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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


** 


Paris, Saturday-Sunday, November 26-27, 1994 


No. 34,756 


Sweden’s Quiet Quest: 
Nuclear Arms Option 

Buried Reactor, Dormant 2 Decades, 
Could Be Started Up on Short Notice 




By Steve Coll 

Washington Post Service 

STOCKHOLM — Id the Stockholm 
suburb of Agesta, a small rock hillock 
rises amid pine forests and horse farms. 
It might be just another playground for 
Scandinavian climbers but for one star- 
tling feature: Protruding from the top 
of the mound, like a missile peeking 
from a silo, is the conical tip of a nuclear 
reactor cooling tower. 

Thirty years ago, this 65-megawatt 
reactor buried 45 meters (150 feet) deep 
and capable of sizable plutonium pro- 
duction was a key component of a vig- 
orous Swedish program to develop a 
nuclear bomb option, a project that at 
its Cold War height secretly employed 
350 scientists and technicians at the 
Defense Ministry. 

Now international nuclear inspectors 
are discovering that some key elements 
of that Swedish bomb project have been 
quietly preserved for the more than 25 
years since Sweden pledged to be a 
nonnuclear state. 

For two decades, Sweden has main- 
tained its underground Agesta reactor 
in a condition that would permit start- 
up on relatively short notice, probably 
within several months, Swedish and 
other officials said. 

Until this fall, Sweden did not for- 
mally disclose this fact to the Interna- 
tional Atomic Energy Agency, which 
monitors compliance with the Nuclear 
Nonproliferation Treaty, the 1970 trea- 
ty to limit the spread of nuclear weap- 
ons, which Sweden signed. It finally did 
so in September as pan of a voluntary, 
confidential experiment to help broad- 
en and strengthen the atomic energy 
agency’s safeguards. 

Moreover, Sweden continues to 
maintain at its National Defense Re- 
search Establishment a small team of 
theoretical physicists who research nu- 
clear weapons technology, according to 
the program’s director. Tor Laisson. 
Besides current research on such topics 
as the theoretical performance of a nu- 
clear bomb and the .effects of nuclear:, 
explosions on a conventional military 
battlefield, these Swedish defense scien- 
tists possess an archive of preliminary 
design and technical data on nuclear 


weapons, the legacy of Sweden's Cold 
War-era bomb project. 

Swedish officials deny that any of 
this constitutes an effort to hold a nu- 
clear weapons option in reserve. The 
nuclear weapons research is for defen- 
sive, safety and counterterrorist pur- 
poses only, they say, and the quiet 
maintenance of the Agesta reactor was 
done for technical ana safety reasons, 
not because of defense policy. 

Building a nuclear weapon “is not an 
option for Sweden," said Deputy De- 
fease Minister Peter Lagerblad. “We 
have no will to do it.” 

He added, “It’s out of the question.” 

Yet, some Western analysts remain 
skeptical of these explanations, not be- 
cause they believe Sweden intends to 
build a nuclear bomb any time in the 
foreseeable future, but because its quiet 
preservation of Agesta, its archive of 
past weapons research and its continu- 
ing research at the Defense Ministry 
seem to provide evidence of a plan to 
maintain indefinitely the key technical 
components of a nuclear weapons op- 
tion. 

“In another country, a buried reactor 
like that would be seen as a serious 
nonproliferation problem,” said an offi- 
cial familiar with the Swedish program. 

The Swedish case is an example of an 
emerging nuclear proliferation issue. It 
concerns what specialists call “virtual 
weaponization" programs by sophisti- 
cated, industrialized countries. 

Such programs involve research into 

S key elements of a nuclear weapons ca- 
ibility as a hedge against an uncertain 
Cure or for defensive purposes — re- 
search that is often permissible by the 
letter, if not necessarily the spirit, of the 
Nuclear Nonproliferation Treaty. 

Japan, Germany, Italy, Switzerland, 
Canada. South Korea and Taiwan are 
all believed by Western analysts to have 
conducted at least some secret nuclear 
weapons research as a hedge during the 
Cold War period. Some may be con- 
tinuing aspects of that work without 
necessarily violating their treaty obliga- 
tions, . T ‘ . 

By its recent decision to volunteer for 
the experimental atomic energy agency 

See SWEDES, Page 4 



Eortc F. VUni/Thr AjaodWnJ Pra» 


French UN peacekeepers standing guard Friday at Sarajevo airport in front of the budding where United Nations 
officiate were meeting with representatives of Bosnia's warring parties in an attempt to reach a cease-fire agreement 

U.S. Gives Up on Forcing Out OECD Chief 


By Alan Friedman 

International Herald Tribune 

PARIS — A privately negotiated deal 
between France and Canada has forced 
the United Stales to abandon its campaign 
to replace Jean-Claude Paye immediately 
as head of the economic think -tank of the 
world's richest industrial nations. 

The deal was approved last week by 
President Bill Clinton during a meeting 
with Prime Minister Jean Chrfetien of Can- 
ada, U.S. officials said Friday. It would 
allow Mr. Paye, 59, whose tenure ended 
Sept 30, to slay on as secretary-general of 
the Organization for Economic Coopera- 
tion and Development until June 1996. 

Mr.Paye. a fonaer.Frcoch Foreign Min- 
istry official whose removal has been 
sought by the United States for the last six 
months, would then be replaced for a full 
five-year term by Donald Johnston, a for- 


mer Canadian politician who had been 
Washington's first choice to run die Paris- 
based institute. 

The deal to keep Mr. Paye angered dip- 
lomats from several of the 25 member 
nations of the OECD, and it could still be 
blocked on Monday, when OECD delega- 
tion heads hold an informal meeting in 
Paris. Approval of a new OECDcnief 
needs to be unanimous. 

Among those governments said by dip- 
lomats to be most upset over the deal were 
Japan and some Nordic members of the 
organization. 

A Japanese diplomat in Paris said Fri- 
day that final instructions from Tokyo bad 
not yet arrived, but llot “is principle we 
are against it because it is a very strange 
deal and we are really wondering if this is 
the best way to revitalize the OECD.” 

He added that Japan had cooperated 


“until now” with the United States, which 
has argued that Mr. Paye needs to be 
replaced in order to reinvigorate the Paris- 
based group. Critics of the OECD have 
said that under Mr. Paye's leadership, the 
organization has been slow-moving and 
overly bureaucratic when governments 
need more timely international economic 
policy analysis. 

France enjoys influence by virtue of its 
nationals running such institutions as the 
International Monetary Fund and Europe- 
an Commission. But it was not immediate- 
ly clear what concrete benefits — beyond 
prestige — the government of Prime Min- 
ister Edouard Balladur hopes to gain by 
having Mr. Paye at the helm of the OECD 
for 18 more months. Still, diplomats from 
several nations said that France had con- 
ducted an unrelenting campaig n on his 

See OECD, Page 4 


As Norway Nears Vote on EIJ , Opponents Appear to Have the Edge 


By William E. Schmidt 

Hew York Times Senate 

BERGEN, Norway — The meeting was billed as a 
discussion on whether Norway should join the Euro- 
pean Union, but judging from the number of “no” 
buttons pinned to sweaters, most Of those crowded 
into the tiny hall in rural Os this week had already 
made up their minds. 

They listened politely while Ranveag Frqyland, a 
pro-European member of Norway’s Parliament, told 


them that their jobs and their children's future would 
be better off inside Europe than out. 

But when Hallvard Bakke, a former government 
aide who opposes EU membership, declared that 
Norway should never surrender its authority or its 
sovereignty to unelected bureaucrats in Brussels, the 
audience of fanners and retirees burst into enthusias- 
tic applause 

“Olso is already far enough away,” said Kristin 
Hjertaker, a columnist for the local paper in Os, a 
farming village of >3,000 people on the far southern 


outskirts of Bergen. “So people say. Brussels is out of 
the question.” 

On Monday, the question of whether Norway will 
make its future inside or outside the European union 
will be decided here by voters. Norway’s Nordic 
neighbors, Sweden and Finland, have already decided 
to join, in ballots taken earlier this fall. 

But public-opinion surveys suggest that Norwe- 
gians remain more skeptical than their Scandinavian 
brethren. The beneficiaries of Europe's largest oil and 
gas reserves and richest fishery stocks, many Norwe- 


gians do not see the advantage of closer economic and 
political cooperation with the rest of the continent 
“We have aluminum, we have hydroelectric power, 
we have fish, we have oil, and we have jobs,” declared 
Johan Kjaegard, 73, a retiree passing out anti-EU 
literature in Bergen's central square. “We can stay 
alone and still be friends to everybody.” 

The most recent series of public-opinion polls this 
week give the anti-EU faction about 47 percent of the 

See EUROPE, Page 4 


Kiosk 


EU Will End Ban 
On Arms to Syria 

BRUSSELS (Reuters) — European 
Union foreign ministers will lift an eight- 
y ear-old embargo on sales of arms to 
Syria on Monday, an EU diplomat said 
Friday. The decision is to be made when 
ministers from the 12-nation bloc meet a 
Syrian government delegation after a 
regular EU session. 

The ban was imposed in 1986 after 
allegations of Syrian involvement in a 
thwarted attempt to smuggle explosives 
onto an EJ A1 airliner. 

Sony’s Morita Resigns 

AJtio Morita, 73, who co-founded 
Sony Corp. in 1946 and turned it into 
one of (he world’s most innovative dec- 
ironies companies, resigned as chair man 
on Friday because of health problems, 
the company announced. He will remain 
as honorary chairman, the company 
said. (Page 9) 



FVdm SOv^Tbc Ajt'odjtcd Prn» 


NEW WORLD — East Timorese students embracing each other Friday as 
they arrived in Portugal, where they were given asylum after staging a sit-in 
at the U.S. Embassy in Indonesia to demand a guerrilla leader’s release. 


Republicans Seek to Scuttle 
Accord With North Korea 


By Steven Greenhouse 

Hew fork Timer Service 

WASHINGTON — Asserting that 
President Bill Clinton gave away far too 
much in the deal to halt North Korea's 
nuclear program. Republican leaders in 
Congress say they will seek to overturn the 
agreement by denying funds to cany it out. 

Republican lawmakers said in inter- 
views this past week that they were upset 
that $4 billion in international aid was 
promised to North Korea even though 
Pyongyang is not expected to permit in- 
spections of several of its midear sites for 
five years. 

The aid is intended to help North Korea 
construct light-water nuclear reactors, 
winch give up less plutonium for use in 
building nuclear weapons than North Ko- 
rea’s graphite reactors. 

Japan and South Korea are expected to 
put up more than four-fifths of the $4 
billion to build the new reactors, while the 
United States is expected to spend tens of 
millions of dollars to provide North Korea 


with heavy cal until the reactors are built 

Senator Frank H. Minkowski, an Alas- 
ka Republican in line to become the chair- 
man of the Senate subcommittee on East- 
Asian affairs, said he would seek to block 
the United States from buying that oil for 
North Korea. 

“I don’t support the administration's 
concessions, which I find totally unaccept- 
able," Mr. Murkowski said. “We have giv- 
en away the store. I don’t know what we’ve 
gotten in return other than promises.” 

While Japan and South Korea are put- 
ting up the bulk of the aid. some support- 
ers of the agreement are concerned that it 
would become more difficult for those na- 
tions to do so politically if Congress were 
to bar the U.S. administration fr o m con- 
tributing its share. 

Both the Clinton administration and 
South Korea have criticized the Republi- 
can plans to derail the agreement. 

“Any change of the accord would lead to 
uncontrollable instability on the Korean 

See NUCLEAR, Page 4 


NATO Warns 
Of Air Strikes 
After Serbs 
Shell Bihac 

Warplanes Sent by Allies 
To Seek Out Artillery 
Are Fired On by Missiles 


By William Drozdiak 

Washington Past Service 

ZAGREB, Croatia — As Serbian forces 
penetrated deeper inside the Bosnian Mus- 
lim enclave of Bihac, NATO warplanes 
took to the skies Friday, brandishing the 
threat of another major air strike In a 
frantic effort to prevail the rebel Serbs 
from capturing the haven that now harbors 
dose to 200,000 civilians. 

NATO planes were ordered to conduct 
their third air strike in five days against 
Serbian targets late Friday after Serbian 
troops lobbed more shells into civilian ar- 
eas inside the Bihac pocket But after fly- 
ing over the area nearly an hour and draw- 
ing some errant anti-aircraft fire, the 
planes could not find their targets and 
returned to their bases in Italy, United 
Nations officials said. (Indecision is criti- 
cized, Page 4) 

The latest Western military action was 
ordered after UN officials worked fever- 
ishly throughout the day trying to broker a 
cease-fire m Bihac that would then be 
extended throughout the Bosnian theater. 

The Serbs are demanding that the most- 
ly Muslim soldiers within the Bihac safe 
area be removed and the zone completely 
demilitarized before they consent to a gen- 
eral cease-fire in Bosnia, which has been 
endorsed now by Bosnia’s prime minister, 
Haris SBajdzic. 

But in the absence of a firm deal, the 
Sabs appeared determined to intensify the 
military pressure on Bosnian government 
forces by intruding more deeply inside the 
UN-designated safe zone. Despite repeat- 
ed warnings from the international com- 
munity, the Serbs showed no signs of re- 
specting the largest of the six ethnic 
sanctuaries that ore designed to shield Bos- 
nian civilians from being slaughtered. 

The Bosnian Serbs appeared to have 
seized all of the strategic high ground in 
the Bihac pocket after surrounding it with 
the help of fellow Serbs in adjacent Cro- 
atia. “They are attacking by all means and 
from all sides and we ore 'resisting,'' said 
Mr. Silajdzic, as the fighting intensified 
late Friday. 

But UN military sources said the last 
line of the Bosnian government defenses 
appeared on the verge of collapse. They 
said most of the 20,000 troops in the gov- 
ernment’s 5th Army Corps had melted 
away, and barely 40 0 soldiers were left to 
defend Bihac town against heavily armed 
Serbian forces. 

Amid scenes of panic and chaos, UN aid 
workers inside the zone said the Serbs were 
lobbing shells from the high ground into 
Bihac town, where Muslim refugees had 
swollen the population to about 70,000. 

UN workers and other witnesses 
reached by telephone described the mar- 
kets and shops swept bare of food, hospi- 
tals crammed with casualties lying in the 
corridors, and hordes of refugees weeping 
and cowering with fright as they searched 
for shelter. 

The chief UN spokesman, Michael Wil- 
liams, said there were no reports of starva- 
tion despite the fact that only 12 convoys 
of food and other supplies have been al- 
lowed through Serbian lines since last 
May. But he stressed it was urgent “to gel 
trucks moving within the next 48 hours 
because now there is absolutely nothing 
left in the cupboard.” 

UN officials worked throughout the day 
trying to negotiate an immediate halt to 
the fighting, fearing that the desperate 
plight of the refugees in Bihac and the 
1,200 Bangladeshi peacekeepers stranded 
there may soon remit in a humanitarian 
nightmare. 

lieutenant General Michael Rose, the 
commander of the 23,000 UN troops in 
Bosnia, first tried to arrange a local truce 
in Bihac through rival military command- 
ers. He announced Friday morning that a 
deal had been reached on a cease-fire, only 
to learn that it collapsed almost immedi- 
ately, just as happened with many earlier 
agreements. 

The Serbs have vowed to annihilate the 
Bosnian Amy’s 5th Corps, which trig- 
gered the crisis in October when its troops 
broke out of the pocket in a daring thrust 
toward central Bosnia. 

Subsequently, the Serbian forces have 
used their superior firepower to reconquer 
all of the lost territory and intruded into 
the Bihac zone. 


Up 

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FF 

5.3541 

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Newsstand Prices j 


A Few Questions Await Washington’s New Republican Job Seekers 


Andorra 9.00 FF Luxembourg 60 L. Fr 

Antilles 11.20 FF Morocco...... ..12 Dh 

Cameroon.-I^OOCFA Qatar 8.00 Rials 

Egypt E. P.5000 Reunion ....11. ft) FF 

France 9.00 FF Saudi Arabia.. 9.00 R. 

Gabon 960 C FA Senegal — .960 CFA 

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Italy 2.600 Lire Tunisia .... l . 000 Din 

Ivor, Coast .1.120 CFA Turkey _.T.L. 35,000 

Jordan 1 JD U.A.E 8JS0Dirh 

Lebanon ...USS 1.50 U.S. Mil. (Eur.) Si .10 


By Serge F. Kovaleski 

Washington Past Serna; 

WASHINGTON — Nothing about the application 
initially fazed Rodney Gertz. As he filled out the form 
prepared by a conservative foundation that helps 
seekers of public-policy jobs, the 23-year-old Ivy 
League graduate and staunch Republican figured he 
was perfect for an entry-level position in the new 
Congress. 

Then be reached Page 3. 

A questionnaire covering 152 issues sought his 
views on, among other things, Alexander I. Solzheni- 
tsyn, the Russian dissident and novelist; Rush Lim- 
baugh, the conservative talk-show host, and Pope 
John Paul II. What were his feelings about the anti- 
abortion group Operation' Rescue? What were his 
reactions to such statements as “Liberals are more 


compassionate toward the plight of the poor” or 
“AIDS is more of a civQ-rignis Issue than a public- 
health matter” or “Busing of schoolchildren to achieve 
racial balance is wrong”? 

“It certainly seems to be a full-scale political litmus 
lest," Mr. Gertz, who works for a Pennsylvania finan- 
cial institution, said earlier this week in describing the 
questionnaire designed by the Leadership Institute, 
one of several being used by conservative job banks. 

But he added, “I don’t mind putting it all out there 
because that’s what I believe.” 

Conservative groups have used political question- 
naires for years, but they are taking on new signifi- 
cance as record numbers of F&sun&s pour in from 
people seeking Republican staff positions in the 104th 
Congress. In recent years, there have been few Repub- 


lican jobs, but in January, the number of committee 
jobs alone will skyrocket 
Although answering the queries is optional, the 
Leadership Institute’s questionnaire cautioned that it 
might be difficult to assist applicants unless they 
painted a complete picture of their interests. 

Conservative job-bank officials contend that Ques- 
tionnaires are not political tests or a way to weed out 
ideological undesirables, but a tool for matching ap- 
plicants with what lawmakers are looking for. 

But an aide to Representative Steven Gunderson, 
Republican of Wisconsin, who has a longtime male 
partner, said the congressman met with the incoming 
House speaker. Newt Gingrich of Georgia, last week 
object to the use of a questionnaire by the House 
Republican Study Committee. 

The study committee, a 21 -year-old research office 


financed by contributions from 130 Repubtian re 
sentati ves, has been using a questionnaire for 13 y< 
It covers 36 topics, including homosexuality in 
military, abortion, voluntary prayer in schools 
American Civil Liberties Union and Jesse Helm 
North Carolina, who will be the new chairman oi 
Senate Foreign Relations Committee: 

Job seekers are also asked to describe their “ide 
gy” as conservative, moderate or liberal. 

“Certainly this is not the kind of thing that w 
fly in the private sector, and such an ideological lit 

spokesman, Keven Kennedy. He said Mr Gini 
had indicated to Mr. Gunderson that he would a 

See LITMUS, Page 4 


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Page 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 26-27, 1994 


- In Money Laundering , a More Complex Cycle 


By Alan Cowell 

New York Timex Service 

ROME — The shipment of cocaine 
left Colombia for West Africa, but that 
was not its true destination. From there, 
some went to Ethiopia and on to Eu- 
rope, along the smugglers' trails once 
used for cigarettes or marijuana. Some 
went to Asia. Some trickled to a blos- 
soming new market of drug abusers in 
South Africa. 

Then came the reverse route, the skill- 
ful mani pulation of dirty street money 
through former Soviet republics, off- 
shore hanks and major stock exchanges, 
until it emerged as legitimate cash for 
the buying and selling of a hotel in 
BogotiL 

As outlined Thursday by officials in 
Naples at a major United Nations con- 
ference on organized crime, it is not just 
the growers, smugglers and assassins 
who make the worldwide drug trade a 
scourge, but a new b ree d of skilled mon- 
ey managers, lawyers and other profes- 
sionals in the pay of the mob. 

Devising ever more complex ways of 
laundering money, they handle some 
S750 billion every year. 


Don’t Hang 
Guerrilla, 
Rabin Says 


JERUSALEM — Prime 
Minister Yitzhak Rabin said 
Friday that he opposed the 
death sentence imposed by an 
Israeli military court on a Pales- 
tinian guerrilla involved in a 
bus bombing that killed six peo- 
ple. 

“In principle, I believe it 
would be a blunder to carry out 
a death sentence,*' Mr. Rabin 
told Israel Radio in his first 
comment on the sentencing 
Thursday of Said Badameh, 24, 
for die bombing in Hadera, 
northern Israel, in April. 

'To this day, Israel has not 
put a single Pales tinian terrorist 
to death, and I think this was 
correct," he said. Legal experts 
predicted the sentence would be 
overturned on appeal. 

If the sentence were upheld, 
Mr. Badameh, of the Islamic 
Hamas movement, would be 
only the second person execut- 
ed ’ by Israel Israel hanged 
Adolf Ezckmann, an overseer of 
the Nazi Holocaust, in 1962. 

The court, made up of three 
lieutenant colonels sitting in the 
West Bank town ofienin, 
found that Mr. Badameh, a 
West Bank villager, sent a sui- 
cide bomber to blow up the bus 
in Hadera. Six people, includ- 
ing the bomber, died and 30 
were wounded. 

Leaders of Hamas, who re- 
ject Israel's right to exist and 
oppose the Palestine Liberation 
Organization's peace deal with 
the Jewish stale, said the death 
sentence would only encourage 
attacks. 

“Israel will pay a high price 
for that,” said Imad Falouji. a 
top Hamas leader in the Gaza 
Strip. “They will encourage our 
Islamic fighters to make more 
suicide attacks.” 

Israel has shunned execu- 
tions. not wanting to turn Pales- 
tinian guerrillas into martyrs. 

Legal experts said that either 
an appeals court or the ranking 
West Bank army commander 
could reduce the sentence to life 
in prison. AD previous death 
sentences handed down by a 
military court have been re- 
versed. 


“What's changing is the organization- 
al complexity,** said Ernesto Savona, 
professor of criminology at the Univer- 
sity of Trento, in northern Italy. “You 
hav e more and more professional adver- 
saries. The two main trends of organized 
crime are professionalism and complex- 
ity.” 

Linked to that are increasing worries 
that financial conveniences like offshore 
banking and banking secrecy, long the 
cherished preserves of private enter- 
prise, have been put to highly effective 
use by the mob. 

“If banking secrecy were lifted, it 
would be much more difficult for orga- 
nized crime to hide the source of its 
money,” said Pino Ariaccbi, a leading 
Italian expert on die Mafia. 

Giorgio Giacomelli, head of the UN 
International Drug Control Program in 
Vienna, referring to banks that operate 
outride traditional banking laws, added: 
“Offshore banks are not illegal in them- 
selves. They serve a purpose. In an econ- 
omy that’s more and more global they 
provide a way of moving money around 
quickly and efficiently. Bat the danger is 


obvious: this is also used to launder 
money.” 

When the conference of 138 delegates 
closed Thursday, its final resolution 
urged UN members to “strengthen and 
enhance wherever possible” their efforts 
to combat organized crime syndicates, 
and called the spread of international 
crime operations a “threat to the inter- 
nal security and stability of sovereign 
states.” 

The delegates also urged stronger ac- 
tion against money laundering, which 
some experts see as a possible key to 
striking mobsters where it hurts most, in 
their wallets. 

The alarms sounded in Naples reflect 
concerns that as crime has flourished. 

milch due, has changed . 

By long tradition, banking secrecy 
and numbered accounts were associated 
primarily with such financial bastions as 
Zurich, Vienna and Luxembourg, and 
the money came mainly from the drug 
trade. 

Bui UN officials say, as these bank- 
ing centers slowly yield a few secrets to 
narcotics investigators, a whole new ar- 
ray of less reputable banks is springing 


up across tire former Soviet Union, in 
part because of the collapse of commu- 
nism's controls on people and borders. 

“In Russia, dozens of new banks and 
fm^nrial institutions are created, even 
with a very small capital of 5100,000.” 
Mr. Giacometti said. “The transition 
from a controlled to a free-market econ- 
omy opens so many possibilities for 
c rimin al transactions." 

Investigators are also hampered by 
in ternati onal conventions that enable 
them to bypass banking; secrecy only in 
the case of narcotics inquiries. Other- 
wise, in some countries it is an offense 
for a bank official to disclose details of 
accounts. 

The world’s increasingly coordinated 
and sophis ticated crime syndicates, by 
contrast, now deal in everything bom 
human organs for transplant to nuclear 
materials; with their money laundered, 
they put their investments into legal 
b usine ss. Only a few years back, said 
Mr. Savona, Neapolitan gangsters 
bought the casino at Menton, on the 
French Riviera, used it to launder mon- 
ey »nd invested the proceeds in real 
estate. 


Optimistic 
On Budget, 
Berlusconi 
Holds On 


Reuters 

ROME — Prime Minister 
Silvio Berlusconi weakened by 
a corruption investigation but 
determined to stay in office, re- 
jected again on Friday opposi- 
tion caBs for Ms resignation, as 
aides talked optimistically of a 
budget deal with trade unions 
that could help him survive the 
political turmoLL 

“I can guarantee you that as 
far as the prime minister is con- 
cerned, I have a firm desire to 
carry on,” Mr. Berlusconi said. 

He said that a cabinet review 
scheduled for Tuesday should 
concentrate on establishing 
whether there was enough con- 
sensus on the government's 
program to remain in power. 

“We will look at everything 


WORLD BRIEFS 

2 Parties Form Coalition in Austria * 

VIENNA (Reuters) - gmSS 

thdr worst results in 

a general election since 1 945. j All «rtrtan Pmnle’s Partv 


SsSssSssa^SSS 1 ® 

said they would fight the government if it went too far. 

Prosecutors Clear Owner of Harrods 

tried to blackmail the government, Britain s Crown Prosecution 

^T^offiro^fbere was no evidence that a criminal offense 

hadbeen committed by Mr. Fayed when £ Pjjs?* < 

his intermediary met Prime Minister John M^orm September 

and threatened to reveal damaging facts about the behavior of 

the announcement by saying he bad b^n 
totally vindicated of unfair and untrue aUeganons- I trust that 
the prime minister will take the earliest opportunity to set the 
record straight,” he said. 

5 Are Killed in Pretoria Taxi Battle 

PRETORIA (AP) — Rival drivers fired assault rifles and threw 
.. _ :.n„, feme VriHav at a pal henna nlacefnr 



Jim HoQxader/Rcmcn 


A Palestinian boy joining Iris father at Friday prayers at the Palestine mosque, a Hamas stronghold, in Gaza. 

10 Die as Arafat Allies Battle Foes in Lebanon 


The Associated Press 

SIDON, Lebanon — Yasser Arafat's 
loyalists dislodged dissidents from most of 
Lebanon’s largest refugee district in street 
battles on Friday that left 10 people dead 
and 14 wounded. 

At least three-quarters of the shanty- 
town of Ain el Helweh on the outskirts of 
Sidon, a port in south Lebanon, was over- 
run by Mr. Arafat's forces during seven 
hours of combat, the police said. 

They described the hostilities as the 
worst in Lebanon's refugee districts since 
Mr. Arafat’s Palestine Liberation Organi- 
zation concluded a self-rule accord with 
Israel on Sept. 13, 1993. 


The refugee districts were long Mr. Ara- 
fat's main Middle East power base until 
his forces were routed by Israel when it 
invaded Lebanon in 1982. His guerrillas 
slipped back in the mid-1980s, but they 
never mustered their pre-invasion 
strength. 

The hostilities pined Mr. Arafat’s main- 
stream Fatah faction headed by its mili- 
tary intelligence chief. Lieutenant Colonel 
Keznal Media t, and dissidents led by a 
former Fatah militia commander, Lieuten- 
ant Colonel Munir Makdah. 

Fundamentalists of Islamic Jihad and 
Hamas, Mr. Arafat’s main foes, supported 


the forces of Colonel Makdah. who broke 
away from El Fatah to protest the peace 
accord. 

The police and Lebanese military 
sources said Mr. Arafat’s 500 loyalists had 
captured 40 Makdah supporters and 
trapped more than 100 others in the north- 
ern tip of the refugee district. 

The police said 10 combatants were 
killed and 12 were wounded. 

The Lebanese Army, which controls Si- 
don, made no move to enter the area. 
Instead, troops blocked the district’s six 
entrances, allowing only casualties to be 
taken out and only journalists to go in 


we have pledged to do and will 
set dates for when we plan to do 
it by,” Mr. Berlusconi said 
shortly before talks with Presi- 
dent Oscar Luigi Scalfaro, their 
first since tire prime minister 
was told on Tuesday that he 
was under investigation. 

Mr. Berlusconi subsequently 
described the 90- nnnutc meet- 
ing with Mr. Scalfaro as a rou- 
tine consultation and, without a 
mention of the inquiry against 
him, appealed for cal m . 

“I *hmk we must all try to 
lower the temperature,” he said. 

Mr. Beriusconi had eariier re- 
peated that he would step down 
if his coalition, in office six 
months, failed to pledge its sup- 
port for him and his program. 

“There will be an immediate 
decision to quit if it were to 
become dear that the governing 
majority cannot hold, cannot 
give the country what it needs,” 
he said. 

Magistrates are expected to 
question Mr. Beriusconi over 
me weekend. He is the first 
serving prime minister to come 
under investigation in Italy’s al- 
most three years of graft scan- 
dals. 

The prime minister and 
union leaders have agreed to 
meet Wednesday amid signs 
that they are close to an agree- 
ment to decouple pension re- 
form from the budget. 

“It looks probable, let's say 
between probable and possi- 
ble,” said a spokesman for Mr. 
Berlusconi, Jas GawronskL “If 
I had to bet, I would say it is 
more than 50 percent” 

Plans to cur spending on pen- 
sions and heahh have provoked 
mass protests in recent weeks. 

Unions plan an eight-hour 
general strike against the bud- 
get on Dec. 2. Success at the 
meeting could avert the strike 
and smooth the budget’s pas- 
sage through the upper house of 
Parliament, where the govern- 
ment is short of an absolute 
majority. 


— x r 

^Thfiri^enceattheHammanskraal taxi shelter north of Pretoria 
was to an ongoing battle for dominance between rival 

gangs in the taxi industry serving South Africa’s black workers. 

Chechen Opposition launches Attack* 

MOSCOW (AP) — Helicopter gunships raided government 
positions Friday on the outskirts of Grozny, the capital of the 
breakaway Russian region of Chechnya, and opposition fighters 
said they had blocked all major access to the capital : 

The C b****" governments military headquarters said three 
people had been killed and eight wounded in t he ra id on what they 
described as civilian targets. In addition, Grozny’s airport was 
seriously damaged, said the report carried by the Interfax new 
agency. 

Qn*fr«n officials also said the helicopters that took part in the 
attack had Russian markings. A Russian Defense Ministry 
spokesman told Interfax he could not confirm “the fact of Russian 
mili tary participation” in the violence. 

For the Record 

A French commercial court on Friday delayed a ruling that could 
spdl bankruptcy for Bernard Tapie, the embattled business ty- 
coon and politician. The five judges are to rule on the financial 
heal th erf what r emains of Mr. Tape’s industrial em pire. (Reuters) 

Two people woe killed and mane than 200 injured in a fire at a 
rock concert in the Polish port city of Gdansk, the police said 
Friday. (Reuters) 

A Congolese anfiner carrying 70 passengers made an emergency 
landing in Brazzaville, the nation’s capital, after it was unable to 
lower its wheels, state television said. All passengers and crew 
escaped unharmed in Thursday’s incident. (Reuters) 

TRAVEL UPDATE ~ 

Bundesral Backs Longer Shop Hours . 

BONN (Reuters) — The upper house of Parliament approved* 
draft law Friday that would allow small shops to stay open afta- 
6 JO PJrf. on weekdays, provided they are staffed only by mem-; 
bers of the owner’s family. 

The bill, which passed the Bundesrat and now will be submitted; 
to the lower house, or Bundestag, would provide a modest' 
liberalization of the law under which shops must close at 6 JO- : 
P.M_ on all weekdays except Thursday and at midday on three 
Saturdays out of four. Sunday shopping is prohibited. 

It was introduced by the city-state of Berlin, which said its aim; 
was to accommodate East Gennans who commute long dis t ances. 

Prospects for the swvrval Berim’s TempeBmf airport dimmed 
Friday after Lufthansa said it planned to discontinue flights there 
next year. (Reuters) 

Ireland has published new rules on drunken (hiring that cut the 

S ly acceptable amount of alcohol in a driver’s blood to 80’ 
grams horn 100 mflligrams. (Reuters) 


Horst Schulmann, Bundesbank Member, Dies at 61 Iberia Workers Threaten Shutdown 

New York rimes Service the regional central bank in nandal, and social policy. He Rodgers, Helen Hayes and the T/* yd * /v 

BONN — Horst Schulmann, Frankfurt, in the stale of Hesse, played a key role in developing King of Nepal, died of a heart If /lM Ilf IC/ villff W>0 i/WI' vilM'WlWl 

ai mnn* t<»™ nrwi n As one of the nine regional the Eurooean currency system attack Sunday in New York. v 

central bank presidents, Mr. 


Plane's Landing Gear Fails 


New York Times Service 

BONN — Horst Schulmann, 
61, a monetary expert and a 
member of the' powerful policy- 
making central bank council of 
the German Bundesbank, died 
Thursday in a Frankfurt hospi- 
tal. 

He had been undergoing 
treatment for lung cancer for 
the last year. 

Mr. Schulmann was deputy 


nflnriai t and social policy. He Rodgers, Helen Hayes and the 
played a key role in developing King of Nepal, died of a heart 


the European currency system 
derided on by European Com- 
munity leaders in December of 


Schulmann was also a member inanity leaders in December of 
of the Bundesbank’s governing 1978 that created the European 
council, and until recently par- Currency Unit, the ECU, as the 
ticipated in the biweekly ses- forerunner of a single European 
sons that have been steadily currency. 


reducing German interest rates 
since late 1992. 

Mr. Schulmann had served in 
the World Bank in Washington 


Mr Sdiutaum was bom in - j part y died of Alz . 
Frankfurt and educated there m 


attack Sunday in New York. 

MBtoo J. Sfaapp, 82, former 
Democratic governor of Penn- 
sylvania and a Philadelphia in- 
dustrialist who in 1976 became 
the first Jew to mount a cam- 
paign for the presidency from a 


and in Saarbrucken, where he 
received his doctorate in eco- 


h rimers disease Thursday in 
Wynnewood, Pennsylvania. 


-T?' SiiCTSlmMK: =*T*T*I 


landing gear of a Vietnam Air- 
lines passenger plane with 39 
people on board collapsed after 
it landed here Friday, but no 
one was hurt. 


managing director of the Insti- 
tute of International Finance in 
Washington, from 1984 until 
1992, when he returned to Ger- 
many to become president of 


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Windsors Will Publish Palace Budgets 


Reuters 

LONDON — Britain’s royal 
family said Friday that it would 
publish annual accounts to 
show precisely how it spends 
millions of pounds of taxpay- 
ers’ money on running its pal- 
aces. 

A spokesman for Queen Eliz- 
abeth n at Buckingham Palace 


said that the royal household, 
increasingly under attack for its 
cost to the public, had nothing 
to hide. 

He added that it would be 
delighted to publish full re- 
ports, starting in July. 

The announcement came on 
the day that the government 
said it would recommend the 


publication of the household’s 
accounts following in line with 
a parliamentary committee’s 
proposaL 

The committee called two 
months ago for greater “public 
visibility” Of how £20 million 
(S30 million) in tax money, a 
fraction of the total expenditure 
on the royal family, is spenL 


CenpUai by Oar Staff From Dispatches 

MADRID — Workers at Iberia Air Lines 
Of Spain disrupted flights Friday, dashed 
with the police and threatened a series of 
strikes next week if management did not 
withdraw a proposal that would cost the em- 
ployees jobs or pay. 

Several strikers and three policemen were 
slightly injured when riot police charged lines 
of protesters who tried to block traffic in 
front of the national and international termi- 
nals here during one erf three two-hour walk- 
outs. 

The airline said 42 domestic flights had 
been canceled 

Without a dramatic cut in costs and an 
injection of capital, the state-owned ajrfine 
faces bankruptcy early next year. 

The board has said it would start laying off 
more than 5,000 workers and was preparing 
to seQ assets beginning Monday unless unions 
accepted a 15 percent pay cut. 

Strikes threaten to damage Iberia’s image 
and could add to this year’s losses, already 
expected to reach 44 trillion pesetas (S3 50 
million). 

“It all depends on negotiations not break- 
ing down for good over the weekend,” an 
airline spokesman said. “They could start 
talking again at any moment” 

The major onions, already enraged by man- 
agement’s insistence that all workers must 


sacrifice 15 percent of their pay, joined forces 
Friday to plan their next move. 

“We wrote to management on Wednesday, 
night offering to sit down and talk, but with- 
out accepting the 15 percent, of course,” said 
a spokesman for one of the two big unions. 
The union said it was still waiting for a reply. 

If no progress is made this weekend, the 
unions say, employees will stop work without 
warning and without ensuring the minimum 
services of (he previous two 24-hour strikes 
this month. 

"Ibis could mean the total shutdown of aD 
Spanish airports,” the union spokesman said. 

Iberia's chairman, Javier Salas, has said the 
company’s equity will fall to 25 billion pesetas 
by the aid of tnis year and could disappear 
completely in early 1995. 

To balance its 330 billion peseta debt the 
airline needs 130 billion pesetas of fresh state 
capital, but neither the Spanish government 
nor the European Commission will dear this 
unless Iberia first readies a cost-reduction 
plan with workers. 

If it cannot agree on a restructuring plan, 
Iberia will have to eliminate jobs and start 
selling assets. 

Even if it is to survive as a regional carrier, 
the airline will have to slim down. At the 
moment, its costs rank alongside those of Air 
France, winch is in the process of swallowing 
20 billion francs (S3.7 billion) . 

(Reuters, AP) 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 26-27, 1994 


Page 3 








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+ POLITIC AT X/)n\ + 


gw-tceberg Congressional Perk"" 

Hffl^th«e of the hottest issues on Capitol 

! 'members at f e ice deIivered 10 House 

“p™ “ plastlc buckets h - v 9 °’ clock 

jKsssssss'ca.iss 

“ d PraCtiC * S thaI romiaue 

Nusslc <* Iow * ^ of the House 
t T 3 ’- **** be has been trying without 
ice 15 routinely delive^d to the 
con 8 resaonal committees. Even as 
1 ^ coogresaonal corridors Thursday. 

^ hS^.^ 5 ° Utade ^ locked shu 1 for * e Thanfc- 

rJriSS^h^' ^2? Jf " 2 for ^ architect of the 

Capitol, who supervises the icemen, said: “The delivery of ice 

is nothing new. Its been going on for many years It was 
OTfgmaDy intended for official functions. It could well be that 
this has gotten out of hand." 

wha supervises congressional relations for the 
navy said the ice ^ust shows up unsolicited” at his suite in the 
Rayburn House Office Building “It’s very, very punctual 
ice, he said. * (N\ r T) 

B!H CMnton*s Firm Quits Washington 

WASHINGTON — Life in the capital has not been kind to 
the Rose Law Finn, which once seemed poised to make such a 
big splash here. This month, the firm where Hillary Rodham 
Clinton once practiced is folding its Washington office and 
sending its lone attorney home to Little Rock, Arkansas. 

Tiw closing of Rose’s year-old office here, reported in thi s 
wedc s National Journal, was driven mostly by economics.' 
said a Rose managing partner, Ronald Clark. “Most of our 
services continued to be for our Arkansas and regional clients, 
and we could serve them better from down here” in Arkansas, 
he said 

(hi top of that, Mr. Clark said, the firm's Washington 
representative, Allen Bird, “just wanted to come home.*' (WP) 

State Health Reforms Face Amputation 

WASHINGTON — A number of ambitions state health 
reforms that rely mi new taxes or mandatory payments by 
employers face postponement or cancellation following Re- 
publican gains in state legislatures. 

