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Herald 


INTERNATIONAL 



** 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 

Paris, Wednesday, November 23, 1994 



No. 34.753 



Bosnia Strife 
Could Widen 
Rift in NATO 

By William Drozdiak 

Wenhingtcm Post Service 

PARIS — While the latest Western air 
stnke against Serbian targets prompted a 
lot of chest-thunaping in allied capitals, 
senior officials in European governments 
now fear that a further escalation in the 
fi ghtin g win soon provoke deeper divisions 
between the United States and its allies. 

Serbian forces ignored Western warn- 
ings and pursued their attack Tuesday on 
Bosnian Muslim enclave of Bihac, us- 
ing tanks and helicopters. (Page 2) 

Senior alliance officials said an an- 

£ ed debate had broken cut over the 
s course of Western strategy in pro- 
tecting the 100,000 civilians and some 
1,100 Bangladeshi peacekeepers trapped in 
Bihac, in what the United Nations has 
designated as a “safe area.” 

While the United States is pressing for 
tougher action against the Serbs and fur- 
ther air strikes if necessary, the European 
allies are alarmed by the risk of reprisals 
aga ins t their peacekeeping troops scat- 
tered throughout the Bosnian theater. 

They also contend that more military 
punishment inflicted by NATO air power 
would snuff put the last flickering hopes 
that the Serbs will accept an international 

NEWS ANALYSIS 

peace plan to partition Bosnia-Heizegovi- 
na and avoid a third winter of war. 

“The resentment is there and it keros 
growing,” a senior NATO official said. 
“The Americans say NATO’s credibility is . 
at stake and we need to keep hitting the 
Serbs f or their violations. But the Europe- 
ans fear any expansion of the war and any 
retaliation against their troops on the 
ground. It creates constant friction within 
the alliance.” 

The French government, which has sent 
more than 6,000 troops to the former Yu- 
goslavia, mare than any other nation, re- 
^uted furiously to the U&dedsion to stop 
enforcing the arms embargo against Bos- 
nia last week, French officials said the. 
flftntnn administration was mistaken if it - 
believed that helping the Bosnian govero- 
mart reverse eanieriniEtaiy losses would 

would^ve them roughly half of^Bosnian 
territory. •* • 

“It’s nice to say you want tohdp the 
victims against the aggressors, but it bears 
no relation to what is happening on the 
ground,” a French mflitaiy official said. 
r The Americans say they know what is 
right and what we should do, bat they 
don’t even dare to pm their troops on the 
lam.” 

After Secretary of Stale Warren M. 
Christopher warned that NATO would 
take stem nriHtaiy action to protect the 
safe areas and halt the Serbian offensive, 
Foreign Minister Alain Jupp6 of France 
about creating an ex- 



Berlusconi Is Placed 
Under Investigation 
In Corruption Affair 

Italian Leader 9 Vowing Not to Quit, 
Says: ‘I Have Committed No Crime 9 


usmess 


Locum' MeHfc*-'R«Kef> 


Mr.Rerfusconi on Tuesday while be was host of rite United Nations meeting on organized crime in Naples. 

Extortion Squeezes Russia’s Middle Class 


VO) 

elusion zone that would ban heavy weap- 
ons under the threat of NATO air strikes, 
just as the allies did in February to stop the 
bombardment of Sarajevo. 

Mr. Juppt noted that in this case, the 
Muslim forces started the fighting in Octo- 
ber by launching an offensive from Bihac, 
which the Serbs have now repulsed. Simi- 

See BOSNIA, Page 2 


By Margaret Shapiro 

Washington Post Service 

MOSCOW — On a small plot of land 
outside Moscow, under a thin blanket of 
early winter snow, lie the charred remains 
of one Russian woman’s hopes for the 
good life. 

This was to have been her country cot- 
tage, a refuge she and her husband, with 
help from a sister living abroad, had 
scrimped and saved for several years to 
build. 

To her, it was also to be proof that 
Russia had become a normal country, 
where it was no longer forbidden to make 
money and live decently. 

She no longer harbors such illusions, she 


said recently. Swindled out of her saving 
by a builder, victimized by arson when si 
tried to fight back and terrorized by tele- 
phone threats, she is living in fear. Now, 
like many of Russia's middle class, she and 
her husband despair for the future. 

“It’s like you live in a world that has 
completely different laws and regula- 
tions,” said the woman, 48, a professional 
interpreter who out of fear did not want 
her name used. 

What is so unsettling about this wom- 
an's story is how ordinary it has become in 
Russia today. The hopes and aspirations 
many people had when the old Communist 
iscd three years ago — that 
finally become a “civilized” 


country — have given way to a sense that 
things nave spun out of control. 

No one feds more exposed to crime and 
extortion than the fledgling middle class, a 
that experts say Russia desperately 
if it is to regenerate itself. This 
growing bourgeoisie has finally accumulat- 
ed enough money to buy cars, dachas and 
foreign travel. But, unable to insulate itself 
with the bodyguards 
ltny, it h 
under siege. 

Two summers ago, the interpreter and 
her husband decided to use their savings to 
build a winterized, modern dacha on some 

See CRIME, Page 6 


and security systems 
of the wealthy, it has become a group 


By Alan Cowell 

New York Tana Service 

NAPLES — P ime Minister Silvio Ber- 
lusconi was told Tuesday by magistrates 
that be was being investigated on corrup- 
tion allegations because of bribes ; 
eddy paid to lax inspectors by his 
empire. 

It was the wor>£ and most humiliating 

C “ lie setback of a career that made Mr. 

usconi first a milli onaire and then a 
p rime minis ter. 

Already reding from local elections last 
weekend in which his Forza Italia party 
fared badly, Mr. Berlusconi received word 
of the move as he hosted an international 
conference in Naples on combating orga- 
nized crime. 

He immediately proclaimed his inno- 
cence and made it dear that be was in no 
mood to resign. “I will cany on. And why 
not?" he said. 

In a statement carried later on television 
news broadcasts, he said only Parliament 
could force him from office. 

“I will not resign and I will not step 
down from the post that has been con- 
ferred on me by the head of state and the 
confidence of Parliament,” Mr. Berlusconi 
said. “Only a clear and explicit vote of no 
confidence by Parliament would force me 
to write my resignation letter." 

The development deepens the sense of 
crisis surrounding his conservative three- 
party coalition, which already faces fierce 
public protests over its efforts to trim the 
government budget deficit. Legislative 
proposals to cut state spending on pen- 
sions have set off the biggest demonstra- 
tions seen in Italy since the end of World 
War 11. 

After two years of corruption investiga- 
tions that have implicated thousands of 
Italian politicians and business people, 
Mr. Berlusconi came to power in elections 
last March on a tide of public enthusiasm 
for his promises of dean government and 
economic well-being. 

Since then his fortunes have steadily- 
declined because of unpopular austerity 
measures, frequent squabbling in his coali- 
tion and his tense relationship with anti- 
corruption magistrates, whom he accuses 
of pursuing a political vendetta against his 
government that exceeds their judicial 
mandate. 

Reports that Mr. Berlusconi had been 
implicated in the corruption scandal sur- 
faced Tuesday in the Corners della Sera 
newspaper. The report said that magis- 
trates in Milan had placed the prime min- 
ister, several executives of his Fminvest 
business empire and officers of the govern- 
ment tax police on a list of people to be 
investigated on two counts of corruption. 

The first count relates to payments of 
some $80,000 said to have been made to 
tax inspectors by Mr. Berlusconi's Monda- 
dori publishing company in 1991 in return 
for a favorable audit. Toe second concerns 
a sum of $60,000 purportedly paid by his 

See ITALY, Page 6 


Dow Plunges 
91.52 Points ; 
U.S. Political 
Outlook Cited 


By Lawrence Malkin 

International Herald Tribune 

NEW YORK — Investors and 
traders anxious about higher interest 
rates and the U.S. political outlook 
dumped stocks in the final hours of 
trading on Tuesday, knocking more 
than 91 points off the Dow Jones 
industrial average. 

The Dow closed down 91.52 points 
at 3,677.99, while losing issues out- 
paced gaining ones by a 4-to-l ratio 
on the New York Stock Exchange. 

Economic and financial factors 
were the primary drags on the market 
but not the only ones. Politics figured 
in, too, with some victorious Republi- 
cans threatening to scuttle a world 
trade treaty in Congress and bargain- 
ing with President Bill Clinton to 
agree to a cut in capital gains taxes 
regardless of the effect on the federal 
budget deficit On the Democratic 
side, Labor Secretary Robert B. Reich 
proposed massive cuts in subsidies. 

“I think dearly the lift from the 
dection lasted only a few hours." said 


;ee Aid Network Fails 

Neediest Rwandans Are Going Hungry 


Refug< 


1 By Keith B. Richburg 

Washington Post Service 

KIBUMBA REFUGEE CAMP, Zaire 
— Every day the trucks arrive, plying the 
narrow, winding roads to tee ming Rwan- 


By the time food readies this border camp 
from the nearby Zairian town of Goma, 
hundreds, if not thousands, of tons have 
been pilfered, diverted, sold or not given to 
the neediest refugees. 

UN and aid workers say the mam prob- 


of tons of food “ ^of die worid accDrate ^ of Thc Smp. 1 


nn gfvng relief operations. And every 
Prudencdana Bamporiki and her eight 
dren go hungry. 

Mrs. Bamporiki, a 50-year-old refugee 
from Gisenyijust across the border, scav- 
enges daily in the forested hills that repa- 
rate Zaire from Rwanda. When she finds 
com, she stacks the cobs in neat little rows 
and sells them along the road outside tins 
squalid camp she now calls home. She said 
she needs what little money she earns fro® 
the com to buy beans and cooking oil, 
because the weekly rations she receives are 
not enough. , „ . -j 

“I'm earing very poorly, sh« ; 
“Sometimes you see a mother with five 
children, but when they grve her food it s 
only enough for two plates. . 

“Life is Very difficult here,” she contin- 
ued. “I need food.” .. 

Her complaint —and the sight of donat- 
i j uZL. An the rood next to a 


populations 
and that food distribution Is controlled by 
Rwandan militia fighters and former sol- 
diers from the deposed Hutu-led govern- 
ment, who are accused of massacring at 
least 500,000 minority Tutsi last spring. 

The Hutu regime fell in July after Tutsi- 
dominated rebel forces v a nquis h ed the 
government army and militias and took 
over the country, sending hundreds of 
thousands of Hutu fleeing to Zaire, fearing 
a campaign of revenge. 

"We are bringing in 25 percent more 
food than what we believe is needed for the 

See RWANDA, Page 6 


Kiosk 


Medics Cite Risk 
And Quit Somalia 

BRUSSELS (Reuters) — The inter- 
national medical charity Doctors 
Without Borders said it was pulling 
out of Somalia after a British aid 
worker in the southern port of Kixma- 
yu was kidnapped ana held briefly 
Tuesday by militia. 

“It is too dangerous for us to stay 
there,” said Marc Biot, a spokesman. 
“We do not want to take any risks.” 

He said the weaker, one of eight 
foreign staff members at the Kismayu 
hospital, had been seized by militia 
believed to be loyal to Siad Hersi 
Morgan, son-in-law of the deposed 
Somali president, Mohammed Siad 
Barre. 


Book Review 
Crossword 


Page 9. 
Page 19. 


Jobs Bubble Bursts in Asia 

U.S. Firms Cutting Hong Kong Staffs 

deal flow they need to cover their costs," 
said Patrick Thomas, managing director of 
Oakreed Financial Services Ltd. He was 
referring to the leading American invest- 
ment houses now paring staffs that bal- 
looned over the past three years. “This is 
their major problem, not trading losses 
here on tin street.” 

Competition for executives and rocket- 
ing commercial and residential rents were 
acceptable costs of doing business in Hong 
Kong, so long as U.S. interest rates re- 
mained low and the allure of growth in 
China and other Asian markets beckoned. 

But with the Federal Reserve Board 
ranting interest rates to slow the American 
economy and with China’s financial mar- 
kets showing signs of edging toward chaos, 
cashing in on the Pacific region has be- 
come too expensive for some firms at their 

See TRADE, Page 6 


By Kevin Muiphy 

International Herald Tribute 

HONG KONG — There are pink slips 
here in El Dorado, too. 

From big American investment banks to 
local stock brokerages, a series of layoffs is 
undermining the iimihashati bullishness 
about the relent] ess rise of Asia’s economic 
power. 

Stratospheric operating costs, anemic 
turnover m the local stoat market and a 

First of two articles 

dr amati c slowdown in new investment 
across Asia have left many Hong Kong 
bankers and stockbrokers with a new fear 
to replace the traditional worry about the 
size of their annual bonus: W31 they have a 
job at all next year ? 

“There does not seem to have been the 


m Down 
91.52 

3677.35 


Down ”■ 
1.19% 

111 S3 

The Dollar 

Nov. You 

TltfH CUM 

srnwaacM 

DM 

1.5535 

1 -5565 

Pound 

1 5691 

1 5673 

Yen 

88.305 

98 30 


FF 


S.3355 


5.3365 


Eric Miller, chief investment officer at 
Donaldsun, Lufkin & Jenrette Securi- 
ties Corp. 

The principal financial factor was 
the Federal Reserve Board's decision 
to raise short-term interest rates last 
week to 5.50 percent from 4.75 per- 
cent, which made stocks less attractive 
than government bonds, which offer a 
safer store for returns since the Fed is 
determined to slow economic growth 
nex t ycar. 

“The bond market and the stock 
market are out of alignment," said 
Marshall Acuff, chief investment ana- 
lyst at Smith, Barney & Co. “There is 
value in bonds, and stocks have been 
overpriced relative to corporate earn- 
ings in a slower economy. Stocks have 
nowhere to go but south.” 

The price of the 30-year Treasury 
bond rose 27/32 point on Tuesday, to 
93 28/32, taking the yield down to 
8.04 percent from 8.12 percent on 
Monday. Two-year Treasury notes, 
which are yielding 7.19 percent, also 
were seen as a safe place to park 
money with very little risk of loss in 
the face value of the note because 
inflation appears to pose little threat 

Neal Sees, a New York hedge fund 
manage r and former Federal Reserve 
official, said he was not greatly sur- 
prised by the unwinding of both the 
stock and bond markets — only per- 
haps that it had taken so long to get to 
their present levels. 

“For five years we had smooth sail- 
ing in the credit markets with histori- 
cally low interest rates, and people 
tend to forget that winter eventually 
comes,” Mr. Soss said. “Now the 
economy has begun to peak and the 
financial cycle is in the process of 
peaking with it, you have to expect 
that people are going to demand a 
higher ratio of earnings to prices when 
they buy stock, and the only way they 

See STOCKS, Page 12- 


As Winter Descends on Beijing, Lowly Cabbage Rises to Occasion 


ed food bong sold on tbe ioad irext 
camp filled with tens of thousands of 
hungry people — illustrates what UN rrffi- 
dais and some relief agency workers sa>j5 


Newsstand Prices 


Andorra.....9.M FF Luxembourg ML.Fr 
V^vTipc 11.20 FF Morocco 12 D n 

sasrfBW 


By Patrick E, Tyler 

New York Tima Sam 

^ „ BEUING — “How much do you charge for defiv- 

a breakdown of the relief supply system- B customer asked, leaning on the handlebars of 

his bicycle in front of a truck-sizcdheap of cabbage on 
the side of the gree^wes^ ^ 

Tail Gully vegetable market. “Did you just crawl out 
of a cave or something? It’s free!” 

The great cabbage migration has begun, and it’s a 
buyer’s market 

Mountains of Chinese cabbage — 396 million 
pounds (180 million kilograms) by the reckoning of 
the Beijing authorities — began advancing on the 
capita! this month, as one of old Beijing s agricultural 
rhythms persists against the onslaught of modem 


Gabon WJCFA Senesol CFA 

l«»vC0(St .l.WCF* TU^..T.L 3W00 

£fevii S'i£ l 


supermarkets and glitzy shopping centers that have 
sprouted here. 

Peasants who have been sleeping with their crops 
for weeks in a 160-lrilometcr (100-mile) are of farm- 
land outside Beijing have converged for the anima l 
ritual of selling what was once a survival crop for 
many Chinese. 

They come in trucks, horse-drawn carts and pedal- 
powered three-wheelers, all straining under billowing 
loads of cabbage that within the space of a week fill 
acres of sidewalks and alleyway space. 

Ten thousand city workers hdp the fanners with a 
fleet of 1,400 trades, which haul cabbage to 500 dty- 
ran markets. 

From these and from hundreds of free-lance cab- 
bage heaps, the hawking begins. 

People will always buy cabbage,” Mr. Wang said. 


“It’s what we call guodong cat, the food you get 
through the winter on.” 

Lan Wei, a 26-year-old worker in a state factory 
who was out marketing the other day, said: “In the 
past, there used to be nothing dse to eat” 

r « _i ^ n 


coal soot that makes China's wintertime air famous 
for its density, but Beijingers just peel away the 
outside leaves and plop it in boiling water. 

“You can fry it, you can make it into dumplings, 
you can put it into soup ” said Wang Yanhong, a 


Rmfling , she repeated a ditty of the Communist era: young woman who works for an American company 
“When you’ve got your winter cabbage, in your heart m Beijing. She defended it against the disdain of 

fr ” J J 1 ' ~ ! “ 


you feel secure. 

Buying winter cabbage is no simple chore. Volume 
is the key, as is buying early to get the best price, as 
little as a penny per pound. 

“It used to be that people would get in long lines 
and really stock up on the stuff — 400 to 500 pounds,” 
Miss Lan said. It was stacked on balconies and in 
stairwells and hung outside windows as a strategic 
food reserve for every family. 

By December, it freezes and turns black from the 


today’s youth in China. 

“It’s not that all young people don’t like it," she 
said. “It’s the same as any vegetable. If you eat it every 
day, you’ll get sick of it” 

Miss Lan said that “in recent years, a lot of cabbage 
hasn't been sold.” 

The reason is that prosperity, greenhouse farming, 
and year-round vegetable crops shipped from south- 

See CABBAGE, Page 6 ■ 










Page 2 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 23, 1994 


Ukraine Chief Gets 
Vow of U.S. Support 

Clinton Pledges Hell Assure 
‘Your Territorial Integrity’ 



The Associated Press 

WASHINGTON — Having 
pressed his country to give up 
nuclear weapons and reform its 
economy. President Leonid 
Kuchina of Ukraine received 
President Bill Clinton’s pledge 
Tuesday to support “your inde- 
pendence, your territorial integ- 
rity and your reforms.’ 1 

Welcoming Mr. Kuchma at 
the White House, Mr. Clinton 
said, “We are bound together 
by a dedication to peace and a 
devotion to freedom.” 

“We are not a poor country,” 
Mr. Kuchma said. “We are a 

S country and an inexperi- 
one.” 

Relations took a decided turn 
for the better last week when 
the Ukrainian Parliament voted 
to join the Nuclear Nonprolif- 
eration Treaty and give up the 
former Soviet republic's inherit- 
ed nuclear arsenal. 

It was the first meeting be- 
tween Mr. Clinton and Mr. 
Kuchma, and they were begin- 
ning the visit with a one-on-one 
session in the Oval Office. 

The two leaders also will sign 
an agreement outlining the 
U.S.-Ukrainian relationship 
and another calling for cooper- 
ation between their space agen- 
cies. 

Earlier, R. Jeffrey Smith oj 
The Washington Post reported 
from Washington: 

Senior U.S. officials said that 
Mr. Clinton would tell Mr. 
Kuchina of Washington's plan 
to give his cotmhy another SI 00 
million in U.S. foreign aid next 
year, bringing total U.S. assis- 
tance to $900 million in 1994 
and 1995. 

The new US. pledge not oaly 
comes six days after Mr. 
Kuchma persuaded the Ukrai- 
nian Parliament to approve the 
nonproliferation treaty, but 
also comes three weeks after 
Ukraine's comprehensive eco- 
nomic reform plan gained a 
strong endorsement from the 
International Monetary Fund, 
which pledged $371 million in 
aid. 

A U.S. official called the 
plan, which was devised with 
assistance from U.S. econo- 
mists, “impressive" and praised 
Mr. Kuchma for appointing 
“an impressive team of young 
reformers" to cany it out 


The pledge, which comes 
from a pool of money already 
approval by Congress for aidto 
Russia and other former Soviet 
republics, will be used to aid the 
creation of small private busi- 
nesses in Ukraine and form the 
stable banking and legal sys- 
tems that are needed to attract 
other foreign investment, the 
officials said. 

Washington is asking the Eu- 
ropean Union to donate anoth- 
er $100 million to Ukraine to 
help finance imports needed to 
help its populace survive the 
coming winter, matching the 
$100 million Washington 
pledged last month. It also is 
asking for a contribution from 
Japan. 

Ukraine is already the 
fourth-highest recipient of U.S. 
foreign aid, after Israel, Egypt, 
and Russia, even though it lags 
far behind many other former 
Warsaw Pact nations in imple- 
menting economic reforms and 
attracting Western investment. 

Washington also planned to 
sign a bilateral space coopera- 
tion agreement with Ukraine, 
an agreement to help boost pri- 
vate trade and investment, and 
a loan arrangement to help con- 
vert a Ukrainian defense plant 
to commercial use. 



WORLD BRIEFS 


•# 


UN Nuclear Team Goes to Pyongyang 

BEIJING (Reutos) SS 




Pari J. lUdianh/Ajpjoe Fnacc-FresM! 

President Leonid Kuchma of Ukraine and Bill Clinton daring welcoming ceremonies Tuesday at the White House. 


Serb Helicopter Fire Targets a Muslim 6 Safe 5 Zone 


By Roger Cohen 

New York Times Service 

ZAGREB, Croatia — Rebel Serbs 
backed by tanks and a helicopter 
pounded Bosnian government forces as 
they closed in on Bihac, leaving several 
burning villages and hundreds of refu- 
gees without shelter. United Nations of- 
ficials said. 

As tension mounted after a NATO 
raid Monday on a Serbian-held airfield, 
Bosnian Serbian forces near Bosanska 
Krupa east of Bihac fired at least one 
surface-to-air missile at two British 
NATO Harrier jets on regular patrol 
over Bosnia, the officials said. 

Both the use of the helicopter gunship 
near Bihac — a violation of the “no- 
flight" zone over Bosnia — and die 
direct attack on NATO jets were techni- 
cally sufficient cause for a further 
NATO air strike, but none immediately 
occurred. 


However, a senior UN official sug- 
gested that a further NATO air strike, 
this time against a Bosnian Serbian rath- 
er than a Croatian Serbian target, was 
very likely Wednesday. 

“Something is bong prepared and I 
wouldn’t go anywhere tomorrow morn- 
ing,’* he said Tuesday. 

Croatian officials said the that Atlan- 
tic alliance had asked Tuesday for re- 
newed permission to fly into Croatian 
airspace and that Croatia had agreed to 
the request 

Michael Williams, a spokesman for 
the top UN official here, Yasushi Aka- 
shi, denied reports that Mr. Akashi bad 
turned down a NATO request for an air 
strike Tuesday. 

“NATO will take the lead on this, 
because the violation of the no-fly zone 
and the direct attack on its planes are 
direct challenges to the alliance,” he 


said “Our concurrence is not in ques- 
tion." 

Under the shaky and often paralyzing 
system in force in Bosnia, UN and 
NATO commanders must agree on any 

militar y action. 

With the situation around Bihac in 
northwestern Bosnia increasingly criti- 
cal, and no sign of any slowing of the 
Seri) offensive, Defense Secretary Wil- 
liam J. Perry warned that further air 
attacks by the Serbs in Bosnia would be 
met by a more decisive NATO raid. 

“If they go in tomorrow or the next 
day with another bombing attack, then 
well go back and blow up their air- 
planes,” Mr. Perry said. 

Two people were killed in the NATO 
raid and four were wounded, all military 
personnel manning anti-aircraft artil- 
lery and missile systems at Udbina, Mr. 
Williams said NATOshowed footage of 
U.S. Air Force F-15s using 10 laser- 


guided bombs on targets, including a 
surface-to-air missile at the air base. 

The Bosnian Serbian offensive on Bi- 
hac, supported by rebel Serbs from the 
Krajina region of Croatia and renegade 
Muslim forces, came in response to an 
advance last month by the Muslim-led 
Bosnian Army. More than 10.000 Serbi- 
an civilians lost their homes to the 5th 
Corps of the Bosnian Army, fleeing 
westward and south into Serb-held parts 
of Croatia. 

The overwhelming Serbian response 
against a pocket of Muslims has con- 
fronted the United Nations and NATO 
with the contradictions of peacekeeping 
in the midst of war. 

In effect, the Muslims have chosen to 
turn for international help after initiat- 
ing the most recent fighting around Bi- 
hac, a town declared a “safe area” by the 
United Nations and which the interna- 
tional community is bound to protect 


for Pyongyang that North Korea r 

freeze" and that “we are here to verify it 

Hanoi and Beijing Will Cool Dispute 

HANOI (AF) — China and Vietnam agreed Tuesday not t o. 
escalate their territorial disputes or resort to force, and assured, 
their neighbors that they were willing to work for a peaceful 
settlement according to ajointoomrnuniquijssued at toe end of a. 
three-day visit by President Jiang Zemin of Ch i n a- . • 

In the only concrete move toward resolving the issue, they, 
announced plans to form a grog) to negotiate rival danns to the 
Spratly Islands in the South China Sea, which straddle major 
shipping lanes and fishing grounds and are believed to sit atop 
rich oil and gas deposits. . 

It was not clear what this agreement might mean m practice.. 
Both governments previauriy nave called for peace even while 
contributing to tensions by exploring for oil in disputed waters, 
near the Spratlys and in the Tonkin Gulf. Both China and- 
Vietnam have awarded oQ exploration contracts to U.S. compa-; 
njes in disputed zones, and there was no indication that either side, 
planned to rescind those contracts. 

Irish Parties Extend Leadership Hunt 

DUBLIN (Reuters) — Ireland's political parties gave them- 
selves another week on Tuesday to find a successor to Alberty 
Reynolds, the prime minister forced to resign in a crisis over the* ' 
government's handling of a child sex abuse rase. 

Bertie Ahem, head of Mr. Reynolds's Hanna Fail party and the 
man expected to form the next coalition government, said: “It is' 
imperative that the country not be left without a government for 
one single day more than necessary." 

He sard Fianna Fad did not rule out re-forming a coalition with 
the Labor Party, which helped bring down the previous govern- 
ment. “I am sure Fianna Fail wiU consider that option as well as 
other options," Mr. Ahem added. 

Algerians Urge Steps Toward Peace 

ROME (Reuters) — Senior Algerian opposition figures joined 
forces Tuesday to urge an end to the violence that has killed 
thousands of people since the army canceled elections and took 
power in 1992. 


BOSNIA; European Governments Fear That Escalation Will Deepen the Divisions in NATO Criticism 

Is Ignored 
By Rabin 


Continued from Page 1 
larly, the British foreign minis- 
ter, Douglas Hurd, expressed 
his aversion to further military 
measures by asserting that there 
could be no military solution 
and that diplomatic efforts to 
end the war must continue. 

The European perception 
that the Americans want to ex- 
ercise leadership over the alli- 


ance but not risk the lives of 
their own troops in the worst 
military conflict Europe has en- 
dured since World War II has 
contributed to a startling ero- 
sion of faith in American secu- 
rity commitments in Europe. 

Even though the Clinton ad- 
ministration has vowed to 
maintain 100,000 troops in Eu- 
rope, the belief is taking hold in 


European capitals that public 
opinion is rapidly pushing the 
United States to disengage 
from its security commitments 
on the continent 
A Republican-led U.S. Con- 
gress, officials reason, is very 
Likely to emphasize that the Eu- 
ropeans are big enough and rich 
enough to care lor themselves, 
while a Democratic president is 


not going to risk his faltering 
stature on continental adven- 
tures that could involve Ameri- 
can casualties. 

With the United States reluc- 
tant to take on new responsibil- 
ities and Germany still recoiling 
from any stronger military role, 
the two nations that were sup- 
posed to serve as leading forces 
for stability in a new European 


security structure have opted 
fora lower profile. 

The enhanced military col- 
laboration between Western 
Europe’s two nuclear powers, 
France and Britain, appears to 
reflect a shared conviction that 
they needed to work together to 
fill the security vacuum devel- 
oping on the continent. 



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Readying for Its Turn at EU’s Helm, 
France Proposes a fi Foreign Ministry’ 


Reuters 

PARIS — France, outlining 
its program for its six-month 
presidency of the European 
Union that begins in January, 
called Tuesday for an “institu- 
tional revolution" to create 
something akin to an EU for- 
eign ministry. 



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The European affairs minis- 
ter, Alain Lamassoure, said 
France believed that a far- 
reaching reform of EU institu- 
tions was required in 1996 to 
cope with the challenges of 
keeping peace in Europe and 
admitting up to a dozen new 
members. 

EU governments are to hold 
a conference in 19% to revise 
and update the Treaty on Euro- 
pean Union, or the Maastricht 
treaty, which took effect a year 
ago. “The revolution of num- 
bers calls for an institutional 
revolution," Mr. Lamassoure 
told a Paris seminar. 


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“We must move further and 
faster in foreign policy and de- 
fense," he added. “The Bosnia 
crisis has been a real-life test 
and has shown the grave short- 
comings of the Maastricht trea- 
ty." 

The minister said the EU 
needed an institution to ana- 
lyze, define, propose and coor- 
dinate a common foreign poli- 
cy, jnst as the European 
Commission did for internal 
policies. 

The Union also needed its 
own armed force to avoid hav- 
ing to depend on NATO as it 
had in Bosnia, which meant 

Uniterf States to baS^Europeaii 
policy at the risk that it would 
change its mind unilaterally, he 
said. 

Mr. Lamassoure offered no 
radical change on European 
economic and monetary policy, 
saying only that the French 
presidency would carry out and 
extend 1 1 major transport and 
communications projects 
known as Trans European Net- 
works, and review existing EU 
directives to remove barriers to 
employment. 


Reuters 

WASHINGTON - Prime 
Minister Yitzhak Rabin of Isra- 
el said Tuesday be would not 
pass judgment on a comment 
by Senator Jesse Helms that the 
Israel-Syria peace effort was a 
fraud, but Mr. Rabin said that 
the peace effort would contin- 
ue. 

“I wouldn’t pass a judg- 
ment," he said in an interview 
when asked about the comment 
by Mr. Helms, the North Caro- 
lina Republican who is in line 
to be chairman of the Senate 
Foreign Relations Committee. 

Israel, Mr. Rabin said, would 
continue its “policy of peace 
whenever and wherever it is 
possible to negotiate." 

He also pointedly noted that 
the latest Middle East Peace ef- 
fort had been initiated by for- 
mer President George Bush, a 
Republican, and said, “We be- 
lieve that we should continue.” 

Mr. Helms asserted in a 
weekend television interview 
that the Israel-Syria peace ef- 
fort was a fraud, saying that 
Syria did not want peace and 
only wanted the Golan Heights 
and access to U.S. aid. 

Mr. Rabin said the effort to 
work out a peace agreement 
with Syria was only part of Isra- 
el’s overall peace negotiations. 

“We negotiate with various 
Arab partners,” Mr. Rabin 
said. “Syria is one part, the Pal- 
estinians a different one. There 
is no real linkage between the 
two.” 


which Western experts say has killed up to 30,000 ^ 
demanded that the outlawed f undamentalis t Mamie Salvation 
Front be included in the political process. 

Ahmed Ben Bella, Algeria’s first president after it won indepen- 
dence from France in 1962, called on the government to end the 
violence by freeing political prisoners and dosing the special 
tribunals hat judge them. 

Russia Recovers 1,000 Stolen Icons : 

MOSCOW (AP) — More than 1,000 Russian Orthodox icons 
were seized in a three-day nationwide blitz against antique- 
smuggling, officials said Tuesday. 

A dozen paintings and 725 medals and orders also were confis- 
cated, said Anatoli Davidov, deputy chief of criminal investiga- 
tions for the Interior Ministry. He and officials of the Russian. 
Orthodox Church briefed reporters on the results of “Operation- 
Antikvariat” at a news conference. 

Mr. Davidov said one of the largest single hauls was madt 
recently at Moscow's Vnukovo Airport. Thirty icons were seizeu 
during an attempt to smuggle them to the former Soviet republic 
of Georgia, he said. 

Seal Hitler’s Bunker, Berlin Advises 

BERLIN (Reuters) — Berlin officials, fearing that the remains 
of Adolf Hitler's bunker could become a neo-Nazi shrine if it were 
opened to the pubic, recommended an Tuesday that the cham- 
bers be sealed forever. 

The city’s Culture Ministry, which has been studying the issue- 
for two years, said opening the underground chambers near the; 
Brandenburg Gate would not lead to any better understanding of 
the Nazi period. 

The ruins of the bunker, which Soviet troops destroyed when 
(hey conquered Berlin in May 1945, have been buried since the- 
end of the war. Part of the complex was located under the no-; 
man ’s land along the Berlin Wall. 


TRAVEL UPDATE 


EU Agrees to Work on Ferry Safety 

BRUSSELS (AP) — European Union transportation minis ters 
agreed Tuesday to work together within the framework, of the 
International Maritime Organization for stricter safety standards ■ 

. for passenger ferries. 

Responding to the Sept. 28 sinking of the ferry Estonia between 
Sweden and Estonia, in which more than 900 people were killed, 
the ministers said their governments would study ferry 
stability and capacity. They wiR also analyze evacuation facilities, 
on-board recorders to reveal causes of accidents and regional 
safety standards. 

Strikes called by French labor unions to promote the rights of 
public-service workers will disrupt rail service in the country and 
the Paris subway Wednesday, officials said. Unions said strikes 
would also affect the state telephone and electricity companies 
and postal services. (Reuters) 

Russian authorities have declared a state of emergency in the far « 
eastern maritime region in an effort to combat a diphtheria ■ 
outbreak that has killed 43 people, a health official in Vladivostok 
said Tuesday. (Reuters} 

Several domestic and international flights from Athens were 

delayed or canceled Tuesday as air traffic controllers staged two 
four-hour work stoppages. Athens taxi drivers also took part in a' 
24-hour strike. fXP) 

AJD motorists traveling on bigbrnys in the Czech wflf 

have to pay an annual surcharge as of Jan. 1. The fee for vehicles 
uiKler 3.5 tons will be 400 koruny (about $14) a year. Stickers 
indicating payment wfll go on sale in December at post offices, 
border crossings and gasoline stations. (Reuters) 

Hundreds of hud drivers in Madrid blocked main streets and 
intersections for the second day Tuesday to protest the killing* of 
two fellow drivers. (AP). 

IT* Russian Ministiy of Transportation suspended 46 air com- 
panies for safety violations this year and stopped 11 others of- 
flight permits, the Interfax news agency reported Tuesday. (AP)' 


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r.-... 






Helms Warns Clinton to Bring 

’if He Visits State 



er ^hjpj. 


ardR::, 


Hill 


By Steven Greenhouse 

■New York Timet Senior 

WASHINGTON -- Senator 
Jesse Helms, the Incoming 
chairman of the Foreign Rela- 
tions Committee, created a new 
uproar Tuesday when he was 
emoted as saying that President 
B31 Clinton was so unpop ular 
on military bases in North Car- 
olina that he “better have a 
bodyguard” if -he visits the 
state. 

- Mr. Hehhs later called the 
comment “a mistake.” 

Just days after Mr. Helms, a 
Republican from North Caroli- 
na, created a ‘storm of contro- 
versy by saying that Mr. Clin- 
ton was not bp to the job of 
commander in chief, tie told 
The News and Observer, a 
newspaper in Raleigh, North 
Carolina, that “Mi. Clinton 
better watch out if he comes 
down here.”" 

Mr. Helms made the com- 
jnent in an interview published 
Tuesday, a day after he 
spoke with the newspaper. 

After several senators criti- 
cized the comment, .he issued a 
statement in which he called it 
“an offhand remark” not meant 
to be taken, literally. . 

“I made a mistake last eve- 
ning which I shall not repeat," 
Mr. Helms said. 

At a news conference later 
Tuesday, President Bill Clinton 
called Mr. Helms’s original 
comment “unwise and inappro- 
priate.” 

Asked if he was comfortable 


with Kir. Helms assuming the 
chairmanship of the Senate 
Foreign Relations Co mmi tted 
Mr. Clinton said, “The presi- 
dent oversees ihe foreign policy 
of the United States, and the 
Republicans will decide in 
whom they’ll repose their 
trust.” 

Several Democratic senators 
condemned Mr. Helms’s re- 
marks, while several Republi- 
can lawmakers acknowledged 
in private that his vituperative 
comments were embarrassing 
the party. 

Senator Christopher J. Dodd, 
a Connecticut Democrat, noted 
that Tuesday was the 3 1st anni- 
versary of the assassination of 
President John F. Kennedy. 

“To suggest on this day of all 
days, November 22d, that an 
American president's life might 
be in jeopardy” if he “were to 
visit an American military base 
would suggest that my col- 
league from North Carolina 
doesn't seem to know what 
country he's living in,” Mr. 
Dodd said. 

Republican leaders were 
careful not to criticize Mr. 
Helms, saying they had not seen 
the remarks. But the incoming 
Senate Republican leader. Bob 
Dole, of Kansas, said: “The 
president is welcome to come to 
any state. That’s the way it 
should be.” 

His comments wore echoed 
by the man who is expected to 
be the next House speaker. 


Representative Newt Gingrich 
of Georgia. 

Concerned by the threaten- 
ing nature of Mr. Helms's re- 
marks, the Secret Service an- 
nounced that it was looking 
into his comments. 

In the newspaper interview, 
Mr. Helms, one of the most 
conservative members of the 
Senate, once again made it clear 
that he would make life uncom- 
fortable for Mr. CUnloiL 

He defended his statement 
that the president was not up to 
the job of commander in chief 
by saying that Mr. Clinton had 
“serious problems with his re- 
cord of draft avoidance, with 
his stand on homosexuals in the 
military, and with the declining 
defense capability of America’s 
armed forces.” 

Mr. Dole has publicly dis- 
tanced himself from Mr. 
Helms’s remarks about Mr. 
Clinton as commander in chief. 
In doing so, he appears to be 
trying to show that he would 
not lei Mr. Helms take control 
of Republican foreign policy. 

In a CNN interview last 
weekend, Mr. Helms, a bitter 
opponent of contributing 
American troops to United Na- 
tions peacekeeping operations, 
said he opposed sending Ameri- 
can troops to the Golan Heights 
to monitor a future peace agree- 
ment between Syria and Israel. 

But on Monday, Mr. Dole 
told the Israeli prime minister, 
Yitzhak Rabin, that be would 
back such an idea. 



Tod Mathio-’Thc A-aonaicd Pkm 


REMEMBRANCE — Senator Edward M. Kennedy and his wife, Victoria Reggie, at 
the grave of John F. Kennedy on the anniversary Tuesday of Ins assassination. 


APOLITICAL NOTES A 


Latest in Trade Treaty Test of Nerves: Special Review Panel 


By Paul F. Horvitz 

International Herald Tribune 

t , WASHINGTON — The White 
t« t ir* ; ' f House is considering an escape hatch 

from the the global tariff-reduction 
treaty that would create a panel of U.S. 
• judges to review international deci- 
sions in trade disputes, a senior U.S. 
- -. official said Tuesday. 

If the UJS. panel- found three im- 
proper rulings within a relatively short 
period that hurt U.S. business. Con- 
gress could vote to quickly pull out of 
a f.jjs 1 worldwide treaty, the official said, 
^uch a UJS. caveat would undoubt- 
edhr anger other nations and could 
undermine the treaty if those nations 
create similar national review panels. 


riir. 


analysts say. But the treaty would be 
dead, U.S. officials say, if Congress 
does not ratify iL 

The possibility of such a U.S. body 
emerged as the White House contin- 
ued to seek ways to persuade Bob 
Dole, the Republican leader in the 
Senate, that congressional ratification 
would not undermine U.S. sovereign- 
ty. The 124-nation trade treaty was 
negotiated under the General Agree- 
ment on Tariffs and Trade, or GATT. 

President Bill Clinton said Tuesday 
that he was encouraged by the progress 
made with Mr. Dole on "substantive 
issues” regarding GATT. As for any 
deal that would involve a capital-gains 


tax cut, he said, "I don't think that is 
the right thing to do.” 

A key sticking point for Mr. Dole is 
the World Trade Organization, which 
would succeed GATT as the world 
body adjudicating trade disputes. 

Under current U.S. implementing 
legislation, the United States can with- 
draw from the World Trade Organiza- 
tion after giving six months' notice, 
and Congress can vote in five years on 
renewing U.S. ratification. Bui Mr. 
Dole appears to be seeking a quicker 
exit strategy, or one that gives Con- 
gress more authority over the decision. 

