SaSSSSbi .20 


ft JV . , MW 91 "Aefiortfli J4 

’••.cSlSii" PJ-AC= { J5 7% AgncvR 

% Slfe.T:" 

■- ^r.: IMlO 


ft !]■:&’ MUSB 

j!‘* ?PJ fjIS i^ufii'jl 13+ « 

r rBIneah ?LAI 

% , l'lh ternir.* i 

L 

1§$jijfe*AiAI5- 

j iS’ a -,on»i (. + gri :> 
%-L I'.tSSi'n 1 fliWlnenl. 

if.i ’'’CoStfns* F4.W.0C 

»wBi.tfH3 14*5 

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i'j jr , QKi^Wn'Wi! P It 

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^ 1 tnP* *«•?■*. 5 

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> J'feewwn 5 


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It* 7*»g™m 
14 V„ 17'oAirKtaiti 

61% MV; Ate) 

71 13 t-lanlec 

m % 1 S'*. Altronfc 
19% fVlAWIIOS 
■Ji'A 13'iAWlK 
28", 23 Ale.BH 
,19' « 6'.;AbasR 
3% IVgAllASCITI 
14 7*« AlionPh 

1* 7';Aln5emi 
74'*i 11% AIKJO 
37% II % Anaeo s 
72', 14 AlldHJOO 
74". I'll Atonal 
35 Vi II Alphas In 
X% It* All ero 
24*i 9V,A»lrons 
97 y V, AmerOn 
30*, JI'.ABnt r 


_ 27 1700 li 1 '] «6 IM 

. .. W 11 i?w ia -'■! 

_ IS ISA 22»« H*i 72' « —'4 

.72a .7 10 Si* I’* !*«■ ,7! - — 

_ . 197 lS'.i 145; 14’.'] — 

_ 35 '.12 34 v« 34 St 1 * — 

„ 79 1063 38 37'* 38, -V. 

_ _ 168 12W 12 121. ~'i 

.681 2S 17 1422 IB 17'-. 17’-. - ' . 

_ ._ 4042 21 20' i 30"i ^5: 

_ IS 3 204. 2045 20*9 

_ ... 2867 13'/, 13 13 .. 

_. _. B67B 17W l»'/> ItVi — 4u 

77 10? 20 T9W W -H 

_. 1923177 175* 14"t I?'' - 1 Vi 

_ 13 336 24'.. 23 V Hill „ 

„ 31 3CR4 9W. Vi J'? — ';i> 

.48 SJ 7 AID 75. aVi 8*i — W 
U 4444 17 J 4 ITVt IW» • > M 

158 12'4 11'. 1H. _ 

.4 21 Hlu3JV, 3AW 37'-. -i. 
J- 25 527 a 79 2S'» 28'. j —Vi 

„ ._ 402 54. 5'4 C M —"• 

_. 2830 M 0 5*n SW — '.. 

j 18 1364 41'.i 39 39 —IV. 

.7 18 3403 J7'<« 34*. 35'.*— 1 'I 

_. 18 53 13'* 12"S !2'o — 

.9 _ 1573 II* ll'-j ll»« — 

_ IsO 13V. 12 V. 13'. _ 

_ ._ 519 J". 3 3 —Vi 

1.49a 3.0 . 167 57't StW S7> +V. 

_ _ 2632 14V1 13W 14* * I li 

.40 VJ 13 SIS 23*. 27*9 2259 — *9 

_ 34 429 17*. It'. 1759 - >9 

_ 35 427 28'/. ir* 28 
JS& 3 J 17 575 24", 24 24 — 

... 28 1880 IS 13*. 1JV. „ 

_ 14 1035 2V. 2*. 2'»i. —i- = 

_ _ 1153 10*9 10 IO* -*9 

_ is 9t5 12 n’t in. — v. 

_ 23 21 23 22!9 23 ' W 

so 2.4 7 152 75'. 74’- 25 - - 

_ 10 51 lB'A 17’. IT 1 . — 

_ ..268 21. 2*9 2*9 —'9 

_ _ 287 13'-. 12'7 12*9 —19 

_ 26 3474 31W 30*. 31 '9 -I, 

14 248 15V, IS 15'. 

3)1 e _ 111 529 *>■/. S7 48 — 

72 3J 9 408 27*1 27*9 22 Vi - v u 


.109 


2?*V JJiuAOosVo. .16 JO 45 278 14W 14. 


50 


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1 hfJIB ?r 
040.1 .cr. 
fnt^nee. 

dni’iJ fj '.’ 
nv-r'l. rf: 

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FF 1.200 & 


9 -s: 


AS 


33 101, ACoUrtd i "4 

21*4 15". AmFrgl s 

34'. ZT*. a Greet s 
74", AV, AHIltlCP 5 
23*. US. AMS 
171', S'iAMedE 
22 lSi. AmMbSol 
30'-, lt' iAPwrCvS 
23*. i5",AmResid 
39 1 ,'. 22 '« AmSuPT 
3.’ 17*i AmTele 

,U’. (n. A Travel 
16*. 9 AmerCas 
26*9 Itl.Amfed 
52 31 Amgen 
15 5 Amrtons 

33V< U'.iAmicCPS .08 
16' , IlljAnchBcp 
1719 10*. Anch-3m 
39W 141. Andrew > 

21 1? Andros 
30'- 1815 Artec 
58*1 22 AHricC M 

27*4 I2'» Apiiau s Xa 

25V. 10*. Aoltfbae i .04 
25 13V. ApdDall 

33 8t9ADdlnovs 

SI 24*. AddMf s 


1 J 19 1465 28’- 

r 21 Bo 22 "h 

_ 16 1642 10'- 
_ _ 178 17 

_ 33 2929 2D"i 
_ 9 7B4 19*i 

_ _ 382 31 V. 30 
_ „ 235 19 


1619 - . 
13'.* _ 

19V. — 


79V- 

7*. 7^9 - ", 
IS 22' - -4-1. 
9*. 10 - ' j 

17 17 

19V. !9*i — V. 
181. IBVi — *9 
311. 

10 ". — • 


_ io 2814 1JW 1219 ID — '. 
_ _ 2475 11 9 •>!» — I’ 1 . 

JOB IJ) 19 66 21 20", 71 

_ 17 8813 45', 44'.. 45V- - ", 

... 24 47 91. 94, 9*. 

j 20 1102 17' i 16W IS'-, 

._ 8 92S 13V, 13 13‘, -'.9 

„ ... 145 14*9 14'. 14*9 — 

.. 27 1176 36'.. 35", 35*9 —*9 

_ 9 91 16 IS' 15' , — ' , 

_ _. 2753 24'. 23", 73’. _ 

1.4 . A 514 31V, 30'. 30": — 

.1 42 647 22*1 a 72'., * V, 

J 30 2588 14'. 131. 14'1 — 

_ .. 354 20 V. 20 20V* - '■? 

_ 43 220 24V, 24 24’.. -'•* 

.. 23 8761 44 419,42 —V 


II 1 , 15", ArtxxOrO J4 U 13 4 B0 16’- 16 IS*- - 1. 


_ 12*. ArfearHf 

It lO'.ArchCm 
35", 26' 1 ArgoOo 
36 ) *14*»AmOSV 
15*» B'-l Art Best 
2 1*114 Armor 
22". 13*9 Arnolds 
J41, S*v ArTsff 
13". 6'iAjftwrin 

46 19V,Asccni 

34‘. 17*.4sdCmA 
33' . IT*. AstflmB 
TO 1 -, 1 1 Asiec i 
31'-27'jAsiciriaF 
39 74' , AITSeAir 
77 lO'-AlmeJs 
26'>16'.AL>Bcn 
Wii 4 *« AuraS* 
14'-. 4'jAusen. 
611.37 AulDdK. 
34' . 23*» Auiclnd 
29' . 131" AuWOI 
29', 1 6 AvidTcn 


_ 25 798 21", 70 Vi 


8 14' 


14' 


14'. 


- V. 


1.16 4J 6 167 27". 26*, 26*9 — 19 

^ 46 1198 15'. 14*9 I4*i — 
JM .4 10 17 IV-9 IGV. 10't 

M 3J 19 133 70', TO 20''. — 

.40 23) 17 32 20". 19*, 19V- -'9 

-. 23 977 171. Is*, rr 
_ 7J 567 I0'i 9V. 9*. — 

- 30 1373 IfiV. 26 ?6 — 2W 

-1175 62 231, ZJ ZTT — ', 

-.1143 12 23* . 23 23' 1 - ’ . 

_ IS 14 17 It’, 16't —9. 
^ _ 1731 ur>l Ml. 32*9-1*1 

1.7 1871094 Z7'i 7M 77V. 

.. 28 4?96 74*9 23’. 24'- -*t 

-. 32 7 S3 19*. 19'.. 19’. • '., 

_ _ 3167 T*',, .n-u — : 

_ II I79J 4‘idl'i 4' .—'j 
.9 70 274 5 52*. 51 '9 51*. — • , 
... 1» 418 27*. 26', 24V. — 

_ 48 4257 20 1B'« 181, — ' , 

.. 28 3218 28'-, 28 78* - — 


J2 


.48 


B-C 


34’. Ta'9BBiT 
JS'.IS'.BHC Ffi 
74'.; Is Bij fS 
71 43 B7ACSH 

30"; B’.BMCWIs 
27'-. IS BWIP 
3D 8',Batwre 
757', is*- BolerJ .06 

74 IDViBaliGm 
32*. T4 '.j BanPcnc 1.C0 
78 57'-: BrOne MC3J0 

45'- I8*>< BrcGai-c 37 
34’- 17'aBanciee. 

TOW ll'.BtSciuin 
38', 7s'.Banic 
2s' ,11 Elan m3 v 
38 22* , BareH 

IS', 4’.Bom'Pi 
r J'.BaiTfcn 
67'. 37*.BavBEs 
35": 18 BedBm% 

57'. 38 BeiiBcr 
15", S'.Bcll7AiC 
49',75’.Bclt£p' 
iv, 3'-BeniOG 
48 *2 Bcrtdev 

26 U’.BertuO 
29>.14".BestPwr 
I3 »h 9'.B-9Bs .14 

57 J .25V.Bioaen 
13". BHBiomai 
6 , '.2'V„Bi<»Tc& 

35 24v,BaalBfi5 1J4 
23"»l6'/«BobEm J7 
25*. 16 

32*, 13 Boom^m 
2’ 8'-, Borina 

51 34 BosIChcK 

u*. 4*.B0S1TC 
14*9 9».BO'En B 
15*. 3’.Br,icV 
51". II BrdbdTc 
59' . II 1 rBrwljl 
21', 9’.Brw3our 
17v, 10’ : BrTom 
12". 7". Brunos 
2*'; I7'-BWMC'S 
18*. Bl.BUildT 


I9> 


08 3.6 10 2422 29’- 

06 6 IO 368 14'. 14 14'. 

... SO B78 18*0 IS'-. 181. — 

_ 75 2744 55'., 53' 

... 20 134 2S"J 2 S' 

40 2-3 102 ISIS 17', 

. 18 38 10*. 

06 3 11 1583 »'. 

_ ... 1083 US 13' 

3 I 10 90 32'., 32' 

5.8 _ TM MJ- 60 

■E -. 497 38'- 9 37- 

15 145 2?' 


„ ?4' , _ 

|7i. ]7 *m 
10*. 10'. 

I«V» 19’- -•* 


.. 15 145 TV. 

44 2.3 17 638 19 

-52 ’.t 16 742 33'j 37 

- 136 966 IS 

.029 


37't -' 
SO'- - 
38 1 h -• 
77'. 


19 


' ! 


33-9 

_ .. _ 15 

I 25 279 35*, 34’ i 34’. 
. 78 71 M 13’- 13'- 


14". 


I 40 2j 14 I567 d63!a 

- 41 663 7”. 

- 15 85? 

_ 21 44 13’0 


V . 


J’: 
62 *. 
76', — 

51'. — 

12 ", — 




23 2939 27', 25’. 74', -1*9 


.44 


4M 6'-. 


4‘ . - 


li ft 15 37’. 37’. 3 T ’ 

_ 74 7919 14", IS'. 15'; — • 


i‘.2 SI J I2S IK {Km: 2.. 

-. 43 1640 34-. 33'..- J4' . — • . 


9’., 9*. 

3' . — ' ■ 
34'-. 34 >9 -■ 


- 17 19J4 10 

-. _ 575 1*9 

3.4 11 1517 34". ... 

U 18 439 201, 20*. 20': — V. 

- 31 Z67 23", Z2V. 2J'. -'» 

- 33 1303 17*. IS', 16 —I', 

- 18 3417 10*. 91, 9", — . 

- 108 ’50 34 35’. 35-. 

- 32 3665 10'. 9’. -*•„ 

... IM 7? I0»* 10*9 10' . • 1 .. 

.. _ 443 II 1 n II 11 

... _ WM 15’, 14"l 15' , — •> 

.. 25 2057 40". 39'; 39", 

_ 431 12 


11 


24 


17 

-. 346 7411 I4*a IJ'., 14*. - I 

32 14 TK 7*. 7V, - 

- 77 1801 19'. 18'. 19 

- 13 73 IS’. I2 : - 12’. - 


AMEX 


Thursday's Closing 

Tables include the nationwide prices up to 
ihe closing on Wall Street and do not reneci 
late trades elsewhere. Via The Associated Press 


i: Month 
High Low VOCE 


5K 


CWvlld PE 100s Hign LawLmwlJl'ge 


AS 


9*. 8 AIM Sir 
37 lA'.ALC 
11 av.AMInMn 

14 V. 7*9 AMC 
24'/, 20''. AMC ol 
5 l'-u ARC 
4", ARIHld 
24". 22 ARM F pi 
II- l*'i,ASR . _ 

’SW 6l ATT Fd Z7le4l .. 


SJ) ._ 60 8*9 8' , 8*9 ' 

^ 25 1432 31*. 30*9 30W — *9 
- 43 9 8*0 8*t 

.- 13 92 11*9 11*9 111;—'. 

1.75 7j _ 258 23*9 73'.9 23*. _. 

... 28 153 3Wi0 I*.. >.i 

... - 20 A’ < 4-9 4*9 - 

- _ 29 24 73*9 24 . fc, 

J3ellJ _ 155 2 1'V U 2 

39 47 64". 46*. • V, 

6*9 6*9 6*9 »*. 

JV. 3'- 3'. -4 ._ 

5*4 5*9 5*9 - *9 

48 3V: l'-9 3*9 — '/. 

56 12*. H'-tt II' . 

179 l''.' h 1*9 I *9 — Hi, 

7 |V9 77- 8V9 


- 16 326 
^ - 13 

_ 14 
_ 23 


- ss 

-. 19 

- 20 


190 

15 

a 


8*9 3*4 AckQlfTl 
5 IV.AcmeU 
41. 4 A&nBiC 
4'9 2*-AdvFin 
15'. 9*9 AOvMoa 
5*- 'VAOwMCdT 
10*9 3':AdM0Pf 
5*9 3"-AdwPh0T 
3*9 I'-Aermon 
It". /'.AirWol 
4W I'/uAliTPa 
7V. 5*9AknnCO 
12'. 9 Bl9A*aW 
SV. 5 AVsnCIn 

AlertC wl _ ... 

18’. 14 AHaaannlrM 8.1 _ 310 18 

2*9 'V„Athn 
171, JJ.AlTdRsh 
11*9 8 'VAIIcmH 
6*9 3 Alphaln 
12*'. 4*- AtomOr 
64 55': Alcoa pi 

1 '• VjAmaxGwt 

71. 4*9 Amdnl 

i*'.. v,Amnmi _. _ 

16 11 AFsfP2 US 13 9 _ 

211,17 AFSIRT U0 0J _ 

8*9 2V, AmEco S _ _ 

I'V,, IWAEMJl 

lr»4e41.1 B 187 

1^4 9 4 10 

■40e 4JJ 10 

JSa 2-9 II 

1 .Me 14 16 

-BOD 4.8 ]7 

64 3.2 28 138 20’ 

64 3-3 27 


14 IT,. 
49 S'. 

38 9*9 

39 4 

187 4T. 


3.75 6J _ z50 U 
37 *9 


_ 1! it 


_ 7*4 


14*9 3*9 AIM B4 
16'. 13*9 AIM 85 
14*9 11*9 AIM 86 n 
15 11 V, AIM 88 n 

47 31*- A la-ad 

17'9 lU.AmUst* 

22*9 14*. AAAzeA 
21’0l4'-AMzeB 
14’-, 7’-iAmPoon — 

9*0 6",AREInvn M 11.9 _. 