Although federal health reform efforts collapsed in Sep- 
tember, Oregon, Washington, Massachusetts and Minnesota 
all have laws on the books aimed at achieving health coverage 
for till residents within several years. The first three would rely 
on contributions from employers to reach the goal, and 
Minnesota would require unspecified new stale taxes. {WP) 

Quote/ Unquote 

Senator Alan KL Simpson of Wyoming, a staunch conserva- 
tive, who is being challenged for the job of Republican Senate 
whip on the grounds that he is not conservative enough: “We 
don’t have tune to fight among ourselves to see who's pure 
and who’s not pure. We have work to do. The whip job is not 
about ideology. It's about unity and cooperation.^ (NYT) 


Next for the Oregon Suicide Law: Hows, Whens, Whys 


By Timothy Egan 

{Jew York Timet Service 

LAKE OSWEGO, Oregon — Early 
next month, Oregon will become the 
only place in Lhe world where it wall be 
legal for doctors to help patients end 
their lives. With that come many ques- 
tions: the bows, wbens and whys of 
stale- sanctioned suicide. 

Edged into law by a bare majority of 
Oregon voters on Nov. 8, the decrimi- 
nalization of assisted suicide is a tri- 
umph for groups that have been trying 
for years to wrest life-and-deaih deci- 
sions away from the state and the med- 
ical profession. 

But it has caused a moral shudder 
from the Pacific shore to the Vatican, 
where the hierarchy of the Roman 
Catholic Church has strongly con- 
demned the vote as “a day of mourn- 
ing for all humanity.” 

In the view of die Catholic Church, 


Oregon's approval of a measure that 
would allow doctors to prescribe — 
but not administer — a lethal dose of 
■drugs for terminally 01 patients is a 
half step from euthanasia. According 
to the official Vatican newspaper, 
L’Osservatore Romano, it will trans- 
form doctors from healers to “notaries 
of death.” 

Beyond the moral questions. Oregon 
doctors, pharmacists and other health- 
care professionals are trying to figure 
out exactly how to apply a law that has 
no precedent. In the Netherlands, as- 
sisted suicide is against the law, but 
lawmakers passed guidelines last year 
that allow doctors to escape punish- 
ment for “mercy killings." They must 
show, among other things, that the 
patient suffered intolerable pain and 
repeatedly asked to die. In most Amer- 
ican states, assisted suicide is a felony, 
as was the case in Oregon. 


The new Oregon law will leave it up 
to individual doctors, whose profes- 
sional oath requires them to do noth- 
ing that would cause a patient harm, to 
decide whether to comply with some- 
one’s request to die. The request must 
be in writing, and the patient must be 
judged to have less than six months to 
live — the legal definition for terminal- 
ly ill under the act. 

“It bothers me,” said Dr. Martin 
Skinner, a general internist in subur- 
ban Portland, who said he had mixed 
feelings about the act, known os Mea- 
sure 16. “I don’t know how to deal 
with it 1 can conceive of myself being 
in a position to make such a decision, 
but 1 honestly don’t know what 1 
would do.” 

Breaking with the national office of 
the American Medical Association, 
which opposed the assisted suicide 
measure, Oregon doctors decided to 


remain neutral After heated debate, 
the Oregon Medical Association found 
no consensus among its members. 

Dr. Skinner, who was chairman of a 
medical study group on the issue, said 
many doctors were also troubled by 
the definition of “terminally ill.” Of- 
ten, when patients are given six 
months to live, they stay alive longer. 
Assisting them in suicide could hasten 
the end of a life that might have found 
additional meaning and time — and 
even a miracle cure, Dr. Skinner said. 

By some accounts, the law will 
change very tittle. Oregon officials say 
they could find no record in Oregon of 
anyone who had actually been prose- 
cuted for assisting in a suicide. What 
used to be under the table will now 
simply be legal affecting only a small 
number of people, the argument goes. 

“My hope and desire is that a year 
from now we will look at this and say it 


was all just a big ho-hum,” said Barba- 
ra Combs Lee, one of three people who 
drafted the measure. “All we did was 
legalize that which had been covert.” 

There are no estimates on how many 
people may decide to ask for a suicide 
prescription, but medical experts say 
the number is likely to be no more than 
2 percent of the terminally ill. Thai 
figure is based on studies in the Neth- 
enands and interviews with patients 
facing death. 

Still people here do not know what 
to expect. Oregon and Hawaii are the 
only states that guarantee health care 
for all citizens. Now Oregon has staked 
itself on the frontier of death as well. 

“Once we were the *bouIe bill state,' 
known for our clean public beaches 
and forward-looking land-use laws,” 
The Oregonian newspaper wrote 
shortly after the election. “Now, we 
are the suicide state.” 


Pentagon Plans to Use Reservists to Ease Strain on Regulars 


By Eric Schmitt 

New York Times Service 

WASHINGTON — Aiming 
to reduce the strain on active- 
duty troops. Defense Secretary 
William J. Perry has approved a 
plan to use reservists in many 
peacetime roles now performed 
by regular forces. 

Recent operations in Haiti, 
Rwanda, Cuba and the Gulf 
have exposed cracks in the com- 
bat readiness of America’s 1.6- 
million-member military. 

With the armed forces 
shrinking and military commit- 
ments likely to remain high, the 
Defense Department is scram- 
bling to avoid a crisis. 

Pentagon officials are pro- 
posing that many of the 1 mil- 
lion members of the National 
Guard and reserves of the vari- 
ous services spend their annual 
tr aining time performing real 
Operations, including peace- 
keeping missions overseas, 
rather than drilling at home. 

Proponents of the plan say 
the reservists would receive 
valuable experience while re- 
lieving overworked regulars. 



HOLIDAY IN HAITI — Defense Secretary W3fiam J. Perry and Ins wife enjoying a 
T hanks givin g Day parade in their honor by U.S. troops on thirty in Port-au-Prince. 

■U.S. Casts South of the Border for Hot Cars 


■ New York Times Service 
*; WASHINGTON— In an ef- 
fort to reduce auto thefts, the 
ftintnn adminis tration is plan- 
ning a major effort to persuade 
Central American governments 
to seize stolen cars smuggled 
from the United States and re- 
turn them, a State Department 
official said. 

* An estimated 20 pexcent of 
the 200,000 stolen vehicles 
Smug gled out of the . United 
Slates each year end up in Cen- 
tral America. 

’ Depending on how their pro- 
posal is received, they say they 
hope to extend their eff orts to 
the Dominican Republic and 

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other Caribbean countries be- 
fore the end of 1995. 

“It’s been too easy to drive 
over the borders .with these 
cars,” said Anne Patterson, 
deputy assistant secretary of 
state for inter- American affairs. 

' She said that preliminary 
diplomatic overtures to El Sal- 
vador and Belize on a retrieval 
program had been welcomed 
and tha t -contacts with Latin 
American police departments 
had generally improved, partic- 
ularly in El Salvador. 

The administration has draft- 




V/ 


>V’= 


P A R I ’ S~ 

SILK ACCESSORIES 

rkrbs FRANCK & FILS, DAIMARU, GALERIES LAFAYETTE 


In January, for instance, the 
army mil send a battalion of 
430 reservists and 110 active- 
duty soldiers for a six-month 
rotation in a multinational ob- 
server force in Sinai. It win be 
the first time since the army 
began sending troops to Sinai in 
the early 1980s that it will send 
reservists. 


Major General Donald W. 
Shepperd, head of the Air Na- 
tional Guard, said the guard 
was examining how to train its 
ground-based air controllers to 
serve aboard AW ACS radar 
planes to make up for severe 
crew shortages. He said in a 
telephone interview that the 
guard could also increase its 


Brazil Suspends Oil Exports 
As Strike Cripples Production 


The Associated Press 

RIO DE JANEIRO — Brazil 
has suspended exports of gaso- 
line ana other petroleum prod- 
ucts in reaction to a nationwide 
oil strike that has crippled pro- 
duction and refining 

The nationwide walkout, 
which began Tuesday night, has 
reduced production to a quarter 
of the usual output and shut 
four refineries, according to the 
press office of the state oil mo- 
nopoly Petrobras. 

Newspapers reported that 
the company is scrambling to 
make up for production losses 
with imports. Carlos Ney, man- 
ager of Petrobras’s import divi- 
sion, refused to comment 


ed a treaty that it will present to 
Guatemala, Belize, Honduras, 
El Salvador, Nicaragua, Costa 
Rica and Panama in January 
and February. It would require 
each country to notify U.S. Em- 
bassy officials within 60 days 
after its police or customs offi- 
cials seize a vehicle they believe 
to have been smuggled from the 
United States. 

In turn. if Washington has 
reason to believe a smuggled car 
has been seized or impounded, 
the government involved would 
be repined to respond to the 
request and turn over the car. 


Away From Politics 

• Uranium leaking from an old e xpe rimental reactin’ at the Oak 
Ridge National Laboratory in Tennessee has lodged in a pipe 
outside the reactor building, raising fears of an accidental nuclear 
chain reaction. Energy- Department officials said they had not 
decided what to do with the 4.4 pounds (2 kilograms) of bomb- 
grade uranium, which may still be accumulating. 

• A California appeals court has upheld the use of DNA evidence, 
tire same type at issue in O. J. Simpson's murder trial The ruling 
does not directly affect the Simpson trial but could be considered 
by Superior Court Judge Lance A. I to when he decides on the 
admissibility of DNA evidence for that trial. 

• A Neath Carolina neurosurgeon's license was suspended after an 
investigation revealed that he left a patient’s brain exposed for 25 
minutes while he had lunch. 

• A 90-year-old man bitten to the booedming an attack ly an HTV- 
posftive woman has tested positive for Lhe AIDS virus. Authorities 
in Florida say he may be the first person to contract the disease 
through a bite. 

• From 1100 to 1,200 BeO Atlantic Corp. workers in Pennsylvania 
were suspended without pay for Thanksgiving Day for wearing T- 
shirts that depicted them as “road kill” on the information 
superhighway- The workers are angered by the company’s deci- 
sions to reduce its work force and to rely on lower-paid workers to 
install much of the technology for the company's future “full- 
service network” that would deliver video and phone services. 

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missions in Europe and in Bos- 
nia. 

In perhaps the most ambi- 
tious plan, reserve combat bri- 
gades could be rotated a month 
at a time through overseas as- 
signments, like Kuwait, replac- 
ing some of the active-duty 
troops now serving there. 

‘The question is can we make 
smarter use of the $10 billion 
we’re going to spend on reserve 
training every year anyway,” 
said Deborah R. Lee, assistant 


secretary of defense for reserve 
affairs. “We want to get more 
bang for our buck.” 

Many details still need to be 
worked out, but the outlines 
have the blessing of Mr. Perry, 
the Joint Chiefs of Staff and 
several influential lawmakers. 

Pentagon officials say that 
there might be additional trans- 
portation costs to send reserv- 
ists overseas but that the benefit 
to regular forces would greatly 
outweigh any added exprase. 


But some critics say the 
plan’s ambition may be its un- 
doing. 

“It’s a reasonable idea until 
you start looking at the practi- 
cal implementation of it," said 
Martin B inkin, a military per- 
sonnel expert at the Brookings 
Institution, a policy research 
organization in Washington. 
“As you increase the amount of 
time the reservists have to 
spend away from home, it’s go- 
ing to hurt retention.” 


Petroleum output has 
dropped to 180,000 barrels a 
day. down from a daily average 
of 751,000, a company spokes- 
woman said. Refining figures 
were not available, but she said 
the strike had paralyzed four 
refineries. 

Brazil’s 10 oil refineries pro- 
cess about 1-2 million barrels of 
petroleum a day. Domestic 
crude accounts for about 
725,000 barrels a day and the 
Test is imported, mostly from 
the Middle East. 

Brazil exports 150,000 bar- 
rels of gasoline, ship fuel and 
other petroleum products daily 
to the United States. Africa and i 
other Latin nations. 


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AMERICAN 


TOPICS 


Doctors With Manners 
Are Sued Less Often 

Doctors who want to avoid 
malpractice lawsuits should 
brush up on their bedside 
mann er, new studies suggest. 

Physicians are more likely 
to be sued if their patients feel 
the doctors are rude, rushing 
the visits or not answering 
their questions, according to 
a study published in the cur- 
rent Journal of the American 
Medical Association. The 
study was conducted by doc- 
tors from Vanderbilt Univer- 
sity in Nashville, Tennessee. 

"A doctor can’t get away 
with being a technical whiz, 
and an interpersonal jerk,” 
said Dr. Sidney Wolfe, a con- 
sumer advocate with the Pub- 
lic Citizen Health Research 
Group. He did not partici- 
pate in the study. 

Dr. Wolfe stressed that 
pleasant behavior was no 
substitute for technical profi- 
ciency: “People deserve and 
should get both.” 

Patients were asked how 
long they had to wait before 
seeing the doctor, how much 


time they spent with the doc- 
tor, whether the doctor treat- 
ed them with respect and 
whether the doctor listened to 
their concerns and questions. 

The doctors who had been 
sued the roost rated the worst 
on almost all the questions. 
But physicians who had never 
been sued were most likely to 
be seen by their patients as 
concerned, accessible and 
w illing to communicate. 


Short Takes 

Terri Tucker of Jackson, 
Mississippi, was hoping for a 
brother for her two daughters 
when she was pregnant with 
twins three years ago. The 
twins turned out to be girls. 
Last week, Ms. Tucker, 33, 
had triplets — all girls. She 
and her husband. Carlos 
Smith, now have seven 
daughters. The eldest is 10. 
Dr. Jim Martin, professor of 
obstetrics at the University of 
Mississippi School of Medi- 
cine, said for one woman to 
have twins and then triplets is 
especially unusual since Ms. 
Tucker was not taking fertil- 
ity drugs and has no relatives 
who had multiple births. 

She and her husband have 
no plans to try again for a 
son. “Pd just be too afraid to 


risk it," she said. “I may end 
up with four next lime.” 

New York City has 905 
playgrounds and 479 parks, 
nearly all of them in bad 
shape. The Parks Department 
has suffered one budget cut 
after another. The operating 
budget of $151.3 million a 
year is is down 21' percent 
from 1990. Ideas for reviving 
the parks include special 
neighborhood taxes or a spe- 
cial dtywide park tax, putting 
welfare recipients to work 
cleaning up the parks or get- 
ting individual parks adopted 
by neighborhood volunteers. 
Further budget cuts, Parks 
Commissioner Henry J. Stem 
told The New York Times, 
would amount to “giving li- 
posuction to a skeleton.” 

In a letter to Mess Man- 
ners, the syndicated etiquette 
column by Judith Martin, a 
reader writes, “lama widow, 
and my friend has asked me 
to be her honor attendant in 
her wedding. Would 1 be 
called the matron, or maid, of 
honor?" The reply: “Gentle 
Reader: Miss Maimers does 
not want to be the one to 
break the news to you that 
maidenhood is not renew- 
able. So she will confine her- 
self to saying that a widow 
would have to be a matron of 
honor.” 

International Herald Tribune. 


2 Liberals Seek Senate Democratic Leadership 


By Adam Clymer 

tfe» Yor& Times Service 

WASHINGTON — When Senate 
Democrats pick a new leader next week, 
they will be guessing at which of two 
relatively young, fairly liberal support- 
ers of President BUI Clin ton can best 
make the party's case in an era that 
seems devoted not to youth, not to liber- 
alism and not to the president. 

Neither of the two, Thomas A. 
Daschle, a second-termer from South 
Dakota, and Christopher J. Dodd, a 
third-termer from Connecticut, has 
staked out any clear philosophical dif- 
ferences from the other. 

The liberal Americans for Democratic 
Action gave each of them a 75 percent 
rating in 1993. This year, the American 
Conservative Union says, Mr. Daschle 
voted right 4 percent of the time and Mr. 
Dodd never. 

Mr. Dodd, who did not enter the race 
for minority leader untU after the elec- 
tion, is campaigning publicly. He has 
been ready with a riposte to Senator 
Jesse Helms or any other Republican 
with his bead out of a foxhole; trying to 
demonstrate how he would handle com- 
bat with the new Senate majority. 

Mr. Dodd cites his six years of service 
in the minority the last time the Repub- 
licans controlled the Senate, from 19S1 
to 1987, as evidence that he could Tight 
effectively where that is called for and 
cooperate effectively where that is called 
for.” 


Mr. Dasc hle has campaigned for the 
leadership post by the more traditional 
route, courting Senate Democrats pri- 
vately. Although only four years youn- 
ger than his 50-year-old rival, he speaks 
of his youth, along with his Western 
roots, as reason to choose him. 

And, making a virtue of relative ob- 
scurity, he said in an interview that it 

Whoever wins, Daschle 
or Dodd, will lead 
minority into an 
uncertain political era. 

would help Democrats if they recog- 
nized “the need to project a new image. 

He said that as someone “not as na- 
tionally recognized, I would be a very 
positive new face.” 

Mr. Daschle claims commitments of 
support from 24 colleagues. Added to 
his own vote, that would be one more 
than enough when the 47 Senate Demo- 
crats hold secret balloting next Friday. 

Mr. Dodd said he had' expected Mr. 
Daschle to be able to lock up the leader- 
ship quickly after the election defear of 
his only rival at the time. Senator Jim 
Sasser of Tennessee, whom Mr. Dodd 
was supporting. When that did not hap- 
pen, Mr. Dodd said, be followed the 
urging of several senators, whom be 
would not identify, and entered the race. 


He said he thought he had a sood 
chance of winning. “I un f ,sta P? fl f t 
difference between a compliment aflfl a 
commitment.” he said- 

Discussing Mr. Daschle’s difficulty^ 
nailing down support, some Senate 
aides said the post for which he bad 
earlier won promises of backing was 
that of majority leader. 

When the Republicans gained Senate 
control, these aides said, he encountered 
a problem in translating those earner 
promises into backing for the minority 
leadership, which frequently demands 
greater dolls at combat with the oppos- 
ing party. 

Mr. Daschle’s support 
from junior senators, Mr. Dodto from 
the veterans. 

But supporters on both Sides ac- 
knowledge that they lack meas ^f° 
cause which of of the two would do a 

better iob of protecting Democratic in- 
terests in an uncertain political era. 

Each of the leadership candidates is 
an earnest backer of the particular eco- 
nomic interests of his state. Mr. Daschle 
supports grain fanning, Mr. Dodd sub- 
marine construction and the insurance 
industry. 

Where insurance was a leading topic 
in this year’s debate on health care, farm 
subsidies may come to the fore in the 
coming session as Republicans try to cut 
spending. 

It is an issue on which the Republican 


LITMUS: A Fete Questions Await Washington’s Republican Job Seekers 


CoaOnaed from Page 1 

eliminate the questionnaire. But a spokes- 
man for the study committee said he was 
not aware of any such action by Mr. Ging- 
rich. The questionnaire — which is at- 
tached to the applicant's resumd and 
passed on to lawmakers who make person- 
nel requests — is still being used, the 
spokesman said. At least 27 freshman 
House Republicans have been using the 
study committee's services to fill staff posi- 
tions. 

“It would be nuts for a congressman 
who believes we have to build a strategic 
missile defense to not be able to find out 
that a prospective employee favors unilat- 
eral disarmament,” said Morton C. Black- 


well, president of the Leadership Institute, 
which has received about 1,700 i£sum£s 
and phone inquiries for public-policy jobs 
since the election. He said that although 
his group was conservative, it was not 
partisan. 

Officials with the Democratic National 
Committee and the House Democratic 



the White House or on political cam- 
paigns. 

The Republican Study Committee, the 
Leadership Institute and the Heritage 
Fonndation each are logging 100 to 200 


resumes a day, in the wake of Republican 
election gains. Most of them are from 
young applicants, though there are some 
experienced persons seeking new or more 
senior jobs. 

In addition, the House Republican tran- 
sition team has established a personnel 
group to develop an applicant pool for 
committee, administrative and leadership 
sts and a job bank is being set up by the 
aubHcan National Committee. 

“The majority of the people coming here 
feel that there is a conservative revolution 
going on, like in the Reagan years, and 
they want to be part of it.” said Ed Buck- 
ham, executive director of the Republican 
Study Committee. 


SWEDES: Some Key Elements of Bomb Project Have Been Preserved 


Continued from Page 1 

program, and because of the extent and 
ambiguity of its past and present nuclear 
weapons research, Sweden is opening a 
window on the depths of the virtual wea- 
ponization problem. 

At the same time, the post-Cold War 
declassification of Swedish government 
documents and the growing willingness of 
Swedish defense scientists to talk openly 
about their nuclear weapons work axe 
steadily lifting the lid on a bomb project, 
whose full extent and rationale remain 
little publicized and poorly understood. 

Although Sweden has recently taken 
several steps to open its nuclear past, the 
government has yet to embrace a policy of 
total transparency. Some documents about 
ihe nuclear weapons program remain clas- 
sified; the program never has been formal- 
ly scrutinized by international inspectors, 
and the preserved condition of the Agesta 
reactor has not been disclosed publicly 
until now. 

Swedish defense scientists said the coun- 
try was holding onto some remnants of its 
nuclear weapons program today for Lhe 
same reason it was begun in the fust place: 
The work is seen as necessary to preserve 
Swedish independence and neutrality. 

Mr. Larsson, program manager of the 
Defense Ministry’s nuclear weapons- relat- 
ed research, said that if Swedes knew noth- 
ing about nuclear weapons physics, then if 
any nuclear terrorist case occured they 
would “be obligated to go to Brussels or 
London or Washington, D.C„ or Paris to 
ask for their guidance." 

He added: ‘This is not something we 
would want to do as a neutral state. As 
long as we profess to stand on our own 
feet, I think we can afford to have a hand- 
ful of people to work on and understand 
these problems.” 

Yet, the issue remains uncomfortable 
for a generation of Swedish politicians 


who championed nuclear disarmament in 
the postwar period while secretly conduct- 
ing nuclear weapons research and collabo- 
rating closely with NATO on contingency 
plans for a European war. Swedish defense 
scientists also engaged in secret exchanges 
with American nuclear weapons scientists. 

The Swedish government has never ex- 
plicitly acknowledged that it sought to 
acquire nuclear bomb capability. In 19S5, 
a Swedish technical journal revealed some 
details of the weapons program and sug- 
gested the project was designed as late as 
die 1970s to keep open an offensive nucle- 
ar w eapons option — that is, the capability 
to make and deploy tactical or strategic 
weapons. 

A government commission later at- 
tacked some of the technical journal's find- 
ings, although it acknowledged that the 
weapons program had existed. The govern- 
ment asserted that its nuclear weapons 
research had been solely defensive, mean- 
ing it studied the threat of nuclear explo- 
sions to conventional forces and civilians. 

But recently declassified documents and 
statements by scientists involved make 
clear that Sweden — a country of 8 million 
people with a long tradition of neutrality 
ana vigorous defense spending — did seek 
to develop an offensive nuclear weapons 
option until at least the 1960s and that the 
buried Agesta reactor south of Stockholm 
was a key element of that program. 

Olof Palme, the longtime prime minister 
who often irritated Western governments 
with bis campaign against nuclear weap- 
ons, was the secretary of a secret 1958 
committee that decided that research cm a 
Swedish nuclear weapons option should 
continue, setting the stage for the pro- 
gram's most vigorous phase in the 1960s, 
according to a history of the program re- 
cently prepared by Jan Prawitz, a visiting 
scholar at the Swedish Institute of Interna- 
tional Affairs and a longtime participant 
in the weapons research. 


In 1985, when the technical journal's 
revelations were published. Mr. Palme said 
in an interview that he was ordering a 
thorough government investigation be- 
cause “maybe, sometime” the Swedish mil- 
itary “has done research that went out of 
bounds.” 

In the interview, the closest Mr. Palme 
came to admitting his own role was an 
acknowledgment that although he once 
considered nuclear weapons a viable op- 
tion, “I became more moral as the years 
went on.” 

The underground Agesta reactor has 
been shut since 1974. It has been preserved 
with regular maintenance visits since then, 
and some mechanical sections of the reac- 
tor have been used for decontamination 
experiments since the formal deactivation. 
Swedish nuclear regulators said. 

“I don't think ‘mothballed’ is the right 
word." said Lars Hogbeig, director general 
of the Swedish Nuclear Power Inspector- 
are: “It was just left for future full decom- 
missioning. The main reason for that is 
that we realized we had to develop sophis- 
ticated decommissioning and waste han- 
dling.” 

Yet, this explanation is not fully consis- 
tent with the history of Sweden's nuclear 
decommissioning program. Another, 
much smaller underground research reac- 
tor of similar design to Agesta was fully 
dismantled after deactivation in the mid- 
1980s. 

The pressurized, heavy-water-moderat- 
ed, natural uranium-fed reactor at Agesta 
is of a design comparable to that which 
produced the plutonium for the U.S. nu- 
clear bomb dropped on Nagasaki in 1945. 
Constructed as a prototype, at peak opera- 
tions it could produce enough pluioniiun- 
239, a key bomb ingredient, for one or two 
nuclear weapons a year, according to Mr. 
PrawiEL 



Jack* Nacgrics/Rcnicn 

AN EXILE IN PARIS — TasfimaNasrin, the Bangladeshi author under death threat at 
home, holding the French edition of one of her books Friday during a talk with readers. 

OECD; U.S. Gives Up Effort to Oust Think Tank 9 s Chief 


Continued from Page 1 

behalf, even after his tenure 
ended. 

On Oct. 28, a U.S. official 
decisively rejected a proposal 
by France and Canada to allow 
Mr. Paye to stay on for two 
more years and then be suc- 
ceeded by Mr. Johnston. 

“Two years more of Jean- 
Claude Paye is much too long to 
wait for new leadership,” the 
official said “We are on the 
record publicly opposing any 
extension of Mr. Paye’s term.” 

On Friday, a State Depart- 
ment official in Washington ex- 
pressed displeasure that France 
and Canada had engineered “a 


fait accompli" but added that 
“if other countries are prepared 
to go along with this we will not 
block iL” 

France, the U.S. official said, 
had threatened to veto Mr. 
Johnston unless Mr. Paye — 
who has already run the OECD 
for 10 years — was given an 
extension of his term. 

Mr. Chrfrtien urged the latest 
deal on Mr. Clinton at a meet- 
ing last week during the Asia- 
Pacific Economic Cooperation 
s ummi t meeting in Jakarta. Mr. 
Clinton replied to the Canadian 
leader that the United Stales 
“would not be the obstacle if 
this is what the membership 
wants," the official said 


The U.S. official added that 
“we have been caught between 
a rock and a hard place since 
our desire is to get new leader- 
ship at the OECD as soon as 
possible, but the other consider- 
ation was the importance of 
U.S.- Canadian relations.” 

Another U.S. official con- 
tended that it would be wrong 
to consider the deal a defeat for 
Washington. 

A European diplomat at the 
OECD said that if the deal was 
approved on Monday by straw 
poll it would be ratified at a 
formal OECD council meeting 
Tuesday. 


leader. Senator Bob Dole of Kansas, 
might feel less besieged if a. Demon* 
from a farm state, like his, headed the 

minority. . . , 

Both senatore were critical of fflibus- 

ters, saying that under their Iraderririp 
Democrats would use them less than 
Rcnublicans did in 1994. 

rJt. Daschle called the filibuster “one ■ 
of the most abused parliamentary tools 
of the Senate.” although he said he was 
not in favor of abolishing it entirely. 

And while Mr. Dodd waraed : against 
undermining “the unique pfflam of the 
Senate” and said the protection erf the 
minority was essential he also said that 
if filibusters kept up at the current rate, 
the Senate would “continue to have a 
totally irresponsible behavior, and there 
will be a growing sentiment to change 
fundamentally the institution of the 
Senate.” 

Mr. Daschle said he should be chosen 
because he would be able to unify the 
often divided Democratic caucus and 
help the Democrats build in the Mid- 
west and the West. He lias a reputation 
as an able associate of the departing 
Democratic leader, George J. Mitchell 
of Maine, who is retiring from the Sen- 
ate, and as a deeply committed advocate 
of health-care legislation. 

Mr. Dodd spoke more in terms of 
dealing with the Republicans. He cited 
his ability to pick up their votes on 
issues like child care and family a jg 
medical leave. & 


NATO Chief 

Criticizes 

Indecision 

Cmpticd by Ow Staff From Dispatches 

BRUSSELS — The NATO 
secretary-general, Willy Claes, 
criticized the allies on Friday 
for bong slow to back an Amer- 
ican plan aimed at ending the 
siege of the Bosnian enclave of 
Bihac. 

“They should have perhaps 
been able to push further,” Mr. 
Claes said after an emergeaq 
meeting of the 16 NATO am- 
bassadors ended Thursday in 
indecision over such questions 
as who should provide ground 
forces to monitor and enforce 
an American “stabilization 
plan.” 

The prime minister of the 
Muslim-led Bosnian govern- 
ment, Haris Silajdzic, also com- 
plained about the lack of deci- 
sive action by the Nodh 
Atlantic Treaty Organization. 

‘"NATO has more than 
enough clearances to act imme- 
diately,” he said. “Only politi- 
cal will is m question. West* 
asking ourselves if maybe ta 
safe area in Bihac is being sacri- 
ficed because of disunity.” 

The United States had pro- 
posed expanding the 80-square- 
kilometer (32-square-miIe) safe 
area around Bihac and setting a 
deadline for rebel forces to 
leave. 

Mr. Claes acknowledged that 
dements of die U.S. plan need- 
ed clarification. 

NATO, meanwhile, was con- 
tinuing to work on contingency 
plans for the evacuation of 
United Nations peacekeepers 
from Bosnia-Herzegovina if the 
situation there worsens. 

Sources said military plan- 
ners estimated that three to six 
divisions, or 20,000 to 40.000 
troops, would be needed. 

“Such a substantial force 
clearly would require that coun- 
tries that do not contribute” 
ground troops to the Bosnian 
conflict join an evacuation 
force, said a NATO source, who 
asked not to be named. 

The United States, which has 
no troops in Bosnia, would be 
expected to provide a large 
share of this force. 

(AP, Reuters) 


| EUROPE: Opponents Appear to Have Edge as Norway Nears Vote on EU NUCXJEAR: Republicans Want to Block Korean Pact Prince Rainier 


Continued from Page 1 

vote, and the pro-EU faction about 41 
percent. About one in nine voters are still 
undecided. 

As in Finland and Sweden, the heart of 
the opposition comes from voters in rural 
village and small coastal communities, 
who fear that Brussels will make Norway 
roll back subsidies to farmers and open its 
rich fishing grounds to the rest of Europe. 
Among Norway’s 4.3 million people, more 
than half are scattered in smaller commu- 
nities outside the larger cities. 

But the gap between the two sides in the 
election has been closing. With many pre- 
viously undecided voters switching to 
“yes" after the Swedes narrowly voted 
Nov. 13 to join Europe, Prime Minister 
Gro Harlem Brutland, a determined advo- 
cate of European union, predicted this 
week that Norway would follow suit. 

Advocates of European Union are step- 
ping up their campaign, warning Norwe- 
gians that they will suffer if they decide to 
stay outside the union, which will open 


borders between member states and abol- 
ish barriers to the movement of goods and 
people. 

"When the Japanese and the Americans 
make a decision about where to put a new 
European industrial facility, they are not 
going to put it in Norway if Norway stays 
out of the union," said Turid Birk eland, a 
member of Mrs. Bruntland’s Labor Party, 
in an address to retirees in Bergen. “The 
greatest changes will not come from join- 
ing Europe, but by staying out.” 

If Norway decides not to join the Euro- 
pean Union, advocates like Miss Birkeland 


side Switzerland, Lichtenstein and Ice- 
land, as the only West European nations 
remaining outride the community. 

That possibility has inspired a popular 
joke making the rounds here these days: 
How many European nations are there 
likely to be at the turn of the century? The 
answer: Eight. The European Union, Nor- 
way and the six republics of Yugoslavia. 

Diplomats in Oslo say Norway’s reluc- 


tance to join hands with Europe under- 
scores a doggedly independent streak 
among Norwegians, who have turned 
down the community before; they rejected 
membership in a national referendum in 
1972. 

While Norway was celebrated earlier 
this year as the gracious host of the Winter 
Olympics and for helping to negotiate 
peace between Israel and the Palestine 
liberation Organization, it has also been 
the target of bitter criticism for its refusal 
to abandon international whaling. 

“When people say we are turning our 
back on Europe, what do they mean?” 
demanded Vegard Velle, 23, a student who 
is against the European Union. “I think 
the 49 percent of the French who last year 
voted against the EU treaty would be in- 
spired by us.” 

But Louis NageL. 76, a retiree in Bergen, 
said he had no doubt that he would vote 
yes. “When 1 was young, we had soldiers 
on all the borders of Europe,” he said. 
“Now we have a chance to open them up 
forever." 


Continued from Page I 
'oreign 

ter Han Sung Joo of South Ko- 
rea. “Even though a group of 
Republican congressmen urges 
a review of the accord, it must 
not be renegotiated or 
scrapped” 

Many prominent Republi- 
cans, including Bob Dole of 
Kansas, who is set to become 
Senate majority leader, and Jes- 
se Helms of North Carolina, 
who is in line to head the Senate 
Foreign Relations Committee, 
have joined Mr. Murkowski in 
lambasting the accord Many 
Republicans are convinced that 
the administration rushed to 
reach the agreement in October 
so it could claim a foreign poli- 
cy victory in time for the No- 
vember elections. 

“Among Republicans, there 


is enormous dissatisfaction 
with the policy,’’ said Hank 
Brown, a Colorado Republican 
on the Senate Foreign Rela- 
tions Committee. 

“I think you’ll see Congress 
reluctant to go along with the 
aid package.” 

Senator Charles S. Robb, 
Democrat of Virginia, who cur- 
rently heads the Aria subcom- 
mittee, will hold a hearing 
Monday at which administra- 
tion officials are expected to 
defend the agreement. 

Clinton aides acknowledge 
that because Congress was not 
in session for most of October 
they have not done enough to 
brief the Republicans ou the 
accord. Still, they argue that the 
agreement was the best that 
could be reached at the time, 
and that failure to reach an 
agreement raised the possibility 


of a war on the Korean Penin- OpCTHtlOU 

sula. 

“The North Koreans so far 
have been very faithful in im- 
plementing this,” a State De- 
partment official said. “It be- 
hooves us to fulfill our end of 
the bargaining, too.” 

Ad m i n istration officials con- 
tend that the Republicans are 
wrong in saying all that North 
Korea made was empty prom- 
ises. They say Pyongyang has 
made good on its promise not to 
refuel a small reactor and not to 
reprocess spent fuel rods. 


Heavy Flood Damage in I ran 

Reuters 

NICOSIA — Floods caused 
by several days of heavy rain 
have damaged 10,000 buildings 
in 19 cities and more than 700 
villages in western Iran. 


Reuters 

PARIS — Prince Rainii 
Monaco underwent heart 
pass surgery on Friday, the 
ace announced. 

There was no imm ed 
statement on his condition i 
the operation, and none ' 
expected until Saturday, a 
ace spokeswoman said. 

The surgery was perfor 
on Prince Rainer, 71, at M< 
co’s Center for Heart and ' 
raac Medicine. The decisio 
operate was made a few < 
ago by Dr. Jean- Joseph Pa* 

A bypass operation is usi 
carried out when the & 
blood vessels serving the b 
muscle become blocked du 
age and disease and are st 
cally replaced with healthy 
sels grafted from another 
of the body, like the leg. 


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Compiled by Our Staff From Dispatches 

TOKYO — Japan, in a bid to 
case concern lhat its growing 
plutonium stocks could be di- 
verted to nuclear weapons, 
made the first disclosure on Fri- 
day of its stockpile of refined or 
separated plutonium. 

The Science and Technology 
Agency said Japan had 4,684 
kilograms (10.305 pounds) of 
plutonium at domestic plants 
and 6,197 kilograms in Britain 
and France as of the end of 
1993. 

But the agency’s director of 


atomic energy policy research, 
Shinichirou Izumi, said tha t 
most of the plutonium was al- 
ready in or dose to fuel-mixture 
form, meaning the material 
coule not be directly used to 
make high-powered weapons. 
Weapons-grade plutonium 
needs to be over 93 percent fis- 
sile. Mr. Izumi added. 

Japan has aggressively pur- 
sued plutonium as an energy 
source by sending nuclear waste 
to Europe for reprocessing into 
plutonium and building fast 
breeder reactors in Japan. Such 


reactors produce more plutoni- 
um than they blun- 


ts of the program 
which 


Maoists in South India 


Kidnap Relative of Rao 


Hong Kong officials carrying a btmdled-up Vietnamese man onto a plane Friday to repatriate him toVtetaam. 


Hong Kong Admits It Cannot Return ‘Boat People’ by ’96 


The Associated Press 


HONG KONG — The government de- 
ported 70 Vietnamese refugees to Vietnam 
on Friday, but conceded that it could not 
meet an international target to resolve the 
issue of the "boat people” by 1996. 

The 70 refugees were the largest single 
group to be forced home so far. They did 
not qualify as refugees and refused cash 
incentives to go home. 

The boat people began fleeing Vietnam 
after UJS.-badted South Vietnam fell to 
the Communist North in 1975. Altogether, 


1J million fled, including 200,000 who 
came to Hong Kong. 

Since 1988, Hong Kong has granted 
refugee status only to those who could 
prove they risked persecution at home. The 
rest are classed as illegal immigrants nnd 
can be deported. 


Speaking with reporters after the latest 
deportation, Brian Bresnihan, the govern- 
ment’s refugee coordinator, said the 1995 
target could not be met because the num- 
ber of Vietnamese volunteering to leave 
has been dropping. 


Some 24,000 Vietnamese who have not 
won refugee status remain in Hong Kong 
camps. Last February, a meeting of 31 
nations in Geneva agreed to try to send all 
boat people who did not win refugee status 
home by the end of 1995. 


"People don't want to go home," he 
lid. “We " 


said. “We would not meet that target. 
Nineteen ninety-five was never a commit- 
ment.” 

On Thursday, China’s Foreign Ministry 
also urged that Hong Kong clear its camps 
by 1996. China will resume sovereignty 
over Hong Kong in 1997. 


BOOKS 


Reuters 

WARANGAL, India — 
Maoist guerrillas in the south- 
ern state of Andhra Pradesh 
kidnapped a relative of Prime 
Minister P.V. Narasimha Rao 
in advance of a major election 
rally that the In dian leader was 
to address on Friday, the police 
said. 

They said that guerrillas or 
the Praja Pratighatna group, a 
breakaway faction of the Mao- 
ist People’s War Group, were 
de m andin g a one million rupee 
($32,000) ransom for the broth- 
er of Mr. Rao*s son-in-law. The 
man was kidnapped on Thurs- 
day. 

“Ram Mohan Rao, a relative 
of the prime minister, was kid- 
napped by Naxalites from a 
place in Khamnuun.” a police 
official in the neighboring Wa- 
rangal district said. 

The Maoists, known as Nax- 
alites after the town where the 
movement began in the 1960s, 


defied a paramilitary cracl 
down on Thursday to lead 


crack- 
a 

crippling strike against stale as- 
sembly elections that are sched- 
uled for Dec. 5. They assert that 
the elections are fraudulent 

The one-day strike forced 
banks, shops and government 
offices to close in the Maoist 
stronghold that includes 70 of 
the state’s 294 constituencies, 
officials said. 

The guerrillas have exploded 
bombs at several campaign of- 
fices of Mr. Rao’s Congress (1) 
Party, two of them on Wednes- 
day, the police said. 

Mr. Rao was due to address a 
public meeting on Friday in 
Karimanagar district, his ances- 
tral home and a guerrilla 
stronghold. 

The People’s War Group has 
virtually ruled huge tracts of 
Andhra Pradesh and border ar- 
eas of the neighboring states of 
Madhya Pradesh. Onssa, and 
Maharashtra for 25 years. 


say that plutonium, which can 
also be used to make nuclear 
weapons, is too dangerous and 
that the size of the stockpile sets 
a bad example when other 
countries like North Korea are 
being urged to give up plutoni- 
um production. 

“We decided tojprint specific 
figures for quantities in order to 
improve the transparency of 
our nudear fud recycling pro- 
gram,” Mr. Izumi said. 

Previously, only ambiguous 
figures including unseparated 
plutonium in spent fud and 
other forms were available. 

The agency, quoting interna- 
tional reports, said estimated 
worldwide stockpiles of sepa- 
rated plutonium outside reac- 
tors for nonmilitary purposes 
totaled about 72,000 kilograms 
at the end of 1990, mainly in 
Britain and the former Soviet 
Union. Military stocks were es- 
timated at 257,000 kilograms. 
The report said Japan, which 


relies on Middle East oil for a 
large part of its energy needs, 
stiff sees plutonium recycling 
tiring fast breeder reactors as 
the ultimate solution to its need 
for stable energy supplies. 