If the U.S. panel of retired federal 
judges found three adverse decisions. 
The Wall Street Journal reported. 


Congress could vote to withdraw from 
the WTO, and the president's only 
recourse would be a veto. 

In recenL days. White House offi- 
cials have said they are closing in on a 
deal with Mr. Dole. But on Tuesday, 
the Kansas senator told Republican 
governors, without elaboration, that 
“I've got a little hang-up” on the 
GATT treaty. 

A U.S. official cautioned Tuesday 
that the deal with Mr. Dole and his 
aides was not yet sealed. 

Mr. Dole's vote is considered crucial 
as the Senate approaches a Dec. 1 vote 
on the trade accord, which would 
sharply lower tariffs worldwide. 

In withholding his support, he has 


said that he wants to be certain that the 
World Trade Organization cannot dic- 
tate to the United States and that he 
wants “assurances” that the White 
House will agree to a reduction in the 
UJS. tax rate on capital gains. 

Senator Robert C. Byrd of West 
Virginia, the chamber's most-senior 
Democrat, joined Republican conser- 
vatives Tuesday in uiging postpone- 
ment of a vote on the pact. 

Mr. Byrd, the outgoing chairman of 
the appropriations committee, said the 
accord should be taken up next year in 
the Republican-controlled Congress 
rather than during next week’s session 
of the lame-duck Deraocratic-con- 
ir oiled Congress. 


Prayer in the Schools? It*s Already There 

ATLANTA — As President Clinton and the new Republi- 
can leadership in Congress consider measures that would 
return organized prayer to public schools, it is worth remem- 
bering one thing. 

Prayer is already there. 

Despite a Supreme Court ruling 32 years ago that class- 
room prayer and Scripture reading are unconstitutional even 
if they are voluntary, prayer is increasingly a part of school 
activities from early morning moments of silence to lunch- 
time prayer sessions to pre-fool ball-game prayers for both 
players and funs. 

The most common forms are state-mandated moments of 
silence at the beginning of the day. which are permissible to 
the extent they are not meant to be a forum for organized 
prayer. But. particularly in the South, religious clubs, prayer 
groups and pro-prayer students and community groups are 
making religion and prayer pan of the school day. 

At Louisa County High School in Louisa. Virginia, for 
instance. lunchtime prayer meetings on the steps outside the 
school's band room were organized last year by Tenillc M. 
Wcrmtcer. who is now a senior. “We read a chapter of the 
Bible and prayed for 15 minutes every Monday and Wednes- 
day.” she said. f Peter Apptebome. NYT) 


Health Chief Keeps Peace With a Smoker 

WASHINGTON — Oh. what a diplomat is Donna E. 
Shalala. secretary- of health and human services. 

At a dinner given by Ambassador Itamar Rabinovich of 
Israel she found herself seated next to the Israeli prime 
minister, Yitzhak Rabin. The prime minister smoked through 
the evening, the only guest in the room to do so, she said. 

Though she is vehemently opposed (o smoking. Ms. Sha- 
lala said not a word. But later she remarked. 'Tve sacrificed 
my principles and health for Middle East peace." ( N YT) 


Republicans Wrestle With Social Agenda 

WASHINGTON — Congressional Republicans are wres- 
tling with how far to push their social policy agenda, with 
some lawmakers pressing for a dramatic restructuring of 
programs sponsored by Democrats and others fearful that 
radical changes could alienate a majority of Americans. 

The debate is not being waged strictly along ideological 
lines and comes at a time when Republican leaders are still 
figuring out how best to govern with a majority in both 
houses of Congress. 

In the House, where the demand for action on social issues 
seems more immediate than in the Senate. Republican staff 
members began meeting even before Election Day to make 
their plans. 

Some of the proposals to emerge include privatizing the 
national endowments for the arts and the humanities; stream- 
lining a dozen child-support programs such as Head Start: 
consolidating 150 job-training programs into one or several: 
cutting federal funding for family planning; dismantling the 
Ryan White program "to care for AIDS patients: re-examin- 
ing the .Americans with Disabilities Act. and denying educa- 
tional benefits for illegal immigrants. ( i\’p t 


Quote/ Unquote 

Labor Secretary Robert B. Reich, discussing a plan to 
eliminate some corporate tax breaks: “If we're asking middlc- 
elass people to work smarter and welfare mothers to play by 
the rules, it seems important to ask corporate America to get 
off welfare and play b> the rules as well." i IV P, 


t i ; 

•■4 . 




AMERICAN 

TOPICS 

Texas Prisons Ban Smoking . 
For All 100,000 Convicts 

The Texas prison board has unani- 
mously outlawed tobacco for the 100,000 
inmates and 50,000 employees in the 
state prison system- 

The ban. covering tobacco use on pris- 
on property, indoors or oat, is effective 
March 1. Violators could be subject to 
disciplinary measures or lose privileges. 

“We’re not operating the Ritz Carl- 
ton,” said Allan Polunsky, a board mem- 
ber. ‘These people lost their privileges 
when they arrived.” 

Jay Jacobson, executive director of the 
American Civil Liberties Union of Tex- 
as, said the policy apparently had the 
backing of the federal courts, which have 
upheld simil ar moves in other states. 

“The question really is whether smok- 
ing is a legal right, and I just don’t know 
whether it rises to the level erf a civil 
liberty,” he said! Still, he said he expect- 
ed the policy to be cha ll e n g e d. 

Chet Brooks, a former state senator 


and spokesman for ihe American Heart 
Association, said, ‘Going smoke-free j 
would save both lives and money." j 

One board member, Robert Wilson, 
while voting for the ban, expressed con- 
cern that it might cause an uproar among 
inmates. 

• “A number of wardens indicated to 
me that they would have problems if they 
cut out smoking,” he said. 

ShortTakes 

The biggest casualty of die Gulf War 
was democracy, says Waller Craniate. In 
the January issue of American Heritage 
magazine, Mr. Cronkdte criticizes the 
military for keeping journalists away 
from the front lines and releasing a 
heavily censored version of what was 
going on. ‘If we’re going to be asked, by 
our government, to commit the ultimate 
act erf a democracy — and that is to send 
its men to kill and be killed in pursuit of 
a doctrine — we, the civilians who have 
spawned those men, have the right to 
know precisely what they’re doing m our 
name,” Ihe veteran television newsman 
said 

Los Angeles Zoo biologists are turning 
to shock therapy to keep the terminally 
curious Calif ornia condor alive in the 
wild During the past week, nine of the 


birds hatched in the zoo's breeding pro- 
gram have shared iheir aviary with a life- 
sized replica of an electric power pole, 
which adminis ters a mild shock to the 
birds that land on its cross bar. The goal 
is to dissuade the endangered condors 
from flying near power poles and power 
lines. Of 13 birds released in the wild 
since 1992, four birds died after they 
collided with power lines. 

While hunting deer near Minot, North 
Dakota, Howard Lemere, 28, escaped 
with only a cracked rib after another 
hunter accidentally shot him. The bullet 
hit the large hunting knife in his shirt's 
upper left-hand pocket. The knife was 
shattered. The other hunter roared away 
in a cloud of exhaust smoke. 

At a Manhattan health food store, re- 
counts Robert Gilson in a contribution 
to the Metropolitan Diary column of 
The New York Times, a 3-year-old boy 
coaxed his mother into buying fruit- 
sweetened candies and popped one into 
his mouth. 

“It doesn’t taste good,” he com- 
plained. 

“Of course not, honey,” his mother 
replied. “It’s health food. It’s not sup- 
posed to taste good.” 

International Herald Tribune. 


iTTTrrr +rrr 


~ Si 


p- - V- 




■- 1 . /-'••• •-* ■ w. .> v ■ ■ •»-■/ 


*Away 


From Politics 


• A U.S. Jatfee postponed the 
trial erf Sheikh Omar Abdel 
Bahmaw and 11 other men ac- 
cused of plotting to blow up 
New York City landmarks. Jury 
selection now is set to begin 
Jan. 9. The sbeikh has been hos- 
pitalized with pneumonia and 

also has new lawyers, who have 
asked for mare time to prepare. 

• Talks between the Postal Ser- 
vice and its three- largest unions 
have collapsed, delivering a set- 
back to Postmaster General 
Marvin T. Runyon, who has 
courted labor leaders in hopes 
of avoiding a costly contract 
settlement : 

• Available scientific evidence is 
“insufficient” to determine 
whether portable cellular tde- 
phones present any health risks 
to humans, the General Ac- 
counting Office, the investiga- 
tive arm of Congress, reported* 
There have been reported hBx- 
ing the phones, now used by lo 
millio n Americans, to brain tu- 
mors. 

• The exprfsMW of a studert 
from the US. Naval Academy, 
who had admitted to authorities 
.*it he was homosexual, was 
upheld by a fodegl 
court. Joseph C. StefTan had 
argued that his discharge solely 

because of his swted sexual ori- 
entation violated the constitu- 
tion. Tbe decision reverses an 
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Welcome To 




i 










Page 4 


WEDNESDAY, NOVEMBER 23, 1994 

OPINION 


Hcralb 


INTERNATIONAL 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


UN-NATO Air Strike 


fEnbnm A Changing Russia Full of F imiliar Communist Faces 

. -rue uuuHiNmnN pnsT ® ** . . v Anne women are becoming more at 


A Halfhearted Signal 

Last week Serbian warplanes rose from 
a base that die United Nations had tried 
and failed to neutralize, ignored the 
NATO-decreed “no-fly zone” over Bos- 
nia and twice hit the UN-declared “safe 
area” of Muslim Bihac. For this brazen 
escalation, the Security Council promptly 
ordered up a NATO response. It came on 
Monday. Some 39 NATO planes struck 
Udbina, in a Serbian-held part of Cro- 
atia, but with armaments, targets and 
tactics chosen to advertise not the alli- 
ance's outrage but its restraint. The Unit- 
ed Nations was at pains to draw Bosnian 
Serbs to the negotiating table, and 
NATO to preempt their retaliation 
against alliance members' peacekeeping 
forces on the ground. So parked planes 
were spared, and the Udbina airport is 
expected to be back in operation shortly. 

By a military standard, this was a pa- 
thetic response. The “signal” it actually 
sent is almost certain to be precisely op- 
posite to the one intended. Does anyone 
really think that the Bosnian Serbs are 
now the likelier to accept bong crammed 
back into the 49 percent of Bosnia that 
the international peace plan has in store 
for them? On the contrary, there is now a 
fear that Serbs, emboldened by NATO’s 
flabbiness and enraged by Croatia's invi- 

A Useful Operation 

Serbian forces may now take NATO 
enforcement of United Nations resolu- 
tions on Bosnia a bit more seriously. In 
contrast to the pinprick air strikes of 
recent months, waves of NATO aircraft 
bombed an airfield on Monday in Ud- 
bina, Croatia, that the Serbs were using 
to launch attacks against the besieged 
Bosnian city of Bihac. Still, the mission 
was intentionally limited, leaving Serbian 
planes and fuel dumps intact. NATO also 
avoided targeting the artillery that poses 
a more immediate threat to Bihac. 

Nevertheless, it represented NATO's 
largest military action to date. During the 
Cold War the alliance served mainly as a 
deterrent against a possible Soviet or 
Warsaw Pact attack. Its first taste of 
combat cam e earlier this year as the Secu- 
rity Council's enforcement arm in the 
former Yugoslavia. 

NATO’s military restraint in this role 
stems from political considerations and is 
at least partly justified. Like the United 
Nations itself, NATO is formally a neu- 
tral party, not an ally of the Bosnian 
government. Its role is thus not to repel 
aggression but to assist peacekeeping. Its 
mandate is to use force only against those 
who violate Security Council resolutions. 
In theory that could be any side. In prac- 
tice it is almost always the Serbs. Still, 
UN and NATO commanders reasonably 
fear that systematic, rather than episodic, 
NATO attacks on the Serbs could pro- 
voke Serbian counterattacks against no- 


tation to NATO to strike Udbina, may go 
back on the attack against Croatia. In- 
stead of chastening the Serbs, the raid 
may end up widening the war. 

Senator Bob Dole speaks for many 
when he wonders impatiently why 
NATO should be “subordinated” to the 
United Nations. A reminder may be in 
order. NATO is subordinate because it 
refuses to be prime. Europe and America 
from the start declined to accept respon- 
sibility for taming the fractious Yugo- 
slavs. In a historic default, they dumped 
the job on an ambitious but shaky and 
unready United Nations, which had not 
the resources to be anything more than a 
neutral peace-seeker and aid provider. 
These are tasks that need no apology, but 
they are far from ensuring a just peace. 

Now many Americans (Europeans seem 
to know better) complain of the United 
Nations' ways. But after three years of lost 
opportunities, the United Nations’ are the 
only ways. Bill din ton’s decision to stop 
enforcing the arms embargo on Bosnia’s 
Muslim-led government, for instance, is 
no more than a gesture — one that risks 
fooling the Muslims into Thinking that 
they may yet be bailed out. A return to 
the table, whose conveners resume work 
on Dec. 2 in Brussels, is the only even 
faintly plausible way out. 

— THE WASHINGTON POST. 


nerable UN ground forces, most of whom 
happen to come from NATO countries. 

But Serbian provocations compelled 
both this air strike and the earlier ones. 
The Serbs have exerted unrelenting mili- 
tary pressure on cities that the United 
Nations has voted to protect, like Bihac. 

In this case, UN and NATO leaders 
have made the right choice. By broaden- 
ing their use of air power, they show that 
the Security Council cannot be defied 
with impunity. If the Serbs ignore the 
message, NATO might consider the next 
logical step and try to silence the arnDery 
actually firing on Bihac. 

But, given NATO’s political disagree- 
ments over Bosnia, the alliance must con- 
tinue to proceed cautiously. Even unre- 
stricted NATO air power would probably 
not be enough to provide full protection 
to Bihac and other threatened Bosnian 
cities. Thai would take heavily armed 
ground troops as well The Bosnian gov- 
ernment, still restricted by a one-sided 
arms embargo, cannot provide these. 
Meanwhile, NATO's European mem- 
bers are looking for ways to withdraw 
their existing peacekeepers, not to di- 
rectly enter the conflict. 

At best, a less restricted approach to 
air strikes could slow the Serbian offen- 
sive, protect civilian lives and restore 
some of the prestige that NATO and the 
United Nations have lost during the Bos- 
nian conflict Those potential benefits 
justify Monday’s air operation and could 
justify others like it in the future. 

— THE NEW YORK TIMES L 


W ASHINGTON — In 1989, after a 
decade of exile, 1 began traveling to 
Russia at least twice a year. During my 
last visit, this summer, the changes in the 
society were so rapid that my travelogue 
got dated by the next day. I decided to 
generalize some of my impressions. 

Moscow, summer 1994, was generous 
with funerals in artistic circles. Once, 
standing in a crowd of mourners, I no- 
ticed a man watching me intensely from 
afar. He gave an amicable nod and start- 
ed toward me, dispersing smiles and 
apologizing right and left. What a strange 
cheerfulness at a solemn ceremony! Z 
couldn't recall who he was. 

“Haven't seen you for ages,” he said as 
he reached me. I mumbled something in 
response. “You know,” he continued in 
the breezy manner of a cocktail recep- 
tion, “I wanted to invite you to the Sa- 
kharov reading, but I couldn't get in 
touch with you.” 

I recognized him at last He had been 
the managing secretary of the Soviet 
Writers’ Union under Leonid Brezhnev 
and until its collapse. He was the Com- 
munist Party and KGB commissar in 
charge of handling writers. All the expul- 
sions of dissidents (myself included) were 
carried out under his supervision. 

And now, three years after the August 
revolution, he turns out to be organizer 
of a literary event named after the dissi- 
dent Andrei Sakharov. 

There is a Russian saying about such 
shameless people: “You spit in their eye, 
and they say ‘It’s a heavenly dew.* ” 

1 don’t know why he approached me, 
his former victim, during that sad cere- 
mony. Did he want to say that he is not a 
Co mmunis t apparatchik anymore, that 
he has had a profound personal “peres- 
troika”? Or did he want to stress that he 
still has clout, that he has remained on 
the top against all odds? 

Sometimes one gets the impression 
that all of Russian life has been contami- 
nated by these human by-products of the 
decomposition of Communism. 

Among tiie new rich, assassinations 
are not uncommon. Speaking about the 
latest sinis ter act, people frequently say: 
“This is the KGB’s hand.” When I would 
ask them if they meant the Federal Coun- 
terintelligence Service, the successor to 
the disbanded “organ of the proletarian 
dictatorship,” they would invariably re- 
ply: “Oh, no, we mean the KGB!” 

In the public mind, there remains a 
certain infrastructure, as omnipotent as 
it is mysterious, based on the remnants of 
the powers that were. 

Inis belief is understandable. Those 
who held limitless party power are at the 
top of society again: in the corporations 
(the former head of the ideological direc- 
torate of the KGB, for example, became 
a vice president of the influential Most 
financial group), in the Duma, in the 
diplomatic corps, in the military, even in 
the extended apparatus of the presidency 


By Vassily Aksyonov 

of the Russian Federation, which is still 
ostensibly considered the guarantor of 
democratic reforms. 

Looking at Boris Yeltsin’s retinue, 1 
can’t help but think: Here they are, the 
same Soviet faces, the same Gogolian 
characters. It is no exaggeration to say 
that such people would not be promoted 
without having substantial experience as 
nomenklatura sycophants. It nas turned 
out to be their revolution, not ours. 

Undoubtedly, long before perestroika, 
a profound discontent was growing in the 
party’s ranks. Despite being a self-pro- 
claimed “Vanguard of the Soviet Peo- 
ple,” party members fdt humiliated by 
their pathological regime. They didn’t 
have enough Western goods, they didn’t 
have enough dollars, they couldn’t take 
the Canary Islands vacations. 

The Communist system was doomed 
because of its inability to meet the ever- 
growing demands of its own ruling elite. 

Without denazification, Germany 
would not have reached its glamorous 

It is time for Russians to drop 
their congenital sense of 
confrontation, to put an end to 
thefa lOOyear undeclared war 


democracy and prosperity so quickly. 
But debolshevization is inconceivable in 
Russia. The Soviet Union was not defeat- 
ed on the battlefield, it was not occupied 
by the forces of democracy. 

Nor was it ruined as a result of popular 
uprising. Even the expected stor m i n g of 
the KGB headquarters in August 1991 
did not take place. The crowd was talked 
out of it by democratic leaders. 

One of them, Sergei Stankevich. then 
the deputy mayor of Moscow, told me it 
wasn’t a difficult task. People didn’t want 
to get even with the Communists. Many 
of them were card-carrying members and 
all of them had relatives and friends 
among the rank and file. 

Somehow or other, this strange version 
of a mast upheaval, with its inspirational 
as well as farcical elements, has helped 
Russia avoid another horrid Stalinist 
bloodletting. But it has created extreme 
ambiguity. The breakup of one leviathan 
of a totalitarian mafia has given birth to 
numerous smaller gangs r unning the 
gamut of politics. 

All these multifaced groups have one 
thing in common: their mutual Commu- 
nist past, which in various degrees causes 
them to provide cover for each other. 

This unspoken oneness — hey, guys, 
we all are still the same ex-Soviets, re- 


gardless of our grudges explains some 
outrageous events like the acquittal of 
the leaders of the 1991 mflitaiy coup- 

The inspiration of August 199 1 vapor- 
ized long ago. There are no democrats 
mfwrhing on Moscow’s streets anyujore- 
Instead we see marchers under red ban- 
ners. their faces distorted by hatred. 

And they shout: “We are the real Rus- 
sians! All others are fake!” Rusaan Or- 
thodox icons float over their beads along 
with portraits of Stalin, and clerics march 
side by side with Red fascists. 

These neo-Communists give rise to an 
unavoidable question: What if they are 
right, what if there is no other destiny for 
Russia than a new version erf gloomy 
xenophobic utopia? 

One night this summer, traveling down 
the Volga, I was invited for a plush din- 
ner in Samara. Local dignitaries and in- 
dustrialists were around the table — the 
real masters of that productive and 
densely populated area — enjoying a 
lavish spread of b fini, caviar, boiled cray- 
fish, vodka and French Champagne. 

- They exchanged jokes and hoisted toasts. 

Suddenly one of them, the head of a 
recently privatized local airline — let’s 
call h™ Tisha Evnostropov — shouted 
above the crowd. “Everybody will be 
happy under the auspices of our Mother 
Russia, except those who do not pro- 
nounce the letter ‘R* correctly; ” he said, 
m aking a common anti-Semitic slur. 

The host of the dinn er shuddered. “I'm 
not anti-Semitic,*’ Tisha Evnostropov 
continued. “I'm simply against betrayal, 
and they’re bore traitors, the fifth col- 
umn! Hitler was exterminating them not 
as the Jews but as turncoats. Unfortu- 
nately, he didn't complete the job!” 

Finally, our host opened the door and 
asked the “patriot” to leave. Other guests 
exchanged glances, the meaning of which 
was lost on me, but no one said a word — 
a staggering silence! 

All the vices of communism, which 
used to be more or less camouflaged by 
the party's system of euphemisms and 
restrained by hierarchical discipline, are 
now unleashed in the atmosphere of total 
impunity. The timid calls for repentance 
on the part of the creative intelligentsia 
are shrugged off with utmost cynicism. 

I still don't share the most pessimistic 
views on the future. Many things are 
getting better. The nation manages to 
avoid starvation. A trading economy 
has emerged, offering plenty of quality 
goods to people who had spent their 
entire lives in queues. 

New Western-looking stores can be 
seen here and there, and they are not 
only for foreigners. 

The ruble, which used to be called 
mockingly “our wooden one,” is infla- 
tion-prone bait has nonetheless turned 
into real money. The mass media, at least 
a big portion erf them, enjoy indepen- 
dence. The borders are open — anyone 
can get an exit visa. 


Young women are uecwmuB mwiy 

waive ! Young men dad in leather jack- 
ets std beer in the new bars. 

I’ve no doubt that Russia has not lost 
the opportunity to reach prosperity and 
democracy. But it can do soonJy under 
one condition: a realization erf itself as a 
true part of Western avihzation. . 

It is time for Russians to drqp.lbar 
congenital sense of confrontation, to put 
to m end their 100 -year undeclared war 
agains t everything Western- 

Regretfully, post-Soviet cynicism is 
stffl dominant. This fall at George Ma- 
son University in Fairfax, Virginia, 
where I teach, we received a group of - 

Russian doctors and nurses. Americans 

provide us with a month of training and 
accommodation,” a nurse with the dele- 
gation told me. “It is extremely useful for 
usTbut I wonder what profit they would 
get as a result of this exchange. What are 
they doing it for?” 

When I suggested that the United 
States might see in a democratic Russia a 
future partner, she only sighed: “Heaven 
help us! Could it be true?” 

The nationalist thinkers — there are 
among them some former dissidents, 
alas — emit gobbledygook about the 
new grandeur, which goes hand in hand . 
with a vision of a greedy West whose 
only goal is to reduce Greater Russia to 
a backward colony. 

There is a fashion today in intellectu- 
al circles to be anti-Western, to buy the 
idea that Russia holds a certain moral 
superiority over the West. 

This summer, I gave a reading in a big 
Saint Petersburg concert hall and after- 
ward invited questions from the audi- 
ence. “How can you talk about integra- 
tion?” a young asked. “Russia is a 
country of hi gh spirituality, while West- 
ern society is fully pragmatic. We’re in- 
compatible, Tm afraid.” 

I looked at his tall forehead and bright 
eyes. Obviously he believed wtaai he was 
saying, as though he had never come 
across widespread bribery and extortion 
in Russia, as though he had never heard 
of the mass executions, of the 60 million 
Eves lost in the domestic terror, of die 
destruction of the Russian Orthodox 
Church and the coercion of its remnants 
to serve as a pathetic appendage to the 
state, of the monstrous abuse of the cre- 
ative intelligentsia, of the seven decades 
Of lies *»nd Awnnnriatifm^ of the uTiani- 
mous approval of all this on the part of 
this “highly spiritual” nation. 

“I doubt that we deserve to speak out 
about high spirituality so far,” 1 said. 

The young man didn't like my answer. 
Most people kept a mysterious silence. 

I threw up my hands. Let someone rise 
make generalizations about this country. 

The writer is author of die novels " The 
Burn" and, most recently, “ Generations of 
Winter. ” He contributed this comment to 
The New York Times. 


Japan Remains ‘the Silent Power,’ Out on the Edge of World Affairs 


No Reversal in Dublin 


Irish Prime Minister Albert Reynolds 
resigned last week just as he was about to 
be ousted. In America, the main concern 
is the newly hopeful peace process in the 
decades-old dispute over Northern Ire- 
land. In spite of the change in leadership 
in Dublin, all parties appear to be confi- 
dent that reconciliation is on track. 

Mr. Reynolds led a coalition consisting 
of his own Fianna Fail and the Labor 
Party headed by the deputy prime minis- 
ter and foreign minister, Dick Spring. 
The coalition came apart over Mr. Reyn- 
olds’s insistence on appointing his attor- 
ney general and friend, Harry Whelehan, 
to the country’s high court. The nomina- 
tion had been held up by Labor because 
of the attorney general’s role in two epi- 
sodes — an attempt a few years ago to 
prevent a 14-year-old girl from traveling 
to Britain for an abortion, and a months- 
long delay in extraditing a Catholic priest 
to Northern Ireland, where he was want- 
ed on child sexual abuse charges. 

Both incidents may be indicative of the 
changing relationship between the Irish 
government and the Catholic Church. 
But it was Mr. Reynolds's political deci- 
sion to go ahead with the nomination in 
spite of Labor opposition that caused his 
government to falL 

Fianna Fail has chosen a new leader, 
Bertie Ah earn, and the betting is that he 
will be able to reform the coalition with 
Labor and share power with Mr. Spring. 
In that event, there is almost no chance 
that the peace process win be derailed. 

But even if a different combination 
comes to power, the Irish people are, by 
all accounts, committed to peace. Brit- 
ish Prime Minister John Major, who 
praised Mr. Reynolds for the central 
part he played in forwarding the peace, 
has also emphasized that he expects co- 
operation will continue. Another round 


of talks is scheduled before Christmas. 

Tremendous progress has been made 
since the Irish Republican Army an- 
nounced a cease-fire in August and the 
Protestant paramilitaries did the same 
last month. One man on each side has 
been killed in isolated incidents; in gener- 
al, Belfast and the surrounding counties 
have been at peace. Roads are being re- 
opened, bamers removed and families 
have begun to get used to life without 
gunfire and constant fear. 

There is no going back now. Any new 
Irish leader must advance the reconcilia- 
tion now under way. 

— THE WASHINGTON POST. 

Other Comment 


'T'OKYO — A generation ago, 
A Japan was often called “the 
silent power.” Today, with the 
Cold War in the past and new 
regional groupings emerging in 
its backyard, Tokyo still remains 
on the periphery of the interna- 
tional relations game. All the 
proud talk of moving from being 
an economic superpower to a 
global player, wilting and able to 
take a role in the premier league, 
has come to naught 
Where was Japan at the meeting 
in Indonesia last week erf the l£ 
member Asia-Pacific Economic 
Cooperation forum? What hap- 
pened to that seemingly well or- 
chestrated bid for a seat on the 
UN Security Council? How pre- 
pared is Tokyo to lead the pack 
over the new World Trade Organi- 
zation? Once again, the reticence 
and caution of “the silent power.” 


By Roger Buckley 


Japan has to overcome two 
hurdles before its diplomats' 
dreams of playing a full role in 
international affairs can be real- 
ized. First it must have a govern- 
ment sufficiently united and con- 
fident to give foreign policy issues 
the attention they deserve. 

This is unlikely until the coali- 
tion cabinet led tty Prime Minister 
Tomiichi Murayama, bead of the 
Socialist Party, calls a general elec- 
tion. Until then, the coalition, de- 
pendent on the muscle of the long- 
dominant Liberal Democrats, will 
avoid taking any controversial ini- 
tiative in foreign affairs. 

Second, the Japanese establish- 
ment will face continued difficul- 
ty from the Clinton administra- 
tion, itself under assault from a 
Congress that will soon come un- 


der Republican controL After 
two years of hard negotiations 
with japan over trade access and 
the bilateral trade imbalance, the 
White House has tittle to show. 
There are fears in Tokyo that 
Washington will adopt a harsher 
line, either to demonstrate Presi- 
dent Bill Clinton’s abilities in 
international affairs or because 
Congress insists that Japan be 
made to come into line. 

So long as the trade issue is 
there to be used by Washington, 
Japan will remain on the defen- 
sive. Recent reports that the Clin- 
ton administration was having 
second thoughts over its protract- 
ed economic and financial criti- 
cisms of Japan and might be 
changing tack could prove pre- 
mature; results of the midterm 


elections are bound to alter the 
American political landscape. 

Few in Tokyo doubt that a fear 
of possible U.S. trade restrictions 
underlies Japan’s APEC hesita- 
tions. Prime Minister Murayama 
said little in Indonesia, in part 
because he was unwitting to take 
sides between pan-Asianists who 
prefer an exclusive grouping and 
those who want the United States 
fully involved in the region. 

In a crunch, Japan would side 
with Washington. The past half 
century of wide-ranging U.S.- 
Japanese cooperation in the polit- 
ical, security and trade fields 
would be jeopardized by forming 
what could become the nucleus of 
an East Asian trading bloc. 

Much of Japan’s wider diplo- 
macy still requires active U.S. 
support. Hopes for an eventual 
permanent seat on the UN Secu- 


rity Council rest on strong 
American backing that may 
eventually overcome European 
and Third World resistance. 
Likewise, Tokyo will try to keep 
in step with Washington over the 
staffing and policies of the 
World Trade Organization. 

Japan is slowly “rediscovering'’ 
Asia and improving its ties with 
the region it devastated in xniti- 


World War IL But any new eco- 
nomic or political links axe un- 
likely to be at the expense of its 
ties to Washington. 

The writer, who teaches history 
at the International Christian 
University in Tokyo, is author of 
“U.S. -Japan Alliance Diplomacy, 
1945-1 990." He contributed this 
comment to the International 
Herald Tribune. 


Gmgnch and the weak Conservation Doesn’t Conserve, and Can Do More Harm Than Good 


A few days before Newt Gingrich ridi- 
culed the liberal social policies of George 
McGovern, the Wall Street Journal re- 
ported: “Several million older Americans 
are going hungry — and their numbers 
are growing steadily. Federal food pro- 
grams can’t keep up with the nation’s 
rapidly graying population.” 

Nothing is in Mr. Gingrich's vaunted 
“Contract With America” to ease the 
fears of hungry people, nor anyone else 
on the edge or over it and who looks to 
government services for help. 

With Mr. Gingrich and other right-wing 
hatchetmen poised to stop what small ad- 
vances were made in the past 30 years tty 
civil fights organizers, environmentalists, 
feminists and others who labored for so- 
cial justice, one mistake should not be 
made; dismissing as irrelevant the right’s 
plans for picking on the weak. 

— Colman McCarthy, 
commenting in The Washington Post 



International Herald Tnbune 

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N EW YORK — For decades, 
people have unquestioningly 
viewed energy conservation as 
laudable, and governments and 
utilities have urged people to curb 
supposed wastefulness. 

Turning out unneeded lights 
and driving fuel-efficient cars cuts 
energy consumption, saves re- 
sources for future generations and 
reduces dependence on foreign oil 
producers, the public is told. 

These seemingly self-evident 
arguments wither under econom- 
ic and historical scrutiny. 

Friedrich van Hayek, a founder 
erf modem economic thought, not- 
ed that conservation can do more 
harm than good. “Industrial devel- 
opment would have been greatly 
retarded if 60 or 80 years ago the 
warnings of conservationists about 
the threatened exhaustion of the 
supply of coal had been heeded,” 
he wrote in 1960. “The internal 
combustion engine would never 
have revolutionized transport if 
its use had been limited to the 
known supplies of ofi." 

Many contemporary econo- 
mists agree. “It is ridiculous to 
say that conservation has the 
welfare of the future particularly 
in mind,” says Anthony Scott of 
the University of British Colum- 
bia. All it means is that in the 
future there will be more raw ma- 
terials and fewer “capital goods.” 

Furthermore, reserves of natu- 
ral resources are usually found to 
meet the demands of new tech- 
nology. When the Bessemer pro- 
cess for steel was invented in the 




By Herbert Inhaber and Harry Saunders 


iron ore were minimal. Soon af- 
ter the new furnace revolution- 
ized steel-making, huge new iron 
mines were opened up. 

Some pioneers of nuclear pow- 
er believed that reactors could 
never be much more than toys. 


given that uranium reserves were 
apparently limited to the Belgian 
Congo. As the demand For urani- 
um grew, new sources were dis- 
covered in Canada, the United 
States and Australia. 

Another major argument for 
conservation is based on avoiding 
dependency on sources like the 
Chgaoization of Petroleum Ex- 
porting Countries. Relying on 
other nations is risky, this reason- 
ing goes, because in times of in- 
ternational crisis the supplies 
might be restricted, as oil was in 
1973. Thus one is better off de- 
pending on domestic production 
and cutting down on energy use. 

Economists call this strategy 
autarky, and most consider it a 
serious waste of resources. 

To lake a fanciful example, 
imagine the benefits to Alaska if 
the state could grow enough ba- 
nanas to achieve independence 
from unstable banana-growing 
states. Bananas could be grown in 
Arctic greenhouses. But people 
do not grow bananas in Alaska — 
it would be too expensive to rig 
the lamps and greenhouses, and 
the power needed to illuminate 
the plants would decrease energy 
independence even as b anan a in- 
dependence increased. 

Starting in the 1940s, the Unit- 
ed States sought to ensure energy 
independence with a complex sys- 
tem of quotas and allocations to 
restrict foreign supplies of oiL 
That system raised prices and in- 




abandoned after the 1973 oQ. crisis. 

What about the argument that 
without conservation America is 
at the mercy erf OPEC? OPEC's 
long-term interest is in supplying 
oil, not in cutting it off. To avoid 
damage from brief disruptions of 


supply, America need only do 
some strategic stockpiling. The ex- 
pense of stockpiling would be min- 
imal compared with the cost of 
depending solely on domestic oiL 

Perhaps the most concerted 
government conservation effort 
has been demand-side manage- 
ment. Utilities encourage conser- 
vation by selling energy-efficient 
light bulbs below cost subsidiz- 
ing home insulation and conduct- 
ing home inspections to track 
down energy losses. 

Utility companies are adept at 
determining the number of ener- 
gy-saving light bulbs sold and the 
square feet of insulation subsi- 
dized. But they find it difficult if 
not impossible to determine how 
much energy has been saved. 

The problem stems not from 
inadequate measurement systems 
but from the illusory nature of 
conservation itself. While some 
people may indeed reduce their 
electricity consumption tempo- 
rarily as a result of these pro- 
grams, the overall use of electric- 
ity will increase. 

Ultimately, the concept of con- 
servation may flounder, as Daniel 
Khazzoom, an economist at San 
Jose State University, has pointed 
out, for the same reason that 
Marxism rose and fell, 

Marx made much of the vast 
increase in 19th-century industri- 
al efficiency. He reasoned that if 
efficiency doubled, only half the 
workers previously needed would 


nan out or work, if efficiency 
tripled, two-thirds of workers 
would have no jobs. Efficiency 
today is much greater than in the 
19lh century, but the wholesale 
unemployment that Mara fore- 
saw has not come about. 

In the same way, despite ever 


stricter conservation regulations, 
overall energy consumption re- 
fuses to drop toward the cellar. 

People always seem to find new 
uses for energy — hot rubs, flood- 
lighting for their houses, central 
air-conditioning — most of which 
were unknown a generation ago. 

Does this mean that there is no 
reason to strive for energy effi- 
ciency? No, efficiency gains, even 
if they do not reduce overall de- 
mand, do stimulate increased 
economic activity. Conservation 
enables people — like the users of 
Watt’s steam engine — to create 
new products and services, or 
more of the same products and 
services for people who previous- 
ly could not afford them. 

Conservation, properly under- 


stood, can be good for the econo- 
my. But it is much less useful than 
the conventional wisdom has it, 
and it is often applied in silly and 
counterproductive ways that can 
damage the economy. 

Switching off that unneeded 
light may one day provide some 
child with an extra bowl of rice. 
Just do not assume that it will 
reduce the world’s consumption 
of energy. 

Mr. Inhaber is a scientist at the 
Westinghouse Savannah River 
Company. Mr. Saunders is direc- 
tor of the San Francisco Bay office 
of Decision and Risk Analysis. 
This was adapted by The New 
York Times from the November - 
December issue of The Sciences. 


IN OUR PAGES; 100, 75 AND 50 YEARS AGO 


1894: Italian Scandal 

ROME — The Bank scandals are 
assuming a more pronounced 
form than ever, and warrants 
have been issued against Signor 
GioKtti, formerly President of the 
Council, and Signor Rossano, 
formerly Under-Secretary of 
State for the Interior, both of 
whom are accused of having 
made away with documents con- 
cerning the Banca Romana. The 
papers are believed to compromise 
all the leading politicians of Italy. 

1919: New York Radicals 


of revolution and anarchy in the 
metropolitan district have been 
greatly augmented by the action 
of the Washington authorities in 
releasing from Ellis Island hun- 
dreds of dangerous radicals. This 
startling fact that New York city 


has been made dumping ground 
for “reds” was revealed yesterday 
[Nov. 22] in the preHrmnary in- 
quiry of the House Committee on 
Immigration. Representative Al- 
bert Johnson discovered tha t out 
of the 637 radicals tak«n to FIHs 
Island for deportation since Feb- 
ruary, 1917, only sixty have actu- 
ally been deponed. 

1944: Trying Dutchman’ 

CHICAGO — [From our New 
York edition:] 7he crew of a jB- 17 
Flying Fortress parachuted from 
the big four-motored plane over . 
Marion, South Dakota, today? 




an aerial Flying Dutchman, for 
five hours, until it crashed at Isa- 
bella, Minnesota, after a flight of 
more than 400 miles. The pilot of 
the derelict ship, First Lieutenant 
Colin i. Park, said the crew of tea 
men bailed out at 10:30 ajn. when 
one of the motors went dead. 


id* 




INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 23, 1994 


Page 5 


' "iJ 


<: 


-V.;3 '> 


i _- _ 


i Go- 


OPINION 



isan Mantle Would Suit Dole Well 


WASHINGTON — Tbeim- 
V¥ portent question for the 
next two years is not whether 
BQl Clinton can repackage and 
sell himself asHairy Traman. 
He cannot. The question is 
whether Bob Dole can be this 
era’s Arthur Vandenberg. He 
can, .Nat probably won’t. 

The bipartisan foreign policy 
mandb'thaX Mr. V audenberg, a 
conservative Republican sena- 
tor from Michigan, wore during 
the Tjnnpan administration 
may not fit Mr. Dole easily. It 
helped cost Mr. Vandenberg his 
own chance to run against Mr. 
Trumzurfbr the presidency. ' 

If Mr. Dole decides not to 
risk serious bipartisanship, the 
Vandenberg role 'may fall to 
node other than Newt Gingrich, 
the man who provided the emo- 
tional energy and the decibel 
level that the Republicans necd- 
ed-to capture the House, for the 
first time in 40 years. More on 
that in a moment. 

Forget the Truman thing; be- 
ing pushed on Bill Clinton. The 
times and the cast of characters 
are too different. To paraphrase 
die Boston consultant John El- 
Plist When Harry Truman sat at 
the head of the table; he looked 
around and saw George Mar- 
shall, Dean Aeheson and Averell 
Harriman as people' he listened 
to. Bill Clinton looks up and sees 
Geoage Stephanopotilos, James 
Carville and Dee Dee Myers. 

Cruel bambino-bashing, thaL 
A youthful president has the 
right to gravitate toward youth- 
ful advisers who have their fin- 
gers on the pulse of the nation. 
Or so it seemed until Nov. & 


By Jim Hoagland 

Mr. Clinton resembles Mr. 


ive or nonconfrontational on 
much of Mr. Clinton's foreign 

T - - — cans to agree “that politics will policy, with Haiti as the notable 

J™ 1 ™ °?c vital respect: He continue' to stop at the water’s exception. He has backed aid to 
“ mWMsin^ly edge.” On Nov. 16 he shar- Russia and enthusiastically 
pened the point: In the post- 
Cold War world the “water's 
edge” “applies to national secu- 
rity defined in economic terms 
— we must pass the GATT and 


conservative if not isolationist 
Republican majority in Con- 
gress as America redefines its 
eng a gem ent and leadership in 
foreign affairs, 

Mr. Truman was lucky 
enough to have Mr. Vanden - 
beig, a vain, dyly other-depre- 
cating conservative with a strong 
interest in foreign affairs. Mr. 
Aeheson and others coaxed him 
into sponsoring in the Senate the 

Vandenberg Resolution, which 
authorized the United States in 
June 1948 to negotiate a collec- 
tive self-defense alliance with the 
European nations united by the 
Brussels Pact This led to NATO. 
Mr: Vandenberg also fought his 
party, when it sought to slash 
Marshall Plan aid to Europe. 