15V, 9 AResir 1,50 154 6 

8*9 2*9 ASciE „ _ 

S TVuATecnC -. 12 

13'9 7", Amoal _ 36 241 

2’9 'V-uAmpcdwr _ _ 850 

14', 9*.Amw«5t -36 7.6 8 

53*9 t*. Andrea . 93 190 19*9 18*- 18*- — * 

15*9 *9AngPor 14.50c ». I ? I't Hi V 


31, d 2V. 3 — V. 

219 2*9 219 — I'm 

8’.’, ■*» 8Vj _ 

2V. 2 Vi 2*9 * '- 

7'A t'A S’- — V. 

5 11 V, 111, 111, — 

144 u 5*9 5'-i S' ; , ♦ ' . 

17*9 17*: 

14. IV. 

5 5‘ . , '- 

9'., 9*9 _ 

J!* 4 + 

4*9 4". — 

60 40 

V. V- -1-K 

6*9 6*9 — l- 

1 *u I 'u 

111. 11V, 111. — V. 

18*9 HI- 18*9 *'.0 

3V. 3V. 

Hi I*l. _ 
3'5 3"! — 

8 15 141. 15 _ 

26 12*j 12*9 12*. -'.» 

89 1?'- I? 12 

4 44 43'9 44 -l 

16*- Itl* 1 6*- —'9 

20", 19'— 20 '*9 

19*. 19*9 14'9 -l, 

B*J 8 J . — 

4*9 4*. 

Wi 9*9 — 
TV. 3*> 

3*9 3*9 — 1„ 

89 BV. 

J 9 *1 _ 

14 14 


3>. 

l*r, 

3*9 


228 9'9 

41 6V, 

14 10 
30 3'r, 

20 3»- 

8'-. 


21 14'- 


6"i 3*0 Anuhcn 
14W jr-Acrognn 
II’-- 7 ArtRsI 
10 S’- Arrow A 

12". 4V, Arhvltl 
4H 2*9 Ash-otc 
17*. IVhAIOTI 
6*, ^-ABOTliS 

<t U VrAHtCM 
18*9 IQV- Audvo. 
4*9 "i.Audre 
11*0 4 AurorEl 
21- TV.. Area n 


- IS 


_ 25 
- 13 
_. 20 
38 


_ 12 
.. _ S97 
- 14 205 


6*9 6V9 
9*. 9T. 

7 7*9 + ’-9 

r- 7i. — •.« 
S'9 S’ . ._ 

2 *» 21 '.’„ 

4A. 4*. — 

5*9 5*9 — 

. V|0 "« »"<. 

17 I3V» 13*9 13*9 — 1- 
'V- 1 

7*9 TV. — 
Pu 2*9—19 


6’.- 
48 10*9 
14 7*9 

5 7*9 

12 5 '. 

2* 7’4 

560 4'9u 
16 S’9 

330 _ V„ 


5*9 3*»B8iHO 
17'. 12'— BAT s A 
82*. 89 BHC 
27*9 15'-i BNF Be & 

24', 19 BadorM 7 

11*. b*. Baser 

5*. 3*- Baidw 
23 V. I9 *j BanFd 1.9 
14*. 10*. BarrJrp 
25'4 21V9ETT cv7n nl.B 


JO 


5", *- BanvHI 
2". IVuBanvnSh 
26’.. 14'.-.BamJ] 

70' j 7 BoryRG 
I8<9 10' . BavMea 

4'Vu TV, Brr/ou 
6*9 I'.BSHKwI 
7«-3'u<,B3HK owt 
3o*9 29*9 BSMRKn 2.01 

JV, 1 Betmac 

8*9 t‘-BenEve 

104 82l,BeroCa 
1* « f^BelaWls 
M*i?l’4BinkMf 
19*9 10 B«fi « 

3'9 1 Bioonm 
I*. BiscHd 





2W 

7'-: 





69 

ITW 

12*0 

12% — % 


12 

ill 

75'; 

n 

75*, 


2.4 

14 

112 u 29!; 

TB'.i 

7fl*'0 < 

1 

IS 

16 

2 

21 

21 

21 







7 


_ 

36 

22 

5% 

5% 


9.1 


1 




■a 



too 

13% 

13W 



amm 

77 

21% 

22% 

22% 


8 6 


55 

22% 

?lli 

25% 


6 mm 







— 

.. 

54 

I-. 

IW,, 

I'**.. 

_ 


_ 25 149 17*9 17*9 17V, 


_ 18 178 70 

1.8 29 16 It*. 

-. .. 39 3'V,. 

- .. 3 3'V'n 

4>- 


19 I9'9 — *4 


16 16*. 


AJ ._ 


Z.We ?J -. 


J1V U . I'. 

J’Vi, JV,, 

4*9 4'0 „ 

14 32*0 32'9 32*9 — 
9H3 lib l*u l*h 

— 7''. 7'.— *0 


33r IJ 49 
- 10 

- ... 145 

- is sr 


7*9 
1 88 V, 

143 7T, 7", 7Vj ^V, 

5 Zl*i 21*9 21*9 Mi 

35 18'9 IT’-t 18 — 


IVta 


2*9 SV„ 2*9 * 1. 


lS'rtll BI9BI09n 1.05 9,0 _ 142 11*9 11*9 11*. 


15"t ll'-BCAIQ 

iswu’tsflio 

15 Il’/.BNJlO 
ISWII'jBNYIQ 
S3 36!'j EUairCp 

3M4 17*9 81001 A 

at'.ilS’.Bkiunte 

16'Al3V:8od(£e 

1 2 '.9 SUBawVal 

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The Way Forward 


n Cairo, the hotels are still 

_ _ comfortably full, despite 

there being fewer tourists 
around. The economy is 
showing remarkable resilience. Profits 
are harder to come by, but in general, 
the private sector is weathering the 
world recession. Private investment 
though still modest at $500 million a 
year, is rising. Investment in tourism 
projects particularly away from the 
Nile valley, continues apace, and in- 
dustry specialists report buoyant de- 
mand for construction materials and 
transport. 

In short, the pace of development has 
not faltered. Indeed, if anything, it has 
quickened. Confirmation of this cranes 
from Abdel-Shakour ShaaJan, Middle 
Hast director of the International Mon- 
etary Fluid, who predicts growth of 4 
ft© fiscal year ending June 
1994. This compares with only 2 per- 
cent for the previous two years. 

Agriculture continues to shine, the 
capital goods order book is growing 
and manufactured exports, particularly 


textiles, are picking up. Anoihersign of 
the comer being turned is the success 
the government has had in curbing 
spending. Inflation is down to 10 per- 
cerd and the budget deficit for fiscal 
1993-94 should be within ihe 2.9 per- 
? f GDP ceiling stipulated by the 
IMF in the structural adjustment pro- 
gram. Further, because the authorities 
have been more efficient in raising tax- 
es - a simplified personal income tax 
was introduced in January, and a *>en- 
eralized sales tax will be replaced by 
VAT at the beginning of next year - 
they are able to budget for a rise in 
spending for the coming fiscal year of 
25 percent, to 84 billion Egyptian 
pounds ($25 billion;. By F 

The business community has not ful- 
ly taken into account these improve- 
ments. "There has been a lag in eco- 
nomic awareness of how things have 
improved," says Shafik Gabr. execu- 
tive vice president of the American 
Chamber of Commerce in Egypt. He 
adds: “For the first time, the economy 
is worth investing in. You have the 


framework, and if you add in the incen- 
tives. you have an attractive package 
However, you still loo often have a 
lack of precision and an inordinate 
amount of red tape" 

Even the curtain of red [ape is lifting 
however. Although it can still take an 
inordinate amount of time to approve 
large investment projects, the situation 
has been transformed for smaller pro- 
jects. The decision to approve invest- 
ment projects of Jess than 5 million 
Egyptian pounds quickly has been so 
successful that the ceiling is bein« 
raised to 10 million Egyptian pounds^ 
This move is highly significant because 
ihe most daunting challenge facing the 
government is creating 500,000 new 
jobs a year, and these are most likely to 
be created by establishments of fewer 
than six people. 

The liberalization of interest rates 
tariffs and. more recently, the foreign- 
exchange system has also helped clear 
the bureaucratic undergrowth. The new 
foreign-exchange law before Parlia- 
ment will abolish all remaining restric- 


tions on repatriating export eamings. 

There is a growing acceptance that 
the policy framework is now sound and 
secure. “At least we are going in the 
nghr direction,” says Mohamed Ozalp 
senior general manager of Misr Inter- 
national Bank. “I believe that when the 
economy gets going, it will go bv itself. 
There is tremendous potential, provid- 
ed the spark plugs fire. Structural re- 
form has lagged, but it is starting to 
come about, h is very important to see 
the degree to which privatization will 
go forward and if it will succeed." 

The slow progress of the privatiza- 
tion program has been the one negative 
factor in the government's recoiti. It is 
vital that it succeed for a number of 
reasons. The $16 billion in reserves 
amassed by the Central Bank is sus- 
tained by a 8.75 percent interest rate 
differential between the Egyptian 
pound and the dollar. These funds will 
have to find local investment outlets or 
the cost of servicing them will become 
crippling. The stock market needs a 
steady stream of privatizations to main- 


tain the excellent performance it 
achieved during the past year and give 
A fi er rising 63 percent in 
I99.1. the Kidder Peabody Index has 
jumped a further 60 percent since the 
beginning of the year. The market is 
still ihin; however; only about 30 
stocks are being actively traded. 

How the government proceeds with 
privatization after the final tranche of 
debt relief has been drawn down in 
June will be an indicator of the security 
of the economic reform program. This 
will remove the last vestiges of lever- 
age the international community has 
oyer the implementation of policy. Pro- 
viding the government follows through 
with privatization (and the extra fi- 
nances available from the state budget 
for social programs will help stiffen its 
resolve), the economic landscape 
should start opening out. 

The regional peace Egypt has 
worked so doggedly for, now within 
reach with the implementation of limit- 
ed Palestinian autonomy, should trans- 
form the investment climate. 

The prospects for industrial invest- 
ment m Egypt are now brightening. 
The French automaker Citroen, like 
Peugeot, General Motors and Suzuki 


at Alexandria. 


is now assembling cars in Eevpi. The 
buildup of tourism capacity reflects in- 
vestor confidence in this* sector, and 
some, like Tarek Heggy, chairman of 
ohell Companies in Egypt, believe 
tourism could be a $20 billion industry. 
P e Egypt-based Kuwaiti businessman 
Saad al-Mutawa thinks Egypt is a nat- 
ural home for Arab investment and 
predicts it will become a prime destina- 
tion for Arab capital in the coming 
decade. * 

Egypt's energy prospects are also 
improving, thanks to recent gas discov- 
eries. Estimated reserves of 15-20 tril- 
lion cubic feet are enough to last for 
over 40 years at current consumption 
rales. Egypt could be exporting gas in 

The glittering prize of sustainable 
growth would seem to be within reach 
but Said al-Naggar. head of New Civic 
Forum, an independent economic think 
tank, sounds a note of caution on the 
need for political reform. “You cannot 
have sustainable development without 
democracy and human rights," he ar- 
gues. “The world around has changed 
completely from what it was in the "60s 
and 70s." 

Alan Madde 












INTERNATIONAL HERALD TRIBUNE, FRIDAY, MAY 27, 1994 


ADVERTISING SECTION 



i 


Growing Exports Bring 
Textiles Back to Prosperity 


S ing Colton, on 
which Egypt's 
pre-World War 
II fortunes were 
built, is making a belated 
comeback. Textile produc- 
tion - processing, spinning, 
weaving, knitting and gar- 
ment manufacture - is grow- 
ing at 6.5 percent a year and 
for the first time in decades 
heads the list of Egypt’s ex- 
port earnings, together with 

oil. 

Textiles provided the 
backbone of the industrial- 
ization drive of the 1920s 
and 1930s. Today the indus- 
try. comprising 31 paras tatai 
and two private-sector mills, 
is benefiting from the exten- 
sive rehabilitation undertak- 
en in the 1980s. courtesy of 
the World Bank and USAID. 

Yet the industry remains a 
sleeping giant in some ways, 
finding it hard to kick the so- 
cialist habit of producer-led 
production sending cheap 
cloth and badly designed ap- 
parel to accumulate in gov- 
ernment stores. 

The industry's recent ex- 
port successes’ tell a different 


story. Textile exports to the 
United States have grown 
from zero to S140 million in 
less than a decade. And last 
year, the jump in sales of 
men’s shirts was so sharp - 
nearly six times to $30 mil- 
lion - that U.S. shirtmakers 
have called for protective 
tariffs. 

Behind the scenes, the pri- 
vate sector has been steadily 
consolidating its position. 
Spinning still remains a pub- 
lic sector preserve, but 30 
percent of weaving and 60 
percent of knitting is now in 
private hands, produced 
mostly from modem plants 
in the new industrial cities, 
while 70 percent of garment 
manufacturing is undertaken 
by a huge cottage industry of 
some 3,000 small to medi- 
um-sized firms. 

The private sector is 
spearheading plans to pene- 
trate nonconventional mar- 
kets and raise textile exports, 
currently worth $600 million 
a year (just over 40 percent 
of production mo $1 billion 
by 1997. 

Several factors explain the 


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private sector's success. In 
the first instance, it has con- 
centrated on finding mar- 
kets. Second, it has given 
priority to assembly, in 
many cases of imported ma- 
terials, accessories and even 
cut fabric, if the quality of 
local production has not 
been up to scratch. World 
Trading Co., with about a 
third of the Egyptian gar- 
ment market in the United 
States, is typical in import- 
ing nearly all raw materials 
for assembly in Egypt. A 
third factor is the sector’s 
adaptability. As the order 
books grow, private-sector 
companies have been leas- 
ing public-sector plants and 
in some instances supervis- 
ing the existing labor force 
themselves. 

Invariably, the critical ele- 
ment in the success of any 
company - public or private 
- is management. The three 
Alexandria-based textile and 
clothing businesses run by 
.Ahmed AbouJ Wafa provide 
an insight into the industry. 

El Nasr Wool and Select- 
ed Textiles Co. (known as 
Stia) is a public-sector suc- 
cess story. In 1982. Mr. 
Aboul Wafa took over Stia, 
which manufactures worsted 
yarns and fabrics for 
menswear and women's 
wear. Since then, the work 
force has been trimmed by a 
third to 6.000. productivity 
per worker raised by over 30 
percent and profit margins 
increased. This rise in pro- 
ductivity has enabled the 



Spinning in a giant Alexandria plant contributes to textile exports worth $600 mBBon a year. 


company to pay workers 
450 Egyptian pounds (S133) 
a month, more ihan twice 
the average wage of 160-200 
Egyptian pounds a month 
for garment workers. 

Stia has traditionally im- 
ported some raw materials 
not available locally, such as 
Australian wool and certain 
synthetic fibers. Roughly 25 
percent of production slated 
for 1994. which will be 
worth 210-215 million 
Egyptian pounds, will be 3.6 
million ready-made gar- 
ments - knitwear, under- 
wear and T shirts. Roughly 
30 percent of production, 
cloth and garments, is ex- 
ported. 

The second company in 
Mr. Aboul Wafa's stable is a 
maker of men's' trousers, 
jackets and suits. Vestia 
Ready-Made Garments Co.. 
a joint venture in which Stia 


has a controlling interest and 
the French company Vestra 
Union and the Arab Invest- 
ment Bank hold the remain- 
ing equity. Stia provides the 
fabrics and Vestra the cuts 
and accessories, all of which 
are imported. Vestia exports 
about a third of its produc- 
tion to France (Pierre Cardin 
is a customer), Germany, 
Russia, .Arab countries and 
Japan. 

Perhaps the most interest- 
ing of the companies - and 
certainly Mr. Aboul Wafa's 
greatest challenge - is Misr 
El Amria Spinning and 
Weaving Co., one of 
Egypt's two private-sector 
textile groups. When 
Banque Misr first thought of 
building a modern textile 
complex in the late 1970s. it 
assumed that it would have 
access to European and oth- 
er markets, but that was slow 


to materialize. The result 
was huge overcapacity. Ab- 
doul Wafa began by leasing 
some of this spare capacity 
to U.S., Italian and South- 
east Asian companies. 

Now that OECD markets 
are beginning to open up, 
gearing up to exploit the op- 
portunity is proving diffi- 
cult. Amria began to feel the . 
competition in 1992, when 
turnover marked time at 302 
million Egyptian pounds and 
export sales actually fell 22 
percent, to 101 million 
Egyptian pounds. Europe, 
the biggest export market, 
accounts for 75 percent of 
sales, the United States 20 
percent and the rest of the 
world 5 percent. 