But earlier this year, it scaled 
down its ambitious recycling 
program due to international 
concerns over its growing pluto- 
nium stockpile and high devel- 
opment costs. 

A second commercial fud re- 
processing plant scheduled in 
the early 2000s has been de- 
layed by at least 10 years. 

Japan has 47 nuclear reactors 
providing about 30 percent of 
the nation's electricity needs. 
Five more reactors are under 
construction. 

Asked whether Japan mig ht 
decide to produce nuclear 
weapons in the future, the offi- 
cials of the Science and Tech- 
nology Agency repeated Ja- 
pan's pledge to stick with its 
current policy of banning the 
production, possession and 
presence on its soil of all nucle- 
ar weapon. (Reuters, AP) 


AH, TREACHERY! 

By Ross Thomas. 274 pages. 
S 21.95 . Mysterious Press. 


Reviewed by 
Yai 


Jonathan Yardley 


T HE murder of a Salvadoran 
refugee in Washington, the 
murder of a loutish stud in Los 
Angeles, the attempted murder 
of a prominent Democratic 
fund-raiser in Los Angeles — 
are these discrete events or does 
■ some dark thread connect 
them7 A person, perhaps, such 
as Edd (Twodees) Partain, a 
..former army major who seems 
vJ*to crop up wherever there’s 
trouble? Or is it something 
deeper and darken “money, 
greed, politics, revenge or 
treachery”? 

Gives that it all takes place, 
in the world of Ross Thomas, 
one needn’t have an advanced 
degree in criminology to figure 
- out that it is all of the above 
plus a few more. Among these 
- axe humor, which Thomas em- 
ploys to distance himself from 
the blood and gore in this, his 
25th novel; ingenuity, which 


produces both plot and charac- 
ters of baroque complexity; 
and — this on the reader’s part 
—a willingness to suspend dis- 
belief and gjve oneself over to 
Thomas’s amiable manipula- 
tions. 

Not merely is Thomas one of 
the most prolific writers of 
crime fiction, he’s one of the 
best. He hasn't yet found the 
large readership that is enjoyed 
by Elmore Leonard and Patri- 
cia Cornwell, but his following 
is substantial enough to be the 
envy of most other novelists, 
whatever their genre. He has a 
dear, identifiable style and 
mood, and he knows how to be 
faithful to it without going 
stale. 

“Ah, Treachery!” begins in 
Los Angeles just after the elec- 
tion of Bill Clinton. Mfilicem 
Altfoid, 62 years of age and by 
her own account "a rainmaker 
and a good one,” has just dis- 
covered that the cadi box she 


keeps filled for political rainy 
>bbed of i 


days has been robbed of its $1.2 
million contents. Hoping to 
track it down, she seeks the 
counsel of Vernon Winfield, a 
retired general who is her friend 


and occasional lover. He in turn 
suggests that she take on the 
aforementioned Partain, a 41- 
year-old former intelligence of- 
ficer. 

From this relatively straight- 
forward beginning, the plot of 
“Ah, Treachery!” fairly quickly 
spins into the controlled chaos 
that is Thomas’s stock in trade. 
Viewed with some degree of 
clinical dispasson, it is all fairly 
ludicrous; but Thomas knows 
how to make the incredible 
seem plausible, if not sensible, 
which is what he does here with 
his usual skill. 

Thus, within a few pages we 
find ourselves in the shabby 
Dupont Circle offices of Vic- 
tims of Military Intelligence 
Treachery (VOMIT), an organi- 
zation of intelligence veterans 
who have various grievances 
against their former employer. 
This in turn leads to the first of ' 
many appearances by the raili- ; 
tary odd couple to end all odd | 
couples. Major General Walker , 
Laney Hudson and Colonel! 
Ralph Waldo Miliwed, whose, 
"meteoric rise in rank” is diffi-i 
cult to explain; as a former col-! 
league puts it, “Neither served 


in the Gulf, which makes their 
rapid promotions rather curi- 
ous.” 


All in all it adds up to pre- 
cisely what Thomas has always 
provided in his long writing 
career: intelligent entertain- 
ment with a witty twisL Unlike 
John le Carre and other practi- 
tioners of the spy novel, Thom- 
as is content to let these enter- 
tainments speak for 
themselves, unburdened by 
much in the way of thematic 
weight. This may give them a 
certain evanescence, but it also 
permits the reader to give full 
concentration to the pleasure 
they provide. 


Way Gear for Communists 
To Form Cabinet in Nepal 


The Associated Press 


Jonathan Yardley is on the 
staff of The Washington Post. 


KATMANDU, Nepal — 
The Communist Party gained a 
chance to form a minority gov- 
ernment on Friday when the 
former governing party, the Ne- 
pali Congress Party, failed to 
enlist a coalition partner. 

The way for the Communists 
was cleared when the small Na- 
tional Democratic Party, which 
held the balance of power after 
a deadlocked election, spumed 
a coalition offer from the Con- 
gress Party. 


The Communists must win a 
vote of confidence in Parlia- 
ment within 30 days of being 


appointed by the jdngto head 
the g 


government The Congress 

Party and the Communists sub- 
mitted competing bids for the 
government to King Birendra 
on Thursday. 

The king, whose family had 
ruled a feudal Hindu kingdom 
for hundreds of years, yielded 
to a pro-democracy movement 
in 1990 and accepted a constitu- 
tional monarchy. 


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THE AMERICAN CATHEDRAL OF THE 
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FLORENCE 


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BUCHAREST 


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BUDAPEST 


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11 am Rite II. Vta Bernardo Ruceltei 9. 
50123. Florence, My. TeL 3955 29 44 17. 

FRANKFURT 


* 


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community located in the 
suburbS-S-S. 9:45: Worship: 10 :45. ChB- 
drertfc ChuTOh and Numay. Youth mWstries 
Dr. BJC. Thomas, pastor. Cal 47 . 51 29.63 or 
47.49.1529 tar Information. 

HOPE ISfTEH'JATlONAL CHLFICH (Evan- 
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: Esplanade de La Defense. Tel.: 

47.735354 or 47.75. 1427- 

HE SCOTS WRK (PRESBYTERIAN) 17. 
roe Bayed. 75000 Paris Mao H5Ro«»; 
veft Famfly aervtoa * Simday Sc hool s ! 
10:30 am every Sunday. AH welcome. 

For Wonrafion 48784794. 

SAINT JOSEPH'S CHURCH (R°™an 
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am. 12:15 pm. and 630 pmS^d^r: 
11*0 am and 630 pm Mon*yFrl®)c 
830am. 50. avenue Hottoe. WsBlhm. 
42272&5B. Meba Chafes da Gadte - a*- 

MUNKH 

INTERNATIONAL COMMUNITY CHUR- 
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SALZBURG 

BEREAN BBUtCHURCH *Be^-They 
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Evangdkal En^sh servtoert lOSOam^- 
toP^oTDa»*bbolson.ftara ; toriStes- 

bb 23. For Wo cal 43 <0)662455583. 

TOKYO 

ST PAUL international Lim-ew 
church near ikfcbashjStn. Td-j*® 1 ' 

374Q. WdrsKt) Sente 930 am. Sikbjs. 

TOKYO UNON CHURCH 
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USA 

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CHURCH OF CHRIST THE KWGfEpisco- 

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meets in Moms ZSgmond Gtomadum, To- 
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EMMANUEL CHURCH 1st. W & 5Uh Sua 
10am Eucharists 2nd &4to Sun. Morning 
Prayer. 3 me de Mmtooux, 1201 Geneva. 
Swtaertand TeL 41/22 732 60 78 


BULGARIA 

INTERNATIONAL BAPTIST CHURCH. 
World Trade Carter. 38. Drahan Tzantov 
BML Worship 11:00. Jamas Dute, Pastor. 
TeL: 704367. 

GEUE/HANNOVER 
INTERNATIONAL BAPTIST CHURCH. 


NTERNATIONAL BAPTIST CHURCH OF 
MUNICH Hobs*. 9 Encash Language Ser- 
vices. BWe study UK®. Worship Service 
17XO. Pastor's phone: 6306534. 

PRAGUE 

tota ma Son al BapteFaBows^p meets at the 
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Prague 3. At metro stoo Jttooz Podebrad 
Sunday a.m. 11:00 Pastor Bob Ford 
<02)3117974. 

WATERLOO 

Waterloo Baptist Felowstip Worship 1400 
et Swofeh Chureh. Chaussee de Charleroi 
2 across from McDortaUs. TeL 065225076. 

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Wem aa or a l BaoHst Chuch. Engfah. Ger- 
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21. Wupperiai - EbeneU. Ml denomlnaSons 
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TeL: 02034698384. 

ZURICH - SWITZERLAND 
INTERNATIONAL BAPTIST CHURCH at 
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WSdenswO. Warahb Services Sunday mor- 
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Windmuten SSassa 45. Cete 1300 Worehta. 

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PfL (05141)46416, 


1400 BUe: 


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School Nursery Care provided. Seybotos- 
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ROME 


ST. PAU-'S WITH I N-THE- WALLS, Sun. 
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ALL SAINTS CHURCH 1SI Sun. 9 & 11:15 
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gteh. Worship end CHkterfs Church Sun- 
days at 1230 pm Meeting temporary at 

toBEvangsfech-RBgOrcrtqvBGeroeindB'r 
Ralingpn. Germany ^Caiseiberg 1 1) Friend- 
ly Fefcwship. AI dsmminafions wetaoma 
For lutoer g if orm at tan call toe pastor Dr. 
WJ. De Lay. TeL 021 1-400 157. 


BERLIN 

AMERICAN CHURCH IN BERLIN, cor. 0 1 
Clay Aflee & Rotsdamar Sir, SSL 930 am, 
Worthip 11 am TeL 0308132021. 

BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSaS. Friday School 
950 am and Church 10^5 am Katten- 
berg.191 
Bus 35 l Tram 94. 


FRANKFURT 


WTERNATTONAL CHRISTIAN FELLOW- 
SHIP Ewangefech-Freiarchfcha Gemslnde. 
Sodanerstr. 11-18, 6380 Bad Hon*—" 
phenafte: 0ST736272S serviig toe I 
lufl and Taoius areas, Germany. Si 
worship 09:45, nursery + " — - 


COPENHAGEN 

INTERNATIONAL CHURCH of Copenha- 
gen. 27 Favergade. Vertov, near RAdhus. 
Study 10:15 S Worship 11:30. Tel.: 
31624785. 

FRANKFURT 

TFBNITY LUTHERAN CHURCH Nbeton- 
ABee 54 (Across Irom Burger Hosptel), 
School 930. worship 11 am TeL 
' “lor 512562. 


| ■ w M - 

1000. viOTien's bbte studtes. Housegoups 
‘30. Pastor M. 


- Sunctoy + Wednesday 1930. r«™u. —. 
Levey, member Etmpean BapSst Corwen- 
Ifon. Declare Hs^ory amongst the na- 

Scna.‘ 


EUROPEAN 

BAPTIST CONVMWN 


- BARCELONA 

FAITH FELLOWSHIP WTERNATTONAL 
resets at &3D am. Bona Nava Baptist 
Church Carer de la CWat da Bates® 40 

Pastor La noe B orden. Ph43»5059. 

BERLIN * 


BETHEL INTERNATIONAL BAPTIST 
CHURCH, Am Dachsberg 92, FranWurt 
aM. Sunday vrerehip 1100 am and BOO 
pm, Dr. .TtninB VY t^ pastor. TeL 069- 
54«5a 

HESELBERG 


GENEVA 

EV. LUTHERAN CrtJRCH d Geneva. 20 
roe Vertaina Sunday worship 930. in Ga- 
men ll.OOh Ert^feh. Tet (022)3105089. 

JERUSALEM 

LUTHERAN CHURCH at toe Redeemer, 
ou cay. Mafeten Rd. Engfish worship Sui 
9 ami 


GRACE INTERNATIONAL -BAPTIST 
CFLfftCH hdustos Sir 1 1. 6902Santfiau* 
sen. Bbte audy 09s45, VUorthto 1 lOL Pastor 
Paul Hendrix. TeL 0B224-52295. 


riMTAHANUNWERSAUSlSl 


INTERNATIONAL BAPn^XHURCH. 
BS^JN.RctoertourqSf- ffile 

study io.45,voship^i2^rachSLn*y. 
Charles A Wtartad. Paetor. TeL 030-774- 
4670. 

bonn/koln 


HOLLAND 


TRINITY BAPTIST S.S. 930. Worship 
1030, naraay. warm fekwstap Meets at 
Btoemcamplaan 54 m wassenaar. 
TaL' 01 751-78034. 


MADRID 


1 


N tWIVfflSALJST 

teens 

aWnandBpWfll^^ 
For rtormaiian ra® & 'r 


THE WTERNATTONAL BAPTIST CHUR- 
CH OF BONNflbtN. Ftetnau Strasse 9. 
Koin. Wdrshlp 1:00 p.m. Calvin Hegue,- 
Pastor. 

Tel: (p223fi) 47021. 

BRATISLAVA 


INMANUELBAPTET. MADfflD. hERNAN- 
DEZ DE TEJADA, 4. BK3USHSSMCES 
1 1 am, 7 pun TeL407-43<7 OT3CG3017.- 

MOSCOW 


LONDON 

AIUERlCAN CtflJFICH in London 79 Tot- 
tenham Ct. Rd. Wl. SS at 10.00 a.m.. 
Wbcty ^ 1100am. Goodga St tuba. Tet 
071-5802791. 

PAWS 

AMERICAN CHURCH N PARIS. Worship 
1130 am. 65. Qua dOcay. Raris7. Bus B3 
at ttorx, Mario AtrnfrMerceeu or hvrtdes. 

STOCKHOLM 

IMMANUEL CHURCH Wbrshto Christ in 
Swedish, English, or Korean. 11:00 a.m. 
Sunday Birger Jarlsg. at Kungsieneg. 
17. 46TO8/ 15 12 2S* 727 lor more 
nforma&sn. 

T1RANE 

INTERNATIONAL PROTESTANT ASSB4- 
BLY. Interdenominational & EvengeiraL 
Senrices: Sun 1030 am. 500 pm. Wed. 
530 pm Rroga Myslyrn Shyrt. Te^Fax 3ffi- 
42-42372 or ^82. 




Bible Study in English- Pflhsady Bapfifl 
Samh Zdns«teho2 1630-1745 Conlact 

PastorJarepKtfeokTflt3i6779 - 


INTERNATIONAL BAPTIST FELLOWSHIP 
Meeting 1100; KmoCerterBkdcing 15 Drur- 
Drazttifntoustaya UL 5to Ftocr. Hal 6. Me- 
trp Sta<to Barritadnaya Faster Brad Sta- 
nley Pit (095) 150329a 


VIENNA 

VIENNA COMMUWfY CHIWCH Srnday 
worship in Engteh 11:30 A.M.. Sunday 
scfiod, nursery, wemafionaL al denonwa- 
ficre welxime. Dorrtoeeqasse 16. Vierna 1. 


For more than a century and a half, Patek Philippe has been known as 
the finest watch in the world. The reason is very simple. It is made 
differently. It is made using skills and techniques that others have lost 
or forgotten. It is made with attention to detail very few 7 people would 
notice. It is made, w 7 e have to admit, with a total disregard for time. If 

a particular Patek Philippe 



movement requires four 
years of continuous work to 
bring to absolute perfection, 
we will take four years. The 
result will be a watch that 
is unlike any other. A watch 
that conveys quality from 
first glance and first touch. 
A watch with a distinction: 
generation after generation 
it has been worn, loved and 
collected by those who are 
very difficult to please; 
those who will only accept 
the best. For the day that 
you take delivery of your 
Patek Philippe, you will have 
acquired the best. Your watch 
will be a masterpiece, quietly 
reflecting your owm values. 
A w r atch that was made to 
be treasured. 


.3^ 

PATEK PHILIPPE 

GENB/E 


l*:il<‘L Philinjir S. \. 

4l. I'm* flu Rhone - 1211 (iriirwi-'i-Swiizrrlaud 


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Japan Details Size of Plutonium Stockpile " 


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Page 6 


SATUKDAY-SUNDAY, NOVEMBER 26-27, 1994 


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OPINION 



Pt UIIMUri Hllll Tilt XK» VI IKK 7IMKV tM> TDK HASMlNIitlW POST 


An Assault on the Poor 


The welfare reform proposal drafted 
by House Republicans would violate 
good sense by turning America’s welfare 
programs over to the slates. It would 
violate common decency by victimizing 
milli ons of children, .including legal im- 
migrants. It would even violate the rea- 
sonable notion that government should 
help needy Americans willing to work. 

What the House Republicans have in 
min d is not reform but a grotesque as- 
sault on the poor for the sake of honoring 
their ideological war on government. Its 
punitive measures go way beyond what 
conservative Democrats and Republi- 
cans, let alone President Bill Clinton, 
have recently proposed. 

The draft's overriding theme is that, 
welfare spending should be largely con- 
trolled by states. This is exactly wrong. 
States may be the right places to locate 
many programs that Washington now 
runs, but welfare is not one of them. 
States have a huge financial incentive to 
skimp on benefits — to drive poor resi- 
dents out and persuade the poor from 
other slates never to enter. Note that 
states eviscerated welfare benefits during 
the 1970s and 1980s while Washington 
kept federal benefits whole. 

The draft would tear holes in the social 
safety net that has been built in stages, 
with strong bipartisan support, since the 
Depression. Food stamps and cash bene- 
fits are federal entitlements for every eligi- 
ble family. House Republicans would rip 
up this sacred contract, putting an annual 
limit on federal expenditures. The change 
would be profound: come a recession, 
when the number of families qualifying 
for food stamps and welfare rises, Wash- 
ington would not spend an extra dime. 

Private charities might pick up the 
slack. States might spend their own mon- 
ey — although few will rush to raise taxes 
during recessions. More probably, the 


the Depression to save children no matter 
where they lived. The need remains. 

The Republicans plan to cut federal 
spending on welfare, food, housing and 
nutrition by about $60 billion over four 
years. The biggest reduction is aimed at 
legal immigrants, who would become in- 


eligible. Even Proposition 187, passed in 


ifomia this month, did not go after 
legal immigrants, who work and pay tax- 
es like everyone else. 

There has been a huge increase in the 
number of elderly immigrants on welfare. 
But that problem could be solved humane- 
ly, as Mr. Clinton proposes, by extending 
the period during which an immigrant’s 
sponsor would be financially responsible. 



needy will go empty-handed. A long-term 
female worker who 1 


* loses her job during a 
recession will be put on a waiting list for 
welfare — although she paid taxes for 
years. Federal welfare was started during 


But they have no compunction about saw- 
ing off the ladder. They omit requirements 
that states provide education and training. 
They allow states to cut off welfare after 
two years — and require a cutoff after five 
yeara — to mothers who are working at 
public jobs but cannot find private sector 
jobs. Mr. Clinton would continue subsi- 
dized work as long as necessary. 

The draft proposal would also cut off 
children born out of wedlock and chil- 
dren whose paternity had not been legally 
established — even if the mother had 
supplied the name. Newt Gingrich, the 
next speaker, glibly assumes that people 
thus excluded will find refuge in private 
charities or public orphanages. 

But if Mr. Gingrich is wrong, consider 
the outcomes: a 30-year-old mother gets 
laid off but is permanently ineligible for 
welfare because she exhausted her two- 
year limit as a teenager, a young mother 
and child go hungry because the state 
bureaucracy dawdles in establishing pater- 
nity. The Center on Budget and Policy 
Priorities, a think tank that studies poverty 
programs, estimates that the proposal 
would knock 5 million children — about 
half the current caseload — off welfare. 
That is not reform. That is carnage. 

— THE HEW YORK TIMES. 


Voting the Death Penally 


Every year for the last 18 years, the 

if Yoj 


New York Slate legislature has passed a 
death penalty bill. "and every year it has 
been vetoed by a Democratic governor. 
But the situation changed dramatically 
on election day this month. Republican 
Governor-elect George Pataki believes in 
capital punishment, campaigned for its 
restoration and has pledged tc sign a bill 
as soon as the legislature can get it lo his 
desk. In Iowa and Wisconsin, where 


death penalty supporters were re-eiected 


as governors, a shilt in the legislatures 
may give them the votes they need to 
change state law. Capital punishment is 
now authorized in 37 U.S. slates. Within 
a few months that number could go to 40. 

Death penalty proponents also gained 
strength in Congress. It is hard to imag- 
ine why that is needed in Washington, for 
the crime bill passed ibis year already 
creates dozens of new federal death pen- 
alties. Nevertheless, the new Republican 
majority in the House has already served 
notice that procedural changes will be 
introduced to make it easier to execute 
those convicted. The habeas corpus pro- 
ceeding, for example, by which state 
prisoners seek review in federal court, 
could be tightened so that a petitioner 
would have less time to file an appeal 
and the state court’s procedures could 


be accorded a presumption of fairness. 

Even some of the election winners real- 
ize that capital punishment is not the 
solution to the very real problem of vio- 
lent crime. Mr. Pataki conceded as much 
and promised to “have a more comprehen- 
sive approach to die criminal justice sys- 
tem" for the legislature’s consideration. 
But it is more than a symbol to more than 
2,800 people on dealh’row in the country, 
some of whom were convicted in perfunc- 
tory trials with inadequate legal represen- 
tation and some of whom may actually be 
innocent. Several prisoners sentenced to 
death have been released in recent years 


after being exonerated by DNA evidence 
ble 


unavailable when they were tried. 

Death penalty proponents are feeling 
their strength today, but their victory is 
not inevitable. Lawmakers in New York, 
who could vote to put criminals to death 
with the knowledge that the governor 
would never let it happen, now know that 
their vote is not a theoretical exercise. 
Members of Congress may be convinced 
that having made the penalty broadly 
available, they need not expedite its use. 
And voters can still be persuaded, as they 
were in the District of Columbia, that 
what sounds tike a great idea in the ab- 
stract is terrible in its application. 

— THE WASHINGTON POST. 


Fatter Teenagers, Too 


Americans continue to grow fatter and 
fatter at rates that are truly alarming. 

Last July, the National Center for 
Health Statistics reported that 33 percent 
of American adults were estimated to be 
overweight. That was a sharp rise from 
the already high levels of 24 to 25 percent 
of all adults recorded as overweight in 
surveys between 1960 and 1980. “Over- 
weight*' means about 20 percent or more 
above a person's desirable weight on 
standard weight tables. 

Now comes evidence that American 
youngsters are rapidly fattening up. too. 
The Center for Health Statistics reported 
last week that 21 percent oF youngsters 12 
to 19 years old — one in every five teen- 
agers — were overweight, by the same 
definition as used for adults. That was also 
a sharp jump — from 15 percent of all 
teenagers in a survey in the late 1970s. 

These increases are so large that one is 
inclined to hope they are methodological 
errors. Alas, the center’s experts do not 
think so. Their best guess is that the weight 
is due to some combination of excess calo- 
ries and reduced physical activity. 

Fatty foods, too much television, a 
sedentary lifestyle that favors computer 
games over active sports, a host of labor- 


saving devices all take their tolL No doubt 
a decline in smoking, highly desirable on 
health grounds, exacerbates the problem. 

The danger is obvious. Obesity in- 
creases the incidence of cardiovascular dis- 
ease, diabetes, hypertension, stroke and 
some forms of cancer, to cite just some of 
the illnesses it causes. The cure is equally 
obvious for many if not most overweight 
Americans. Eat less, exercise more. Every- 
one knows that. All too few do it. 

— THE NEW YORK TIMES. 


Other Comment 


An Urgent, Nasty Mission 


[Rwandan] refugees will not return un- 
less there is security within the country — 
and also in the camps beyond its borders. 
Most refugees are terrorized by armed 
thugs, whose power in the camps comes 
through the control of aid. The UN secre- 
tary-general this week proposed sending 
3,000 to 5,000 peacekeepers to protect aid 
workers and escort refugees home. No 
force should undertake the job unless it is 
ready for a long, bloody operation. 

— The Economist (London). 



International Herald Tribune 

ESTABLISHED IKS7 

Katharine graham, arthlfr ochs sulzberger 

Cit-CImtmtfn 

RICHARD McCLEAN. PuNtther A Chief GrnwAc 
JOHN VINOCUR. Ewiwm&i**- Jt \"kr Prrodm 

• WALTER WELLS. .W Lhirr • SAMUEL ABT. KATHERINE KNORR and 
CHARLES' M/TCHiLMORE Injury EJu, in * CARL GEWR7 4 Ai sue *»* Edut* 

• ROBERT J. DONAHUE hkh <r . <1 i Ac hhhiri, it • JONATHAN GAGE Bwrfncn ini Finance Editor 

• RENE BONDY. /* 711/v M<Arr*JAMGS McLEOD.Atfivnimn Diren* 

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Overstate the Chaos , Undermine the Help 


^J^ASHINGTON — The wretched, des- 


perate and unmoored are at the center 
of a new theory of world politics. 

Actually, the focus is not so much on 
their misery as on their potential to spoil 
things for others. The new buzzword is 
chaos, as in chaos theory. In the post-Cold 
War era where Soviet power and ideology 
no longer menace, the new threat is said to 
be the instability and overflow effects of 
chaos in the Hailis, Rwandas, Somali as 
and Bosnias of the world. 

“Chaos” means what you get when gov- 
ernment breaks down. For policymakers. 


By Stephen S. Rosenfeld 


'Affluent states have got to be 
engaged and active to help 
manage these phenomena or they 
wUl be overwhelmed by them,’ 


the threshold question is whether it repre- 
sents a peripheral or a central concern. 

Connect the dots of fitful U.S. interven- 
tionism in far places and near. You might 
conclude that we Americans are a long way 
from meeting chaos with the total concen- 
tration with which we met Moscow’s mis- 
siles in another day. 

We still perceive most chaos as of limited 
geopolitical significance — we can live with 
jl We think it requires chiefly a “humanitar- 
ian” and “multilateral” response — two 
words by which we distance ourselves (and 
often rightly) from direst responsibility. 

But awareness is growing. Within the U.S. 
government, the offices on the cutting edge 
are foreign aid and “global affairs" (envi- 
ronment, population etc.), but the depart- 
ments that deal with violence and geopoli- 


tics are being drawn in, too. The United 
Slates Institute of Peace marks its 10th 
anniversary next week with a conference on 
“Managing Chaos: Coping with Interna- 
tional Conflict into the 21st Century.’' 

A head-on critique of the idea that fam- 
ines. civil wars, overpopulation, “ethnic 
deansing,” terrorism and environmental 
stress will generate a tidal anarchy comes 
from Jeremy Rosner, a former Clinton Na- 
tional Security Council aide. 

Writing in the New Democrat (Novem- 
ber), he sees a misplaced tendency to credit 
environmental determinism, rather than 
malice, bad governance or lack of democra- 
cy, for social collapse. He faults the implica- 
tion of some draos theorists that the nation- 
state is withering away and that only world 
government will save ns. 

Chaos theory, to Mr. Rosner, looks “like 
an old political agenda masquerading as a 
new theory of international relations." 

He continued: “It reduces to a rerun of 
ihe North-South crusade popular on the left 
two decades ago, in which demilitarization, 
talk of an ‘era of limits’ and redistribution of 
national wealth through multilateral institu- 
tions were frequent refrains.” 

Writing well before the recent American 
elections, he warned: “Rather than lead to 
patient support for our humanitarian pro- 
grams, [overstatements of chaos] might in- 
stead hasten the arrival of a new and less 
sympathetic administration.’’ 

In fact, we may already be retreating 
from the not- very- high high point of post- 
Cold War concern few failed Third World 
states. The American people elected a Re- 
publican Congress with a strong bent for 
more traditional militar y threats over the 


new type of social ones. John Hams of The 
Washington Post reports a complaint heard 
in the Pentagon that these lesser interven- 
tions erode big-ticket "readiness ” 

You could maintain perfect readiness, 01 
course, by never doing anything. 


StilL the underlying conditions feeding 
chaos remain. No one hs 


_ ^ ias spelled out their 

implications better than Jonathan Moore, 
a former State Department, United Na- 
tions and Kennedy School official m a 
Nelson Rockefeller Center paper railed 
“Morality and Interdependence (Dart- 
mouth College, 60S2 Rockefeller Hall, 
Hanover, New Hampshire 03755). 

“Is the character of our engagement with 
the travails and threats in the Third World 
determined by a narrower definition of sep- 
arate interest or by a broader one of shared 
survival?” Mr. Moore asks. 

“[The] idea of interdependence, although 
paid plenty of rhetorical attention, is not 
ingrained in American t hinkin g, does not 
condition our political reflexes, and has not 
been operationalized in our policies. 

“This may be because we have been more 
privileged and protected than other societies, 
and have gpt into the bad habit of not want- 
ing to be bothered with complexity or the 
need fra' compromises and sacrifices in order 
to get along with the rest of the world . . . 

“Poor countries that breed instability and 
insecurity know that even with dedicated and 
disciplined bootstrapping, they can’t over- 
come their various deprivations entirely by 
themselves. They can’t provide markets or 
protect the environment; they’ll continue to 
make war. wreak terror, deal drugp, and 

spread disease. Affluent states have got to be 
engaged and active to help manage these 
pt ypcvmgna or they will be overwfadined by 
than — thafs what interdependence is." 

The Washington Post. 


Free Trade That Makes Sense Is Regional, Not Global 


P ARIS — Global free trade has 
become a sacred principle of 
modern economic theory, a sort 
of generally accepted moral dog- 
ma. The ultimate objective of 
global free trade — to create a 
worldwide market in products, 
services, capital and labor — has 
an instrument to achieve this in 
GATT, the General Agreement 
on Tariffs and Trade. 

GATT, however, is flawed, as 
are the theories on which it is 
based. If it is implemented, it will 
impoverish and destabilize the in- 
dustrialized world while ai the 
same time cruelly ravaging the 
Third World. 

During the past few years, 4 
billion people have suddenly en- 
tered the world economy. They 
include the populations of China, 
India. Vietnam. Bangladesh and 
the countries that were part of the 
Soviet empire. The populations of 
these countries are growing fast; 
they are predicted to pass 6.5 bil- 
lion within 35 years. 

The nations where those 4 bil- 
lion people lire have very high 
levels of unemployment. And pay 
for those who have jobs is a tiny 
fraction of pay levels in the de- 
veloped world. So new entrants 
into the world economy are in 
direct competition with the work 
forces of developed countries. 
They have become part of the 
same global labor market. 

This will lead to a new type of 
competition. Take two enter- 
prises, one in France and one in 
Vietnam, making an identical 


product for export to the same 
Fit 


Mrst World market. Both use the 
same technology and have access 
to the same pool of international 
capital. The difference is that the 
Vietnamese enterprise can em- 
ploy 47 people for what it costs 
the French enterprise to employ 
one. It is not difficult to under- 
stand who the winner will be. 

In most developed nations, an 
average manufacturing company 
pays its work force an amount 
equal to 25 to 30 percent of sales. 
If such a company decides to 
main tain only its head office and 
sales force in its home country 
while transferring production to a 
low-cost area, it can save about 20 
percent of sales volume. Thus, a 
company with sales of $500 mil- 
lion will increase its pretax profits 
by up to $100 million a year. 

If, on the other hand, it decides 
to maintain production at home, 
the enterprise will be unable to 
compete with low-cost imports, 
and will perish. 

When an economic policy 
makes you rich if you eliminate 
your national work force and 
transfer production abroad, and 
bankrupts you when you employ 
your own people, then some- 
thing is wrong. 

High-tech industries can sur- 
vive and prosper in these circum- 
stances. of course, for they are 
highly automated and employ 
few people; labor is a minor item 
in the overall cost of the products 
they make. They obviously can- 
not compensate for the lost man , 
ufacturing jobs; the fact that they 
employ few people means that 
they are incapable of employing 


very many. As soon as they need a 
reasonable number, they’ will be 


number, they will 
forced to move offshore! 

IBM, for example, is moving 
its disk-drive business from the 
United States and Western Eu- 
rope to low labor-cost countries. 
It plans to operate as a joint 
venture with an undetermined 
Asian partner and use non-IBM 
employees so that it will be easi- 
er to move to an even lower-cost 
region when warranted. 

IBM estimates that moving 


From higher-cost regions to Asia 
halves the o 


cost of assembling a 
disk drive. Boeing has announced 
plans to transfer some production 
lo China. Companies like Hewlett- 
Packard and Advanced Micro De- 


By James Goldsmith 


vices, the sort that created Silicon 
Valley, are also shifting employ- 
ment to low-wag: countries. 

Proponents of global free trade 
insist that exporting such high- 
tech products as airplanes, satel- 
lites and high-speed trains will 
create jobs on a large scale. Alas, 
this is not true. 

A recent S2.I billion contract 
selling high-speed French trains 


The damage GATT will 
inflict on the 
communities of both the 
developed world and 
the Third World rnU 
be intolerable. 


to South Korea has resulted in the 
maintenance, for four years, of 
only 800 jobs in France. Much of 
the work is carried out in Korea 
by Asian companies using Asian 
labor. After the transfer of tech- 
nology to South Korea, in a few 
years Asians will be able to buy 
high-speed trains directly from 
South Korea and bypass France. 

A big mistake in thinking about 
balanced trade is to consider it 
exclusively in monetary terms. If 
we export $1 billion worth of 
goods and import products of the 
same value, we conclude that our 
overseas trade is in balance. 

But the number of people rm- 
ploved annually to produce $1 
billion worth of high-tech pro- 
ducts in the developed nations 
could easily be fewer than 1,000, 
while the number employed in 
low-cost areas to manufacture the 
goods that we in the developed 
world import would be in the tens 


of thousands, because these goods 
are produced with traditional lev- 
els of employment 

B alancing trade in this way can 
end up exporting jobs and im- 
porting nnemp loymenL 

The application of the GATT 
accord win have tragic results in 
the Third World. Modem econo- 
mists believe that an efficient ag- 
ricultural system is one that pro- 
duces the maximum amount of 
food for the minimum cost, using 
the least number of people. That 
is bad economics. 

When vou intensify agricultural 
methods and substantially reduce 
the number of people employ ed on 
the land, those who are idled are 
forced into the dues, where they 
often end up in slums. Families are 
broken, the countryside is descri- 
ed, and social stability is de- 
stroyed. This is how the favelas 
came into existence in Brazfl. 

An estimated 3.1 billion people 
live from the land. If GATT man- 
ages to impose the sort of produc- 
tivity achieved by the intensive ag- 
riculture of nations like Australia, 
some 2 billion of these people will 
lose their livelihood. 

Some of these GATT refugees 
will more to urban slums, while 
many others will be forced into 
mass migration. As a result of 
Chinese market-oriented eco- 
nomic reforms, an estimated 100 
million peasants are drifting 
around China seeking work. 

Is it not possible to repeat the 
successes of countries like Tai- 


wan, Hong Kong, South Korea? 
e United S 


Well, the United Stales might be 
able to achieve a similar success 
with Mexico, and Western Eu- 
rope could progressively accom- 
modate Eastern Europe. But at- 
tempting to integrate 4 billion 
people at once into global mar- 
kets is blind utopianism. 


Sir James Goldsmith, the retired 
entrepreneur, heads a group in the 
European Parliament which seeks 
to slow European integration. This 
comment was distributed by New 
Perspectives Quarterly. 


A GATT Defeat Would Harm America 


'y^ASHINGTON — You can 


liken next week's U.S. con- 
gressional vote on the Uruguay 
Round trade agreement to the de- 
bate decades ago on the League 
of Nations. In the end, this is less 
about trade than about how 
Americans see their role in the 
world and bow other countries 
view America's role. 

If Congress rejected the agree- 
ment, it would move America to- 
ward isolatio nism and handcuff 
presidents’ ability to deal with 
other countries. It would be a 
foreign policy calamity. 

Congress’s rqection of the 
League in 1920 was one of the 
pivotal events which, by largely 
withdrawing America from the 
world stage, ultimately led to 
World War 11. But no one could 
then foresee the final conse- 
quences, jnst as no one can now. 

Rejecting the trade treaty would 
be a highly symbolic acL It would 
scare politicians of both parties 
from overseas commitments of a0 
sorts. At a minimum, U.S. global 
leadership would be hamstrung. 

Foreign governments have long 
wondered whether they could trust 
the United States. Most interna- 
tional negotiations involve messy, 
unpopular compromises for ev- 
eryone. Why make such deals 
with U.S. presidents if Congress 
later disowns the results? 

By second-guessing. Congress 
deprives presidents of the flexi- 
bility to determine overriding 
U.S. interests. 

The trade agreement, in sbort, 
involves much more than trade. 

Even if it didn’t, it would de- 
serve approval. Economic gains, 
although speculative and often 
exaggerated, are significant A 
study by Jeffrey Schott and Jo- 
hanna Buurman, of the Institute 
for International Economics 


By Robert J. Samuelson 


Washington, estimates that U.S. 
GDP would be about 1 percent 
higher in a decade with the agree- 
ment This cautious estimate im- 
plies nearly $70 billion in extra 
annual income — year in and and 
year out — at today’s prices. 

Trade raises incomes because 
it enables a country to specialize 
in the products.* technologies 
and industries where it is rela- 
tively most efficient. 

Objections come from those 
who might lose economically or 

n/flA tKoi V T C 


and memories of failed isolation- 
ism. All these forces are now spent 
The Cold War is over, the 
American economy, although still 
the world's largest is no longer so 
dominant, and few Americans re- 
call the isolationist interlude be- 
tween the wars. 

What remain are more ambigu- 
ous economic and security needs. 
The United States cannot disen- 
from world commerce nor 
itself off from global tides of 


W; 


in 


eignty” would be usurped by Ihe 
new World Trade Organization. 
American textile and clothing 
companies would suffer. But 
these are poorly paying industries 
that have been retreating for de- 
cades before foreign competition. 

The consumer advocate Ralph 
Nader argues that WTO judges 
might find that some U.S. envi- 
ronmental. health or safety regu- 
lations discriminate against im- 
ports and therefore violate the 
trade agreement. The United 
States would then have to modi- 
fy the offending regulations or 
face trade penalties: say, higher 
tariffs on U.S. exports. 

True. But the specter of U.S. 
regulations coming under siege 
is exaggerated. Most simply do 
not involve trade. More impor- 
tant, all advanced societieshave 
similar regulations. Mutual self- 
restraint seems likely. 

Every American generation 
must come to terms with Ameri- 
ca’s position in the world. This is 
now harder than at any time in the 
past half-century. American inter- 
nationalism after World War II 
drew its strength from the Cold 
War, U.S. economic superiority 


technology, immigration and fa- 
naticism of all sorts. But the 
threats are less clear, and it is 
easier to indulge visions of self- 
sufficiency and isolationism. 

The Washington Post. 


Sympathy 
Should Be 


The Rule 


By Anthony Lewis 

i OSTON — On Tuesday, two 


To avoid disaster, we must first 
reject the concept of global free 
trade and replace it with regional 
free trade. That does not mean 
closing off any region from trad- 
ing with the rest of the world. It 
means that each region is free to 
decide whether or not to otter 
into bilateral agreements with 
other regions. 

We must not simply open our 
markets to any and every prod- 
uct. regardless of whether it bene- 
fits our economy, destroys our 
jobs or destabilizes our society. 

Those who wish to industrialize 
should form free trade areas, such 
as the trading regions currently 
being created in Latin America 
and Southeast Aria. These areas 
should consist of nations with 
economies that are reasonably 
similar in terms of development 
and wage structures. Trading re- 
gions would enter into mutually 
beneficial bilateral agreements 
with other regions in the world. 
Freedom to transfer technology 
and capita] would be m ai n tained. 

Commercial organizations 
wishing to sell their products in 
any particular region would have 
to produce locally, importing 
capital and technology and creat- 
ing local employment and devel- 
opment. That is the way to create 
prosperity and stability in the de- 
veloping world without harming 
developed nations. 

GATT must be rejected. It is 
too profoundly flawed to be a 
stepping stone to a better system. 
The damage it will inflict on the 
communities of both the devel- 
oped world and the Third World 
wiB be intolerable. 


B days before Thanksgiving, I 
had a telephone call from a yoang 
man who asked bow he could 
readt a Sarajevo childrens doctor 
I had mentioned in a column. “I 

want to help," be said. 

Who was he? I asked. A 20- 
year-old student at the University 
of California in Berkeley. Shervin 
Kshevar. And why was he inter- 
ested in what was happening in 
Bosnia? “I know about the reel- 
ings of children in war,” he said. 