“At least 200 members of the 
House — mostly Republicans 
— hate my guts,” Mr. Vanden- 
berg told the journalist Arthur 
Krock in declaring that he 
would not seek the Republican 
nomination in 1948. 

Mr. Vandenberg coined the 
term “water's edge” that Presi- 
dent Clinton discovered after 
the midterm election. 

“To me, bipartisan foreign 
policy means a mutual ef- 
fort ... to unite our official 
voice at the water's edge so that 
America speaks with maximum 
authority against those who 
would divide and conquer us 
and the free world,” he said. 

In a Nov. 11 press conference 
Mr. Clinton urged the Republi- 


LETTERS TO THE EDITOR 


Bigger Role for Europe 

Regarding. “ Focusing on the 
A Uiance" (Opinion, Nov. 16): 

Your recent editorial calls for 
America to support moves by 
the Western European Union 
to undertake its own military 
operations. This is absolutely 
right- The United Stales should . 
demand that the WEU .shoulder 
far more of the responsibility 
and expense of European de- 
fense than is currently the case. 

The Atlantic alliance has 
been crucial to Western securi- 
ty. Yet it is time that interna- 
tional defense structures he re- 
Wjusted. to allow a more 
balanced sharing of mflhaiy ef- 
fort. Since the combined EU 
economies now; exceed , the size 
of the U.S. economy, and since 
the Cold War. threat of Soviet 
invasion has disappeared, the 
European countries should as-, 
sum© primary responsibility for 
their territorial defense. 

The American taxpayer 
should no longer be asked to 
pay for the high-tech (and ex- 
pensive) military infrastructure 
covering Europe. It is time for 
Europe to do the job itself. 

ROBERT T. SCHECHTMAN. 

Cambridge, England. 

AnlmmigratMMiIdea 

Regarding “ A Nasty Surprise 
in California'' by Katie JJesh- 
man and “ Illegals Are the Brav- 
est of All ” by Richard Rodriguez 
(Opinion, Nov. 17): 

If America is serious about 
wanting to do something about 
illegal immigration, the simple, 
cost-effective measure would be 
a tamper-proof identity card. 
To be effective, it would have to 
be issued to everyone, including 
Governor Pete Wilson, the can- 
didate Michael Huffington and 
Senator Diane Feins tein. It 
would, inddentally, cat down 
on welfare cheats, child mainte- 
nance scofflaws and tax cheats. 

All camps are hypocrites 
here: the (mostly Republican) 
farm lobby, factory owners and 
% domestic employers (welcome 

s again, Mr. Huffington and Ms. 

Feinstein) who profit from ille- 
gal labor but don’t want to ad- 
mit that these “sweatbacks” are 
people too, and the (mostly 
Democrat) chatterers like Ms. 
Lieshman and Mr. Rodriguez 
who cannot bring themselves to 
admit that illegal immigrants 
are overwhelming America’s so- 
cial services. • • , . 

For a start, try heavily fining 
employers of people found to be 
illegal residents; and put a na- 
tional identity card proposal to 


Newt Gingrich. It beats nation- 
al orphanages! 

WILL tttjry 
Hong Kong. 

In Delors’s Corner 

RegareBng “The Delors Re- 
cord" (Letters, Nov. 17): 

I cannot let pass this biased 
attack cm Jacques Delors. 

.When Frangois Mitterrand, 
having reconstructed the French 
Socialist Party, wanted to be- 
come president, it was impossi- 
ble to do so without the Commu- 
nists* votes. So, Mr. Mitterrand 
made a necessary alliance.' The 
Communists, of course, wanted 
nationalizations. It had to be 
agreed on, and it was. 

The post of finance minis ter 
was not coveted, particularly be- 
cause Raymond Barrc had left 
the treasury almost empty. Mr. 
Ddora had the courage to take it 
and do what had to be done. 

Later, he went to the Europe- 
an Commission in Brussels and 
was good enough to be elected 
and re-dected president, until fi- 
nally be said: Enough is enough. 

EDMOND BRUMEAU. 

Paris. 

Something in the Air 

Regarding die news report 
“Gulf Disease ■ Syndrome 
Spreads" (Nov. IS):, . 

During the Gulf War, did the 
Iraqi Army retreat in such num- 
bers and with such speed be- 
cause its commanders knew 
chemical toxins were in the air? 

NANCY B. KOHLHEYER. 

Brussdls. 

Tails for Russian Nights 

"Black Tie, Red 
\ Intrigue In Yeltsin's 
:ourt* ” (OcL 20): 

The “first bladt-tie affair in 
the Kjemlin since 1917"? In my 
experience, during the Commu- 
nist era there was no shortage of 
dinner jackets among waiters in 
the top-level hotel and restau- 
rant trade, or even white tie and 
tails in the rank-and-file of 
symphony and opera house or- 
chestras. Certain categories of 
the working class were always 
comically overdressed. 

On another point,' to say that 
the Romanov family was killed 
**in Sverdlovsk, now Yekaterin- 
burg” ignores history. They 
were kflied in Yekaterinburg, 
six years before it was renamed 
Sverdlovsk by the Bolsheviks 
(only in 1991 was the city re- 
named Yekaterinburg). 

STEPHEN PECK. 

Oceanside, California. 



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it pass 

we should do it right away.” 

So far Bob Dole won’t dance. 
He withholds full support, al- 
though Republicans should 
find it easy to vote for the 
GAIT Uruguay Round treaty, 
which lowers tariffs around the 
Jobe. More than 80 percent of 
treaty was negotiated by 
George Bush’s chief trade rep- 
resentative, Carla Hills. 

Mr. Dole's hesitation may be 
a sign of obstruction to come by 
Republican presidential hope- 
fuls and the Senate's profession- 
al curmudgeon, Jesse Helms. 

If so, Mr. Gingrich has an 
opening to play statesman on 
foreign affairs while tearing up 
the pea patch domestically. At a 
minimum, it makes sense for 
him to give Mr. Clinton a free 
pass on foreign policy while the 
speaker-to-be focuses like a la- 
ser beam, to borrow a Clinton 
phrase, on the domestic agenda. 

Clinton officials report that 
Mr. Gingrich has been support- 


joined congressional trips there 
organized by the Democratic 
House leader, Richard Gep- 
hardt In the just concluded 
campaign, Mr. Gingrich did not 
raise the administration's con- 
troversial nuclear deal with 
North Korea. 

At the height of the recent 
Cuba boatlift crisis, I asked Mr. 
Gingrich about Mr. Clinton's 
canceling asylum rights for 
anti-Communisl Cuban refu- 
gees. He moved quickly past 
Fidel Castro, a subject I expect- 
ed to be red meat for a Republi- 
can ideologue. He talked in- 
stead about what immigration 
means to America's economy. 
He clearly hopes to out-laser 
Mr. Clinton domestically. 

But an important role goes 
marching for a character in 
Washington. A half-century lat- 
er, Arthur Vanden berg’s legacy 
greatly outshines that of Thom- 
as E. Dewey, the Republican 
governor of New York who lost 
to Harry Truman in the 1948 
presidential election. Bob Dole 
may want to reflect on that as 
he ponders the next two years. 

The Washington Post. 


The Family Intact, Not the Family Way 


W ASHINGTON — Fourteen-year- 
old Angela is thinking of having a 
baby. She doesn't say so directly, but the 
South Bronx youngster smiles coyly at the 
question. 4< 1 love babies,” she says. 
“They’re so cute. My mother already told 
me, ‘If you get pregnant, you won't have 
an abortion. You'D have the baby, and 
your grandmother and I will help out.’ ” 
What about school or making sure the 
baby has a father? “Why do I need to 
worry about a father? My mother raised 
me and my sister just fine without one.” 

Angela seems likely to become one of 
the nearly half-million teenagers who 
give birth’each year in the United States. 
About two-thirds of them are unmar- 
ried; many are poor. Americans debating 
welfare reform and the state of the fam- 
ily have no shortage of opinions about 
the cause of the problem: welfare depen- 
dency, low self-esteem, economic de- 
cline; ignorance about birth -eon troL But 
do these theories reflect realities? 

I spoke with some 30 new or expectant 
young mothers in the inner city, and 
sometimes with their boyfriends, nurses, 
teachers and social workers. It became 
evident that these girls all live in a dis- 
tinct subculture with its own values, be- 
liefs and sexual mores. 

For most of the teens I spoke with, the 
mainstream rites of maturity — college, 
first apartment, first job — hold little 
emotional meaning. To these girls, the 
only symbol of maturity is a baby. 


By Kay S. Hymowitz 


Underclass teens live in a never-never 
land almost completely abandoned by 
fathers and, in some cases, by mothers as 
welL Kids with little parental supervision 
are especially vulnerable to their friends' 
definitions of status and style. 

In this world, having a baby is a role- 
playing adventure. In one high school 
program to discourage pregnancy, each 
girl had to cany around a heavy bag of 
rice for a week, always keeping it in sight 

MEANWHILE 

or paying someone to watch it. By the 
end of the week, several girls had dressed 
up their bags in clothes from Baby Gap. 

“It’s like a fashion show,” said one 18- 
year-old. “At least for the first two years. 
Then they're not so cute anymore. After 
that, the kids are dressed like bums.” 

Marriage, as far as these kids are con- 
cerned, is dead. They display deep mis- 
trust of the opposite sex. The view among 
even the more moderate males is that girls 
scheme to entrap boys. Girls see boys as 
feckless braggarts or bossy intruders. 

About their economic futures, most 
girls gftwwwt more unraaKstic than demor- 
alized or lazy- Several girls said they want- 
ed to be lawyers or obstetricians the way a 
4-year-old says be wants to be a fire man 

Most of the policymakers who debate 


teen pregnancy fail to understand the 
power of cultural norms over youngsters. 
They believe that a lack of self-esteem 
caused by poverty and neglect is at the 
root of early pregnancy. But the respons- 
es of the girls I spoke with were charac- 
terized more by a naive adolescent opti- 
mism than by humility or hopelessness. 

The question is not why so many girls 
are having babies, but what prevents more 
from doing so? Common sense and re- 
search suggest that the most important 
answer is intact families. Frank Fursten- 
berg, a University of Pennsylvania sociol- 
ogist, followed the children of teen moth- 
ers from birth. One in four of the 233 
Baltimoreans in the study had a baby 
before age 19. But not one who bad a good 
relatio nship with a live-in father had a 
baby. Growing up with a close father, it 
seems, a girl receives a first-hand educa- 
tion of the heart, and is far less likely to be 

swayed by the first fast-miking boy. 

But if fatherless girls are in fact far 
more likely to begin sex early, to fall 
under the sway of swaggering, unreliable 
men, to become teen mothers, and to 
accept single parenthood as a norm, then 
we are faced with a gloomy prophecy: 
The teen mommy track is likely to be- 
come more crowded. 


The writer is a contributing editor of 
City Journal, published by the Manhattan 
Institute, from which this article xvzs 
adapted by The Washington Post 


WE TOOK THE MOST SOPHISTICATED SYSTEMS OF 

OCCUPANT PROTECTION. 






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INTRODUCING THE 
NEW JAGUAR XJ SERIES, 


When the engineers at Jaguar designed the 
new Xj Series, they wanted to create a luxury car 
that was built like a fortress. 

In order to achieve this. Jaguar analysed 'real 
!Hie / accidents, and learned the best way to protect 
passengers in the event of a collision. Front energy 

£) 


absorbing crush tubes which col lapse progressively 
on impact were built into the car. .For even greater 
■security, energy absorbing blocks were built into the 
doors and a steel bulkhead placed between the 
fuel tank and the passenger compartment And for 
added protection, high strength steel impact bars 
were welded into the sides of the car. 

Driver and passenger airbags, incorporating 
.electro-mechanical crash sensors.were installed 


as standard, together with an inertia switch which • 
isolates the fuel tank in the event of a collision. 

With all these features. It's not surprising that 
a recent Department of Transport study found the 
Jaguar XJ6 the safest car on British roads. 

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EVTEllPiATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 23, 1994 



Inheritance of Manipulated Genes Successful in Mice 


By Gina Kolata 

Sew York Times Sernce 

NEW YORK — For ihe first lime, a 
scientist has developed a technique that 
can allow the alteration of genes in 
sperm, passing the changes to the ank 
mal’s progeny. 

It is a development, ethicists say, that 
brings the brave new world of gene ma- 
nipulation hurtling ever closer and 
raises troubling questions about what 
science has wrought and how society 
should deal with new technologies that 
have enormous potential for relieving 
hu man suffering but that also have enor- 
mous potential for misuse. 

The implications of the experiments 
are so profound that they have prompt- 
ed calls for a national meeting of geneti- 
cists, ethicists and lawyers to decide 
whether this path should be pursued 
and, if so. with what precautions. 

Gene therapy has so Far involved only 
cells, like lung cells, that die when the 
individual does, and most experts 
thought that genetic modifications of 


sperm or eggs were far in the future. The 
new work has surprised experts and is 
expected to touch off a debate over the 
profound consequences of changing, 
genes of generations to come. 

The experiments, by Ralph Biinster 
of the University of Pennsylvania and 
his colleagues, were in mice, and Mr. 
Brinster and others say there are many 
steps between these experiments with 
mice and any experiments with other 
animals. 

But Mr. Brinster and other experts in 
biology and ethics stressed that they bad 
opened the door to similar studies in 
large animals like horses and cattle that 
are bred commercially, and eventually 
also in humans. The university has ap- 
plied for a patent on the process. 

Mr. Brinster's work is published in 
two papers appearing Tuesday in The 
Proceedings of the National Academy 
of Sciences. The articles are accompa- 
nied by a commentary by Martin Dym, 
a cell biologist at Georgetown Universi- 
ty Medical Center in Washington, who 


wrote that the findings “could have far- 
reaching clinical consequences'* in treat- 
ing infertility and genetic disorders. 

Mr. Brinster focused on a group of 
early-stage sperm cells, called stemceDs, 
that reside in the testes and are the 
source of all the sperm a male produces. 
Sperm stem cells can divide to form 
more stem cells and they can also diride 
to form a more differentiated cell that 
will continue along a developmental 
path that leads to the production of 
sperm 

Since the stem cells are the genetic 
source of all sperm cells, genes in the 
stem cells will appear in afi the sperm 


derived from them. And those genes, m 
turn, will appear in every cefi of the 


anim al's offspring. 

If the genes of a sperm stem cell are 
altered, so are the genes of an animal 's 
entire lineage. 

Mr. Brinster and his colleagues found 
that they could gather stem cells from 
the testes of mice that had marker genes 
in all their cells, micro-jnject the sperm 


stem cells into the testes of other ani- 
mals and see the marker genes' effects in 
■the next generation, 

Mr. Dym said in an interview that for 
laboratory scientists like himself, the 
work was “a major advance.” It pro- 
vides methods that can allow investiga- 
tors to understand the development of 
sperm and the unique nature of sperm 
stem cells. But, he added, the work was 
also fraught with difficult ethical impli- 
cations. 

Mr. Brinster said the method would 
allow researchers to study the produc- 
tion of sperm in ways that were never 
possible before. For example, he said, 
scientists could treat sperm stem cells 
with growth factors or hormones to un- 
derstand how sperm production is con- 
trolled. 

Or they could put sperm stem cells 
from a rat, which takes 55 days to pro- 
duce mature sperm from stem cells, into 
a mouse, which makes sperm in 35 days, 
to determine whether it is the stem cells 
or the testicular environment that con- 
trols the rate that sperm develop. 


Britain May Drop Pet Quarantine 


Reuters 

LONDON — Anti-rabies laws that force 
thousands of cats and dogs to undergo six 
months in quarantine when they enter Britain 
are no longer necessary, according to a com- 
mittee of British lawmakers. 

The House of Commons Agriculture Com- 
mittee recommended in a report to be made 
public Wednesday that quarantine should be 
replaced by a vaccination and blood-testing 
system when animals are imported from 
states in the European Union and other ap- 
proved countries. 

The report said: “Scientific advances now 
make it not only feasible, but desirable, for 
the U.K. to permit anti-rabies controls based 
upon vaccination and blood-testing.” 


Under the proposed new rules, animals 
would be vaccinated against rabies in the 
country from which they were to be exported 
and then given a blood test four months later. 
Then they could travel with their owners to 
Britain. 

The existing law has kept Britain complete- 
ly free of rabies, a disease that can kill hu- 
mans bitten by infected animals, since the 
early 1970s. But it has led to heavy expense 
for people moving to Britain to work who do 
not wish to leave their pets behind. 

“We consider a system such as we propose 
would effectively decrease the likelihood’' of 
rabies entering Britain, the report said. It said 
quarantine should remain for animals coming 
to Britain from countries where rabies was 
rife. 


CRIME: Squeeze on Middle Class 


CABBAGE: Beijing’s Winter Hero Rises to Occasion 


Continued from Page 1 
em China have cut into the 
northern custom of stocking up 
on baicai, which in Chinese lit- 
erally means "white vegetable." 
(Chinese cabbage is not the soc- 
cer-ball-shaped stuff familiar in 
the West. The Chinese version 
is cylindrical, with broad white 
leaves that trend toward a green 
crown.) 

But there seems to be a larger 
cultural shift afoot. 

“Of course, young people 
don't like cabbage as much as 


To subscribe in France 


just coll, toll free, 

. - 05 037 437 


the older generation does," said 
Hu Bd. 23, another shopper in 
western Beijing. “But it's also 
that lots of young people are 
too lazy to cook, especially the 
ones who are earning high sala- 
ries or working for foreign en- 
terprises.” 

If anything has spurred the 
sales of this year's crop of cab- 
bage, it has been soaring urban 
inflation, which has pushed up 
vegetable prices 50 percent in 
the last year. Even households 
with new income are watching 
their food budgets. 

Back at the Horse Tail Gully 
market, Wang, his brother, and 
his sister-in-law, Gao Aijun, 27. 
had been selling for three 


straight days and it looked like 
it might take two more days to 
reduce their cabbage heap to 
the dregs. 

“This year, it's been a pretty 
good harvest," Mrs. Gao said, 
“and we'll do a lot better this 
year than last,” perhaps with a 
total profit of more than $13)0 
on 55 ~ 

That 

with a note of caution and a 
sideways glance up and down 
the street, ‘‘depending on 
whether any competition ar- 
rives." 

In the cabbage business, a 
competing heap could come 
around the corner at any mo- 
ment, he said. 


Continued from Page 1 
land in the Moscow countryside 
where a rickety dacha owned by 
her husband's parents had 
stood since the 1950s. 

They set up a meeting with a 
contractor, and after discus- 
sions about what they wanted 
signed a $20,000, six-month 
contract. 

The company promised to 
begin work wi thin a few weeks, 
and on that basis the woman 
and her husband provided the 
first payment for materials and 
workers — $10,000 — in cash, 
as is the usual practice here. 

A month went by with no 
action, then two and three. 

Last winter the woman called 
the builders and and gave an 
ultimatum: Either start con- 
struction immedia tely or pay 
back the $10,000 with interest. 

The company, however, re- 
plied that not only would it not 
pay back the money, but it de- 
manded $25,000 more to make 
good on the contract 

She worked out a deal to have 
the company build just the 
basement and foundation. 

The couple hired local car- 


nical examination” of its work. 

Two nights later, the new da- 
cha and the old rickety one next 
to it burned to the ground. 

Friends told the woman to be 
careful- “They said it was a 
warning to take your case from 
the court" she said 

A few nights later, the next 
warning came, this time by tele- 
phone. 

“I heard you’ve had some 
problems with your dacha,” 
said a male voice, in an ominous 
tone. “You're bringing too 
many problems to respected 
people. Now listen to me care- 
fully. You don’t have two 
heads, you don’t have two asses, 
and someday you could lose 
them. I hope I'm callin g you for 
the first and the last time." 

The woman and her family 
had taped the call and, terrified, 
they took the tape to the police, 
but they were told there was not 
enough evidence. 

So now she and her family 
anxiously wait to see what 
comes next. 



flirt- 1 " 


Jen> Laupen' Rcwcn 

WISHFUL THINKING — A Dutch conscript kneeling Tuesday in a p3e of military 
boots filled with carrots, in a rally in The Hague against compulsory military service. 
Children put a carrot in a shoe in the hope that Sinterklaas brings a Christmas gjft 


C'&XAbif 0 SrSSlt TRADE: High Costs Force U.S. Financial Firms to Lay Off Staff in Asia 

at is, Mr. Wang added ing of a new Society of Con- . 

n aI t* r * i__. z s* jjf. j c. r» i anrorriwi in fkotr’n® fhpt/TI opt m/mfhc' rtn. 


sumers. they hired a lawyer who 
took their case to court, suing 
for $20,000. 

The company did not appear 
for the first hearing, so the 
judge froze its bank account At 
the second hearing, the judge 
granted the company's request 
for a delay to conduct a “tech- 


Gontmued from Page I 

current size. A turbulent year in global 


■ Many old folks have stories 
to tell. Like this 600 year old 

Portuguese 



• ■ X- • 

,oi\ ; 


You 're looking 
at Henry the 
Navigator. 

But don't be 
| footed by appearances. This 
| year is the young Prince's 
600th birthday. 

; As you'd expect from 
someone of this great age 
he has one or tarn 
experiences to relate. He 
founded the Sagres School 
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in CtUiformaf-io SoutBc.^;^ 
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raised to comrnemoTate^- 
ftiroimdnif 
f Cape of Good Hope. 

If Portugal had sack a role 
in. Unking together so many 
cultures^ ihe credit 
-goes to such men as Henry 
the Navigator. . 

Lisbon" 


The thrill of discovery. Portugal 


& ■ r SVu.Vl. rORTZCALZ 


ts 1C E P I'll eslimfiUns. ( (linin' in f iurismo if,- Portugal Cc-ncc dc V-s s 
Tel: 351 • 1 ,352 53 '0 i 1 n. 35' 1-352 53 Cb Cent, ’Cl Ojr :ocjl C“'SS- 


30 - S" • - CC0 A • PORTUGAL 


bond markets and uncertainty about inter- 
est rates have made raising money and 
buying issues far more tentative than in 
1993. 

“If it takes a year to do a good deal in 
China and most of us are chasing the same 
22 deals, that’s a retii>e. for disaster,” one 
investment banker said, referring to the 
state-controlled companies Beijing has 
designated eligible to list their shares on 
overseas markets. 


“I think everyone has found there are far 
fewer good companies ready to go abroad 
than we first thought.” added the banker, 
who works for a firm widely rumored to be 
close to announcing layoffs. 

Amid global cutbacks, Goldman. Sachs 
& Co. has fired enough people in Hong 
Kong to make their peers nervous , while 
Standard Chartered Securities LtcL a local 
arm of Standard Chartered PLC. closed its 
retail stockbroking operation, with the loss 
of 30 jobs. 

But many people drink cost-cutting dir- 
ectives from head offices in New York and 
London will make the list grow longer 
before the Chinese Year of the Dog gives 
way to the Year of the Pig in late January, 


when bonuses are traditionally awarded in 
Hong Kong. 

A guide to Chinese customs published 
by the Hong Kong Tourist Association 
predicts “something wonderful” will start 
in the Year of the Pig, “but it will take a 
long time to come to fruition.” 

Faced with the immediate need to rein 
in costs, some firms apparently have little 
time for local myths. 

“I believe the pruning exercise will con- 
tinue.” said Simon Waterson, managing 
director of headhunters Burns Hall Asia 
(Singapore) Ltd. “But I don't think it will 
be a retrenching in the order of 1991.” 

Several UJS. firms, most notably Mor- 
gan Stanley Group Inc- retreated from 
Hong Kong in 1991. but returned less than 
two years later and helped create the high- 
cost environment now hobbling them. 

“However, there are still plenty of com- 
panies actively hiring, and the merry-go- 
round continues," said Mr. Waterson, who 
said many firms were looking closely at 
relocating their non-China focused Asian 
operations to Singapore, where real estate 
and skilled labor costs are lower than in 
Hong Kong. 

“Some firms will be elegant about it, and 
others will be ruthless," an analyst at an 
American company said of the layoffs. “ If 


they re lucky, they'll get three months' no- 
tice. and they'll be allowed to stay in their 
apartment in the interim. Others will be 
fold to clean out their desks on the day.”. 

China investment bankers and local ec$ 
uities traders are thought to run the great- 
est risk of layoffs in- Hong Kong. But 
project finance executives and those with 
strong experience in bond markets will 
remain in det^and as Asia's massive de- 
mand for capital tests options relatively 
new to the region. 

Ranjan Marwah. chief executive of Ex-^ 
ecutiye Access Ltd* one of Asia’s largest 
headhunters, said: “In 1995, the trend will , . 
be movement closer to the client Regional 
offices will not increase, but you wtii see 
numbers grow in individual cities through- • 
out the region.” 

“There w ill be a selective dose of reality 
in compensation also," he added. “The 
superstars will have a reduced or flat year. . 
and the average human being will have to • 
pull their belts in a notch or two ” 

He was referring to a past heady year . 
when some top equity analysts moved * 
from job to job for annual compensation . 
packages worth more than $1 milli on. 



£:■ 


cj:- 

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NEXT: In Tokyo, a bidding war for seal- ■ 
0 ities analysts breaks out among foreign * 
brokerages. 


ITALY: Berlusconi Is Placed Under Investigation on Corruption Charges 


Condoned from Page 1 
insurance company, Mediola- 
num Vita, to tax inspectors. 

Mr. Berlusconi's office ac- 
knowledged Tuesday that the 
Italian leader had been served 
with what is called “notice of 
guarantee,” a judicial device 
that is supposed to guarantee 
citizen's rights in magistrates' 
investigations but is widely 
viewed by Italians as the near- 
equivalent of an accusation. 

Word of the investigation 
and concern over the stability 
of Italy’s government brought 
an instant reaction from inter- 
national money markets, where 
the lira slumped against the dol- 
lar and tumbled to its lowest- 
ever rate against the Deutsche 
mark. (Page 12). 


A spokesman for the prime 
minister. Jas Gawronski, said 
the police had brought the no- 
tice of guarantee to Mr. Berlus- 
coni at his offices in Rome. The 
prime minister had taken a 
break from the conference in 
Naples to return to Rome for a 
meeting with President Hosni 
Mubarak of EgypL 

The judicial notices are usu- 
ally issued when investigators 
have accumulated evidence but 
need to interview their suspects 
before deciding whether to seek 
a trial. 

Judicial officials said Mr. 
Berlusconi had been asked to 
meet with the Milan magis- 
trates, but government officials 
said that the Italian leader 
would by busy with other com- 


mitments for at least the next 
two days. 

Legally, none of the action 
taken against the prime minis- 
ter implies guilt, but it is bound 
to intensify an already passion- 
ate debate over the conflict of 
interest between his political of- 
fice and his continued owner- 
ship of Fininvest, a vast array of 
broadcasting, publishing, insur- 
ance and real estate companies 
that does business estimated at 
$7 billion a year. 

The magistrates' inquiries 
have gradually closed in on the 
prime minister this year. 

Several of his senior execu- 
tives have been interrogated 
and his younger brother, Paolo, 
was briefly imprisoned under 
Italy's harsh preventive deten- 


tion laws because of corruption 1 
charges. 

Mr. Berlusconi insisted Tues- • 
day, as he has many times be- 
fore, that his company had not 
been guilty of corruption but 
was a victim of extortion by . 
corrupt tax officers. 

In a statement issued by his ’ 




rTri' 




office, be declared: “I remain 
calm because, as 1 have said 
many times, I can say with ab- . 
solute certainty that I have 
committed no crime.” 

“I have to say that this is an 
old story and that my assistants 
have already been questioned' 
about it, and that they, like 
thousands of other executives 
and businessmen, have been 
victims of corruption and not 
agents of bribery," he said 


RWANDA: Many Refugees Go Hungry as Camps’ Relief Networks Fail 


CaBtfeued from Page 1 

number of people here," said Brenda Bar- 
ton of the UN World Food Program, 
which supplies food to all the refugee 
camps here. “What we are very angry 
about is the distribution of this food, 
which is adequate but is not filtering down, 
especially to the vulnerable, because of the 
corrupt system that's in place. 

“It s ludicrous to be asked to bring in 
more food," she said. “The problem is 
distribution.” 

The complaints of refugees are borne 
out by alarming statistics. Despite massive 
amounts of food coming into the Goma 
area, malnutrition in some camps is rising 
dramatically, and by 15 percent overali. In 
one camp, severe malnutrition is reported 
at more than 8 percent, double what it was 
in AugusL 

Relief agency surveys also show how 
skewed the food distribution has become. 
Every refugee is supposed to be receiving 
about 2,000 calories in food each day. But 
here in Kibumba camp, 22.6 percent of the 
population receives less than half that. 

The numbers are similar for the two 
other camps surveyed, where large num- 
bers of refugees are getting far less than 
their minimum allotment — and far less 


than what they need to survive — while a 
privileged minority gets more. At Kaiale 
camp, 65 kilometers (40 miles) north of 
Goma, where the aid agency CARE Inter- 
national pulled out after foreign staff 
members received death threats, more than 
a third of the population receives far more 
than the 2,000 calorie ration daily, while 
8.9 percent of the most vulnerable refugees 
take in less than 1 .000 calories daily, the 
surveys show. 

UN and relief workers here differ sharp- 
ly over the causes of the uneven food 
distribution. 

World Food Program officials and a 
group of relief agencies issued a statement 
fast Friday saying the root cause was inse- 
curity in the camps, and domination of the 
distribution process by Hutu militiamen, 
former soldiers and former government 
officials who hoard food for themselves. 

But the Red Cross contends that the 
food distribution system in the two camps 
it manages, including this one, generally 
works well, and that malnutrition in Kj- 
bumba has decreased from 20 percent in 
August io 6 percent today. 

“The militias don't control (he food dis- 
tribution — we control it," said the Red 
Cross relief coordinator, Dennis McClean. 


* 


“If we lose that control, then we wouldn’t 
be here.” 

But both rides agree that one major 
problem is the lack of an accurate count of 
the Rwandan refugees in the camps. With- 
out a census, relief workers say. they can- 
not properly register refugees and begin to 
make food deliveries directly to individual 
families. Initial reports in" July put the ‘ 
figure at well over 1 million, but the UN 
High Commissioner for Refugees now of- 
ficially says there are about 825.000 refu- 1 
gees m Zaire's North Kivu area, where • 
Goma is situated. The World Food Pro-; 
gram says it believes only about 600,000 ■ 
refugees are in the Goma area. 

Without a population registration sys- ' 
tern, the agencies that manage the refugee ■ 
camps say they must distribute food; 
through a procedure that relies on Rwan-^* 
da's old administrative structures; which*" 
breaks down the population by prefecture, 
then by smaller communes. Each com-" 
mune is divided into sectors, and sectors . 
are further divided into cells. 

Right now, food is given not to individ- 
ual refugees but to the leader of each- 
commune or sector, who is then supposed 
to divide it among his people. But the 
system collapses if that leader is dishonest. 






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Philippines Raise 

x U.S. 

-of-Call Accord 



• By William Branigin 

Waddigion Past Service 
MANILA — A little more 
than a week after a visit by 
President Bill Clinton, the Phil- 
ippines has rebuffed a draft 
military logistical agreement 
with the United States. 

■ In ^bearing at the Philippine 
Senate, Defense Secretary Ren- 
ato de Villa said a proposed 
U.S.-PhiIippine “Acquisition 
and Cross-Servicing Agree- 
ment” will not be signed next 
month as previously scheduled 
so that certain “ambiguous and 
objectionable” provisions ran 
be revised. 


The rejection of what US. 
officials described as a “rou- 
tine” agreement designed to fa- 
cilitate port calls by U.S. Navy 
ships reflected Philippine sensi- 
tivities about an American mili- 


tary presence here. Two years 
this week 


week, the U.S. Navy 
pulled out of Subic Bay, the last 
U.S. military base in the Philip- 


pines, after Manila refused lb 


new a bases agreement. 

The rebuff of the logistical 
agreement followed Thailand's 
refusal last week to reconsider a 
U.S. request to “pre-position” 
military equipment and sup- 
plies aboard civilian ships in the 
Gulf of Thailand. 

Secretary of State Warren M. 
Christopher said during a visit 
to Bangkok last week that he 
hoped Thailand would allow 
the United States to set up a 
floating arms depot sometime 
in the future. 

He emphasized the value of 
pre-positioned equipment in 
protecting U.S. allies, and he 
died the U.S. military’s quick 
response to recent threatening 
moves by Iraq against Kuwait 


But U.S. officials said there was 
little chance that the Thai gov- 
ernment would change its posi- 
tion. 

After Thailand rejected the 
pre- positioning arrangement, 
there was intense speculation in 
Manila that President BiU Clin- 
ton would put the proposal to 
the Philippines during his Nov. 
12-13 visit here. However, Mr. 
Clinton did not raise the issue 
in his talks with President Fidel 
V. Ramos, and U.S. officials 
emphasized that pre-position- 
ing was outside the scope of the 
draft logistics agreement nego- 
tiated between the U.S. and 
Philippine militaries. 

The agreement, originally 
scheduled to be signed in De- 
cember at a meeting of the U.S.- 
Philippine Mutual Defense 
Board, would allow the US. 
military to buy goods and ser- 
vices valued at up to $12 million 
a year in the Philippines. 

But after the deal became an 
issue among nationalists dur ing 
the Clinton visit, the Philippine 
government became concerned 
that certain provisions in the 
draft, such as one for “storage 
services," could be interpreted 
as violating the country’s con- 
stitution, which bars “foreign 
military bases, troops or facul- 
ties” from the Philippines ex- 
cept under a ratified treaty. 

In the Senate hearing Mon- 
day, Mr. de Villa, the defense 
secretary, said he had “reject- 
ed” the draft and sent it back to 
the Mutual Defense Board for 
revision. “There are ambiguous 
provisions in the agreement 
that need to be clarified by the 
American government,” he 
said. “We have to make sure 
that it does not mean stockpil- 
ing.” 


East Timor Youths 


To Accept Asylum 


Ream 

JAKARTA — East Timorese 
students holed up in the U.S. 
Embassy here for the past 10 
tjbys said Tuesday they would 
accept asylum in Portugal be- 
cause they feared for their safe- 
ty in Indonesia. 

The UJ5. Embassy and the 
International Committee of the 
Red Cross said they were pro- 
cessing the students’ travel doc- 
uments. Indonesia has reiterat- 
ed a promise not to hinder -their 
departure, the local Red Cross 
representative said. 

Diplomats following the case 
said the group would leave be- 
fore the end of the week. 

A spokesman for the 29 
youths, Domingos Sarmento 
Alvez, told reporters through 
ihe embassy fence that the 
youths had decided to go after 
harassment from local security 
officers and contradictory 
statements about their fate if 
they stayed. 

“It’s a hard decision for us 
because we want to go bade to 
East Timor,” he said. “But 
based on our experience here, 
where Indonesian intelligence 
officers have continually been 
threatening us, we feel we 
should leave.” 


The youths scaled the embas- 
sy fence on Nov. 12 to demand 
the release of a guerrilla leader, 
Jos6 Xanana Gusmio, who is 
serving a 20-year jail sentence 
for subversion. 


Portugal, which ruled East 
Timor until a few months be- 
fore Indonesia’s 1975 invasion 
and is still recognized by the 
United Nations as the adminis- 
tering authority, has agreed to 
take the 29 youths. 


Man Murdered in Metro 


For Denying a Cigarette 


A genre France-Presse 

PARIS — A man was shot 
and killed Tuesday after he re- 
fused to give a cigarette to a 
fellow traveler on a Mfitro sta- 
llion platform, the police said. 

• The attacker fired two shots 
at the man after he was refused 
a cigarette at the Gare du Nord 
station, then ran away. The vic- 
tim, who was not named, died 
20 minutes later, the police said. 


■ Military Abuses Reported 

■ Andrew Pollack of The New 
York Times reported earlier 
from Dili, East Timor: 

About 135 East Timorese 
were arrested in the protest 
against Indonesian rule last 
week, and many of them were 
taken from their homes and 
beaten by security forces, the 
religious leader of East Timor 
said. 

“The military soldiers en- 
tered the houses and arrested 
young people without any kind 
of explanation,” Bishop Carlos 
Felipe Ximenes Belo said in an 
interview. All of those arrested 
were beaten, and two or three 
were hospitalized, be said. 

Twenty-two were still being 
held, he said. The police have 
acknowledged about 80 arrests. 

Bishop Belo’s comments 
were likely to give new aromu- 
nition to overseas human rights 
groups that have long con- 
demned what they say is repres- 
sion in East Timor. 

Bishop Belo, 46, who is popu- 
lar and well respected here, has 
been walking a tightrope for the 
last week, people who know 
him say. A native of East Timor 
and a fervent opponent of its 
ann exation, he has been under 
pressure from the Indonesian 
government and has been try- 
ing to restore calm. 


Cashmere House 


Alexandre Savin 


— Since 1963 — 


QUALITY IS OUR KINGDOM 


Eurew-s lop royally shops with us why not you . 

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Waller Fiiih t* P i p^t 

ALL TOGETHER NOW — Troops with the South African National Defense Force p assing in review Tuesday at- 
the opening of a special defense exposition in Johannesburg. President Nelson Mandela, in an address to the 
gathering, said that South Africa was forging a defense industry to be guided by a new set of principles and priorities. 


A Fresh Beginning 
For Justice in Haiti 


Both Sides Ignore Cease-Fire in Angola 


The Associated Press 

LUANDA Angola — Fight- 
ing in northern Angola contin- 
ued Tuesday, despite the start 
of a formal cease-fire sealing a 
peace treaty intended to end 19 
years of fighting. 


The truce between govern- 
ment troops and UN1TA re- 
bels, which followed the UN- 
brokered treaty signed Sunday 
in Lusaka, Zambia, took effect 
at 1 P.M. local time. 


Both state radio and the re- 
bels’ V organ station announced 
the cease-fire in their 1 P.M. 
news bulletins, but neither 
broadcast appeals for their 
troops to hold fire. 

Fighting reportedly raged 
around Uige, a city 250 kilome- 
ters ( 1 55 miles) northeast of Lu- 
anda, and a key military airstrip 
at nearby Negaje. 

The peace treaty involves a 
disengagement of the two ar- 


mies and a power-sharing deal 
for Angola. 

The government reported at- 
tacks by UNIT A, the National 
Union for the Total Indepen- 
dence of Angola, in the north 
and east. 


Both sides claim control of 
Uige, the last provincial capital 
in UN1TA hands after the fall 
of their main base at Huambo. 


Vorgan, seconds after an- 
nouncing the truce, claimed 


The United Nations Security 
Council urged the waning par- 
ties Monday to honor the cease- 
fire. 


By Edward Cody 

Washington Post Service 

PORT-AU-PRINCE Haiti 
— The new justice minis ter, Er- 
nest Malebranche, issued a no- 
tice to judges across the country 
soon after taking over, urging 
them to hold court from 9 AM. 
to 2 P.M. He was unsure where 
to send it, however, because Mr. 
Malebranche does not know 
how many judges Haiti has. 

Mr. Malebranche also does 
not know where courts are 
functioning or which judges are 
honest enough to keep on the 
payroll, except in the south- 
western cities of Jfcrtmie and 
Les Cayes. 

He knows about these two 
spots only because he happened 
to be in J&remie when he got 
word of his nomination as min- 
ister and stopped off in Les 
Cayes on his way to the capital 
to take up the new job. 

“For the other places, 1 will 
have to go and conduct an in- 
vestigation,” he said in an inter- 
view. 

In a country starved for jus- 
tice, the machinery designed to 
provide it has rusted ana fallen 
apart. 

Years of dictatorship by the 
Duvalier family, followed by 
the turmoil of successive outlaw 
regimes and finally culminating 
in U.S. military occupation, 
have undermined public trust in 
the judicial system. 


The lads of a trustworthy 
court system has become partic- 
ularly troublesome as President 
Jean-Bertrand Aristide and his 
American backers seek to revive 
civilian government after three 
years of military dictatorship 
that ended with the U.S. inter- 
vention in September and Mr. 
Aristide's return from exile OcL 
15. 

While urging reconciliation, 
Mr. Aristide also has promised 
justice to the thousands of his 
foDowers who suffered abuses 
from the military during his ab- 
sence. 