The dilemma the company 
faces is that its most secure 
market, textiles, is also its 
most protected market. Most 
cloth sold locally goes 


through the -Government 
Subsidy Fund. A regular. 50 
million Egyptianpoundor- ■ 
der for fabricsJrora some of . 
Europe’s premier hotels 
takes up a large slice of the 
13 percent of Egypt’s Euro- 
pean fabric export quota ak 
located to Amria. (although 
it does export some cloth 
outside the quota). 

Until the. -Multi -Fiber 
Arrangement is phased out _ 
over the next 10 years, the 
main area of opportunity 
will be ready-itiade gar- 
ments. the sector where 
competition is most acute. 
Amria has been trying.to di- 
versify into other markets. 
The company’s export mart 
aging director. Lada Fahmy, ' 
for example, recently visited 
the Far East, a market con- 
sidered to have potential. 
But Amria is barely compet- 
itive with Thailand,, al- 


though labor rates there are 
eight to nine times higher. 
"The- quality- and- the price 
have to be right, and effi- 
cient operating systems have 
to be in place," says Mrs. 
Fahmy. ‘There is still too 
much labor and too much 
waste:” 

Partly because of these 
disadvantages. Egypt has 
barely begun to tap the po- 
tential oFthe*! $200.. bill ion 
.global textiles and garment 
trade. “Egyptian textile com- 
panies need the protection of 
-quotas to ease them into the . 
world market^” claims one 
industry expat. “They also 
need to concentrate on quali- 
ty control and more aggres- 
sive marketing,” he adds. 
Observers state that these are 
precisely the skills the pri- 
vate sector is introducing 
into the equation. 

• •• ••• .AML 


New Services Open Way to Profitability for Banks 


0 he banking and 
financial-ser- 
vices industry in 
Egypt is under- 
going a cultural as well as a 
technological revolution as 
the state banks prepare to di- 
vest themselves of pan of 
their joint venture share- 
holdings. capital markets get 
into their stride and automa- 
tion begins to transform ihe 
very nature of retail bank- 
ing' 

At the same time, the in- 
dustry is experiencing a 
shakeout as it enters The 
stage in the financial cycle 
after inflation is tamed, 
when interest rates fall - T- 
bill rates have come down 
from 2 1 percent in late 1 99 1 
to around 1 3 percent - and 
the deposits so assiduously 
collected become expensive 
to service. 

The slowdown is reflected 



BANQUE DU CAIRE 

ESTABLISHED IN 1952 

A LEADING BANK IN EGYPT 
AND THE ARAB WORLD 


-353 s cr * 


fs y > 

\ / ( A 


/\<?\ 


Data and indications of Banque Du Caire 
Consolidated Balance Sheet on 30 /6 / 93 

• Total Balance Sheet reached L.E. 17.8 Billion. 

• Total Deposits reached L.E. 14.5 Billion. 

• Total of Loans, Advances and Investments reached L.E. 10.3 Billion. 

• Verifying the World Required Capital Adequacy Ratio. 

• Banque Du Caire has foreign branches in the Arab Countries 

• Banque Du Caire is the first Egyptian bank having a representative 
office in the commonwealth countries. Kiev. Ukraine. 


Foreign Network of Branches Comprise 
5 Branches in United Arab Emirates And Bahrain. 

We Participate in the Capital of: 

Saudi Cairo Bank \ Saudi Arabia 
Cairo Amman Bank \ Jordan 

BANQUE DU CAIRE 

YUL R HONEST CONSULTANT 

: 'MRnl S7.. evil'll El .0*7 

F a : 3WOMI/ 3919679 


in the way the Big Four state 
banks. National Bank of 
Egypt. Banque Misr. 
Banque du Caire and Bank 
of Alexandria, consolidated 
their operations in 1992-93. 
The biggest, NBE actually 
shrank its balance sheet mar- 
ginal!) to 43.8 billion Egypt- 
ian pounds ($13 billion), al- 
though lending rose 20 per- 
cent. to 13 billion Egyptian 
pounds. Banque Misr raised 
its balance sheet 16 percent 
to 39.4 billion Egyptian 
pounds, and its loan portfo- 
lio rose 18 percent, to 11.0 
billion Egyptian pounds. 

The smallesc of the Big 
Four. Bank of Alexandria, 
pul in a robust performance, 
increasing its balance sheet 
by 16 percent to 14 J billion 
Egyptian pounds, and its 
loan portfolio 17 percent to 
5.8 billion. Bank of Alexan- 
dria was the most profitable 
on an asset utilization basis, 
but NBE produced the best 
profit improvement: an 8 
percent rise, to 70 million 
Egyptian pounds. 

Competition has intensi- 
fied. "Fees and commissions 
have been deregulated and 


margins have come down 
significantly, to the benefit 
of the customer." says Mo- 
hamed Ozalp. senior general 
manager of Misr Interna- 
tional Bank (MI Bank). Be- 
cause lower interest rates are 
making deposit-taking a far 
less attractive proposition 
and the number of borrow- 
ing opportunities is still lim- 
ited. bunks are now trying to 
develop new services to off- 
set traditional revenues. 

“Historically, they relied 
on lending. Now lending is 
less attractive, and they are 
looking at expanding their 
letter of credit, cash manage- 
ment. consulting and credit 
card businesses,” says Mr. 
Ozalp. 

The credit and hire pur- 
chase schemes of big stores 
are also being promoted by 
several banks in a bid to 
boost lending and stimulate 
consumer spending. The 
Bankers' Association of 
Egypt is backing a study on 
mortgage schemes. Housing 
loans have been virtually 
nonexistent because of the 
unreasonable collateral tra- 
ditionally required. 


At the same time, automa- 
tion and the spread of credit 
cards are beginning to 
change the face of banking - 
at least in Cairo, where auto- 
mated teller machines are 
appearing. NBE had such 
demand for its new interna- 
tional Visa card that it sold 
the 6,000 subscriptions an- 
ticipated for the first year 
within three months. The de- 
mand for automated services 
is insatiable. 

For the time being, the fo- 
cus is internal, but the Cen- 
tral Bank is studying the es- 
tablishment of an automated 
national clearing system. 
Egypt finally became a 
member of SWIFT, the in- 
ternational payments sys- 
tem, in April and should be 
on-line this September. 

The 30 or so joint- venture 
and investment banks and 
22 foreign branches operat- 
ing in Egypt have concen- 
trated on developing ser- 
vices to attract and retain 
high-net-worth clientele. 
Some of the weaker ones 
have had to consolidate, re- 
duce their liabilities and im- 
prove their loan portfolios to 


meet new capital -adequacy 
and credit ratio requirements . 
brought in to conform with - 
die Basel agreement 
A development likely to 
have a significant impact on 
their business and on the 
provision .of financial ser- 
vices generally is the deci- 
sion to allow foreign branch- 
es with a capital base of $15’ 
million or more to deal in 
Egyptian pounds. Citibank, 
American Express. Credit 
Lyonnais and Arab Bank 
have already obtained li- 
censes: ^Banque Paribas, 
Credit Suisse and Bank of 
America; are believed to 
have applications pending. 

Banks are assisting the de- 
velopment of capital mar- 
kets in a number of ways. 
Banque Paribas has guaran- 
teed a 30 million Egyptian 
pound bond issue - the first 
to be launched in Egypt for 
40 years - for Hoechst Ori- 
ent . 'V 

Egyptian banks are mov- 
ing into the mutual. fund 
business - NBE is launching 
a 100 million Egyptian, 
pound open-end mutual 
hind, while Banque Misr has . 


plans for a 200 million 
.Egyptian pound fund. 

Such is the pressure to de- 
velop off-balance-sheet 
profit that die provision of 
: investment services is prov- 
ing popular.. Commercial In- 
ternational Bank CEgypt- 
CiB) has established a full- 
fledged merchant banking 
division to advise on fund 
and portfolio investment and 
asset liability management.' 
Banks are also cashing in on 
the stock-market boom by 
offering margin finance. 
NBE is opening a commodi- 
ty broking agency and forg- 
ing links with insurance 
companies to sell life insur- 
ance. and its affiliate CIB is 
establishing a joint- venture 
insurance company. 

Under the privatization 
scheme, the Big Four will 
reduce their holdings in 
some 12 joint- venture banks 
to minority stakes by the end 
of 1995. NBE has already 
successfully divested a 
tranche of shares in CIB and 
plans to float a second 
tranche during 1995, which 
will leave it with a 35 per- 
cent stakeln CIB. .. A2VL 


The power of knowledge 

When Egyptian business intellects who possess extensive 
knowledge and experience with Egypt’s market dynamics and 
trends got together to build a bank. It had to be insightful, 
innovative and competent. It had to grow fast and eventually take 
its place among the strongest financial institutions in Egypt. 

Our records are rich with achievements, and we have placed a 
candle in almost evert corner of the economy. 


Nile Co. for Investment & Development 
Nile Co- for Metal Industries (SAMY) 

Nile Co. for Manufacturing Building Materials 
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Modem Arab Company for Timber industry (MATIN) 
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Cairo Radiology Center 
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Mansoura Poultry Co. 

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Nile Co. for Printing N Packagin' 


Our success, growth and consistent profits were only natural. 




THE NILE B ANK GROUP 

The Only Bank In Egypt Owned Exclusively By Egyptian Individuals 


35, Ramsis St., Cairo. Egypt. Tel.: (202) 5741417 - 5751105 fix.: 22344 - 207S5 Fax:(202)-575(p96 















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Piv’S 

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imaaii^i^tKigwiwc 




: Preparing for an Investment Boom 





rom the top of 
the World Trade 
Center, Cairo 
looks ordered 
; and manageable. Magda el 
. Monasterly-Dabbous, in her 
; office suite on the 19th 
, floor, must hope that it re- 
; mains that way, for she has 
. just launched Mega Vest In- 
; temational, Egypt's first 
. full-fledged international 
; brokerage firm. 

, Ms. Monasterly, an 
; Egyptian who trained and 
- has spent her working life in 
; the United States, has long 
I dreamed of returning to 
1 Egypt to build a business for 
. her grandchild In 1992, the 
; passing of the law on capital 
! markets provided the right 
; opportunity. 

Resolved to be in on the 
; ground floor of the develop- 
I ment of the new Cairo Stock 
r Exchange, she decided that 
. if she came back from the 
‘ United States she would cre- 
! ate something other than just 
; another brokerage. “Anyone 


can. be a broker," she says, 
'"but to provide the econom- 
ics, finance, psychology and 
the technology for predict- 
ing what is going to happen, 
to see and understand the ef- 
fects on the price of stocks, 
is a different matter." 

She came with only one 
portfolio executive on her 

Real-estate prices 
remain high 

staff, and since opening in 
December has been recruit- 
ing young Egyptians with 
MBAs in finance and ac- 
counting. She currently has 
a staff of 22, all but two of 
them working on the inter- 
national market. 

For the time being, she is 
concentrating on getting 
plugged into international 
networks. On the rooftop, a 
satellite dish links the Arab- 
American Group for Inter- 
nationa] investments 


(Mega Vest’s full name) to 
all the major financial cen- 
ters of the world and pro- 
vides the only S&P Com- 
' stock service in Egypt. 
Through association with 
Dean Winer Reynolds Inc., 
the firm has access to finan- 
cial markets in the United 
States and Canada. Similar 
associations are planned 
with Mees Pierson Invest- 
ment Finance in London and 
a Japanese house in Tokyo. 
MegaVest plans to open 
branches in Arab countries 
and eventually in New York. 

Coming at the investment 
scene from a very different 
angle is the Kuwaiti group 
Abdulaziz Aii Mutawa 
(AAA). While Ms. 
Monasterly is an expatriate 
Egyptian re-establishing her 
roots, the Muiawas are a 
Kuwaiti family with exten- 
sive interests in the Arab 
world. Europe and North 
America and a business in 
Egypt dating back to 1953. 

In the traditional Kuwaiti 


manner. AAA has built its 
industrial investments on 
trade and property invest- 
ment and management, par- 
ticularly of industrial sites, 
os a large pan of effective fi- 
nancial management is often 
utilization of the underlying 
property asset. Indeed. Saad 
al-Muiawa, a son of the 
founder and manager of the 
Egyptian company, attribut- 
es a major cause of company 
failure to bad financial struc- 
turing. Despite having 75 
percent of its assets in real 
estate, the company carries 
no debt. 

AAA has a number of in- 
dustrial investments: a 10 
percent stake in Schindler, 
the elevator manufacturers, 
a bathtub manufacturing 
plant and a 90 percent stake 
in a fiberglass plant that has 
successfully diversified out 
of plastics. Among its prin- 
cipal agencies are Volvo and 
MAN. 

The main thrust of the 
company's energies remains 


















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in real-estate development. 
It has a string of companies 
developing tourist and resi- 
dential complexes. A tourist 
village at Ain Sukhno, south 
of Suez, is under develop- 
ment. and an imaginative 
residential real-estate project 
is being launched near the 
Pyramids. The group is also 
working with the Real Es- 
tate Bank to develop a mid- 
dle-income housing com- 
plex on a planned ring road 
near the Pyramids. "We are 


comfortable here as in- 
vestors," says Mr. Mutawa. 
He believes footloose Arab 
capital currently in Europe 
and the United States could 
find a permanent home in 
Egypt over the next decade. 

Viable investments are es- 
sential to attract it. Real es- 
tate is a favored investment 
But everyone also agrees on 
the prime importance of a 
healthy stock market to 
channel the inflow of Arab 
funds. AJVI. 


Re at estate development remains one of the main 
outlets for investment In Cairo. 


Privatization: New Plan Begins to Pay Dividends 


little more than 
one year after it 
was launched, 
the privatization 
program in Egypt is taking 
shape and gathering mo- 
mentum. As the govern- 
ment's commitment to the 
process becomes increasing- 
ly evident, results are being 
achieved and precedents are 
being set 

More progress can be ex- 
pected as formulas are de- 
veloped to overcome delays 
and the government's efforts 
to win support for this policy 
start 4o pay off. 

Shortly after he was ap- 
pointed minister of the pub- 
tic enterprise sector in De- 
cember 1993, Atef Ebetd 
said in reply to questions in 
the Upper House of Parlia- 
ment, “We have found it un- 
reasonable that our invest- 
ments be Idle or producing 
modest returns, while we 
sustain costly debts in order 
to maintain these invest- 
ments. Then we complain 
about the high level of in- 
debtedness to the. banks and 
the increase in the annual 
burdens imposed by these 
debts." 


He emphatically defended 
the government’s stance on 
the role of foreign experts, 
saying, “We have learned 
from them without shame or 
false pride and gained 
enough experience to pre- 
vent us from making mis- 
takes." 

To allay other fears, he 
emphasized the govern- 
ment's determination to 
broaden the base of owner- 
ship in the public sector and 
welcome foreign investment 
in ventures requiring know- 
how and technology, and its 
intent to prevent labor’s in- 
terests being affected. 

Soon after he was put in 
charge of implementing the 
government’s program to di- 
vest all or part of its share in 
small and medium-sized 
companies and restructure 
the public sector, Mr. Ebeid 
held extensive meetings 
with the executives in 
charge of 17 holding compa- 
nies that own 314 public en- 
terprises and have shares in 
262 joint Ventures with the 
private sector. The aim of 
this exercise was to give a 
boost to the privatization 

process by reviewing and as- 1 


This advertising section was produced in its entirety by 
the supplements division of the International Herald 
Tribune's advertising department It was written by 
Alan Mackie, a London-based specialist in Middle East 
affairs who visited Egypt for the section, and Olfat El- 
Tohamy, a writer and business consultant based in 
Cairo. 



sessmg the outcome of earli- 
er efforts, developing ways 
of removing hurdles, setting 
standards for the public en- 
terprises' performance and 
developing formulas to 

Strong response 
to revised offer 


speed up the implementation 
of the process and make it 
more effective. 

As a result of the new ap- 
proach. the Holding Compa- 
ny for Housing, Tourism 
and Cinema, which had few 
or no replies to the offers it 
made last year to sell assets, 
received a stronger-than-ex- 
pected response to its latest 
offers for principal investors 
to take controlling stakes 
and direct management in 


three of its affiliated compa- 
nies. A total of 22 firms ex- 
pressed interest within two 
weeks after advertising ap- 
peared locally and overseas 
for the privatization of A\- 
Ahram Beverages Co., the 
Egyptian Vineyards Co. and 
Misr Duty Free Shops Co. 
The list of interested firms 
includes major foreign cor- 
porations such as Sumitomo 
of Japan and Philip Morris 
of the United States, in addi- 
tion to local and foreign in- 
stitutional and private in- 
vestors, including groups of 
Arab investors. 