“I was a 6-year-old in Iran when 
the Iran-Iraq War started in 1980 
and bombs began falling. FQ nev- 
er forget my fear.” 

Then how had he come to 
America? His father bad been an 
executive of Iranian television, Mr. 
Pishevar said. After the revolution 
he was in danger, and in 1980 he 
left for America. The rest of the 
famil y followed a year later. 

“Even with hard times, we’ve 
succeeded in this country,” he a 
said. My father went from televi- r 
sion to driving a taxi in Washing- 
ton, D.C. My mother worked as a 
maid. Now my brother, who’s 26, 
is a lawyer. My sister, 24, is set- 
ting her PhD. m clinical psycho- 
logy. And my father, who’s 56. is 
working on a PhD. in mass com- 
munication; he has his disserta- 
tion defense tomorrow. 

“Evoy Thanksgiving my moth- 
er gets op at 6 in the morning and 
cooks until 5 in the afternoon. The 
whole table is full of food. We sit 
down, we say our prayers and each 
of ns talks about what we've been 


to each other. And we always talk 
about how we have a responsibil- 
ity for other people. 

“One of the Persian poets, 
Sa’di Shirazi, said: *Tbe sons of 
Adam are limbs of each other, 
having been created of one es- 
sence. When the calamity of time 
affects one limb, the other limbs 
cannot remain at rest- If thou hast 
no sympathy for the troubles of 
others, thou art unworthy to be 
called by the name of man.’ 

“That’s what Sarajevo is about 
We all haw a responsibility to 
each other.” 

At Berkeley, Mr. Pishevar is 
majoring in plant genetics and 
cell biology, studying the winE 
bean (“a wonderful plant freer 
New Guinea — it has under- 
ground tubers that are edible, and 
so are the beans and the leaves”). 
He also works as a volunteer in 
the emergency room of a chil- 
dren’s hospital, running for sup- 
plies and helping the children to 
stay calm — “the doctors and 
nurses have enough stress trying 
to save the child’s life.” 

But now Bosnia is on his mind. 
He wants to reach the doctor in 
Sarajevo and offer to come and 
help in the children’s clinic. 

“A couple of days ago I saw a 
picture of a 7-year-old boy in Sa- 
rajevo who had been shot in the 
head. I don’t know how we can 
ignore the killing of children. 
What has become of our human- 
ity? I’m afraid we have lost the 
sense of responsibility for people 
who are being murdered by hate, 
f don’t know what has happened 
to us. America has a history of 
helping those who are suffering. 

“Just 50 years ago we saw the 
horror of mass murder that hap- 
pened because people hated those 
who were different. I can’t under- 
stand why we haven’t learned.” 

As Mr. Kshevar spoke, I began 
to write down what be said. It 
seemed to me that he understood 
a lot about Thanksgiving and 
about America. And this year, his 
comments were poignant. 

In Thanksgiving week, 1994, 
newly empowered Republicans in 
Congress made plans to crack 
down on immigrants and the poor. 
Senator Patrick Leahy, a Demo- f 
era U noting the plans to limit food 
stamps and other feeding pro- 
grams, said: “Not since the Great 
Depression has the possibility of 
millions of children lining up at 
soup kitchens bean so reaL” 

Which America are we? Are we 
the land of hope and sympathy? 
The land of amazing opportunity 
for immigrants, and amazing 
benefits from them? Or a land of 
meanness, of cold certainty that 
the unfortunate deserve their fate? 

The New York Times. 


EN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894c Native Uprising 

LONDON — Advices have been 
received from Australia of a na- 


1944c German Atrocities 


five uprising having taken place. 

Gum- 


In all the islands near New 
ea scores of European settlers 
have been murdered by Kanakas. 
The steamer Three Cheers, of 
Sydney, reports calling at New 
Ireland with supplies and finding 
the port in ashes and white men 
nowhere lo be found. Traces of a 
cannibal feast of recent dale were 
found on Admiralty Island. 


WASHINGTON D.C. — {From 
oar New York edition:] The War 
Refugee Board, in what was re- 
garded as the most shocking doc- 
ument ever issued by a United 
States government agency, made 
public today [Nov. 25] an official 
report on German atrocities that 
have caused the death of “mo- 
tions of innocent civilians — Jews 
and Christians alike — all over 


Europe.” The “revolting and dia- 
bolical” German atrocities were 


1919: Sinn Fein Banned 


LONDON — [From our New 
York edition:} The government in 
Ireland will issue from Dublin 
Castle tomorrow [Nov. 26] a 
proclamation declaring the Sinn 

Fein and every allied organization 

throughout the length and breadth 
of Ireland illegal and ordering 
their supprerion immediately. 


described as a “campaign of ter- 
ror and brutality which is unpre- 
cedented in all history and which 
even now continues unabated^} 
and is part of the German plan to* 
subjugate the free peoples of the 
world” The report is an indict- 
ment of the entire Goman na- 
tion, for it makes dear that the 
atrocities were directed from Ber- 
lin, and that they were planned 
and executed by Germans. 









1 





\- ■ 





V Uvri, 


'•is 


■"'i 




'i 








INTERNATIONAL HERALD TRIBUNE 



Saturday-Sunday, 
November 26-27, 1994 


An Architect’s Architect 


By Roderick 
Conway Morris 

Intemananal Herald Tnhun* 


M antua. Italy — 

it has been the oc- 
cupational hazard 

of the architect , 0 — ••• 

tiirough the ages not to live lone j aty a camera obs 

enough to see a life’s woii reach - a geodetic device of his own 

completion, but Leon Battista } nvealJ on- There followed a Lat- 
Alberti (1404-1472) was esoe- m °° painting. “De pic- 


One of the fascinating aspects 
of Alberti s life is the constant 
interplay and cross- fertilization 
between his scientific and artis- 
tic interests. By the time he was 
30 be had written a magisterial 
description of Rome and its 
monuments, having surveyed 
obscura 


ciaHy unfortunate in this respect. 

The author of “De re aedifica- 
torra,” the architectural treatise 
that became the bible of archi- 
tects for more than 300 years, 
Alberti did more than any other 
Renaissance artist to ratio nalize 
the theory and practice of build- 
ing and to revive classical archi- 
tecture, yet hardly any of his 
inspirational designs came to 
fruition during his lifetime. 


. Consequently, this immensely 
influential .figure has been 
doomed to a. kind of limbo: a 
constant presence for art and 
architectural historians, he re- 
mains an elusive; shadowy figure 
for the wider public. In an at- 
tempt to remedy this, “Leon 
Battista Alberti” is being staged 
at Palazzo Te (until Dec. II) in 
Mantua, where Alberti's largest 
extant work, the church of Sant* 
Andrea, was begun shortly after 
his death. The show is IDuminal- 
ingly illustrated both by newly 
constructed wooden models and 
three-dimensional computer 
simulations that re-create his ex- 
isting buildings as Alberti con- 
caved them, stripping away the 
numerous later modifications 
and accretions. 


tura, in which he more or less 
laid the foundations for all sub- 
sequent art theory. The year af- 
ter, he published the work in 
Tuscan (the dialect that formed 
the basis of Italian) and became 
a champion of the use of the 
vernacular as a literary and sci- 
entific lan guage 

For 20 years immersed in his 
studies and frequently traveling 
from Italian court to court as an 
artistic adviser, it was not until 
he completed his monumental 
architectural treatise that he 
turned his attention to design- 
ing buil ding s 

'The 16th-century art histori- 
an Vasari was a bit snooty about 
Alberti,” said Professor Joseph 
Rykwert, whose Edinburgh - 
based Alberti Group did much 
of the research for the show, 
“saying he was a better writer 
than artist, better with the pen 
than the brush. But, in reality, 
there is no doubt that Alberti 
was a considerable artist, an ac- 
complished painter and knew all 
the necessary techniques, such as 
how to cast bronze.** 


contradicted by the evidence. 
“AS the letters we have prove 
that he did go on site and was a 
very practical man, and in that 
sense very much an architect. 
We can actually show now, be- 
cause we’ve done computerized 
surveys, the dimensional preci- 
sion with which he worked. If he 
was designing a building for 
Florence he would do the mea- 
surements in Florentine braccia 
because that is what the crafts- 
men used there, whereas for 
Mantua he used Mantuan feet. 


“He was also very interested 
in harmonizing the dimensions 
used in different cities. And, in 
fact, one of the things he pro- 
poses in his survey of Rome is a 
standard measure based on the 
circumference of the Earth, 
which is indeed — the meter." 


Wi 


‘HY. then, was 
hardly a single one 
of Alberti’s build- 
ings finished during 
his 20 years of activity in the 
field? Part of the difficulty was 
that Alberti came to architecture 
relatively late, but also, said 
Rykwert, because his patrons 
had financial problems. The ex- 
ception was the Florentine mag- 
nate Giovanni Rucdlai, who 
commissioned Alberti to design 
a palazzo, a sepulcher and the 
facade for Santa Maria Novella. 


Equally, added Rykwerk, the 
view that Alberti remained n»re 
a theorist than a practitioner is 


A LBERTI was the ille- 
gitimate son of 


son of a 
lorentine living in 
.exile in Genoa. His 
father’s peregrinations in 
search of business opportuni- 
ties took the family to Venice, 
giving the boy the chance to 
study at Italy's leading universi- 
ties nearby. Though he finally 
graduated from Bologna in law, 
he also studied Greek, math, 
/sics and optics at Padua, 
the Florentine ban on 
the Alberti dan was lifted in 
1428, Leon Battista was able to 
see his “native" city for the first 
Brunelleschi’s amaamg ca- 
thedral dome was then under 
construction, and seeing it and 
Florence’s other artistic riches 
had a profound effect on him. 
Initially, however, hefpllpweda. 
literary and ecclesiastic career. . 
In Ins late 20s Alberti took up 
residence in Rome, and with his 
financial independence guaran- 
teed by lucrative church posts,, 
he was free to devote himself to 
research and scholarship. 


y. .y* 



“The sepulcher was the only 
thing actually finished in Alber- 
ti's lifetime and was, we think, 
more or less as he wanted it. It is 
a fascinating object because 
Giovanni Rucellai sent masons 
to Jerusalem to take measure- 
ments of the Holy Sepulcher, so 
the tomb is a kind of half-sized 
model of the original one." 
Even then, the setting of the 
sepulcher was radically altered 
subsequently: Alberti had 
placed it in an open-sided log- 
gia so that it would be visible 
from the main body of the 
church, but the opening was lat- 
er bricked up, boxing the tomb 
in. A computer simulation of 
the intended arrangement, 
which allows one to see the 
tomb from a distance and then 
walk around it, convincingly re- 
veals how much more dramatic 
tile presentation of this exqui- 
sitely elegant and proportioned 
structure must once have been. 



Silver and gold inlaid roundel from China in 4th or 3d century B. C. fetched $850,000. 


inter 

P 


International Herald Tribune 

ARIS — Something 
funny seems to be go- 
ing on in China. In the 
last four years, the flow 
of antiquities handled by “clan- 
destine" diggers who sell them 
to the Hong Kong an trade has 
not just continued to be torren- 
tial as it has been since the early 
1980s. It now increasingly af- 
fects works of art of a rarity and 


SOUREN MEUKIAN 


splendor that one expects to 
come out of the most important 
archaeological sites. Bemused 
Western dealers, who carefully 
abide by the law, are buying 
these openly from well-estab- 
lished traders. They can hardly 
conceal their surprise. 


Te» Lod15amA.PT Mmnu 

Sant' Andrea in Mantua. 


Rykwert and his team also 
use models and vivid computer 
visuals to re-cneate Mantua’s 
Sant’ Andrea as it might have 
'been, suggesting that the 
church’s poor internal light is 
the result of changes in .Alber- 
ti’s original plans, which includ- 
ed large windows in the domes 
of the side chapels and in the 
walls above them. 


Paris Roofs: Fifth Dimension 


By Joseph Filchett 

International Herald Tribune 


P ARIS — The overhead 
geography in Paris — 
the roofs — has always 
figured in the city’s vi- 
sual romance, sometimes as the 
bohemian artist’s garret under 


the roof, more enduringly as the 
f there 


The city’s planners never em- 
braced his skyscraper vision of 
Paris but his building tech- 
niques coincided with a fresh- 
air cult: playgrounds for 
schoolchildren and solariums 
for the side, rooftop terraces 
were also social settings for the 
rich, including a besotted aris- 
tocrat who built a farmhouse, 
complete with meadow, on his 
roof overlooking the Seine. 


exhibit showcases some daz- 
zling recent roof architecture, 
which reopens the tops of budd- 
ings and replaces the eyesores 
with eye-pleasing finishes. The 
show’s organizers, with the 
planning hubris that has saved 
Paris in the past, plead for roofs 
as a new ground reconciling city 
dwellers with the heavens. 


The first intimation that a 
new phase was beg innin g in the 
quarrying of buried an trea- 
sures as open loot came in 1 990. 
In June. James C. Lally, Ameri- 
ca’s premier dealer in early Chi- 
nese art, displayed in his New 
York gallery a small group of 
Tang wooden figures. The type 
reminded connoisseurs of the 
eighth-century figures of court 
attendants, musicians and other 
characters molded and painted 
under the glaze, with one differ- 
ence. These were vastly superior 
as sculpture goes. There was a 
flowing movement to the gowns 
of the deader silhouettes, a sub- 
tlety in the expression of the 
faces that was admirable. 


things got moving. Four 
months later, in Paris, two stat- 
ues from the group popped up 
at the Biennale, on the stand of 
Gis&le Crofts of Brussels. One, 
retaining a fair amount of the 
original pcdychromy, was sub- 
lime. Later, a Paris dealer, Jac- 
ques Barrtre, sold to the Music 
Cemuschi a horse, missing part 
of its legs, and a groom believed 
to have been found with the 
animal. Damaged as it is, the 
horse is a stunning piece of ani- 
mal sculpture. There was no 
doubt about it: A previously 
unknown school of Chinese 
sculpture covering a wide range 
of figural art had been discov- 
ered in the course of some com- 
mercial dig that had lost its ID 
— starting with the location or 
the find and its possible link to 
some royal center. 


T 


So surprising is their appear- 
ance that the whole group re- 
mained on sale in Hong Kong 
for a long time at only a fraction 
of the price that each one now 
commands. 

Once LaHy made the jump, 


HAT same year, also 
in June, there came an- 
other revelation, far 
more exciting in terms 
of Far Eastern history. The 
London-based Parisian dealer 
Christian Deydier displayed on 
his premises and published in a 
glossy an-paper booklet a 
group of gold and silver objects 
in a very unusual style. The pur- 
ported provenance was the an- 
cient Liao state in Inner Mon- 
golia. What made several of the 
pieces remarkable were the in- 
scriptions incised in Chinese 
characters, obviously after 
completion. They gave dates 
ranging from 1024 to 1028 and 
named characters known from 
a Chinese historical source, the 
Liao-Shi, or official annals of 
the Liao. Liao is the name of a 
dynasty that ruled a non-Chi- 
nese people, the Turkic Kitan, 
better known for their ceramics. 


In June 1991, Deydier fol- 
lowed up his 1990 show with a 
second, larger and more im- 
pressive group of silver objects, 
caskets in particular. They 
yielded a new crop of inscrip- 
tions including historic names 
and dates. Objects from the 
same group eventually emerged 
here and there from New York 
(Lally) to Brussels (Crofts). 

Excepting the December 
1993 and January 1994 issues of 
a Taiwanese journal, The Na- 
tional Palace Museum Monthly 
of Chinese Art, no Chinese ar- 
chaeological publication ap- 
pears to have got wind of the 
find. In the Taiwan journal, the 
photographic material was sup- 
plied by Deydier. The only brief 
mentions in the Chinese media 
shedding any light on the sub- 
ject were carried by two Beijing 
dailies, the Beijing Daily and 
the People’s Daily. In early De- 
cember. Deydier 'received from 
his Chinese correspondent clip- 
pings of two short paragraphs 
referring in the vaguest possible 
terms to the discovery of frag- 
mentary silver boxes. The find 
made “by our archaeologists” 
had taken place along the bor- 
der separating the Han prov- 
ince of Hebei and Inner Mon- 
golia. There were inscriptions, 
including the name Wenzhong 
Wangfu that recurs on several 
of the Deydier vessels, and 
dates from 1022 to 1027. An- 
other clipping was sent by ihe 
correspondent who indicated it 
was from a Nanjing daily. And 
that was it. 

Deydier says thaL after that, 
the original Chinese supplier to 


the Hong Kong market was not 
1 of anyme 


heard of anymore. His guess is 
that the supplier emptied a vast 
board found in a partly intact 


vista across one of the few capi- 
tals that can be apprehended in 
a glance. The slate-gray roofs 
are a landscape, with espaliers 
of chimneys that moodily re- 
flect the light mid weather. In 
most cities, the roof is rarely 

on wheels could be shifted to 


. An extraordinary terrace, still 
mythic among architects, was 
bmlt cm the Champs-Bysftes for 
Charles de Beistfcgui in 1929 by 
Le Corbusier. The Beistfcgui 
taste for lavish fancy-dress balls 


% r 3“ 


I •' 

l- 


is, it’s a fifth wall. 

This fifth dimension is lov- 
ingly explored in an exhibition, 
“Les toils de Paris: de toils ea 
toils," which runs until Dec. 31 
at the Pavilion de 1’ Arsenal, the 
Paris architecture museum. The 
center, in the five years since it 
opened with a small budget 
from the mayor's office, has a 
growing reputation for its witty, 
relevant takes on how the city 
oot its shape and sensible exam- 
ples about what to do next 

The rooftops of Paris in the 
collective memory are drama- 
tized in giant-screen projections 
of film sequences. Cat-burgler 
Fan Lomas capers beyond the 
law's grasp with diabolic free- 
dom. Harrison Ford struggles 
above the streets in a diffhang- 
er. Rock groups. Surrealists, 
fashion photographers make 
the roof scene. 


the panorama and the 
terrace was completely 
enclosed, four walls forming a 
room that was open to the sky 
and carpeted with grass. The 
only furniture was two arm- 
chairs in front of a fireplace, 
which formed an optical illusion 
with the Arch of Triumph loom- 
ing above the terrace wall. 

Rooftop terraces were aban- 
doned in postwar Paris and the 
space left as graveled vacant 
lots for dumping the bulky, ma- 1 
(-bin ary needed to run elevators, 
air conditioning and other 
modem conveniences. Trying 
to find new room at the top, the 


T HE turning poiijt 

the invention of ihede- 
vator. For centimes, 
the lower floors had 
been the better floors, with sa- 
vants and poor relations chmb- 
ing the stairs. These slant-ceii- 
inged chambres de bonne, which 
provided cheap lodgings for gen- 
erations of students, now are dis- 
appearing as ■ owners convert 
them into rooms with a view. 

>. Rooftop terraces flourished 
>in Paris, all too briefly, in the 
" 1920s and the 1930s once rein- 
forced concrete made it practi- 
cal to build wide, fiat roofs. The 
new building material s master, 
the architect Auguste Ferret, 
showed the way by putting his 
own apartment atop 1 one of ms 
buildings. 


POT 



ART EXHIBITIONS 


1IN 


SERGEI 


CHEPIK 


■ ★ RUSSIAN AKT- NOW ON VIEW ★ | 


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Unusual paintings and sculptures 

1890*1930 

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TeL UK 71 2438877 


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Can 67.74.06.14 (France) 


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• Tel: 42.25.70.74 - Fax: 42.56.40.45 


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Fatten - Gartner - Gaveau - Hambourg - Kluge 
Malva - Seblre - Tchoubanov - Vignoles 


FRANCE 


.MICHEL-HENRY, 


17 NOVEMBER- 17 DECEMBER 1994 

GALERIE ETIENNE SASSI 

14, AVENUE MATIGNON - 75008 PARIS 


PHONE: 42 25 5929 


GREAT BRITAIN 


ARTSCOPE INTERNATIONAL 


.( kmii H'liiivr asset protection 
from an established insurance 
broker offering a discreet and highly 
personalised servin' to disremini; 
clients (linMidiout Europe. 


Contact Aron Shapiro or Richard King 
Tek 071-705 7600 Fax 071-705 7625 


Irtmipr Inh'nnilitmul IiiMinimr Sririiv* l.ltl 
t ttu'mlu-r itf'llti’ llllll (.'Mm/ I rl t.'nni/i 


underground cache. The few re- 
maining pieces, Deydier reck- 
ons, must have come into police 
hands and been handed over to 
cultural authorities. If there had 
been an excavation, an archaeo- 
logical report would have come 
out If the discoveiy is not a 
hoax (and the caskets and 
bowls do not give that impres- 
sion), a fantastic site has been 
lost to science. 

Some of the inscriptions raise 
problems of interpretation that 
would be solved if the pieces 
bad been found in situ. Such as 
it is, the group, which requires a 
proper monograph, writes a lost 
chapter of Kitan cultural histo- 
ry. ft is entirely wrong to look at 
it as some form of Chinese pro- 
vincial art with archaistic fea- 
tures inherited from the Tang. 
Aesthetically, it belongs to an- 
other world, emphasizing vigor 
and movement, not sophistica- 
tion. Historically, its links are 
as much with eastern Iran (a 
gold footed bowl reproduces an 
Ir anian shape of the seventh to 
eighth century) and Turkistan, 
now called Sinkiang (the danc- 
ers on a casket dated 1026 are 
typical). Coins, shreds of tex- 
tiles, fragments of glass or ivory 
of no commercial value that 
must surdy have been lying 
around — to say nothing of 
other, complete objects — 
might help us draw the overall 
picture of Kitan art and culture 
at that point. 

This year, going through oth- 
er selling shows of early art 
from the People's Republic of 
China gives the feeling that the 
reckless rape of the past is wors- 
ening 

In June, Lally showed among 
other masterpieces, a huge 
bronze door nng of the Han 
period. A powerful taotie mask 
in high relief clutches the cham- 
fered ring in its teeth. It must 
have been ripped off the stone 
door of some funerary chamber 
or, perhaps, a sarcophagus. In 
the interests of art history, one 
would like to know where such 
an extraordinary object was 
found. 

At the Biennale, several ob- 
jects were of a kind that one 


does not expect to be wandering 
about the market. On the stand 
of Crofts, a silver and gold in- 
laid roundel of the fourth or 
third century B. G was decorat- 
ed with a feline and a dragon 
locked in a furious battle. Styl- 
ized almost to calligraphic ab- 
straction, this is one of the earli- 
est examples of such a theme in 

Chinese art. The object is so far 

unique. 

So is a halberd, probably of 
the third century B. C. The gild- 
ed bird in the round perched on 
the edge of the tubular opening 
for the haft is a gem of animal 
sculpture itself. On the blade, a 
calligraphic band of characters 
with bird heads sends back an 
echo of the bird in relief. This 
rates among the great master- 
pieces of Chinese art, albeit not 
a spectacular one. It was bagged 
by a “Far Eastern museum" 
($70,000) as was the roundel 
($850,000). 


I 


T all climaxed on the 
stand of Deydier with a 
huge bronze, more than 
26 inches (66 centimeters) 


high, which looks like some 


The dealer dates it from 
the late Shang period, around 
the 1 1th century B. C. This is a 
southern Chinese version of the 
Shang style, hitherto unknown 
in the WesL Deydier’s object 
weighs 78 kilos (170 pounds). 
How “clandestine" can you be, 
carting a 26-inch chunk of met- 
al overland, all the way to the 
coast, and that in a state where 
policing is reputed to be vigi- 
lant? 

Asked about the reasons for 
“clandestine" digs going into 
high gear, Deydier says that the 
urge to get rich quickly and 
have a stash abroad is now per- 
vasive. A few rules are still ob- 
served. Exporting archaic 
bronzes with royal inscriptions 
is frowned upon. In Hong 
Kong, Deydier heard of a 
bronze that was going back. 
The dealer had beat given sig- 
nals that its return was “de- 
sired." If this is true, the bronze 
will be back, but its history can 
never be recovered. It is now 
lost, to China and to the rest of 
the world. 


auction sales 


IN FRANCE 


DROUOT RICHELIEU 

luaitii! 9. Rue Drouot, 75009 Paris - Tel: (1 ) 48 00 20 20. 


Monday, December 5, 1994 


Room 16 at 2.15 pan. - I r nh .ind 2mh Cent 1 ‘A I MINGS AND 
SCULPTURE Experts: MM. A Plk.hu and A. de Lorn cno tun. M. P 
Rjille. On view: please contact Pr.infOLs Tapn texf 32m or ClifWine 
Davnnnei text .35-i't. ETUDE TAJAN, J’. rue Jvs Mjthurins. “Snort 
PARIS. TcL: ( 1 1 53 50 30 _V« • Fax: my VI V) 31 . In NEW YORK 
please contici Ketiv M-jivwin iuRe ft G>. Inc. In Eisi UMh Sireei. 
fifth flexw, N.Y. 101*21 . Phone- (212) S? T ' ~3" 3H 13 - Fax- 
l2l2tKT,i M 3». 


Tuesday, December 6, 1994 


Room 10 - ART NOUVEAU - ART DECO. Expens: Cabinet 
i. Fexperti.se CamanL Please coniacL- Catherine Cluhrilhii or Ophetie 
Wilx kix lexi. 35SJ. On view: Montluv, Decemlter 5. 1 1 a m - 6 p.m. 
ETUDE TAJ AN, 37, rue des Maihurins, "5W8 PARIS. Tel: (1> 53 30 


30 30 - Fax: lit 53 30 30 31- In NEW YORK please conLut Kelly 

t. fifth floor, N.Y. 10021. 


Mnisnnrou^e ft Co. Inc. 16 East 05th Si reel. 

Phone: 1212) 737 3S 97 / 73’ 38 13 - Fax: 1212> 8til 14 .V). 

Wednesday, December 7 , 1 994 


Room 11 at 2.15 p.m. - 3rd arul List sale. JEWELLERY. -WRIST 
WATCHES. Expert*: MM. R. Dec haul and Th. Sielten, Ed. de Sevin. 
Please contact Florence Grelher text. 350). On view: Tuesday, 
December 6, 11 a.m. - Ci pm. ETUDE TAJAN, 37. rue des Maihurins, 
7500R PARIS. Tel.; 1 1 1 53 30 30 30 - Fax: ( I ) 53 30 30 31. In NEW 


YORK please contact Kelly MaLsunrouge ft Co. Inc. 16 East 65ih 

\.m - • 


Street, fifth lloor, N.Y. 10021. Phone: t212> 7?7 35 «T7 / 737 38 13- 
Fax : (212)861 1*> 31. 


Room 2 at 2.30 pan. -HUNTING. (OBJETS D'ART, PAINTINGS, 
SCULPTURE, etc ) MELLON- ROBERT, 1 9 . rue de la Grange 
Bafeliere, 75009 PARIS. Tel.: (J HP 00 99 - Fax.- fU 48 00 98 58. 

Friday, December?, 1994 


Room 7 at 2.15 p.m. - FROM A PRIVATE PAR1SLAN TOWN 
HOUSE AND OTHER COLLECTORS - Pth, 18th, 19ih Cent. 
FURNITURE AND OBJETS D'ART - OBJETS DE CURIOSITE AND 
MINIATURES USh and 19th Cera. Experts; A1M. J. Saim-Bris, M.G. 
Lehfevre assisted by Louis Lerebvre, M.O. Bore. On view: Thursday, 
December 9, 11 a.m. -6 p.m. ETUDE TAJAN, 37, rue des Maihurins, 
75008 PARIS. Tel: (11 53 30 30 30 - Fhx: (J) 53 30 30 31. In NEW 
YORK please contact Kelly MaLsonrouge ft Cn. Inc. 16 East 65th 
Sired, fifth fioor, N.Y. 10021. Phone: 1212) 7?7 35 07 / 737 38 13 - 
Fax: (212) 861 1-1 33. 


Sunday, December 11, 1994 


Room 4 at 230 p-m. - AMERICAN QUILTS AND PATCHWORK. 
MUXON-ROSEKT, 19, rue de la Grange Bilteliere. 75000 PARIS. 
Tel.: (1) 48 00 99 44 - Rut: (1 ) 48 00 98 58. 


DROUOT MONTAIGNE 

15, avenue Montaigne. 75008 Paris -TeL: (1)48 00 20 80 


- Tuesday, November 29, 1994 


At 3 p-m. - HAUTE COUTURE. MILUON-ROBEKT, 19, rue de b 
Grange Raleliere. 75009 PARIS. TeL: 1.1 1 48 00 90 +» . Fax: (!) 48 00 
98 5a 


-Thursday, December 1st, 1994 


Al 8.30 pan. - ART NOUVEAU - ART DECO. MHLON-ROBERT, 
19, me de la Grange Mateliwe. 75009 PARIS. TeL: U) tB 00 99 4 i - 
Fax: U> 48 00 98 5a 


Friday, December 2nd, 1994 


At 8.30 p.m. - MODERN ft CONTEMPORARY PAINTINGS, 
SCULPTURE from Mrs. HUAKT ESTATE AND OTHER 
COLLECTORS. MILLON-ROBERT, 1 «), rue de la Grange 
IVUeliere. 75009 PARIS. TeL: ( 1> 48 00 00 44 ■ Fax: (1 ) 4H 00 !# 
5K. 

Sat ur day, December 3rd, 1994 


At 230 pJn. - IMPORTANT JEWELLERY. MILLON-ROBERT, 19. 
me de bi Grange Haielierc. 75009 PARIS. Tel: U) 48 00 99 44- 
F.ut: (1)48 0098 SR. 


37 rue des MatfiurinsS^^SiS 

75008 PARIS, W 


TTEL (33.1) 53 30 30 30 
FAX; (33. 1)53 30 30 31 


HOTEL GEORGE V (Salon “La Paix") 

31, avenue Qeorge-V, 75008 PARIS 

Saturday, December 5, 1994 


At 2.30 p.m and 7 p.m. From Mr. Edward lUinfmd.- 
IMl’OKTANT PRIVATE WINE CELLAR, Bordeaux. Kwgimdy. 
Gentian Rhine Wine and front Moselle. Export: M. A de 
Clmiel. On view: Saturday. IHvemlvr 3. 2 pin. - 7 p, ni 
Sunday. Dm-mlter -i. 2 pan. - 8 pm, Mimday. Detemivr 5^ 
1 1 a.m. - 12 -i.m. llesise iimtari: Fa! trice Gueillicrt. ETUDE 


TAJAN. 37. me th* Maihurins, "tOOH PAULS. TeL ( 1 1 53 30 50 
30 Fas. Hi 5.3 .30 Mi 31. In NIPS’ YORK please cnnLia Hetty 
MawHintuty ft Lit. Inc, 16 Eatf 65 j!i .Sirvet, fifth floor NY 
mui. M***: "57 55 97 7.37 381 3 - Fax: t2l2l Uhl j 1 3 , 


ed 

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ImernationaHlerald Tribune, Saturday-Siwday. November 26-27, 1W4 


Page 9 



THE TRIB INDEX 111 OOfSfa 

ISEtfSSfS? If 8 * ®- 

byBloomberg Business iw !Sfi^f = ^ J 0 nln9s ' °° mpilec! 



100 ^ 




■ * ■ ■ ■ . *V\ ; 


Approx. weighting: 32% 
Close: 121.14 Pmz 12087 


Approx, weighing: 37% 

Close: 1 13.43 Prw.' 11352 


110-mm-^ y ; 

go a-Jz JLtL^lk 



’ \ ' 

J J A S 

O N 
1994 

J J A S 

O N 
1994 

n North America 


Latin America 


Approx, wogtiting; 26% 
Ctose: 94.61 Prev.: 9420 
150 

HER 

Approx weighting: 5% 
Ctose: 125.58 Prw.: 127.82 



so^-e-r 

J JASON J JASON 
. 1994 1994 

>1?; World Index 

The index tracks U.S. deter values at stacks in: Tokyo, New York, London, arx) 
Argentina, Australia, Austria, Belgium, Bntzfl, Carada, CNto, Denmark, Finland, 
France, Germany. Hong Kong, Italy, Mexico, Netherland s. New Zealand, Norway. 
Singapore, Spain, Swe d en, Switzerland and Venezuela. For Tokyo, New York and 
London, the index is composed of die 20 lop issues h terms at market captaUzahon. 
otherwise the ten top stocks are tracked. 


U I^Ktuvtrial Stictors ^ 


M 

dace 

Aw. % 

dm dung* 


Fri. 

dm 

tew. 

dm 

% 

Energy 

11139 

111.91 -0.02 

Capital Goods 

111.41 

111.15 

+023 

UHBles 

122.43 

12341 -1.19 

Rnlbtarnb 

128-50 

128-54 

-0.03 

Finance 

iiao6 

109.84 4020 

Consomar Goods 

102.83 

102.61 

+021 

Services 

112.75 

11250 -0.13 

Wscdlaneaui 

11525 

115.17 

+0.07 

* For more information about the Index, a booklet is avafebfe free of charge. 

Write to Trib Index, 181 Avenue Charies da Gaulle, 82521 faulty Cedex, France. 


O International Herald Tribute 


Merger 
Set by 
Top U.K. 
Thrifts 


ConpUtd by Our Staff From Disptacka 

LONDON — Two of Brit- 
ain's largest home-loan lenders 
said Friday that they would 
merge to create the country’s 
third-biggest bank. 

Tbe joining of Halifax Build- 
ing Society and Leeds Perma- 
nent Building Society, with to- 
tal assets of about £90 billion 
i ($140 billion), will intensify al- 
ready fierce competition in the 
financial services sector. 

“The enlarged business will be 
weD- positioned to compete ef- 
. fectively in tbe market for per- 
sonal financial services,” said 
Halifax’s chairman, Jon Foulds. 

The society will carry the 
Halifax name. 

In Britain, building societies 
are owned by their depositors. 
The merger announced Friday 
is subject to approval from 
those depositors and from the 
Building Societies Commission, 
whidi regulates the industry. 

The deal was criticized by 
politicians and labor unions. 
But analysts said they did not 
foresee serious obstacles. 

The Labor Party demanded 
that the government look at the 
effect of the merger on competi- 
tion in the banking sector and 
the industry’s trade union said 
it could lead to job cuts. 

“This merger will create the 
third-biggest financial institu- 
tion in Britain and the govern- 
ment must consider what effect 
it will have on competition and 
choice for tbe public." said the 
Labor Party’s financial spokes- 
man, Alistair Darling. 

While the societies’ deposi- 
tors will not win a cash bonus 
from the merger, they will be 
given shares when the company 
seeks a listing on the London 
Stock Exchange. With about 8 
millio n investing members, that 
could make Halifax the most 
widely held share on the British 
market. (Reiners, Bloomberg) 


Whatfs Bothering Stocks 

Fall in Cyclical Shares Sends a Signal 


By Floyd Norris 

New York Times Service 

NEW YORK — The stock market is sud- 
denly gelling worried about the health of Lhe 
economy. 

The plunge in prices this month, and par- 
ticularly on Monday and Tuesday, has hit 
cyclical stocks — the issues most dependent 
on a strong economy — tbe hardest. At tbe 
same time, the bond market has suddenly 
gained strength. 

"What the cyclical stocks are t ellin g us is 
that a slowdown is immin ent," said Ed Gold- 
farb, a strategist at AeJtus Investment Man- 
age men L “I think that is what broke tbe back 
of the market this week, without any real 
confirming economic data." 

U.S. investors returned from their Thurs- 
day Thanksgiving holiday apparently less 
pessimistic about the economy, as slocks rose 
33.64 points to 3,708.27 Friday. 

A siring of important economic reports 
next week, including data on the gross domes- 
tic product, unemployment, factory orders 
and leading economic indicators, might help 
persuade investors that the market will con- 
tinue to bounce back. 

“What you have seen is fear that the econo- 
my is headed into a recession,” said Abby 
Joseph Cohen, co-chairman of the investment 
policy committee at Goldman, Sachs & Co. 
“There has been a notable rotation away from 
stocks whose earnings are economically sensi- 
tive.” 

For much of the last two years, cyclical 
stocks had led the market. Their strength 
predated most economists' discovery that the 
economy was growing surprisingly quickly. 


Now, cyclical issues are turning downward, 
reflecting worry that the Federal Reserve, 
which bas raised short-term interest rates six 
times this year, will go too far. The most 
recent rise was last week, when the Fed 
pushed up short-term rates by 75 basis points, 
or three-quarters of a percentage point. 

The stock market has long baa a reputation 
for worrying about the economy whether it 
needed to or not. A prominent economist. 
Professor Paul Samuelson, is credited with 
having said that the stock market had forecast 
many more recessions than had actually oc- 
curred. And there are few indications that 
economic activity in tbe United States is in 
danger of seriously slowing. 

That is one reason some analysts, including 
Mrs. Cohen of Goldman Sachs, saw the re- 
cent plunge in prices as a buying opportunity 
and suggested that investors would grow 
more encouraged when they saw that tbe 
economy and corporate profits would not fall 
by much next year. 

One of the stock market’s great strengths 
since 1 988 has been tbe willingness of individ- 
ual investors, particularly mutual-fund buy- 
ers, to view dips as buying opportunities, 
rather than as cause for panic. While stock 
fund buyers have been losing enthusiasm, so 
far there is no sign of a run for the exits. 

But Byron Wien, chief U.S. equity strate- 
gist for Morgan Stanley, said a change may be 
coming. On Monday, he recommended that 
portfolio managers raise their cash levels to 


Germany Names 
Goldman to Aid 
Telekom Sale 


15 percept, from 3 percent 
He pointed to evidence 


pointed to evidence that households 

See STOCKS, Page 10 


Sony Co-Founder Steps Down 


By James Stemgold 

New York Times Service 

TOKYO — Alrio Morila, the 
brassy entrepreneur who co- 
founded Sony Corp. and turned 
it into one of the world's most 
innovative dec ironies compa- 
nies, resigned as chairman Fri- 
day for health reasons, the com- 
pany announced. 

Mr. Morila. 73, suffered a 
cerebral hemorrhage last year 
that reportedly left him lucid 
but physically impaired and in 
a wheelchair. 

During Mr. Morita’s 48-year 
reign, Sony achieved spectacu- 
lar success with its television 


sets, stereo equipment, video 
cameras and the much-imitated 
Walkman tape player, a con- 
cept that revolutionized con- 
sumer electronics. 

But the company also made 
some bad bets, induding its 
commitment in the early 1980s 
to the Bela format during the 
early years of home video. After 
several years of competition, it 
became dear that tbe rival VHS 
format was gaining wider ac- 
ceptance. and Sony took big 
losses on Beta. 

Mr. Morita will stay on as 
honorary chairman, the compa- 
ny said. It did not announce a 


successor. The president, Norio 
Ohga, has been running Sony in 
Mr. Morita’s absence. 

There was some speculation 
in Tokyo that Mr. Morita’s re- 
tirement was an opening to 
push Mr. Ohga out as president, 
clearing the way for new top 
management after the compa- 
ny’s debacle in Hollywood. But 
company officials insisted that 
the move had been made at Mr. 
Morita's insistence and had no 
other meaning, which several 
analysts said they accepted. 

[The timing of the announce- 

See SONY, Pago 10 


By Brandon MAtchener 

International Herald Tribune 

BONN — In what is likely to 
be a lucrative coup, Goldman, 
Sachs & Co. emerged from 
about two dozen international 
investment b anks as the coordi- 
nator of foreign stock sales in 
the privatization of Deutsche 
Telekom, the German govern- 
ment said Friday. 

Goldman Trill serve as co- 
lead manager of the biggest 
Gezinan public offering ever, 
scheduled to begin in 1996, to- 
gether with Deutsche Bank AG 
and Dresdner Bank AG, which 
wiU bear primary responsibility 
for the German portion of the 
15 billion Deutsche mark ($10 
billion) issue. 

“Only a limited number of 
banks have the necessary expe- 
rience in telecoms privatiza- 
tions, and of these Goldman 
has had the most experience to 
date,” Wolfgang BOtsch, the 
post and telecommunications 
minister of Germany, said. 

Goldman has been the global 
coordinator for recent telecom- 
munications company privati- 
zations in Denmark, Mexico. 
New Zealand and Thailand. 

Banking sources predict 
commissions from the German 
privatization will come close to 
400 million DM. 

One factor leading to Germa- 
ny’s choice of Goldman is the 
guru-like status its telecom- 
munications analyst, Robert 
Morris, has among many insti- 
tutional investors. Mr. Morris 
has been the industry favorite 
for the past eight years, accord- 
ing to surveys by Institutional 
Investor magazine. 