Without an impartial and 
apolitical judiciary, the promise 
will be hard to keep — except 
through the street justice, in- 
cluding p illaging; and murder, 
that marred Mr. Aristide’s first 
seven months in office in 1991 
and helped prompt the coup 
d’etat that sent him into exile. 

“There is no democracy with- 
out an independent, honest and 
trustworthy justice system,” 
said Mr. Malebranche. 

With that in mind, the U.S. 
ambassador, W illiam Swing, 
last week allocated Mr. Male- 
branche $1 million in swift aid 
to help get the machinery mov- 
ing again. Two advisers from 
the U.S. Army’s avO affairs 
branch also have taken assign- 
ments in the ministry to help 
survey what needs to be done 
around the country. 



government 
had captured last week. 


The UNIT A leader, Jonas 
Savimbi, who was supposed to 
sign the peace accord with Pres- 
ident Josfe Eduardo dos Santos, 
failed to show up. 


Japanese Asked to Atone 
For 'Comfort Women’ 


UN Seeks to Curb Gangs 
In Rwanda Refugee Camps 


The Associated Press 

GENEVA — Women who were forced to be sex slaves for 
Japanese soldiers during World War II suffered “unimagin- 
able" violence, an unofficial world jurist «jroup said Tuesday, 
urging that Japan pay at least S40.000 m compensation to 
each of the victims. 

Systematic brutality against the “comfort women” is de- 
tailed in a report Issued Tuesday by the International Com- 
mission of Jurists, a private advisory - panel which concluded 
that the women’s suffering both during the war and after- 
wards should be compensated for by Japan. 

More than 40 victims and three former soldiers were 
interviewed for the report, which was written by a law 
professor In South Australia, and a lawyer for the Bombay 
high court 

It is estimated that between 100.000 and 200.000 women 
from Korea, China. Malaysia. Taiwan, the Philippines. Indo- 
nesia and the Netherlands were either tricked or forced into 
prostitution in a vast network of military-run brothels. 


Sew York Times Service 


UNITED NATIONS, New 
York — Secretary-General Bu- 
tros Butros Ghau on Monday 
called upon the United Nations 
Security Council to send as 
many as 12,000 troops to 
counter the growing violence 
from aimed gangs in camps for 
Rwandan refugees in Zaire and 
BunmdL 

The gangs are said to consist 
largely of soldiers of the defeat- 
ed Rwandan Army. 

UN officials have said that as 


many as 30,000 of these former 
soldiers and the militias allied 


with them may be in the camps 
controlling the distribution of 
food and relief supplies and ter- 
rorizing the refugees there. 

Mr. Butros Ghali said that 
taking control of the camps 
“would be a risky, complex and 
very expensive endeavor,” but 
he said it was necessary because 
the weakness of the present 
Rwandan Army might lead to 
another civil war. 

Some countries that had con- 
tributed troops to Rwandan 
peacekeeping operations in the 
past have already indicated that 
ihev would not in the future. 


On December 8th, the IHT plans to publish 
a Sponsored Section on 


European Union: 
Profiting From Partnerships 


Among the topics to be covered are: 

■ How cohesive is the Union? 

■ New members: How many, and when? 

■ Cross-border investment 

■ Trade agreements and cooperation. 

■ Corporate partnerships and joint ventures. 


This supplement coincides 
with the EU Summit in Essen, Germany, at which 
5.000 extra copies will be distributed. 

For further information, please contact BUI Mahder 
in Paris at (33-1) 4637 93 78. fax: (33-1) 46 37 50 44. 


IV LYrtiLv » i 

it cral o^^ert b un e 


maw miu M IB ' 



Sourcing 94 


One world. One source 

Qfympia 28 .\otwn fc erv2 December. 


Over 200 companies from over 
30 countries including the Far East, the 
US, Eastern Europe and Latin America 
will be exhibiting at Global Sourcing '94. 

In a single day you can source new 
products and services, attend FREE 
seminars and discover more* useful 
information from the many government 
bodies offering advice and guidance. 


For your FREE tickets contact Cathy Adams 
in London on +44 71 490 3633. 


Global Sourcing '94 — the 
whole world of trade 
and commerce on your doorstep. 




4 


In this Thursday’s 


HEALTH/SCIENCE 

A 

Missing 


Link? 


S iberian tribe 
of reindeer 
herders may 
provide clue to 
archaeological 
mystery.. 






MU4U ww i* mb in** mn iio nr *m*vkm mo 



• CNN BO IE AH 5 


Why News 


Travels test 


With 29 bureaus tracking the news 
plus satellite coverage that spans the globe, 
CNN sets the standard for immediate, credible 
and comprehensive reporting around the world. 



INTERNATIONAL 


Fur information regarding advertising opportunities, please contact: 


Kay Delaney in New York 1 -2 1 2-S52-6956 
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Page 8 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 23, 1994 


BUSINESS MESSAGE CENTER 


moss ARE ADVSB) 

that the tntaraatfonaf 
Haraid IHbsm cannot bm 
haidrmpcnMa far lot* or 
dbmmii moaned ata tu- 
rn * of tomn o rthm atom- 
mag from oMbMMfe 
wbkh mwnrh otnpcpm. 
It is t m o tor * racoa m tm c fr 
ml tbjt render* make op- 
p rafui ut a ktquki it* baton 

mntSog any money or mr- 

tcring Mo aay buntotg 


import/export 


WSCDVBt TT* SOUKCB Dta cketify 
with uwwha B Wr. 3 a a 


ft grfe ffldo. . 

& lights, inctog tatured ft deagret 
styles. NmH WlrtBf fee ■ N*. sort, 
leg warmers, etc. Prrfega qn* o» er 
ports hx the pari decode. Gjxearteed 
low pms & Friend-y re&abte sennet 

AtontoSi Hc«s?T*t 718-783-1300 

he 71 8789-800 USA 

THE ULTIMATE SOURCE I 
Mtrofaduras of mens & bow uititac 
soda. Athletic & a»dfa*«r 
fehoesj for men, Wjes & cHJdoi. Or 
professional & deAcahsd off er 


MARLBORO OGMEne. mode m 
USA, lea than 180 daw and less thw 
9S daw hwhnea. .W*e» 2 wedo 
after anfbtfnn L/C Pwftxmance 
Bond. Payment agar& deWy. Fax: 
3C ■ 4592718 


T-SHIRTS M LARGE QUANTITIB 
wd able it T1 far eqjort outside 
. taratSde or farwerd Wyra 
I 67 - B4. 1122 or fa> (32)67- 


GENERIC CIGARETTES. Amenta i 
ibaeoo, lowe 
avaJaUe. Fi 




USBJ IEVI MI'S. QuaSty fM 
drect from rite USA. Wat*. soppier. 

fas 503/6^0749 USA. 

BEAUTm. COSMETIC IB* for intef; 
rationed safes. Send for cafatoa to 
price bt. FAX USAr 1 QQ5) 474-S66 


DOMMCAN QGAXS, HAND MADE, 

bast tobaccos, low met. wane 
ate orb»- FAX USA: 1 


■asuajtt.fci 

474-3866. 

nutrition sumasff sway 

Exdusnc impart tfefributari soxthr. 
torted. toCraiq 60M44S977 IgA 


DELAWARE tNCs, LLCs 

Ded tired with Delaware agent, sore 
money on USA company fbnnqfion. 
. Deform Inc. or tlC. S3S) USD. Fart, 

ie£dte corintee service n al US 
stales. Free mb. G* or fat 


BUSINE SS 

OPPORTUNITIES 


Are 

drool 


tfcferwrtiwn ofAe 


anwroneiertf md ncitf to do you 

ISilE&’fiK* 

The Idea h to buy a krge parcel c# 
kind and rut d mto O raort. « Ml 
respect of neftre The prtwten of the 
protect ore a smdS moup of uooa an “ 
hwiest espefrtiw who have bew Uwig 
and wortanp in South East Aria far 


and help redae Ufa idea to ten 
share its beneStv Ided to mooto 
or u e m meti lapdence . Perfect for 
litae people of til cos. The prated 
w* bebcated it SaSi Eta Ana 
{Thahndar The Phippses! 

Write for detato 
logos MewnB—f » CttwlMe 
VioCaraaBo 19 
201241 
Italy 


OFFSHORE COMPARES 

• READY MADE Cffi. FUll AOMIN 

• TRADE DOda®nS AND l/C 

• BANKING & ACCOUNTING 

• CHINA BUSINESS SBNKK 

Contact Stafla Ho (or mentiSafe 
services 8 comptny bnxfwe 
NACS LTD, Room 906. AftwiPtan, 
M Granwle Road, Trim Sha Tsu, 
Kowtocn. Hong Kai 
Tot 852-7241223 Fax 852 


LOOKING FOR GOOD kwesteent 
Opportuioied PaoUe 125% or more 
yearly return to hfl. 31 10 411 5309. 
'ete 20310. 


SraaNG INVESTOR to market anti- 
sleep me d wn o in pi e verting rood 
□coder**. Write Ferreaux, B rue nerre 
Lnrther. 21100 Dwn. France. 


COMMERCIAL & INVESTMENT PROPERTIES 


RENTALS 


PAKS4ATM QUART® tege shop for 
rent, on strati comer, 3 loams aomd 
floor + 2rooms/lstfaor. 1-43566SS9 


SALES 


EXCSLB4T INVESTMENT. Buy a lot m 
sunny BraroL Fdri expanding totnsl 
area near beodv 55 lun good iPad 

92521 Nevly Cede* France or Far 
Luonrvi Cavotatie TS5| B5 261 3100 


PROVENCE - COTE D'AZUt For sole 
Engfeh bookstore, established 25 
yeoni Unrveroty «portdna 

(■MW FR.4M + seller s creciL Tel: 
home P3) 91 75 78 91. 


HUM PRODUCTION - PASS - $60,000. 
Ready-made & raody-t^use company. 
Also tene ftx office & flat (60 sqm), 
equipped, tainted, chomaer. u*n. 
Center. Low lentTebTonlll 43573912 


PARS - NEAR BASTK1E 

gi o uud Rot u pramoes. about Id sqm. 
it one fat. Charm, shighc, cafm. 
Re si dential or mmeoa use. J 


once Tel U7 00 27 91 


. Justified 


OFFICES FOR SALE 


MILAN CENTRE OFTKE SPACE. 130 
sqm. in outstanding bnkfing, dose to 
underground station. Coll 39-7- 
ffi121W meal houm 


1050 5?1tataaSA Ptpt. H 
Dover, DE 19901 
Tab 3&736-S510 
Ftoc 302-736-5620 


SAIE5 AGBH5 WAN1B) 

For ETN Worldwide Cord whdt 
gives up to 50% discount in 9500 
Holeh/175 courtirte High profit, eniie- 
nm tavafenent S10.00U ta 500 axds 
indmSog fbene Card fadEfiee. 
Many areas rii open for rap m i u U n& cn 
EltOreAN TRAVH. NBWOW 
Dowds 30, NL 1012 An eterdom 
ret 3130&2693 Fax 6382271 


R1E- CONSULTANT, 
an behdf of leodng axnpov 
^nx 40 yws) proetaing darts tor the 
production of watti proofing f 
luminous roof He shingles, drum 

sefls ttviAsy fitis. Rnatig aw 

In oddtian prowte every Ini of 
product, aatarid, techooloBy. pcrtcu- 
tarfy for Russo ■ Eastern Eurcpecm 
mu tiri a . 

Fw 39 - 434 - 550 263 


E EC Ctaerahp & rimd 
dooemrti awriode thru (xrctase of a 
beoutffd 150 sqm up to 330 sqm 

hmiry <«a opCTtmti^Red Btale 
hvatmert starts at W to 

$895,000 ndudes 100% legal 
G oi ti i m oti Nota r ok nti wn. 
fac M +31J0564^8.46 f 
American fbafic Insurance N.V. 


N1KNATTONAL BUSm^HOUSE 
needs to pwchase 

o4 refinena cepodty 12^000 BFO, 
cemerti ptcnl wtih lm ton rr .^ i o nt y 


' less mrc 


■riant with Tin ton oopoaly 
«tih 30/36 ip ase ngers 
1M J with 60/80 passen- 
gers enpetiy aid larger. Howsrcrarft 

5ns, IKT, 63 Long Aae, London. 
WCX9JH _ 


FOB SALE. A United _ 

(tied under the Thai _, - 

one hundred perart farcy ww 
ship with q Kerne hawig ur lrwte o 
aenvtoa. fVesertly engcqed « marai- 
fodunng and erportte taSe aul 
chddren S fasfvon wear tor European 
ad Mdde to mate Situated m 
the cente of Bongfeoi Oty. No infat 
Ins. Contort at fax - 966 3 895 

3215. 

NEW STRATEGY CHNA. Suocesifd 
entry rto On compfex business eon- 
lonmerti m the People's Repobk of 
Onto reqirrs new approaches, new 
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Ovno Devdapmerti end New Chno 
investment are your strategic levs ta 
Cbna Fa Further ii fo rm u c iu .tteso 
aal Robert Chan ot (852) 8607712 or 
far S52) B6Q77R7. 


WE CAN ana from Holland 20JDD0 
Chndmcn times WXXJ Amonco + 
16.000 Ficea Abtelhom the fidd wtfh 
or vMdicut dodPlease Fodl + 31 
4990 60452 (HoWcndV 


A PRESENT FOB TOIM S0N_ 

ySk ownco mpawt 

NSWnZBUAM) , 
2URICH * ZUG • LUZBM 


COhflDSA AG 

mmciinLB » i36.Q 

Ink +41 <2213® Fa* 




zsr 

acred. a> d «mgud on a Tan 
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SWISS PRIVATE BANKER 
□ffen prariorionot servra ei 
cnofiderte ut*a«mti 

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no bode debemes. Phase n» 
USA 1 305-3589615 reference Mode. 


EXraBKS) EXECUTIVE 38 years 
old adiw in vanous morkci sneiors. 
braed in TTntfriurA, North Grw c^ 

'^sr^'r'sss^i. 

Greece. 


I GOU) MME: 60 yems of r emote ■ 
GOLD MBMl ■ * -jar k ritto » 
whfle comfxng;.. fdty . outhoewri*: 
coate, very hcdthy t eoofa w*“ 
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EX Arie. Vdeo Wtructexn, 1 ^ 
potent. Docwnenteon : MCM, 138 

iue C Oewaane. F-5D199 Hergen, 


OASS A BAM » tar fate 
odninbtRrirve serKM wd estaberiied 
barfang and Komte «xatis. US 
$50 nc6. hnmaSnte trawfar. Ccri 
Canada (604) W2-6I69 m F» WJ4) 
942J179 or Lndan 071 394 5I» a 

FAX 071 231 9928 

row M7WW®, broker 4 nesori- 
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matters. Contac t a te conati & 
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■ ’’ 


STAGE /ENTERTAINMENT 


International Herald Tribune 
Wednesday , November 23, 1994 

Page 9 


Rolling Stones Play Internet! Yes, but What’s the Point? 


By Richard Leiby 

Washington Ion Serviee 


W ashington — E xperience 

live rock n’ roll at 120,000 bits 
per second! Friday night, for 
tnnr millions of fans in cvber- 
jJggNgj RoDil18 connected to the 

a ^ USl your ^nnaaL 

sa°" “ ia,Kt “ 

" tolling Stones hoped to send 20 

mmuto^ video and audio signals over the 

S!S?i 53?“ coxuxn at the Cotton 

B^rcPaUas. Promoters haalded this as 
a cultnnscbangmg landmark. Except it 
wasn t a first, and it wasn’t revolutionary 


Ihe worldwide audience for the feat also 
was nnnuscule, numbering in the thou- 
sands if not hundreds. 

■ next to nobody has the 

rig ht eq uipment, and besides, watching a 
co ncer t on a computer is idiotic, given the 
cuwcnt technological limits. It’s as stupid 
“Bstcning to an album over the phone. 

Serious music lovers will find this very 
unsatisfying,” said Peter Cottrell, lab di- 
rector for die computer science depart- 
ment at the University of Maryland, one of 
the few places in the Washington metro- 
politan area that could receive the Rolling 
Stones’ “multicast." For many viewers, the 
video image for the show would be no 
larger than 2 by 3 inches — with spotty 
sound at that. 

“It’s mostly interesting,” Cottrell said. 


“because it is perhaps the first event that 
brings the power of the Internet to the 
genera] public.” 

Most people understand bow the Inter- 
net can be used to transmit words and 
static images, but video and sound are a 
rarefied realm. The 20-minute Slones clip, 
if downloaded, would hold enough digital 
data to fill more than 100 megabytes on a 
computer hard drive. The show was aimed 
at the so-called “early adapters," those 
who understand the coming convergence 
of computers and television — and have 
access to the highest- speed Internet con- 
nections. In other words, mainly cutting- 
edge computer scientists and corporate of- 
ficials hip to the ways of making bucks off 
the information superhighway. 

For the rest of the world. 3 quaint cable 


TV show would have to suffice. The Inter- 
net concert was designed to promote the 
$29.95 Stones pay-per-view broadcast 
Nov. 25. 

“This is truly pushing the envelope of 
the Internet —it’s highly complicated and 
experimental,’’ said Stephan Fitch, a part- 
ner in Thinking Pictures, the New York 
multimedia company that pitched the cy- 
berconcert idea to the Stones. “Going 
through the trouble to receive the multicast 
win reveal the distance that we have to 
overcome to get to the superhighway we 
envision.” 

Trouble indeed. “So please, what ex- 
actly do I have to do to see this concert?” 
was one of the queries posted to the Roll- 
ing Stones’ site on the World Wide Web 


— which is itself limited to those wire- 
heads with fast, direct Internet connec- 
tions. Hooking into the fiber-optic Multi- 
cast Backbone (or MBONE) to view the 
concert requires expensive high-end 
hardware — including a Tl connection 
that supplies the equivalent speed of 24 
telephone lines. The connection alone can 
cost more than $20,000 to install at a 
corporate ale. 

The MBONE technology is not new — 
NASA has been using it to multicast au- 
dio and video of space launches for years. 
The first documented cybercast of live 
music over the MBONE occurred in June 
1993. in Palo Alto, Califomia, at a Xerox 
corporate function. The Internet Under- 
ground Music Archive, which promotes 


music on the Net, has also helped stage 
live concerts. Last week, the Seattle- 
based neo-psychedelic band Sky Cries 
Mary performed in cyberspace, beating 
the Stones to the punch. But that wasn’t 
enough to deflate the eternal bad boys’ 
claims to offering the "first ever live 
broadcast of a major rock concert in cy- 
berspace.” as the Slones’ press release put 
it. 

“Although it’s good for more people to 
understand about the technology. 1 think 
it’s unfortunate that people are getting 
Ihe impression that the Rolling Stones are 
the first to do this," said John Luini, 26, a 
founder of the Internet Underground 
Music Archive and bassist with the band 
Deth Specula, which performed on the 
Net in August.' 


LONDON THEATER 


HD AD? 


* * ■ 

\'r. 


Alb.ee and 3 Star Turns 


; By Sheridan Morley 

> International Herald Tribune 



! ■ ON DON — Edward A1 bee’s “Three 

. I TaD Women” (Wyndham’s), the play 

• I . has won him the Pulitzer Prize and 
, " 1 1 d this week the London Evening Stan- 

• dard award, tells to some extent the story of his 
\ rejection by a wealthy adoptive mother unable to 
, deal with the child she had signally failed to 
) nurture. But the finest American play of its 
. decade, one which will live in revival long after 

■ they have given up trying to preserve the once 
i topical, already fatally unwieldy “Angels in 

■ America,” is about so much more than personal 
; or familial revenge. 

*, First erf all it’s about the chang in g nature of 
. memory. The “Three Tall Women" are, it tran- 
| spires during Act Two, just one wo man seal at 
three different moments. As played by Maggie 

• Smith (who also got an Evening Standard award), 
j she’s a monstrous old dragon getting ready for 
. death by settling her scores with life. As played by 

• Frances de la Tour, she’s a middle-aged society 
! hostess wondering what that life mi gh t be about, 

■ and as played by Anastasia HiDe she’s a debutante 
‘ already appalled by what others have told her 

about the woman she is to become. 

In Anthony Page’s brilliantly triangular staging 
(far better than its off-Broadway original despite a 
few shamefully dismisave reviews here), “Three 
Tall Women” emerges as a savage indictment of 
old age and young marriag e , as blisteringly bnnal 
as was “Who’s Afraid of Virginia Woolf* but with 
an icy chill replacing the hot flashes of that earlier 
dramatic destract-missile. Smith is predictably 
just wonderful. Lady Bracknell marie over as 
Martha in a bedjacket, but HiDe and de la Tour 
fclso give the best suppor ti ng performances in 
town: Yon miss them at your pail 
The Peter Sellars “Merchant of Venice,” briefly 
into the Barbican from the Goodman Theatre in 
Chicago, is just terrible, Irving proof of what can 
come from a director vtriho thinks that he matters 
as much as the playwright and that it is his mission 
to make a timeless evcr-topicalpiece “mean some- 
thing" to a contemporary audience. Sellars starts 
out bom the not entirely breathtriring discovery 
that there is a Venice in Califomia as well as Italy 


so, hey, let’s do the show right there during the 
race riots, let’s have a black Shyiock because if he's 
just Jewish I guess it might not show right away, 
let’s have punk rockers and TV cameras arid 
anything to grab the attention of an MTV audi- 
ence with the attention span and an intellectual 
age apparently in the low single digits. 

Quite apart from the patronizing idiocy of all 
tins, it would seem never to have occurred to 
Sellars or his Chicago team that although the 
MTV audience is unlikely in the first place to buy 
tickets to a “Merchant erf Venice," even if it was 
sung by Madonna to an orchestral setting by 
Leonard Bernstein, those who do buy those tick- 
ets are likely to be driven out of the Sellars 
concept well before the intermission. “Othello" 
is, in fact, the best Shakespeare for race relations, 
and for street fights maybe “Romeo and Juliet.” 
“The Merchant" is also about many other thing s 
undreamed of in Sellars's daft kiss-me-quick 
philosophy, and quite why Portia’s prenuptial 
caskets should be turned into coffins is never 
explained. Like much rise here the gimmi ck is 
flashy, idiotic and deeply self-destructive. Sel- 
lars’s cast stands around a lot looking vaguely 
unhappy, as well they might: This whole RSC 
Shakespeare Festival is dearly a plot to make us 
aware of how much better the home team is than 
any of the visitors they have chosen. 

T WO new shows at the Riverside in 
Hammersmith: On the main stage, 
down from the Royal Lyceum in Edin- 
burgh, a gritty “Master Builder" intelli- 
gently located in Scotland, with Brian Cox at the 
head of a strong cast (Morag Hood. John Fraser. 
Sin Neal), all of whom, for director John Crow- 
ley, are intent on bringing the play down from its 
more poetic and apocalyptic heights to a plausi- 
ble drama of ambition and midlife crisis and 
late-flowering love. 

On the studio stage, an altogether more disas- 
trous affair: “That Woman" is a couple of old 
BBC radio plays by John Antrobus lashed to- 
gether in order to give the great Patricia Haves 
the chance to appear on stage with script in hand. 
The staring does no credit to a veteran trouper, 
nor to those who thought this might be a way of 
showcasing her. I'd suggest instead a tour of 
“Three Tall Women.” 


"j 


BOOKS 


; THE WORLD IN 2020 

•i 

* By Hamish McRae. 302 pages. 

- £20. HarperCoIlins; $24.95. 

\ Harvard Business School Press. 

Reviewed by Martin Baker 

M AYBE, just maybe, eco- 
nomics is not dead after 
all This is probably not the 
principal conclusion that Ha- 
mish McRae wants us to draw 
from his dearly written and 
carefully thought-out book, but 
it is most certainly one of them. 

Think, if you will, of the 
vaunting ambition of the au- 
thor’s objectives. McRae is at- 

BEST SELLERS" 

Tbe New Yc«i Thhk 

Thii Bn a brad on repent* Got moreu»n 
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Week Wk 0 .UW 

X thecelestineprophe- 
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■ I&feMSS 5 

■ bedtime STORIES, by 

. tomes Rno Garner 4 22 

. 4 DEBT OF HONOR, by Tom ^ ^ 

; 

: " 

. art Jo rdan — ~ — 6 4 

. 8 SPENCER vnXE, by Ndson 

• DdwgBc 10 A 

. 9 THE BRIDGES OF MADI- 
. SON COUNTY, by Robot 

James WaBex 8 1,9 

■ 10 MUTANT MESSAGE 

' P OWN UN 130 ** ^ M*™ 9 g 
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13 THE GIFT, to Dandle Surf 13 17 

M THE BODY FARM, by P«n* 

da CranweH * 2 10 

15 STAR TREK FEDERA- 
TION, by Jndhb and Gamed 

RrrvoSrvaH — — 

NONFICTION 

1 CROSSING THE THRESH; 

OLDOFHOPE. by John Pad 

n — 1 3 

2 THE BELL CURVE, bv 


tempting to guess how the 
world will be one quarter of a 
century from now. And to do so 
he is using economic analysis. 
This in an era when, with no 
apparent irony, the Nobel me- 
morial prizes in economic sci- 
ence are riven for game theory. 

One of the principal criti- 
cisms of modem economic 
study is its manifest inability to 
predict what is going to happen 
in the real world. Small wonder 
that many in the financial world 
increasingly treat economics 
with contempt; in fact, as the 
Nobd awards implicitly ac- 
knowledge, as some kind of 
meaningless game. 


Richard J. Hejraston and 
Chides Murray 3 3 

3 COUPLEHOOD. by Paul 

Reiser - „ 9 1 1 

4 NICOLE BROWN SIMP- 
SON, by FayeD. Resrickwith 

Mike Walker 2 3 

5 DON’T STAND TOO 

CLOSE TO A NAKED 
MAN. by Tub ABen 5 1. 

6 JAMES HERRIOTS CAT 

STORIES, by James Hodot 7 8 

7 THE HOT ZONE, by Richard 

Preston j f 

8 DOLLY, by DoDv Parton — 66 

9 BARBARA BUSH: A Mon- 

uir. by Barbara Bush 8 10 

18 THE BOOK OF VIRTUES, 

by WiDiamT. Bennett 10 48 

HALL THE TROUBLE IN 
THE WORLD, by P. J. 
O*R0Qxfce 14 4 

12 MIDNIGHT IN THE GAR- 
DEN OF GOOD AND EVIL. 

by Jobs Berendl 1 1 3» 

13 GUNS. _ CRIME, AND 
FREEDOM. byWayneR. La- 

Pierre — * 

14 NO ORDINARY TME. by 

Doris Kearns Goodwin 13 6 

15 ALL’S FAIR, by 

Bn and James Carvffle«tbPe- 

ler Knobler 12 8 

ADVICE. HOW-TO 
AOTMBCTLIANEOUS 

.SWSSaras l 

Enterprises 


But McRae does not dwell in 
some econometric twilight; be 
realizes that economic analysis 
can only take us so far. Thus, 
through the lightness of his eco- 
nomic touch, the acuity of his 
observation and his consider- 
able rift aa a writer, McRae 
succeeds in creating a vivid, in- 
telligent, and (usually) convinc- 
ing picture of the world in 2020. 

McRae’s method is to de- 
scribe where the world is now, 
discuss the forces driving it for- 
ward, and then extrapolate 
where we will be in 2020. 

The first part of the book is 
the best topographical survey of 
the world’s economic landscape 
that I have read. “2020” is worth 
reading for this alone. The lan- 
guage is dear, and the author’s 
mthireiagm for and understand- 
ing of his subject animate the 
text It would make perfect am- 
munition for the intelligent, fi- 
nancially unsophisticated reader 
wanting to explode the ubiqui- 
tous dinner party financial bore. 

The treatment of the domi- 
nant economic factors that will 
shape our future — demogra- 
phy, environment, technology, 
trade, political risk — is good, 
but tins reader was sometimes 
left wanting more, sometimes 
feding overfed. McRae's con- 
troversial views on natural re- 
sources are enjoyable (they will 
not become scarce and there- 
fore good investments, he ar- 


Books reviewed or listed 
are available from: 

BOOKS, TAPES 
& SOFTWARE 
WORLDWIDE 

136 Chestnut Circle, 
P.O. Box 661 
Lincoln, MA 01773-0661 
USA 

PhoridFax (617) 258-9436 
CompuServe ID# 70473, 1000 



An Empire Built on Jazz 


Calhoun.- Avhnvuc 


Maggie Smith, left, and Frances de la Tour in a scene 
from Edward A [bee’s award-winning play, “ Three Tall 
Women,” at Wyndham’s. 


gues — doubtless to the chagrin 
of managers of the many com- 
modity investment funds being 
launched this year). His treat- 
ment of demography, on the 
other hand, seemed long. 

And his conclusions? It 
would almost be unfair to re- 
veal them. Suffice it to say that 
his view of America’s prospects 
is considerably more optimistic 
than that of many Americans. 
America's greatest asset is the 
creativity of its people and the 
virtual cultural hegemony es- 
tablished worldwide by Ameri- 
can phenomena such as Holly- 
wood and McDonald’s. 

Japan, on the other hand, is 


facing a demographic crisis as it 
moves from one of the youngest 
to one of the oldest populations 
in the world in the space of just 
two generations. Despite the 
growing hugeness of China as 
an economic force, Asia will not 
dominate McRae’s world in the 
way some fear. 

In Europe, Germany is going 
to have to restructure its indus- 
try, and Britain is surprisingly 
well-placed to thrive. 

Is McRae right? It would re- 
quire a commentator with 
2D/20 vision, alias perfect hind- 
sight, to disagree. 

International Herald Tribune 



iSI 


USA Food and Bar 

THANKSGIVING 

DINNER 

Thucday 24th Nov. 

190 FF. wth aperitif. 

ALL YOU CAN EAT. 

LIVE MUSIC ALL NIGHT. 
Reservations required. 

PARIS 

68 , rue de Pomhieu 
I 7=006 PAMS. 

Tel (li 45 62 01 77 
12 pen -2 am 

i Home ddhwy service fl)45 676499 

MADRID 

Caballero de Giada, 10 
28013 MADRID. TeL 532 1976 
1 pm - 3 am, 


IHE STUDIO 
THANKSGIVING 

Traditional menu 
at FE 200 
Live music 
41, me duTernple 
75004 Paris 

Tel. Reservation: 42 74 10 38 


PAKtSZh 

AWNE N MRS FORIHANKSGfWJG? 

Joh u end reur SianA M a body hUdo far a 
fed Thor fagivinq (fewer. Twfcey and aB fa 
i" P ur T™ fa, Otufany iouob; fa 
’ wtta .P‘. our 5 9 Sre or ° American 

nmtftte<rodYOao,criianoe0(i« 

AMB8CAN DKAMI CWBA 

21, m Danau, 75002 Park 
fewfa Hi 42.60 99.89. 


By Mike Zwerin 

International Herald Tribune 

P ARIS — Along with his old friend 
and partner Daniel Filipacchi, Frank 
Tfenot sits on top of one of the world’s 
largest media empires. Hachette Fili- 
pacchi Press owns 72 publications in 24 coun- 
tries including Pariscope. Paris Match, Le 
Journal du Dirnanche and Lui in France, Elle 
worldwide. Woman’s Day in the United 
States and Teleprograma in Spain. They sell 
an es timat ed total of 800 million copies a year 
and it all started with Jazz Magazine (circula- 
tion 20,000), which celebrates its 40th birth- 
day next month. 

In 1954. T&oot was writing features and 
record reviews gratis for the late Charles De- 
launay’s Jazz Hot magazine (be was the son of 
the well-known painters Sonia and Robert 
Delaunay). The concept of jazz “Hot” is very 
French. (Django Reinhardt and St&pbane 
Grappelli grew famous leading the Quintet of 
the Hot Gub de France:) Some Frenchmen 
never accepted the Cool — Filipacchi for one. 
In a recent interview be said that for him jazz 
began to go dow nhill when the bass fiddle 
replaced the tuba. 

Jacques Souplet, editor in chief of Jazz Hot, 
left to work for Barclay Records and started 
Jazz Magazine to make sure their new releases 
would be reviewed (Jazz Hot was ignoring 
many of them). Souplet brought in T&not for 
a small salary. Wishing him luck in his new 
enterprise, Delaunay predicted: “It will never 
work." Tfcnot brought in Filipacchi, then a 
free-lance photographer for Marie Claire and 
Match. A feud developed. Filipacchi did not 
like Souplet’s photo cropping and page lay- 
outs. He lobbied to have him just take care of 
the business. Souplet fought back, lost, left, 
and our two heros purchased his 30 percent of 
the stock for a symbolic franc. 

At the time it was 30 percent of just about 
nothing. Eddie Barclay had a cash flow prob- 
lem in 1957 and he and his wife, Nicole, 
offered to sell the other 70 percent for Lhe 
equivalent of 400,000 of today’s francs. This 
was not symbolic. They said they had another 
buyer. After an appeal, the Barclays agreed to 
take payment in future advertising Tenoi and 
Filipacchi were in the publishing business. 

When they decided to put out a yeh-yeh 
rock monthly called Salut les Copains (rough- 
ly translated. Hi Guys), they applied what 
they had learned about budgets, printing. 


circulation and advertising from Jazz Mag. 
Tenot says that without tbat knowledge they 
would never have had the courage to do it. 
Still they made a basic mistake, and it made 
thrir fortune. They priced their new publica- 
tion based on projected sales of 120,000, 
which turned out to be a lot more than merely 
profitable when it went to 800,000 and then 
over a million on the occasion of Johnny 
Haliyda/s wedding. Then they started photo 
and fashion magazines and eventually ac- 
quired Match and all the others 

Filipacchi and Tenot were big men on the 
French music scene in the ’60s. They hosted a 
jazz program on Europe 1 and produced con- 
certs by people like Aretha Franklin and 
Stevie Wonder. Europe 1 has just released a 
CD of their 1960 Miles Davis concert at the 
Olympia. John Coltrane is majestic. But you 
can hear the audience hiss and boo his split 
notes and sheets of sound (an earlier Parisian 
audience booed Stravinsky's “Le Sacre du 
printemps”). Afterward, T6not had dinner 
with the saxophonist, whom he knew “pretty 
well.” This was an occasion because Coltrane 
generally preferred to eat yogurt and a ba- 
nana in his bote! room. Thinking that Col- 
trane must be depressed, T6not wanted to 
explain: “The people want to hear ’Kind of 
Blue’ and ’Giant Steps,’ " he said, “things 
they already know. You went too far for 
them." Coltrane, who was not really both- 
ered, shook his head and replied: “No. The 
trouble is I didn’t go far enough.” 


T ENOTS friendship with musicians 
goes back to his Jazz Hot days, when 
he often collaborated with Boris 
Vian. (He still writes a monthly col- 
umn for Jazz Mag, “Frankly Speaking”) The 
renowned essayist and novelist Vian was one 
of the few jazz critics with a sense of irony as 
well as a fine prose style. 

Like many old-time French fans. Vian 
thought a white person could not play jazz, 
except for French while persons. He attacked 
Norman Granz in print for hiring too many- 
white musicians for his Jazz at the Philhar- 
monic tours and Delaunay reproached Granz 
in person for the same reason. Last week in 
his suite-sized corner office, Tenot, now 70 
recalled: “Delaunay told Granz that he want- 
ed to chose the musicians, not Norman. Nor- 
man said: ’I’m American and jazz is Ameri- 
can music. You French ought to stick to Edith 
Piaf and Maurice Chevalier.' ’’ 


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decor. Excellent wines & mhierd wolen. 
32, rue Si. Mart TeL (1) 42 96 65 Od 


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Specialities of the South-West- ConFit de 
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Draw Parlfes emy SaAxday nigta 
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nuas TTdi 

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One ef fa aide* bMms af Praia. 

French R dfand cooking. 190 bis bd. Poore. 
Raarvoticns. Tel- (1|45 7420A8 


KEKVANSARAY 

Turkish & tail specialties, lobster bar, best 
seafood restaurant. 1st floor. Mahler str.9. 
Tel: 5128843. Air ccncCtwned. 80m Opera. 
NocnO p m. & 6 pm-lam.. entry* Sunday. 
Openhotdaja. 


THANKSGIVING 
Shopping at 

FAUCHON 

26/28/30 Place de la Madeleine 
75008 PARIS 
Tel.: 47 42 60 11 
Fax: 47 52 28 71 

• Turkey (uncooked or Roas 
stuffed) 

• American stuffing 

• Sweet Potatoes (whole cooked.) 

• Whole Ganlxmy Sjucc 

• Mince Meal 

• Pumpkin Pic 

• Cheese-cake 

All traditional 

and unusual delicacies 

Open without interruption 
Monday through Saturday 
9:40 a.m. - 7 p.m. 

Mini Fauchon: uniii 830 p.m. 

Telephone orders 
recommended 48 hours 
in advance to ensure 
timely service. 

Brasserie Fauchon 
will propose you 
its special Menu: 

Roast, stuffed turkey, fresh 
pumpkin soup. Pecan pic at 
FF150 (Kir & Wine included) 

28 Place de la Madeleine 
Open from 7 p.m. till 1 ajn. 
Phone: 47 42 56 58 
Fax: 47 66 38 95 

Also, at 30 Place de la Madeleine: 
Restaurant “Le 30“ or our 
“Bjstrot ou Caviar* , with Us 
finest caviar and salmon dishes, 
are both Inviting you to enjoy 
yourself in a warm and 
gastronomic atmosphere 
Reserv. Phone: 47 42 56 58 
Fax: 47 66 J8 95 

Opening on November 22, 

the Ttentor be la Mer” 
located at 

26 Place de la Madeleine, 
will propose you the freshest Sea 
Food at lunch and dinner time, 
from Monday 10 Saturday. 


THE CONFERENCE 
WILL ASSESS: 

March 6 

Global fixed income and 
equity markets . 

March 7 

Asia-Pacific equity and 

fixed income markets. 


GLOBAL FUND MANAGEMENT 

WhichWay are the Markets Moving ? 

THE EXPERTS DEBATE THE TRENDS ■ REGENT HOTEL * SINGAPORE ■ MARCH 6&7 - 1995 


hTERxvnostL Fob IxmnrtT 


itml b^^S ribttue 


FOR FURTHER INFORMATION 
ON THE CONFERENCE, 
PLEASE CONTACT: 

■ Brenda Erdmann Hagerty 
International Herald Tribune 
63 Long Acre, London WC2E 9JH, England 
Tel: (44 71)836 4802 
Fax: (44 71) 836 0717 


J 


aray&Mtn’rfantf 





























































X. 




LJ-* 


U£o 



* 



mm -wm mw 

International Herald Tribune ; Wednesday, November 23, 1994 


Page 11 


THETRIB INDEX 111 m. 

b^Blopn,te^aStaS^ ^ 1 '^ = ^ 1 n,n0a - “ mpaed 


v ■4'*'^ 






90 


•* v< '• ✓ ;><• s' / *.</» .: A| 
v*:/? . 


150 


Asia-Pacific 


Appro*, weighting: 32% 
CtoSK 122.73 Prevj 124.13 


^ > ** 
r,;<t 'r i 

N 

1894 


Approx, weftting: 37% 
Close: 1R39 Prevj 115-84 



"is '.v/fc. ^..: ■ 


A S O N 
1994 


North Amcric a 


Approx, weighting: 26% 
CJosa: 94.17 Prev, 96.63 


tafin America 



L-J_- 

>< * VVOna IKkQX 


Ths Index tracks U.S. do tar values of stocks m. Tokyo, New York, London, and 
Argonttoa, AuwtraSa, Austria, Btfghmi, Brad, Canada. ChH* Danmark, Finland. 
Francn, Germany, Hong Kong, Italy- Maxico, Netherlands, daw Zealand, Norway, 
Singapore, Spain, Sweden, Switzerland and Venezuela. For Tokyo, Maw York and 
London, the index ts composed of foe 20 top Issues kt mens of market c apknkmti on, 
ofoatwise foe ton top stocks am tracked. 


il Industrial Sectors J 


Tm. Pnw. % 

does dess camp 


Tm. 

- daat 

Prw. 

dOM 

% 

Ctapj 

Enow 

11228 113.19 -022 

Capferi Goods 

111.81 

11520 

-3.03 

Ufflftg 

125.12 125.33 -0.17 

Rm* Materials 

12828 

13050 

-1.70 

Financa 

110.78 112.03 -1.12 

Consumer Goods 

103.18 

104.89 

-1.44 

Services 

114.24 115.30 -0.92 

Hsceflaneous 

118J2 

121.09 

-2.10 

? For mote kdotmabon about fhe Index, a bookie! is available (me of charge. 

Wide to Tito Index. 181 Avenue Charies da Gaute. 92521 Neu&yCedex, France. 