Referring to the early re- 
sults of the process and 
pointing out that the dead- 
line for potential investors 
extends through July, the 
chairman of the Holding 
Company for Housing. 
Tourism and Cinema, 
Hamed Fahmy, says, “This 



aUfcd 



ARAB INTERNATIONAL BANK 


Capital Paid Up 
Reserves 

Five Years Figures 


US$ 190 Million 
US$ 95 Million 

(In millions of US dollars > 



89 9 

K> 91 92 

2076 22-4 

■7 2482 2507 

1755 191 

3 2144 2214 

558 55 

4 537 541 

S3 8 

15 87 92 

392 36 

il 416 315 1 

i 



Loans & 
Advances 


Reserves 


c&Contingent 

Liabilities 


Chairman: Dr. Mostafia Khalil 


Head office : 35 Abd El Khalek Sarv. at Si.. Cairo. 
Telex : 92079 AIB - 92098 AIBEX UN 

Fax 1(202)3916233 

Branches 

Alexandria : 2 EL Horreya Avenue. Alexandria. 
Telex : 54431 - 55457 AIB LX UN. 

Port Said : 57 El Gomhoreva St.. Pori Said. 

Telex : 63273 AIBPS UN. 

EJ Tahrir : 1 1 13 Coraiche El Nil Sl. Cairo. 

Telex : 201 13. AIBIR UN. 

Bahrain : Diplomat Tower - Diplomatic Area. 

Road No. 1705. Block 317. Manama. 
Telex : 94S9 AEBBH UN. 

Heliopolis : 95A Merghani Sl. Cairo. 

Telex : 2 1718 AIBHLUN. 

El Mohandeseen : 60 Mohamed Hassan I lelmi 
l Ex, Gueziret El Arab Si. t 
Telex : 21316 AIBEX UN 

Representative Office: 

Zat El Emad Administrative Building. 
Tower No 1. 1 1th floor. Tripoli. Libva. 
Telex : 20919 AIBLY 


time the response is much 
better, but we realize that 
there is more effort to be 
made." 

Some of the sale offers for 
the first batch of 20 compa- 
nies and assets did not at- 
tract buyers, and in other 
cases potential buyers 
dropped out before deals 
were made, but three major 
sales were concluded suc- 
cessfully and a fourth is in 
the pipeline. 

The first was the sale of 
El-Nasr Bottling Co., which 
has 14 plants countrywide, 
to Coca-Cola International 
and a group of Arab in- 
vestors for 325 million 
Egyptian pounds ($96 mil- 
lion). The buyers, who 
reached an agreement last 
December and signed it last 
month, also committed 
themselves to maintaining 
the labor force for three 


years, investing 500 million 
Egyptian pounds to expand 
and upgrade the facilities, 
offering 10 percent of the 
shares to an employee share- 
ownership scheme and di- 
vesting 30 percent of the 
company’s shares through 
the capital market. 

The two other sales in- 
clude that of the Egyptian 
Bottling Co. to the franchise 
owner Pepsi Cola Interna- 
tional and a group of in- 
vestors for 157 million 
Egyptian pounds and El- 
Nasr Boilers Co. to a group 
led by the Canadian firms 
Babcock and Wilcox for 55 
million Egyptian pounds. 
Negotiations on the sale of a 
controlling stake in the 
Cairo Sheraton hotel to a 
group of Arab investors are 
close to being successfully 
concluded. 

Olfat El-Tohamy 


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ADVERTISEMENT 


A Businessman's Answer 
T o Egypt's Problems 


o 

0 


Tarek Heggy, the chairman of Shell companies 
in Egypt and a leading businessman and economist, 
does not mince his words. "Egypt is at a cross roads" 
he says But he is not about to cut and run. Appointed 
at the render age of 37 to run Shell s operations in 
Egypt, he could have settled anywhere. His commit- 
ment to Egypt is only matched by his enthusiasm for 
Shell as a paragon of the management style he would 
like to see introduced in his country. 

Mr Heggy believes Egypt's potential is gravely 
underestimated by the West. "Egypt should not be 
considered as a Third World country." he says. "It star- 
ted like lapan and should by today be at the same level 
as South Korea at least." 

Mr. Heggy belongs to a group of Egyptians 
who believe they can 
make Egypt like Japan 
in two decades, and he 
has dear ideas as to 
how this transforma- 
tion might be achie- 
ved. 

Egypt used to 
have a vibrant middle 
class, thanks to the 
loresight of Moham- 
med Aii. who in I S2c* 
began to send groups 
of young Egyptians to 
France for training at 
five-year intervals. 

"Mohammed All had a 
great admiration for all 
things French " says 
Mr Heggy "He wanted 
Egyptians to look 

toward France, and Egyptians were happy to follow 
him. This put Egypt on a different plane from other 
Arab countries ” 

By the turn of the century, the sons of these 
foreign-educated Egyptians were aged 40 to 45 and 
were laying the foundations of a secular middle class 
and democracy This might be described as Egypt's 
modern golden age. 

The British occupation stifled the democratic 
experiment, however, and with it the middle class. 
Later. Nasser's Socialist revolution came close to des- 
troying it The formative experience in Egypt's recent 
history was the |Qo7 defeat by Israel, which crushed 
national morale The nation has been trying to rebuild 
it ever since 

‘We will get to the core of the problem when 
Egyptians go back 40 years and analyze how we mes- 
sed up education, agriculture and construction," says 
Mr. Heggy. Mohammed Aii expanded the area under 
cultivation from ! to o million acres in 40 years. In the 
same time span, the 6 million was reduced to 5 million 
acres We nor only eroded I million acres, but also 
built a lot of concrete rubbish without sewage systems, 
without infrastructure, which you cannot even connect 
to ihe electricity supply To move on. we have to admit 
these great mistakes and accept that we created a sys- 
tem of mediocrity that did not allow talent to grow." 

Mr Heggy looks back to the |Q20s as a model 
because at rhar rime society successfully differentiated 
between religion and evervciay life "You can be a good 
Muslim and go to paradise if you wish, but this has 
nothing to do with building bridges or roads or making 
cars.' he says He points out that the political, econo- 


• ... >1 



, . I 
■'££* 

V \V ; J 


mic and criminal doctrines described today as the Isla- 
mic set of rules were all established over 100 years 
after the Hijrah. the start of the Islamic era. In fact, it 
was left to the individual to know how best to formula- 
te the rules in harmony with Islam, a process the early 
Islamic philosopher Abu Hanafa described as “trying to 
extract practical judgement from the theoretical rules." 

It is also a mistake to talk of one Islam, Mr. 
Heggy argues. Egypt's Islam is particular to its unique 
social and political history, and it is misleading to 
draw parallels between Islamic radicalism in Egypt 
and, say. Algeria 

Mr. Heggy believes there is a preliminary stage 
in reviving the country's fortunes: the establishment of 
a managerial infrastructure that can set the framework 

for development and 
provide incentives to 
people. "Young Egyp- 
tians lack a role 
model." he says. They 
haven't seen compe- 
tence. If you demons- 
trate good value, other 
people follow.’ 

Opportunities 
need to be created to 
allow talented young 
Egyptians to compete 
in the international 
arena. Mr. Heggy him- 
self has paved the way 
for 26 young Egyptians 
to win positions in 
Shell International. He 
hopes they will stay for 
a while, then come 
back and keep coming and going. 

He adds: "Between technocrats and govern- 
ment. there needs to be a layer of government with 
vision, as in Korea and Singapore. It is not good 
enough to have one or two good ministers, you have to 
attract back a cadre of management that can begin the 
process of change. You have to have a root and branch 
reform of the education system, and you need demo- 
cracy." 

He complains that the planning cycle of the 
ruling class is very short-term. "When 1 talk to ministers 
about the future, their minds go to September this year 
- and I'm worried about Egypt in 2020," he says. Using 
the analogy of his own business, he says it is necessary 
to think in terms of prolonging oil reserves and adding 
to their lifespan. To do this, companies that have 
money and technology must be attracted to the coun- 
try. "When Shell and Mobil move into a country you 
attract a cadre of second-rank companies" he says. 

The investment process needs to be speeded 
up because the World Bank and the IMF estimate that 
Egypt needs 650 billion Egyptian pounds {$192 bil- 
lion). or 40 percent of GDP. ro create jobs up to the 
year 2000. Egypt cannot do this alone. 

"You need industrial plant that creates added 
value fast, to help technology transfer and job creation. 
These have to be multinationals." he says. 

Mr. Heggy believes the business class has to 
be in charge of the economy before the end of 1995. 
IMF and World Bank deadlines fall before mid- 1995. 
and he feels that people with vision, strategy and 
objectivity are needed to help meet them. Planning 
needs long-term cycles. 








































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INTERNATIONAL HERALD TRIBUNE, FRIDAY, MAY 27, 1994 


'0. ■.'••.? 




ADVERTISING SECTION 


ADVERTISING^ 




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Tourism Climbs Back to Record 


^sm 




Sailing on the Nile at Aswan - one of the abiding attractions for tourists. 


jpTOOT fficials and pre- 
ss & % fewionals in the 
P^W .J tourism sector 
Mzzzgm are relieved and 
encouraged as signs of a 
long-awaited recovery are 
becoming increasingly evi- 
dent Because of a halt in the 
terrorist incidents that hit 
tourism in the 18 months to 
the end of February and an 
ambitious government plan 
to boost the industry, 
tourism in Egypt is poised to 
resume its phenomenal 
growth and development. 
~ The Minister of Tourism 
and Civil Aviation, Mam- 
douh El-Beltagui. says, 
“This is the beginning of a 
trend: tourism picked up in 
March, and there are indica- 
tors that April was better. 
The situation has improved 
dramatically." 

Pointing to the govern- 
ment’s successful crack- 
down on terrorists and the 
emergence of a national 
consensus against intimida- 
tion and threats propagated 
by fundamentalist groups, 
he asserts that the direct 
threats to tourists were mini- 
mal. as they resulted in four 
deaths among 4.5 million 
tourists over an 18-month 
period. 

"The tourists have reacted 
normally, but the media has 
overreacted and exaggerated 




Abduiaziz Ali Al- Mutawa 

Founded in Egypt 1954 


VOLVO MAN. 


KUWAIT AND ARAB STATES CO. 

ARAB INVESTMENT CO. FOR REAL ESTATES 
AL SALAM COMPANY FOR INTERNATIONAL TRADE 
ARAB INVESTMENT CO. FOR REAL ESTATES DEVELOPMENT 
ARAB INVESTMENT CO. FOR AEN SOKHNA DEVELOPMENT 
<BADR TOURISTIC VSLIAGE) 


Head Office: 17. Shagarct El Dor St.. Zamalek. 
P.O.Box 925, Cairo, Egypt. 

Tel. : (202) 3404841 - 3412275 
Fax : (202)3408770 


THE DRIVING FORCE 
BEHIND EGYPTIAN EXPORT INCREASE 


Export Development 
Bank of Egypt 



NATIONAL 
BANK 
OF EGYPT 


Chairman: Dr Hazem B Beblawi 


Main activities 

- Foreign Trade Finance & Refinance 

- Finance & Promotion of Export-oriented 
projects in Egypt 

- Export Information Bank 


Proven Competence 


in a Changing World 


A s a leading commercial bank, NBE has 
Stood in the fnrfiprnund nf F.pvnt's 


stood in the foreground of Egypt’s 
economy for almost a century. Our Bank 
is well prepared for the challenge of 
the emerging sophisticated techniques 
and the new trend oriented towards 
global banking. 


Besides usual Commercial Banking Activities 

Paid-up capital: 69,000 million Egyptian Pounds 



EDBE 


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in assets , a worldwide network of 
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10 Taalat Harb St (Evergreen Building) 
Cairo 

Egypt 

Tel: (202) 777003 / 5749655 / 5749654 
Fax: (202)774553 
Telex: 20850 / 20872 EDBE UN 


O ur active part in the development of the 
financial market has enabled us to be 
at the forefront. We offer first class ser- 
vices in today's volatile international fi- 
nancial environment 


Head Office 


Branches: 

Alexandria: 95, 26 July St, Azarita 
10 th of Ramadan City: Area 1, Group D 


National Bank of Egypt Tower 
1 187 Comiche El Nile 
P.O. Box 11611, Cairo 
Tel.: 5749101 
Fax: 762672 
Telex: 20069 NBEUN 


the facts." he says. “The 
negative and unfair image is 
behind us now." 

Although the violent inci- 
dents began in the fall of 
1992. that year remains the 
peak year for tourism in 
Egypt, with 3.2 million visi- 
loni who spent 20 million 
nights in Egypt, producing 
an income of S2.1 billion. In 
1 992. the numbers fell by 22 
percent, the nights by 32 
percent and income by a 
much higher 39 percent ac- 
cording to the latest report 
prepared by the Ministry of 
Tourism and Civil Aviation. 
It says that the reason behind 
the disproportionate fall in 
income is the lowering of 
rates charged by hotels in an 
effort to attract tourists. 

Mr. El-Beltagui says that 
he has received the support 
he had requested from the 
government to launch an in- 
tensive and diversified pro- 
motional and marketing ef- 
fort. with the aim of helping 
tourism recover this year to 
its 1 992 levels. The plan will 
target six main markets in 
Germany. Britain, the Unit- 
ed States. Italy. France and 
Japan, and tap new markets 
such as South Africa and 
Southeast Asia. 

The focus of the efforts is 
to bridge the gap between 
supply f facilities accommo- 


dating on average 4 million 
tourists annually) and de- 
mand (an average occupan- 
cy rate of only 42 percent 
last year). The goal set by 
the national development 
plan is for the number of 
tourists to reach S4.3 milli on 
and the income from 
tourism S3. 5 million in 
1996-97. Mr. El-Beltagui 
points out that investments 
in tourism, which has been 
the leading private- and for- 
eign-investment sector over 
the last few years, have con- 
tinued to grow despite the 
downturn. These invest- 
ments have peaked at $1.2 
fcriUiou in new projects now 
being implemented. 

These include a giant pro- 


jects develop the peninsula 

of Abu-Soma, 45 kilometers 
south of Hurghada on the . 
Red Sea, at an investment 
cost of over $30 million for 
the first phase. , ■ 

Mr. El-Beltagui says that 
Egypt's potential for devel- 
opment remains largely un- 
exploited and points' out that 
of 1,080 kilometers of Red ’ 
Sea coastline south of 
Hurghada, only the areas 
surrounding the resort cities 
of Hurghada and Safaga. 
have so far been developed. 
Other areas slated for touris- 
tic development include the 
coastline between Taba and 
Sharm El-Sheikh in Sinai. • 
El-Fayoun and Si wa oases 
in the Western Desert, the 






\4>t\ 1 




Mi 

i 


rv* r*-\ 


1VJ CUJ lcj lmiciLU'COaSX t 

east of Alex&dfciP^ 




Major Role in 






With peace in the Middle East coming 
nearer, there are those who fret that the 
government will not move fast enough to 
see that Egypt gets its fair share of the 
peace dividend. 

“My concern is that the world is 
changing faster than Egypt,” says Shafik 
Gabr. executive vice president of the 
American Chamber of Commerce in 
Egypt “Egypt played a giant role in the 
peace process. It needs to take its fair 
share of the economic dividend of peace.” 


The chamber has .beeb^ active; 
ing that Egypt's interests fdb ribt , 
looked. It was instrumental 
an oversight that would have p 
Egyptian contractors from sc 
materials aqd bi ddingTor USA 
tracts in Gaza. . : . - •„ V4 si 

It also intsvened in d^Tiikp 
men's shirt imports and had d 
raised from 8.4 million to. 2 
“What we achieved was a ec 
step," says Mr. Gabr. • .• U 








MU 


arJ 




Business Briefs: Enhancing Assets 




• The flow of crude oil 
through SUM ED pipelines 
from Ain Sukhna on the 
Gulf of Suez to Sidi Kerir on 
the Mediterranean has been 
increased by the construc- 
tion of an intermediate 
boosting station at 
Dahshour. west of Cairo. 
This brings the possible flow 


up to the pipeline's maxi- 
mum. Egypt has passed a 
law permitting the activities 
of SUMED to be extended 
from January 2001 for an- 
other 27 years. 

• Arab International 
Bank is set to move into its 
new headquarters in the 
World Trade Center within 



amK 


MISR INTERNATIONAL BANK 


Misr International Bank, established in 
1975. is one of the largest joint ventures in 
Egypt. We offer a full range of banking 
services in both local and foreign currencies 
through numerous branches in Cairo. 
Alexandria and Mansoura. We also provide 
our customers with in-depth market 
knowledge and the reliability by which our 
reputation has been established. 


Main Shareholders: 


Banque Misr, Banco di Roma (Holding.) SA. 
UBAF Bank Ltd., Misr Insurance Company. 
Europartners (Holding) SA Luxembourg, 
Sakura Bank. 