Another factor, according to 
Stefan Jentzsch, the Goldman 
director in charge of the Tele- 
kom project, was the company s 
high profile in Germany. 

“We’ve been involved as a 
sounding board since the start 
of this project three to four 
years ago,” he said. “In the near 


future we think the telecoms 
industry wiU play the role that 
the car industry has played in 
tbe past few decades, becoming 
the biggest single contributor to 
gross domestic product.” 

Goldman paved tbe way for 
its selection by testifying at nu- 
merous German government 
hearings and pumping re- 
sources into the Frankfurt fi- 
nancial market, where its staff 
now numbers more than 200. 

Between 50 percent and 60 
percent of Deutsche Telekom 
issue is expected to be sub- 
scribed by German investors. 
As much as 300 million DM, or 
20 percent of the tranche, is 
expected to be placed in the 
United States. 

Although there are no official 
regional quotas, Deutsche Tele- 
kom said about 10 percent of 
the offering would probably be 
placed in Britain. 

“We want a lot of tbe shares to 
stay in Germany, but we’re also 
interested in getting internation- 
al investors because the Goman 
capital market simply isn’t big 
enough,” Mr. BOtsch said. 

The first tranche of the priva- 
tization alone will be roughly as 
large as the stock market capi- 
talization of Volkswagen AG, 
Kaufhof AG and Lufth ansa 
AG combined. Its size will pro- 
pel Telekom from stock market 
obscurity to membership in the 
DAX, Germany's 30-share 
blue-chip index. 

Mr. BOtsch said the Telekom 
rights issue would strengthen 
the company’s capital base, in- 
crease its ability to compete, 
liberalize the European mar ket 
for telecommunication services 
and make an “important contri- 
bution” to tile development of 
German financial maritets. 

Proceeds from the initial pub- 
lic offering will be used to retire 
debt. The German government 
will not profit from the actual 
sale of its own Telekom shares 
until after the year 2000. 





Indonesia at Edge of a Water Crisis 


IlZT 

IF— . 


By Michael Richardson 

International Herald Tribme 

J AKARTA — A looming water 
shortage in Indonesia’s major cit- 
ies and industrial centers wul curb 
the country’s economic growth un- 
less better management methods are in- 
troduced, government and World Bank 
offidals warn. 

Rapid industrialization and urbaniza- 
tion in the world’s fourth most populous 
n a ti on are putting an unsustainable de- 
mand on available supplies of water for 
both personal and business consump- 
tion. Several other Asian nations, includ- 
ing China and Thailand, face s imil a r 
problems. _ 

Environment Minister Sarwono Kusu- 
maatmadj fc said in a recent interview 
that “a serious scarcity problem win arise 
within three to five years” in Jakarta and 
Surabaya — Indonesia’s largest cities, 
where man y factories are concentrated 
— rmlgss action is taken to conserve 
water and use it more efficiently. 

He said that such a shortage would 
cause difficulties for a number of indus- 
tries that need large amounts of water, 
induding textiles, pulp and paper, and 
hotels. , , _ 

“If we have water shortages and ra- 
tioning, it will have a serious econwmc 
impact on industry,” said AburizalBak- 
rie. chairman of the Indonesian Cham- 
ber of Commerce and Industry. ^Ve 
have to find ways of conserving water 
and then creating more of it, perhaps by 
desalination ifit’s economically feasi- 
ble.” 


He said the chamber would be telling 
its members that even though water recy- 
cling and anti-pollution equipment was 
an added expense, “it is not a negative 
investment” 

Mr. Bakrie is unusual among business- 
men in Indonesia because he is aware of 
the water problem and the need to do 
something about it Many business peo- 
ple, including foreign investors, appear 
so preoccupied with growth and profits 
that they overlook the state of banc 

Chamb er of C ommer ce 
members are being told 
that water recycling and 
anti-pollution equipment 
f is not a negative 
investment.’ 

natural resources on which their opera- 
tions depend. 

In a report to the Indonesian govern- 
ment this year, the World Bank cau- 
tioned that with growing congestion and 
pollution in its main urban centers, “it 
win be increasingly difficult for Indone- 
sia to compete for foreign investment, 
especially in the higher-technology in- 
dustries needed to enhance the produc- 
tivity of the labor force." 

The bank said that heavy reliance on 
underground water to serve industrial 
and domestic needs in Indonesia's lug 


cities could not continue indefinitely. It 
added that Jakarta and other dries, such 
as Surabaya on the north coast of Java, 
were particularly’ vulnerable. 

In those cities, the bank warned, water 
is being drawn from aquifers more 
quickly than it is being replenished, 
‘leading to saltwater intrusion and land 
subsidence with attendant increases in 
floods and waterlogging, which in turn 
aggravates groundwater pollution from 
septic tanks.” 

There are not enough dams to supply 
Jakarta or Surabaya, and nearby rivers 
are heavily contaminated with human 
and industrial waste. In the dry season, 
which is just ending, the water level falls 
and the pollution becomes worse. 

Environmental specialists at the bank 
estimate that industries, hotels and pri- 
vate consumers in Jakarta are using wdls 
and pumps to draw more than 300 mil- 
lion cubic meters (about 10 billion cubic 
feet) of underground water a year — 
about three times the replenishment rate 
of tiie aquifers. 

As a result, seawater is seeping into the 
reservoirs, with the salinized area in the 
northern parts of the Indonesian capital 
expanding rapidly and now extending 15 
kilometers (9 miles) in from the coast 

More than 70 percent of industries in 
J akar ta use underground water, either 
because piped water supplies are inade- 
quate or because it is substantially 
cheaper to do so. 

Indonesia has a population of more 

See WATER, Page 11 


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_ _ . Nov. 25 

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CJasttss In Amstenmrn, London, ^ lg0; jta.- oot nuotod; HA.: net 

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Eurocurrency Deposits 


1 montfc SVteflfc 4*h-5 


Source*: Hooters, Uords Bark. 

Kata tameable to tefaT noiA desxntts at SI miBhn mininnan (or equivalent I. 


iRi 

Swiss 

Franc 

Starting 

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Franc 

Yen 

NOV. 25 

ECU 




5U>-5H 

2 vrf - 

5W-54V 




5 V5H 

2«.-7te 

5te-5% 

■ 

4 V4 ^ 

4 *■ 

5 " «-5 v. 

24b-21fr 


S3 


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6 ''*4 *'i 

2 -wi 'u 

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Other DoHar 

Currency ew* 
Anwrt.pe» tt 999 
AvtiroLS Ul®4 
Antr.ttM. IttM 
•raW red M3 
adnertYaon AJiU 
ACKCfcfconMm TtM 

TbcnJJfitoWK 

r Bunt, mm! 3JW 

Fin. markka 


Values 

Currency •’*'* 

creek aroc 
HOMKoneS 
Hung, forint WM3 

IntfwnHM 3t3» 

irtSi * “■* 

Israeli shot JW 

Kwntn dtosr 0 »w 
Motor.**** 


Corre«« 

Mol yen 
N. Zealand S 
Nor*. Krone 
PWL peso 
PottWitofy 
porLescteto 

RUSfcntoto 

smnsrhrcf 

SMS 


Currency Per* 
SiAft-.ranrf 45U 
S.Kor.Mfl 794J0 
Swid. knxn M65 
Taiwan* 2&21 

TMbaM 25JJ5 

Turtdmnra 36538. 
UAE Itoon 1 STi 
Vonei notlv. 1MJ7 


•Hi Bat** Currency »*• »**r **4or 

, 3MOT »*** *22 SSSiWIor 15747 U751 UHfl 

^ ;S !5 IS 

»k U® ,J16 ° . Bank (Brussels): Banco Commentate ttoUrmo 

IMG SW* ro*ra (Tokyo): ***>! Bonk of Conodo 


Kay Honay Rata* 

United Stated ■ Close Prev. 

DbflOMlftfr 4 *434 

Prtawrate ivi svj 

Fodonri tends AjOD 6 Vi 

3-onnttiCOs SJ1 SJI 

ComnLooKT IN flare fiDO 6JH 

frmaA IVeasanr MR in S3 

HwYnaanrMl 6,17 SI 7 

»raor Treasury note 7.1* 7.U 

S w T taa w note 7M 7J6 

7-yew Treasury oefe 7 £6 1 it 

10-yrar Treasury uote 779 7J1 

Mew Tremare tend 773 7JS 

MmttlLynctitedBV ready asset 45? 4S6 

Japan 

Discount rare TO TO 

CuB money 2.19 222 

iHflnfb Interbank 7M 2U 

3 month totertwnfc 2 v. 229 

Unonta I nte rtM* 228 239 

IB-ycar Government boefl. ASP 457 

Per moo r 

Lombard rn» UB 400 

Can money 455 49f) 

J-mantt talerM* UB LK 

Unootn interim* U0 528 

teaman Meraufe 5J0 130 

W*ear Baud 72B 731 


Brtarin 

Bank bate rate 
CsS money 

e ^l al fly a |b 

i -mourn Bneruann 

3- caoaft Interbank 
frwen tt talet tewk 
IfrvewGitt 
France 

latereeattan rate 
Cod money 
Vmoatta Interbank 
>moalti biter bank 

4- cao nm tott rtxmk 
n-yoar OAT 


5% 5% 

SVk 

5* 50. 

Ml ADO 
4* 

&4S M2 

5JM 5D0 
5* 5U. 

5V. 5K 
57. S\ 
54k M 
7.95 7J8 I 


USTR^Li^N LOTTERY GROUP PLAN ENTRY FORM 

To; PACIFIC PL AYKRS AGENTS 1/F. 15 LcL-hhanii Si_ Spring Hill. 

Brisham-. Queensland MIL AUSTRALIA Fax:(61 ) 7 831 0039 NUMBER REGULAR DE-LUXE 

YES; I’d hka to enter the AUSTRALIAN LOTTERY for a chance to win a OF j PLAN j PLAN 

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PLAN I want to play and the number of Shares I want in my GROUP. Chances to Win Chances 

U Please charge my credit card tor USS (tick as appropriate): * SHARE J USS 39 J IISS 


Sources: Reuters, Btoombera. Morrill 
Lynch. Bank at Tokvo, CemmenbonN Credit 
Lmonots. 

Gold 

ajm. PJA. Cb^e 
ZflriO 384.75 me +040 I 

Laodon 38445 36485 +055 

knrVort 38448 38470 Unch. 

ua. donors oerounco. Landat otnetat fht- 
tos/Zorfcb and Hew York aaetOng and etos- 
lag prices; Now York Comer (DeconaerJ 
Source : Renters. 


American Express J Visa J Mastercard J Diners Chib J Eurocard 
Card No. 

Signature_ _ _ _ _ Expiry dale 

J I enclose cheque bankdrafl for USS . _ made payable to 'PACIFIC PLAYERS 
AGENTSTAny convertible currency equivalent to the US Dollar amount is accepted). 


NUMBER 

OF 

SHARES 

/ Share l.nhited Id l-W ^ 
V pert.roup ' 

REGULAR 

PLAN 

10 NUMBERS. 

210 Combinations 
\ 12 weeks = 20 

ChmxreKio Win 

1 ONE SHARE 
» TWO SHARES 

1 FOUR SHARES 

1 SIX SHARES 
» KHi'irr SHARES 
» TEN SHARES 

J USS 39 

J USS 7u 

J USS 159 

J USS 239 

J USS 319 

J USS 399 


TelNo._ _ _ Fax No 


^ v Chances lo Win Chances lo Win 

I ONE SHARE J USS 39 J USS 14« 

» TWO SHARES J USS ?u j (.ISS 29S 

I FOUR SHARES J USS I5‘> J USS 5% 

» SIX SHARES J USS 239 J USS 894 

I EIGHT SHARKS J USS 319 _j USS 1.192 

» TEN SHARES J USS 399 J USS 1.49(1 

Postage. Handling and Service fees are covered in t he above prices. 
AUTOMATIC RENEWAL INITIAL HERE 

At the end of my subscription period, please renew 
my GAME(S) automatically py charging my credit 
card until f notify you otherwise 

P.tcHil' Plarars s a Lotlm- Ser«ce Company ndfpenden, 0 | C«»e/imuini AS 
emnw aru p«?«ss«l ikrough Agents fccens.ri b» Gov*amont aumorities 

VAL ID ONLY WHERE LEGAL HT 1 294 


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Pa^r 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 26 - 27, 1994 


- MARKET DIARY 


Dollar Advances 

With Wall Street 


Via AtioeitoBd Flats 


Not. 25 


The Dow 


Bloomberg Business News 

NEW YORK — The dollar 
rose against other major curren- 
cies Friday, underpinned by 
gains in the U.S. stock and gov- 
ernment-bond markets. 

“Stocks performed quite 
well, and bonds were up a little 
bit That lent support to the 
dollar,” said Hugh Walsh, cur- 
rency trader at FNG Capital 
Markets in New York. 

But with stocks having fallen 
so far Earlier in the week, “it 
seems like the topside is limited 


closed Thursday for the 
Thanksgiving holiday, and 
manv traders remained out of 


Foreign Exchange 


for the dollar," said Charles 
Spence, director of treasury mar- 
keting at Standard Chartered 
Bank in New York- Currency 
traders watch the stock and 
bond markets to gauge investor 
interest in U.S. assets and the 
dollars needed to buy them. 

The dollar Finished in New 
York at 1.5602 Deutsche marks, 
up from 1.5566 DM on Wednes- 
day, and at 98.775 yen, up from 
98.455 yen. The dollar rose to 
5.3541 " French francs from 
5.3405 francs and to 132G5 
Swiss francs from 1.3195. 

The pound weakened to 
SI .5630 from SI .5699. The U.S. 
foreign exchange market was 


many traders remain! 
the market Friday. 

‘'The market was anticipat- 
ing stronger equity prices,” said 
David Gilmore, a partner at 
Foreign Exchange Analytics, a 
consulting firm. 

Firmer bond prices also 
helped, with the price of the 
benchmark 30-year Treasury 
bond rising 6/32 point, to 95 
1/32. The yield slipped to 7.93 
percent from 7.95 percent. 

Holders of overseas equities 
are selling foreign currencies 
for dollars to lock in gains that 
the foreign currencies have 
achieved in the past several 
months. Mr. Spence said. 

With foreign stock prices 
f alling the past few days, U.S. 
fund managers want to book 
profits on the currency conver- 
sion to compensate for losses on 
the stock holdings, he said. 

Next week, the dollar could 
fall if the governor of Arkansas 
and several associates of Presi- 
dent Bill Clinton are indicted 
over the Whitewater business 
venture, Mr. Gilmore said. 


Published reports have said 
that prosecutors are consider- 
ing indicting Jim Guy Tucker, 
the governor of Arkansas. 


STOCKS: CycUcals Send Signal 


Continued from Page 9 
may not have enough spare 
cash to keep up the flow in any 
case and added that he feared 
the Dow would fall below 3,600 
and redemptions, or withdraw- 
als from mutual funds, would 
start. 

In the last decade, the public 
has put a net $300 billion into 


U.S. Stocks 


stock mutual funds, and during 
that stretch the Dow industrials 
have tripled, from !.20O. But a 
lot of that money has come in 
during the last two years, and 
most of those recent buyers 
have little if any profit to show 
for it. That raises a risk that 
some will flee if the losses begin 
to mount 

Optimism about interest 
rates has accompanied the re- 
cent slide in stocks. Some big 
traders have moved money to 
bonds from stocks recently. 

The yield on 30-year Trea- 
sury bonds peaked on Nov. 4 at 
8.16 percent and has since fall- 
en to 7.93 percent- Bond inves- 
tors, reeling from bad news for 
most of the year, are suddenly 
making money. 


■ Stock Market Bounces 
U.S. slocks rose for the first 
rim e in more than a week, news 
^enries reported from New 
ork. 

John M. Templeton, creator 
of the Templeton group of mu- 
tual funds, was optimistic. 
“Stocks in general will post a 
better return than that of other 
investments" over any 1 0-year 
period, so investors might as 
well buy them now, he said. 

Although the Dow rose just 
under 1 percent, advancing is- 
sues outnumbered declining 
ones by a 3-to-l margin. About 
140 million shares changed 
hands on the New York Stock 
Exchange. The day after 
Thanksgiving Day is normally 
one of the year’s slowest ses- 
sions. and the market closed 
three hours earlier than usual. 

Some downplayed the signif- 
icance of the rise, saying it did 
not indicate a major change of 
heart on the part of investors 
who had fled equities for bonds 
in recent days. 


DaBy closings of the 

Dow Jones industrial average 


4000 



M J J A S O 
1994 


N 


Dow Jones Averages 


OMR Wad Low Last On- 


3685.06 371132 3671.94 370127 - 3164 
TTortS 1426.15 1439 X 1 1421 M 1429.1 B - 6.99 
fM 177 X 1 17134 177 JO | 7 Mt -XII 
Oflrttt 1235 X 2 1343.98 1231 X 7 124243 - 10 .U 


Standard A Poor’s Indexes 


industrlali 
Trensft 
Ultimas 
Finance 
SP 500 
SP MO 


hw» Law Oast Ofpe 
537X4 53629 337.21 + 2X0 




447.90 45249 +136 
419/49 421.47 + 1 X 3 


NYSE Indexes 


NYSE Most Actives 


FPL Go 

ToiAMx 

AT&T 

Citicorp 

GnMtor 

WrfMatl 

Motarias 

ISM 

Merck 

ABote* 

Chrysr 

K mart 

GonEIS 

RJHNOO 

RJRMbCtC 


VOL HS 8 h 
15790 34*6 
1 S 1 V 7 51 9 , 
IJ 4 S 5 SDft 
17885 4 7 ft 
12745 31 V, 
12362 231 , 
MOM 56 ft 
10957 70 ft 
10767 36 V, 
10778 71 ft 
1 0561 « 9 ft 
8853 14 V, 
8755 46 ft 
8694 6 % 
7923 *ft 


LOW 

Last 

aw. 

34 

34ft 

-ft 

50% 

Sift 

• 1 

49ft 

*9ft 

—ft 

41% 

42 

♦ Vi 

37ft 

38ft 

■ ft 

23ft 

23ft 

*ft 

56ft 

56ft 

• ft 

70 

70ft 

* V, 

36 

36ft 

-ft 

21 

21% 

- ft 

48ft 

48ft 

- ft 

13ft 

lift 

- 

45ft 

46ft 


6ft 

6V* 

— *r 

6ft 

6ft 

- '.1 



High 

Low Lost 

09 . 

CampasBa 

Industrials 

Trens#>. 

UNBty 

Financa 

20 X 1 

712 X 3 

22171 

200.90 

194 X 9 

244 . IB 20 X 0 
31076 312 X 4 
220 X 2 221 X 2 
199 X 2 200*6 
19370 194 X 9 

* 1 X 2 
♦ ITS 
•*074 

* 1 X 4 

*176 

HASDAQ Indexes 


Wgb 

LOW Lost 

Oft. 

Composite 

Industrie** 

Bonks 

Insurance 

Financa 

Trensp. 

742 X 2 

748.77 

684.06 

■ 88.65 

859 X 8 

60 X 9 

738 X 5 742 JB 
7*471 74877 
679.90 684 X 6 
08674 887.17 
<5577 <5975 
640.99 64275 

* 3 X 2 
+ 6 X 4 
+ 5.94 

Don* Jomw Bond AmragM 

20 Bonds 

10 utfllltes 
to Industrie* 


date 

9377 

■ 9.19 

9 U 4 

| ml 


AMEX Most Actives 


VUlRET 

vtacvrt 

OlDrvA 

PresaA 

EchoBcy 

ViocB 

XCLLtd 

Nobors 

IvoxCd 

NAvaae 


12031 IT* 
4360 V s * 
3600 3V„ 
3569 >4 

3396 II 


2432 * 

2121 7V, 


LOW 

Lost 

dig. 

12 

12ft 


IVv 

l*u 

—Vm 

2ft 

3 

-Vi, 

% 

■'» 

— Vu 

lbft 

11 

• ft 

3796 

37A 

*16 

’Vu 

ft 


7ft 

7ft 

♦ *.ii 

18ft 

19 

*ft 

10ft 

lift 

-ft 


NASDAQ Most Actives 



Vof. High 

Low 

Lent 

Q>«. 

intet 

23522 <S 

<3% 

63 ft 

-IV. 

Ciscos 

20332 32ft 

31ft 

32ft 

-ft 

O roc k' 

10*07 40ft 

38 ft 

4Dft 

-1ft 

Novell 

13816 191. 

18ft 

10ft 

OT. 

IDBons 

13026 8ft 

8 

IS 

~jr ta 

SyOase 

10846 45ft 

J2ft 

44V. 

♦ l»k 

MCI 

3228 21ft 

21V* 

21% 

- V* 

3Com S 

0127 44ft 

Oft 

44% 

‘1ft 

Mkzdts 

7051 62ft 

61V. 

62V* 

• ft 

AcpicC 

7520 37ft 

34ft 

37% 

♦ ft 

Inlonrtiy 

7094 26ft 

25ft 

25ft 

— % 

BovNtws 

6736 25ft 

94ft 

25H.S, 

* ’Vu 

Lcgent 

6162 30 

29% 

30 

-ft 

Lotus 

6039 39U, 

38% 

39V. 

-ft 

OSCs 

5778 30ft 

30 V. 

30»u 



Market Sales 



Today 

ftt». 


daw 

cans. 

NYSE 

114X5 

509.12 

Aim 

7X8 

2772 

Nasdaq 

8877 

346X6 


InfflIHiML 


EUROPEAN FUTURES 


Metals 


CMW 
BM 


Previous 


TiLUmta m ffly i Bgfe? 


Dollar! per metric te* 

Spot 187100 187300 

Forward W870O 188800 
COPPBH CATHODES QM 

pogarspoMogrtcfon 
Spot 2£>7jH asm 

Forward 282700 282800 
LEAD 

Sa" p — ttlTren 

Forward 68401 68501 

NICKEL 


1942J08 194301 

194LOO 1949.00 

Oradei 


285600 2BS80O 
32500 2826J30 


<7250 <7250 
<•0X0 691X0 


SPOt 

Forward 


7620X0 7630X0 
7765X0 7766X0 


7615X0 7625X0 
7740X0 774580 


Dollars per nsetrie loo 

Ant 6125X0 6135X0 6120X0 6140X0 

Forma* 6201X0 6210X0 <270X0 6Z2QX0 

ZINC tspecM HUOndH 
pol k as par metric lea 

SMt !»X 1143X0 119X0 1156X0 


Forward 7169X0 117000 fttUB 


Financial 


AMEX Stock Index 


High Low 

1-MONTH STERLING {L1FFEJ 
IS88X60 - pts ol HO Pd 
Doc 93X6 9570 

Mar 93X6 9258 

Jm 92A6 92X6 

so 91X8 9137 

Me 9162 91X4 

Mar 9US 91X0 

Jso 91.19 91.15 

Sep 91X6 97X2 

Dec 9094 9091 

5? 83! 

Sep 9075 9875 

Ed. volume: 4347L Open tat: 515X62. 
3-MOMTH EURODOLLARS (L1FFBJ 
n mdlMa-Ptiet Htpct 
Dec N.T. N.T. 9594 —0X1 

Mar 93X9 93X9 031 —0X1 

J0n 92J4 9214 92X4 UMN. 

Sea N.T. N.T. 92AS Unch. 

E*L volume: 4. Open MU <647. 

3-MONTH EUROMARKS IUFFI) 


9371 — 0X6 

9299 — axe 

TUB — 0.W 
1732 —aw 
9L54 —ail 
71X0 —009 

9L15 —OX7 
77 M3 —004 
9091 —0X6 

90X3 —0X5 

9077 —tun 
9075 — 001 


DM! I 


<3475 432X9 434X9 *139 Dec 



NYSE Diary 


dose 

ftw. 

Advanced 

Declined 

Unchanged 

Total issues 

New Highs 

New LOWS 

1505 

569 

4» 

2MB 

2 

0 

1144 

1239 

559 

2942 

3 

339 

AMEX Diary 


doae 

Prev. 

Advanced 

Declined 

Unchenoed 

Total issues 

New Highs 

New Lows 

301 

155 

1B8 

644 

3 

11 

235 

3S2 

237 

824 

1 

06 

NASDAQ Diary 


Oos* 

P rev. 

Advanced 

Codified 

Unchanged 

T otto issues 

New Highs 

New Laws 

1545 

5129 

W) 

<0 

1340 

2190 

1700 

5130 

■ 

367 

Spot ComnxxHttm 

Commodity 

Aluminum, lb 

Caaaer etectrotYtK. a 
iron FOB. tan 

Lead, to 

Sliver, tray oz 

Steal (scrap), tan 

Tilt, lb 

Zinc, to 

Today 

0X81 

1XT 

2UX0 

0X4 

asd 

127X0 

IUX 

05K2 

9m. 

0X92 

MI 

2X3X0 

0X4 

5.77 

127X0 

4.142 

6pM 


Job 


Job 


-pts of too PCt 

*4X4 94X2 

905 9470 

94J5 

9371 

®! 

92X4 

P 


94X3 

9X64 

93X5 

93X4 

92X8 

9257 

92AS 

9237 

92X2 


94X3 Unch. 
9473 +0X1 

WX3 + 0X2 
94X9 +0X3 

9378 +005 

93X9 +0X4 

7110 + 005 

92X4 +005 

IU1 . +003 
92X8 +0X2 

92X3 


Est vetume: 64X34. cmn tnL: 734,175. 
MIONTH PIBOR (MAT IF) 
FFSmnDta-BteeflMptf 


+0X1 

+tun 


Dec 


*2 


96X0 94X7 908 —0X1 

94.17 94.11 94.12 —0X3 

7377 9377 9372 —002 

9142 93X7 9137 —0X2 

93X5 93X3 93X4 + 0X1 

9278 9274 9175 + 0X1 

92X2 92+9 92X1 +0X1 

92X1 92X9 92X0 +0X1 

E*L votume: 31330. Open InU 191532 


Dec 


LOWS SILT 




D«C 


M3- 16 102-27 103415 —MM 

182-24 102-04 T02-T5 — 04J3 

Jon N.T. NX TOMS —MB 

Est volume: 40360 Open ltd.: 122X47. 
GERMAN GOVERNMENT BUND CUPFG1 
DM 258X06 * Ms of 140 RCt 
Dec 91X1 91. » 9L48 +019 

Mar 90X0 9040 9072 +0X4 

Job 89X5 S 935 9937 +034 

EsL volume: WSffl.OPWW.: 204X61 
10-YEAR FRENCH GOV. BONDS (MATIF) 


FF5MX00 

Dec 

pOtsf )M 
112X6 

(&< 

11252 

+ Q06 

Mar 

111X4 

111X8 

11170 

+0X8 

Jea 

110X6 

1MX4 

11080 

+0X8 

Sep 

HT. 

HT. 

110X6 

+ 0X2 


Est. volume: 129X29. OP«a Inf.: 158,157. 


Industrials 

r UM settle cm 


High 

GASOIL (IPE) 

U-S. dollars per metric loiMet* of lie tons 
Dec 15275 151X0 15175 15225 Unch. 

Jan 155X5 154X0 15475 15475 Unch. 

Feb 15675 1375 15625 15625 Uach 

Mar 1S7XD 15625 157X0 157X0 +025 

Apr 15525 15525 15521 15525 +025 


KM 


i — Last Settle ON 


Mar 

Jena 

JotT 


M.I N.T N.T. 15450 UIM. 

w*T HT (LT. 15375 Unch. 

ItT HT HT. UrtCh- 

S-t alt" HT. 357X0 Unch 

-r - K* HT N.T. H»X0 Unch. 

5S? fLT HT. N-T. 161X0 UOCh. 

HT. NlTl SlT. 1 W«J ««*. 

EM. vatama: 7.985. OpeahlL 95410 


S“S ® iffi 

E2 iu 1406 16X4 16X2 +0X3 

1*5 16J2 16X4 +006 

£ W. us: w ^ ^ m 

Mr 7079 1670 M70 U70 +0.W 

ts ttS W. 

” ;s 5 is is 

Doe Its 1665 1663 MAD +825 

E*L volume: 16201 . OpmW-l7lJS2 


FTSEWjLJ 


Stock Indexes 

law 


03 per 
DK 


3047 n 3009X 303SJ0 + U 

30405 3073 30473 +10 

m N-T. NX-.^xmx +1X 

Est valwne: US. Opcp mt: 
CAC48CM ATIF) 

i^g 

SSS ig 

H79X0 1966* 1967X0 unch. 

N.T. N-T. 1949X0 Un^ 

sS N.T. N.T. 2973X0 Undv. 

Est volume: 19X47. OP*n tot: fiW 

pr ~- 

MHwraManCaAinN. 


Dividends 


per And Roc Pot 
IRREGULAR 

§K&S5«. 

Hannon Indus - A72S 11-X 12-15 

c-approx am* per ADR. 

STOCK 

Amcr PocHStBaak - 10«6 13-1 1-2 

REVERSE STOCK SPLIT 
Dev-Tech Carpi tor 4 rewnaissfH. 

STOCK SPLIT 
Cavca Indus 3 far 2 srtB pcndBne approval 
Credit Acee rtayr 2 tor IM. 

Fst VHJarla Natl 2 far IsPtHpa 
el Doc. IS. 

INCREASED 
BCE toC „ B ^ TW5 1-15 

Cttr Hoktoo Co 8 -2 SI 

Tveumstoi Pnl B Q tM 12-B 

Taronto-oom Bk a 33 12-15 T-31 

INITIAL 

_ .10 12-1 V2 

. 22 n-X 12-5 

SPECIAL 

30 EH D-23 


Amor PoeSI StBartt 
OfcMw o oSvga 


Tec u o ia eti Prd B 


Abrams Indus 
Arowet msur Grp 
Bis B Inc 
Calif Bests 
Ctoctanatt Find 
Comm/ Bar OR 
Fst Bsn loc 
FstCotool BeshsA 
FsfFed NaKY Bcp 
FretTs me 
Jones Medted Ind 
JashraCara 
Peomv) P&L 
PcoptosBc»OH 
PtAHp Morris Co 
PUBVxtr Flni Svs 
Precision Otfprf 
Ontocv SvssBk 


Trust Co BKpNY 


REGULAR 

Q JD 12-9 t-4 

8 B 0-1 1-13 

a X4 11-25 1 M 
Q .14 1M 1-4 
Q 22 12-16 VIS 
Q X7S T2-X V25 
a A3 12-15 V2D 
Q .IS 12-30 V4 

3 725 T2-S 12-15 
XS 12-1 12-15 
Q X2S 12-16 1-2 

Q JO 12-16 V3 
D AD 5 12-9 1-1 

Q .15 Q-15 V3 

8 X25 12-15 VTO 
.16 12-16 V3 
B A W W 
Q XS n-2S T2-9 
Q 775 T2-* V8 
a as ti-30 V3 


oa i/emand Rises, ^ 
yW Now Predicts 

A Break-Even Year 


WOLFSBURG, Germany— 
Volkswagen AG said Fnday 
that cost-cutting and rising de- 
mand for passenger cars would 

help it break even this year, af- 
ter a posting a net loss of 1.9 
billion Deutsche marks (5U 
billion) last year. 

The carmaker did not, as ex- 
pected, announce that it would 
Win production of a new ver- 
sion of its Beetle car in Mexico 
for the North American market. 

“We are not planning an an- 
nouncement on the decision re- 
warding the Beetle until the end 
of the year,” sad Matthias 

Gamricb, a VW spokesman. 

VW unveiled a version of 
the car, Ccmcept I, at a recent 
auto show in Detroit. 

In another development, in- 
dustry analysts said they were 
shocked by a 1995 group pretax 

profit forecast made by Vw in a 

confidential report obtained by 
Reuters. The report, an internal 
five-year plan, wowed that VW 
a pretax profit of 577 
DM in 1994andaprcfit 


ihe day at 451-80 DM, after 
45530 on Thursday. 

The VW board also approved 
an agreement with the Czech 
automaker Skoda to increase 
car production at VW's Skoda 
plant in the Czech Republic by 
1997 Volkswagen owns 31 per- 
cent of Skoda and is scheduled 
to raise that stake to 505 per- 
cent by the end of December 
after injecting 390 tnfl i i on. DM 
into the company. VW agreed 
to a target . production of 
340,000 care per year at the 
Skoda plant by 1997. 

The supervfooiy board is pro- 
posing an investment program 
amounting to 58.5 billion DM 
for the period from 1995 
through 1999, with 29 bfllioa 
DM going to the auto sector 
and 29.5 billion DM for the 
financi al services sector. 

Previous planning far the 
1994 through 1998 period 
called for investments dr 69 b3- 
lion DM with 34.9 bfljdcm DM 
in the auto sector and 34.1 
Hon DM for financial services. - 


USBooInc 


of 890 million DM in 1995. 

Lothar Lubinetski, of Ens- 
kQda Research in Frankfurt, 
said; “The 1995 figure is really 
bad. If true, h would be a disas- 
ter” 

Analysts had been expecting 
an acceleration of group net 
profit to a range of 1.1 billion 
DM to 1.4 billion DM or even 
high er next year. 

Other analysts cautioned that 
the profit forecast may have 
been scaled back to help the 
company’s management to jus- 
tifyfirmg more workers in or- 
der to improve productivity. 

Separately, VW’s supervisory 
board reaffirmed its support for 
its rJiairman, Fer dinand Piech, 
who has coxae under fire from 
midlevel manage rs over his 
leadership style. 

VW stock dipped to finish 


A VW spokesman, Hans-Fe- 
ter Biechinger, said that despite 
the drop of almost 6 bilEon DM 
in planned investments in the 
auto fidd, tire share for predicts 
— meaning development of new 
models — would increase. ' 

Regarding Mr. Piech, the VW 
board said it was satisfied with 
the progress made to date in 
turning the company round. 
“For tins extraord in ary acbievp- 
ment,” it said, "tire board gives 
special thanks and recognition 
to the management board, espe- 
cially Dr. Ferdinand Pjech.” 

Mr. Piech, who became 
chairman early last year, has 
been radically restructuring the 
company. His management 
style has come under increasing 
criticism from VW staff, partic- 
ularly middle management 

(Bloomberg, Reuters, AP, AFX) 


SONY: Marita, 73, Company’s Ailing Co-Founder, Resigns as Chairman Intel Shares Fall Oil Flaw 


The Dow ended the week 
about 3 percent below the pre- 


vious Friday’s dose. 

f Bloomberg, AP) 


Continued from Page 9 
mem suggests Mr. Morita 
“could be taking responsibility'’ 
for the investment failure in Co- 
lumbia Pictures. Katsuhiko Su- 
giyama, an analyst at Merrill 
Lynch, told Bloomberg Busi- 
ness News. “After all, Morita 
was at the helm when the acqui- 
sition was made.” he said.] 

On Nov. 17, Sony announced 
that it had been hit with a S3.2 
billion loss on the Hollywood 
studios it acquired five years 


ago, sending its stock plummet- 
ing. But Sony officials were at 
pains Friday to emphasize that 
Mr. Morita’s long-expected de- 
parture was unrelated to Sony’s 
business difficulties. 

On Friday in New York, 
where Sony is traded in the 
form of American depository 
receipts, the stock was up $1.25, 
closing at $51.75. 

The company said Mr. Mor- 
ita offered his resignation cm 
Nov. 16 and that it was accept- 


ed Friday at a regular monthly 
board meeting, which Mr. Mor- 
ita attended. 

“Psychologically, yeah, this 
has an impact on the compa- 
ny.” said Joseph Osha. an ana- 
lyst in Tokyo with Baring Secu- 
rities. “He created a very strong 
culture within Sony. But in 
terms of management, he has 
not been involved for some 
time, and this won't have a 
great effect.” 

But the announcement Fri- 


day was a milestone in Japanese 
business history, marking the 
end of a career that symbolized 
Japan's transformation from a 
low-cost industrial imitator into 
a competitive global innovator. 
Along the way. Mr. Morita be- 
came Japan’s most influential 
business diplomat. 


In 1946, Mr. Morita and Ma- 
saru Ibuka. a fellow engineer, 
scraped together S50Q to start 
Sony as a radio-repair business. 


B lo omberg Business Item 

SANTA CLARA, Calif ornia — Intel Corp. shares fell Friday 
after the company said its Pentium computer chip had a flaw that 
affects the chip's mathematical calculations. ■■ gi- 

llie world's hugest dnpmaker said it discovered the flaw during 
tests last summer, but did not notify customers because the flaw 
would have no effect on corporate or consumer users. The design 
was altered, and Intel said it began shipping new chips without & 
flaw a few months ago. 

Intel shares dosed at $63,875 on Friday, down SI -25. 

Intel said the probability of the flaw affecting a common 
spreadsheet program was minuscule, in the range of once every 
27,000 years. 


WORLD STOCK MARKETS 


Agenc* France P >*ac Not. 25 
Cloot Frov. 


Amsterdam 


ABN Amro Hid 
ACF Holding 
Aegon 
Ahold 
Afczo Notrel 
AMEV 

Bots-wessonen 
CSm 
DSM 
Elsevier 
Fokker 
dst-Brocodfs 
HBG 
Ho Indian 
Heaaavons 
Hunter Douglas 
iHCCakmd 
Inter Mud lor 
Inn Nederland 
KLM 
KNPBT 
KPN 
NedRuyd 
OcoGrtntan 
Pafchoed 
Ph* Has 
Polmrom 
RoImoo 
R odamco 
Rolinco 
(Toronto 
Povol Dutch 
Stork 
Unilever 
Van Omnwren 
VNU 


4050 <0X0 
3450 3450 
WJO 110.70 
52 5140 
TMX0 IK 
72X0 7270 
3450 34X0 
65X0 OM 
13470 13350 
17X0 1750 
1470 14.70 
44.90 4470 
248 549 

252 25250 
7620 7660 
7SJ0 7t 
40X0 6U0 
7140 93 

KL80 80 
44X0 «X0 
49 4850 
5420 5370 
5170 - - 

7370 

44JO 44X0 
5250 52X0 
7230 71)0 
110-40 11060 
50X0 SOSO 
11270 11250 


83X8 83X0 
1 186X0 


185X0 . 

42X0 42X0 
17370 19190 
<4.90 45.10 
177 177 


WoMers/Khiwer 12260 12070 


Brussels 


Almantl 

Arted 

Barca 

BBL 

Bekoort 

CBR 

erne 

SSertn 

Cobeoa 

Calruyt 

Del ha US 

Etoctrabd 

Eiectraflna 

Fonts AG 

GIB 

GBL 

Gsvaert 

GtavcrtxH 

immobal 

KradWMnk 

Masons 

Petroflnci 
Powerful 
H*OfOd 
Rovato Beige 
SocGsnBonquo 


7470 7470 
5200 5170 
2440 2440 
4305 4290 




77750 72075] 
12620 2620 
1990 1700 
170 178 

WA HIM 
7170 7150 
1292 1286 
5620 5610 
2870 2870 
2670 2680 
1288 1276 
3910 3895 
9220 9190 
4250 4210 
2820 2840 1 
<490 <480 
1402 1 3721 
9390 9370 
2880 2926 


Sac Gen Bel g ians 2165 2195 

Safina IMO I3T75 

SolVOY 14975 14875 

Tossentferlo 1Q3M 10300 

TrocfeM 9550 9530 

24750 24725 

2S7S 2575 
5990 5990 


Union /wtolere 
WUgons Lite 


Frankfurt 


AEG 


150149X8 
Alcatel SEL 266 260 

Allianz Hold 2373 2386 
Altana tf<XD 638 

Asha 710 725 

BASF 307X0 309 JO 

Bayer 340338X0 

BOV. HtWO bonk 408406.50 
Bay VenetasWi 455 454 

BBC 6S0 600 

BHF Bank 386 385 

BMW 748X0750X0 

Co w iinera X ar* 321-30 321 

Continental M 223 

Daimler Benz 745 750 

De g u ia a 449 49 

Ot Brtococ* 22430 22S 

Deutsche Ban* 737X0737X0 
Douglas 423 420 

Dresdner Bank 407 406 

FefcftnueftJe 304X0 300 
F Kruno Hoesch 200 200 


Harpener 
Henkel 
HocntW 
HeecMt 
HtHxmarm 
Horton 
IWKA 
k«i Salt 
Karstadt 
Kauflw< 
KND 



Helsinki 


Ainer.YTilyma 
EnwGutxHt 
Hufitamakl 
K.OJ». 
Kymmene 
Metro 
Nokia 
Pan (da 
Reaola 
Stockmann 


96 90 

,s 

146 144 

U5 664 

74 70 


^ A 


Hong Kong 

East Asia, 32X0 32X0 
ttiav Puctflc 11 10X0 
Oieung Kong 33A0 33X0 
Oitoa Light Per 35X0 35xo 
Dairy Farm Inn 825 8X5 


Hang Lung Dev lijs iLg 


Hang Seng Bank 

H ondo n o n Land 42X0 
HKAtrEng. 29 

UK China Ga» 13X0 13 

HK Electric 20.90 21X5 
HK Land 17X0 17x5 

HK Realty Trust 1X95 16.10 
HSBC Holdings K.75 8625 
HKShangHtts 9 885 
HK Tetocarnm TSj 05 1X15 
HK Forty BJD 1X0 

Hutch Whamaoa 31J0 31^ 
Hyson Dev 1733 17X0 
Jardlne Math. 5L2S 54X3 
Jtrdine Sir Hid 2 LJ 0 34jc 
Kawtoon Motor 14X5 14 

Mandarin Orient 895 870 
Mli unw Hotel 1625 1X75 
New world Dev 2235 2230 
SHK Proas SO 5025 

stetux 2X0 2X0 

Swire Poc A 51.75 51.75 
Tat Cheung Pres 7.90 810 
TVE 4 4 

Wharf Hold 27X0 27X5 
WtmtockCa 1195 1385 
Whig On Co Intt 9X0 8X5 
Wlnsor Ind- 10.10 18.10 




Johannesburg 


AECI 
Altech 
Anglo tuner 

Bor lows 

Blyvoor 
Butte Is 
De Beers 
Drlefontcln 
Gencw 
GFSA 
Harmony 
Highvoia steel 

Kioto 

NodDankGre 
Rondtontein 
Rusotat 
SA Brews 

Western Deep 


SS5«SS57 : 


33 33.75 

98 95 

234 235 

3425 33X0 
NA B 
NA 43 

95 94 

6150 6425 
1X15 1S25 
128 128 
3625 „ 36 
35 34X0 
48 
41XO 
4125 
113 ... 