© International Herald Tribune 


OPEC 

To Freeze 
Output 

Accord h Aimed 
At lifting Prices 

By Philip Shenon 

New York Times Service 

JAKARTA — The Organiza- 
tion of Petroleum Exporting 
Countries, in an important dis- 
play of unity by most of the 
world’s major oil producers, 
agreed Tuesday to freeze pro- 
duction levels through 1995 in 
hopes of driving up oil prices. 

Hie decision gave a s mall lift 
to oil prices Tuesday, with light 
crude for January delivery on 
the New York Mercantile Ex- 
change rising 26 cents a barrel 
to S 17.82 in late trading. 

The OPEC agreement, 
reached after only a few hours 
of discussion among oil minis- 
ters meeting on the Indonesian 
resort islan d of Bah, will hold 
cal production among OPEC 
members to 24.5 milli on barrels 
per day, a level that could end a 
glut of oil on world markets. 

“I think it will be very good 
for the market,” Iran’s oil minis- 
ter, Gholamreza Aqazadeh, said 
of the decision to retain the cur- 
rent production limits. “Prices 
will be stronger than now ” 

Saudi Arabia and other 
OPEC members once known for 
their free-spending ways are now 
short of cadi because of a slump 
in oil prices. If inflation is taken 
into account, oil prices are little 
higher than they were during the 
Arab cal embargo of 1973. 

An important unanswered 
question for OPEC is whether it 
can better police the carters 
members to prevent them from 
violating individual production 
quotas. Several cash-strapped 
OPEC members are known to 
cheat by exporting more od 
than their quotas allow. 

OPEC indudes Algeria, Ga- 
bon, Indonesia, Iran, Iraq, Ku- 
wait, Libya, Nigeria, Qatar, 
Saudi Arabia, the United Arab 
Emirates and Venezuela. 


In Malaysia, an Opening 

Japan’s Slowness May Be West’s Gain 


By Michael Richardson 

International Herald Tribune 

KUALA LUMPUR — Malaysian govern- 
ment impatience at the slow pace of technol- 
ogy transfer by Japan and the reluctance of 
many Japanese companies to promote Malay- 
sians to senior management positions are 
opening new opportunities for American and 
European investment in one of Asia’s fastest- 
growing economies. 

The Japanese “still seem worried that we 
might acquire their technology and compete 
with them,” Mahathir bin Mohamad, the Ma- 
laysian prime minister, said Tuesday. “We 
find that the Europeans and the Americans 
are much more confident about transferring 
technology.” He was speaking at a two-day 
conference on trade and investment opportu- 
nities in Malaysia. 

Emphasizing Malaysia's determination to 
move out of labor-intensive industry into cap- 
ital-intensive manufacturing with products 
that have higher added- value, Mr. Mahathir 
said that Malaysia would gain the technology 
it needed one way or another. 

“Sometimes by playing one against anoth- 
er, we manage to persuade people Lhai if they 
don’t” transfer technology “then they are 
going to lose out,” he said at the conference, 
which was convened by the International 
Herald Tribune and Malaysia's Institute of 
Strategic and International Studies, in associ- 
ation with the American- Malaysian Chamber 
of Commerce. The meeting ended Tuesday. 

Malaysia’s main car maker, Perusahaan 
Otomobil Nasional Bhd., recently signed an 
agreement with Britain’s Rover Group PLC 
that may lead to the manufacture in Malaysia 
of one of Rover's gasoline engines for the 
Malaysian company’s Proton cars, breaking a 
Japanese monopoly. The Proton is a corner- 
stone of a government plan to make Malaysia 
a fully industrialized nation by 2020. 

In an interview, Kisai bin Rahmat, deputy 
managing director for manufacturing at Peru- 
sahaan Otomobil Nasional, said the Malay- 
sian company was also negotiating with sev- 
eral American firms interested in setting up 
motor vehicle component manufacturing in 
Malaysia. 

“We are trying to widen our collaborative 
arrangements and strategic alliances.” he 
said. “We want to further diversify our 
sources of supply because the Japanese yen is 
getting more and more expensive. 1 ’ 

Mr. Mahathir told a recent conference in 
Pe nang attended by a delegation erf 1 U.S. sena- 
tors and executives of major American com- 
panies that, while Japan would continue to 
play a critical role in Malaysia’s development, 
the Malaysian government wanted to secure 


“as much American investment, technology 
and know-how as possible.” 

In recent weeks, six U.S. firms have signed 
investment and supply contracts in Malaysia 
worth more than $2 billion. 

The United States exported goods to Ma- 
laysia valued at more than S6 billion in 1993. 

And U.S. exports to Malaysia were up by 
nearly 23 percent in the first seven months of 
1994, compared with the like period in 1993. 

Speaking at the conference, John S. Wolf, 
the U.S. ambassador to Malaysia, said that by 

f We want to farther 
diversify our sources of 
supply because the 
Jajpanese yen is getting more 
and more expensive. 9 

Kisai bin Rahmal* Perusahaan 
Otomobil Naskmal 

the end of the decade, “we project that our 
exports to Malaysia, Indonesia, Thailand and 
the Philippines will equal or even exceed our 
exports to Canada and Mexico.” 

Evidently alluding to Malaysian com- 
plaints about Japan's protectionist measures, 
he noted that Malaysian exports to the Unit- 
ed States were nearly twice those to Japan and 
that virtually all were manufactured goods. 

Mr. Mahathir said that one reason Japan 
migjbt be reluctant to transfer advanced tech- 
nology for the Proton car is thai Malaysia can 
compete with Japan in some markets. “For 
example, we sdl more cars in Britain than 
Mitsubishi itself. We can compete in terms of 
the quality of our products,” he said. 

Although majority-held by Malaysian gov- 
ernment-controlled entitites, Perusahaan 
Otomobil Nasional is 17 percent-owned by 
Japan’s Mitsubishi group. 

Another source of Malaysian concern is the 
yen’s rise by nearly 30 percent against the 
Malaysian ringgit so far this year. 

■ Tenaga Assets Not for Sale 
Malaysia said it had no plans for selling 
profitable assets or rights of the national 
power company Tenaga Nasional Bhd. amid 
indications private firms were considering 
taking stakes in the utility, news agencies 
reported. 

Energy Minister S. Sarny Vellu said after a 
cabinet meeting on the future of Malaysia’s 
largest listed company that he planned to 
guarantee Tenaga a 70 percent share of the 
electricity-generation market. 

(AFP, Bloomberg) 


Hit. Films Fuel 
Disney’s Return 
To Profitability 


Bloomberg Business News 

BURBANK, California — 
Walt Disney Co. said Tuesday 
it had a profit in its fourth quar- 
ter, rebounding from a year- 
earlier loss, as earnings from 
films such as “The Lion King” 
offset declines in the theme 
park and resort business. 

Disney reported net income 
for the quarter ended Sept. 30 
of $225.9 million, or 42 cents a 
share, reversing a loss of $77.7 
million, or 15 cents, in the 1 993 
fourth quarter. Revenue rose 24 
percent, to $2.7 bQlion from 
$2.17 billion. 

Disney took a S57.6 million 
pretax charge for its investment 
in the ailing Euro Disney theme 
park near Paris in the latest pe- 
riod. A year ago, it took a pre- 
tax charge of $414.5 million. 

For the fiscal year, it took a 
$1 10.4 million pretax charge for 
its investment in Euro Disney, 
compared with a $514.7 million 
pretax charge in fiscal 1993. 
The 1993 results also included a 
charge of $371.5 million, or 68 
cents a share, for accounting 
changes. 

The results exceeded a mean 
earnings estimate of 39 cents, 
based on a survey by Zacks In- 
vestment Research. 

Disney’s shar.es rose 62.5 
cents to $43 in active New York 
Stock Exchange trading 

Analysts were generally up- 
beat about the results. 

“Looking forward, we expect 
film results to continue to pro- 
vide earnings momentum,** 
wrote Christopher Dixon of 
PaineWebber. PaineWebber 
has maintain ^ a “buy” rating 
on Disney’s stock 

Disney’s big money-spinner 
was its filmed enter tainme nt 
unit, which produced hits such 
as “The Lion King” “Aladdin” 
and “The Return of Jafar ” 

Filmed entertainment oper- 
ating profit doubled to SI 88.5 
million on a 43 percent rise in 
revenue to $1.26 oQlion. 


The gains in filmed entertain- 
ment helped offset an 18 per- 
cent decline in operating profit 
at theme parks and resorts to 
SI 55.3 milli on on little changed 
revenue of $950 million. 

Disney blamed the drop on a 
decline m visits to its parks by 
international tourists and the 
write-off from development 
costs related to the rompany's 
decision to find a different site 
for a historical theme park pro- 
posed for a site in Virginia. The 
decision followed public pro- 
tests against the location. The 
theme parks did benefit from 
higher spending by visitors and 
by cost reductions. 

The revenue from Disney's 
successful films helped boost 
profit in licensed consumer 
products, whose operating 
profit rose 33 percent to $94.8 
million on a 36 percent jump in 
revenue to $489.8 million. The 
revenue came from the use of 
Disney characters, particularly 
from “The Lion King,” on mer- 
chandise and records. 

For the year, Disney reported 
net income of $1.11 billion, or 
$2.04 a share, up from $299.8 
million, or 55 cents, a year earli- 
er. Revenue rose to $10.06 bil- 
lion from $8.53 billion. 

Mark Manson, who follows 
the company for Donaldson 
Lufkin & Jenrettc, upgraded his 
rating on Disney shares to 
“very attractive” from “moder- 
ately attractive." 

He said the great strength in 
Disney’s film business left room 
for positive earnings surprises, 
despite somewhat sluggish op- 
erations elsewhere. 

Mr. Manson said there were 
also other factors favoring the 
stock. 

Disney said Tuesday it had 
bought back 23 million shares 
since May and had authorized 
the repurchase of as many as 90 
million more shares, on top of 
14 million already approved. 




MEDIA MARKETS 


East Europe: A Tough Sell 


By Daniel lilies 

Special to lie Herald Tribune 

P ARIS — It may ended happened 
faster than most people imagined, 
but the unimpeded consumer-goods 
stampede enjoyed by Western mar- 
keting companies in central and parts of East- 
ern Europe since the breakup of the Soviet 
bloc has crane to a halL 

like it or not, these marketers and the 
international advertising agency networks 
that help sell their products are being forced 
to adapt quickly to keep up with evolving 
market conditions and remain competitive. 

By all accounts, the marketing sophistica- 
tion required to compete successfully in Po- 
land, Hungary, the Czech Republic, Slovenia 
and parts of Slovakia resembles tluti demand- 
ed in Western European countries, though 
conditions in most Eastern European coun- 
tries are still several years behind. 

Adding to the puzzle is a competitive land- 
scape where marketplace threats today crane 
not just from long-time Western rivals but 
also from rapidly improving local brands. 

“Four to five years ago this was virgin 
territory” said Donald Scott, director of Cen- 
tral and Eastern Europe for the BBDO adver- 
tising agency. “AH you had to do to seal a 
product was be there” . 

Newly liberated consumers feasting at the 
availability of long-known but long- 
denied Western brands were happy to pay the 
premium prices asked by international mar- 
keters for their superior products. 

Multinational ad agencies were “almost 
arrogant in their assumption that ^what 
worked in the West would work here, sard 
one agency executive who spoke on condition 


of anonymity. As such, many agencies “just 
threw dubbed Western commercials into the 
various Central and Eastern European coun- 
tries,” he added. 

Things are no longer so simple. Consumers 
have been shying away from expensive West- 
ern goods as their novelty has worn off and 
difficult economic realities have replaced the 
euphoria of freedom. Locally produced 
brands have frequently been the beneficiary, 
especially sinoe many have made significant 
strides in terms of product quality and pack- 
aging, while maintaining a price advantage 
over Western competitors. 

Some have achieved newly acquired com- 
petitive musde following buyouts by Western 
manufacturers. Amo, formerly a Hungarian 
state-owned bar soap and vegetable oil com- 
pany, sold the detergent side of the business 
to Unilever Group in 1992, said Imre Fehcr, 
Amo brand manager at Unilever in Budapest 

Hie soap was then marketed as a long- 
reliable Hungarian brand made better thanks 
to Western technology and packaging. Amo 
has experienced a renaissance, gaining new 
users and joining with Unilever’s premium 
Dove and Lux soaps to capture about 25 
percent of the Hungarian market, Mr. Feher 
said. 

Cada, another Hungarian soap and deter- 
gent company, helps ifiustrale a different 
competitive threat facing Western marketers: 
that of totally independent local manufactur- 
er offering consumers improved quality at a 
signifi cantly lower price. 

“Local brands are upgrading themselves,” 
said a marketing executive from Procter & 

See MARKETING, Page 13 


Bank Chief 
Steps Down 
In Hungary 

Reuters 

BUDAPEST — Peter Akos 
Bod, president of the National 
Bank of Hungary, said Tuesday 
he would resign because of po- 
litical pressure coming from the 
government. 

Mr. Bod said he had told 
Prime Minister Gyula Horn, a 
Socialist, that he would stay in 
office for three more weeks 
while his successor was select- 
ed. 

Mr. Bod was appointed head 
of the central bank by the previ- 
ous conservative coalition gov- 
ernment. He was the author of 
the economic program of that 
coalition’s leading force, the 
Hungarian Democratic Forum. 

He was accused of being a 
political appointee right after a 
Socialist-liberal coalition led by 
Mr. Horn was sworn into power 
in mid-July. 

Mr. Bod said that Mr. Horn 
“made dear he did not want to 
see me in the bank’s top job.” 

He said he could nave re- 
tained his post until his term 
ended in 1997. but conflicts with 
the government 


within 24 hours whether to ac- 
cept an offer of a post in the 
European Bank for Reconstruc- 
tion and Development as direc- 
tor representing Hungary and 
other countries in the region. 


CURRENCY & INTEREST RATES 


Nov. 22 

lbB nc U. M=. 'tea O Peaku 

J * DM - f* — &*OS- LSI MB* IS®* 

AnuftrtiBn V* 2» l« ““J 2US 0SBS 2UK »»• 

Bnrtmte MJ3H SU4S SUBS MW JJJ. JJg UM !«** »OT UW* 

Frrnmrnl IS ^ ™ uw 58W 1*» »" ** 

London IbI ' IS M® “2 MM USK U< HUM* *29 — - 

Madrid UU» 2BU» nus 4US IB1J8 M** JJ*®. 

mrm ta&M 2SMS M*® urn 17417 SIM LB® »3B 13,0 

Hm York da r— tsmu uns «* 1 gJ, w uw its saw uw uas* 

u, ... -cm U WO ' du un Hit UN 

uSe MS .«* flS! us* **" wn HS-^-'uSp 

TMHI / • UW ^ ?S S MB' W? LM0- USH «W 

,ro - u« W ® ^ 15 MMO m, |jns nun 

ut * UK . 

aa *nm»AiaslmrtunlMndo* N * w 

ondTomdorattsetlnm. units of ML- MO.: net ouoted. »w 

• a:Tctnjranemnd;t>: n *iv ** ov** 

ommml 


Eurocurrency Deposits 




Nov. 22 


Doflor 

D-Mark 

Swfn 

Franc 

Starling 

French 

Franc 

Yen 

ECU 

1 monUt 

olbl' 
JV1 Jl# 

XKtS 

3 Nr3 

5*4 

5U-M 

2 Vjt 2 v. 

SWrfS h 

3 months 

53k-6 

5 tv5 H. 

3 >»w3 Ym 

5<hr6 

5Vj-5«Ii 

TMPte 

OA-OL 
■ITI'J em 

4 months 

OMAk 

5 fcrS V, 



SVnSRk 

TWIVi 

Mt « 

two r 

flk-7 

5VWtt 

4fw4«i 

7 Hr7 

iUA, 

VMPA 

SVl-V* 


Sources: Rmdars. Uovds Bank. 

Rakaanpacctk: k> b dertx rik deoosbs of SI ndXkm mkitmam (orwa/kvlant). 


rOoHurValuM 

Pert CnrrtWT 

- urn 

I _ an hKHO rw** 
MM 15119 

na nW* 

we A OOS WC" 8 ***- 

ES'E? MM 

m 4J35 Malay. >*»■ 


per* 
33 am 

7HO 
MUS 
31 JS 
2T7LM 
MCI 
3032 
USV 


comma 

tMk pom 

iLZCOMldt 

Norw.krHM 

pMLpeao 

poestixMr 

ptrt.«cu*> 

Rots-PUde 

sank rival 
SM-I 


Per* 

3438 

U051 

tjns 

ZUH 


BUS 

314100 

17505 

140 


Carrencv 

LAtr.rnd 

IKor.eiM 

Swed. krona 

Taiwan J 
TMIMiU 
Turkish tiro 
UAL dirham 

VMB. WHv- 


pbt* 

35375 
7VS2D 
7J3477 
3 iM 

mo 

3*571 

3572 

5*957 


K«y Honey Rotes 

United Sfariei 
MnNfftratar' 

Prion rate 
Federal toads 

Mm* a* 

Qnntn. ncmrlM dan 
>mMlti Treasury fcfll 
Wear Treasury 
Syn ui ' T reasury note 
S^mar Treason' note 
7*ear Traanry note 


Cion Prw. 
4* 400 


■mala 


» 


tth 
5 5* 


SL31 131 
505 400 

128 £30 

6.17 624 

7.19 7.21 

7 JO 7M 


3B.ytar Treasury baad 
Merrill Lynch ndarnadr 


7J3 

7JB 

UM 


7S2 

801 

8.12 


Hseaansraf* 
Call moony 
lna oWi imarii 


asset 457 454 

ik ra 

2J9 222 
2tt M 
230 2 K, 


Book hose rote 

Stt 

9& 

CaU money 

5Yh 

9h 

lAMHl MRfbm* 

M 

i*. 

34B0Qttl (OMOtt 

OH 

M 



6Vj 

IMWfOM 

£53 

met 

- 

500 

5JM 

CaOmcwr 

S ft 

5U 

ljRiwlh rirtorhfmlf 

5V 

S hi 

lilWitiUlt 

5% 

5» 

g-mnfttti iatirtwafc 

505 

5U 

UMroorOAT 

B.12 

8.14 


tyneft. Beak of Tokyo. Comiaeattank. 
GfamnO M o n ta g u , Credit Lyo nnais - 

Gold 


3MOT 4Mar todm 
UP13 1-3718 1JJ00 

WJS. W M . 97.12 


*22 SB- 

Bg.SK W — - 

13078 Banco Cammed** tbrUona 



24D 

2h 


AJUL 

PM. 

ana 

THrior o*»ti'«n«n bona 

442 

448 

Zorich 

383J» 

38855 

+ 840 

Cmt mm 



Londsa 

383JB 

38300 

+ 840 

Lombard rat* 

«JOO 

ijn 

Mew York. 

mao 

38300 

+830 


Cott money 
l-amaffi iatoftnak 
34DMHI Hdorbaak 
MionNi interim* 


5J» £00 

£00 500 

520 S33 
530 £30 

7M 7M 


&S. tiaBors per ounce. London official Hx- 
inas; Zortcb ood dew reek epmMa and cto- 
laaoriccsi Hew York Catnex (DecumuerJ 
Scams: Reuters. 


Banks Were Established to Protect 
Depositors 1 Funds. It's Still 
Our Most Important Mission. 



T hroughout history, man 
has sought to safeguard 
the things he values. 

It was true in the Middle Ages, 
when banking institutions 
emerged to shelter the wealth 
created by an expanding market 
economy. It’s equally true now. 

Today, however, safety isn’t 
a matter erf having the biggest 
strongbox or the heaviest 
padlock. In todays fluid world, 
safety is tied to prudent poli- 
cies, a strong balance sheet and 


a conservative banking 
philosophy. 

Those are the very qualities 
that have made Republic 
National Bank one of the safest 
institutions in the world. Our 
asset quality and capital ratios 
are among the strongest in the 
industry. And our dedication to 
protecting depositors’ funds is 
unmarched anywhere. 

As a subsidiary of Safra 
Republic Holdings S.A. and an 
affiliate of Republic New York 


Corporation, we’re part of a 
global group with more than 
US$5 billion in capital and 
more than US$50 billion in 
assets. These assets continue to 
grow substantially, a testament 
to the group’s risk-averse orien- 
tation and century-old heritage. 

So, while much has changed 
since the Middle Ages, safety 
is still a depositor’s most 
important concern. And its 
still our most important 
mission. 


REPUBLIC NATIONAL BANK 
OF NEW YORK (SUISSE) SA 


A SAFRA BANK 


Timeless values. Traditional strength. 


MUD OFFICE GENEVA 1204 - 2, PLACE DU LAC ■ TEL 1022*705 33 35 -FOREX: 1 022 s 705 55 50 AND GENEVA 1201 *2, RUE OR. ALFRGO-VINCENT IC0RNER 
0UAI DU MONT-BUNO BRANCH BSc LUGANO 6901 ■ I, VtA CANCMA ■ TEL (0911 23 85 32 ■ ZURICH 8039 ■ STOCKER STRASSE 37 - TEL (01) 288 18 18 • 
GUERNSEY • RUE DU PRE • ST, PETER PORT - TEL (4811 711 761 AFFILIATE; REPUBLIC NATIONAL BANK OF NEW YORK IN NEW YORK OTHER LOCATIONS: 
GIBRALTAR • GUERNSEY * LONDON • LUXEMBOURG • MILAN ■ MONTE CARLO • PARIS • BEVERUT HILLS * CWMAN ISLANDS * LOS ANGELES • MEXICO CITY * MIAMI * 
MONTREAL ' NASSAU • NEW YORK - BUENOS AIRES ■ CARACAS ■ MONTEVIDEO ■ PUNT* DEL ESTE ■ RIO &£ JANEIRO • SANTIAGO • BEIRUT • BEIJING • HONG KONG • 

JAKARTA • SINGAPORE * TAIPEI * TOKYO 


‘J, - 




Page 12 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 23, 1994 






Dollar Ends Mixed 
As Stocks Drop 


Via Auociated Pres* 


Dow Jones Averages 


EUROPEAN FUTURES 


Dow Jto^s^fejstrial average 


Open Mali Lm 


Metals 


Indus 375SJ7 3770.18 3877.90 3677.99—9102 
Trans 145X43 1699.92 1*6032 144002—1X63 
Util 17331 17X32 17338 173.96 -003 
I Corap 1252J9 12573* <23436 1234J6 — 223* 


aluminum urn* crane) 

Dtitan per metric ton 


Prrvtaui 
aid Ask 


Compiled by Our Staff From Dapatdtrs 

NEW YORK — Tumbling 
U.S. stock prices were not 
enough to drive investors out of 
the dollar, which closed mixed 
against most other major cur- 
rencies Tuesday. 

Trading was quiet for most of 
the day as investors stayed on 


F orei gn Exchange 


the sidelines before the U.S. 
Thanksgiving Day holiday 
Thursday. 

Rising bond prices helped to 
support the dollar, which had 
weakened because of plummet- 
ing stock prices. 

“When bonds turned around, 
that’s what got the dollar up,” 
said Vicki Schmelzer Alicea, 
vice president of corporate sales 
for Westdeutsche Landesbank 
Girozentrale in New York. 

But the Italian lira, which 
dropped to a record low against 
the Deutsche mark in Europe, 
was undermined by renewed 
concerns about the stability of 
the Italian government. Traders 
said the lira risked facing more 
losses in the short term. 

“The stock market sell-off 
has worried some people,” said 
John McCarthy, foreign ex- 
change manager at 1NG Capi- 
tal Markets in New York. 

Currency traders watch slock 


and bond prices to gauge inves- 
tor demand for U.S. assets and 
the dollars needed to buy them. 

The dollar closed at 1.5535 
Deutsche marks, down from 
1.5565 DM on Monday, at 
98 J05 yen, up from 98.300 yen, 
at 5 J355 French francs, down 
from 5.3385 francs, and at 
1.3175 Swiss francs, down from 
1.3183 francs. 

The pound closed at S1.5691, 
up from $1.5673. 

The mark was at 1,034.3 lire 
after moving in a range of 
1.024.5 to 1,035.6. 

The dollar ended at 1,610.0 
lire, compared with 1,595.0 lire 
on Monday. 

Comments from Hans Tiet- 
meyer, the president of the 
Bundesbank, did not have 
much impact on the dollar. He 
said the German central bank 
might lower interest rates agai n , 
but he did not suggest a move 

was immin ent. 

Few traders were willing to 
take new positions in the ab- 
sence of fresh economic data, 
and the market thinn ed as some 
participants left for vacation. 

Traders were awaiting 
Wednesday’s release of U.S. 
durable-goods orders for Octo- 
ber. Trading sessions Wednes- 
day and Friday will be short- 
ened because of the Thursday 
holiday. f Knight-Ridder, 

Bloomberg, Reuters, AFP) 



\ Standard A Poor's IndnM 


industrials 

Tramp. 

UiHin«s 

Finance 

SP 500 

SP IN 


HWi Low Close Ck*9a 


54006 537.27 51755—1091 , 
349 M 34439 34439—114 
149* 14124 14X37 — 087 
4063 3904 J9JS7 —033 
45030 45008 65009 —021 
42739 419.54 419.53 —101 


Delian per metric ton 
Spot 1987,00 199000 

Ftarword 1 99200 T993LO0 

COPPER CATHODES (HM 
Dollars Per metric tow 
Spot 2*3530 283730 

Forward 2*1130 281230 

LEAD 

Pol tot Per metric fun 
5pat £71 -SO £7250 

Fonmrn £0930 69000 

NICKEL „ 

Dot lan per metric too 
Spot 765030 766030 

Forward 7775.00 778030 

TIN 


19*730 198030 
1908100 190930 
Croat) 


67230 £7330 
69030 £9130 


UUl LOW LOST *eW*» 

mot Isa ms tes 

JW" 15^ jfSg jfy+ft 15330 +130 

S? 1# H H i&s its 

|S g: & 

"StWlJSit 737*. OPW.W.9M56 

s rasm^y^srSiB 

M Ǥ 23 *23 

Mar 1638 iiw IrS r * /a +0.12 


MG Trader Faces Extortion Charges * 

.rad. vmh MG 

Sffifi Lit of Metallgesellschaft AG of Gennany. 


Rav VanDermolen, was a irauo mw mu 
C oro S^aSul^rut of Metallgesellschaft AG of Germany. 
HeTdleaSdly threatened to publish “damaging, scand^ous and 
SbSSSng’^ nnadon a ^ c **“ fonner cnvteyer if MG did 
StSyto S5 million, one investigator muL Trading losses at 


765500 766530 
770030 779030 


*g g as it% 

^ its SSiSS 

1648 1637 iwm +037 


NYSE IndaxES 


Dollar* per metric Ion 
Soot £21530 £22030 

Forward 6MS30 431030 

Z7NC (Special HM) erode) 
Dollars per metric ton 
Soot 116650 116630 

Forward 119230 119330 


Hfsh Law La si Ctig. 


Composite 

i ndutirl ots 

Troop, 

uriXry 

Flnane* 


25039 34633 34632 — *0* 

31032 312.16 312.16 —6.15 

22532 22131 32131 —341 

199. IS 197.13 19730 —041 , 

19347 19036 190.17 —330 . 


£24030 £25030 
633030 634030 


NT - 1652 + 027 
RT 1*52 +0 XT 
NT 1632 +027 
n!t: 1632 +027 


44415 open tat 1*4.949 


117530 117630 
120130 120330 


Financial 


3508 M J JASON 
4994 ■ 


NASDAQ Indexes 


NYSE Most Actives 


Moreria* 

Blinker 

TdMex 

RJRNab 

GTE 

GnMotr 

Merck 

Umitd 

□torn 

WttMart 

WtoXTc 

GanBi 

FordMs 

Compaq S 

Disney 


Utah 

Law 

Lost 

5* VS 

57 

57 

IBM 

IS 

1796 

51 V* 

49^6 

50 

6*6 

4W 

6V. 

30V, 

30 

30 

37’A 

3666 

3646 

36*6 

354 

aw 

21*6 

20 Wr 

»•/, 

42'X» 

*046 

40V4 

2336 

236 

93 <6 

27 

2 5to 

2S". 

47 '6 

44 Vt 

46 Vi 

2D96 

2496 

27 

39*6 

37V1 

38 96 

44 V, 

43 

43 


Corapeslta 

Industrials 

Banks 

insurance 

Rrroce 

Tramp. 

HStil Law 

* 753.90 74482 
79981 750.94 
60X63 602.13 
89383 88781 
86106 85709 
46000 653.10 

Dow Jm 

Ms Bond A 


Close 

20 Bands 


10 UHlItles 

89.19 


7*672—1332 
750-9* — 1340 
682.13 —432 
88731 —8.96 
85739 —8.15 
653.10 —835 



Htah 

LOW 

Close 

Own, 

•HMONTH STERLING (UFFE) 


<S*M0N 

pb ot lea pet 



Dec 

9385 

93L7D 

9384 

+ 002 

Mar 

9206 

9093 

9256 

+ 003 


9289 

9282 

9289 



9182 

9105 

9152 

+ 005 


9107 

91.49 

9157 

+ 005 


9182 

9185 

9180 

+ 004 


9I.M 

run 

9t.M 



run 

9096 

9101 

+ 004 

Dec 

9006 

9005 

9009 


Mar 

9079 

9078 

9000 

+ 003 


9070 

9080 

9081 

+ £04 

ScP 

9B09 

9043 

9069 

+ 006 


Stock Indexes 

men Low dcae Chaim 

) [LIFFE7 


orosecuting tne anegea cmuiuvh — -r© * 

separate investigation into the losses at MG Coro. That probe 
"continuing,” District Attorney Robert M. Morgenthan said 
Tuesday. 

Santa Fe to Shareholders: Hold Out 


PTSEW0CI4PPE) 

30773 *793 -*3 

Ssr Tt x 

Est. volume: U478. Open Inf.: MOSS. 

CAC *8 (MATIF) 

Ber ‘TraSl 5WL00 192230 -IX* 

& 1H25D 191600 193130 -1 ISO 

Jem 193SO0 193130 193930 - JIM 

Mar 195530 19*430 Idifl -1430 

KT iraS i?Soa imso -ism 


Est. volume: 37399. Open Hit: 5173SL 
MAO NTH EURODOLLARS {UFFE) 

*1 mimon - pti el MO PCI 


s£, 194930 194930 196330 -1430 

Est- volume: 2535B. Open tat: ABO. 

Sources: Motif. Associated Wm 
London Inn Financial Ftdms Exchange, 
mn Potmoura Exahanao- 


UOUIM -a- v aw 

CHICAGO (AP) — Union Pacific Corp.’s $3-3 billion bid for 
Santa Fe Pacific Corp. is too low, Santa Fe said Tuesday. 

Santa Fe advised its shareholders not to tender their stock to 
Union Pacific at the offered price of $17.50 per share, ating 
previous statements by Union Pacific execuuves that the rmW 
might go as high as S20 per share. A spokesman for Umon Pacific 
Sd the company was willing to discuss a higher bid, but has not 
been invited to meet with Santa Fe officials. 

Santa Fe oreviously agreed to merge with Burlington Northern 
Incina s»*MP wc^habout $3 billion. Shareholders of both 
companies are scheduled to vote ou that deal on Dec. 2. 


Dec 

N.T. 

N.T. 

93.97 

Mar 

N.T. 

N,T, 

9383 

Jan 

N.T. 

N.T. 

9274 

SM* 

N.T. 

N.T. 

9234 


Est. volume: 0. Open Hit.: 6653. 




Telecom Purchases Cellular Areas 


AMEX Stock Index 


34MONTH EURO MARKS (UFFE) 
DMi RdmoR- pta of 100 pc* 


Htah Low Lost CM- 
4*138 43611 43614 — 614 1 


NASDAQ Most Actives NYSE Diary 


TeleWest 

Intel 

Ciscos 

Novell 

OutBSfks 

Mertrox 

Orocta 

Mtesfls 

NaxtdCm 

Adortcs 

Oil ran 

DSC S 

rn Tech 

AnpieC 

JVC 


VOL Htah 
96416 30W 
74988 68U 
68102 

M5D3 20 M, 
380*4 W. 
364*4 12*4 
35*91 4214 
34500 63% 
30780 17*6 
26574 23* 
26250 80 
19222 3194 
18329 10 
10010 39V* 
17857 219k 


LOW 

Lost 

a*. 

2SW 

26 V. 

_ 

6396 

64%. 

—146 

3OT6 

3066 

— WU 

1816 

1696 

— lta 

24*6 

NH 

—84* 

12 

I2*Vb 

— 

39*6 

29to 

—746 

62 

42 

— IMl 

16W 

16W 

*tk 

21 

21V, 

+ 'V» 

7£ 

76V6 

— 4V6 

2956 

30 

—2 

16W 

16<A 

_ 

37V, 

375* 

—46 

21 ’A 

21W 

—56 


Advanced 
Declined 
Unchatmed 
Total issues 
New Winns 
New Laws 


dsn Prow. 
409 810 


1906 1492 

546 £31 

29*1 2933 

7 13 

312 10* 


AMEX Diary 


STOCKS* Doubts Lead to Sell-Off 


AMEX Most Actives 


Advanced 
Declined 
Unchanged 
Total issues 
New Highs 
New Lows 


175 210 

4£3 391 

190 226 

828 8Z7 

4 II 

70 4* 


Continued from Page 1 


can get it when earnings are 
threatened is to demand a lower 
price before they buy.” 

In individual stocks, news 
agencies reported: 

Motorola was the most ac- 
tively traded stock on the New 


quarter earnings would be be- 
low most analysts' 
expectations. The company 
cited poor sales at its Chili’s 
chain for the outlook. 


U.S. Stocks 


Compaq Computer fell iy* to 
38’A. An executive of the com- 
pany plans to sell 64,000 shares, 
according to a Securities and 
Exchange Commission filing. 



VoL High 

Low 

Lost 

Om. 


10441 

39, 

3V: 

—v* 


9116 1V> 

I’m 

IVi 

+ V« 

VkjcB 

8035 39V. 

38to 

38*6 


NAVOCC 

7S57 UVe 

9*6 

10 

— n» 


6185 £«6 

6 

6’rs 

‘V. 


4090 3*6 


We 


EchoBav 

4899 1056 

104 

10V, 

—V* 

SFOR 

4755 46 

4SUu 

45Vm 

—aiu 

Readmit 

4130 4'.',. 

346 

3>Vi. 


Pe«cw 

4008 174* 

It?* 

(Ilk 

— t, 

Markat Sales 


NASDAQ Diary 


Doc 9434 9432 9433 Until. 

Mar 9469 9444 9660 + 00* 

Jon 9634 9425 9434 +007 

SCO 9X96 9338 9355 +007 

Dec 9155 9348 93J5 +007 

Mar 9X24 93.18 9324 +0JM 

Jon 9256 9251 9255 +035 

Sep 9220 9163 9220 +006 

Dec 92M 9243 9248 + 005 

Mar 72-36 9233 9138 + 006 

Jm> 9229 9225 9229 +ffl»S 

S«p 9223 92.18 9223 +006 

Est. volume: 89AQC. Open InL: 7Zi 231. 

HU Low Ctau dime 
3-MONTH PIBOR (MAT1F) 

Fiamaitan - pts oMM pet 
DOC 9435 9433 9635 +001 

Mar 9602 9356 9602 +036 

Jon 9359 SO$4 9X59 +036 

Sep 932* 9X19 9323 +033 

Dec 9237 9233 9234 Unch. 

Mar 9261 9156 9237 Until. 

Jon 9136 9132 9233 Until. 

Sn 92.16 9113 9114 Until. 

Est. volume: 59593 Open InL: 186391 
LONG GILT (UFFE) 
fSOMO - pft A Boas at 700 pet 
DSC 10MB 102-10 10MB +0-65 

Mar 101-27 10+21 iai-27 +04)6 

Est volume: 32325- Open IntJ 11B36X 
GERMAN GOVERNMENT BUND CLIFFE1 
DM 250809 -pts Of 100 PCt 
Dec 9053 9033 9045 +0J7 

MOT 0953 89.18 8964 +041 

Est. votume; 136526 Open InL: 210356 


Per Amt Hec Par 
IRREGULAR 

£88 K! : :Sil3iSS 

Putnam Mimd taco - -g 11-2} 1V30 

5 *mf-Ted« So» e g-t 

SnUthKIIne Btil Eq C JH6 12-1 1-17 

SmlttiKhl Brfl PLCA c JO 12-1 1-2* 

eroprax amount per ADR. 

STOCK 

Frisch's Rests - * * 1M7 

REVERSE STOCK SPLIT 
Fstentertnmt Inc 1 tar 2 reverse split. 
INCREASED 

Am InsurMtatavH M .g 1J® 2-J 

Am InsurMtpInv 88 M -15 11-30 2-1 

j^.| i_M A .12 12-16 1-20 


NEW HAVEN, Connecticut (AP) — Southern New England 
Telecommunications Corp. said Tuesday it would buy cdhilar 
properties in three New England states from Beil Atlantic Corp. 
and Nynex Corp. for $450 million. 

The properties in Connecticut, Rhode Island and Massachu- 
setts are next to areas already served by SNET Mobility, 
subsidiary providing wireless voice and data communication in 
Connecticut and Massachusetts. 

The acquisition will add about 2.3 million people to the compa- 
ny's cellular service area, bringing its of potential customers 
to 5 J million. 


INITIAL 

F*l KUfrt Find 
HocttKonoTel c 

UQubiialmia 

unltooCon _ _ - 

e-approx amount w AO R. 

REGULAR 


_ .15 124 12-21 

c J4S 12-1 1-9 

_ JB3 12-6 12-16 
_ JJ* 11-38 12-15 


Advanced 
Declined 
Unchanoad 
Total Issues 
Nervhfiohs 
New Laws 


965 

1212 

19-YEAR FRENCH GOV. BONDS (MAT IF) 

2476 

2077 

FF5S00OO- 

■ pt* of ns pet 



1667 

1837 

Dec 

11140 

11102 

11186 

+088 

5128 

5126 

Mor 

11056 

11084 

11054 

+028 

31 

308 

66 

198 

Jun 

SOP 

nB 


10906 

10X96 

+ 024 
+086 


Est. volume: UT3Z7. Open Wj MIJI9. 


Spot CommocDttes 


York Stock Exchange, falling 2 
to 57 after making a public of- 
fering of 18.04 million shares 
priced at 58'/2. 

Brinker International fell 3% 
to 17-4 after the restaurant- 
chain operator said its second- 


S locks particularly sensitive 
to rising interest rates and eco- 
nomic cycles fell in active trad- 
ing, including General Motors, 
which lost % to 36%, and Ford, 
which fell ’« to 27. 

{AP. Bloomberg) 


Today 

Close 

NYSE 38125 

Ante* 1837 

Nasdoa 32723 

in mttiiem. 


Commodify Today 

Aluminum, lb 0502 

Camir electrolytic, lb 1.40 

Iran fob. tan 2ixm 

Lead, in 0+4 

5Hvw. fray at 116 

Steel (scrap!, ton 12740 

Tin. lb 61827 

Zinc lb 05891 


Industrials 


HHta Low Lost Settle ChVa 
GASOIL OPE) 

UJL doUara Per metric ton-lets of 100 tans 
Dec 15030 14735 14950 14935 +675 

Jan 15225 15030 151J0 1£U5 +05JJ 

Feb 15*30 15150 15X50 15330 +13D 

fitar 15630 15225 15400 15*30 +1^ 

APT 15X00 15130 15250 15250 +1.00 


Air Products „ 
Am InsurMtpInv 85 
Aspen Bncsws 
Bell Attantlc 
Brady wh 
CS Fsl Boston taco 
CS FstBostn Slrtd 
Corasfk PfwSfrA 
Camstk PtnrStfO 
Disney Wall 
Executive Risk 
Fsl Hawaiia n 
Fsl Unitd Bacsws 
Frisch's Rests 
Hyperion Total 
Marine Mid adMA 
Morgan Stan HlYld 
Patriot PremDv II 
Pfffwoy Coro 
PHIwar Corp A 
Ptatas Spirit 
Sborro Inc 
vaneyNUBMP 
WMlney HoRBns 


Q 3*5 1-3 2-13 


M .12 11-30 M 
O 35 72^19 1-4 

a M 1-10 2-1 

a JB 1-6 1-31 
M 36 12-1 12-15 

M 3675 12-1 12-T5 
M 3375 1V32 11-30 
M 34 T1-2Z 11-20 
Q JITS 1-9 2-17 
_ 33 12-15 12-Si 

O 2S5 12-1 12-15 
O .19 12-5 12-28 
Q M 1230 M0 
M 3B 124 12-15 
- .75 12-9 1-3 

M .12 11-30 12-15 
M 375 12-5 12-14 
Q .10 72-16 W 
O .125 12-H 1-4 

Q .14 12-15 12-31 
Q .16 12-22 1-6 

Q 25 12-9 V-3 

O .17 12-5 1-3 


Nasdaq Changes Favor Small Players 

NEW YORK (NYT) — The National Association of Securities 
Dealers has announced changes in its system that are expected to 
make it easier for individual investors to get better prices when 
they buy and sell Nasdaq stocks. 