Head Office : 

54. El Batal Ahmed Abdel Aziz St.. 
Mohandeseen. Cairo, Egypt. 

Tel. : (202 ) 3494424 - 3497091 

Telex : 22840 - 22841 - 22842 MIBCA UN 

Fax : (202) 3498072 - 3489796 


the next three months. ALB 
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AIB Chairman Mustafa 
Khalil. 

All 30 shopping outlets 
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tracted more than 100 appli- 
cations. 

- To gain foreign expo- 
sure. Misr El Amria Spin- 
ning and Weaving has been 


pro moting "aadi. 

Make” business; 
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Page 22 


SPORTS 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, MAY 27, 1994 


Rockets Stop the Jazz in Foul-Filled Game 2, 104-99 


By Anthony Cotton 

Washington Post Service 

HOUSTON — Game 2 of ih* National 
Basketball Association's Western Confer- 
ence finals began as a nasty, snarling cage 
match in which players shot air balls out of, 
fear of being smacked and threatened to 

NBA PL4YOFFS 

leave everyone — players and coaches 
-from both teams, the fans at the Summit 
and perhaps even the NBA commissioner. 
•David Stem, who was sealed among them 
— unhappy. 

But by evening's end, the only long faces 
.belonged 10 the Utah Jazz, who were out- 
pointed by the Houston Rockets. 104-09, 
On the final scorecard Wednesday. That, 


combined with a 100-68 defeat in Mon- 
day’s series opener, put the Jazz in a 2-0 
fioie with Games j and 4 to be played 
Friday and Sunday in Salt Lake City. 

There were a total of 5 1 fouls called in 
the brutish contest, with the ensuing foul 
trouble necessitating some unexpected her- 
oics. The Rockets got a major lift from 
reserve guard Mario Die. who scored 17 
points, including eight straight during one 
fourth-quarter stretch and then hit a 3- 
pointer with 1:55 to play that gave Hous- 
ton a 96-93 lead Utah was unable 10 over- 
come. 

That was mainly because of Houston's 
center. Hakeem Oiajuwon. Feted before 
the game by Stem as the league’s most 
valuable player. Oiajuwon scored 41 
points, including 14 in the final (2 minutes. 


The Jazz were led by Karl Malone's 32 
points. 

As expected. Utah adjusted its Game 1 
strategy of double-teaming Oiajuwon. 
sending forwards David Benoit and Ma- 
lone as the second defender instead of 
guards John Stockton and Jeff Hornacek. 
The plan worked initially, with Oiajuwon 
and the Rockets going scoreless in the first 
2:30 and the Jazz taking a 6-0 lead. 

But Oiajuwon powered his way into the 
lane for a pair of baskets to get Houston on 
the scoreboard. It wasn't until Hornacek 
hit a free throw and Stockton a layup to 
give Utah an 1 1-4 lead four minutes into 
the quarter that the Rockets began to loos- 
en up. The spree began with a 3-point 
basket by guard Kenny Smith, who nit six 
in Houston’s 100-88 Game 1 victory. 


Midway in the period, Houston showed 
why Utah's new strategy was still flawed. 
Guard Vernon Maxwell passed to 
Oiajuwon, who passed to Smith as the 
double-team approached. Smith passed to 
forward Robert Horry, now die open 
Houston player, cutting to the basket. 
When Utah rotated its defense toward 
Horry, the second-year veteran passed to 
Otis Thorpe for a wide-open dunk. 

The play, which epitomized the differ- 
ence between this Houston team and its 
recent predecessors, was part of a 1 5-2 run 
that gave the Rockets a 19-13 edge with 
3:42 r emaining in the first quarter. Includ- 
ed in the spun were another pair of 3- 
po inters, these by Maxwell. 

But Utah battled back, not behind Ma- 
lone or Stockton or Hornacek but backup 


guard Jay Humphries. Humphries who 
shot just 2-of-6 m Game 1, sewed seven 
points after entering die game late in the 
first quarter, the Jazz going so far as mov- 
ing their four other players to one side of 
the court and letting Humphries play onc- 
on-one on the other. 

When forward Tyrone Corbin hit a 3- 
pointer of his own with a second to play, 
the Jazz had a 22-21 lead and began the 
second quarter by omscoricg the Rockets 
14-9 to take a 36-30 lead with 6:26 left in 
the half. 

Now it was Houston’s torn to respond 
Thorpe scored on a tip-in and Oiajuwon 
added a pair of free throws and an offen- 
sive rebound to tie the game at 36. 

The teams battled back and forth for the 
remainder of the half, with Houston taking ' 
a 48-46 lead into the locker room. 


. : 


The Sore Winners: 
Dodgers Stop Cubs 


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The Associated Press 

Mike Piazza, Ddino DeShields 
and the Los Angeles Dodgers were 
hurting, but happy. 

The Dodgers slopped the Chica- 
go Cubs* eight-game winning 
streak Wednesday night with a 7-6 

NL ROUNDUP 

victory on pinch-fritter Eric Kar- 
ros ’s sacrifice fly in the bottom or 
the ninth inning. 

The visiting Cubs had scored the 
tying run on a pinch-hit double by 
Kevin Roberson, with two outs in 
the top of the ninth. GlenaHen Hill 




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Vince Coleman of the Royals sliding safely into second base for a double as the Rangers* Jeff Frye got to him too late with the tag. 

Boggs, Sudden Slugger, Lifts Yankees 


| The Associated Pros 

• It’s lime for somebody 10 come dean on this 
juiced ball business. 

; Wade Boggs added some fuel to the ‘juiced 
; ball" theoty that is obsessing baseball purists 
this season, hitting two home runs Wednesday 

! AL ROUNDUP 

, 

• night as the Yankees defeated the Toronto Blue 
‘ Jays, 5-2. in New York. 

, Boggs, who did not homer in the Yankees' 

■ first 35 games, has hit five home runs in his last 
\ five games. He hit a iwo-run homer in the first 

■ inning and a solo shot in the third off Pat 
' Hemgen. 

I "It " 5 kind of like the thing Paul O’Neill is 

■ going through now." Boggs said of his team- 
; mate, who had two hits to raise his average to a 
I major league-leading .471 “You don’t warn to 
« know what you're doing right. You just want 10 
{see how long it lasts." 


What has made Boggs's sudden power surge 
even more improbable Is that he had just missed 
three games with sore ribs. 

Joe Carter drove in both Toronto runs, giving 
him a major league-leading 56 RBls. 

White Sox 12. Twins 1: Frank Thomas hit 
two bomers and Alex Fernandez pitched four- 
hit ball over eight innings as the White Sox 
stopped Minnesota in Chicago for their fifth 
straight victory. 

Thomas went 4-for-5, drove in five runs to 
match a career-high, and hit his 16th and 17th 
homers to help the White Sox win for the eighth 
time in nine games. 

Oriole 6. Brewers 3: Jamie Moyer allowed 
six hits over eight innings as Baltimore handed 
the Brewers their 14th straight defeat. 

The last AL team to lose 14 straight was (he 
Seattle Mariners in 1992. Milwaukee, which 
last won on May 10. lost a three-game series at 
home for the first time since April 1988. 


Tigers 9, Angels 7: In Detroit. Mickey Teltle- 
lon hit a three-run homer and John Doherty 
carried a one-hitter into the seventh inning as 
the Tigers held off the Angels. 

Tettleton's homer keyed a four-run first in- 
ning, and Chris Gomez added three RBIs with a 
pair of doubles for the Tigers, who built 7-0 and 
9-2 leads. 

Royals 8, Rangers 3: In Kansas City. Kevin 
Appier struck out 13 in only 5*5 innings — one 
away from a team record — to pace the Royals. 

Appier struck out every Texas starter and 
fanned Will Clark three times. He struck out 
the side in the second and fifth innings. 

Mariners I. Athletics 0: Randy Johnson 
pitched a four-hitter and Dan Wilson drove in 
the game's lone run for Seattle in Oakland. 

In the second inning, A’s starter Ron Darling 
walked Tino Martinez, who advanced to second 
on a Mike Blowers' single. Felix Fcrmin tapped 
a sacrifice bum before Wilson's hopper to right 
scored Martinez. 


Strawberry 
Is Cut by 
Dodgers 

The Associated Press 

LOS ANGELES — Darryl 
Strawberry, who admitted to a 
substance abuse problem the 
day before the season started, 
has been cut by the Los Ange- 
les Dodgers. 

The outfielder, released 
from a trealmen L center earlier 
this month, was on the Dodg- 
ers' disabled list and being 
treated as an outpatient. The 
Dodgers said Wednesday that 
they had reached a monetary 
settlement with him. but gave 
no details. Strawberry, 32, was 
to have been paid $3 million in 
1994 and S5 million in 1995 to 
finish out a five-year, $21.25 
million deal 

If he clears waivers. Straw- 
berry would become an unre- 
stricted free agent. 

Fred Claire, the Dodgers’ 
executive vice president, said 
he had met with Strawberry 
and called the move “more 
mutual than anything." 

“We made a derision that 
from our standpoint and Dar- 
ryl’s standpoint, this was the 
proper move,” he said. 

Strawberry entered a drug 
rehabilitation dinic April 8. 


raced home from first base, run- 
ning over Piazza at the plate. . 

Earlier, DeShields cut the middle 
finger on his left hand when he slid 
home head first to score on a wild 
pitch. He received three stitches. 

Karros, In an 0-for-~13 slump, 
and Tim Wallach, in a 3-For-32 
skid, did not start for the Dodgers 
as manager Tommy Lasorda shuf- 
fled his lineup. 

Brn Karros came up in the ninth 
after Los Angeles loaded the bases 
with one out on singles by Jose 
Ottoman and pinch-hitter Mitch 
Webster and a walk. Karros's fly 
ball off Dan Plesac was deep 
enough to center field far the win- 
ning run. 

Giants 5, Padres 2: In San Diego, 
Barry Bonds hit his 13th home run 
and San Francisco stopped its sea- 
son-worst six-game losing streak 
San Diego had won three in a row. 

Rockies 3, Reds 2: Andres Ga- 
larraga’s 16th home run, in the 
sixth inning, pul Colorado ahead to 
stay against visiting Cincinnati, 
which lost its fifth straight gome. 

Galarraga connected off Jose 
Rijo, who Tailed in his third try for 
his 100th career victory. 

Braves 6, Astros 5: Jeff Blanser 
doubled home the winning run 
with one out in the bottom of the 
ninth inning as the Braves beat 
Houston in Atlanta. 

Rafael Belliard singled with one 
out off Dave Veres. Deion Sanders 
reached base when shortstop An- 
dujar Cedeoo failed to touch sec- 
ond while trying to turn ii double- 
play. Blauser doubled off John Hu- 
dek, hitting a drive over left fielder 
Luis Gonzalez. 

Cardinals 10, PhflBes 5: Ray 
Lankford homered, doubled twice 
and drove in three runs as Sl Louis 
defeated visiting Philadelphia. 

Expos 3. Marius 1: Ken Hill 
earned his eighth triumph and Dar- 
rin Fletcher homered and drove in 
two runs as Montreal won in Flori- 
da, 

Hill matched Bob Tewksbury for 
most victories in the NL 

Mete 6, Pirates 3: In Pittsburgh. . 
Bret Saberhagen pitched six strong 
innings before leaving with muscle 
spasms in his lower back, and New 
York seat the Pirates to their 10th 
loss in 12 games. 

Saberhagen gave up five hits and 
left with the score tied at I. 




... rdf Ckp'Jaoai.. ViMev 

Mark Mesas, surrounded by teammates, was ali smiles after 
he scored the second of his three goals in ihe 4-2 victory, j 

Messier Hat Trick 


ers 


The Associated Press 

EAST RUTHERFORD, New Jersey — Mark Messier guaranteed 
Game 6 and then delivered, in whaL may go.dowu as one of the most • 
spectacular dutch performances in National Hockey League history. 

Messier:, scored three thndrperiod goals, including the game- 
winner with 7:48 to play Wednesday, and the Rangers stayed alive • 

■ T STAW^CUPPLAYOFFS 

by rallying from a twb-goal deficit to Beal the New Jersey Devils, 4-2, 
and forte a seventh game in die Eastern Conference final. 

On Tuesday, Messier had bpained, “We know wearegoing to go in 
there and win Game 6 and bring it back to the Garden." 

. Twenty hours hours laier.heinade sure that the Rangers would be 
around tor Game 7 On Friday night at New York City's Madison 
Square Garden, The winner Friday will open the Stanley Cup final 
series on Tuesday against the Vancouver Canucks. \ 

“He’s the best dutch player," said Devils center Benue Nicholls. j 
“I know Gretz and Mario get a lot of credit." be said, rcfemng.to , 
; Wayne45fftsky and Mario Lemieux, “but when the chips are down • 
» and thareTs a big game to be" won, tnefc is nobody better.” . 5 .) J 
Messer, who had been on five Stanley Cup champions with 
Edmonton, refused to characterize the game as one of his best and 
pointed to goalie Mike Richter as -the one who kept New York 
around after it fell behind 2-0. 

“No one man wins the hockey game, or any' championship.’ or 
anythinj»in a teamsport,”. Messier said. 

In malting the prediction. Messier said all he was trying to do af ter 
Game, 5 was restore the team’s confidence. 

For 38 minutes, it appeared that Game 7 would not be necessary. 
The Devils opened a 2-0 lead on goals by Scott Ntedermayer and 
GaudcLemieux arid thoroughly dominated play with Mgriin Bro- 
deiir stopping several good chance by New York. ' - v - : ' 

But Messer and Alexei Kovalev refused to let New York die. 
Kovaleygdt die Rangers going late in the second period with ajjaal 
and Messier tied it early in the third. 

y After "Brodem - bad stopped several good scoring chances. Messier 
came through with the learns skating 4-on-4. Brian Leetch hit 
Kovalev with a cross-ice pass and the Russian’s shot bounced off 
Brodeur to the ice, where Messier banged it into the net with 
Nicholls draped all over him. Then, with New Jersey on a power 
play. Messier added an empty-net gpaL with 1:45 to play. _ . 






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toll tree: 

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A Brave New Tennis World? 


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International Herald Tribute 

P^S’Tm^ 7 “ 7 i ^ Ten0 “ *“* bewnie the 

A WOrid s most DOnuIar CTvwt 


i r world’s most popular spirt 

'• stfll draw larger audiences, 

tat tennis is making np ground at a furious pace on 
; me eve of the new mill ami cm, thanks to a nerfor- 

■ “5*5* unmatched by the superstars ofotber 
; jnwes aortal sports. Internationa] surveys, meanwhile. 
; indicate that more people are playing tennis than any 
. otter game. 

; AD this was u ni ma g i n a b le five years ago. when 
i tennis was ridden with spoiled millionaires and an 

■ admin is&atK w whose arrogance was legendary. Both 
; were forced to confront their problems by Sports 

! IAN THOMSEN 

■ Illustrated — “Is Tennis Dying?" asked the U.S 
mgazine in May 1994— whose article, unwelcome at 
tbe time, has turned out to be the best thing that ever 
happened to tennis 

’ The criticisms raised by tbe magazine resonated 
5 throughout tbe international press, and die problems 
were essentially confirmed when the garnet leaders 
responded by sayin g . , . nothing. Their ignorance of 
public opinion turned out to be the firmest example of 

■ the pervasive arrogance within professional imnw 
, The wort was suffering an nn pt feed gn ted bearing all 

over the world .and yet neither its hierarchy nor even 
its public relations staff bothered trying to convince 
Ok public that the criticisms were off base. 

“I think it’s probably safe to say that they had fallen 
alittte out of touch with their audience. 1 * said the ATP 
Tour commissioner, Bud Collins. 

. The marketing experts responsible for the huge finan. 

• dal growth of pro tennis scoffed at the 1995 hiring of 
: Collins, tbe former American jo urnalist, but he under- 
stood bettor than they what the game was larfring His 
job was to repair the bridge between players and fans, 
and to hearten the ATP Tour. 

A famous photograph hangs in the wall of his office. 
Published throughout the world, it shows CoQins un- 
plugging the ATP Tour computer. 

■ Coffins prefers not to criticize his predecessors, but 
their mystifying computer — programmed to rate play- 
ers — was the symbol for all that ailed tennis. In 
hindsig ht , the computer dehumanized the g*™* It 

! excluded fans from tbe process of judging and darting 
the rise and M of the players. And if the fans weren't 
able to grasp tins most vital process of creating order 

■ within the game... well, the people who ran tennis in 
; those days didn’t perceive h as a major problem. 