99 97X0 

34 “ 
187 

5851 .M 


Ktaecfcner VVerk* 131 
Linde 
Lufthansa 
MAN 

Mannesmann 
MwawpescM 
Muen<n Rueck 
Porsche 
Pmissag 

PWA 
BWE 



London 


Abbey Nan 

4X5 

4X9 


LSI 

554 

Aria Wiggins 

85 

2X0 

ASS Brit Foods 

5X1 

6X4 

BAA 

5X1 


BAe 

4X3 

443 

Bon* Scotland 

2X7 

2X1 


5X5 

5X7 


574 

571 

BAT 

479 

4X2 

BET 

7X4 

1X4 

Blue Circle 

275 

7X1 




Boots 

498 

5 

Bowufer 

4X2 

450 

BP 

418 

4H 

Brit Airways 

174 

Iff 

Bril Gcs 

2X4 

7.96 

Bril Steel 

1X2 

1X4 

BrH Telecom 



BTR 

2.84 

3X3 

Cabte Wire 

179 

ITS 

Cadburv Sen 

4J8 

435 

Ca radon 

270 

Zff 

Coats Viyelio 

202 

204 

Comm union 

579 

52> 

Courtoulda 

433 

477 

ECC Group 

3X6 

.1X9 

enterprise OH 

in 

in 

Eurotunnel 

2X5 

7AS 



CiaaePrev. 




Forte 

Kw] 

’ ■ 

SEC 

DYJ 


Gent Ace 

ffv.B 

D- \ ■ 

Stoxo 

■ y il 

■ ' T ■ 

Stand Met 



GRE 

^a¥ ^ TS 





GUS 

Hanson 



mnsic^m 

■ f ’■ 


HSBC HhJws 



ICI 






KJnofist»r 

vTvB 



1X8 


Land See 

6 


umarie 

■ V 



■ V 

1X5 

Legal Gen Grp 

■Vj 

418 



173 

Marks Sp 


W' 1 

ME PC 


v’ytti 


1 4 

■Cl 

NalWest 

W 1 x 

V fj 

NJhVVs# Water 


■ f - ■ 


■'TTT 

■Tj 

P&O 


All 

Pllkington 


180 



5X7 

Pivdenliol 

113 

^ I M 


412 

■Tj 

Read HCol 
Redkmd 


I'j 

Reed Inti 


7X6 



472 

RMC Group 

977 

977 

Rolls Rovce 

177 

1.77 

Rtotuim (unit) 

K ■ 

421 

Royal Scot 

WgM 

426 

RTZ 


331 

Satasburv 

400 

4X6 


5X1 

510 


3X7 



1X6 

1X7 


5X6 

5X3 

Shell 

496 

6X4 

Sitae 

5X2 

5X4 

SmmiNtahew 

1X3 

1X3 

SmlthKHneB 

422 

421 

Smith (WM) 

4X8 

4X7 

Sun Alliance 

114 

in 

Tote <• Lyle 

427 

429 



2X3 


977 

*74 

Tomkins 

232 

232 

TSB Group 

2.18 

118 

Uflilever 

11X4 

11X4 

Utd Bfacutta 

no 

116 

Vodafone 

1X3 

I.M 

war Loan 3% 

41.75 

41 JS 



6J* 

Whitbread 

WTinamsHdss 

5X3 

520 

3X0 

3X8 

Wlllta Corroon 

1X7 



Madrid 


BBV 3445 3435 

Bco Central Htsp. saw 2990 

Banco Santander 5330 5360 

Bartesto 949 928 

CEPSA 3150 3140 

Dragodos 198a 1980 

Endesa 5920 6830 

Ercras . 155 152 

Iberdrola 879 870 

Reasal xgs 3855 

Tobacatara 3720 3740 

Teietanfcco 1495 1695 




Milan 


AJieanza 15230 15330 

Assllalto 10210 10350 

A u tustrude nrtv 1870 1870 
BcaAgrtooltura 2725 Z7D0 
Bca Cornmer ltd 3415 342s 
Bed Naz Lavuro 12500 12650 
Bco Pan Novara 9000 9030 

Banco al Romo 10X2 700 
Ambrostono 4380 4375 
Naaounsp 1140 lue 


19300 19400 
l I Wk lW M42 UK 
3010 3040 
1342 1253 
6035 6065 


ni c he , n Aug 

-jerHn 

Flat spa 

Flnanz Asrotod »I4J 9T« 
Ptocnecctmlea 16to 1560 
Fsndiarta sna 


11430 11465 


Generali Asslc 36750 37200 


IFIL 

Its Ice menu 
i taigas 
Mediobanca 
Montedison 
Olivetti 
Plratil sna 
RH 

Rtoascente 
San Paulo Torino 
SIP RIBS 41L_ 

SMB 3945 3945 

SntabPd «« 1871 

E do 36500 35000 

_4Q0 4705 
AssiC 23000 23050 



^asrsssr 


Montreal 


Aico Ltd t 
Bank Montreal 


I4U MW 
2SW 2SW 


iCE MgoneCsm 
dn Tire A 
dnUIIIA 
Cmcodes 
CTFNV1 Svc 
Gaz Metro 
Gtwestuieao 
HMIfltlBcp 
Hudson’s Bov Co 
imasca Ltd 
Investors Grp Inc 
Labatt (John) 
Lob law Cos 
MobWOA 
Not! Bk Canada - 
Oshawa A 
ponedn Petratan 
Power Core 
Power Flni 
Oucbecor B 
Rogers CammB 
Royal Bk Cdo 


46 « 44% 
Ilk. 1114 
23% ZM 


ift ift 


17V. 121V 
21 21W. 
13» 12Nr 
3S% 2414 
38W 371V 
14 14 

2 m 20 % 

20ft 20W 
18ft 1BU 
HI 916 
lift 18V. 
41 VU 40ft 
Mft Uft 


Sears Omoda Inc 
~ ” Cda A 


Shell l 
Southern Inc 
smcoA 
Triton Flni A 


xs&Rx'm 


16ft 16ft 
19ft 19ft 
29ft 29ft 
8 8 
43ft «2V4 
Uft Uft 
7ft 7ft 
170 3ft 
1815X4 


Paris 


Accor 585 S94 

Air Lknrtde 718 713 

Alcotet AlSthom 445X0 



Axu 

Bence I re (de) 

BIC 
BNP 

Bouvoues 
Damme 

Oenn 

Otfgeun 1255 _ _ 

Clments Fronc 20 M 
Club Med 448446.10 

EH-Aoultalne 3693036990 
Etna Disney 8X5 ELM 
Gen. Earn 510 4*5X0 

Havas 440 432 

I metoi S35 530 

Latarpe Coaaee 371.90 3257 JO 
Ltvnwl <700 6790 

LYon. Eaux 462 464 

Oreal (L'l 115* 1153 

L.VMJL B5B 854 

Metro -Hochrtto 1UJ01UXO 
Michel In B 207X0 20340 
Moulinex 110X0 110 

Paribas 373X0 1*9.10 

PecWney Intt 147 30 164 

Pernod- RJcard 324X0 31680 
Peugeot 7*4 781 

PkHXJtt Print 980 980 

Radlotecftntoue 490 509 

Renault 18080 181 

Rh- Poulenc A 13680 13580 
Raft. SL Louis " ~ " ~ 
Sonefl 

Saint Gtoxdn 
SLE.B. 

Ste Generals 

Suez 

7homson-C5F 
Total 
UJLP. 

Valeo 


1430 1432 
256JO 2S4X0 
643 641 

518 525 

688 605 

261X0 261 JO 
158 15980 
334X0X0X0 
149X0 150 

282 279X0 


CAC-40 Index : W4S89 


Prevtoa* : TT34X8 


SaoPauJo 


Banco do Brain 15X0 

Banesna 9X5 

Brodesco 7.10 

Brahma 28? 

Cenua 84 

Etetroaras 266 

limb onco 253 

Ugh! .340 

Parananonema isxo 

P e ti utoas 117 

Sown Cruz tu 

TeEebras 36X0 

Tehan 386 

Usiminas I JO 

Vtoe Rfa Dace iftXO 

Vurto 3X80 


1625 

9.90 

7X0 


86X0 


260 
360 
15XO 
122 
8 21 
39 


1X3 

156 

3X80 




Singapore 

Asia Poc Brew 16.W 16.10 
CereDas 7.95 8 

CBy Devrdnpmnl 7X0 7J0 
g^&Carnape 12X0 12X0 

gfiiXstto. 

Fraser & Heave 16X0 V6J0 
GtEestoUft 7780 u 
Hois Lem Fin 426 AM 
intJicope 5J0 5X0 

Jurans ShlPvam 11.9Q I2.JJ 
Kay Htanj Capet 1X8 |X* 
Kennel 1L» 11 J 0 

Notsteel 38S 3 

N eptune Orient Zff 2A 
0CBC farrton 1480 14.W 
Oleos Union 8k 4K AW 
0*seas Union Enl 8« 
S wnlww m 10-W 
Slme Singapore 1X4 1 Jg 
Sing Aennnaa «l 933 


Sing Alrttoes torn 13X0 1350 


Sins Bus Svc 
Sing Land 
Sins Petlm 
Sing Press tarn 
Stogshtobldg 


9.10 
830 6X0 


2X0 241 
27 26X0 


Mom's team 


m 


2XS Z(7 
. 3 3J2 


Strolls 

Straits Trading 
Ted Lee Bank 

U»d Industrial , 

Utd Csoa Bkforn 1SXC 15X0 
Utd Cfseas Land 2X9 2J7 
tXS 


3X8 3X0 
4X2 4X6 
1X7 1X8 




Stockholm 


AGA 66 68 

Asea AF 527 529 

Astra AF 19+50194X0 

Atlas Copco 97^ 182 

Electrolux B 37938450 

Ericsson 42350426X0 

EssettoUk 925D 91 

HancMsbonk BF 9750 9650 
investor BF 18950 19Q 

Norsk Hydra 254JO2S4X0 

Phormacto AF 11950 120 

Sandvtk B 12912950 

SCA-A 120X0 123 

S-E Banken AF 45.90 
Stand la F 13550 
Skanska BF 171 

SKF BF 135 13S 

smro AF _ 40 465 

Treiletjorg BF iotxoiokso 

Volvo BP 144144X0 




Amcor 

ANZ 

IHP 


Sydney 


lie 
Myer 


8X2 8X0 
4j>4 3.93 
I8J6 18X0 
3X1 3X5 

M0 050 
407 402 
5J8 525 
17 JB T7A4 

CSR 4X7 4X3 

Papers Brew 1.14 1.10 

— I.» 1.11 

1130 1138 
1.90 1X0 
2X8 2X9 
1074 1032 
5.18 513 
. _ 338 118 

_ DuntoP 358 154 

Pioneer Irtfl N XL 3.12 

Nmndv Poseidon 2 

zStSsr™ 1 


CRA 

R 

. Jters Brew 
Goodman FWd 
ICI Australia 
Magellan 
HUM 

Mat Amt Bank 
News Corp 




Santos 3X7 3X5 

TNT 2X4 2X0 

Western Mining 256 7X2 


471 457 


Tokyo 

Akol Elecir 356 361 

AStoH Chemical 738 731 

Asahl Glass 1Z10 1210 

Bank M Tokyo T400 1390 

B/tdoestane 1OT isw 

Ctoton 1700 17» 

Casio 1220 1240 

Dal Nippon Print 1670 1480 

Dcdwa House 1340 1340 

Doffwa Securtttas 1 m 1 240 

Faroe 
Full Btok 
Full Photo 
FulltSu 

Hitachi 
Hitachi Cattle 


1910 1900 
2220 2220 
inn line 

942 WO 
Sto 788 
1600 1670 


5150 51» 


ito Yokada 
Urdu 

japan Alrtinn 
Kallma 
Kansai Power 

Kawasaki Sleet 

Kirin Brewery 
Komatsu 
Kubota 

Kyocera _ -- = 

Matsu Elec ln» U» J* 
Matsu Elec Wk3 tC20 1080 

MltguhN W B* . "2 *3 

MIMUb Chemical 549 544 

Mitsubishi Elec MS 6W 
725 .727 


72S __ 

710 710 

2390 2380 
416 418 

1040 1040 
904 904 

713 715 

7210 7240 


Mitsubishi Hew 


MfMbbMCore 


1270 1250 
825 337 

700 TOO 
938 942 

1288 1300 
1140 1160 
900 996 


Mitsui and 
Mitsui Marine 
MltsukwM 
Mitsumi 
MEC 

NGK Insulator* — 

NlKta S ecuritie s WOO 1MB 

Nippon Kooaku 91 2 g4 

Nippon Oil <M OT 

Nipped Sled 373 375 

Nippon YUsen W *£ 

Ninon “ 7of 

KSKuSec W00W£ 

NTT tfflWI 

Olympus OcrtcnJ io« WM 

Pioneer ^ 2'90 YD0 

Ricall 919 925 

^nyo Elec 556 SM 

Share 1710 16*0 



Close Prev. 

SMmazu 

66 6 

677 

SMrwttu Chem 

1910 

1900 

Sony 

5160 

5030 

Sum homo Bk 

1680 

1670 

Sumitomo atom 

554 

HO 

sumt Marine 

811 

812 

SurmtomoMutuJ 

325 

324 

Tahel Con 

587 

505 

Tatcaoa Chem 

1290 

noo 

% 

4520 

4490 

546 

549 

Tokyo Marine 

TOW 

row 

Tokyo ElecPw 

2760 

2780 

Todpon Printing 

1440 

MW 

Torav Ind. 

Tosh 8xi 

740 

680 

7V 

68Z 

Toyota 

2070 

2060 

YamaMhl Sec 
a: * ran 

*95 

685 


Toronto 


AtdtfW Price 17ft 17U 
Air Canada 7ft 7ft 

Alberto Energy l»ft 75ft 
Alcan Aluminum 32ft 32ft 
Amer Bank* 29ft 29 ft 
Avenor 24ft 24ft 

Bk Nava Scotia 28 Z7ft 
BCE 46ft 46ft 

BC Telecomm 23ft 24 
Bombardier B 2 TVs 21ft 
Brtunataa 132 2X5 

BTOSCOn A 19ft 19ft 

Camecp 2Sft 28ft 

OBC 35ft 33ft 

Cdn Nature r Res 17 16ft 


Cem l n co 
Consumers Gas 


Damn Ind B 
DuPont Cda A 
EchoMV Mines 
Empire Ca A 


Fletcher axel A 
Franco Nevada 
GuardfanCopA 
HemloGtod 
H oi s ham 
Imperial OB 
Inca 

bSSS?^ 

London Insur Gp 
Moanlll Bfaedel 
Maana Intt A 
Maple Leaf Fds 


32ft 31ft 
28ft 21 
6W 5ft 
23ft 23ft 
16ft 16ft 
18ft 17ft 
I Oft 10ft 
17ft 17ft 
15ft 15 
13ft 13ft 
21ft 21ft 
17ft 17ft 
76ft 77ft 
8ft 8ft 


13ft Uft 
18ft 18ft 


46ft 46ft 
3<ft » 
27ft 27ft 
9ft 10ft 
id i oft 

34ft 34ft 
23 23ft 
17ft 17ft 
45 <5 

lift lift 

24ft 24ft 

Newbridge Netw 45ft 46ft 
Nerendo Inc 


Nthvn tScSoi 


Ontx 

Petro Canada 


Placer Dame 

“ Core Sasic 4816 


23ft 27ft 
TOft 10ft 
toft toft 
44ft 44ft 
12ft Uft 
13 13 

lift lift 

26ft 26ft 


IS 


PonsfiL... __ 

Provtoo *J5 . 

PWA 0X9 8X9 

Quebecor Print lft 13ft 

Eny 29ft 29ft 


UeS. FUTURES 


Via Aswcfatad 9Vn 


Not. 25 


Seaton Season 
High Law 


Open High Low Qose CSg OpJnt 


Grains 


WHEAT tCBOT) 

5jm bu minimuns- dotan per bushel 

4.16ft 3X9 Dec 94 3XS 3X7% LOU 

426ft 3X7 MOT95 L7S% L8tPX 3J6ft 

3.9191 LUftMayfS L46ft 3X7ft 3X4ft 

SXlft 111 AMTS X3I L39 3X6% 

165 3X9 Sep 95 

X7S 3X9 Dec 95 

154% 125 AM 96 

Est. stocs 16X00 Wed’s, stott 20X03 

wursoominr 46X98 oft 931 

WHEAT (KBOT1 

5X00 bv mMmum- cMars per bushel 


145% *881% 11487 
179 V. *801 34,903 

LAS'S— 801 sxa 
138 HUBU 11X31 
143 SM 

L5«'a-<U0ft N9 
13T - OAT II 


433% 

4X7% 

4X1 

1X0% 

in 

1X9% 


112ViD«:f4 179 U0% 177ft 

125 MorlS 180% 182 3X9% 

1X1 V, May 95 3X9 140 3X7% 

X16%All 95 3X4% 145ft 141% 
129 Sep 95 1X1 14BY, 147ft 

15S Dec 95 


Est stoes NA. We^s-ftoes 6X00 
Wmfsome* 3S.1W 
corn tenon 

1000 bu minimum- dollars per Buthel 
177 2.10% Dec 94 2.12U 113ft 2.12ft 

2X2% 120% Mar 95 2X2ft 333% 122 ft 

IAS 2X8 May 95 2X0 130ft 2X0 

2X5% 1X214X495 2X4 2XSft 134 

170% 238 SeolS 239% 241 139ft 

2X3 2X5% Dec 95 2X4 145ft 2X4 

140 U ISO MarW 2X1 151ft 151 

10 2X5% AM 96 13ft 13* 10ft 

Est. sdes 31 POO wed's, sales 121.192 
Wed's open W 299 JUU up 8381 
SOYBEANS ICBOT) 

5400 bu minimum- drtars per bushel 
7JM 517ft Jan 95 167 ft 549 546ft 


179% *0X1% 7X85 
HOft— 800ft sun 
3X7% 2X56 

14/ft— a 00ft 4X06 
147ft— (UBft 93 
iMft-aeoft n 


112% 4-800% 59,951 
123 ft *801 101 JM 
2X0% *881 3SJ5S 
2X5 *801 ft 44X06 

140 *801% 1*76 

2AS *881% 21,90 
151ft *801% 955 

2X9 * 801ft 944 


7X6 

7X5% 

7X6% 

6.12 

6.15 

6X0% 

616 


SXTftMerJS 576 178% 575% 

5X5 May 95 582% 58/ 183% 

563% Ail 95 5X9% 5X1% SX8ft 

5X6% Aug 95 593 593% 592 

171 senes 593ft 5.93ft 593% 

S.78%Nw9S 599 6X1 598 

599% Jan 96 
6X1 599%A4*6 

601 6X1 Na»M 682% 6X7% 6X2% 

ESI Stott 25800 Wed'S. Stott 26X46 
Wed^openH 13JJ» up 7** 

SOYBEAN MEAL (GBOT) 

100 tens- donors Per ton 
209X0 13X0 Dec 94 1 4850 160X0 16800 

159X0 Jon 95 162X0 162X0 161 JO 

1 63X0 Mar ?S 165X0 14580 >64X0 

10X0 May 95 169X0 169X0 1*8X0 

17870 All 95 17*50 174X0 17110 

172X0 Aug 95 173X0 I758B 17520 

17130 S<g 95 177X0 177X0 177.10 

175XOOd95 17980 09 JO 17*20 

176X0 Dec 95 182X0 18270 182X0 

Jen 96 

Ew. Stott 15000 Wed** Stott 19X71 
Wed-sanenM 100X06 pit 2i» 
tenon 
1008s. 


548 

577% 

585% 

590ft 

SXJft 

193% 

6X0 

6X7% 

<20 

6X2% 


* 807ft 58924 

♦ 082ft 3DJ14 

*8X2 15X95 

» 803ft 23X12 
*804 1,928 

*8BS% 1X57 
♦802ft 18018 

♦ 802ft 116 

St 

>801% 119 


20X0 

207X3 

2080 


inxe 
11270 
101 80 
18520 


HOXO *818 
161X0 

16500 —a 10 
14890 -0X0 
173X0 -870 
175X0 *020 

177.10 

I79XO -810 
102X0 —820 
10X0 -820 


19,172 

26X95 


1*|4H 

10X78 

170 

1X81 

*041 

US 

1 


Rentossance 
Ri o Ato m 
S waium Ca 
Slone ConsoW 
Talisman Erry 
Tatogtoba 
TeHn 
Thomson 
TorDcm Bank 
Transalta 
TransCdaPlOb 
Utd Dominion 


toft 14% 


15ft It 

16ft 16ft 


81 


?» me 


UMWtttburne 
W e stc o u st Eny 


Weston 
Keren Canadas 


17ft 
36ft 3<ft 
10ft toft 
23 23% 
39% 39% 
44% 44ft 




Zurich 


219 


AdlaintIB 216 ... 

AlustoSto B new MS 650 

BBC Brwn Bov B 113 d Ilia 

OJO Getgy B_ 774 77* 

CSHtodSwB 598 546 

Elekti Ow B * 384 346 

FlWfterB 1495 1508 

Irrtenflaeount B 1830 1840 

JoknollB 778 780 

LondteGvr R 73? JX 

MoevsitodcB <23 438 

ifarteR tan 1207 




Roche Hda PC 
Sofro ReouOac 
SgndosB 
Sehtndler B 
Sober PC 
SurwUtance B 
swtosnk corse 

tSESJfS”" 

UBS B 

Winterthur B 
Zurich Ass B 
SBC 


ft® 


5740 snn 
H4 iia 
706 70S 
7573 7350 

ca 877 
in 1805 
364 142 

790 7*3 

ns BBS 
1135 111* 
675 MS 
TZB 1219 


2U7 

22X0 OK 94 

7625 

2375 

2805 

28.72 

*0X8 23.180 

28X5 

2365 Jtot 95 

7740 

77 72 

77 21 

VJ\ 

<0X7 30X26 

28J9 

2191 Mot 95 

26X5 

36X5 

3U5 

2663 

<0X4 22X41 

28X5 

22X5 May 95 25J0 

25X0 

2532 

*5.77 


77X5 

7376 JU 95 

24SS 





Z7JD 

22J3Aup95 

7460 

34-70 

2455 



2475 

2375 Sep 9S 

7445 

3445 

24X0 



2455 

23750a 95 

7409 

300 




3US 

22X0 Dec 95 

23.95 

24.10 

2390 

2410 

>0X8 4977 

3415 

23X0 Jan 96 




2U8 

<0X5 56 


Est. sofas 19X00 Wed’s, stoes 25X28 
Wed’sOPenH 114L351 pH 221 


Livestock 


CATTLE (CMEm 
3X00 BL- cents per fa. 






0.70 

6707 

—038 19X32 

7425 



68X7 

0-45 

67X7 

—060 HX77 

7&ID 

67X7 Apr IS 

6377 

68XZ 

6435 

68X7 

—025 17,184 

69X0 

6420 Jun 95 

6477 

6471 

6420 

64X7 

-020 

SJ28 

68.10 

6175 Aug 95 

6295 

6in 

GTS 

62X3 

—O.I3 

2071 

0X5 

6150 Od 95 

6365 

<370 

63X0 

610 

-023 

B46 



64*5 

64X5 

64X0 

64X7 

—025 

IX 

Eto. stoes 

<1.913 Wad's, stoes 20X05 




Wee’s OOTnlm 774168 

tot 3178 





FEB3ER CATTLE (QMBri 






sixoafas. 








60X5 

71X0 Jon 95 

734 

73X5 




199* 

80X5 

70X5 Mcr 95 

71X5 

71X0 

70.77 

7007 

-050 

1X25 


70.10 Apr 95 

71.00 

71X0 

7050 

7DJ7 

—025 

745 

7430 

0.BMOY95 

70X5 

7035 

69.95 

69.95 

—04 

493 

7105 

0X0 Aid 95 

7060 

70X0 

70.10 

7010 

-04 

1*4 

71X0 

M .60 Sen 46 




69 TO 

-04 

35 

Ed. stow 

1X24 VYecTs. seta 

2X17 





wed's open »» 7.184 

up IIS 





HOGS (CMER) 







404M0EK.- cents per fa. 







31 JO Dec 94 

21.90 

2205 

31.75 

3105 



3420Fta95 

3445 

Mil 

344 

3US 

• 0X5 12X8* 


3UBApr» 

35X0 

3367 

35X0 

3163 

• 825 

6074 


4075 Jun 95 

4100 

41.10 

400 

495 

-0 05 

3X58 

<5^ 00 

404SJI49S 

41 15 

41X5 

4105 

41 IS 

■ 810 

TOO 

43x0 

40X5 Aug 95 

41.10 

41.70 

4 SI 

41.17 

-012 

876 

4QJD 

38JOOCJ95 

38X5 

39.02 

38.90 

3190 

•005 

657 

41X0 

S.00DK95 

4105 

4105 

4100 

4105 


171 

42X0 

4100 Feb 94 




000 

■ 005 

II 

Ed. sain 

US Wed's sto« 

5.5W 






Wed’S open W 36X80 up U7 


Hon Low 


Open Hob Low Ouse dig OpAd 


*0X5 7AS7 
*043 1X79 


PORK BELLIES tCMERJ 
40X00 too.- aerts per fai 

60X5 3130Fto>9S 36X0 36X0 3575 3510 

<020 3SJDM<r95 3570 1675 3500 3525 

61.15 3630 Mar 95 SMB 30120 3730 37X7 r0A2 4*7 

5500 37XDJul9S 3820 3860 3820 30X0 *8X0 390 

4500 3570 Aug 95 37.4! 37X0 3580 35X0 

4800 3RJ0ftbS» 

59X0 39X0 MOT 96 

EiLsafas 790 WKfS. Stott 2.154 
Wed^ ope n tot 9X88 tot 35 


42X0 


*810 


42J0 *1X0 


Frnancral 


9559 

84X5 

93X9 


94X3 94X4 


93X9 

91X7 


U5T.RU5 tCMBU 
SI mHon-ptsaflMpa. 

9510 942SOK94 9437 

95XS 91X4 Mar 95 9505 

9534 9U1JW195 93XX 

9157 92.99 5«P 95 

Eststoe 7*0 Wors-lrtes 4399 
Wed’s wenU 25J88 all 1491 
SYR. TREASURY {CBOT1 
SI08000 prift- pts &32Adsaf M0 pd 
106-20180-125 DeC9«n-0*5 101-4)7 181-01 101-065- 
10349 99-365 Mar 9900-18} 700-205 100-71 00-206- 
100-08 99-19 Jun 95 100-07 100-0 100-07 100-0 
99-0 99-0 Sep 95 99-30 

Est. sofas 15500 Wed's, stow 59.936 
wed’s open Int 160X06 off 4360 
HYR. TREASURY tCBOT) 

SlOOXai prln- Ms & 32ndiaf 108 per 
114-11 99-02 Dec 94100-18 100-3 


—0X2 I2XM 
-0X1 11X89 
*0X1 1X81 

34 


005 129X41 

006 31333 

10 

1 


99-18 99-05 


105-32 97-27 Jun 95 99-10 
701-06 77-77 SepTS 99-00 
110-31 96-30 Dec 95 
Est.saes 3U33 Wed’s- sales 166X37 
Wed's open W 30X30 tot 10009 
US TREASURY BONDS (GBOT1 
(I pto-siODXKHBis & 33nd»to M0 pc» 

118-08 91-19 Dec 94 98-19 99-0 98-16 
1 16- 2D fS-13 uac 91 17-30 98-16 97-29 
115-19 94-27 Jun 95 97-15 97-30 97-13 
112-15 94-10 Sep 95 

115-14 *3-27 Dec 95 96-79 97-00 96-29 
114-06 98-13 Mto9» 

100-20 93-06 Jun96 
98-25 93-05 Sep 96 

Est sales 150X00 WWs. Stott 457X81 
Wad’s open tot 442.171 tot 14926 


100-28 * 

03 

233X87 

100-04 ♦ 

■0 

67X56 

99-W ♦ 

03 

186 

99-07 * 

03 

7 

98*19 ♦ 

03 


98-31 * 

06 

32300 

98-12 * 

Of 

105,93$ 

97-27 * 

a 

12X65 

97-12 . 

V 

348 

96*30 * 

07 

156 

96-17 * 

07 

49 

96-05 * 

07 

28 

95-26 * 

07 

2 


MUNICIPAL BONDS tOOOn 

s1000xlndBK-pts&32ncbofl08pto 

91-17 80-31 Dec 94 83-09 83-23 8540 83-22 

83-09 79-28 MOT 9582-0 63-23 83-01 0-27 

EsI. Stott 4XQ0 WWTS, stott 10.715 

Wed’s open ito 35X79 oft TV 


25.900 

9X91 


EURODOLLARS (dm 
simBaon-pfstiuepto. 

91180 90JlDDec94 93X60 91960 91930 9U4Q 
90281 Mor 95 fUM 9X4J8 9ZJ7Q 93X03 
90.710 Jun 95 92X30 92X50 93X10 92XRI 
0X10 Sep 95 92X50 92X60 92X20 92X50 
9 1.180 Dec 95 92.150 92150 92130 92. IS 
9tL79DMor96 92X60 92X80 92X50 92080 
91 .no Jun 96 91.960 91.9*0 91.950 91X80 
9L7305ep 96 91X90 *1.920 *1X80 91. «0 
ES. sofas NA Wed’S. Sotos 557X85 
wed's open tot 2741 , ibi up 19757 


95X80 

94J30 

94X50 

94380 

94320 

911* 

92X70 


360.975 


—10321,191 
-1025MBS 
— 1810243) 
10X27 
140.756 
137.927 


«Bh LOW 


Open Hitoi Low 


BRmsH POUND (CMER) 

5 per pound- 1 potol aoudh 18X001 
1X06 1X50B Dec 94 1X640 1X6* 1 

1X440 1X640 Mar 95 1X664 1X651 1 

1X380 IStmJunK 
Eststoes 6X99 Wad’s. Etoes 12X88 
Weds open he 50X94 on 393 
CANADIAN DOLLAR {CMER) 
SPerdfa - 1 ntort equdtsaoooi 
07670 07838 Dec 94 07280 07381 C 

07665 OJOOMarfS 07373 07282 C 
07537 0X990 Jun 95 07266 07366 0 
07438 0X965 Sep 95 

QJ400 07040 Dec 95 

07335 OJVOMcrlt 
Est. Stott 1982 Wed’s, stoes 4X12 
Wed's open tot 4AX0 up 174 
6SMMNMARK fCMBU 
tpermartc- 1 paint eautos 50X001 
0031 0X590 Doc 94 0X433 0X4)7 0 


Close 

Chg 

Opart 

1X04 

—68 48.174 

1X620 

—JO 

2X9B 

1X617 

—JO 

132 

17275 


40X05 

0.7277 


3412 

OT27D 


l.W) 

03262 


WO 

07252 


24 

017260 


* 

0X416 

—23 91X3* 

0X428 

-34 

0597 

06451 

-23 

1437 

0606 

-20 

IIS 


0XM7 0X9* Jun 95 0X448 0X448 0 
0040 0X347 Ses> 95 
fe*. sofas 12X89 Weds, sofas 23X36 
Weds open inf 106X0 OK 758 
JAPANESE YEN (CMER) 

5 per yen- 1 pdM equals 50X00001 
MU B4?mXD9J25r)fC *4 0X1 DIKOXIDJ 950X10142001 0144 
001 056O)X096fl0M» 95 0XTO77D0X10Z730X1 0730001 0231 
0J1 0O00 X 8I77U I1 95 0X103440X1*440X103400X10342 
QX1073LSlQ2ODSeP9S 0X10451 

0X106*01 0*41 Dec 99 OX1Q57IBXHI57QOX1 85700X10563 
0X109300X1 OTOOMcr 96 001004 

&Lstoes 12X25 wed's. sofas 15.914 
weersaoenw 05X30 oft 1129 
SWISS FRANC (CME90 
S per taw* 1 potol equals sunn 

ft?® aJal -M BJ2B 

S^S¥ lr< ? It l 424 07626 W60 B7615 -27 1817 

0X165 07)93 Jun 95 07664 0760 07660 07661 —37 305 

08155 0X091 Sep 99 0J7OB —27 6 

&t. »toes 6X23 Weds, sofas 15X67 
Weds open W 59X56 oil 409 


—43 74X19 
-43 1070 
-43 042 

—41 186 

—43 81 

—43 IB 


Stock Indexes 


U4>CO*flf».MOex (CMER) 

SOOxIrdot 

40.10 419711 Dec 94 450X5 «3X0 < 99H 
441XSMCT9S 4S4X0 456X0 *33.95 
07X0 451X0 Am 95 458.90 46050 43090 

«7J0 45U5Sfa>95 

».safas HA. Wadi sofas 112X99 
Wadt opanlnt 282,136 up 2778 
NYSE COMP. P4DEX (NYFE) 

potot* end cents 

264X1 237.I5DCC94 246X0 241X5 246X0 

“CM 2*670 Altar 95 248X0 249X0 240.10 

26000 24630 Jun 95 250X5 2S0XS 750X5 

36400 34970 Sip 95 
Eststoes HA. Weds. sofas 
Wedsopenta *X*8 alt 177 


4S3X5 *30289781 
456X5 *110 44X52 

460LSD *3X0 4X16 
465X0 *270 1X0 


2WX0 *170 AM* 
249X5 - 170 479 

250.95 *170 12 

82J5 WTO » 


Commodity Indexes 

goody* 

Reuim zuun 

D-J- Pjfftdes , W0.74 

Com. Research 231 35 


Previous 

137770 

Z 12 &J 9 

1SL63 

230.93 


TO OUR READERS 


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Russia Facing 
Uphill Fight on 
Market Reform 


Reuters 

MOSCOW — Russia has 
reached the bottom , of its eco- 
nomic slu mp and must choose 
whether to boost reform to dimb 
out of the quagmire or sink into 
stagnation, the Economics Min- 
istry said in a report Friday. 

1995 may become a turning 

Bock SeUs Stake 
In Kempinski AG 

Bloomberg Business News 

DUSSELDORF —The Ger- 
man real-estate financier Dieter 
Bode soki his majority s take in 
the Kempinski AG luxury hotel 
chain to a Thai joint venture, a 
vw first step in paring his holdings 
7 to concentrate on bis position 
as joint chief executive of 
LoarftoPLG 

Although representatives of 
Mr. Bock’s Advanta Manage- 
ment. AG declined to discuss 
the price, Mr. Bock’s stake was 
estimated to be .worth about 
130 million Deutsche marks 
($83 million). 

The sale had been expected 
since Mr. Bock assumed control 
at Lonrho this month when his 
joint chief executive, Roland 
(Tiny) Rowland, resigned. 

Mr. Bock sold Advanta’s 
slake to Dusit Sindhom Co., a 
joint venture between the Thai 
hotel group Dusit Thani Public 
Co. and Siam Sinhora Co. 


point” for the development of 
the Russian economy, comes on 
the heels of a cabinet shake-up 
that brought in several conser- 
vative ministers and raised 
doubts about the future of re- 
forms launched in 1992. 

Excerpts from the report, 
prepared for a meeting on the 
economy to be chaired by Presi- 
dent Boris N. Yeltsin and Prime 
Minister Viktor S. Chernomyr- 
din on Saturday, were pub- 
lished by the Rossiiskiye Vesty 
newspaper, which is run by Mr. 
Yeltsin s government. 

The meeting of top officials, 
economists and industrial man- 
agers will assess Russia's eco- 
nomic situation and outline its 
plans for 1995. 

“The question is whether the 
slump will end in a dra gging 
depression,” the report said, “or 
if the levers of economic accel- 
eration will be activated to en- 
sure better economic conditions 
in 1995 and lay the ground for 
further progress in 1996 and 
1997.” 

Mr. Yeltsin has said he re- 
mains committed to a tough ' 
line in introducing a Western- 
style market economy in Russia 
after decades of central plan- 

criticism of ^ol^Communist- 
style practices. 

But the president may find it 
difficult to win support for his 
plans from powemil regional 
bosses, influential industrial 
managers and even some gov- 
ernment officials. 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNPAY, NOVEMBER 26-27, 1994 

German Tax Revolt in Luxembourg 

Depositors Moving Their Funds to Duchy’s R anks 


Page 11 

EUROPE 


By Nathaniel G Nash 

New York Times Semre 

LUXEMBOURG — This tiny coun- 
try has become a royal thorn in the side 
to the German government. 

Since 1993, when the Finance Minis- 
try in Bonn imposed a 30 percent with- 
holding tax on interest income for resi- 
dents, Germans by the thousands have 
used Luxembourg to cany out a quiet 
but powerful tax revolt. 

Carrying suitcases and plastic bags of 
cash, they have deposited $150 oilb'on in 
Luxembourg bank accounts, placing it 
beyond the reach of German tax authori- 
ties and behind the screen of Luxem- 
bourg’s rigid bank secrecy laws. Over the 
last two years, German officials estimate 
they have lost $15 billion in tax revenue. 

So much money has flooded to Lux- 
embourg that the country, with a popula- 
tion of 390,000, has become the world’s 
seven th-laigest banking center, in terms 
of assets under management, and the 
fourth-largest center for mutual funds. 

Switzerland remains the largest pri- 
vate banking center because of its long 
history of enforcing bank secrecy laws, 
which make investments almost impossi- 
ble to trace. 

“Historically, many Germans obvi- 
ously did cot report their interest income 
to the tax office, and for a long time 
nobody in the government really cared, 
for that matter,” said Klaus Tjaden. 
managing director of Commerzbank’s 
offices in Luxembourg. 

After the German high court support- 
ed fair taxation of interest income, be 
said, the Ge rman government intro- 
duced a withholding tax that many Ger- 
mans felt was not applicable abroad. 

For nearly two years. Finance Minis- 
ter Theo Waigel of Germany has been 
urging Luxembourg to plug this tax 
loophole, suggesting that the duchy im- 
pose a tax mi nonresidents’ interest pay- 


ments as a way of encouraging Germans 
to move their money back borne. 

Mr. Waigel has proposed to the Coun- 
cil of European Finance Ministers that 
member governments require banks to 
tell government tax offices about interest 
payments to individuals — much as 
h anks in the United Stales do — and give 
European tax collectors authority to 
share information. 

It is a proposal that bankers in Luxem- 
bourg fed will not get far because Britain 
opposes it and because most European 
countries have a tradition of keeping 

The tax revolt shows 
how man y Germans are 
looking for new ways to 
avoid paying more. 

identities of bank clients secret, especial- 
ly from other governments. 