The changes announced Monday, are not directly related to a 
current Justice Department investigation of whether some dealers 
mi gh t have conspired to maintain pride spreads between the bid 
and asked prices on stocks. 

By makin g it easier for smaller investors to trade within the 
spread — that is, paying less than the price dealers are asking fora 
stock, or getting more than the price the dealers are willing to pay 
for it — the changes could help reduce the impact of any such 
conspiracy on the market 


For the Record 


I o-omwH; p-wyoMo in Canadian Haws; at- 
maatMy; q-aaarteriy; s-swnKmnoai 


TeleWest Shares Score Gain in Debut 


Cable-TV Firm Sets Expansion 

Kmght-Ridder The parties have valued 


NEW YORK — Conti- 
nental Cablevision Inc. has 
agreed to acquire all of 
Providence Journal Co.'s 
cable systems in a noncash 
exchange for shares of Con- 
tinental's class A common 
stock, both companies said 
Tuesday. 


the transaction at approxi- 
mately SI. 4 billion includ- 


ing the assumption of $755 
million of debt which will 
be outstanding on the ac- 
quired systems. 

Continental is the na- 
tion’s third largest cable 
television company. 


Compiled by Our Stiff From Dtspmditi 

LONDON — TeleWest Communications 
PLC made their debut on the London Stock 
Exchange on Tuesday with an issue price of 
182 pence ($2.85), valuing the company at 
£1.8 billion. 

Shares in Britain’s biggest cable television 
company finished with a small premium to 
the issue price at 185.5 pence. 

The London issue is part of a global offer- 
ing of 216 million shares in TeleWest, or 26 
percent of the company’s share capital. 
TeleWest, which is owned by U S West Inc. 


and Tele-Communications Inc., said it ex- 
pected to earn £360 million from the offering. 

Analysts said the pricing of TeleWest 
would act as a yardstick for other British 
cable companies planning to list shares. 
Nynex CablcComms Ltd. and Bell Cableme- 
dia are both considering London offerings in 
the first half of 1995. 

Rapid growth of the cable TV industry in 
Britain, where cable operators are allowed to 
offer both television and telephone service, 
has sparked interest in the London market 
(Bloomberg, Reuters) 


U S West Plans Venture 
With Malaysian Finn 


Bloomberg Business Senas 


KUALA LUMPUR — US 
West Inc said Tuesday it had 
signed a joint venture agree- 
ment with Binaiiang Sdn to de- 
velop wire and wireless commc • 
ni cations networks in Malaysia. 

The agreement will give U S 
West’s U S West International 
unit a 20 percent stake in Binar- 
iang. The venture also will work 
toward providing the first satel- 
lite service in Malaysia. 


Microsoft Corpus proposed $1.5 billion purchase of Intuit Inc., 
the maker of Quicken personal-finance software, may be delayed. 
Intuit confirmed published reports that The Justice Department 
had intensified an antitrust investigation into the buyout. (AP) 

has been purchased from Frontenac Co. for $140 million by a 
group led by the company’s management (AP) 

Borden Inc. has been approached by suitors other than Kohl- 
berg Kravis Roberts & Co., according to a regulatory filing. The 
other parties approached Borden after its board endorsed KKR's 
pending $2 billion tender offer for all Borden shares. That tender 
offer was announced in September and formally began Tuesday^ 

(Bloomberg 

RJi Macy & Co. won federal bankruptcy court approval to 
close its 13 remaining I. Magnin stares. Macy previously an- 


nounced plans to close the upscale specialty stores as a prelude to 
its planned takeover by Federated Department Stores lac. The 
Magnin stores accounted for only about 4 percent of Macy’s total 
sales in 1994. (Bloomberg) 

Visa said consumers charged more on their Visa cards during 
the third quarter than at any other time in Visa’s history. Charges 
totaled $74.7 billion during the quarter, up 28 percent from a year 
ago. (AP) 


WORLD STOCK MARKETS 


U.S. FUTURES 


Seowi Seaiai 
HWi Low 


Onen HWi Low dose do OAlnf 


Sflcaon Seotan 
Htaft Low 


Ooen HWi Law Owe Ow OpJrtf 


Via Auooofod Plan 


Agones Fame* Prune No». 22 

OoMPrav. I 


Amsterdam 


ABN Amro HM 
ACF Holding 

Aegon 

Ahold 

Akzo Nobel 
AMEV 

Btis-Wessanwi 

CSM 

□SM 

Elsevier 

FaKker 

Gbt-BroaxiM 

HOG 

Heine ken 

Hooaovens 

Hunter Dwoto 

iHCCalond 

lirior Mueller . 

Inf I NeOertand 

KLM 

KNPBT 

KPN 

NedUayd 

OceGrlnten 

Pakhood 

PhlUH 

Polygram 

RofcrcD 

Rodamco 

Rdinca 

Rorento 

Rovw Dutch 

Stork 

Util fervor 

vanommeren 

VNU 

WoiterVKIuwer 


Rhol nme t c ll 

Schorlng 

Siemens 

ThVMWI 

Vartq 

Veto 

VEW 

Vtao 


iisr" 


282 382 

995 1010 
611.70 618 
2B328950 
32032650 
528 533 
369 379 

*57.50 460 
*6130*6750 
1000 1005 


Helsinki 


Amer-yntww 9X20 9938 

Enao-Gutzett 38.10 »50 

Hutaomakl 1*3 1*5 

K.QJ*. 635 610 

Kvmmene 129 129 

Metro 14 iso 

Nokia 6SB 68S 

Pohlohi £6 66 

Rmolo 89 JO 92 

Stockmann 252 2S2 

E®2S^!2? X 


Hong Kong 

33 
I0JD 




Brussels 


Aimanif 

AiUed 

Bor CO 

BBL 

Bekaert 

CBR 

ss 

Cock Brill 
Ctiwa 
CoJruyt 
Deviate* 
Electro bel 
Etoctraflna 
Fortta AG 
GIB 

GBL 

Gevaerf . 

GtavertnH 

limnobel 

KradlettKnk 

Mosane 

Petreflno 

Po w er tln 

Rectlcol . 

Rovede Bets® 

Sanaa 

Sdvav 

Tessenderto 

Troctebd 

UCB 

Unton Mintons 
Wagons Life 



Forte 

GEC 

Gen! Acc 

Glaxo 

Grand Met 

GRE 

Guinness 

GU5 

Hanson 

Hllisdown 

HSBC HMrn 

ICI 

inchceve 

KlnslUher 

Ladbroke 

Land Sec 

Lqporto 

Lasmo 

Legal GaiGro 
Lloyds Bank 
Marks SO 
MEPC 
Nan Power 
NotWsst 
NthWsf woter 
Pearson 
P*Q 
Pliunoton 
PowerGen 
Prudential 
Rank Ora 
Reck Ht Col 
Redtond 
Reed Inti 
Reuters 
RMC Gmua 
Rolls Rove* 
Roftimn (unit) 
Ro^tiSco. 

Salnstaurv 
Scot Nowcos 
Scat Power 
Sears _ 
Severn Trent 
SMI 

Smith Nephew 
SntlTtiKlIne B 
Smith IWHl 
Sun Alliance 



ClBMPrev. 


Season Seaian 
Hteh Low 


1X23 1233 Oct 96 

Est. Sties 4X87* 6*00*1. sties 31345 

Men’s oecn M 177,17* up 331* 


Onn hwi Low Qou Cho OnJm 


43 43V9 
11 11 
2316 ZRk 
«fc 7 

i«6 ism 
18 18 
12W T2U 
20 V. 2fffe. 
1 29k l» 
2* Vk 20k 
39 Vk 3916 


: 16 159k 

15% in* 
2016 2IR6 
109k ink 

ink m 

42 41W 
18VS. HFW 
2893 29 

169k 16M 
1W6 19*k 
21 271k 
c SVk 8Ki 
4216 42 

l*9fc lfle 

7V, 79k 

X05 Ut 
k: (012.15 



14 1650 
9.20 

« 9.15 
1*6 
27 M 
X50 
3jOB 
HA SM 
X7U X78 
NA 6® 
NJL M6 


Sharp 
Stomazu _ 
ShMtauChem 
Sony 

Sumitomo Bk 
Sumitomo diem 
Suml. Marine . . 


Sumitomo h~~ 
TaUelCorv 
TakedaChem 
TDK 
Teilln 

Tokyo Marine 
Tokyo Elec Pw 
Toopan Prtnttna 
Toroy Ind. 
Toshiba 
Toyota 
VomaldilSec 
a: x ioa 


| UM mens Lana 1 S5 

WBfiar*” 


Stockholm 


1710 1740 

6S5 686 

1910 1920 
5110 5230 
1720 1730 
561 571 

815 827 

338 335 
601 «* 
1210 1190 
4570 *690 
550 567 

1110 1150 
2900 2800 
14S 1*30 
742 745 

687 697 

2080 2100 
691 *96 


Grains 


WHEAT (CBOT) MM eumftnnwn- <uw*MrMnr*i 

6101* X09 Dec 94 17716 173 145V. 16614—011714 10J02 

62616 127 Mar 95 125V. J35W 3 S>tU 3406.-006 33J00 

19814 L16M)Mov95XM 348U 165*4 165R4— OtOH 5215 
X6R4 111 M 95 135 139 3Jfl* 137 -OCJ VJT9 

165 139 5«P 95 14m 14414 143 3A4W *00214 *32 

375 149 Dec 95 ISO 155 ISO 151 156 

U*lt 13*14 JUl 96 125 377 125 127 —(UK 7 

axeties NA Mon’s.sties HL?W 
Moirsgpenlnt 61591 oft 1759 

WHEAT (KHOn KWBumWnwm-oqmrSMrgueM . _ 
AZPA 112y,Dec9* HUM IBS 379 37916-075*, law 

62714 125 Mar95 187 187 182 383 -48«. 20877 

603 171 V» Mew 95 371*4 172V4 370 170 -tLffl XSB 

166 Vi 116*5 Jul 95 1*2 38* 1*2 144 -*-<UHVi *J20 

377 329 Sep 95 14814 149 147 1*9 +08114 97 

16*14 3.53 Doc 95 1£5 187 155 3J6 +083 12 

E%t. sties NA NtotiA sales .326* 

Mon’s owmlm 37,277 up 460 
CORN (CBOT) SJWIjiiniln*iwnvdoew»PWlsjWirt 
277 2.1314 Dec 94 2.16 2.16V. 11414 115 -02114 7M9* 

28314 123V.Mar9S 127 277* 12514 275»— ft02 3630 

285 1309, May 95 U* 13*14 13214 13214 -08214 31J8* 

285V, 2J5V.JUI95 139 139 13614 136*6— OJBV. 41,487 

ZJW, 139 SCP95 282*4 2*3 ’/i 281 281V1-0JK 1755 

263 £7514 Dec 9$ 2 4TA 2*714 245W 286V.— 082 21291 

1601* 250V, MOT 9* 2831* 156 152 25244—002 VM 

S3 15516 JU 96 280 -0JBH «2 

Est sties na Man’s, sties mj£2 
Mon’s open ini 26*795 aft *03 
SOYBEANS (CBOT) UMtarAMrciirhdgBaniivtuMI 
7JM 137*4Jan95 162*4 16616 562 SAW +08214 51828 

785 5871* Mar 95 5.7114 57514 571 SJ5 -082'* 29,272 

785V, 156 MOV 95 5.79V. 58214 571*4 58214 +082*4 16897 

W SAItoJuIVS S85H 588 19*14 5874. +0811* 21998 

6.19 5669, Aug 95 5M 590 580 590 +081*4 1.784 

415 571 Sep 95 5.90 591 589*6 591 +082 1.057 

68014 5JBJ4Nov9S UJfe 59894 595*4 49814+082 9836 

6.16 599 V, Jon 96 50*14 505 683*4 505 112 

520 S99V4JUI96 522 +083*4 56 i 

Nov 94 683 111 1 

Est sties NA Mon's, sties 26.972 
Mra’iocen Iti 1 31 ,OT i» *93 


Tate I. Lyle 
Teuco 


Tomkins 
T58 Group 
Unilever 
Wd Biscuits 
Vodafone 
Wor Loan 3*4 
Wellcome 
Whiteread 
Williams HOBS 
Willis Corroon 
PTMtodexjZWJ.W 


^ Ml 


Madrid 


Johannesburg 


Frankfurt 



AECI 

Allech 

Arista Amer 

Barlows 

Blyvoar 

Buftels 

De Beers 

Drlefontom 

Gencor 

G F5A 

Harmony „ 

Hlstiveld Steel 

Kloof 

Ncdbank Grp 

Rondtonleln 

Rwjpfed 

3A Brews 


34 32 

95 100 

238 241 

34 3* 

J 0 

38 40 

*6 97 

04 6150 
15JS 1510 
130 131 

36 38 

35 3*50 

62 a 

40.75 40L50 
4180 43 

112 113 

100 99.35 
352S 3525 
185 185 
509531 


3BV 3425 3440 

Jco Central Hlsp. 2975 2990 
Sanco Santander S2*o saso 
Janesto 949 955 


CEPSA 
Draoadas 
Endesa 
Ercros . 
Iberdrtio 


Tooacatora 
Telefen too 


3140 3145 
1275 fflK 
5870 5930 
149 1 55 

3Vta 3925 
3815 3865 
1700 1715 


*12 
70S 709 

l 415 42190 
263 265 

537 52 

M® SB 

% 

2060 2060 
22450 233 

10090 10050 
1369 1346 
20123580 
43150 434JI0 
360 37150 
MS MO 
481 JO 49X40 
431432J8 
5*6 540 

38439X50 
6690 6910 
43980 465 

1122 11X7 
840 8*7 
1 111.1011130 
20670 211-60 
10550 10670 
365JD 36X10 
16080 16X10 
322 322 

773 785 

991 993 

! 512 5T7 

18020 101 
135 13O40 
1440 1444 
252 25*10 

529 525 

59S 599 

255 255 

15*20 157 JS 
329 33*70 
146 1*7-50 
272 773 



Toronto 


AUHbl Price 
Air Canada 


Alberto Enersy 
Alcan Aluminum 
Amer Barrie* 


Amcor 

ANZ 

BtiP 

Baral 

Bougainville 
Cotas Myer 
Comalco 
CRA 
CSR 

Fosters Brew 
Goodman Flew 


Sydney 

177 u 
X69 169 
1X54 1X92 
370 X32 
rille 088 DBS 

<er *02 *84 

*08 *95 
1782 17J8 

9nw 1.12 1.14 

n Field 1.15 1.]« 


ICI Australia 

Magellan 

MIM 

Nat Aust Bank 
News Carp 
Nine Network 
N Broken Hill 
Pac Dunlop. 
Pioneer lnl*1 
Nmndv Posektan 


HMD 1090 
1.90 170 

2A9 2J3 
10*0 10JQ 
570 570 
NA NA 
115 32J 
160 147 
386 111 
* 


OCT Resaurcn 179 179 
Santas 169 X7* 

TNT 130 133 

Western Minimi 770 7JS 
Westoae Banking 485 *12 
Woodstae *55 *60 

wtfBSsimar 5 ™ 


I 16 167S 
9 3S 1030 
750 7-6Q 
272 283 

« _£3| 


London 


3770 37.50 
395 405 

1J0 180 

152 149 

VJ* 


Singapore 




ttitfsrfisr 


Montreal 


AKSLItfl 
Dank Montreal 


Ifl* Hit 

34W 2*W 


Tokyo 

Akai Etaetr 
A mi til Chemical 
Asetil Glass 
Bonk of Tokyo 
Bridgestone 
Canon 
Casta 

Dal Nippon Print 
Dalwa Mouse 
Dated Securities 
Fanuc 
Full Bonn 
Pul Photo 
Fid taut 
Hitachi 
Hitachi Cable 
Honda. 

1*0 Yokodo 
Itochu 

japan Airlines 
KalUna 

Kansal Power. 
Kawasaki Sled 
Kirin Brewery 
Komatsu 
Kubota 
Kyocera 
Matsu Elec litas 
Matsu Elec Wks 
MltsuMtaii Bk 
MItsub Chemical 
Mitsubishi Elec 



COCOA 

1 

| 

e 

1SU 

1041 Dec 94 

(309 

1310 

1405 

1077 Mor 95 

1332 

1343 

1612 

1078 Mov 95 

1342 

1365 

1500 

1225 All 95 

1384 

1388 

150 

USD Sep 95 

Mil 

Mf2 

1433 

1290 Dec 95 



1674 

1350 Mor to 

1446 

1446 

1642 

1225 May 94 


1505 

1490 

14J0JUI9* 

1505 


-3 1748 
+3 4*105 


Sep 96 IS® 1531 
Esl sties 1*64 Mm's, ides 5774 
Mon's open Int 71 JO? uo 430 
ORANGE JUICE (NCTTQ. ISAOOBA-a 
132M 89.00 Jan 95 l&iS 1QBJB 

12*25 7XQ0MOT93 111 JO 111-55 


12*25 7X00 Mor 93 111-SI 111.55 11170 
12445 77.00 MOV M 114J0 J14J0 IIX9S 
127 JO 1 00-50 -hH 95 11775 116*5 116*5 
13025 107 25 Sep 95 12080 13080 11975 
12980 109JBNav« 

12980 1(BJ9Jan96 11X50 11X50 11X50 
13080 12*25 Mar 94 

Est. sties NA Man's, sties L6U 
Man's open Int »,11» til 457 


-130 14J1S 
—580 6J2S 
-580 1.9m 
—580 1839 
-580 1883 
—580 UT7 
-580 526 

— £80 to 


BRITISH POUND (CMeR) tmt oouno-l nSnt ■oortlAOOOl.. 

14454 1-4500 DOC 94 1 1 J7M 1JS462 1J04 +M488U 

I AMO 1J6«Mv95 1^0 18730 1.5650 1J672 +14 1,475 

1AM0 1 J348Jun95 17590 17590 17440 17664 +14 20 

EsLMM na Man's, soles 9807 
Man's open M 49,910 up 747 

CANADIAN DOLLAR (CMER) | uwcSr-, MM ratal fOODn . 
07670 0.7030 Dec 94 0.7299 07300 0J264 X7275 -21 39^« 

07405 OJttBMorn 07398 07290 072B7 07280 —22 

07522 049WJun95 07272 07275 0.7247 07275 —23 IJffl 

07438 06965 Sep 95 07345 07265 07263 07260 -34 J» 

0-74D0 a.7U4QDec95 07258 07258 07250 07259 -35 236 

>1-7335 a7310Mti 96 07248 —24 4 

Est. sales NA Man's. Sties 10376 
Man's open Iti 44,792 up 3457 

GERMAN MARK (CMER) inarm*- 1 utintwihstuoai 
06731 OJStoDecM 06432 08456 06420 06425 +1 

06745 DJaiOMor93 QAm 06469 (U432 06438 +1 8J3S 

06747 OI90OJUn95 06477 06477 06460 06461 +1 1J» 

067« IL6347 Sep 95 0606 +1 11* 

Est. tales NA (Man's, taiu 30.166 
Man's open Int 106,250 up 2116 

JAPANESE YEN (CMER) sperm- 1 MHeautimanol _ 


JAPANESE YEN (CMERJ sperm- 1 MWeauafemtaaiPI . m 
081O«Q1OO9S2»>)C94 081 01 900010240081013*1810)87 —5 7X659 
081 B56010096«OMar 95 D81 (Dmoi 0330001 B2730.m[BJ6 —5 9881 


Metals 


WGRAOeCDPPSt (NCM» Junta^cnt 
137.10 7775 NOV M 135JD 135.50 1X180 

13785 75J50ec94 13585 13595 13280 

13225 76.90 Jon 95 13180 132J0 TM-50 


7380 Feb 9S 129 JO 129-70 129J0 
7X00 Mar 93 12X50 129.10 12*70 


nurinmuu aun an « 
SOYBEANS (CBOT) SOW tel 

784 5J7>AJcn95 562*5 

785 547% MOT 95 5.71*6 


125.95 91.10 Anr 95 

12*20 7685MOV95 12380 12380 

12280 10*IDJun9S 

151.00 7B80Jul95 1I9J0 H9J0 II9J0 


ISM# Dec 94 159.10 1S9.«0 75X70 15V AQ 
159^0 jan 95 16(80 161 JQ 14050 161 JO 


143-40 Mar 95 14*70 16530 16*20 14470 +080 20851 

20780 167JOMOV95 16B.90 WA 7«LM 14X90 +140 10873 

30480 17OJ0JU1K 17170 17*20 17X30 17X40 +0.53 

185-40 17280 Auo 95 17X90 174.00 17X40 17X40 +X10 2J« 

1*2.70 173.30 Sep 95 177.40 17780 r/TJO 177AJ ‘810 

1*180 17X40OCIW 179.90 179.90 179.30 179 -SI +020 1845 

16X20 174-50 Dec M 182-51 182J0 10X48 11X50 +0.10 X430 

Jan 96 18480 —020 1 

Est. coles NA Mon's, sties i*VS2 
Mtm'sooenim 1 00,495 up 3« 

SOYBEAN OK. (OOIljUHIa-MMHrMlH. 

2887 2280 Dec 94 2880 2X25 37-75 2X21 30,905 

3X5S 22A5Jan 95 34.70 2725 2420 3722 *020 34.718 

3X30 22.91 Mar 95 2580 2620 2580 26.17 +030 19,9*4 

2X05 2225 May 95 2583 2525 2580 2X32 ‘089 15822 

Z785 2X74JU1H 2*40 2*67 2*40 2*63 ‘082 9J52 

TIM M.73AUQ95 2*20 2AM 2420 JAM -082 1,95* 

2*75 2X75 Sep 95 2*15 2*IS 2*85 2A0S *085 14» 

2*55 2X750095 2190 2180 2380 2180 -112 1978 

2*55 22-80 Doc 95 2140 2180 2155 3171 —086 **38 


151.00 7B80Ju195 1I9J0 UVJO 1I9J0 

11880 11180 Aug 95 

11780 .TV.lOSmUS 11680 11780 11X90 

IIS8B 1 1 380 Oti « 

11X75 IXOODOC9S 11125 1U.S0 111.10 

*1*20 88-50 Jtii 96 

112-30 6X70 Mar 96 

109JD 107.00 May 9* 

10720 10620 JlH » 

Sep 94 10X25 10X25 10X25 
Est. sales NA Man's, sales 1*522 
Man's open ini 59240 off 134 
SILVER (NCMX) laps Iravm., tern oarBOTti 
5248 51 18 Nov 9* 5110 5138 5738 

5978 JBOOOWM 51*3 5178 51X5 

57*5 401 8 Jon 95 


— 190 575 
—4.10 25830 
-135 957 

—385 

—135 1X856 
— JJ0 477 
-0.95 286* 
—040 900 

-025 £658 
*£35 

*0-55 1227 
+0£5 „ 

+X6S 2^18 
+0*5 
*£65 
+085 
♦ 045 
-0-65 


OJ1067®JB9776Jun95 0810389 —5 834 

08107751.81 Q2005*p 95 0810500 — * *» 

O.OT074a.W‘K41Doc95 0870612 -3 75 

081093m glOTOOMar 96 0810721 -* 1» 

ESI. sales NA Man's, sates 19,230 
Man's open Jnl 844 44 up z KN 

SWK FRANC ICMHR] sew pme- IWHieitaMpt _ 

OJHOB 06aa5Dec94 OJSBS 02622 02555 02568 -15 SL«7 

08136 022*7 Mor 95 07644 07659 07593 07604 -15 MB 

0-0165 07193 Tun 95 0 2700 0.7700 £7690 02651 —15 279 

08159 0JW150P9S £7698 —15 4 

Est. sties NA Men's, sales 17,713 
Man's open Int 5X635 up 1907 


Industrials 


COTTON 7 tHCTN} XMOKn-mmaa-b 


41 6J Mar 95 5238 5268 521 J 

606-3 4110 May 95 5328 3328 5298 

6108 4208 Ajl 93 5378 5398 5368 

6015 532.5 Sep 95 

42X0 BP8DecBS SSX0 SJSO £518 

6110 5478 Jan 96 

42X0 55*8 Marts 

9998 5*0-5 May 96 

6008 5748 Ail 96 

Est. sales 32 Jm Alan’s, sties 22.910 

Man-sapenlsit 133854 up *3 

PLATINUM (NMERl 50ireva*-da«nperlR, 

*3X50 37*80 Jan 93 41180 412J0 450-9} 

43980 39080 Apr 95 41X50 41780 41X80 

*5980 41X00 Jill 99 

44TJ0 4228000 95 

43980 42980 Jan to 

Esl sales NA Mai's.sties 139* 


2X21 30,905 

2722 *020 24.718 

*6.17 +020 19,9*4 

2X32 ‘089 15822 

«« +103 9J52 

74-50 —082 1,95* 

3*85 +085 1839 

3380 —1 12 1978 

2171 -086 *«B 


—18 400 

— 1J 4*501 

-1J Xlffl 
-18 3835 
-U 11845 
—18 

z)i ^ 

— u 

—18 


— £70 15862 
-070 7.7M 
— 0-80 1.977 
— 180 5W 
—180 *2 


Est. sties NA Man's sties 1X338 
Mtii*S Open felt 111812 tit 242 


Mian's open Int 24840 
GOLD (NCMX) WOri 


) HemrvsL-atioriBirlrayOL 


WJS W9D9C94 7375 73.90 7280 7128 

7X15 62-50 Mor 95 7X60 7X9S 7171 75-80 

SH8“oy« 76iS 77.00 7685 7fcS 

7X75 WJOJglOS 77.50 7785 7785 7785 

74to 6680 Oct 95 7185 7185 71.00 71.00 

I*-® ^CteC« 7£05 7X10 £9.75 70 JM 

7180 6BJOMti-96 7030 

May 96 7180 

Ed- »tes na Man's, sates 14J85 
Mon's ooen Int 5X019 all 462 
HEATING OX. (NAUK) 49JW ■»*-»*, nr oti 
S9-00 660OC&C94 4X7J 4985 4X50 47.15 

085 085 Jem 95 4985 49.95 49.13 4X75 

5X75 47.95 Feb 95 49.95 50.50 4985 5087 

5780 67 JB Mar 93 *9.95 5040 49.90 5027 

5X15 4105 Apr 95 4980 <985 4980 4987 

3*80 47 80Atoy« 69JJ0 4980 49.00 *9.17 

5150 4X79 Junto 4X00 49.10 48JQ 4X87 

5*80 4785 Jin 95 4»J» 4980 49J1D *9.(17 

5X60 *270 Ana 95 *980 4970 *9.4£ 

5110 4&ASS0P 95 50AO 5040 SD89 S£« 

5395 5005 Oti 95 51 AO 51 JO 5185 51JO 

$640 5181 Nov to S280 5280 5280 ML37 

57 AD 5243 Dec 95 SS 

X58 5080 Am 96 5377 

5980 5300 Feb 96 5172 

5*90 5*70 Mw 96 53JD 

5480 4X00 AprM 5X17 

ESI. Mbs KA. .Man's. Stffn 29826 
Man's op en Int 153715 alf M2 
LIGHT SWEET CRUDE (NMERl 1400 tan -down nr 
1»A5 1X15 An 95 1)86 1784 1781 1702 


-085 X097 
-£40 2X41* 
-089 8812 
—083 XUS 
—045 00 

-083 3JW 
-030 43 

-£15 1 


+041 *t,m 
*083 2X13 
+£*111911 
+083 9,7U 
+088 5.M 
+083 7,108 
+021 

+083 2830 
+083 ZIU 
+083 18*5 
+083 1.1» 
+083 587* 
+083 

♦083 n 
♦ 083 320 
+083 7t 


353-DO NOV 94 
42X50 34300 Dec to 38380 38*40 3(0.10 

41100 36380 Feb 95 38780 38X80 38X90 
41700 36480 Apr 95 39140 391.90 39100 
42X50 36180 Junto 39*90 17X90 39*90 
41*80 380.50 Aug 95 39X80 39X80 39X60 
41980 *O10OOtito 

42900 XBUODecto 40X50 40900 40X50 


Livestock 




m • A<Ym 

. 



; J 



+002 27.101 
-007 17013 
. 5821 

-X03 2064 

w 

—002 « 


+080 

*030 59795 
*080 

+040 37061 
+040 13050 
+040 13895 
+00) 


1X16 Aug «5 1773 
1780Stpto 1773 


42480 -*1150Fabto 
43080 41X30 Apr 96 
43180 *1300 Junto 42200 42200 D 

Aug to 

Esl. SOU 4X000 Mon'* iotas 52857 
Mon sapwi mt 167,964 OH 145 


+080 9890 
*080 

+080 2860 
+040 5729 
+080 


-0.15 U87 
— £18 182* 
-8,07 721 

—015 453 

-005 179 

—010 38 


Financial 







+001 U013 
+004 10432 
• 002 287* 
*005 32 


1BJR) 17.1 5 After 96 1X00 

1X17 1701 Apr 96 

IS- 33 lX22May96 

3M0 1782 Junto 

1X47 ll08Sep96 

3000 17 A0 Dec 9* 1779 17.92 

Ed-stics HA Man's. sties 101,101 

Mari's open Int 380878 all 1234] 

IMJEAMOGASOLME (NMBU *u 


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1704 

1704 

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1701 

1704 

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7703 

1709 

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1784 

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1783 

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1708 

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1703 

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17.92 

1702 

1802 

1X00 

17.95 

1X07 

17.92 

1789 

TXll 

1X16 

1X30 

J0J34 

17.93 

I0L1D5 




££ 

+£27 

+087 6,310 
+087 296 

+086 401 

*085 

+084 10U 

+02* 11729 




3140 3100 -085 1X350 

300 3485 —050 11.795 

-080 6,192 
— 083 3827 
—000 710 

— £15 795 
‘005 577 

+ 003 112 

*005 21 


iDOoa 

035 144884 
035 23851 

► 05 10 

‘ 05 2 


^^^54 ttttStV 
H §5 tiM tS iS 

5X95 5&0OMar95 5480 5*05 5*15 5*04 

SHS HSfiSyll M ^ H 

STto soojIaw sS£ 

^ SSSSS S3 

^taies NA MatiLtatos 30777 SSjH 

Man*sapwiinl 7X478 up 853 


+086 20^8 
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:SS IS 


‘073. • 

+073 -.4 fi 


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Mitsubishi Corp 
Mitsui end Co 
MHfulNiarim 
MHsukashl 
MIMliM 
NEC 

NGK Insulators 
NlkkP Securities 
Nippon KOPOkU 947 

Nippon OH 479 

Nippon Steel 377 

Nippon Ytisen 648 

Nissan 793 

Nomura sec 1910 

NTT 

Olympus Optical 
Pioneer 
Rlcoii 
Sanyo Elec 


947 157 
479 474 
377 380 

648 649 
793 793 

1910 1930 
8540a 

H 

564 




9.17MOT95 1*20 1 

007 Mov 95 1485 1 

£57Ju195 1*00 1 

*88 1 
*44 1 
486 1 

*20 1. 
*22 l< 
400 V 

IOJ7O0 to 032 1 

1008 MarM 12 80 1 

306 1 

3<6 1 

132 11 
1200 1 

11.18 May 94 1205 l 

2.97 1 

205 i: 

1J0JUI96 1202 1 

200 1 

202 i: 


Commotfty Indexes 

Close 

Moody's U818Q 

Reuters aisja 

D J. Futures 151.25 

Cant. Research 231.15 





V. It,. 


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1 


ftis- b i'< 


-C. " -L 














Shareholders 
Approve UBS 
Stock Reform 


\ Ratios 

• - ZURICH — Union Bank of 
Switzerland won the first round 
Tuesday m a share-res tructux- 
WS™/* wth its “<>st critical 
Shareholder. Martin Hbner, but 

’ 11 “ow faces a long fight in the 
courts. 

Shareholders meeting at a 
-1 sp®** 5 stadium in Zurich voted 

• «.& percent, or 21.15 billion 

- shares, in favor of a plan to 
. replace the company’s current 

dual structure of registered and 

- bearer shares with a single cate- 

• gory of new bearer shares. 

The plan only just squeaked 
through, because it needed ap- 
proval by two-thirds, or 21.09 

Iberia Considers 
^Setting Off Routes 

’ The Associated Pros 

MADRID — Iberia niriinftfi, 

■ faced with an urgent need for 
cash and union opposition to its 
job cuts, is considering selling 
off routes and profitable 
ground sauces to survive, its 
chairman said Tuesday. 

Scaling back the Spanish flag 
carrier will be necessary if 
unions do not agree soon to a 
restructuring plan that would 
save the airline 17.6 billion pe- 
setas ($135 million), Javier Sa- 
las told Spanish radio. 

The restructuring plan calls 
for a wage freeze unto 1996, an 
average pay cut of 15 percent 
and diimnaring 2,100 jobs. 


billion, of the 31.63 billion 
shares represented by the 6,700 
shareholders present. 

Mr. Ebner’s BK Vision in- 
vestment trust, which is the big- 
gest shareholder in Union 
Bank, said before the meeting 
that it would go to court if it lost 
the vote. 

Mr- Ebner. a Swiss Financier, 
said the UBS plan hit at the 
rights of registered sharehold- 
ers, whose shares carry greater 
voting power than the bearer 
shares. 

But UBS counters that the 
new share system would widen 
its investor base, lead to higher 
share values and prevent minor- 
ity shareholders such as Mr. 
Ebner from having a dispropor- 
tionate influence. 

Mr. Ebner wants UBS to pay 
greater attention to sharehold- 
ers* interests, to focus more on 
core activities and to raise its 
rate of return on equity. UBS 
says Mr. Ebner’s only in terest is 
maximizing short-term profit. 

Financial analysts said a le- 
gal battle would take years, dur- 
ing which the company’s pre- 
sent dual share structure would 
remain in force, putting Mr. 
Ebner in a good position to 
challenge UBS again at the an- 
nual shareholders meeting in 
April 

At the annual shareholders’ 
meeting this year Mr. Ebner 
tried to get UBS to reduce the 
number of its directors to nine 
from 22. He lost the vote, but 
the 41 percent support he won 
surprised DBS’s managers. 


U.S. Firms Are on a Roll 

Advisers Grab More European Deals 


Bfoamberg Business yens 

NEW YORK — Throughout Europe. U.S. 
securities firms are coming between Europe- 
an bankers and the traditionally cozy rela- 
tions they have had with Euro pean c h'ents. 

When Italy decided to sell STET. the na- 
tional telephone company, Morgan Stanley 
Group Inc. was hired to provide advice. 

In Germany, the Bavarian state govern- 
ment chose Lehman Brothers Inc. last spring 
to sell its majority interest in the utility 
Bayemwerk AG loViag AG. 

“A few years ago, it would have been un- 
heard of lo choose an American bank” for the 
Bayemwerk sale, said Ronald Leitner. a 
spokesman for the Bavarian state chancellor’s 
office. But thanks lo its wider experience. Mr. 
Leitner said, Lehman beat out lour German 
competitors. 

Some Europeans — particularly in Britain 
— deny they are losing ground to American 
rivals. “Despite all the huff and puff by U.S. 
banks, most U.K. companies turn to a U.K~ 
bank," said Rupert Fa u re- Walker. head of 
British mergers at Samuel Montagu & Co. 

But Lhe numbers do not bear that out In 
the first 10 months of this year, Goldman, 
Sachs & Co. was the top arranger of mergers 
in Europe, according lo Securities Data Co. 
Goldman advised in 34 deals worth $7.9 bil- 
lion, or 5 percent of the SI 57 billion total. 

CS First Boston Group Inc., Morgan Stan- 
ley and J.P. Morgan & Co. are next in the 
rankings. The Lazard F re res & Co. affiliates, 
owned by partners in the United States, 
France and Britain, placed fifth. Morgan 
Grenfell A Co. was the only British firm 
among the top 10. It was in ninth place, with 
transactions valued at S3.2 billion. 

This year’s rise in merger activity makes 
these rankings particularly significant. In- 
creasing economic activity throughout the 
world is expected to make' 1994 the second- 
busiest year for mergers, after 1 988. The value 
of mergers reached $284.4 billion by Ocl 31, 
just short of the $292.2 billion in all of 1989, 
Securities Data said. That was the second- 
busiest year so far. The record total in 1988 
was $335.8 billion. 

American investment advisers did not just 


parachute into Europe to snare lucrative as- 
signments from sleepy rivals. The most active 
firms have played growing roles in large 
transactions for years. 

Morgan Stanley has 2300 employees in 
Europe, where it has been since 1977. Gold- 
man Sachs has 2,000 of its 9.000 employees in 
Europe. 

“We look at ourselves as much as a Europe- 
an adviser as a U.S. adviser," said John Siud- 
zinski , bead of Morgan Stanley's London - 
based European mergers group. 

European bankers concede that U.S. firms 
have become more nimble, particularly in 

European bankers concede 
that U.S. firms have become 
more nimble, particularly 
in continental Europe. 

continental Europe. That is where "some of 
the U.K. banks have been slower to respond,” 
said Guy Dawson, Morgan Grenfell’s corpo- 
rate finance chief. 

Morgan G naif ell, which once was as much 
a part of the JJP. Morgan banking empire as 
Morgan Stanley, is no longer related to the 
U.S. firm. 

The more visible profile of U.S. firms may 
have helped Credito Romagnolo SpA decide 
to hire Goldman Sachs and Morgan Stanley 
lo help repel the 2 trillion lire ($1.2 billion) 
hostile bid made by Credito Italiano SpA last 
month. People familiar with the situation said 
Goldman had won the assignment because it 
helped defend banks elsewhere in Europe. 

While U.S. companies undoubtedly are 
more involved, it is still difficult for them to 
gain top roles. 

Deutsche Bank AG and Dresdner B ank 
AG, Germany's two largest banks, are expect- 
ed to be the leading underwriters when final 
details for the 15 billion-Deutsche mark ($9.6 
billion) sale of Deutsche Bundespost Tele- 
kom shares is announced this month- Gold- 
man, Merrill Lynch & Co. and CS First Bos- 
ton are in the running for part of the job. 


Arrest Hits 
Stock Price 
At Alcatel 


Reuters 

PARIS — Shares of Alcatel 
Alsthom dropped nearly 2 per- 
cent Tuesday in response to the 
jailing of Pierre Guichet, the 
chairman of Alcatel CIT, the 
telecommunications unit of Al- 
catel Alsthom. 

Mr. Guichet, 62, was jailed 
Monday as part of an investiga- 
tion into alleged overbilling of 
Alcatel CIT' s main client, 
France Telecom, by an amount 
estimated to be as high as 2 
billion francs ($373 mflfion). 

Mr. Guichet submitted his 
resignation Tuesday to Alcatel 
CIT, but the company rejected 
it and said it had full confidence 
in its leader. The company also 
said it was outraged that its 
chairman had been treated like 
a c riminal 

Investors apparently did not 
share the company's confidence 
in Mr. Guichet and sent the 
parent company’s stock down 
to 415 francs from 422.90 Mon- 
day. 

Jean-Mi chel Baloup, a law- 
yer for Mr. Guichet, said the 
charges were based on account- 
ing problems which, even if 
they were well-founded, would 
be a commercial crime not pun- 
ishable by imprisonment. 

The overbilling case original- 
ly centered on transmission 
equipment after an indepen- 
dent audit found that France 
Telecom had paid 80 million 
francs too much. 

In November 1993, Alcatel 
CIT and France Telecom settled 
out of court for about 63 milli on 
francs. But during the summer, a 
former Alcatel CIT accountant 
came forward and said over- 
charging was more widespread. 


Investor’s Europe 


Frankfurt 

DAX 


London 

FTSEtOa Index- 


Parte 

CAC .40 



«Tj a- -sW- 

1084 


Exchange 

Iqctex. 

Tuesday 
Close ' 

• Prev. • % 

Ctase- . Change 

Amsterdam 

•AEX' 

406.44 

411.19 -1.16 

Brussels 

SSQOR'lqdex- 

7,175.70 

7,207.98 -0-45 

Frankfurt 

OAX 

2,07477 

2,105:23 r L45 

Franfcftirt 

' . FfiZ • ■ " 

78059 

790.37 

Helsinki . 

HEX . 


. 1,811.68 ' -Tv52. 