1 A GAIN, it’s easy to point out these problems now, 

‘ xYbot the truth is that nobody trusts a computer's 
judgment 

By 1996, the computer had been replaced by a 

; kbbued on the sur^l^ttu^t^^tqj-rank^ 

‘ player in the woiid is tbe one who wins the most 
; Grand Slam tournaments in that season. 

. Everyone knows that rite most important riling in 
tennis is to win Grand 9am tides. The computer, 

: unfortunately, didn’t understand this. 

■ The rest of the players receive the highest rankings 

■ for winning the most tournaments, enf or ci n g a new 
: urgency to win and keep winning. 

’ Had this system been m place in 1 993, Pfcte Sampras 

• still would have been No. 1 on the basis of winning 


of their choosing, indoors or outdoors, anywhere in 
the world. Thanks to satellite TV. the World Series has 
succeeded in bringing together all of the game's previ- 
ously unmanageable strengths, its diversity of playing 
surfaces and cultures. Over the course of three weeks, 
fans have seen the Hkes of Agassi performing at 
Caesars Palace in Las Vegas; Ivanisevic defending his 
rurf in Croatia, and Becker choosing to play where he 
feds most comfortable, on Centre Court at Wimble- 
don — with every match as intense as Davis Cup. 

The American players especially have been able to 
establish a base of support where none existed before. 
Rather than being identified as a nomadic American, 
each now has developed a following in the city where 
he chooses to play. Dial choice has been rewarded by 
overwhelming fan sopport. 

I F YOU want to win the Wold Championship, 
then you must win at least one Grand Slam title, or 
a lot of tournaments overall . . . or be prepared to visit 
the home court of someone who has beaten you to 
those victories. 

Tbe greatest home-court advantage thus far has 
belonged to Andrei Medvedev, who has invited oppo- 
nents to a noisy, rickety, day-court stadium in the 
vicinity of the Chernobyl disaster. Doctors have de- 
clared the area safe, but the surroundings clearly prey 
on the minds of incoming opponents. 

Of coarse, there have been problems. The Grand 
Stan tournaments had to be rearranged slightly to 
make room for tbe World Series. To prevent players 
from padding their totals with easy victories, the Tour 
demanded participation in a required number of “A” 
level (highest-level) tournaments. And the Capriati 
Rule prevented anyone under 17 from competing in 
the World Series. 

Ultimately, the new order has shown that tennis 
wasn’t so poor after ail, just five years ago. It was 
spineless more than anything — lacking order in 
between the Grand Stan events, lacking leadership. 
Tbe audiences and money were there. Now a spine 
nms through the entire season: emphasizing tbe 
Grand Slam tournaments, declassifying the rankings 
and making every match important 
If the okFplayers appeared indifferent and greedy in 
1994, it was because they could afford to tank a match 
from lime to time: Now they know better The match 
they tank today may be the match that sends them to 
Becker's grass yard, or Chernobyl. 




Wimbledon and the U.S. Open. No. 2 would have 
been the French Open champion, Sergj Bruguera. with 
No. 3 going to the Australian Open champion. Jim 
Courier. Since Bniguera and Courier each won one 
Grand Slam title and five titles overall, Bruguera 
would have received the higher ranking on (he turns of 
miming more matches (64) than Courier (58). 

No. 4 would have been Thomas Muster, who woo 
seven titles overall, followed by No. 5 Mi chad Stich 
(six), Na 6 Michael Chang (five) and so on. In ail, 16 
players woo at least two tides in 1993 — including 
Andrei Medvedev, Goran Ivanisevic, Boris Becker, 
Andre Agassi and Ivan Lendl —and if this system had 
been in place, all 16 would have qualified for the 
Wodd Series of Tennis. 

In just three years, the World Series of Tennis has 
become the most popular annual tournament in 
sports, its global audience trailing only the quadrenni- 
al World Clip and Olympics. 

It’s a single-dimination event, with the highest- 
ranked players earning tbe right to play on any court 
of their choosing, indoors or outdoors, anywhere in 






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There was nodring simny abotrf Tlmrsday for Michael Stkh, the Na 2 seed, as he lost in straight sets. 

2drRound Results From the French Open 


MEWS SINGLES 

Sand Brueuera (61, Spain, def. oirUikm 
Ruud, Norwav, 6-2. 6-2. 7-6 (7-21; Janas Bl ark- 
man. saeden. det Slava DfMdrl. Czech Re- 
public 60. 7-5. 60; Jim Courier (7), United 
Shiles, del. Shttano PescosoUda. Italv.7-S.6a 
6-7 (7-*i. 64; Patrick Rafter. Australia, del. 
Lionel Roux, Franccv6-2.6-4.6-*; Aaron Krlcfc- 
steliw United States. deL Michael Sncti (21. 
Oermany. 6-3. 6X 6-4. 

Ranald Agenor. Haiti, del. David PrlnoiJi. 
Germany. 6-7 (67). 67 (2-7). 6X 64. 1612; 
Michael Chang (8). Untied Slates, del. Jardl 
Arrw. Saaln. 64 6& 64. 62; Jaime YZoaa. 
Peru. del. Jared Palmer. Untied Slate% 7-6(7- 
2). 64 6a 61; Radomir Vosefc, Czech Reoub- 
DcdeLDImltrt Poltalcov. Ukraine, 642-6,7-5, 
6% 61; Jocai Eltlngh. Netherlands, del. Do- 
vM Wheaton, United Slale&6-164 7-6(741.6 
7 (67). 64; Amawd Boetsch, France, del. 
Korol Kucera. Slovakia 6X 62. 63; Hendrik 


Dreekmo nn . Germany, del. Carlos Casio I IS). 
Saata. 74 (6(1. 44. 64. 

Moonus Larasaa Sweden, det Jeff Tar- 
anga United STates. 62.64.63; Richey Rene- 
berg. United Slates, del. David RIU. Czech 
Republic, 7-6 (9-7). 61. 5-7. 63; Alberto Bero- 
mteaut. Spate, det. Cedric Ptetlne (Ml. 
France. 61 TS. 6J; Andrea Gaudenzl, iialv, 
def. Brad Gilbert. United Slates. 7-5, 66 63; 
JavVer Prana Argentina del Henrik Haim. 
Sweden. 64 6-fc 64; Goran Ivanisevic IS). 
Croatia del. Bryan Shelton, United Slates. 1-4 
61, 62. 64. 

WOMEN'S SINGLES 
Petra Ritter, Austria def. Nathalie Touzlat. 
France. 6-X 61; Irina Spirtea Romarki. del. 
Karine Qwentrea France, 7-5. 60; Ammta 
Caetzor. South Alrlca del. Radko Babkova 
Czech Reuubllc.64.64; Shaun Stafford. Unit- 
ed States, del. Anno Smastnova israel.64 6 


1 ; Mania GrossL Italy, def. SUke Frankl, Ger- 
many. 61 61 ; Lindsay D a venport (9). United 
Stales, del Kalorvno Nowak, Poland. 64,62; 
Brendo Schultz. Netherlands, def. Marianne 
WerdeL United Stales. 64, 74 (11-4); Aides 
Huber (11 ). Germany, def. Meike Bdbel Ger- 
many. 74 (7-si. 62: Ai««.ta DKhaume-eal- 
lerel. France, def. Wlttrud P robot Germany, 
74 (7-2). 62. 

Julie Hatord. Frtmce- del. Petra Begerow, 
Germany. 74.44,64; Ann Grossman. United 
States, del. Petra Lanarava Czech Republic. 
7464 6-1; Barbara Rtttner. Germany, def. 
Sandro Dapter. Austria, 62,6-3; AnmtxoSan- 
chez-V) carlo (2). Spain, def. Naelle Van Lol- 
tum. France. 61. 60; Leila MesUd. Georgia 
(tot Sandra Carte. United Slates. 74 (7-31.64 
74; Conrtdto Martinez (3). Spate, det Ginger 
tW NNh United States. 61 63; Alexandra 
Final Franca, def. Fong LL China. 64 62. 


Stich Crashes, 
But Most Other 
Seeds Prevail 


77rr Associated Press 

PARIS — Second-seeded Mi- 
chael Stich became the latest upset 
victim at the French Open on 
Thursday, routed in straight sets by 
Aaron Krickstein on a day inter- 
rupted by rain delays. 

Krickstrin needed only steady, 
unspectacular play to crush the Ksi- 
less German, 6-3, 6-3, 6-4, in a 
second-round match before a dis- 
appointed Center Court crowd. 

“Sometimes he plays noncha- 
lantly,” Krickstein said. “Same- 
times he can come back and some- 
times be can’t. I fell if I could just 
play some solid tennis. I’d have a 
chance.” 

“He seemed to get down when I 
did get ahead of him,” the Ameri- 
can added. “If his serve is off, he’s 
not tbe second best player in the 
world." 

Stich’s 57 unforced errors, 10 
double faults and lade of intensity 
were a far cry from the player who 
snapped top-ranked Pete Sam- 
pras’s 29-match winning streak last 
week in Dflssddorf. 

“It’s one of those days when you 
better stay in bed,” said Stich, who 
was also bothered by an elbow 
problem. “1 just played very, very 
bad. I think 1 would have lost 
against anybody today.” 

The match was suspended for 15 
minutes by rain with Krickstein 
fending 3-2 in the third set But the 
interruption didn’t diangn the mo- 
mentum; Krickstein came back out 
and finished Stich off in 14 minutes. 

In another surprise, Hendrik 
Dreekmann of Germany ousted 
15ih-seeded Carlos Costa of Spain, 
7-6 (8-6), 6-4, 6-4, for his first ca- 
reer Grand Sam victory. And an 
unseeded Spaniard, Alberto Bexa- 
sategui, a rising clay-court star, 
toppled the highest-ranked French- 
man, I4tb-seeded Cedric Pioline, 6- 
4, 7-5, 6-3. 

The No. 5 seed, Goran Ivanise- 
vic, came back to beat the Ameri- 
can Biyan Shelton, 1-6, 6-1, 6-2, 6- 
4. Eighth-seeded Michael Chang, 
the 1989 champion, had little trou- 
ble in his second-round match with 
Spain’s Jordi Arrese, winning 4-6, 
6-0, 6-4, 6-2, despite a three-hour 


rain interruption in the last set. 
And No. 9 Todd Martin, another 
American, routed Spam’s Francis- 
co Cla vet, 64), 6-0, 6-2. 

In women’s second-round 
matches, Na 2 seed Arantxa S£n> 
cbez Vicario breezed past NogDe 
Van Lottum of France; 6-1, 6-0. 
Ninth-seeded Lindsay Davenport 
of the United Stales advanced 6-4, 
6-2. over KaUyna Nowak of Po- 
land, and No. 1 1 Anke Huber of 
Germany beat here compatriot 
Meike Babel, 7-6 (7-5). 6-2. 

In a record-setting marathon of 
nnseeded players, Ronald Agenor 
of Haiti outlasted Germany’s Da- 
vid Prinosa, 6-7 (7-4), 6-7 (7-2), 6-3, 
6-4, 14-IZ The 71-game match, in- 
terrupted by darkness Wednesday 
night, was the longest at the French 
Open since the tiebreaker was 
adopted in 1973. 

Stich, the 1991 Wimbledon, 
champion, entered the tournament 
on a high note, having beaten top- 
ranked Sampras and the Hrfenrfitig 

guera, last 

weekend. But instead of an expect- 
ed march to the final, he joined 
third-seeded Stefan Edberg as an 
early loser. 

Krickstein, 26, lost in the first 
round of his last three day-court 
events this year. His best showing 
in tbe French Open was in 1985, 
when he reached the fourth round. 

“It wasn’t great tennis out 
there,” Krickstem said. 

Stkh had few words of praise for 
Krickstein. 

“If he’s playing normal and I'm 
playing normal. I'm going to win in 
straight sets,” the German said. 
“He didn’t have much to beat me. 
Hejusi played a regular game. If he 
wants to do some damage, he has to 
play much better than that-” 

When told of Stich’s comments, 
Kridcstrin retorted that in their 
only previous meeting — on a fast 
court in Stockholm in 1991 — the 
American won 6-0 in the third set. 

“He never broke my serve that 
day and he never broke it today,” 
Knckstein said. “I can only play 
who I am up against, and I am 2-0 
against him.” 


Safe. 


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a loose 
ys con- 
ag Ser- 
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Test Driver Named to Replace Senna in Spain Prix 


The Associated Press - 

BARCELONA — David Coulthard, 
the WiBiams-Rcnanlt test driver, who has 
never driven in a Formula One race, was 
named Thursday as the team’s interim 
replacement for the late three- time world 
champion Ayrton Senna. 

Cooithard, 23, will make bis debut at 
the Spanish Grand Prix tut Sunday, four 
weeks after Senna died in a crash during 
the San Marino race at Imda, Italy. 

“Obviously, I am dehghted to be given 
this opportunity, which is every up-and- 
coming racing (fever’s dream,” the Scottish 
driver said. 4 ^ have total confidence in the 
wtfn and am looking forward to the race. I 
will be out there to do the best job I can.” 


BASEBALL 


Cooithard, who drove for WShains in 
practice last year before becoming the 
team’s official test driver tins season, 
emerged as the favorite to fill the Na 2 
spot behind Damon Ififl after a successful 
drive of the modified Williams car at the 
Jerez tircuil in Spain over the weekend. 

“David has proved an excellent test 
driver for the team and impressed us with 
his skills during tbe many sessions he has 
undertaken fonts ," said the team's chair- 
man, Frank WilKams. “He is a confident 
driver with a mature head and I am sore he 
win be an exoeQent partner for Damon 
over the Spanish Grand Prix weekend.” 

WflKams would confirm Coulthanfs 


participation only for (he Barcelona race, 
leaving open speculation that the team was 
still seardong for another driver. 

Since Senna’s death on May 1, various 
rumors have centered on the veterans Phi- 
lippe ADIot and Ricardo Patrese, the Jor- 
dan driver Rubens Baxrichello and the 
reaming IndyCar champion, Nigd Man- 
sell, who won a Formula One world title 
with Williams two yean ago. 

ManseR preparing for Sunday's India- 
napolis 500, said Thursday that he would 
have no further comment on speculation 
he might return to Formula One racing. 

“Formula One has gone through tragic 
times in recent weeks, said Mansell. 40. 
“It is perhaps inevitable that speculation 


would take place about the possibility of 
people trying to persuade me to return to 
FI. 1 have often said that in motor racing, 
anything can happen!” 

Out of respect for Senna, Williams did 
not name a second driver for the first race 
after San Marino, the Monaco Grand Prix 
two weeks ago. 

Coulthard will be one of two drivers 
making Formula One debuts on Sunday. 
Tbe Sinuck-Ford team on Wednesday 
named Andrea Moniermini of Italy as its 
second driver to fill the spol left open by 
tbe death of Roland Raizenberger of Aus- 
tria, who died during qualifying at Imola 
on the day before Senna’s crash. 


Major LoaguoStandhigg 


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M.HRs-^MtodOtahkblnetNMa <n.SLLsutt, tonM;B«ioWM.JAatawM.Huinphr1osM. .fW S* 0 *^** *** * r ' dam ‘ 


uwkkati tm. Wdton (3). Pagnaaf (2). 

HoaotaM 000 300 «ZO too 0-4 W 2 

AMonto » * iff * l-l B * 

(13 Halao*) 

Kite Hampton (6). Eden* (7). tol Jones »), 
rn. wniteno tw, Veres (10). Hudak (13) (ted 


Otombor* 4-1). Houston 8-7* (Maxwell 3-5, 
J«rt*4. Harrv V2,5nHth 7-2. Elta 1-4 Qzsosll 
0-1). r o ote d no* N o n e. Ronnnodi Utah 35 
(Mcdanto Saencer 7), Houston a (Otohnm 
13). Ante*— Utah at (Stoduon IQl. Houston 
22 (Smhh 7). To tal to ol * Uttdi 27. Houston 25. 


Senate Eoetio (TO); Smotte Stanton (7). TMta—ta Heodtei Htegol defense Z UM 
WeMors t», McMktaori (tLBedmton (W), Illegal dotans*. Thome. 

BtetodU m> and' O'Brien, J. Lopez (7). 

W— Bletedq UL L — Veres. 1-2. HR— Aftanrta. 

McGrtff rUL 

Note York 188 888 311—4 11 I 

Wi n te r* W MB 288-4 9 1 TOUTOf Itdfy 

Saberbaavv Mason (77, J. MaoateHto (7)» - — 

MjHoddux (I), Franco (8) and Stlnmtt; Wap- nwom ffam Wte Md nystoorta stage, m 
no r, R. Moteillo <77. A. Pono (83. BaOard bff eg . e ta i ■ (m5iWltea|8roaiMoa» oilte nooto 


CYCLING 


MINNESOTA — Put Scott Erldaon,p<lrt«e<-. 
on 15-dar dlsabMd tlsL Actlvaled Rich 
Becker, outfielder, from ISdav disabled ibi 
and apt toned Mm to Sen Lake aty. AA. 