Mr. Waigd has proposed that banks 
and other custody institutions through- 
out the European Union withhold 30 
percent on all interest payments. 

Families with interest income of less 
than $8,000 a year are exempt from with- 
holding taxes. But because Germans are 
big savers and many earn above the 
minimum, and because many feared 
Bonn would lower the $8,000 level, 
wealthy, middle-class and working-class 
depositors have moved their money out. 

Luxembourg had the tailor-made in- 
vestment vehicle for them, in money- 
market mutual funds denominated in 
Deutsche marks. 

The German tax revolt shows how 
many Germans are looking for ways to 
avoid paying more. Families with in- 
comes of $100,000 now pay more than 50 
percent in taxes. 

In the five years since the unification 


of East and West Germany, West Ger- 
mans have paid more than $400 billion in 
extra taxes to rebuild the Eastern part of 
the country and provide a social safely 
net for their less affluent brethren. 

The tax burden is due to rise further 
next year to continue paying for national 
unification, which some economists esti- 
mate will have cost Germans close to 
$800 billion by the year 2000. 

But the tension with Luxembourg goes 
beyond taxes. It underlines what many 
here see as the arrogance of Germany 
toward its smaller neighbors on econom- 
ic matters. Bankers in both countries say 
Mr. Waigel ’s proposals to withhold mon- 
ey and to report it to local government 
officials are flawed. 

“For a decade, our position was not to 
enter any debate on taxes,” said Jean- 
Claude Juncker, Luxembourg’s minister 
of finance, budget and labor. “But 1 
made the decision to enter this debate 
because we have a strong argument.” 

If Luxembourg capitulates, he rea- 
sons, and even if all European Union 
countries adopt similar laws requiring 
banks to report to local tax authorities 
the interest paid to clients, Germans 
would move their money to countries 
such as Switzerland and Monaco, which 
do not belong to the European Union, or 
to territories exempt from its rules, such 
as Britain's Channel Islands or Gibral- 
tar. 

But Germany is malting dear to its 
banks, many of which have subsidiaries 
hoe arid admit to having received depos- 
its from German nationals, that it is 
prepared to take strong measures to stop 
tax evasion. 

In December, German tax authorities 
raided the Dusseldorf offices of 
Dresdner Bank, Germany's second-larg- 
est financial institution, taking away 
boxes of files and accusing Dresdner of 
setting up a plan to help Germans evade 
taxes. 


Ex-Bauesto Grief Assailed 


MADRID — A parliamentary commi ttee looking into last 
year’s collapse of Banco Espahol de Credito SA has conclud- 
ed its findings with an accusation of the bank’s former 
chairman, Mario Conde, and his dosest colleagues. 

with evidence, accuses the officials d^^cealmg 1 ^ truth 
about the bank's finances from shareholders and identifies 13 
operations in which there irregular dealings are suspected. 

The committee’s findings, released late Thursday, followed 
V an investigation into bow Banesto ran up a defidt of 605 billion 
pesetas ($5 billion). On Nov. 15, Spam’s highest prosecuting 
authority charged Mr. Conde and nine former Banesto execu- 
tives with fraudulent management of the bank. 


Lira Tumbles Further as Political Tensions Rise 


Coaq/Ued br Our Staff From Dtyatdia 

MILAN — The lira fell to a 
record low against the Deutsche 
mark Friday as Italy’s political 
tensions continued to take their 
toll on investors’ nerves. 

The mark rose as high as 
1,038.57 lire from its previous 
record of 1,037.40 lire Tuesday; 
in late trading it stood at 
1,038.00 lire. 

Prime Minister Silvio Berlus- 
coni faces an investigation into 


corruption and is battling to 
hold together his coalition. He 
has refused to step down, but 
his meeting Friday with Presi- 
dent Oscar Luigi Scalfaro made 
Italian markets nervous. 

A renewal of international 
confidence in the lira appears to 
depend on passage of the 1995 
budget by both chambers of 
Parliament by Dec. 31. The 
budget aims to cut 48 trillion 
lire ($30 billion) from the pub- 
lic-sector defidt. holding the 


defidt down to 138.6 trillion 
lire. 

The package includes unpop- 
ular spending cuts to be 
achieved through pension re- 
form. measures that have put 
the government on a collision 
course with unions and trig- 
gered general strikes. On Thurs- 
day night, however, the govern- 
ment signaled a willingness to 
compromise by bowing to one 
of the unions’ key demands and 
removing the pension reform 
from the budget 


The government would intro- 
duce the reforms in a separate 
bill; in return, unions would 
agree to a freeze on retirement 
benefits for 1995. Unions and 
government are expected to 
meet a gain Wednesday, two 
days before a planned general 
strike, to seek a final agreement 

“Even if it means a compro- 
mise, the market wants to see 
the budget passed,” a share 
dealer said. 

( Reuters, AFX, AFP) 


' Frankfurt .. ; 1 •. , Loreibir v - v ‘‘ 5*8* 

0AX ‘ ‘ 7 "-‘I : : V . ; J-=gJP 4ft v: 


mmmm 



.V 




. ... r ..\ .. .: .. ,r ■ CtOS* i-j '•&&&& 

ftjggMtiir: " -pfe V.' proft 


'Uifxio* 


Sources: Routers, AFP 


3p, ” 

* toota> - 'T wSf 

• lilt. • ' 419.4 1 • • •- ; 

<9<a.76.; : :V;9tiX88 * 

Intmubonaf Herald Tribune 


Very briefly: 

• West German retail prices rose 0.1 percent in November from 
October and 2.6 percent from November 1993, based on provi- 
sional data from the Federal Statistics Office. 

• Swiss Reinsurance Co. expects its 1994 profit to be “markedly 
improved” from the 325 milli on Swiss francs ($246 million.) it 
earned in 1993, despite having to face claims from the Estonia 
ferry disaster. 

• The European Commission has cleared KoUberg, Kravis, Roberts 
& Co.*s acquisition of Braden Inc. Although both are U.S. compa- 
nies, the commission evaluates all major corporate deals that 
affect the European market 

lion of Sorife tfe dfTE xjdoitatirai IndustrieBe des* 5 Tabacs & des 
ADranettes, or SEETA, the state-owned tobacco monopoly. 

• Banca Fopolare di Verona SpA, the controlling syndicate of 
Banco Ambrosiano Veneto SpA, will buy the 13.52 percent of 
Ambrosiano held by four Venetian banks between 1994 and 1995. 

• The Czech Republic's coupon privatization program, through 
which individual residents were able to buy stakes in previously 
state-owned companies, ended Friday. 

• Peugeot SA’s chairman. Jacques Cabet, said he expected the car 
market in France and Germany to expand 2 percent in 1995, with 
car demand expanding 5 percent in Italy and 4J percent to 5 
percent in Britain. 

• North West Water Group PLCs first-half pretax profit slipped 1 
percent to £136.8 million ($214 million), as a one-time charge of 
£13.5 million offset a 7 percent increase in sales. 

■ CretBtimstalt-Bankvereio, the second-largest bank in Austria, 
should be privatized early next year, according to EA-Generali 
Verscherong, the insurance company heading an international 
consortium bidding for a stake in the bank. 

• Skanska AB*s pretax profit surged 83 percent in the first nine 

months of the year, to 2.73 billion kronor (S371 million), but 
operating profit fell to 1.87 billion kronor from 1.95 billion 
kronor. Reuters. AFX. AP. BUrnnK— 


NYSE 


HMlLowStecfc Mu YM P£ inm 

M8>H i 


Low uses) Oi'oe KahLow’ 


9s 

a» vm P 6 ions 


a WATER; Jakarta Faces Shortage 


Tables include the nationwide prices up to 
the dosing on Wall 8treet and do not reflect 
late trades elsewhere. 14s The Associated Press 


m a b 

m s q 





1 § i 

4 8q 
a s a 

i. ii it 
i-oo 33 n 

« 93 


it 2SB XT 




Continued from Page 9 
than 180 million. The number 
of people in Jakarta is expected 
to climb to 12 million by 2005, 
from 8 J5 million today. 

Concerned with widespread 
wastage of water, President Su- 
harto launched a national wa- 
ter-saving campaign last month 
aimed at preventing “severe, 
long-term water shortages.” 

Mr. Sarwona the environ- 
ment minister, said a National 
Water Agency should be 
formed to coordinate water-re- 
lated activities by the govern- 
ment that are now the responsi- 
bility of three ministries. 


stricter pollution controls and 
industrial zoning regulations in 
the past two years had shown 
“some results” but that much 
more needed to be done. 

He also said he was worried 
that “only a crisis will bring us 
around.” 


Jakarta’s municipal water 
company concedes that it can 
supply rally about 59 percent of 
the city’s daily demand of 1.7 
million cubic meters. Users of- 
ten complain of pollution. 

The company’s waterpipe 
network, which leaks badly, 
reaches only 44 percent of Ja- 
karta’s residents. Many of those 
who get no water arc the urban 
poor. They have to buy from 
vendors who charge much more 
than the cost of piped water. 

In an effort to improve the 
situation, the government re- 
cently announced that it was 
opening major urban water 


Radtnal Mooch tar, public 
works minister, said that of the 
$7.8 billion erf water supply in- 
vestment needed in Indonesia 
over the next five years, more 
than 70 percent was expected to 
crane from the private sector, 
both local and foreign. 


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Page 12 


INTERNATIONAL HER ALD TRIBUNE, SATURPAY-SUNDAY, NOV EMBER 26-27, 1994 


NASDAQ 

Friday’s 4 p.m> 

This list compiled try the AP. consists of thej .wo 
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updated twice a year. 


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17 17*6 »*6 

12 174% _ 

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32 VS tVANoOtrCO 

34 23 NeOcor 

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31 ii’ANetamos 
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214416 NE BlIS 
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16 84kNewWr«> 

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_ 9 3374 

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18’A iW 179% -- 

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16% 

44 

44 

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46’A 

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lift 

42% 

25% 

444% 

13% 

16% 

6% 

5% 

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234% 

10*5 

20% 

25 

6 

13% 

4% 

12% 

6% 

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10 

36ft 

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31 

23 ’A 
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63% 
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29ft 

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27 

264% 

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16 16% +% 

41 VS 44 +% 

43 43*6 + ft 
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22 HAS -4% 

446 4Vh —Via 

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414% 42ft +1*% 

MH 24ft —Vs 
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12ft 13ft. +% 

16*6 16V, * V% 

6*6 64% - 

546 5ft - 

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62% 63*6 +*5 
21 2146 +4% 

20 2046 -ft 

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184% 1846 1846 - 

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14 8 ZaieCP 

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42 34 ZkmBcp 

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5.8 25 25 

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_ 538 81 

4.9 7 2782 

4J 6 1869 
7.6 - 


49 


„ 25 261 


1.1 16 - 

1J1 15 

2.9 6 135 

_ 16 14 

_ 30 16 

J 16 253 

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21 

1.9 _ 


363 
100 
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_ 53 300 
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I H 643 
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M 6 178 
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- X 1350 

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3J 8 1 

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42% 

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17 

35% 

10ft 

17*6 

16% 

79 

25% 
19% 
24% 
18% 
M’A 
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22ft 
2646 
12% 
lift 
11% 
X 
14 
8% 
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41 ’A 

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23% 

9ft. 

43% 

264% 

19ft 

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18% 

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1896 

17% 

13ft 

37% 

24<A 

X’A 

34% 

14% 


41% 41% —ft - 
244% Mft — % 
16% 17 
M 35*6+1 
10ft 10ft - 
16% 17 
15*6 16 —ft 
cPV 79 -1% 
Mft 24% -% 
18% 19% - 

24 24% - 

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24 24 

21% 31*.s— 'i> 
25% 24ft, +f» 

12 12% -ft 

lift lift —ft 
10 V. 10% — '/s 
X 33 -'A 

13ft 1316 —ft 
8*6 Bft -% 

31 31 

toft 15V„ —Vs 
lift lift -4, 
13% 13ft 
40% 41ft -ft • 
27*6 28 -Jk. 
23% 23 V, - W 
9% 9Vs +% 


43 42ft - ft 
25ft 26ft -ft 
19% 19*6 _ 

37% 37% 



AMEX 

Friday's Closing 

Tables include the nationwide prices up to 
the closing on Wail Streetand do ncrtrallec 
Hate trades elsewhere. Via The Associated Press 


12 Month 
HicnLov, Stock 


pjy YM PE IPOs Hiob Lowuetstorpe 


L 


34 63 


73 
_ 26 
1.75 7.7 _ 

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2 


IBe 7 JO 
2.73e 43 


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14% 9*4 AMC 
Xft M'A AMC pi 
4% 2 ARC 
5ft 3 ARIHkT 
3 lftiASR 
70ft 61 V, ATT Fd 
Bft 5 ’a AckCom — 

4 ft 2ftAcmeU - 

fift 4%AdmRsc 33 e A 
«ft lVi.AdwFln - 

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16% S’AAIrWat - 

3'Vs 2ftAiixaa 
7ft 6 Alomce 
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X 204s AmBilr 1 
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14% 3V u AiM84 
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toft 11% AIM Xn 
15 


47 8*6 8% Bft - 

215 35% 35 35% -ft 

10 10% 10% 10*4 —% 
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221 3% 3% 3% -% 

10 5ft 5ft Sft — % 
66 2 *h 2Vi, 2*U — 

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20 trft 4% 6% -% 
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31 

799 


118 

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1% 

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146 

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lft 

lft 

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9.7 


1J0 93 

132 62 

JO 3 


M2 e 39.9 
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1.44 123 


10 10% 104S 10ft -u 
52 lftdl'ft, 1% - 

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« 

62 

87 

134 

20 

72 


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716 7 7 — % 

6V, 6'A 6ft -ft 

5% S% 5% - 

ft d % V, — v. 


10 


636 10 9% 9% +V> 

II 15% 15% 1546 — % 
JO 21 'A 21% 21*6 —46 
7 Xft X 26 —V, 

79 2ft 2ft 2ft —Vs 
55 l»s 1% T% _ 
6 3ft, 3ft, 3ft. ... 
X to'A 14% 14% ... 

SS lift 11% 11 'a — % 
23 lift lift 11% 


16% lOftCornbr n 

5 iHCambwt 

12% 10 CMarcg 
25% 16 CdnOca 
12% 9ftCapRtyl 
17ft 9%CapRI2 
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40*617 ChoEn 
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304* 6 OlBVSn 5 
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28%H%OifimiV 
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B% 6 ComtO 
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23ft 13 CroCP B 
21 V« MftCwnCr 
5% 2ftCta4sAm 
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23% 1746 Cubic 
4ft 2%Custmd 
4*6 VSCycomm 


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18 6 
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4V 35 
11 45 

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11 70 
10 X 
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338 93 - *200 
131 elO.1 _ 1 

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- - 3600 
_ _ 348 
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12 11 


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138 17.9 

26 73 
1300 74) 

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12 


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19's 14ft Am List 40*61 15 

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MUISUAMzeA A4 LB 12 

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110 

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lift Sft ARestr A4 9A 5 

1 

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3ft ft.AmShrd _ - 

115 

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4 2 Astrotc - 29 

264 

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146 

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78 

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200 

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300 63 


34 4.1 
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33 33 


II 829 
_ 46 

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21 MS 
_ 32 

75 40 

_ 360 
11 332 
X 17 

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_ 229 
„ 82 
„ 10 
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2 

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11% 11% 
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946 9ft 
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7 7 

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562 8% 7% 

210 6% 6 
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13% 4%NarAb 
11% 9%NYTE1 
29ft 21% NY Tim 
11'A 8% Norex 
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10 % 10ft 10*6 +% 
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175. 14ft Ft»Sl7 
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17ft 15ft PbSt II 
17’A 1446 PbSt 12 
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lift 9 PbSH9 
15'A lOftPutnCA 
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15’A lOTSPUtNY 
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37 5% 5 Sft - 

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35 4ft 4 Vh 4ft + ft* 
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45 6% 6ft 6% *% 

31 3% 3% 3% - 

14 31* Sft 3ft +% 

40 2046 Mft 20% —ft 
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11 24% 24 24% +% 

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3 IB 174s IB +ft 

598 2ft «J 2% 2ft _ 
IX 114* 11 II — V* 


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31 31% -ft 

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10% I Oft +ft 
11% lift - 
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9ft 9ft - 
10ft 11'A +% 
6% 6ft —ft 
3% 3% - 

38% Xft + ft 
37% 37ft ♦% 
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IVi* 1 V„-Vh 

2ft 2% —ft 
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17ft 17ft - 
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l'Vu VuXCLLld - 

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81 

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!i“' 



Safes figures are unofficial. Yearly Mohs and lows reftod 
the previous 52 weeks Plus the current week, but nof me totes’ 
modtna day. wnere a split or etock dividend amounttna to 25 
nfcent or more boa been paid, the vW» bleb-low range end 
dividend are shown lor Hie new stock only. Unless ullierwue 
noted, rates at dividends ore annual disbursements based on 
the latest Ckdarathxi. , 
a —dividend afso axtra(s). 
b— annual rate at dtvhJcnd ptus slock dividend, 
c — liouldalins dividend, 
eld — coiled, 
d — new yearly low. 

e — dividend demorod or pmd in preceding 12 months, 
a— dividend In Canadian funds, sublect to 15% non-residence 
tax. 

I — dividend declared alter spltt-iip or slack dMdond. 

I — dividend paid this year, omitted, deterred, or no action 

taken a! latest dvldand meeflne. . 

k— dividend declared or paid this year, an accumulative 
Issue wUhdWtdends hi anew. _ .. 

n — now Issue In me past® weeks. The Man-taw rmiae begin* 
with the Mori of trad km. 
nd — next day delivery. , 

P/E— prlce-oarrrinas ratio. _ 

r — dividend Sectored or paid In preceding 12 months, pw 
stock dividend. 

s — stock split. Dividend beslns with date of split. ( 

t— dividend ooW tn stock in precedlno l2moalhS.estlnwI*< 
cash value an «x-dlv Idend or exnUstrl button dale. 

u — new yearly hleh. 

v — trading halted. , 

vl— In DankrvPtoy tfe receivership or belnareoraanbrtvte 

der the Bankruptcy Ad, or securities assumed wsuchcofU' 
ponies. 

wd — when distributed, 
wl — when Issued, 
tew— with warrants, 
x— ex -dividend or ex-rlsMs. 
xaw — ax^Sshi button. 

xw — without warrants. 

V— e*-<Ilvld«nd and sales In tuiL 
vld— yield, 
i— sales in full. 


* 

r-?. 

‘i-’l 


‘u.- 








\ 

(-J* \&P\ 


t 


IJ&O 


rNTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 26-27, 1994 


Page 13 


ASIA/PACIFIC 


ze 3 


Japan’s Banks 
Face Long Road 
To Recovery 


Caviled by Our Staff Fran Dispmches 

TOKYO — Japan’s lop 21 
banks reported a slight I. /per- 
cent decline in their toweriog 
levels of bad loans, but they 
face a long slog back to finan- 
cial health, analysts and bank 
executives said Friday. 

Japan’s 1 1 commercial. seven 
trust and three long-term credit 
banks announced - their half- 
year earnings results Thursday 
and Friday for the period ended 
SepL 30. 

Overall, the group reported 
that loans that had not paid any 
interest for more than six 
months totaled 13.31 trillion 
yen ($135 billion). 

On Friday, Japan's seven 
trust banks, which invest for a 
majority of Japan's retirement 
funds, reported a combined 
current profit of 48.69 billio n 

^Aoki to Sell Stake 
In 63 Hotels of 
The Westin Chain 

Bloomberg Business News 

TOKYO — Aoki Coip., the 
engineering and construction 
company, said Friday it would 
sell its stock in the North Amer- 
ican and European components 
of Westin Hotels Co. 

The buyers were identified as 
Starwood Capital Oroup LP and 
a unit of Goldman, Sadis & Co. 

Aoki will sell its stock in the 
63 hotels that comprise Westin 
Hotels Co„ most of which are in 
North America, and Westin In- 
ternational Europe. The value of 
the shares in these companies 
plus trademark rights to westin 
Hotels in South America was set 
at $56! million, the company 
said. The Westin chain operates 
SO luxury hotels in 19 countries. 

Starwood Capital Group, an 
unlisted real estate investment 
firm, is based in Greenwich, 
Connecticut. Aoki declined to 
name the Goldman Sachs unit 

Aoks bought the Westin Ho- 
tels & Resorts chain in 1988 far 
SI. 53 billion from AUegis 


,E brp.. then the parent of Unit- 
Air Lines. The Japanese 
company said it would use pro- 
ceeds from the sale to rebuild Its 
balance sheet 


yen tor the half-year, 23 percent 
less than a year earlier. 

The banks said they had writ- 
ten off combined bad loans to- 
taling 415.6 billion yen in the 
period, up from about 100 bil- 
lion yen the year earlier. 

Loan write-offs wiU pressure 
warnings for the full financial 
year, which ends in March, 
bank executives said. 

The trust banks said their 
combined pretax profits would 
decline to about 56.0 billion yen 
in the full year, from 127.8 bil- 
lion yen a year earlier. 

Mostly because of some ill- 
timed lending to real-estate de- 
velopers and slock speculators 
in the final - stages of Japan’s 
speculative “bubble" economy 
in the late 1980s, Japanese 
banks have spent most of the 
1990s trying to clean up their 
balance sheets. 

This week, analysts kept their 
eyes on banks’ operating profit: 
earnings on a bank's basic busi- 
nesses of lending and investing. 
Operating earnings have been 
pressured for several reasons, 
one of which is stagnant loan 
demand. 

Banks have also seen the val- 
ue of their bond portfolios drop 
because of a downturn in bond 
prices around the world this 
year and the depredation of the 
dollar against the yen. Mean- 
while, they have sold off huge 
amounts of stock to generate 
cash for write-downs on soured 
loans. 

Overall, operating profit rose 
22 percent at the 21 largest Jap- 
anese banks. But current profit, 
or earnings after write-offs and 
stock sales, plunged 37 percent 
for the half. 

Japan’s three long-term cred- 
it banks, which are the main 
financiers of large companies, 
reported a combined current 
profit of 51 billion yen during 
the half-year, 26 percent less 
than a year earlier. 

The three banks — Nippon 
Credit Bank LuL, Long-Term 
Credit Bank of Japan Ltd. and 
Industrial Bank of Japan Lid. 
— said operating profit rose 9 
percent, to 162.4 billion yen. 

The banks recorded profits 
from stock sales of 272.9 billion 
yen, up from 1 19.7 billion yen a 
year earlier. (Bloomberg, AFX) 


News Corp. 9 s Game Plan 

Professional Rugby Joins the Lineup 


By Graham Holdstock 

Speaal to the Herald Tribune 

SYDNEY — Just when Australians might 
have thought Rupert Murdoch could not do 
much more to mold their culture. News 
Corp., his media conglomerate, revealed big 
plans for rugby league football, one of the 
country's most popular sports. 

Shortly after joining government-owned 
Telstra Corp. in a venture to spend as much as 
4 billion Australian dollars (S3 billion) to 
establish a national 64-channel pay-television 
network. News Corp. unveiled this month a 
500 million-dollar effort to effectively take 
control of professional rugby. 

The move, driven by News Corp.’s enor- 
mous demand for programming, has upset 
many traditional local sports fans. 

And, while Mr. Murdoch has been success- 
ful in snaring rights to the National Football 
League in the united Stales for his Fox Net- 
work and rights for English Premier League 
soccer for the BSkyB pay television network 
in Britain, he may be on a collision course 
with his only serious Australian media rival. 
Kerry Packer. 

News Corp. says rugby league can become 
more popular — not just in Australia or other 
rugby league countries such as England, 
France. New Zealand and Papua New Guin- 
ea, but wherever the company’s television 
interests reach. 

The company’s plans, largely disclosed 
through its newspapers, call for a “super 
league" of 10 to 12 teams in Australia, which 
would force the mergers of some of the coun- 
try’s oldest and most popular clubs. 

It also envisions international matches 
against rugby league teams from a new league 
in England. 

Not everyone is enthusiastic about it, 
though. 

The Australian Rugby League was stunned 
by News Corp.’s grand plans, especially since 
they were gearing up for their own “super 
league" that included more, not fewer, teams. 

Now the league is scrambling to find an 
official sponsor and to reassure expansion 
teams due to join the 1995 competition. It has 
recently changed its stance from defiance of 
News Coip.’s plans to one hinting at possible 
compromise. 


“Because of the power of the News group, 
it's important that the Australian Rugby 
League try and work with them, because long- 
term, it will be in the interests of the game," 
said John Quayle, chief executive of the Aus- 
tralian Rugby League. 

Business’s eyes are focused on Kerry Pack- 
er's Nine Network, which holds the domestic 
television rights for rugby league until 2000. 

Gary Burns, Nine Network’s sports direc- 
tor, is concerned. “You only have to look at 
Murdoch’s track record in Britain and the 
United States to see that he's a determined 
man, and he gets what he wants and usually 
makes an outstanding success of it,” he said. 

After years of regulatory chaos, Australia's 
pay-television market appears closer to lak- 

Attention is focused on 
Kerry Packer’s Nine 
Network, which holds the 
domestic television rights for 
rugby league until 2000. 

ing off, but only after an intense battle be- 
tween the News Corp. -Telstra venture and 
two other groups, all of which are trying to be 
the first into the country's 6 million homes 
with a broad range of programming. 

Mr. Packer’s Nine Network is a member of 
the Optus Vision national cable network which 
plans to spend more than 3 billion dollars for a 
64-channel pay-television network. 

Another group, Australis Media, which has 
spent more than 300 million dollars on li- 
censes to distribute television signals to indi- 
vidual homes by microwave, recently secured 
rights for a major cricket series with the West 
Indies, angering Nine Network. Still, many 
commentators refuse to count Mr. Packer out 
of the competition. 

“He can’t take the game overseas because 
he hasn't got the rights or the infrastructure,” 
said Roy Masters, a columnist and former 
rugby league coach. “But he has got domestic 
rights, so he can sit back ana wait for a 
compromise that will see him and Murdoch 
sharing the cake." 


Australian Pay-TV Project in Peril 


Agence France- Presse 

SYDNEY — The Optus 
Vision consortium threatened 
Friday to withdraw plans to 
build an Australian pav-TV 
network valued at 5 billion 
Australian dollars (S2J bil- 
lion). 

The group said it would not 
build its network if the gov- 
ernment went ahead with 
plans that would compel it to 
give access to other program 
providers. 


The consortium consists of 
Optus Communications, 
Australia's second telephone 
company; Continental Cab- 
levision Inc. of the United 
Stales; the Seven Network, 
and Nine Network, owned by 
Kerry Packer. 

Michael Lee. the communi- 
cations minister, announced 
Thursday that companies 
could exclude rivals from 


their cables for as long as five 
years but would then have to 
give access to other providers 
at government-controlled 
times and prices. 

Urging the government to 
rethink its rules, Optus Com- 
munications warned its with- 
drawal would hand a monop- 
oly to the rival consortium of 
Telstra Corp., the state- 
owned telephone company, 
and News Corp. 


Canada 
Stakes Its 
Future on 
Asian Deals 


By Clyde H. Farnsworth 

New York Tima Service 

TORONTO — Canada is 
pursuing rapidly growing mar- 
kets in Asia ana the Pacific to 
reduce its dependence on the 
American economy, although 
not without stirring up some 
misgivings at home. 

Inis month, the largest Ca- 
nadian trade delegation to visit 
China came away with deals 
valued at $6.5 billion. Team 
Canada, as the Canadian media 
nicknamed the delegation, won 
Beijing’s attention with its po- 
litical influence. 

It was led by Prime Minister 
Jean Chretien and included 
nine of Canada's 10 provincial 
premiers. Only Jacques Pari- 
zeau of Quebec stayed away. 

Tbe Canadians signed more 
than 50 commercial accords, 
ranging from hockey tourna- 
ments to nuclear reactors, during 
the six-day virit Tbe deals could 
create thousands of jobs for Car 
nadian workers in an economy 
with 10 percent unemployment 

Other agreements were signed 
in Indonesia when Mr. Chretien 
attended the Asia-Pacific Eco- 
nomic Cooperation meeting this 
month. He also visited Vietnam 
and announced, along with a $36 
million aid package* that Cana- 
da would extend preferential 
trade status to Hanoi. 

Tbe mission to China best 
illustrated Canada’s drive for 
trade with other countries on 
the Pacific Rim. But China's 
poor record on hu man rights 
has prompted criticism of the 
agreements within Canada. 

“I'm disturbed when 1 see the 
public debate has become one of 
rights versus trade,” Mr. Chrfe- 
tien said. “We must have both. 

He has insisted that China 
would change through what he 
called “increased mutual un- 
derstanding and contact.” 

Other criticism by Canadians 
has focused on the biggest com- 
ponent of the trade agreement 
with China. A memorandum of 
understanding would let Beijing 
buy two 685-megawatt nuclear 
reactors made by the state- 
owned Atomic Energy of Cana- 
da Ltd. About two-thirds of the 
$25 billion cost would be fi- 
nanced by Canadian taxpayers, 
through "the government's ex- 
port credit agency. 


Investor’s Asia 


Hong Kong • 

Hang Seng . 


Singapore 

Straits Tiroes*./..: 


Tokyo ■ ■ 

Nikkei 2£Sv: :-"-v ■" 


10000 ' 



Vi a'Son’ 

i*w 



^xSvrs'if 1 ' 

■tm 


Exchange 

Hong Kong 

. Incfot. . 

HangS«® ;' ; s 

Close ..Cfose -CSmm 

8,658.63 • 1 . ■■ 

Singapore 

Straits Times' 

2^3775 : ; 

Sydmy 

A85rtftfietfies 

■■ • ijBB&b: ' :*ys$. 

Tokyo 


..WtiWKfl? . 18,648^6 . 

| Kuala Lumpur Composite : 

.to ■■■■ 

Sangktsk '-. 

: scir-. - ;. 

1 \ 

Seoti$ , . 

Composite Stock 


..'TMprf.,-.. . 


%43stJB2 - 

Uanila 

f’QE- . ; V-/. 


Jakarta 


.4wJw' ;V 

itewZtea&mt: 

*scse;-4o.. . : . 


.Bomtnjf v 

W^onanndeat -. 

. 1 j960je» . -V+1 ,SV£j 

Sources; Reuters, AFP 

IntcnuUonal HeraU Tribune 

Very briefly: 


• Philip Morris Cos. of the United States won permission to make 
Marlboro brand cigarettes in Vietnam and expects to begin s elling 
them there next month. 

• Japan's Parliament voted to raise the national sales tax from 3 
percenL to 5 percent in 1997. 

• Singapore Telecommunications Ltd-’s first-half net profit rose 
9.9 percent, to 703.3 million dollars ($480 million). 

• Japan's Health Ministry said government tests on 40 samples of 
suspect beef from Australia had turned up one batch contaminat- 
ed with pesticide; checks began a week ago after a warning by 
Australia that some beef may have been contaminated. 

• Japan’s consumer prices rose 0.5 percent in October from the 
previous month and 0.2 percent from a year earlier. 

• Hong Kong Today, the territory's first tabloid, will close at tbe 
end of November, the paper said It was Launched in late 1993 and 
has lost millions of dollars. 

• Hong Kong lowered its estimate for the territory’s inflation rate 
this year from 85 percent to 8.0 percent 

AP. Bloomberg, Reuters, AFP 


n 

r Taiwan’s Easing Called Slight 


Bloomberg Business News 

TAIPEI — Taiwan’s move 
toward easing rules on foreign 
investment in the stock market 
is not likely to increase the flow 
of overseas funds into the coun- 
try soon, foreign executives said 
Friday. 

Under rules tentatively ap- 
proved Thursday, foreign fi- 
nancial institutions would be 
allowed to acquire 10 percent of 
a listed company’s shares on the 
Taiwan Stock Exchange, com- 
pared with 5 percent now. said 
Loraine Chen, chief of the Se- 


curities and Exchange Commis- 
sion divirion that overseas for- 
eign stock investment 
“In the long run, this is good 
news, but there will be no sub- 
stantial effect right now,’**said 
Thomas Chien, research man- 
ager of Baring Securities Ltd 
Foreign investors still mil 
face restrictions on their ability 
to move money in and out of 
the market industry executives 
said. 

Direct investment by foreign 
individuals is still banned under 
the new regulations. 


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4 k INTERNATIONAL ^ * a 

ucralo^ifeenbunc 


Sfllawfay-Swi^, 
November 26-27, 1994 
Page 14 


T; H i*A 'AND NT.. 

■ : s •; • :> ^ •• . * V . r •>- T-. ' 5 / \ N 

. • ; • v ’ : • 

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“■■'*!:■ *&?: /. 

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FIRST COLUMN 


Investing 
To Forget 

S TOCKS for widows anc 
are supposed to have cer 
known characteristics, 
poration should be lo 


Are Emerging Europe’ Debt Markets Just for Adventurous Investors? 

— “ “ _ Yet, ^Bulgaria is interesting." says Lin- — VV:-U r i AlfJ ^ .\v V* •&/•* \%+ A~V 

By Judith Rebak coin Rathnam. manager of the Scudder % w : <<jF®KtfetQ ThW 1 v,* : C f 'it*. 1 

Emerging Markets Income fund. “Indus- <. »c«atnst trie rioter (givfergfe.gg^^r-'y *• ;.■ - Vs • 




S TOCKS for widows and orphans 
are supposed to have certain well- 
known characteristics. The cor- 
poration should be long-estab- 
lished and engaged, more or less, in a 
recession-proof business. 

The stock should be quoted on a liquid 
market, to facilitate instant sale. And giv- 
en that any stock is a risky investment, a 
stock for a widow or an orphan is sup- 
posed to run against the grain. It is sup- 
posed to be safe. 


So forget emerging Europe as a reposi- 
tory for the cash of the W&O fund. How- 
ever, the currency crises, the volatility of 
the markets and the other factors that 
speak against buying for the W&O fund 
can act as an incentive if you want to 
provide an investment for, say, a grand- 
child. 

How so? Because what economists like 
to call the “fundamentals” of much of 
emerging Europe are good. It’s just a ques- 
tion of waiting for the currencies to stabi- 
lize and for the markets to become less 
volatile. The best way to do that is to 
forget about it for 20 years and sell the 
fund when the grandchild comes of age. 


B ULGARIAN Brady bonds. Pol- 
ish Eurobonds. Debt issued in 
Czech koruny by the Czech Re- 
public’s phone company. If 
you're wondering who would want to buy 
debt instruments like this, the answer is a 
small, but growing crowd of professional 
investors — including mutual fund man- 
agers. 

The case for buying debt in Central 
Europe’s emerging markets, whether it is 
of the government or corporate type, is 
akin to the argument for buying U.S. 
“junk” bonds: high yields, deeply dis- 
counted prices, or both, to compensate for 
uncertainty and risk. 

The homework, warn the investors who 
deal in these markets, is complicated be- 
cause the markets often have no bench- 
marks or liquidity. Inflation may be high, 
and monetary policies and policies uncer- 
tain. A vital part of the investment men- 
tality is a conviction that the economies of 
these markets will improve, tempered with 
a keen instinct for when to get in and 
when lo get out. 

Bulgaria, for example, would hardly 
seem a candidate for a fund portfolio, its 
economy has suffered from close links 
with the former Soviet Union. Inflation is 
r unnin g at 68 percent, privatization pro- 
grams have been delayed, and economic 
growth this year will be zero, at best, 
according to a research report from New 
York’s Chemical B ank 


Yet, “Bulgaria is interesting,” says Lin- 
coln Rathnam. manager of the Scudder 
Emerging Markets Income fund. “Indus- 
trial exports to Russia have picked up by 
about 50 percent, although from a very 
low point,” he said. “There’s no govern- 
ment at the moment and bureaucrats are 
running the country, but there is good 
management at the Central Bank, and 
good relations with the International 
Monetary Fund.” 

Mr. Rathnam is one of a number of 
money managers who bought dollar-de- 
nominated Bulgarian Brady bonds when 
they were issued last July. Brady bonds, a 
key element in a country’s return to credit- 
worthiness, are commercial bank debt 
that has been restructured to give coun- 
tries more manageable payment terms. 
They are named for former U.S. Secretary 
of tbe Treasury Nicholas Brady, who con- 
ceived the idea. 

By contrast. Hungary, which might 
have seemed a better bet looks less tempt- 
ing to some Central European market 
players these days. The country’s budget 
deficit is growing, and disputes have 
erupted between the Central Bank and tbe 
Treasury as to how it should be financed. 

Helena Hesse! of Standard & Poor's 
international rating group noted that S&P 
downgraded Hungary’s sovereign rating 
from a BB “positive” to a BB “stable" last 
ApriL 

Sovereign ratings assess the credit-wor- 
thiness of a government and its ability to 
repay its debt in a timely fashion. 


Emerging Europe 


Page 15 

Russia's crisis of confidence 
Slim pickings in Eastern Germany 

Page 17 

The Czech market pursues maturity 
'Pan-Emerging 1 ' Europe funds 
Poland's plunge 


ItfiAhtg Their Level 

>V- : '-CtaT^ctdd against the rioter (ins 

-- “ 

r <: J Hungarian forints a 

per Collar 




(thousands) 
-Polish zlotys - 
oer dollar _ 


But two of the brightest spots in Central 
Europe, in the opinion of some emerging- 
market experts, are Poland and the Czech 
Republic, Although inflation in Poland is 
still around 30 percent, it has been coming 
down steadily. 

“The economy is growing at about 4.5 
percent, and even though there is some 
political uncertainty, the attitude at the 
Central Bank and Treasury has been con- 
servative,” said Kris Bledowski, Economic 
Adviser for the Warsaw-based Pioneer 
First Polish Trust Fund. 








. ■ «. yj '7 v.y 

. T v v?. • A* jts 


B ulgarian leva 
per dollar 


Czech kon 
per dollar 


Tbe investment of choice for many for- 
eign bond investors are Polish Brady 


bonds. And the next step in Poland’s im- 
proving economic picture is the expecta- 
tion that it will receive a sovereign rating 
in the next six months. 

“That’s the missing link,” said Mr. Ble- 
dowski, who estimates that this stamp of 


1962 . 




approval will probably boost the price of 
the country's Brady bonds from about 45 


Europe is full of small companies which 
have riJden out the recession and are ready to 


return to real growth ntf iin. 


EUROPEAN 


The recent history 


economic recoveries 


mi Wests rhat they wil 
prow pretty quickly too 


AN TS 


SMALL 


outperform 


stock-. 


Hence the new 


COMPANIES. 


IndoMie: European 


Small Companies 


FunJ. launched by thv 


Indosuez 
European Small 
Companies 
Fund 


the country's Brady bonds from about 45 
cents to 60 cents on the dollar. A sovereign 
rating would also have a positive effect on 
the Polish government’s launch of its first 
issue of doliar-denominated Eurobonds in 
1995, he added. 

Another recent development in Poland 
is the nascent commercial paper market in 
zlotys. Rather than borrow from banks at 
annual interest rates of about 35 percent, 
the Polish subsidiaries of household 
names like Pepsi -Cola and Unilever suc- 
cessfully issued commercial paper, backed 
by their parent companies, at rates be- 
tween 26 and 27 percent. 

So far, investors have been locals, said 
Mr. Bledowski. but he expects the market 
lo grow. “Foreign investment b anks are 
now jockeying to issue commercial pa- 
per.” he said. “We hope to have it like the 
Czech Republic, where the major compa- 
nies are now issuing” 

It’s no surprise that Poland is looking to 
the Czech Republic, which is leading the 
way for the rest of Centra] Europe. With 
no external debL inflation at 10 percent 
and falling and a fiscally responsible gov- 
ernment. it has the highest sovereign rat- 
ing BBB+, of all the former Eastern bloc 
countries, notes Peter Kysel, a director at 


Source: Datastream 


John Goyett, the London emerging-mar- 
kets specialists. 

This coming week, CEZ. the Czech elec- 
tric utility, whl launch a $150 million 
Eurobond on the international markets, 
tbe first corporation from tbe former East- 
ern bloc to do so. 

But with no Brady bonds, and only a 
CTnaTi mar ket in Eurobonds, Mr. Kysel 
thinks foreign investors will increasingly 
find Czech corporate bonds, issued in 
Czech koruny, worth while. 

“They’re from large companies and 
banks, and while the quality is not 35 high 
as government bonds, it’s still good.” he 
said. “The interest rates are 1 1 to 12 per- 
cent, compared with 9.5 to 10 percent for 


government bonds. 