London 

Finance Times 3Q 

2,38010 

2,399.80 -1 ,28 

. London ’ 

FTSE 

.3*07478 

3,121.06 .. -1.48 

Madrid - - 

Setter^ Index ' 

30248 

305.05 -0.97 

Milan 

MJEfTEL • 

10084 

10374 . -..-ZBO 

Pads 

cac 40 

1,011.41 

■ 1 ,827 J83 - -0^5 

Stockholm 

. Affaersvaeiicfen 

1,914.36 

1,95190 -1.87 ‘ 

viterne - - 1 ’ - 

Stoattocfex • 

.421.94 

422.46 tO.T2 

Zurich . 

SBS ■ 

91&43 

924.17 -t.16 

Sources.- Reuters, AFP 


lnwituimnal KaaU Tnbune 

Very briefly: 


• GPA Group PLC posted a net profit of $53 milli on for the six 
months to Sept. 30, reversing a loss of $39 million a year earlier, as 
the aircraft leasing company reduced its debt but remained 
dogged by overcapacity in the market. 

• Cookson Group PLC and Johnson Matthey PLC have called off 
merger discussions because the companies could not reach an 
agreement that would benefit shareholders on both sides. 


s pretax profit jumped to 228 billion kronor ($310 
first nine months of 1994 


• Investor AB V 

million) in the first nine months of 1994 from 156 million kronor 
in the 1993 period, aided by strong results at its Saab-Scania AB 
unit, which posted profit of 218 million kronor for the period. 

• CVC Capital Partners and Plaid Clothing G roup s ubmitted a 
joint bid of 490 billion lire ($306 million) for GFT SpA, while 
Genii na SpA submitted its own bid for an undisclosed amount 

• Thorn EMI PLCs first-half pretax profit rose 27 percent, to 

£125.8 million ($197 million), on strong performance in its music 
and rentals divisions. Reuters. Bloomberg 


Private Egyptian Airline Cries Foul in Battle With Lucrative Monopoly System 


By Chris Hedges 

•Vim York Tana Service 

CAIRO — Amir Zarkani set out 13 
years ago to establish a private airline 
company in Egypt. But like many other 
businessmen who have tried to buck gov- 
ernment monopolies, he feds that he is 
being driven out rtf business by capricious 
regulations designed to safeguard the gov- 
Pjsmment-owned competitor, in this case 
Egypt Air. 

The latest campaign against the Zas air- 
line illustrates why significant foreign in- 
vestment still eludes Egypt and why huge 
state corporations continue to dominate 80 
percent of the Egyptian economy. More 
important, it higbBghts the lucrative con- 
cessions paid by gpveriunent-owned in- 
dustries to relatives of high officials, in- 


cluding the two sons of President Hosni 
Mubarak, and the lavish salaries paid the 
managers of these industries, although 
many are losing money. 

Such practices, critics contend, are 
mocking the government's promise to sell 
off the public sector as part of the econom- 
ic refrains demanded by the International 
Monetary Fund in exchange for relief on 
Egypt's large debt 

Mr. Mubarak's government has said it 
will sell off 315 companies, which repre- 
sent 30 percent of Egypt's economic out- 
put, to satisfy the IMF demands. Only 
three or four of these companies, however, 
are actually being sold, and Egypt Air and 
many other large state-run industries have 
not even been considered for sale. 

“Look at my experience," said Mr. Zar- 


kani. one of the owners of Zas. “I came 
back from Europe in 1974 and began 
building and investing in Egypt. 1 put all 
my money into the country, §30 million, 
and was doing well. Suddenly, in the last 
10 months, the government has decided to 
sabotage my business. I am being de- 
stroyed. Other Egyptian businessmen will 
not make the mistake I did. They will keep 
their capital abroad." 

The airline industry in Egypt is domi- 
nated by EgypL Air, the national carrier. It 
has about 40 planes and 24,000 employees, 
giving it a ratio of 600 employees for each 
plane, one of the highest in the world. 

The airline controls most of the services 
at the Cairo airport, even running the 
duty-free shops. Egypt Air says it is mak- 
ing money, but many diplomats and those 


in the industry say it is probably losing at 
least $10 milli on a year. 

Before attacks by Islamic militants be- 
gan in 1992, about 3 million tourists a year 
came to EgypL Egypt Air, which catered to 
tour and charter groups and said it was 
then making $30 million a year, could not 
handle the volume of traffic, so Zas was 
granted licenses to fly inside the country 
and to the Gulf. 

But as tourism plummeted after Muslim 
militants began attacking foreigners, the 
government changed the rules. In the last 
year, the Egyptian Civil Aviation Author- 
ity has revoked Zas’s permission to fly on 
many domestic and foreign routes, hand- 
ing them to Egypt Air. 

Ground services at airports, which are 
controlled by Egypt Air, have become er- 


ratic, creating delays for Zas passengers. 
And requests by Zas for additional routes 
to London and Saudi Arabia have been 
refused. The company, which has had to 
cut its fleet to six planes from 12 has lost 
$14 million in the last three years and may 
begin laying off employees next month. 

Shorouk Air, a carrier jointly owned by 
Egypt Air and Kuwait Airlines, has also 
been hit by new regulations. When the 
decline in tourism began. Egypt .Air 
abruptly prohibited Shorouk Air from ad- 
vertising and told it to stop serving alco- 
holic drinks. Egypt Air does not serve 
alcohol. Shorouk Air subsequently began 
to lose business and is now unable to pay 
for two Boeing 757 airliners it ordered. 

“I have to go to the ECAA almost on a 
daily basis to enable our aircraft to leave," 


said Abdel Kader Farid, a Zas vice presi- 
dent, referring to the Egyptian aviation 
authority. “And they always delay our 
flights.”’ 

Sayid Abdel Monsef, chairman of the 
aviation authority, dismisses the com- 
plaints. arguing that his role is “to protect 
the national airline." But the moves have 
caused deep consternation in many embas- 
sies and the business community. 

Government agencies have even begun 
to interfere with established routes of sev- 
eral European and American companies, 
including TWA, in an effort to restrict 
access to the markeL The aviation author- 
ity recently limited the number of passen- 
gers TWA could pick up in Cairo and carry 
on to Saudi .Arabia. 


Vodafone Group’s Bid 'Extremely High’ in Spain 


Bloomberg Business News 

MADRID — An consortium 
led by Vodafone PLC of Britain 
on Tuesday submitted a bid of 
89 billion pesetas ($684 million) 
to run a second cellular tele- 
phone network in Spain, which 
analysts said was the most ex- 
pensive bid ever submitted for a 
European license. 

The bid from the consortium, 
called Come ta SA, topped an 85 
billion peseta bid by a consor- 
tium called AirteL led by Air- 
Touch Communications Iikl, 
the cellular unit spun off by 
Pacific Tdesis Group. 

The amount bid for the li- 


cense is one of six principal cri- 
teria being used by the Spanish 
Communications Ministry to 
decide who wins the license. But 
it is likely to weigh heavily in 
the evaluation. A final choice 
will be made by the end of the 
year. 

“The bid to me sounds to be 
extremely high,” said Dean 
Eyers, telecommunications an- 
alyst at Dataqucst in London. 
One technique that analysts use 
to assess the value of a license 
involves dividing the license fee 
by the population it covers. 

In the case of Spain, Came- 
ra's bid works oat to nearly 


$18.00 per inhabitant In Italy. 
Omnitel-Pronto Italia paid 
$555 mini on for a license in 
March, which works out to 
$9.70 per head. 

“It’s higher then we’ve been 
seeing for an auction, bat it’s a 
better-quality license ... so 
they are coming in in a very 
good position,” said Allister 
Malcolmson, an analyst Bar- 
clays de Zoete Wedd in Lon- 
don. “It’s a sign of the times. 
Governments are wising up to 
what these things are worth.” 

The two consortia are vying 
for the right to be Telefonica de 


Espana SA’s sole competition 
in the cellular market Telefbm- 
ca’s system has fewer than 
400,000 customers, less than 1 
percent of the Spanish popula- 
tion. That is one of the lowest 
rates of penetration in the Eu- 
ropean Union and could be a 
sign of tremendous growth po- 
tential in the Spanish market. 

In addition to Vodafone, Co- 
me la’s partners include Dcte- 
MobiL a unit of the German 
national phone operator Deut- 
sche Telekom, Endesa SA, Se- 
villana de Electricidad SA. 
Iberdrola SA and Banco Bilbao 
Vizcaya SA. 


MARKETING: Eastern Europe Is Not Such an Easy Target Anymore 


Continued from Page M 
ramble Co„ who would not 
teak for attribution. “They’ve 
amed from the West” 

Carl Nichols, managing di- 
stor for Central and Eastern 
urope few the DMB&B adver- 
ting agency said: “It’s hap- 
ping at different speeds, but 
msumers in the region are be- 
aming far more savvy." 
“Western companies today 
sed to pay more attention to 
due, the relationship of price 
i performance — the pkymg 
rfd £s leveling out," he added. 
Advertising is now taking 
astern Europe's growing con- 
tmer sophistication into ac- 
mnt. “Procter still uses 
Abed Western commercials 
about the same proportion as 
ways in certain markets, the 
ncter & Gamble executive 
id, but he added that “there 


has been a huge increase in lo- 
cal commercial production — 
ads used either on a regional or 
individual country basis.” 

“We're spending more time 
learning load details and work- 
ing them into the advertising,” 
Mr. Nichols said. He used Mer- 
loni Bettrodomesticj SpA, an 
Italian white-goods manufac- 
turer, as an example. “Merloni 
discovered people traditionally 
hated owning domestically pro- 
duced washing machines be- 
cause they broke down easily 
and were hard to fix,” he said. 

At the same time, families 
were loathe to throw them away 
given their cost, “so they kept 
the broken machine as a side 
table,” Mr. Nichols said. Com- 
mercials developed by DMB&B 
reflected a clear understanding 
of this very rwonal-idiosyn- 
cratic problem. He said ads for 


Merloni machines stressed that 
their machines need rally to be 
used as washers. 

While television advertising 
dearly r emains the preferred 
choice for marketers in Central 
and Eastern Europe, other me- 
dia forms such as print, radio 
and outdoor billboards are 
starting to be used more by ad- 
vertisers in certain markets. 
“We need our agencies to stay 
on top of these changes,” The 
Pocter & Gamble executive 
said. 

Despite the rapidly changing 
environment, agency and mar- 
keting executives have re- 
mained optimistic about pros- 
pects for the region. It is a 
marketplace developing at two 
speeds, but one that neverthe- 
less represents 407 million po- 
tential consumers, millions 
larger than Weston Europe. 


“It’s never been a gold mine 
for agencies," said Donald 
Scott of BBDO, but he said 
eig ht of the network's nine of- 
fices in Central and Eastern Eu- 
rope were profitable. “It's never 
ban easy to earn much mon- 
ey,” be said. “You need to take 
a long-term view.” 

“It's a great opportunity as 
long as the politics stay stable," 
said the Procter & Gamble ex- 
ecutive. 


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American Samoa 

633-1000 

Cypw/R 

080-900-01 

Japan (DC) (Enghta) + 

0066-55-877 

Few/ 

146 

AfripA (dMGtttfa phaaei] 

ro 

Cz.dk te|k*&c+S 

0082-087-187 

Japan (KDD) (EngMi) + 

0039-131 

yiiRIppkioc (EW sutam only) C 

-1054)1 

AadguB {pay phsaail 

1 -800-366-4663 

Dafl(naA + 

800-1-0877 

Japan (JapeiMM) + 

0066-55-888 

FWfippbiotfPWCani] A 

102-611 

Aigentino 

00-1-600-777-1 III 

DoinMczn B^pafaBc A 

1400431^877 

Kenya/ 

0800-13 

rWBpptao* (PLOT) 

105-16 

Aimank 

B-10-1S5 

Emadsr/ 

17) 

Kataa (Daaxa) 4 

0039-13 

Poland + 

00104-800-115 

Aorfrafio|tV»*}+ 

0045511-10 

Egyjd (Cedrc) + 

3S64777 

Kona (XT] ++ 

009-16 

PofWfat + 

05017-1-877 

Aintmfla (bbtra) + 

t-aOO-Ml-677 . 

Em* (aS + 

034564777 

Kawait 

800-777 

Paarta Rica - 

1-800877-8000 

AondaM 

022-903-014 

BSahader + 

141 

LMbtamlahi * 

155-9777 

la mania +■ 

01-8004)877 

notiamoi 

1-800-389-21 1 1 

R?We«*> 

004-890-100-3 

UtaNMda/ 

1+197 

Ituuki |Mhow] + 

155-6132 

BrnbadwA . 

1-100-877-8000 

Ftafamd + 

9800- 1-0284 

limonfaoueg 

0800-01 15 

RmriolaBoHwd+e 

1095-155-6133 


0800-10014 

Franca + 

19+0087 

Macao a 

0800-121 

Saipan 

235-0333 

BuBmPatit) 

656 

Gwrmany + 

013000)3 

Ntafenrda* 

■00-0016 

Union and lata *■ 

1-233-0333 

BafiiaO 

*4 

a n#»* 

008-001411 

tluatu + 

95-800-877-8000 

San Marina + 

172-1877 

bm«A/ 

1-600-6 33- 0877 

0m> 

930-1344 

Monaco 4 

19+0087 

5a«)rf Arabia 

1900-15 

Bafirfa 

OBQO-3333 

OuNMla + 

195 

Nodi. Audios 


SJopapor* ♦ 

BOOO-177-17? 

•need 

000-8016 

Hm 6 m 6 

001-800-1212000 

(Curacao £ Bonotfo) * 

00 1-800-7-15- 1111 

Sauih Africa + 

0800-99-0001 

Mbfc Virginia. 4 

MU0877-BOOO 

HcngKeng 

800-1877 

Noriwrloado + 

06+022-9119 

Spain 

900-99-0013 

MudaA 

00400-1010 

Hong Kong A 

011 

How Zoadmd A 

01 2-0- am {*■<»■ na. 

St Lucia v* 

1-800-277-7468 

Canada - 

1-800-877-8000 

Hungary +S 

00+MOO1-877 

[■xpoahy ctrihl 


Si. Lucia A 

187 

Chila 

00+0317 

fatand +■ 

999-003 

NtaZrdaid 

000-999 

5wodon + 

020-7994)11 

On (Engfah) *S 

108-13 

tnGe + 

- 000-137 

Ifarcpa ° 

171 

Switzerland 

155-9777 

China (MamdarmJ +7 

108-16 

fafawstd 

001-801-15 


161 

Srrta + 

0888 

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486-1364)0 

inland + 

1-dMMBtl 


02 + Engfiib or Spaoith no. 

Taiwan a 

0080-14-0477 

CotamWa [SpaafcihJ 

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177-102-2727 

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163 

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115 

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008-1 2-BOO 

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United Kingdom (Metcwy) 

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00-600-1-4477 

1*06107*000 

1*00*77*000 

8-100-15 

BOO-131 

OMOJMOT 

0500-89-0477 

000417 

172-1177 

000-1 1114) 

800-1111-1 



Sprint. 


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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 23, 1994 



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New Issue 


All these securities having been. sold, this announcemerj accears as a rr&igr c: •ecc’2 z~ v ; Cxve~bei r 22 . 1994 




MAGYAR NEMZET1 BANK 

National Bank of Hungary 

Budapest, Republic of Hungary 

DM 500,000,000 

9 3 /«% Bearer Bonds of 1994/2001 


Issue Price: 
Interest: 
Maturity: 
Listing: 


101.65% 

cp/,% p.a., payable annually in arrears on November 22 

November 22. 2001 

Munich and Frankfurt am Main 


Bayerische Landesbank Girozentrale 
Bayerische Vereinsbank 

Aktiengesellschaft 


Deutsche Bank 

Aktiengesellschaft 

Merrill Lynch Bank AG 


ABN AMRO Bank 
(Deutschland) AG 

Bayerische Hypotheken- 
und Wechsel-Bank 

Aktiengesellschaft 

Deutsche Girozentrale 
-Deutsche Kommunalbank- 


J.P. Morgan GmbH 


The Long-Term Credit Bank 
of Japan (Deutschland) 

Aktiengesellschaft 

Norddeutsche Landesbank 
Girozentrale 


Bank Brussel Lambert N.V. Banque et Caisse d’Epargne 

de I’Etat, Luxembourg 


Commerzbank 

Aktiengesellschaft 


DG BANK 

Deutsche Genossenschaftsbank 


Heiaba Frankfurt 
Landesbank Hessen-Thuringen 

Nikko Bank 
(Deutschland) GmbH 


Sakura Bank 
(Deutschland) GmbH 


■ h= Rankaesellschaft Schweizenscher Bankverein 
Schweizensche Bankgese' (Deutschland) AG 

(Deutschland) AG ‘ 


Daiwa Europe 
(Deutschland) GmbH 


Industriebank von Japan 
(Deutschland) 

Aktiengese! tec haft 

Lehman Brothers Bankhaus 

Aktiengesellschaft 

NOMURA BANK 
(Deutschland) GmbH 


Salomon Brothers AG 


Sumitomo Bank 
(Deutschland } GmbH 


Trinkaus & Burkhardt 

KomSgeseilschaftaulAklien 


Westdeutsche Landesbank 
Girozentrale 




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Pace 16 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 23, 1994 


NTT Blames Cut 
In Phone Rates 
For Profit Fall 


Compiled by Our Staff From Dispatches 

TOKYO — Nippon Tele- 
graph & Telephone Corp. said 
Tuesday a cut in long-distance 
charges was to blame for the 
company's sixth successive fall 
in half-year profit. 

Japan's former telephone mo- 
nopoly said current profit for the 
six months ended Sept 30 fell 66 
percent from a year earlier, ro 
35.49 billion yen. Sales fell 2 
percent to 2.86 trillion yen. Cur- 
rent profit is profit before taxes 
and extraordinary items. 

For the full year to March 
1995, NTT estimated that cur- 
rent profit would fall 5 percent 
to 104 billion yen. 

Company executives said the 
cut in rates for long-distance 
calls lowered revenue by about 
270 billion yen. 

NTT has around 71 percent 
of the long-distance call market 
within Japan. But it has cut 
rates to meet competition from 
new carriers such as DDI Corp. 
and Japan Telecom Co. after a 
law protecting NTT’s monopo- 
ly on the domestic telephone 
business was abolished in 1985. 

Analysts said NTT should 
see a sharp rebound in profit in 
the financial year ending in 
March 1996, when higher basic 
phone rates and personnel cuts 
filter through to earnings. 

Yoshihide Kendo, an analyst 
at Daiwa Institute of Research 
Ltd., said revenue from higher 
basic phone rates would eventu- 
ally allow NTT to cut its long- 
distance rales further. 


Mune haru Yamamoto, man- 
ager of NTT s finance and trea- 
sury division said the company 
would wait until December to 
apply to raise basic phone 
charges. 

NTT originally asked Japan's 
Ministry of Posts and Telecom- 
munications for permission to 
raise basic phone rates by 
around 19 percent to make up 
for the fall in long-distance rev- 
enue. Japanese news reports 
this month said the ministry 
had asked NTT to seek a 16 
percent rise instead. 

The company had trimmed 
its payroll to 208,000 by Sep- 
tember. from 229,900 in Sep- 
tember 1993, and will end the 
financial year next March with 
a payroll of 197.000, Mr. Take- 
shima said. 

( Bloomberg, Reuters } 

u Toyota Posts Sales Gain 

Toyota Motor Corp. posted 
year-on-year gains in October 
in exports and overseas produc- 
tion, as well as domestic sales 
and production, Bloomberg 
Business News reported. In 
contrast. Nissan Motor Co. re- 
ported a decline in exports, do- 
mestic production ana sales. 

Meanwhile, Agence France- 
Presse reported that Japan's 
leading economic index stood 
at 54.5 points in September, 
down from 100 points in Au- 
gust, according to the Econom- 
ic Planning Agency. A reading 
of above 50 points indicates 
economic growth. 


A Shanghai Homecoming? 

Hong Kong Bank Aims to Buy Old Offices 


Reuters 

SHANGHAI — The board of Hongkong & 
Shanghai Banking Corp. met here Tuesday 
and visited its former palatial headquarters 
that it is seeking to buy back from China. 

Shanghai's deputy mayor, Xu Kuan^di, 
showed the board around the imposing build- 
ing that became the office of the dry govern- 
ment after the Communist takeover in 1949. 

The rity, which now has a giant new office, 
wants to sell the building and others on 
Shan ghai 's Bund waterfront to form a Wall 
Street of East Asia. 

Two foreign banks have already opened 
offices on the Bund. 

“We understand the tender documents will 
be available soon," said the bank chairman. 
John Gray. “We intend to submit a tender 
and hope it will be successful." 

“The building is in very good condition." 
he added, saying the bank would preserve the 
building if it succeeded in taking it over. “I 
hope we would be the preferred choice. We 
would have to give an acceptable offer." 


“We need bigger accommodation in Shang- 
hai," he said. The bank has 150 staff members 
working here. 

Anthony Russell, the bank's chief executive 
officer for China, said the bank had made 
loans to 2,000 projects in China- According to 
the People's Bank, China's central bank, this is 
more than any other foreign bank in Shanghai 

Officials of the bank, a unit of HSBC 
Holdings PLC, said they expected the tender 
to be a lease of 50 to 70 years, with the right to 
sublet, with Shanghai wanting the lessee to be 
an end-user and not a speculator. 

But they said Lhe city was likely to put the 
building out to tender.’ 

Whoever takes it over would face substan- 
tial costs in turning it into a modern ba nkin g 
center. The building is probably too large for 
any single foreign bank, as foreign banks are 
not allowed to do business in renminbi. Chi- 
na’s currency. 

A spokesman for the city government said 
the official in charge of the building’s future 
was not available for comment. 


Chinese Officials See a Great Divide 


Bloomberg Business News 

BEIJING — China is head- 
ing for social turmoil and even 
risks breaking up if gaps in in- 
come between rich and poor re- 
gions continue to widen, ac- 
cording to a survey of officials. 

The survey was conducted 
among 33 officials from prov- 
inces from across China, ac- 
cording to Strategy and Man- 
agement magazine. 

Sixteen years of economic re- 
forms have brought prosperity 
to China's east coast provinces 
and ever-widening income gaps 
between them and poorer in- 
land regions, it said. 

“It’s not a big survey, but it’s 


representative of a big prob- 
lem,” said Wang Dingding, a 
lecturer in the school of eco- 
nomics and finance at Hong 
Kong University. 

When asked the likely conse- 
quences of a widening income 
gap, 84 percent of respondents 
said soaal instability, and 16 
percent said a breakup of Chi- 
na, the magazine said. 

No one chose the third possi- 
ble answer: that the distribu- 
tion of wealth would simply 
continue to be unfair. 

The bimonthly magazine, an 
academic journal widely read by 
Chinese officials, said the survey 
drew views from all over China. 



’ £ 
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The Moors didn’t cross the Sierra Nevada on skis. 

But don’t let that stop you. 

They were busy \crealmg countless courtyards and squares throughout the cities of Andalusia. 
Masterpieces of cultural fusion like the incomparable Alhambra in Granada • Set against 
the startling backdrop of the Sierra Nevada mountains where the snow lingers deep and 
long from JMovember until date May on the ski slopes of Sol y Nieve, the resort chosen to 
host the ’95 j World S ki Cup > This southernmost ski paradise in Europe has the facilities 
to attract the best in the • world and the sunny climate, as its name suggests, to appeal to 
those more normally'. prone to water skiing • And a mere 28 kilometres and forty minutes 
down the road,. JliI; die. timeless tranquillity of Moorish Spain, you can look back on 
the snowy triumphs of a morning on the piste. 





Passion 

for life 


Professor Hu Anguang of 
China’s Academy of Sciences 
said income disparities among 
China's regions were higher 
than those experienced in other 
countries during times of rapid 
economic growth. 

“When compared to the fast- 
growth cycles of the U.S. and 
Japan, China's relative gap is 
still a great disparity," Mr. Hu 
said, adding that Chinese schol- 
ars were only now reaching this 
conclusion. 

Asked whether the income 
gap would continue to widen 
over the next 10 years or so. 88 
percent of the Chinese polled 
said yes. 


Rate Fears 


Spark Asia 
Sell-Off 

Compiled br Our Staff From DtsfMidtes 

HONG KONG — Asian 
markets closed sharply lower 
Tuesday, triggered by a steep 
drop Monday on Wall Street, 
where the stock market fell 
nearly 46 points on fears that 
UJS. interest rates were heading 
still higher. 

“The fear of a further U.S. 
interest-rate rise has had a strong 
impact on regional stocks," said 
Michael Ng of Sassoon Securi- 
ties in Hong Kong, 

Another dealer said: “Wall 
Street's big overnight fall shows 
just how jittery the Americans 
are about the interest- rate 
hikes. What we are seeing here 
is a massive spillover effect." 

Some of the biggest falls were 
seen in Hong Kong, where over- 
seas funds, which had boosted 
the blue-chip Hang Seng index 
to record levels earlier in the 
year. led the sellers. 

The Hang Seng Index lost 
354.81 points, or 3.81 percent, 
to close at S.948.43. 

But in Tokyo, the fall was on 
concerns about the course of 
the just-started economic re- 
covery in Japan and political 
uncertainties. 

The Nikkei Stock Average of 
225 issues finished down 159 
points, or 0.S percent, at 1S.963. 

In Sydney, the All Ordinaries 
index lost 31.S points, to 
1,877.7. in its biggest one-day 
fall in 10 weeks. 

Share prices in Singapore 
plunged, with the Straits Times 
Industrials index down 51.94 
points to a two-month low of 
2270.05. 


Investor’s Asia 


Hong Kong 

Hang Seng 

ffOK — 


10000 


Singapore 

Straits Times 


Tokyo 
Nikkei 225 





J'JA SON 
1994 


—vj. 19000- 

S ° * 1994 


J 4 A S O jf . 

KM 


Exchange 
Hong Kong 


Index 
Hang Seng 


Singapore Strai ts Times 2£7&QS 
Sydney 
Tokyo 


Afl Ordinaries ■ . 1,877-7© 


Tuesday ' Pfov, 

Close Close ■ :;,£haB*je 

8,948-43 9.30324 . r£.8f v 
i32t.K» V ^34* 
1,909.50 


#.«T. 


Nacfcej 225 


18.96299 19.121.7Z -0JB3 


Kuala Lumpur Composite 1,026.18 1.045.38 


Bangkok 


SET 


1,402.81 1,440.59 . feflg;- 


Seoul 


Compos#© Stock 1,106.70 • 1.1 J.7.0B - rO.93 - 


Taipei 


Weighted PriS 6^45.27 6,404.62-? ffJS; 


Manila 


PSE 


2JS54v95 2,809.79 ' 


Jakarta 


Stock Index . 498.66 - 606-65 ; :xLSa,; : 


Hew Zealand NHS&40 


2,008.81 Z0332Z.:^.1,T& 


Bombay 


National Index 1,953.45 , 


Sources: Reuters, AFP 


[uenmicul Herald T nb.ne * 


• China’s central bank said it would stop circulation of foreign] 
exchange certificates and make transactions in the certificates^ 
invalid from Jan. 1, one year after it began planning the demise off 
(AFP, Reuters ) the certificates, the China Daily reported. Bloomberg, Roam. AF?\ 

— — — • ' j 

Japan Moves to Protect Its Textiles i 


TOKYO — Japan, flooded with cheap textiles 
1 mainly from other Asian nations, is poised to 
i write rules that would let it restrict imports if 
there were evidence of damage to its domestic 
industry, government officials said Tuesday. 

{ Japan’s textile industry has been seeking im- 
■ port curbs under the Multi-Fiber Arrangement, 
j an international agreement that permits nations 
i to restrict imports if they disrupt their domestic 
i textile industries. 

j The guidelines, drawn up by the Ministry of 
International Trade and Industry, will take ef- 
fect Dec. 5. 

Cotton textile imports rose to a high of 804 
million square meters (961 million square yards) 
in 1993, up 21.4 percent from a year earlier. 

Ryu taro Hashimoto, the minister of interna- 
tional trade and industry, said the guidelines 
would help clarify how safeguards for textiles 
operate. “Talking only about import restrictions 
is misleading. The guidelines are denying com- 
prehensive and semipermanent restrictions he 
said. 


Trade ministry officials have said that Japan: 
was sending missions to Pakistan in November: 
and December to investigate dumping charges; 
and probably would come up with a final deri-) 
aon by February. ; 

The Japan Spinners’ Association and Japani 
Cotton and Stable Fiber Weavers* Association: 
have asked for curbs on imports of poplin and? 
broad textiles from China and Indonesia. ' 




Under the guidelines, if the Trade and Indt 
try Ministry felt action was necessary, it would; 
.start investigations within two months after a' 
claim was made by the textile industry and) 
conclude them within a year. i 

If Tokyo decided emergency trade restrictions 1 
were needed, a study group would examine each; 
case before a final decision by the minister.- 
Japan would then start talks with the country] 
whose imports were deemed damaging to the. 
domestic industry. If the two sides failed to reach ! 
an accord, the ministry would then use emergen- ■ 
cy trade restrictions. . 



BANK OF CREDIT AND COMMERCE INTERNATIONAL 
(IN LIQUIDATION) 


NOTICE TO CREDITORS 

Proposed Agreement with Majority Shareholders 
and Pooling Agreement with ICIC 

The Liquidators of Bank of Credit and Commerce International SA (“BCCI SA"), 
Bank of Credit and Commerce International (Overseas) Ltd (“BCCI Overseas") 
and Credit and Finance Corporation Ltd f CFC") are in the process of sending 
out letters (with attachments ) to creditors relating to: 

a a Proposed Agreement with the Government of Abu Dhabi on behalf of the 
Majority Shareholders of BCCI Holdings (Luxembourg) SA (“Holdings") 
under which US$1 ,800 million will be paid to the Liquidators of BCCI SA, 
BCCI Overseas, CFC, Holdings and the principal ICIC Companies for 
distribution to unsecured creditors: 

■ a Proposed Pooling Agreement whereby the assets of the principal BCCI 
companies and the principal ICIC Companies will be pooled and 
distributed rateably amongst creditors. 

The court in Luxembourg will consider whether to approve the 
Proposed Agreement with the Majority Shareholders and the Proposed ICIC 
Pooling Agreement at hearings to be held on 30 November and 
1 December 1994. 

The High Court in London will consider whether to give such approval at a 
hearing on 19 December 1994 at 9.30 am. 

The Cayman islands Court will consider approval at hearings to be held on 
12 and 13 January 1995. 

If any creditor requires further information, or intends to appear or 
be represented at the court hearings, he or she should contact, for 
BCCI SA - England, Creditors Claims Department, Citadel House, 
5-11 Fetter Lane, London EC4A IBRj for BCCI SA and BCCI 
Holdings (Luxembourg) SA, Airport Centre, 5 Rue Hohenhof , L-1 736 
Senningerberg, Luxembourg; for BCCI Overseas and CFC, the 
Creditors Group, PO Box 1359, One Capital Place, George Town, 
Grand Cayman, Cayman Islands, BWI. 

Submission of Claims 

If any creditor has not vet received a proof of debt form and would like to 
submit a claim, please write to the appropriate Liquidators at one of the 
addresses noted above. 

This notice ONLY applies to BCCI SA and BCCI Overseas and their branches 
and lo CFC. 


' 


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Very briefly; 

• China’s statistics bureau said rising food prices in 35 major cities* 

continued to fuel inflation in October, with grain prices up 62J 
percent from a year earlier. i 

• Sh a n ghai Lupazui Finance & Trade Zone Development Co_i 
shares jumped 23 percent, to 82.2 cents, on their trading debut as< 
foreign investors bought a piece of the city's financial district, j 

• The Philippines is takin g advantage of a soaring peso by paying! 
off $200 million in foreign debt, a move intended to ease its debt! 
burden and stabilize its currency, its finance secretary said j 

• Mooch's Investors Service Inc. upheld Sony Corpus credit rating* 

of Aa-3 despite write-offs totaling $2.7 billion at its Hollywood! 
filmmaking subsidiary. J 




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Pa»e 18 


SPORTS 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 23, 1994 


Key Cup Victories 
For Leverkusen, 
Lazio and Real 


Compiled Itr Our Staff From Dispatches 

Lazio of Italy. Bayer Lever- 
kusen of Germany and Spam’s 
Real Madrid took major strides 
toward places in the last eight 
of European soccer’s UEFA 
Cup competition with impor- 
tant victories away from home 

EUROPEAN SOCCER 

in the opening leg of their third 
round ties on Tuesday. 

Leverkusen, UEFA Cup win- 
ners in 1988, crushed Katowice 
of Poland, 4-1. with three goals 
coming in a 14-minute speU just 
before halftime. Lazio, bidding 


TUESDAY'S RESULTS 
TUrd round, flnt too 
OKS Katowice 1, Barer LewfUw w 4 
Scorers: GKS Katowice — Andrzel Ntto- 
detn(54tti); Bayer Leverkusen — Ulf KJntfm 
RWh ratUJd ) , Hons-Pefor Latahaff MOtti ond 

Trabzotnaor 1, Lazio I 
Scorers: Trobzeraaor — Ural Karaman 
(67th); u«io — Roberto Rainbows 159 itj). 
Paata Negro (41st). 

Athletic Bilbao I, Patna 0 
Scorer: Jose Zloanda MJftil. 

Odense BK 1 Reel MadrM 3 
Scorers: Odense BK — Mlctoal Sdiloen- 
bero (45ft), JONr Hloriti (79tti); Real Mo- 
drld — Ivan Zamarano until, Jose Amavisca 
(67th), Michael Loudnic CWftl. 

Deport! vo La Coruna 1, Bcrossla Dortmund 0 
Scorer: Bebefo (Z2d). 


A Comeback 
Possible in *95, 
Maradona Says 

The Associated Press 

BUENOS AIRES — 
Diego Maradona, banned 
from playing professional 
soccer 15 months for failing 
a drug test, is considering a 
comeback next year with 
the first-division Argentine 
club Boca Juniors, accord- 
ing to a radio report 

Tm thinking of the peo- 
ple who love me,” Mara- 
dona told a Buenos Aires 
radio station. “So if I’m 
made an offer, then HI sit 
down and talk.” 

Maradona, 34, said in 
August that he would never 
play again after being 
banned by FIFA, soccer’s 
world governing body, 
when he tested positive for 
a cocktail of performance- 
enhancing drugs during the 
World Cup finals in the 
United States. 

Now coach of Deportivo 
Mandiyu, which is last in 
the Argentine first division, 
Maradona has repeatedly 
expressed his frustration at 
not being able to play. His 
worldwide soccer ban ex- 
pires in September 1995. 

Maradona became fam- 
ous as a teenager at Boca 
Juniors in the early 1980s. 
He later starred for dubs in 
Italy and Spain. He led Ar- 
gentina to its second World 
Cup title in 1986. 


to become the sixth Italian win- 
ners of the trophy in seven sea- 
sons, overcame a difficult ob- 
stacle in Turkey, beating giant- 
killers Trabzonspor, 2-1. with 
their goals coming in a two- 
minute spell in the second half. 

Real Madrid roared back in 
the second half with goals by 
Ivan Z amar ano. Jose Amavisca 
and Michael Laudnxp for a 3-2 
triumph over Odense Boldklub 
in Denmark. 

Two other S panis h teams 
won at home. Athletic Bilbao 
broke down the stubborn resis- 
tance of the Italian league lead- 
er Parma, 1-0, and the Brazilian 
World cup star Bebeto scored in 
the first half to grve Deportivo 
de La Coruna a 1-0 victory over 
Borussia Dortmund. 

Athletic Bilbao's goal came 
immediately after halftime, 
when Jos6 Ziganda deftly head- 
ed home a near post cross from 
Julen Guerrero. It was the first 
goal Parma had conceded in the 
competition. 

Bebeto put Deportivo ahead 
in the 22d minute on a textbook 
display of ball control and pre- 
cise shooting. 

His teammate Luis Maria 
Lopez Rekarte crossed the ball 
from deep in the far-right cor- 
ner to near the front of the goaf 
mouth, where it was deflected 
away and high into the air by a 
Borussia Dortmund defender. 

Bebeto, positioned squarely 
in front of the goad, controlled 
the ball with his chest, let it fall 
to the ground and then struck a 
shot on the bounce from eight 
meters that grazed the crossbar 
going into the net 

The German side had a goal 
in the 81st minute by Stephane 
Chapuisat disallowed on a dis- 
puted offside call 

The most dramatic goalscor- 
ing burst came in Poland, where 
the Leverkusen strikers Ulf Kir- 
sten and Hans-Peter Lehnhoff 
scored three times in 14 minutes. 

Kirsten got the opener after 
29 minutes. Lehnhoff made it 2- 
0 1 1 minutes later and Kirtsen 
scored a gain three minutes after 
that. Andrzej Nikodem scored 
one for the home side before 
Lehnhoff made it 4-1 in the 
64th minute. 

In Odense. Denmark, the 
Danes kept Real Madrid at bay 
in the first half and in the 44th 
minute, midfielder Michael 
Schjonberg scored for Odense. 

It was only in the second half 
that the Spaniards were able to 
break through. Zamarano 
equalized in the 67th minute on 
a pass from Laudrup. Three 
minutes later, striker Amavisca 
gunned a second goaL 

Odense’s Jesper Hjorth 
slipped through the Spanish de- 
fense and tied the score. But in 
injury time, Laudrup ran alone 
up field and as defenders raced 
toward him, he shot the ball 
past the goalkeeper, Lars Hogh. 

(Reuters, AP) 



Calling Tour Certain, Norman 
Vows to Underwrite First Year . 


SYDNEY — Greg Nor- 
man, the key figure behind 
plans lo create a S25 million 
World Tour, said Tuesday 
that he had staked his own 
money on the venture’s suc- 
cess and that the tour would 
gp ahead with or without the 
blessing of traditional golfing 
organizations. 

The two-time British Open 
champion and world No. 2 
said that he had agreed to 
underwrite any losses in- 
curred in setting up the pro- 
pored eight-event tour dining 
its first year, although he 
owns no part of the venture. 

Norman said the World 
Tour wanted to be condlia- 
tory and fit in with the other 
major tours. But with spon- 
sors ready and a television 
contract with Rupert Mur- 
doch’s Fox Broadcasting 
signed, be said it would go 
ahead regardless. 

Norman, who flew into 
Australia to play in the Aus- 
tralian Open, which starts at 
Royal Sydney on Thursday, 
faced a barrage of reporters' 
questions over the new elite 
circuit for the world’s top 30- 
40 players announced in the 
United Stales last week. 

He said his role was as ad- 
viser and spokesperson, with 
the two American executive 
directors, John and Scott 
Montgomery, making the 
business decisions. 


Norman also said the 
World Tour proposed to sub- 
sidize other events where its 
create a direct conflict, 
hi this way, be said, the 
tour would create more op- 
portunities for players ranked 
below the top 30 or 40.. 

He said further meetings 
between World Tour organiz- 
ers and US. PGA Tour offi- 

ll will happen, 
a world tour will 
go ahead. It is so 
far down the line 
with sponsors 
and with a 
television 
contract signed. 9 

Greg Norman 

cials would take place 
Wednesday in Florida. 

“It will happen, a world 
tour will go ahead,” Norman 
said. “It Ts so far down the 
line with sponsors and with a 
television contract signed.” 

Norman was adamant that 
the new tom, likely to start 
next year with four events in 
the United States and one 
each in Canada, Japan, Scot- 
land and Spain, would boost 
not harm professional golf. 


“Don’t forget it’s only 
eight tournaments,** he said. ' 

“It’s not like it’s 30*aad 
going to monopolize . every * 
other tour in the world,"’Noi‘- 
man added. “Nobody isgo- ■ 
mg in there and trying to 
chop anyone’s legs from un- 
der them.” 

The first reaction to the 
tour from, the LLS. PGA 
Tour’s commissioner, Tim 
Finch cm, was to threaten a 
ban on players competing in 
conflicting events, but he has ~ 
been more conciliatory after 
subsequent meetings. 

“We are willing to make’ 
adjustments and concessions 
and the U.S. tour is working 
along the same lines,? said 

Norman. ... 1 

“No one wants a confron- 
tation,” he added. “No one 
wants to batter their heads 
against the wall with lawyers 
for the next three yean.” _ 

Norman also said that a ‘ 
rival organization had ap- 
proached him two months 
ago to seek ins backing for a 
10-event, $50 million “rebcT 
tour, offering SI million in 
prize money for the winner of 
each tournament. 

“But 1 didn’t like that phi- 
losophy,” he said. “I didn’t 
want to go and buy people. I 
said I’d rather do it in con- 
junction with the U.S. PGA 
Tour.” 

(AP, Raders) 


f ' • V 

^ . - . 


woitpag Rxuxy/Rmien | Montgomery, making the land and Spain, would boost lour. 