OAKLAND— Released Edwin Nunez. aHcn- 
ar. Recalled Erato Young. outfleMer. from 
Huntsville, SL. 

SEATTLE— Pul Reggie Jefferson, l5tbasa- 
man. an (Sdav dlsabtad Its*. Recalled Dale 
Sveum. and Torev Lovuffa Inflektor. front 
Ctdgarv.PCL.Optlanod Brtan Turang. utility 
ptow.ta Cotaary- Sent Reggie HorrH, pllrtv 
or. outright to Calgary. 

TEXAS— Sent Rick Heilltw. otlcMr. to 
Oklahoma aty, AA. Recalled James Hurst 
and Hector Fatede, pHchers. and Rusty 
Greer. ODfftaMer. tram Oklahoma CUV- Actt- 


MjMaddux (I). France (8) and stmnMT; wn»- from WtetnetdayMtarto rim. 2M 

net. R. MamznHo (7). A. Pwio tt3. BaOanl - n nn total 1 1 — Ti 1* •- ‘ r0,n 0W ** w cnv - Acn - 

(TLOowoy (T) end Skiuwlit w— soborljgswa cnapOiDoMntcse: 1,gygeny Berzin. Russia- P ™? cr o nd BUI Rltewy tafield- 

52. L--W«nef,M. Sv— Froncn <t0). Gewtee Baitan, 3 hours. 33 mtante* 37 sec- Pov , u. pHrtw, (ram liday 

Sob Fntadsce ill Wl l*-» * » onrty Z Oscar PfUktoU, Hg»y, PgHfc some frm y ^ WCo ry RetoandOdateMc- 
Son Otago •* 781 HM i 1 n m ;a,WtadbateBeHL1tonr.Lampre.l7s<ro- ** *? gg 

Barken, M. Jackson TO). Bortc TO and Man- g,^ bohbul; 4, OavMt Rebenln, Italy, GB Oklahoma CWy 


Wadneaday’a Line Scores 

AMERICAN LEAGUE 
BoMOMR St# 888 too-* TO ■ 

A P NnofcW • • . in 780 8B1-3 * » 

Moyer. WBHomMi m.Todto TO, SnWti m 
ood Tortnfi; tgnmtofc, Nawrn> 151, Fettara 

n)dte5grt»fLte-^tejyer,ML^gnajiO».N 

t9r-*tata01^HR-Mflynil«*,Jaha2f7). 

Stdlllr rn M RM > ■ 

OaUote ’ |f8 Mf 888—8 4 • 

JctaNOBflBdWHson; Dofttwam) Hemte*. 
W-Johraon, WJ.— OorUoo. 3-i 
CBMnto MW «HT rt 1 

telroe 888 821 28K-* » f 

FaerWUMtar ta.Lrttorts (7), Bdtowr <M 
and raUegin; Doherty. Karra (7). Oreom 
(ILfindUer (D/Heonomai TO <mi Krgutor. 
W-4Jciitaty. ML L-RprgH, VL 
non 16). HR — Detroit Tctffctan ff). ■ 
TBriffta . 888 (88 807—2 6 * 
Now Tort m 888 TOff-tf W ■ 

Hontgon, Codorer (7) and Knoir: d. AWott 

on) Lovmz.W-j. Atedtt M. t-Htedgon. fc- 
4 HRs— New Ywk, Boggs 2 (S),Tdrtote« TO- 
Tarn 8N «M MR-4 • * 

Xtem aty M3 8U lte-» II * 

BmnvODvor (6).WMleskta l 7 )ahdHodrt- 
guou Apotar. Brower 46). Meateam <*)«ted 
Moyn e, w-tepgtar. *i (- to* »*■ 

HRs— Texas, Rodrtgueg 14). W»«g*CUYi Ha- 
mel In (TO). 

MtafftWa HR HR RH-1 « 1 

OMcago UR 221 RS»— W u 1 

PidkteStarano 16). Merrtmdn (R) ted w«*t 
tmrti - ft’ r n m nnW i T il imnn TO tmi* 

•tee; w— A. Faraandoe «L L-Mdfete **- 
HRs— Ctaesgo. monw 2 (Tri- 


ton Dta*o RH Ml HR— I 6 1 

Barfcote M. Jarttoan TO). Beck TO and Attm- . 

tearing; Ashby. Manor (6). Tbteko TO) and 
~ W-BartteM, *4. L-MNW. «. 
Sv— 8eck(8).H(#— SonFraoctecteBonaOJ). 
CMooro RH OR 381-6 I 2 

Los Aflffefcl RH «R HW TO R 

TitBCML Bafflnaor (Sh Otto (7), BnMsta 
(Ti, Ftasoc TO and WNte ttehtt, Cdl 
m, Osuna TO, Td. WtorraD TO end Piazza. 
TO— Td.Worre(L3-2J^-Ptosoc VI HRa-Chl- 
cog» Dumtan TO. WHkJns' (3). 

Japanese Leagues 


Yomtori 

OoinfeM 

YTOnitt 

YokeBema 

HtesMn 

Hho s hl mg 


YOffiluri vs. Hanstan. PPtL rain 
ttunWd v*. HWtetaio. zad. «ta 
YTOEcttonia « YOtelfc PRd. 

Padflc tffoigo 

SMw 2* U 0 JZ 

23 16 B 5 ff 

OrtT 18 TO B AB 

rJJL ib a n jo> 

Htaran Ham XI » \ M 

KM^U ^ * 

itainJui'i Result 
Lett* 4. Nippon Ham 3 


TO 

1. 

T 

PA 

SB 

23 

K 

0 

MB 

— 

Z) 

M 


368 

Tto 

T9 

20 


JD 

iVt 

« 

t9 

t 

.484 

Wi 

17 

21 

8 

AO 

6 

M 

21 

B 

MB 

TYi 


Gotten Baitan, 3 hour* M mtartos, 37 job- *£ *?f* l 
ands; Z Otear PeJIlctoU, Maty, PolH. some 

nme;3,Wtad(nilrBet<LItoiy.Larapre.l7sec- ^sobted Hs*. 

ante behind; 4. OavWo Rebenln, (My. GB 10 O klghonta Oty 

MG, 47; Si AtarcoPontant Italy. Carrara. s.U 5 tgnitd 

LStetomdoDa Santa ttatv.Mepel araDj 7. 

Marco Gtovannettl Italy* MorbI Oas. sJj & Ptto ^. m 1 ^° Y 

Pawl Tonkov. Awaia. Lnmpre,sJU t. Gianni HSI - rwrMC1tre to Mav 17. 

Bagna Italy. Ptttt. lfc Armnd de us Nattenta League 

Orown, France, Castorama »J. Nb— Suspended Ja7m5meltz, Atlanta pltctv 

Ramtsfcnm Tbonday** ftftfc stapOi 158 »■ or. far 8 ggenes and tinea hkn undhetoeed 
taaewre (98 oritao) tram Cogipotamo to omogotlorltrgnlitaoijetaiCtegetoilolN.Y. 
•felB! t, Cndrfci LoonL (Idly. JoiTy CunwoCiltl, MeHfngametror, U. and suspended Ccrtge- 
3hounw41 minxes. 39 seands; Z Fcfcfo Brt- las) tor 4 games and fined him undisclosed 
(kite Ikdy.Gfl MG, LClGiautesd Lombardi amount tor charing rnouwLSusoteKtod Alien 
Italy, Lnmpre, *X! A Atosoio d Basra, Holy, yoatsarv SL Louis BfWier. for 8 games ter 
Amoro & VKa all £ MS*Xi Indundit. todn. Monttonallviimii»Omt8SDo8trado,Ftor1- 
BaootekaXifcMauhnDStrnaeLifcdv.Nav!- da Is) teseman. ram alien; Destrade tor 4 
gore, aIj 1, Uve ffaato Germany. Telekom, games far charging mound and bitting Wat- 
si; 8, Dmitri Kanyshev. RMla, Jolly Ctelpeff- son; and Barnard GHkey, Loui&leUltetaw. 
lOM,sX; », Samueto sotiovtoa. Italy, Carrera kvARoma* lor making contact wita umpire 


il; XL Max Sdgndri. Italy, 06 MG. si 
Overall itgadtagt: L Berzin. 22 hours, two 


during brawl in game an May 22. 
CHICAGO— Optioned Turk Wendell. aUctv 


mbwtos. 24 seconds; Z Bitea Wsocands b#- er. la law&AA. Put wife Wilson, oumewer, 
HhM; 5.de las Caeuw. lte| be Wnd; M nduT- an wataeri tor Pbrose m gWIno Mm Ws un- 
flteliRfc*8Wiafa4Ctawnnte Liauz , candtihmai refaOEe. AcflvatM Jose Gusman. 
0HkiSantal;32;lPefl(ctoU,U4;9.Portaiil. aik*er, from i5Gny rer^yf l(sl 
lifl; 11 Andy Honwsten, United States. Mo- CINQNNATI—Pui Hector CarrnscapHctirr. 

tnrakfciaL on Kday dinted n*. rghgacHw to Mo» 12 . 

Recalled Jerry SsradRn, pitcher, team inato- 

ITTTTI * i ["§ J J L^l napalte AA. CUhned Rirtt Reed, piteher. oH 

UiUMteRdtelteMtona tetoor s fnwn Terns, stoned to minor-taaeoe 
main t contend and asstonod him to ln<bangp 0 ll&. 

inwiTrri (nmm COLORADO— Optioned Dorron Holmes, 

nvmu Ami i ihm. inMwr oto^Kr. to Colorado Sh Iihra. PCL, Recoiled 


BOSTON— Recalled Grea Ulten.lnftrtoer. ™ 


and LutaOrtfaSd ffteenggb team PowtmAot. 


EH» Barts. wntfeVtar. on (5-day dbotoeciW. 


SOCCER 


innaaimaMM .' fri endues 
I rrfond ). Bd tofaR 
Romteio a Htarto ^ ; 

umtad states A 5“*^ Anteto 8 
Fronce L AusiraOa 0‘ ... 


II- Designated June Metoteez. PlWrr. tor rytranctNe to 
raeostomnenL Put Scoff FtotcMr, inftotaor. 

andAndraDawsoadCElgnBtadnKtgr.anis from Colorado Springe, 

itav r e— iMri u»* MONTREAL— Boughl cantrod TO Juan 

CALIFORNIA— Put Scott Le*teiPftrt»r,on 

15dgy dfaabled list. Bought contract TO Jolm o«' wvtt*. OuHWder, to onawa 
Furred, ottcher. from Vancouver. PCL. PHILADELPHIA— Pul Curt Scfiininc. aiieh- 


HOCKEViv. . I ^ 


Wednesday’s NHL Rnal 

•LY. Rangers R l 3-4 

New Jersey 2 0 8—9 

Serto* Ned 3-3 

First P orted— I . Hew Jerser, NteOermaver 
Z 8:01 z New Jersey. Leratou* 7 (Nleder- 
moyer, Nkholb). 17:32. penalties— Lormer. 
NY (roughing], 9:50; Hollk. NJ {hooking). 
IS; 12; Driver, NJ (hlgtvsNrttlngl. 19:07. 

Second Period— I. N.Y. ffangen. Kovalev S 
(MnsJ «r 1. 11:19. Pena itles— Messier, NY lun- 
spertananllke canauci). 14:07; Nlcftolls. NJ 
1 unsportsmanlike eorotoa ).14;07; TlkKanen. 
NY (IrlppingJ. 18:51. 

TWrd Period— A N.Y. Rangers. Messier s 
(Kovalev. Lertcn). 2:48. A N.r. Ronaers. 
Messier 9 (Kovalev. Leetchl. 12:12. a N.r. 
Rangers. Messier 10. 1«:1S Istverxl. Penollles- 
— Tlkkanen. NY (roughing). 11:32: Nieder- 
rnaver. NJ (roughing), 11:32: Anderson. NY 
(stamina). 17:11; Anderson. NY, mlnor-mls- 
conducl (unsportsmanlike conduct), |9:40; 
Stevens. NJ, misconduct. 19:40: Nlchoia NJ. 
double mJnor-mbconducf (hWn-stlcUrm. 
roughing), TO ;ff); Gilbert, NY fstonlrg). 
TO;«3; oanevko. nj (Hoshtnol, 

Soars an goal New York 9-13-14—34. New 
Jersey 13-13-4—30; power-TOav opportuallies- 
— New York Oat 3; New Jersey Oof 3; goarku- 
— Mew York, Richter. I T-4 (30 shoivs saves). 
Hew Jersey, Brodeur. 84 (3S-32). 


ESCORTS & GUIDES 


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Daly Steps Down as Coach of Nets 

EAST RUTHERFORD, New Jersey (AP) — Chuck Daly resigned 
Thursday as coach of the New Jersey Nets after leading them lo two 
National Basketball Association playoff berths but failing to get the team 
past the firsi round. 

Daly's future had been in doubt since the Nets were eliminated by the 
New York Knicks in four games May 6. Daly had one year remaining on 
his three-year, $4 million coaching contract Daly. 63, said he would stay 
wiih the team for two more years, working on broadcasting projects, 
which including infomercials, pregame shows and other ventures. 

“The bottom line is that after 1,475 games at every level, I finally made 
the decision that il is time to leave the bench," Daly said. 

Wflkens Is Voted Top NBA Coach 

NEW YORK (AP) — Lenny Wflkens. who guided the Atlanta Hawks 
to their first Central Division title since 1987 and surpassed 900 career 
victories this season, was selected National Basketball Association Coach 
of the Year. 

In winning tbe honor for the first time, Wilkens received 71 of a 
possible 101 votes from a nationwide panel of NBA writers and broad- 
casters, three from each league city and 20 representing the national 
media. In his 2Jsi season as an NBA head coach and his first with 
Atlanta, Wilkens coached the Hawks lo a 57-25 record, a 14-game 
improvement over last season’s 43-39 marie The Hawks' record matched 
the best in franchise history and tied Atlanta with New York for the best 
mark in tbe Eastern Conference. 

Merit Cup Extends Whitbread Lead 

SOUTHAMPTON. England (AP) — The Swiss yacht Merit Cup 
surged to a lead of 80 nautical miles (1472 kilometers) over its nearest 
rival Thursday on the sixth day of the final leg of (he Whitbread Round 
the World Race. 

Merit Cup, a Maxi entry captained by Pierre Fehlmann. puDed away 
from tbe rest of the field earlier this week when it decided lo leave the 
Gulf Stream currents off the U.S. coast and bead east directly toward the 
finish in Southampton, England. 

Italy’s Brooksfield was second overall and leader in the Whitbread 60 
class, 45 miles ahead of Galicia 93 Pescanova of Spain. The rest of the 14- 
yacht field was well back. New Zealand Endeavor, which held a huge 
overall lead in tbe Maxi class after five legs, was 135 miles off the lead. 

For the Record 

Michel PraHFbonnne, 35, Belgium's national team goalkeeper, signed a 
two-year coatract with Portugal’s new soccer champion Benfica, newspa- 
pers reported Thursday. (AP) 

Karl Wendtinger, 25, the Austrian driver injured in a crash at the 
Monaco Grand Prix, remains in a "light coma” but is reacting to simple 
commands, doctors said Thursday in Nice. (API I 


INTERNATIONAL CLASSIFIED 


{Continued From Page 15) 


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Ballesteros 
Calls Ryder 
Cup Truce 

Ratten 

WENTWORTH, England 
— Seve Ballesteros held out 
the dive branch on Thursday, 
offering his congratulations to 
the Valderraraa golf club and 
its owner, for being awarded 
the 1997 Ryder Cup. 

In a statement of reconcilia- 
tion aimed at burying recent 
differences with Ryder Cup 
officials. Ballesteros also said 
he would continue to serve the 
sport and the event. 

Ballesteros had dashed with 
officials in the weeks before 
Wednesday's announcement 
because of his support for an- 
other candidate course. Novo 
Sancti Petri, and his criticism 
of Valderrama and the com- 
mittee making the sdection. 

“My heartfelt best wishes 
are extended to Valderrama 
and Mr. Patino for winning 
the right to be the hosts in 
’97." he said, referring to the 
owner, Jaime Ortiz Patino. 

The Spaniard, expected to 
be named European captain 
for 1997. also extended best 
wishes to the Ryder Cup Com- I 
mi (tee, from which he resigned 
earlier this month because of a 
perceived conflict of interest 
with his support of Novo 
Sancti Peiri. 

He had since claimed that 
he had been offered an induce- 
ment to support Valderrama 
and appeared lo imply that he 
felt other committee members 
might have acted unethically. 