Despite the cast on his broken left hand, Jeau-Pi erre Papin practiced on Tuesday for business decisions. not harm professional golf. 0 

Bayern’s Champions’ League match cm Wednesday against Paris St Germain in Munich. 1 - , — 

For 2 of Europe’s Mightiest Powers, the Fall May Be Nigh 


International Herald Tribune 

L ONDON — Is the fall of the 
House of Berlusconi nigh? I would 
not be so presumptuous as to make 
predictions concerning Silvio Berlus- 
coni’s position as prime minis ter of Ita- 
ly. These are, after all, the sports pages. 

The gentleman’s sport is another 
matter. For ^ — — ^ ^ — — 
iinti! he R b gm. 

gra- Hughes fW 

self with 

higher office, Berlusconi was paymas- 
ter, president and patron of AC Milan. 

He once said it would always be a 
dub bigger and more important than 
any national team. He was in his ele- 
ment as his Milano majestically erased 
Barcelona by four goals to nil to recap- 
ture the European Champions* Cup in 
Athens in May. 

When the team returned home, he 
embraced the conquorers, he clasped 
the trophy. We saw the strain of office 
fall from Berlusconi, saw him as he 
likes to be, a patriarchal figure, yet at 
the same time aglow with boyish joy. 

It was, I think, real. No matter how 
high they rise, or how much they fear 
the fall, there is a fulfillment in lavish- 
ing $40 min i nn, $50 million, $60 mil- 
lion on a collection of players who play 
out the fantasies of men rich or poor. 

The problem and the essence of 
sport is that, as day follows night, one 
will be challenged for one's suprema- 
cy. Now, just a few months after win- 
ning yet another Italian League cham- 


pionship and another Champions' 
Cup, Milan can barely score goals in 
the San Siro never mind overpower the 
entire Continent. 

Berlusconi’s men, some of them 
tired, some hurt and some merely sated 
with success, have slipped below mid- 
table in Italy's Serie A table. In 10 
games, Milan has wrought but three 
victories and scored but seven goals. 

Ruud Gullit, who the president re- 
called to resurrect his form and the joy 
of his playing in the black and red 
stripes of Milan, has already quit the 
team, gone back to Sampdoria, where 
he seeks peace of mind. 

Gullit's departure was meant to be 
smooth and dignified. Alas, partings 
are seldom sweet in soccer. He and the 
Milan coach. Fabio Capdlo, are dispa- 
rate spirits — Gullit is a player of 
mood and soul, Capello is an organizer 
and a grinder of efficiency. 

The player was inflicted on the 
coach. Initially it looked a master 
stroke, then, although Gullit made the 
runs, the ball stopped coming to him. 
He complained that he was being iso- 
lated, that his success was a problem 
for others at the club. 

Capello replied enigmatically "ev- 
eryone is entitled lo repeat the lies he 
believes.” And so, in thinly veiled acri- 
mony, Gullit retreated through the 
door he had entered, back to more 
welcoming arms at Sampdoria. 

Capello is left holding a withering 
vine. How can he, a mere coach and at 


heart a defensive-minded pragmatist, 
turn water into wine? 

His imperious defensive master. 
Franco Barest is in aging decline. 
(Aren’t we all?) His powerful midfield- 
ers, Demetrio Albertmi and Marcel 
DesaiDy, are neither fit nor as forceful 
as they once were. 

And tris attack? Giving way in so 
many sad directions. Dejan Savicevic, 


A few months after 
winning another Italian 
championship and 
Champions’ Cup, Milan 
can barely score goals 
at home, never mind 
overpower Europe. 


the Montenegran who flowed so exqui- 
sitely in Athens last spring, cannot get 
fit enough to be so influential again. 

His left wing, GianJuigi Lentini, 
completed the miracle of recovering 
from brain damage suffered in a car 
crash, r unning and working again, but 
no longer bewitching defenders with 
his footwork of old. 

And Maroo Van Baslen? Alas, the 
Dutchman who from 1987 to 1993 
strode 90 goals in 147 Serie A games 
for Milan, keeps going under the sur- 
geon’s knife, keeps fighting the strug- 


gle that, at the age of 30, begins to look 
like a lost cause. 

Milan pays him, as it must, a wage 
fit for a prince of his sport; instead, he 
is a devastated ex-great of the game, 
his ankl es ravaged by the villa ins o f 
soccer against whom the current FIFA 
backlash is waged. 

The most potent scorer of modem 
times is a pained reminder of why the 
authorities must continue their unpop- 
ular deter mina tion to punish thuggery 
into oblivion. Too late for Marco, but 
perhaps in time for the succeeding gen- 
eration. 

Some of them, as it happens, might 
on Wednesday inflict the coup de 
grace on Milan. For in Trieste, where 
the Milanese team is obliged to play 
after its own stadium was closed as a 
result of bottle- throwing by fans, Mi- 
lan meets Ajax. 

The Amsterdamere, from Van Bas- 
ten’s home nation, are the new cavaliers 
of European soccer. They attack with 
freshness and setf confidence. They think 
they are ripe, in thdr teenage years some 
of them, to pluck the old champion. 

Perhaps they are, although over-con- 
fidence would soon put them down. For 
in Christian Panned and Pack) Mal- 
dmi, the Milan team possesses backs so 
swift that they can countersmke and 
scotc when all seems lost. Panucri scored 
both goals when M3an beat AEK Ath- 
ens 2-1 in the last Champions' League 
match, also in Trieste: Maldim scored 
Milan’s equalizer in last Sunday’s 1-1 
draw with mlemazianale of Milan. 


They, or somebody, must score 
against Ajax or else the champion will 
be dethroned on Wednesday. 

And on this same night, Manchester 
United, another of the richly powerful 
European ehte, must win in Gothen- 
burg, or United, too, will be.ouL 
As United arrived in Sweden on 
Tuesday, finding just enough daylight 
in which to land, it was suggested that 
IFK Gothenburg would be frightened 
to death by the presence of Eric Ca iqg 
tana. United’s taUsmanic Frenchman; 

In the opinion of one leading coach, 
Cantona would mesmerize the Swedes, 
I find the suggestion offensive. It is 
true that Cantona galvanizes the Eng- 
lish champion's pEay, but in Europe he 
has yet to shine in away games. 

He returns Wednesday after a four- 
match suspension following an abu- 
sive outburst against a Swiss referee in 
Istanbul last year. He is, at his best, an 
extraordinary performer. - 
But the Swedes have recently met two 
others — Rom&rio and Hristro Stoich- 
kov. Result? Gothenburg 2, Barcelona 
1. And since Manchester United lost 4- 
0 to the same Barcelona team last 
month, it seems a mite precipitous to 
assume that the Swedes wQl be shaking 
at the thought of Cantona. 

“I don’t think we are too bad at 
home,” said Roger Gustafsson, the IFK 
coach. “Manchester United are a big 
team here, but maybe they also respect 
our teamwork a little bit.” 

JU Hughes b on the staff $ The Tunes. 


P*- . 


DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 


4A, _ I 





W’ES, MA’AM ? 
CHARLES DICKENS! 


SIR, HOW DID 
YOU KNOW THAT? 


GARFIELD 


IF YOU SOTO SCHOOL L0N6 
ENOUGH, 5O0NER OR. LATER 
THE ANSWER IS GOING TO 
BE CHARLES DICKENS.. _ 


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NHL Talks 
Resume on 
Upbeat Note 


Big Changes Not Enough 
To Lift Oilers Past Giants 


BOSTON — Negotiators in 
the National Hockey League la- 
bor dispute met Tu«d^Tor the 
fourth time in six days in hopes 
of saving what remains of the 
season. 

Although the negotiators had 
met for 754 hours Monday, the 
union head, Bob Goodenow, 
declined to characterize the 
bargaining session between the 
league and the NHL Players 
Association. 

ESPN television reported 
Monday that both sides had 
agreed to a rookie salary cap 
and a tax on gate receipts and 
that there appeared to be move- 
ment on the luxury tax propos- 
al, or salary cap. 

The cable sports network 
said that 70 percent of the re- 
maining NHL schedule would 
-d>e composed of games within a 
ream’s own conference. 

There is a feeling amo ng 
some in the Flayers Association 
that even a shortened 1994-95 
schedule should favor regular- 
season games over playoff 
games because players earn 
their salaries during the regular 
season. 

This brings up the issue of the 
length of the Stanley Cuyp play- 
offs, when owners make their 
most profit and players work 
only for what amounts to bonus 
money. 

On Monday, following the 
first, three-hoar afternoon ses- 
sion, the Boston Bruins' general 
manager, Harry Sindw^ had 
suggested that a breakthrough 
could be imminent. 

He said negotiators would 
“get things done” either Mon- 
day of Tuesday “if things con- 
tinue to progress in a positive 
direction?* 

ESPN also reported that the 
NHL would use a franchisc- 
player/free-agent system simi- 
lar to that in the National Foot- 
ball League. 

The NFL has unrestricted 
free agency, but each team can 
designate a franchise player 
who can be retained as long as a 
OTtain salary is offered. 

J*“Tbe core issue is the luxury 
tax or salary cap,” said Ned 
Smith, the New York Hungers* 
president and general manager. 

“The salary cap has become a 
dirty ward,” be added. *Tbey 
have gotten to the point where ■ 
they said, ‘Let’s sit down and 
talk and stop hitting each other 
in the head.’ " 

(AP, Reuters, NYT) 


FOOTBALL 





rjjjty. jr !'**■ .. 







Ray Stubbkfarar/ Koran 

TANGLED UP IN WHO? — Patrick Ewing of the Ericks, front got caught up with J. R. Reid of the San Antonio 
Spurs and the ball got away from them both during New York’s 92-88 National Basketball Association victory. 

Dmis Cup Hemes Both Sides Set Baseball Meetings 

Hock for Sweden Compiled bp Ow Staff From Dispatches »minw o fficials let than know attempt to impose the cap, their 

Raaers NEW YORK — Major- next week that they plan to for- right under federal labor law. 

STOCKHOLM — Sweden is league baseball club owners mulate a new contract proposal Union officials have said 

staking with its Davis Cup he- plan to meet in Chicago on Dec. at the executive board meeting spring that they expected 

roes for next month’s final 5 to discuss their strategy for and present it the following a r nove, and the owners’ 

against Russia in Moscow, with declaring an impasse in negoti- week. meeting was anticipated, 

the nonplaying Swedish cap- ations and unilaterally imple- That would be the week be- (NYT, AP) 


***** NEW YORK — Major 

STOCKHOLM — Sweden is league baseball club owner 
s ticking with its Davis Cup he- plan to meet in Chicago on Dec 
roes for next month’s final 5 to discuss their strategy foi 
against Russia in Moscow, with declaring an impasse in negoti 
the nonplaying Swedish cap- ations and unilaterally imple 
*ain, John- Anders Sjogren, on menting a salary cap, but thexi 
Tuesday naming the same team plans could be short-drcuitec 
that came hack From 2-0 to beat by the union, whose executive 
the United States, 3-2, in Sep- board meets that same week ir 
tember’s semifinals. Atlanta. 

Stefan Edbcrg and Magnus The owners ideally would 
Larsson are set for the singles, like to have a new system in 
with JanApefland Jonas Bjork- place before the Dec. 7'dead.line 
man in the doubles. for chibs to offer salary arbitra- 

Russia, which beat Germany tion to their players who have 
in the semifinals to gain its first become free agents. 

Davis Cup final, will field a Owners do not want another 
team comprising Yevgeni Ka- winter of arbitration and are set 
fdnikov, Alexander Volkov, on eliminating the process, 
Andrei Olhovskiy and Andrei which began in 1974. 
Cherkasov as the reserve, I tar- Their second choice would be 

Tass, the Russian press agency, to implement a new system be- 
reported Tuesday. fore the Dec. 20 deadline for 

Sjogren is to retire after the dubs to tender contracts to un- 


union officials let than know 
next week that they plan to for- 


league baseball club owners mulate a new contract proposal 
plan to meet in Chicago on Dec. at the executive board meeting 
5 to discuss their strategy for and present it the following 
declaring an impasse in negoti- week. 

ations and unilaterally imple- would j* ±e weck ^ 

menting a salary rap, but their ginning Dec. 12, the last before 
plans could be short-circuited contract tender deadline, 
by the union, whose executive The owners hope that the play- 
board meets that same week in gra- negotiators will have a 
Atlanta. counterproposal when talks re- 

The owners ideally would next Monday in Lees- 

like to have a new system m bin& Virginia. 


The Associated Press 

HOUSTON — The Houston 
Oilers fired their coach and 
scrapped the run-and-shoot of- 
fense. The result stayed the 
same. 

Despite Lorenzo White’s ca- 
reer- best 156 yards rushing, the 
Oilers lost their seventh straight 
game Monday night when Da- 
vid Treadwdl hit a 37-yard field 
goal with two seconds remain- 
ing, lifting the New York Gi- 
ants to a 13-10 National Foot- 
ball League victory. The 
outcome snapped the Giants’ 
seven-game losing streak. 

“It’s not the way I wanted to 
start off,” said the new Houston 
head coach, Jeff Fisher, who 
abandoned the Oilers' foux-wi- 
deout passing scheme for a 
plodding ground attack. “But 
well take tomorrow off and 
then come back and start get- 
ting ready for the next game.” 

The victory was sweet re- 
demption for the Giants’ quar- 
terback Kent Graham, benched 
by Coach Dan Reeves after last 
week’s 10-9 loss to Arizona. 
Graham got another chance 
Monday when Dave Brown left 
the game in the second quarter 
with a concussion. 

Graham rallied the Giants 
after a scoreless first half, help- 
ing New York end its longest 
losing streak since 1980. He 
completed just six of 13 passes 
for 105 yards, but one was a 40- 
yard touchdown toss to Mike 
Sherrard and another a 55-yard 
pass to Sherrard that set up 
Treadwell's 26-year field goal 
early in the fourth quarter. 

Graham’s TD pass, which 
Sherrard had to wrestle away 
from Blaine Bishop and Marcus 
Robertson in the aid zone, came 


with 14:01 elapsed in the third 

quarter to tie the game 7-7. 

Sherrard beat Houston safety 
Cris iris hman for the 55-yard 
reception on New York’s next 
drive. 

New York led 10-7 with 8: 1 9 
to play, but the Oilers tied it 
with 4:08 left on A1 Del Greco’s 
42-yard field goal. 

The Giants then drove 47 
yards to the Houston 20 to set 
up Treadwell’s winning kick. 

Rodney Hampton ran for 25 


yards on seven carries during 
the fmai drive. He finished with 
34 carries for 122 yards. 

The Oilers, who ranked 
among the top offensive teams 
in the NFL in recent years with 
the run-and-shoot, didn’t use 
the alignmen t in the first half. 

Fisher left play-raffing to of- 
fensive coordinator Dick Corny, 
but Houston didn’t get into the 
end zone until 4:44 remained in 
the third quarter on BiBy Joe 
Tolliver's 1-yard keeper. 


Battered Cowboys Turn 
To No. 3 Against Packers 

New York Times Service 

IRVING, Texas — With Troy Aik m an likely to miss one to 
three games with a sprained left knee and his backup, Rodney 
Peete, sidelined with a sprained right thumb, Jason Garrett 
will make his first start of tike season and the second of his 
career cm Thursday when the Dallas Cowboys play a Thanks- 
giving Day game against the visiting Green Bay Packers. 

“I kind of believe in fairy tales — Walt Disney, Tinker Bell, 
Captain Hook and all that,” Coach Barry Switzer said Mon- 
day. “1 kind of like situations like this. I think we’ll have a 
hero in Jason.” 

Garrett’s backup will be Mike Pagel, a 12-year veteran of 
the National Football League who played Arena Football this 
year. Pagel was signed Monday. 

Results of a magnetic resonance imaging test on Aikman's 
knee revealed a sprained medial collateral ligament, an injury 
than can take anywhere from a week to a month to heal. 
Although Aikman was walking around the Cowboys’ locker 
room with a limp, he’s hopeful of playing against the Eagles in 
Philadelphia cm Dec. 4. 

Peete will miss the Packers game, but with 10 days' rest, he 
should be ready for the Eagles. That leaves Thanksgiving Day 
in the hands of Garrett, who played the fourth quarter of the 
Cowboys’ 31-7 victory over the Redskins on Sunday. He 
completed one of five passes for 4 yards. 

With only three days to prepare, the Cowboys likely will 
streamline their offensive game plan to suit Garrett, who is 
more mobile than Aikman but lacks his arm strength. 



PERSONALS 


But with the board meetiug 
scheduled so soon, the union 
more likely would wait until ANNOUNraMENTS 


Owners do fta warn another 1“" “ developa counterpro- 
winterof and are set P 0521 - rweving both rnpin and 


Dec. 2-4 final and will be re- 
placed by Larsson’ s coach. 
Carl-Axel Hagcskog. 


on eliminatbg the proccss, JP P™* ^ members 

which began in 1 974. for a new P ,an * 

Their second choice would be The acting commissioner, 
to implement a new system be- Bud Sdig. did not return a tele- j 
fore the Dec. 20 deadline for phone call seeking comment. 1 

0 tender contracts to un- But mana gement’s chief negoti- j 
players on their rosters, ator, John Harrington, has said | 
the clubs will be hard- it was possible owners would j 

1 to declare an impasse if decide at the Dec. 5 meeting to 


ANNOUNCEMENTS 

Attention visitors 
from the U.S. ! 


signed players on their rosters. 

But the clubs will be hard- 
pressed to declare an impasse if 


VBMA. AUSTRIA. Tel: 713-3374. 
Are yaw lad or warned? Lady or 
dare Bed? An you de uxii n q or sur 
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BEFRENDERS in told confidence. 
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FRIENDSHIP 


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Mu9 be about 3638. fand. a t -c O we. 
very nmatt, and et«jy hovel Pleme 
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South Bend. W dfilTwW USA. 


NFL Standings 


AMERICAN CONFERENCE 


Miami 

Buffalo 

KY.Jets 

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Cincinnati 

Houston 


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WESTERN CONFERENCE 
Midwest MvMau 

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Mew York darts 13. Houston 10 


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Drawer 

Dallas 

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Golden State 

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Seattle 

LA. Laker* 

LA. Clippers 


Pacific DMskm 

7 1 575 

6 3 M 7 

4 3 571 

4 3 571 

4 4 500 

4 5 544 

0 9 500 


MONDAY'S RESULTS 
Son Antonio MUM 22-tt 

M«W York 27 23 » TV-92 

S: Robinson 10-199.1227, Person 7-1204 17; 
M-Y- Oakley 7-12 7-4 14, Ewing 5-16 3-4 13. 
R eh o en r lt — Vin Antonio 40 (Robinson 12). 
Mew York 44 ( Ewing. Oakley 7). Assists— San 
Antonio 20 (Andenson, Johnson 6). New York 
27 ( Oakley. Ewing, Horner 5). 

Miami 27 24 » w- «» 

Orlando S3 25 28 SB— W 

M: wiHb 8-10 *-4 20, Rice 2-7 7-9 m O: 
O'Neal W-15 2-4 22, Anderson 7-15 M 21. 
Hardaway 0-13 tt-14 XL Rehaeudo-Mhunf 47 


(Walls 12). Orlando 57 (Grant 10). Assists— 
Miami IS (Owens 5), Orlando 32 [Show 9). 
Phoenix 32 II 16 25— T1 

Utah 26 34 20 26— 1M 

Pi Malaria *16 1-2 21. Manning 7-17 V2 15; 
U: Motor* 6-T2 54 17. Stockton 10-14 53 25 
Re b o u nd* Ph oe ni x 44 IKietn* B). Uhsn 45 
(Malone 14), Assists — Phoenix 29 (Manntns 
111. Utah 27 (Stockton 12). 

fcStrj.wr- jr f y.si eg. ■ r* 

ENGLISH PREMIER LEAGUE 
Everton Z Liverpool 0 
Staartngs: Manchester United 34. Black- 
burn 33. Newcastle 33, Liverpool 29, Notting- 
ham Fount 20. Leeds 24, Chetsea 23, Maiche*- 
tor CHv 22. Norwtcn 21, Southampton 2a 
Arsenal 19, Crystal Palace n Coventry IT, 
Wimbledon 10. Tottenham 17, Sheffield 
Wednesday 17, West Ham 17, Queen s Park 
Rangers 16, Aston VDla 13, Everton 11, Ips- 
wich TO. Leicester 9. 


FIRST TEST 
West Indies vs. India 
Taesdav, to Bombay 
India list Innings: 272 
West tomes 1st liminca: 243 
fndto 2nd Innings: XEL 
West Indies 2nd Innings: 266 (all out) 

■ indfcrncnOv 96 runs and toads 3-matcti series H> 


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Page 20 


OBSERVER 


Don’t Panic , Democrats 


By Russel] Baker 

N EW YORK — This is a 
plea to Democrats. Many 
are planning to leave the coun- 
try. Others are threatening to 
open veins. A few talk of fann- 
ing survival groups and fleeing 
to the woods. Most, however, 
simply sit around weeping. 

To these Democrats I say. 
pull yourselves together. The re- 
cent Republican victory is not 
the worst blow to civilization 
since Attfla the Hun popular- 
ized sacking and pillage. 

I have known Republicans 
from my cradle and and have 
never been bitten, or even sued, 
by a sing le one. Republicans are 
just like human beings, except 
for their demented conviction 
that repealing the capital-gains 
tax can save the world. 

Republicans are decent. One 
lent me the rent money once 
without askin g collateral. A Re- 
publican is godmother to one of 
my children and has never 
sought to corrupt the child’s 
faith by preaching salvation 
through repealing the capital- 
gains tax. Republicans, in short, 
ate not much different from 
people, so it is ally for Demo- 
crats to be terrified 
□ 

Think, Democrats, think. 
Your party has really been just 
a rudderless variation on the 
Republican Party since Hubert 
Humphrey lost to Richard Nix- 
on 25 years ago. After that the 
decline of the labor unions left 
it bereft of ideas, and its only 
presidents have been those two 
old-fashioned Rockefeller Re- 
publicans: Carter and Clinton. 

For evidence of the Demo- 
cratic vacuum, how about that 
Rube Goldberg health-care bill 
the president offered? Republi- 
cans used to be colled “mfr 
tooers” because they couldn't 
think of much to do except go 
along with Democratic ideas. 

Democrats are the new “me- 
tooers," which is probably why 
“me-tooers" are now called 
“new Democrats.” President 


fTintnn is a specimen “new 

Democrat"; that is, a Democrat 
who thought Eisenhower had it 
just about right 

□ 

With Democrats now resid- 
ing in the abandoned tents of 
the old Eisenhower Republi- 
canism, why this Democratic 
panic about Republicans run- 
ning Congress? 

Well, it's the triumph of the 
Republican mossbacks of 
course: Gingrich, Helms, the 
Western right-wingers of the 
cowboy welfare states. 

Newt Gingrich is the Repub- 
lican who makes Democrats 
think of Walpuxgis Night. With 
everybody talking about Ging- 
rich’s “first hundred days,” you 
might think he is the new 
Franklin Roosevelt risen out of 
Georgia to rebuild a stricken 
nation. 

The unreality is intensified 
by Gingrich’s announcement 
that he will not compromise in 
dealing with that lesser fellow 
who calls himself president. 

Gingrich, whose skill at mis- 
chief-making is considerable 
but whose talents for gover- 
nance have not been tested, is 
doubtless blustering to cover 
the natural insecurity of a 
youngish gait in charge of a 
crew that hasn’t sailed a ship for 
40 years. 

What else explains his “no- 
compromise" declaration? It’s 
institutionally impossible for 
Congress to lead. House mem- 
bers who desire the slightest ac- 
complishment absolutely must 
compromise, and not just with 
presidents, but also with Sen- 
ates. 

I should like to assure the 
Democrats that they have noth- 
ing to fear but fear-of-Newt it- 
self, but that would mislead 
them. A party that doesn’t 
stand for much has plenty to 
fear from one that stands for 
plenty, even when, as now, it 
looks like plenty of nothing. 

jVw York Tunes Service 



INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 23, 1994 


In Wall Street Play, Junk Bonds and Junk Ethics 

' ^ One formative taste of capiti 


By Hubert B- Hening 

New York Times Service 

N EW YORK — The scene is a 
small, overheated SoHo theater. 
The stage: a square of shiny red 
floor, with the audience all around. 
The props: a few chairs, desks and 
phones, and scattered papers. Loom- 
ing overhead are computer screens 
flashing the incessant numbers of a 
Wall Street trading floor. 

And the tale the actors are telling 
is this: A hotshot bond trader has 
been strutting and crowing about a 
$460 million profit, but this house- 
of-straw falsehood is collapsing be- 
fore our eyes to reveal a very differ- 
ent reality — a $150 million loss. 

Aha! you say: The Joseph Jeu fol- 
lies have already found their way to 
off-off- Broadway. But no, this play 
came first — written in January and 
February of this year. 

It was not until April that Jett was 
dismissed as a Kidder, Peabody bond 
trader — accused of inventing a 
multmuBion-dollar profit and hiding 
a huge loss somewhere in the voids of 
his computer. And no, the playwright 
never laid eyes on Jett — did not 
have him in mind at alL 
In any case, the play, “Junk 
Bonds,” has a theme far broader than 
cooking the books on Wall Street. It’s 
about a young Asian- American 
woman who is famed by a Wall Street 
firm called Tapir, the ink still wet on 
her MBA and is greeted by a torrent 
of bias and abuse — language not 
even dose to being printable, pranks 
too crude to merit description — 
from traders with nicknames like 
“Jammer,” “Cuff links " and “The 
King." A typical remark: “Some- 
body come claim your exotic strip- 
per." 

As the drama plays out the wom- 
an — by force of intellect and will — 
squeezes her way into being accepted 
in this white-male bastion of junk 
food, junk talk, and. sometimes, junk 
ethics. 

Once she’s in the inner circle, 
though — screaming bids into the 
“squawk box” for “midget 8s” 
and “Ginnie Mae 10s" with the 
best of them — she finds that her 
rewards fall far short of her talents. 
What’s worse, she discovers that 
her trusted mentor’s huge profits 


are, to put it mildly, an illusion. 

The drama hurtles to its conclu- 
sion with screaming accusations and 
counter-accusations, with heads roil- 
ing and die suddenly cash-short firm 
bang sold to the Japanese. (Is anoth- 
er eerie coincidence with the scandal- 
plagued Kidder firm, Kidder is being 
sola to PaineWcbber after nearly go- 
ing to the altar twice with Nomura 
Securities.) 

And who’s behind this frantic mo- 
rality play? Lucy Wang, a young 
Asian- American, was a Kidder bond 
trader from 1986 to 1989 — well 
before Jett's time. 

She left, she said, “because I felt I 
had given Wall Street enough time — 
my talent was being wasted. I was 
always passed over, I didn’t get the 
gloiy.” She added: “I never saw any 
women trading big money." 

Wang, who is 31, can be warm 
and open, with a ready smile. But 
when asked about her pay at the end 
of her time at Kidder, she switched 
quickly to her tough- trader persona 
and snapped: “Peanuts! Chump 
change!” 

She quickly insisted, though, that 
she hadn’t written the play just to 
vent anger at her former employer. 
“This is not a vendetta,” she said. 
“I’m not out to get anyone. I'm out to 
show' the stakes of trusting some- 
one." 

The issue, she repeated is trust. 
“They trust a young trader — but no 
school can train you to handle those 
sums. It’s all trial and error. And if 
you lose millions, what's the down- 
side? It's not your money. You get 
fired and get another job — and 
make more money." 

The abuse of trust, she said could 
happen in any business — “the only 
difference is whether the betrayal is 
with a silver knife or a plain dagger.” 

Or, as a character in the play puts 
it: “Everyone lies, cheats and steals 
given the opportunity. We can't help 
it. Human nature is evil." 

Wang went on, clearly voicing a 
frustration that has only smoldered 
in the years since Ivan Boesky, the 
arbitrager, was undone by his insider 
trading. “Even after a celebrated 
case, like Boesky. it doesn’t scare 
anyone," she said “You have to ask 
yourself. Why?" 


rhn- Lee r>TT Tbf >£» TMlno 

Playwright Lucy Wang benefited from insider information. 


It seems in odd career path — the 
high-powered, chummy trading 
room to the solitude of writing. But 
Wang said she had always had an 
interest in writing — readily conced- 
ing, though, that “there’s a stereo- 
type that if you’re a trader, you're no 
Shakespeare." 

She’s not the first, of course, to 


mine Wall Street for literary nuggets. 
Michael Lewis, for one. spent three 
years as a Salomon Brothers bond 
salesman and then told all in “Liar’s 
Poker." the 1989 best-seller. 

What, then, drew her to Wall 
Street? “I liked the energy, the 
youth," she said “It’s like no other 
job in the world" 


One formative taste of capitalsm: 
At 15 or 16, die walked into a Merrill 
Lynch office and bought 100 shares 
or so of Quysler, putting on a suit so- 
no one would know she was under- 
age. (Usually, you must be IS to buy 
stock on your own.) 

This was right after the govern- 
ment bailout of Chrysler, and the 
stock was selling for $2 or $3; It soon 
soared to nearly $15, giving her a 
boost when she sold it era entering 
colleRe. 

Bom in Taiwan. Wang came to the 
United States at age 2, growingnp in 
Akron, Ohio, where her father evea- 
tualiy worked as a research chemist 
at Goodyear. After graduating from 
the University of Texas, majoringin 
economics and Asian studies, she 
earned an MBA from the University 
of Chicago in 1986. In her last year 
there, she also worked as a research 
economist at the C hicago Board of 
Trade. 

Are trading rooms really as crude 
and bias-ridden as she paints them 
on stage? Is it off the mark to have 
people slam chans into one another, 
make crude physical attacks, cut peo- 
ple’s ties off with scissors? “I don't 
think it's exaggerated” die said 

One forma Kidder trader, Susan 
Nolan, saw the play with non-Wall 
Street friends who asked incredu- 
lously, if that’s the way it really is. 
Nolan insisted that it isn’t overdone 
at alL “Women are left where there’s 
less money to be made,” she said 
“It’s mostly male-dominated" 

Wang said that “at first it all 
seemed crude and sexist, but some- 
times when you’re in it, it seems nor- 
mal.” She added: “1 think it’s be- 
cause of all the pressure." 

She said she even fell into the 
drumbeat of curses and instills. “Zf 
you don’t conform,” she said “peo- 
ple get the feeling you’re not tough 
enough. If you appear too prissy, 
you’re out." She heeded some ad- 
rice she got early on: “Dish it back 
out and they’ll leave you alone." 

The play was produced at a SoHo 
theater called Here, and though it got 
no prominent reviews, the word of 
mouth was such that it had sell-out 
crowds by the last few days of its 
three-week run. 


WEATHER 


PEOPLE 


Europe 




Tomorrow 



Htgfi 

Low 

W 

High 

lam 

w 


C/P 

OF 


CIF 

CIF 


Aljarw 

22,71 

13*5 

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22/71 

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11.52 

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Oceania 


Madams 

19436 

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10(86 

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Syunoy 

25 177 

18 (W B 

2802 

18*4 1 


Forecast for Thursday through Saturday, as provided by Accu-Weather. 



North America 

Tha ncrtheasiom U S. «vH be 
chilly and mainly dry from 
Thanksgiv.ng Day through 
Saturday Toronto will have 
somo snow or hurries Thurs- 
Cay and Friday. Chicago win 
be dry Thursday and Friday, 
ram may arms Saturday A 
few showers will affect the 
Wes: Coast Thursday and 
Friday 


Europe 

Cold air will be plunging 
southward through eastern 
Europe at the end ol the 
week. Snow «*l Btely fall m 
parts of Scandinavia and far 
wastem Russia, but most of 
Europe will be on the dry 
side. A storm In the Mediter- 
ranean will spread rain from 
Greece to Turkey 
Middle East. 


Asia 

A atorm over the See ot 
Japan wH bring some min to 
Tokyo al the end of the 
week. Hong Kong will be 
mHd with generally rain-free 
weather late this week Into 
the weekend. Singapore wil 
remain warm and humid with 
showers and thunderstorms 
rkey and the from time to time 


Asia 


Today 


Tomorrow 


Msh 

Low 

W 

W01 

Low W 


OF 

OF 


C/F 

OF 

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31(88 

22/71 

c 

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Hong Kona 

20(82 

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32-83 

24/75 

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24/75 x 

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28-82 

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3/37 


10/50 

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Snangnai 

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29-84 

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23/73 an 

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22/71 

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13/55 

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Africa 

Mgran 

21 no 

14/57 

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18*4 

11/52 

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23/73 

18/61 ■ 


23/73 

12/53 

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3/73 

13/55 a 

Harare 

16*4 

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7/44 ah 

Lagos 

32/89 

23/73 

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31/88 

24/75 e 


21.70 

11/52 


a /71 

13(55 1 

Tunis 

22/71 

11/52 

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IB/58 

11/52 x 

North America 

Wmgo 

-ions 

-19/-2 

■ 

■6/22 

-12/11 x 

AOonm 

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1/34 

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14/57 

4/33 s 


Middle East 


Latin America 







Todty 


Tomorrow 


Hfah 

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Low W 


Nigh 

LOW 

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Low W 


OF 

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OF 

OF 


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10-66 

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18-64 

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29/04 

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28*2 

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21/70 

12/53 

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10/B4 

13/55 an 

Carnes* 

29-94 

21/70 

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20/88 X 


18/59 

7/44 


12/33 

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Lana 

21/7D 

17*2 


21/70 

17*2 PC 



11(62 c 

14-57 

11-52 Vi 

MetKoCW 

23/73 

BMB 


22/71 

9 MB K 

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SMI 


18/88 

9M9 x 

noOaJtnean 24/75 

10*4 


24/75 

19*6 X 

Rtyoai 

29-64 

18164 

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M/77 

16/61 t 

Sairtago 

ZB.62 

12/53 

■ 

27*0 

14/57 X 


CNcago 

Owner 

Owns 

HO"OH4u 

Houston 

Los angeiss 

Warm 


Hew York 
Phoenfc 
Sen Asa 


I: s-swtny, pe-paiuy doudy, c-ctoudr. w> e to w e r s. t-tanrisisunns, weM, atanowftirrtae, 
r. i-tce. W-WoaJher. AB mapa. forecasts and data proirtcM by AcwWMthar, Inc. C 1004 


Taranto 

WwWngmn 


B/43 -ens ■ BMS 

B *a -i/3i ■ a ms 

1*157 -3«7 I 14/57 
4/39 <J/27 a 8M0 
27 <80 21/70 PC 29/54 
17*2 8/43 pc iaa* 
23/73 10*0 a 23/73 
25*2 18/64 34/75 

6M3 -3/27 a 8 M3 
0/32 -7/20 H 2/39 
27*0 23/73 U 28*2 
7M* 0/32 a 9M8 
23/73 fiMfl a 28/79 
IB** S/«3 PC 17*2 

D/48 307 * |M 

4/39 *3/27 pc 8/43 
9*4B >1*1 ■ 10*0 


A PHILOSOPHICAL WOfiam Shatner 
voices “regret and sorrow that I have 
to say good-bye to a character I’ve enjoyed 
playing." He means, of course, his alter ego 
for the past 28 years. Captain James Kirk, 
who beams up for his final space trip in the 
Film “Star Trek: Generations." Shatner. 
63, and the original crew of the Starship 
Enterprise are to be replaced by a younger 
crew, led by Patrick Stewart as Captain 
Jean-Luc Picard and the stars of the re- 
cently ended “Star Trek: The Next Gener- 
ation” TV series. In “Generations," Kirk 
passes into pop mythology, cradled in the 
arms of h is successor on a Faraway planet 
in the 24th century, having just traveled 
through a mysterious lime warp. Can Kirk 
really die? They killed off Leonard Ni- 
moy’s pointy-eared Vulcan Spock — and 
brought him back Shatner says it’s final. 
Bui you never know. 

□ 

“Eldorado 51,” a novel by the free-lance 
journalist Mare TriDard, has been awarded 
the French Inter alii e Prize for 1994. the jury 
announced Tuesday. The prize is tradition- 
ally awarded to a wort by a journalist. 

□ 

Cindy Crawford denies press reports that 


her three-year marriage to Richard Gere is 
on the rocks. “I don’t know exactly what 
the story said, but it is not true," Crawford 
asserted in a TV interview. “It is really bad 
gossip that is not based in truth at alL" 
Reports of a split snowballed after the 
tabloid News of the World published pho- 
tos said to depict Laura Bailey, also a 
model, slipping out of Gere’s London resi- 
dence in the early hours of the morning. 
The paper said Gere and Crawford were 
speaking to each other only through their 
lawyers. 

O 

It’s all over — including the shouting — 
between Tom Arnold and Roseanne. Their 
divorce is final this week. Arnold says he 
will many Julie Champnefla. a college stu- 
dent, next summer, and Roseanne is going 
to marry her bodyguard, Ben Thomas. 

□ 

A judge in Calif ornia has thrown out a 
lawsuit alleging that Michael Jackson is the 
father of a 10-year-old boy. Michelle Flow- 
ers had claimed that the cnild was the result 
of a liaison the two had bad in the 1980s in 
the city of Modesto, but two rounds of 
blood and DNA testing showed convincing- 
ly that Jackson was not the father. 



Frad R. Cnuad/NV 

CROSS r CHA3NNHL HONORS - 
H* British actor and director Kenned 
Branagh was made an officer of thf 
French Order of Arts and Letters hi 
Cdtnre Minister Jacques Toubon. 



With ATSrT USADirect® and 
World Connect ® Service, you can make 
multiple calls without redialing 
your card or access number. 

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ASIA /PACIFIC 


AUSTRALIA.. 

1BOO-8SVD11 

CHINA. PRC***. . 

.... 100Tf 

HONS KONG 

800-1111 

INDIA* . 

. . 000-117 

INDONESIA*. . . 

. 001-401-1 B 

JAPAN’. . 

. . 0039-111 

KOREA.. . . 

.. .IBM! 

MACAO. . . 

0000-111 

MALAYSIA" 

800-0011 


WWZEAIAND 000-911 

PHILIPPINES' 105-11 

RUSSIA -/(MOSCOW] .155-5042 

SAIPAN? 235-2872 

S4CAP0BE . . 800-0111-111 

S8JUNKA .. . 430-«30 

TAIWAN’ 0080-10288-0 

THAILAND* 0010-991-1111 

EUROPE 

AHMEIM-T 8014111 


AUSTHlA-trt 022-803-011 

BB.GRIM* O-BBO-in-IB 

BULGARIA m-lflOO-OOlD 

CROATIA?* BB-38-8011 

CZECH REPUBLIC . 80-420-80101 

DENMARK* 8081-0810 

FINLAND" 9808-100-10 

FRANCE 180-8011 

GSMANY 0130-0010 

GREECE" 00 -BOO-1311 


HUNGARY* . . 000-800-01111 

ICELAND* ■. 939-901 

IRELAND 1-800-669-0110 

nXLY* 172-1011 

LIECHTENSTEIN* 155-08-11 

UINUANM* 34190 

LUXEMBOURG 0-600-0111 

MALTA DM0-8H-He 

MONACO*. 190-8011 

NETHERLANDS' 65-022-0111 


NORWAY. . . 

. . 0BB-1BO-11 

PQLAN r*>.„. 

00010-400-0111 

PORTUGAL? 

05017-1-208 

ROMANIA _ 

. .01-800-4208 

SLOVAK REP... 

00-420-00101 

SPAIN.. . 

. 980-09-00-11 

SWEDEN" . 

U20-795-B11 

SWITZERLAND" 

.... 155-00-11 

UKRAINE?. . 

80180-11 

U.X. . . . 

.8500-80-0011 


MIDDLE EAST 

BAHRAH 800-001 

CYPRUS* 080-90010 

EGYPT" (CAIRO)' 51MB0Q 

ISRAEL 177-108-2727 

www boo-:bb 

LEBANON (BEIRUT} 1 . ..426-801 

SAUDI ARABIA 1-SAM0 

TURRET 88-890-12277 

U. ARAB BsflRATES* . . . 800-121 


AMERICAS 

ARGENTINA* . 001 -BOO -200-1 ill 

BOLIVIA*. 0-800-1112 

BRAZIL . 60B-SB1B 

CANADA . .l-ai».5r5.2222 

CHILE. . . . MO- 0712 

COLOMBIA . 900-11-0010 

EL SALVADOR*.. . 190 

HONDURAS?.. ... 123 

MEXICO* 0 3S-20IMS-4240 


PANAMA.. .... 109 

PERU?. 191 

VENEZUELA". . . 90-B1V120 

AFRICA 

GABON* 005-001 

GAMBIA*. . 00111 

WQRTGOAST* ... 80-111-11 

KENYA* ... . fifflo-io 

LIBERIA .... 787-787 

SOUTH AFRICA 0-B00 43-0123 


TrueWortf™ Connections 

0 



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