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OBSERVER 


Life in Theme World 


By Russell Baker 

W ASHINGTON — Ours is a 
Lbeme family. We put it in 
years ago after Disney first demon- 
strated the glory or the theme park. 
“America is going theme in a big 
way.” the salesman said, showing 
mock-ups of the wife and children 
being offered at amazingly low 
prices. 

Theme things were the new fron- 
tier of entertainment, and what was 
America all about, if not entertain- 
ment? Although I had been 
brought up in a real family and 
enjoyed it now and then, often it 
really hadn't been that much fun. 

In Tact it had left me a bit trau- 
matized. as theme therapists like to 
say when told you have been incon- 
venienced by having to cope with 
fiesh-and-blood parents 
I wanted a fun family. 1 wanted a 
family of which masters of theme 
ceremonies could say. “That's en- 
tertainment!" 

Well, Td always been a gadget 
guy. You know: first on the block 
with color TV, first to buy a com- 
puter. So the idea of having this 
wired dummy family became irre- 
sistible after the salesman dispelled 
mv worries about maintenance 
costs. 

And how right he was. Three 
months after they delivered the 
wife she started malfunctioning 
regularly while cooking dinner. Her 
first breakdown occurred when 1 
came in from our theme backyard 
where I had been watching the chil- 
dren play “Mew the Plastic" and 
found her frying pork chops. 

When I objected that fried pork 
chops would thicken the fatty de- 
posits on my arterial tubing, she 
said: "Tough buns. Busier! The kids 
and I don't have arterial tubing. We 
have silicon chips, and we happen to 
like fried pork chops." 

□ 

With ihis she struck me violently 
on top of the head with the frying 
pan. Other small incidents left no 
doubt l*d bought a lemon, but be- 
fore I could complain her manufac- 
turer announced a recall and did a 
complete rebuilding job free of 
charge. 

That was several years ago. and 
she's been fine since. You can imag- 
ine the fortune doctors would have 
made on her if she hadn't been a 
theme wife. 

For a very reasonable price I 


bought a service contract on her and 
the luck covering the costs of routine 
maintenance twice a year. ! run 
them all into the shop in the morn- 
ing and pick them up after work the 
same day. good as new, 

AflerwanL to celebrate, we all go 
to a theme mall and buy T-shirts 
celebrating the mail's theme. You 
can see why I am furious about this 
socialized- medicine plan before 
Congress. 

Why should a man who had the 
foresight to build a theme family be 
taxed to pay the medical bills for 
people who didn't? All I ask is the 
right to be entertained in the theme 
environment of my choice without 
being taxed simply because a lot of 
people are too backward to build 
theme families. 

□ 

Fortunately, many persons arc 
seeing the light. For instance. 
AMTX, formerly called Amthrax, 
the same worldwide giant that was 
oiled Amalgamated Themes Inc. 
before it fell uno the dutches of the 
name-changers, wants to turn out 
entire town into a theme town. 

Moreover, our town loves the 
idea, even though it will mean re- 
placing a lot of nice old bouses with 
new theme houses and filling them 
with theme families fresh from the 
factory. 

The' superfast chips that operate 
these new theme people produce 
amazing|y human characteristics. So 
human, in fact, that they make my 
wife and kids look as fake as that 
talking Abe Lincoln they had at che 
old California Disneyland. 

An AMTX agent told me a few 
weeks ago 1 ought to scrap them. 
Since the company think* they will 
spoil the up-to-date theme look of 
the place, he offered to provide a 
new family at the wholesale price. 

1 was delighted, of course, until 
yesterday when he showed me the 
pfajios of my new family fresh off 
the production line. “Who is that 
strange new man?" I asked. Regret- 
tably. he said, flesh and blood were 
inconsistent with company plans for 
the new theme town. 

Never mind. They are giving me a 
job greeting visitors. I will also be 
the one behind the human-being 
fright mask who gets chased out of 
town four limes a day by plain- 
clothes theme police. When you vis- 
it. be sure to say hello. 

iVvh- York Times Strvue 


Europe 


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EVTERINATTONAL HERALD TRIBUNE, FRIDAY, MAY 27, 1994 


Merchant, Ivory and Jefferson in Paris 


By Katherine Knorr 

Iraenuttonel Herald Tribune 

C HAMPS-SUR-MARNE, France — 
In 1784, Thomas Jefferson joined 
Benjamin Fr anklin and John Adams as 
America's representatives > n France, and 
shortly afterward replaced Franklin as the 
resident minister. Thus began a privileged 
moment in his long existence, when this 
Renaissance could study close up all 
the thousands of things he wanted to know- 
about art. about agriculture, about the 
daily life of ordinary Europeans, about 
taxation and religion, aristocracy and jus- 
tice and architecture and so on. He had a 
front-row seat at die sorry march toward 
the French Revolution, fle kept copious 
notes {“Parmesan cheese. It is supposed 
this was formerly made at Parma, and 
took its name thence, but none is made 
there now"), and he left reluctantly in the 
fall of 1789 to become George Washing- 
ton's secretary of slate. 

It was in Paris, in the summer of 1786. 
that he met Maria Cosway, an artistic 
Anglo-Italian beauty who was married to 
the English society painter Richard Cos- 
way. The widowed Jefferson fell in low 
with her, and their letters indicate that she 
responded. He wrote her the famous Head 
and Heart letter (the Head won but not 
without a struggle), after she and her hus- 
band left France in October of 178b. 

Today. Maria Cosway is singing an Ital- 
ian love song she wrote lor Jefferson, ac- 
companying herself at the harp before a 
small audience in the chateau or Champs- 
sur- Marne, a gloomy suburb of Paris sand- 
wiched between freeways, not far from 
Euro Disney and the fields of warehouses 
and leather furniture oudets that ring the 
French capital Richard Cosway is pacing 
lugubriously behind the silk-covered 
chairs, watching for Jefferson to arrive. 
“Five. four, three, two. one." the recording 
says for the fifth time as Cosway begins to 
pace yet again, narrowing his eyes, watch- 
ing his wife thoughtfully, and then the 
door. It's a take. 

Janies Ivory and Ismail Merchant are 
shooting “Jefferson in Paris," planned for 
release in March of 1995. with Greta Scac- 
chi as Maria. Simon Callow as Richard 
and a burly but surprisingly true-to-paini- 
ings Nick Nolle as the American in Paris. 

Outside, in the windy Parisian darkness, 
about 40 men and women in elaborate 
hairdos and with alarming 18th-century 
faces, mill about on the steps smoking 
American cigarettes and mumbling about 
late nights, long waits and the whims of 
movie producers, especially foreign ones. 
In the magnificent gardens (designed by a 
nephew of Le Noire), a green Utilised waff 
fronted with a gigantic seashel! hides the 
streetlights of town. In the courtyard, near 




# 



the late ISih century m Europe and about 
Jefferson. The. script, written. like all Mer- 
chant-Ivory Rims' by Ruth-.Prawer Jbab- 
; vala, took toiler toput together than the 
novel adaptations, A novel, Merchant 
said, is a “beautiful architect's drawing.” 

Jefferson’s Letters (he was one of Ameri- 
ca’s greatest letter writers, writing perhaps 
as many "as 75.000j.and his travel notes 
provide a fascinating: account of his. pre- 


Greta Scacchi and Nick Nolte in a scene for “Jefferson in Paris. 


the stables. Lhe wardrobe tents tremble in 
the wind, glowing dimly. 

Ivory and Merchant are famously a 
study in contrasts — the American direc- 
tor cairn and sfow-iaiiting ("Excuse me. I'd 
like to see that again*]), the Indian produc- 
er voluble, companionable and volatile 
(“How did this happem? How could this 
happen?”). Their emphasis on authenticity 
makes everything about this production 
both uncomfortable and homey. “The 
chateau was a great place to shoot." Mer- 
chant said cheerfully. Others use "short 
cuts and spend a lot of money." be said. 
"We use long cuts and spend less money'." 

Bulky film equipment is piled in wood- 
paneled salons next to marble-topped 
dressers and fragile, oval-backed chairs, 
then lifted or wheeled perilously through 
narrow doors. Extras, gofers and the usual 
movie retinue of tense, angry people 
lounge in half-dark rooms underneath tap- 
estries and portraits. In the vaulted, tiled 
kitchen below stairs, Scacchi (costume 
covered by a long white tunic). Ivory. 
Merchant, music consultant David Bahan- 
ovic and a few others, including an actor in 


American Indian costume who turns out 
to be Algerian, feast on Merchants own 
tagliatelle bolognaise with side helpings of 
purged orange lentils. 

The chateau of Champs, now a muse- 
um. was built at the end of Lems XTV*s 
reign fit was finished in 1716). The furni- 
ture for the film was provided by Bernard 
Stienitz, a Paris dealer who specializes in 
the 18th century. The music, overseen on 
the set by Bahanovic, a cellist, is on period 
instruments — notably a harpsichord 
made at the same time as one Jefferson 
ordered, and now in a German collection 
— and wiU be recorded by William Chris- 
tie's Les Arts Florissants. Aside from 
Haydn, a natural, the score will include the 
composer Johann Schoben, almost never 
hard today. 

“Jefferson" is something of a departure 
for this team, which has been highly suc- 
cessful adapting E M. Forster and, most 
recently, Kazuo Ishiguro’s “The Remains 
of the Day.” In this case, the inspiration 
came 10 years ago when Ivory read Olivier 
Bernier's “Pleasure and Privilege" then, 
intrigued, went on to read a lot more about 


son-neuve and - Vitteaux, the., road, nans 
through ah avenue of trees, eight Ameri- 
can miles long, in a right line. Iris impossi- 
ble to paint the.enflur.of this avenue."). ; 
and some judgments that seem suiprising 
today: “The city of London, though hand- 
somer thaw Paris, is not so handsome as 

Philadelphia." . 

The tetters also provide a nriim'rig ac- 
coont of the heated, battles in the States ■ 
General and France's financial crisis. Jefr. , 
ferson wrote John Jay. James Madison 
and others in tbc United States about the 
monarchy's complicated dance of death, 
with a little court gossip: “The King, long 
in the habit of drowning his cares in wine; . 
plunges degree and deeper. The Queen 
cries. buL sins on." i- 

T he French crisis interested him not- 
only for its own drama, and because of his ' 
dose friendship with the Marquis de La- 
fayette, one Of the (losing) players, but 
because of he involvement in the writing . 
of the American Constitution, and thus, 
the thorny questions of heals bf state, ' 
taxation and national ; debt. . _ - 

This . admirable political philosopheris 
poli ti cally incorrect in some American cir- 
cles. Although he was pobtidy opposed to 
slavery, his. opposition was phrased in the 
ambiguous manner of the times_.He.was 
also, as is well known! a slave owner and is 
believed to have fathered children by his 
slave Sally Heatings. It is tricky, in these 
pusillanimous times, to portray this com- 
plicated man, who w&slOOpercent Ameri- 
can and yet can seem very European to 
American readers. 

“Jefferson in Paris" opens in Virginia - 
today. When a reporter comes to interview 
the . descendants of Sally Huntings,. who 
show mementoes she brought .had: from 
Paris, where she was the companion of 
Jefferson's younger daughter (Hemings is 
played by Thaudie Newton). The movie', 
closes with the French Revolution and the . 
freeing by Jefferson of James Heatings 
(Seth GflfiamV Sally s-brother. . 
Merchant expects controversy, almost 

« : “Some people will think. “that 
sitings's relationship with Jrffer-^ 
sob is really not acceptable.” . 

“This movie is politically incorrect in 1 
every way " said Ivory over bis tagtiatdfc. 


WEATHER 


CROSSWORD 


“^people 

Yes, Oprah Winfrey 

Wim Another Err,^ 

consecutive 

time Eramys be race. 

a***. 4 ? 

lifetime achievement 

itself, and even aflowed 

Marshall to direct ol ;. 

base near Colombia, .Sou - y ,d 
oa. "Ve are f uMy at 

socks in their drawer? 

General H. 

' Wednesday near Washington. 

- a 

Ib Marih, he was best man 
his half-brother ***"*£ 


RoB^Chnton 
and his- wife. Mofly. bad -bt . 
named Tyler on May 12- Word J 
the birth did not gel out promptly- 
the WhiteHouse said, “because no- 
body asked." 

□ 

Naomi Judd has doubts about 
her daughter’s becoming anmej 
mother. “This is a very difficult 
time for Wvmmna Judd and her 
family." said Mom, “but she s m> 
daughter, and TD pve her ray un- 
conditional love and support- Thy 
child" is going, to -be bom irno the 
most adoring, supportive family 
there ever was." Wynonna, the 
country singer who used to team 
with her mother, said last monin 
thht sfae probably won't marry the 
duhTs fattier, a boat salesman 
named Arch KeUey 3d. 

The oceanographer Jacques 
Cousteau, 84, and the actress Olivia 
de Hayffland, 77. were awarded 
honorary. doctorates by the Ameri- 
can University of 4 Paris. 


Forecast for Saturday through Monday, as provided by Accu-Weather. 



Today Towonww 

High Low W High Low W 
OF C/F GIF OF 


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Monti 

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North America 

Sunny, wanner weather will 
overspread lhe Northeast, 
including Philadelphia. New 
Torn Cffy and Boston, this 
holiday weekend. Hoi, dry 
weather ® likely throughout 
m05l pi the UkIwbA includ- 
ing Indianapolis Sunday lor 
lhe Indy 500. Thunderstorms 
wil be scattered across me 
Plains 


Europe 

London and Pans will have 
dry. pleasant weather Mils 
weekend into Monday. A 
soaking rafti wiU wet (he area 
from Moscow to Kiev Ihls 
weekend. Southeastern 
Europe will be partly sunny 
and warm mb weekend as 
lhe center of a hoi air mass 
shifts westward toward the 
western MedWenwiewi Sea. 


JjHocvy Mi*»v 

vjncki BEJl Snow 

Asia 

Heavy rams from a tropical 
storm will soak pans ol 
southern Chii* and Hainan 
Island Saturday tnlo Mon- 
day. Cool weather will over 
spread northeastern China 
and Korea. Beijing will be 
sunny and warm this week- 
end. Tokyo will reman warm 
Ihis weekend wiih a few 
showers by Sunday. 


Algiers 27*0 

Cop- Town 1Q/S0 

Casablanca 26 fra 

Hew 22/71 

Legos 30*6 

HWrti 21/70 

Two 31 *BB 


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ACROSS 

1 Privy 
S U.S. narc 
9 Egg depository 
13 dear (out) 
i« Sum up 

IB" any 

wonder?' 

17 Thompson of 
films 

IB 'You 

Beautiful' 

19 The Coasters' 
record label 

20 Wow everyone 


22 Self-defense 
item 

24 Mer material 

25 "I Fall to Pieces" 
singer 

27 Trash pickup 
spot 

32 Greenspan and 
Faron 

32 Super-growth 
locales 

34— — sequitur 

35 Summoned, in 
away 

3« Jockey rival 

37 Transceiver 
button 


Middle East 


Today Tomorrow 

High Low W Mtfi Law * 

OF OF OF OF 

29*4 ?r/ro i 29*4 21.70 a 

36/97 20/68 ■ 36 *7 21/70 » 
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Latin America 

Today Tomorrow 

High Low W Htgb Low W 
OF OF OF CIF 

ftwraafew 18.64 7/44 *h IW 6'4J pc 

Canos 31*8 19*B pc 31*6 20*0 s 

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fexManwo £8/87 £0*9 f 25/77 19*6 ah 

Saraago 11/52 4/39 Mi 16*1 3-3? s 


Legwid: s-surmy. pc. -earth doudy. c-dowdy. stvshewes, t-lhundor^sniB. r-r», M-snow Rum«s, 
sivsoow, Mea, W-Wawhw . AB map*. IgrocsJKm wx! rtata provtdrt by Accu-Wuwthw. hie.* 1994 


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Onduopy 16*1 ! 

AUanU 25/77 1! 

Boston 1B«4 : 

Cheapo £0*8 I 

Daww 26 /Ti « 

DW«0d 19*6 ; 

Honolulu 26*2 2' 

Houston 31*8 21 

Los Angslai 22/71 l< 

Uan 32*9 7. 

Umrapcfa 25.77 « 

tbrawnl 14457 i 

Nassau 31*6 2< 

NtwVgiV 19*8 ‘ 

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Sanrrgn 19*6 11 

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Woohnston 21/70 V 


Solution to Puzzle of May 26 


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assn asnaoj saaa 
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or lateral 

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job 

4Q Party you cant 
crash 

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play, with "The” 
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{London site) 

S4 Amusement 
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57 Trade grp. 

58 Frontier trophy 
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