“I found it surprising that foreigners who 


bought the Czech economic story pur- 
chased equities, and are now sitting on 
large losses.” Mr. Kysel commented, refer- 
ring to the fall of Prague's stock market 
The HN-Wood 30 index of prime compa- 
nies on the Prague Stock Exchange has lost 
about 60 percent since February. “They 
could have bought bonds in local currency 
yielding 12 percent plus they would have 


received an 8 percent gam on price. They 
bought the wrong instruments.” 

Nevertheless, local bond markets are 
not without their caveats. The domestic 
market in tbe Czech Republic is tiny, only 
$1.7 billion, compared with $12 billion in 
the equity market, and tbe secondary mar- 
ket, where bonds are bought and sold is 
very limited. “You must buy and hold 
your bonds,” cautioned Mr. KyseL 

Clearly, the only way for individual 
investors to take a stake in these markets 
is through a diversified emerging markets 
income fund, with the added warning that 
the ride can be a bumpy one. Three vehi- 
cles directed to U.S. investors that are 
beginning to buy some form of Central 
European debt are the Scudder Emerging 
Markets Income fund, the GT Global 
High-Income Fund, and Fidelity’s New 
Markets Income Fund. ' 


The London-listed Central European 
Growth Fund, an investment trust, has a 
14.2 percent position in fixed income from 
the Czech Republic, while the offshore 
arena offers Scudder’s Sovereign High- 
Yield fund. 




Portugal 
BTA share index 


Athens Stock Exchange 
General index 


Private Banking Pivi-Kin»»t Ranquc Irulo-uo:. 



Its scr ro rule full advantage of equity 




RARING 


investment opportunities ottered hv 
companies now that the economics ni Europe 


— f 

'imp- 


ure moving again. 


It will seek out undervalued stock* f 




TO GROW. 


across a broad range of European countries 
but with particular emphasis on France. 


= Source. Datastream 


nn Source: Datastream 


Germany and the United Kingdom. And it = 


Analysts More Bullish on Portugal Than Greece 


will use the experience and local expertise of 
three highly respected advisers - lndnsue: 
As.-et Management (Parish Sal Oppcnheim 
jr *St Cie (Cologne) and Garrmore Capital 


P ORTUGAL and Greece are both 
emerging from traumatic times of 
recession and high inflation. 
Many fund managers, however, 
are more optimistic about tbe prospects 
for Portugal’s stock market, which is capi- 
talized at about $17.4 billion, than 
■Greece's, which has a market cap of 
around $13.8 billion. 

Indeed, the Portuguese market has risen 
by about 24 percent this year while 
Greece’s has fallen by around 1 1 percent. 

Isabel Goiri. a fund manager at 
Schroder Investment Management in 
London, feels that the Portuguese econo- 
my has improved considerably in the last 
four or five years. Inflation is down from 
20 percent four years ago to 4.5 percent 
this year, she said, and is still falling. She 
said she expects exports, which have led 
Portugal’s recovery, to continue to im- 
prove during 1995 and that the country 
should show “healthy sustained growth 
! through 1995 and 19* ” 

! David Kiddie, an analyst at Lloyds 
i Bank in London, also sees Portugal as a 


By Christine Stopp 


Management Limited (London) - who will - - 


seek to add value in areas which are = 


frequently under- researched. 


BANQUE INDOSUEZ 


F«»r full derail?, simplv complete the 
coupon. Because, ns a long-term mve-tmem 
opportunity. European small companies are 


PRIVATE BANKING DIVISION 


set ro grow. 


T«i: InJx'uc: European 'sin .ill C«>nip,inK" Fund, c/u B.nninv ln>li>-iiL-; LuxcuiK.nrs: S.A-. W Allot.* raholYor. L!'*2^’C l Lii\oinl*«inru. 
PIv-im? have \*mr l< <c.il B.in^iio Ind.-nv: Prn.iic K.inLini! ■•Mucr -«.*n»l mo :■ pru-potiu- 


i'i.iuto. Mr/Mi'/SK 


M.niinv A 


While Portuguese equities are not 
heavily researched, the market should of- 
fer opportunities now that fears about its 
stability are lessening, Mr. Kiddie added. 
Recovery in the banking sector, since it 
forms such a large part of the market, 
would be an overall boost 
Both Mr. Kiddie and Miss Goiri like the 
retail sector, which is underdeveloped, 
and where there are companies which, 
according to Miss Goiri. “know the mar- 
ket and have tbe financing to benefit from 
growing sophistication in consumer 
tastes.” She cited Modelo SA and Geroni- 
rno Martins as attractive retail stocks. 


Jim Nolis of Foreign & Colonial 
Emerging Markets in London said there 
has been great investor interest over the 
last month in large-cap Portuguese stocks 
such as pulp and paper company Soporcel 
SA. Also sought-after have been Sonae 
Investimentos, a holding company that 
controls a conglomerate combining paper 
and retail interests, and cork producer 
Amorim. 


“very responsible country.” A few years 
ago, he said there were fears that invest- 
ment would stop coming to Portugal after 
the opening up of Central and Eastern 


HlT’.'i jll- *5 — 


Tin- . I ■ ni—iii. ni i- ii- -I • | , r«»»poiin». , »i*l.l«K-Tfc»f .mo O ii'ii* ••lltf nil nr l-m ,m\ **«rn» Tin- . ji«.hhi;i.| Si m.* in fk* *-m *11 ^ h ,| i»l >.■■■• Mil* K » l« 'In.-n^i <l» |-i>-| . 

In . | ■■■ IN Kiiilli h i ill ■» Hh I iliu ill JH Ills Ilfc-HU !«■■■«■ Ih' ■.%ln»ni itj^i L*» l-«*n i-iri l| I* >u| 1 1 , || .. I L II link nr*- • I| ■Ifl'% u IfMltiaihm I- • m l*. ■ «| ar >|a ■ Ik- I, ■In iIh • ilil. 

"J iJh i>* ibi ii .M jit Ax/* r- ^ » f« *i|j|. jf« I* Aiif-rn n n«t »nl 1 fl#- *J)» tuft •*» 


Europe. But Portugal has benefited from a 
steady flow of EU grants which will con- 
tinue for the next few years. 


By contrast, said Mr. Notis, the Greek 
market is “stagnant,” plagued by nervous 
investors and a government that “lacks 
credibility.'' The mutual fund industry in 
Greece is undergoing a period of uncer- 
tainty, he said due to the threat of a new 
tax on dividends. 


A large deficit and high interest rates do 
not represent a good environment for fi- 


INVEST YOUR FUNDS IN DENMARK 


PJeaee choose two of the investment opportunities listed bel- 
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Q Dollar Investment Package 


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I 



PRIVATE BANKING 
( I NT KRX.-VnoN.-U. > 




d“ knC 

.■ r 




nanaal assets arid corporate profits, said 
Miss Goiri, but selected companies are 
doing well. She said some companies have 
expanded northward to test other markets 
in the Balkan region. 

An example, she said, was Hellenic Bot- 
tling, holder of the Coca-Cola franchise in ; 
Greece, which has moved into Bulgaria . 
and is also expected to move into Roma- 
nia. The Bulgarian experiment is already * 
profitable after only two or three years in 
operation, she said. 

The company is also doing well at 
home, stimulated by tourist-industry : : 
sales. Mr. Notis described Hellenic Bot- 
tling as “one of the best-managed compa- 
nies in the country, if not in Europe.” 

Both Portugal and Greece suffer from a .* 
restricted selection of stocks and poor 
liquidity. The overall advice from most 
analysts is that investors should be highly 
selective in choosing equities. 

There are also a few funds investing in 
Greece and PortugaL Dorian Asset Man- 
agement's Dorian Equity fund and 
Schroder's Greece Fund Ltd. target 
Greece, as does the closed-end Greek Pro- 
gress Fund, run by Eigobank and Baring 
Asset Management. 

In Portugal, tbe opportunities include 
the Oporto Growth fund, run by l Aman 
Brothers Global Asset Management, The 
Portugal Fund, managed by BEA Asso- • 
ciates, and Morgan Stanley's Portuguese 
Investment Fund. 


• ■ t . 

W. ^ 




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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 26-27, 1994 


Page 15 


Eastern Germany Offers Few Pure Plays 


By Bale Netzer 


Source: Bloomberg 


lirr Source: Bloomberg 


Fallout From Ruble’s Plunge Is Hurting 
Confidence in Nascent Russian Market 


By Iain Jenkins 
and Philip Crawford 


R USS IA and the former Soviet 
republics appear to offer huge 
po tenti al profits for investors. 
Natural resources are in abun- 
dance. Much of the population is well- 
-educated. Labor costs are low. 

The catch is that there are huge risks. 
Reforms have been threatened by political 
unrest, financial scandals, a devaluing ru- 
ble, deteriorating infrastructure, and the 
looming shadow of the Russian mafiw 
Painful blows to market reforms, more- 
over, have been inflicted by the crash of 
the ruble on Tuesday, October 1 1, and the 
political fallout that has followed it In 
trading on the Moscow Interbank Curren- 
cy Exchange on “Black Tuesday” — as the 

day has come to be known in die Russian 
capital — the ruble fdl to 3,926 to the U.S. 
dollar from 3,081 at the dose the day 
before, a 21.5 percent decline. After six 
weeks of being buffeted about, the ruble is 
now trading at about 3,190 to the dollar. 

I mm ediately after the crisis, Russian 
President Boris N. Yeltsin fired his acting 
finance minister, Sergei Dubinin — who 
had been widdy perceived as pro-rtf onn 
and not culpable for the ruble's fall — and 
replaced him with Vladimir Panskov, a 
budget advisor. That move prompted the 
resignation of economics minister Alexan- 
der N. ShobJrin. 

The upshot of the disarray, say analysts, 
has been increased caution on the part of 
Western investors to enter the fray, re- 
gardless erf how tempting the market’s 
potential can be. Meanwhile, an Novem- 
ber 8, Mr. Yeltsin signed a decree that 
increased state control over securities 
grading, a move analysts viewed as an 
attempt to restore the confidence of both 
global and domestic Investors. Many of 
the latter were burned badly by theMMM 
fund scandal earlier this year. 


Russian stocks seem to have sensed the 
confusion. The ROS index of Russian 
equities, compiled by the investment hank 
CS First Boston, has fallen from a peak of 
1,706 on September IS to around 940 this 
week. When the market might s tabilize is 
anybody’s guess, say analysts. 

But it is precisely this uncer tainl y, as- 
sert some analysts, that creates opportuni- 
ties for the adventurous investor. And the 
vehicles are there. 

A number of funds targeting invest- 
ment opportunities in the Commonwealth 
of Independent States, or CIS, as (he for- 
mer Soviet Union is now known, have 
been launched. A few Russian companies, 
moreover, have succeeded in getting list- 
ings on the Toronto, Sydney and Dublin 
stock markets. But is now the time to 
invest? 

Richard Sobei, a director at Barin g As- 
set Management in London, which has 
just launched a new OS fund aimed at 
institutional investors , says: “The risks 
are still high. It is a difficult market to 
operate in. But the risks have come down 
and the potential returns are enormous.” 

Jura Ostrowsky, head of Russian in- 
vestments at the Geneva-based private 
bank Pictet & Co. said that Russia's col- 
rich regions could mature into wealthy 
states. “Russia could take off,” he said. 
“Kazakhstan and Uzbekistan could be as 
rich as Saudi Arabia and Kuwait” 

Mr. Ostrowsky said that investors — be 
they funds, corporations or high-net- 
worth individuals — have a unique oppor- 
tunity to buy Russian assets at very cheap 
levels. 

But buying assets in the CIS can be 
difficult say fund managers who report 
sometimes having to catch a plane to Sibe- 
ria in order to register their shares at the 
company headquarters to be sure of own- 
ership. 

Tom Adshead. an analyst of Russian 
equities at CS First Boston in London 
says: “Custody and settlement issues are 


the major brakes on the market. Once it 
has been reorganized, there wfl] be more 
liquidity as foreign buyers come back and 
push prices up again. These days, the 
foreign investors have almost vanished.” 

Earlier this year, the lack of liquidity 
helped drive the market skyward. The 
ROS index began the year all the way back 
at 1 16 before stampeding to its 1,706 high 
in September. But the foreign buyers dried 
up and the Russian securities firms that 
had bought stock to sell to them were left 
with no buyers. The market plunged. 

Not everyone, of course, is convinced 
that the CIS is cm the road to prosperity. 
There are still fears that democracy will be 
overthrown and that anarchy will reign. 
Richard Watts, head of emerging markets 
at Gartmore Fund Managers in London, 
says: “Assets are certainly cheap. The 
question is whether or not they will ever 
get more expensive. It isn’t a foregone 
conclusion.” 

But those bullish on Russia say that 
growing piains, even severe ones, will not 
derail the overall process of economic lib- 
eralization. “The hardliners might get 
back in and there might be a dictator- 
ship." said Mr. Ostrowsky. “But you can't 
close the country now that it has started to 
open up. The process of transformation is 
fast and cannot be turned back now.” 

For those tempted by the optimistic 
view, several well-known fund companies 
— including Century in the United States, 
Flemings and the Framlington Group in 
Britain, and Regent Fund Management in 
Hong Kong — run vehicles targeted at the 
CIS. 

Otherwise, the choice is to invest in CIS 
companies quoted in the West. However, 
some of these have had a roller coaster 
ride this year. Bitech. a biotechnology 
company fisted in Canada, and Parmelia 
Resources, a mining company listed in 
Australia, have had rough years. Bula Re- 
sources, an oil company quoted in Dublin, 
has been among the success stories. 


W HEN shares in the dairy com- 
pany Sacbsenmilch AG ap- 
peared on the Berlin Stock 
Exchange early in 1992, head- 
lines trumpeted the first public offering 
from the Eastern part of the newly unified 
Germany. The euphoria among investors, 
however, was short-lived. 

Less than two years after they began 
trading, Sachsexumlch's shares had fallen 
62 percent, and Deutsche Bank, which 
had taken the company to market, was 
preparing to pay more than S20 milli on to 
buy the shares back from disappointed 
investors. 

Today, there is only one other East 
German company, the Berlin-listed airline 
concern Berliner Spezialflug AG, quoted 
on any of Germany's eight stock ex- 
changes. For investors, that means that 
Eastern Germany presents its own pecu- 
liar attractions and difficulties. 

On one hand, the fusion of Eastern and 
Western Germany brought about massive 
transfer payments that have helped fuel 
the estimated 9 percent annual rate of 
economic growth in the East But instead 
of new, independent businesses emerging 
in the East, the presence of cash-rich com- 
panies in Western Germany has led to a 
massive buying spree that was most in- 
tense just after unifi cation Large con- 
glomerates were the first to aggressively 
buy up Eastern assets, leaving little room 
for the hatching of small companies. 

“What might have been an attractive, 
small-cap start-up is now division number 
5,678 in a huge West German company.” 
said John Abbink, a fund manager at 
Deutsche Bank Securities in New York. 
“And it's generally lost in the footnotes of 
the company’s annual report. Everything 
but the rubbish has been bought up.” 

Mr. Abbink manages three dosed -end 
funds that are listed on the New York 
Stock Exchange — The Germany Fund, 
Die New Germany Fund, and The Future 
Germany Fund — which have some expo- 


sure, albeit minimal, to companies in the 
East 

Another fund opportunity is the East 
German Investment Trust PLC, run by 
the London-based corporate financial ad- 
visory Ermgassen & Co. Walter Zinsser, 
the fund's manager, said that the fund is 
engaged only in direct investment and 
currently owns stakes in 20 East Germ an 
companies, none of which are publiclv- 
traded. Shares in the East German Invest- 
ment Trust are traded on the I o nd on 
Stock Exchange. 

Some analysts say that investors seek- 
ing to profit from growth in Eastern Ger- 
many should look for West German com- 
panies that have substantial operations in 
the East. While this strategy generally of- 
fers the advantage of leading to more 
established and credit-worthy com panies, 
the disadvantage is that East German 
profits will be only one erf several factors 
that influence the company’s stock price. 

Currently, much of the growth in East- 
ern Germany stems from housing con- 
struction. But since many builders are not 
publicly traded, Mr. Abbink says he has 
sought out shares in construction-material 
suppliers. His funds now hold shares in 
insulation-manufacturer Sto AG and he 
recently took profits on shares in Weru 
AG, a maker of reinforced windows. 

“Anyone familiar with the elimatft in 
Eastern Germany can understand that 
there is a great need fra: those companies' 
products,” he said. Since selling his Weru 
shares, Mr. Abbink has invested in VBH 
Verein Baubesch Handel, which manufac- 
turers some of the parts used in Weru 
windows. 

At the New York-based fund company 
Scndder, Stevens A Clark, research vice 
president Douglas Loeffler says that com- 
petition among construction companies in 
the East is so stiff that it’s difficult to 
judge which companies seem poised for 
profits. He added, however, that modular 
home builder Kampa-Haus AG has per- 
formed welL 

“Because there are tax incentives for 
construction in the East, there’s a danger 


of overbuilding, particularly in the big, 
out-of-town shopping malls." Mr. Loeff- 
ler warned. “It's just not dear that the 
retail demand will be there." 

I NDEED, although East German 
con sumer s brought a tremendous 
boom to many West German retail- 
ers immediately following unifica- 
tion, unemployment in the East currently 
lies at 14 percent and demand for many 
luxury goods has tapered off. As a result, 
analysts say that the best-positioned retail 
firms are those that offer discount or bar- 
gain goods to consumers. 

One example is discount supermarket 
chain Spar Handels AG, which bought 
many of the state-run shops in East Ger- 
many in 1991 and now offers products 
priced to the East German consumer's 
budget. In addition, the West German 
chemical conglomerate Henkel pursued a 
smart strategy in tackling the Eastern 
market, Mr. Loeffler said. 

“Henkel went in after the Wall fell and 
sold their detergent to all the East Ger- 
mans who wanted to sample the premium 
western goods,” be said. “But they also 
purchased the old East German brand and 
reformulated and repackaged it. That way 
they were still able to make money when 
East Germans eventually got tired of pay- 
ing a premium on the Western names.” 

Experts warn however that many retail- 
ers who brought their wares East must 
now reckon with significant expansion 
costs. “A lot of companies went East after 
the Berlin Wall fell and they sold from 
teats and vans,” said Mr. Abbink. “Now, 
they’re in the business of investing in 
facilities and they’ve got higher costs to 
deal with." 

Analyst David Antonelli at the fund 
company MFS Internationa] in Lausanne, 
recommends Hombach Baumarkt AG, an 
operator of six do-it-yourself home and 
garden centers in Eastern Germany. 
While the company is currently investing 
heavily in a large-scale expansion of its 
selling space, Mr. Antonelli expects the 
company to achieve 20 percent annual 
earnings growth once those costs are ab- 
sorbed in a year or two. 


BRIEFCASE 


A Huge Hew Marketplace 
For fcuvopay International 

The world of plastic grew a tittle larger 
this week with Europay International’s 
announcement of its deal with the Bank of 
China and the People's Construction 
Bank of China. Both banks will acquire 
Europay debit transactions and will issue 
cards with the Maestro and Cirrus logos to 
an estimated 6 million Chinese consumers 
by the end of March 1995. 

The banks will initially focus on devel- 
oping Maestro acceptance at merchant 
locations in key cities, and will begin issu- 
ing the cards in January. 


In Guernsey and Jersey, 
Business Is Still Healthy 

Guernsey, the offshore financial center 
in the F-n glish Channel, attracted 10 new 
mutual funds in the quarter ended Sep- 
tember 30. Assets held in the more than 
300 funds under management fell by less 
than 0.5 percent to £11.9 billion (S18.8 
billion) 

Jersey, Guernsey’s main offshore rival 
among the Channel Islands, recorded a 
rise of 5 percent in bank deposits during 
the same period. Jersey is home to more 
than £22.2 billion in deposits. 


CFOs Not Keeping Tabs 
On Expatriate Assignments 

International executive assignments 
tend not to favor cost containment, ac- 
cording to the Wisconsion-based reloca- 
tion consultancy Runzheimer Interna- 
tional. Only 2 percent of U.S. expatriate 
assignments are overseen by financial offi- 
cers. it says. 

In next week's Money Report: A look at 
speculative investing. 

The Money Report is edited by 
Martin Baker 





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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 26-27, 1994 


Page 17 




THE MONEY REPORT 


ation 


v 4fl0& 


Volume traded (miHtons oltomny) 

rM 


Market l 



-U,»» 




By Phfljp Crawford 



ITH tae massive 
project of privatiz- 
ing all sectors of its 
formerly state-con- 
trolled economy nearing com- 
pletion, the Czech Republic ap- 
pears poised to enter the final 
phase of ns rapid transition to a 
nee-market system: gradual in- 
tegration mto the global invest- 
ment mainstr eam 

. Many hurdles seem sure to 
inhibit the process. The Czech 
mftas&ucture, for one, lags far 
benrad those of major, devel- 
oped markets. Settlement pro- 
cedures, while vastly improved 
oyer a year ago, can stiH be 
dicey. Perhaps most important, 
the Czech koruna rem ains non- 
convertible. And a recent brib- 
ery scandal involving a top pri- 
'vatization official hasn’t helped 
global investors’ confidence in 
the market 

But many analysts of Central 

Europe maintain that reasons 
to invest in the Czech Republic 
are plentiful, particularly ■when 
viewed over a long-term hori- 
zon. Domestic output is rising 
while inflation is falling. Direct 
foreign investment an estimat- 
ed $2.7 billion of which has 
flowed into the country sw ire 
1990, continues at a lively pace. 
President Vaclav HaveFs gov- 
ernment remains committed to 
economic liberalization. 

“We’re definitely bullish on 
the Czech Republic over a five- 

1 A - l M ■ i - . 


The other is by buying into 
offshore funds that target the 
Czech Republic or the Central 
European region. But before 
doing either, analysts advise, in- 
vestors should take the time to 
fa mil iarize themselves with the 
Prague exchange. 

While roughly 1,000 equities 
are listed on the PSE, about 75 
percent of the trading is in the 
top 30 stocks. Among the larg- 



J3 " J Z.U- A 

Source: Wood Company Securities 


W J J A S O .N 


est, by market capi taliza t io n. 


_apn 

are electric utility CEZ, bank- 


“It’s been tough lo pick win- 
ners lately because there simply 
haven’t been many," he said. 


to 10-year period,” said Rich- 
ard wood of - - - 


Wood & Co., a 

major equity brokerage in 
Prague that serves mainl y insti- 
tutional diems. 

There are basically two ways 
for foreign individual investors 
to gain exposure to the Czech 
market. One is by purchasing 
single equities that are listed on 
the Prague Stock Exchange, or 
PSE. Most major internation a l 
brokers can now handle such 
transactions. - 


mg concerns Komercni Banka 
and Ceska Sporitdna, choco- 
late maker Cokoladovny Praha 
and tobacco company Tabak. 

CEZ has the distinction of 
bong the only Czech company 
accessible through a global de- 
positary receipt, which was 
brought to the market by the 
U.K. investment bank Morgan 
Grenfell last March. 

The market cap of the PSE, 
which began trading in June 
1993, is now at about $12 bil- 
lion, but that will rise consider- 
ably when the second wave of 
about 800 privatized companies 
comes to the market early next 
year. 

Performance-wise, the mar- 
ket has had something of a 
roller-coaster ride. The HN- 
Wood 30 index of the largest 
PSE companies, launched by 
Wood & Co. in September 1993 
with a base of 1,000 points, shot 
up dramatically in its first five 
months, g aining 280 percent It 
hit a high of 3.805 on February 
1, 1994. 

The bubble soon burst, how- 
ever. with the index plummet- 
ing to under 2,000 in June, then 
treacling water until dipping to 
its 1994 nadir of 1,530 earlier 
this month. 

Charles Harmon, London- 
based managing director of the 
investment bank CS First Bos- 
ton and a specialist on Central 
Europe, said that the marker's 
recent decline makes the pre- 
sent a good time to buy. 


many, 

“But you have to remember 
that, in January, the market was 
Grading at 22 times 1993 earn- 
ings. Now, with stock prices 
down and corporate earnings 
up, it’s trading at 15 times 1994 
earnings and 12 times estimated 
1995 earnings. To buy in at 12 
times * 95 earnings seems pretty 
reasonable.” 


had a favorable long-term view 
on the Czech Republic, it was 
cautious just now. 


f Pan-En lerging Europe’ Funds Are Few 


By Aline Sullivan 


ary, ex; 


is the fund's focus to 
shift to the East. 


E MERGING European 
markets can move 
from being the dar- 
lings of the financial 
community to among die worst 
performers with bewildering 
speed. For this reason, private 
investors wishing to tap into 
these markets are often advised 
to spread their risks through in- 
vestment funds. 


“We started the fund with 
about two thirds of assets in- 
vested in Portugal, Greece and 
Turkey,” she said, “But that 
proportion has dropped sub- 


stantially and win probably go 
f years.' the 


CS First Boston’s S2I0 mil- 
lion Central European Growth 
Fund, a closed-end investment 
trust listed on the London 
Stock Exchange, invests in 
Czec h , Polish and Hungarian 
equities, but is most heavily 
weighted in the Czech Repub- 
lic, Mr. Harmon said. He added 
that the fund was “very much a 
retail vehicle.” 


“Other than the construction 
and related sectors, we’re not 
major buyers of the market,” he 
said, adding that he felt more 
global retail investors were be- 
coming interested in the Czecb- 
Republic. “A year ago. people 
thought the risk wasn't worth 
the reward,” he said. “Now, be- 
cause of the money that can be 
made, more people are willing 
to go down this route.” 


Another well-known fund 
that targets the Czech Republic 
is Robert Fleming & Co.’s 
Czech & Slovak Investment 
Corp., which is domiciled in the 
Cayman Islands. Prime hold- 
ings in the portfolio include 
Ceska Sporitelna, Cokola- 
dovny, lock-mechanism manu- 
facturer FAB and tar-maker 
Deza. 

Tom Chadwick, who special- 
izes in Central Europe for 
Smith New Court Europe, the 
London-based brokerage, said 
his firm currently had major 
“buy” recommendations on 
three Czech equities: IPS Pra- 
ha, a construction company. 
Elektrarny Opatovice, a utility, 
and Vodni Siavby Praha, also a \ 
construction concern. He said j 
that while Smith New Court ! 


Michael Gold, an official of 
USAID, an American advisory 
group to the Ministry of Priva- 
tization in Prague, said that 
about three fifths of the Czech 
population had become share- 
holders through the country’s 
voucher privatization program, 
and that the growing “share- 
holding culture'* in the Czech 
Rqmblic boded well for its 
gradual flow into the global in- 
vestment mainstream. 


“Being privatized doesn’t 
necessarily mean getting new 
leadership,” he said. “And a lot 
of these companies are going to 
be seeking out foreign strategic 
input and foreign investors.” 


Until recently, investors in 
emerging Europe have bad rela- 
tively few funds to chose from. 
Only 1.5 percent of the invest- 
ment capital flowing in to global 
emerging markets in 1993 was 
directed toward Europe, ac- 
cording to Fund Research Ltd., 
Che London- based analysis 
group. 


But helped in part by surging 
lonafin- 


in teres t among institutions 
vestors, there are now about 20 
funds open to private investors 
focusing on Europe's emerging 
markets, and many more are 
expected to join their ranks next 
year. More funds may mean 
more liquidity as well as more 
choice. 


lower. In a couple of years, 
fund could well be dedicated 
just to Turkey and Eastern Eu- 
rope investments.” 

The Invesco East Europe De- 
velopment Fund invests in Rus- 
sia and Kazakhstan as well as in 
Hungary, the Czech Republic. 
Poland, Romania and the Baltic 
Republics. Roy Bracher, who 
manages the $97 million fund, 
said he is looking at investment 
opportunities throughout the 
former territories of the Soviet 
Union. 

“The ex-Soviet countries 
constitute a much larger territo- 
ry than emerging Europe,” said 
Mr. Bracher. “We Teel that the 
asset prices are very attractive 
for investors who get in early 
enough.” 


European Emerging-Market Funds 


European emerging-market equity funds. Total percentage return in 
U.S. dollars over sax months to Sept 30, 1i&4. 


Closed-end 

Baring Emerging Europe (Baring) 

Centred European Growth Fund (CS First Boston) 
Donau Ponds (Delta Uayd) 

East Europe Ddvefopraent Ltd. (INVESCO CEAM) 
East German Investment Company (H) (Ermgassan) 
Prometheus Fund (CreSvaUe International Asset) 
Closed-end 

BAI Mttaigontumsfontis (Z-lnvesVBank of Austria) 
Banklnvest Afd. Europe (Bankinvest) 

Creditanstalt Central Europe (Lazard/CrwWanstatt) 
Danubia-I n vest (Sparinvest) 

Ost-Actfv (Oestereichis) 

Qst-fnvest (ARgemeine Sp) 

Rabelais Emergence Sud (BBL France) 

Raiffeisen Osteuropafonds Mtt (Raiffeisen) 


Performance 

-6.42 

-5.59 

-80,59 

-3.15 

4.33 

21.B2 


-14.68 
- 6.66 
-33.17 
-22.70 
-22.09 
-21 .81 
- 11.11 
-12.14 


Source: Mioopal 


Iii essence, there are two 
emerging- Europe regions: the 
Mediterranean countries of 
Portugal, Greece and Turkey, 
and the formerly Communist 
countries of Central and East- 
ern Europe. Most funds focus 
on one of these two areas or on 
a single country. 


The Baring 

fund, managed by Baring Asset 
Management in London, bucks 
this trend by investing in most 
of Europe’s developing mar- 
kets. However, Nancy Curtain, 
manager of the $100 million 
fund since its inception in Janu- 


The Invesco fund, which has 
produced returns of about 40 
percent per year since its incep- 
tion in 1990, invests principally 
in high-growth, consumer- 
goods companies that generate 
most of their profits from do- 
mestic markets. 

Stefan Bottcher, manager of 
the $40 million FFF Fle ming 
Eastern Europe fund, said the 
inception of the London-based 
fund this past July was driven 
laigely by Fleming’s clients. 

“They were keen to invest in 
Centra] Europe, although the 
political risk and currency risks 
are higher than elsewhere,” he 
said. “Many of the companies 
there are in real turnaround sit- 
uations.” 


Perhaps the newest entrant in 
this market is the Optima Op- 
portunity Fund, set up in Octo- 
ber and managed by Gerry 
Manolovici, a former director 
at Soros Fund Management 
The $25 million fund focuses on 
Russian and East European eq- 
uities and will, according to Mr. 
Manolovici, offer outstanding 
investment opportunity to so- 
phisticated investors willing to 
accept “significant” risk. 


Indeed, the risk inherent in 
emerging European markets 
in well illustrated by 


These rapid price rises were 
fueled more by investors chas- 
ing a limited supply of compa- 
nies than by fundamental fac- 
tors, according to Peter Jef- 
freys, managing director of 
Fund Research! Markets in 
both countries continued to rise 
at the beginning of this year but 
then plummeted as investors re- 
assessed valuations. Both the 
Polish and Turkish stock mar- 
ket indexes have slid considera- 
bly this year. 


has 


their performance to date. 
Shares in both the Mediterra- 
nean and Eastern European re- 
gions lagged until 1993, when 
two of the countries, Poland 
and Turkey, were among the 
world’s top performing mar- 
kets. Poland’s bourse gained 
over 1,000 percent while Tur- 
key’s rose over 400 percent, 
both in local-currency terms. 


Investment remains difficult 
in many of the markets due to 
to poor liquidity, settlement 
procedures and' information 
flows, said Mr. Jeffreys. “But 
there is still tremendous poten- 
tial in the region he said. “The 
populations of the main coun- 
tries in the emerging European 
universe is 43 percent of that in 
the European Union, while its 
GDP is less than 7 percent. In- 
vestors just have to be careful." 


We have 30 seconds to demonstrate 
the benefits of E D&F Man’s 


! 

i Warsaw Bourse Weathering Plunge 


By Digby Lamer 




I NVESTORS who entered . 
Poland’s equity market at. 
the beginning of 1993- 
probably wished that cap- 
italism had arrived in the coun- 
try sooner. In 1993, Warsaw 
had one of the world's best- 
performing stock markets. 

As the year ended, the Polish 
bourse had gained oyer 1,000 
percent in local currency terms 
and 875 percent when measured 
in U.S. dollars. 

Apart from easily outper- 
forming its East European ri- 
vals, the Warsaw stock index 
also did better than either the 
l .grin American or Asian mar- 
kets — two favored choices for 
emerging-market investors. 

Those who benefited most 
from the bull run were the thou- 
sands of ordinary Polish citi- 
zens who had queued for hours 
to band over their hard-earned 
Zlotys in exchange for shares at 
each new issue. 

But hke all bull markets, Po- 
land's was bound lo end. And 
in true emerging-market fash- 
ion, the fan was as dramatic as 
the rise. 

Between March and June of 
this year, two bouts of panic 
selling brought Warsaw’s WIG 
index from a peak of 20,000 
basis points to less than 8,000. 
Since then, the market has 
picked up a little but remains 
fairly stable. 

Many analysts agree on what 
lay behind the initial downturn. 
Scott Delman, a director at For- 
eign & Colonial Emerging Mar- 
kets, the London-based fund 
company, said one reason was 
the decision by several institu- 
tions to move their money else- 
where once they felt the market 
h ad climbed as high as it could. 

“Foreign institutions that 
had become involved in Poland 
last yearjargely cm a specula- 
tive basis, withdrew their capi- 
tal hoping to get bettor returns 
farther East” he said. 



Source: Bloomberg 


The second major cause, Mr. 
Delman said, was a product of 
the first: As big investors took 
their profits and headed out 
the resulting' drop in share 
prices terrified the high number 
of inexperienced private share- 
holders, underpinning the mar- 
ket. Many small investors were 
said to have told their brokers 
to seD at any price and to have 
lost more than half their money. 


Some econo mi sts say he is well 
on target. 


While the number of invest- 
ment options in Poland is grow- 
ing, it can still be difficult for 
foreign investors to get into the 
market, even though bureau- 
cratic restrictions are few. 


. George Storozymki, director 
of the Wi 


Mr. Delman said that private 
investors who fled the market 
will only be tempted bade if 
they see stock prices steadily 
climbing. This, he added, could 
happen early next year if plans 
to bring more investment funds 
into the market are successful. 
Currently, the $1 billion Pio- 
neer First Polish Trust is the 
country’s only domestic equity 
fund. 


farsaw office of Lon- 
don-based brokerage Barclays 
de Zoete Wedd, says: “If you 
can get over the geographical 
and linguistic problems of find- 
ing a broker in Poland and 
manage to open an account 
here, there are relatively few ob- 
stacles for foreigners buying 
shares.” 


Under a mass privatization 


Kenneth King, head of 
emerging-market investment 
with Klein wort Benson Group, 
the London fund manager, said 
that his funds only have a 1 
percent weighting in Poland. 


. businesses will 
be brou gh t into the market at 
once. 


Poland's finance minister, 
Grzegorz Kolodko, predicts 
thatthe country's gross domes- 
tic product, currently at 4.5 per- 
cent, will hit 5 percent this year. 
He has also said be hopes to 
bring Poland’s budget deficit 
down to 4 percent of CxDP. 


OFFSHORE 

COMPANIES 


LAWYERS 


IMMIGRATION 
& TRUST EXPERTS 


OFFSHORE TRUSTS. COMPANIES. 
'BAM* INTRODUCTIONS, NOMINEES 

“ administration by UK lawyers 
mrmunMtBsan, nmmwm 


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m HUSH (MB® 

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m mSUAWAHEiu M95UW 
. JERSEY 

- BJLL/PAHAMA S2BSMQ_ 


LONDON OFFICE 

SC03PIC HOUSE. 102 SYfljjEY STREET 


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FROM ONLY USS^oO 


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It’s targeted at institutional investors and they're always 
pressed for lime. 

“Can we do it?’* 

Yes. if we stick to essentials like “this is a uniquely struc- 
tured bond offering a combination of medium-term cap- 
ital appreciation and annual income". And die important 
bit about “the income stream is not fixed but variable, 
with an intended minimum of 5%". 


That's ^fifteen seconds...* 

.And how all investors have the potential for attractive 
medium -terni capital growth through a truly diversified 
asset mix supported by a Stand-by Letter of Credit 
“assured principal face value on maturity in 2002". 


'“Twenty five... ” 

Then we finish by mentioning that Mint Plus Bonds will 
be cleared through Euroclear and Cedel and a listing is 
intended on the Dublin Stock Exchange. 

“ Thirty one , thirty two - it's too long. They'll need to read faster . " 

And we should also tell them about all the other in- 
vestment products ED&F Man has including those 
specifically aimed at the institutional investor. 

“A T o time ... but maybe they'll take another 30 seconds 
and Jill in the coupon below?" 


Fill in the coupon or contact your nearest office Tor the full storv on E D& F Man’s Mint Plus Guaranteed Bond and other investment products. 

r 1 

Name Country l 


Address 


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Home Phone No. 


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Please provide jour phone number so we may contact you to answer any questions you may hove regarding our services and In discuss our in\ eslment prod uds. 
Polenrtnl investors should note that an investment in fulures can Involve signitleanl risks and the value of nil invesimenl may go down as well as up. "liite llie reium 
of initial subscriptions may be assured at maturity, there is no guarantee of Trading performance and pas I performance is no guaranlee nf future results. Movements 
in exchange rales between currencies may affect the value or an investment Investors redeeming before maturity max be subject lo early redemption roes. KD& K Man 
International 1 Jd Is regulated in the UK by the Securities and Investments Board. Rules and regulations made under the L'K Financial Sen Ices Act 1986 do nol apply 
lo investment business conducted outside the UK. 


ED&F Man International Lid, Funds Division, Sugar Quay, Lower Thames Street, London EC5R 6DI. England. London : Diana Hill, 
Fax +44 (71) 026 6458, Tel. +44 (71) 285 3200. Bahrain: Arthur Bradiy or Antoine Massad, Fax +973 53.3 078, Tel. +973 553 288. Rotterdam: 
Rob Engels, Fax +51 (10) 4 147 796, Tfcl. +51 (10) 2 154 049. Miami: Steve F. Phillips orTamara J.Mora, Fax +1 (505) 550 9621, TeL +1 (505) 539 9700. 
Montevideo: Marcelo Cichowsky, Fax +59S (2) 97 01 70, Tel. +598 (2) 9701 91- Tokio ; Matthew Dillon. Fax +81 (3)5'2586527,Tel.+Sl (5)52586521. 
Hong Kong : Anthony Hall or Margaret Yao, Fax +852 537 1205, Tel. +852 521 2955. 



ED&F MAN INTERNATIONAL LTD 

K .MEMBER OF THE EOIF MW CHOI P. EsT IBLISIIF.IJ l\ 1781 


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Page 18 


INTERNATIONAL mrPAi n TRIBUNE. SATURDAY-SUISPAY. NOVEMBER 26-27, 199* 


SPORTS . 

Look for North Carolina to Win This Seas on’s Colly » 

. .... a , . r ihf won it all since Jack {Goose} Givens 9. SYRACUSE — The Orangemen infi-jM- fnnr of the best teams cats can go two do 


With the U.S. college basketball 
season set to get fully underway, these 
are the top 20 teams, and the reasons 
why, as rated by The New York Times. 

1. NORTH CAROLINA — The 
1993 national champions were the 
near-consensus preseason No. 1 last 
fall but failed to advance to the 
“Sweet 16" — the NCAA champion- 
ship tournament’s quarterfinals — 
forthe first time in 13 seasons. Now, 
senior Donald Williams is again 
healthy and Jerry Stackhouse, Ra- 
sheed Wallace and the rest of stellar 
recruiting, class of 1993 are a year 
older with something to prove. 

2. ARKANSAS — The defending 
national champions return MS five 
starters and their top seven scorers. 
Corliss Williamson, most valuable 
player of the Final Four, and Scotty 
Thurman are the main guns, with 
Corey Beck once again running the 
show from the point for the Razor- 
backs. Almost everybody's No. 1, 
though, which is often a jinx. 

3. MASSACHUSETTS — The 
Minuiemen return all five starters 
from a team that won 28 games. Lou 
Roe and Marcus Camby help form 


perhaps the best frontcourt in the 
East. Mike Williams and Derek Kel- 
logg are one of the finest backcourt 
tandems in the nation. But UMass 
has been upset in the second round of 
the NCAA tournament the past two 
seasons, and the team is reeling from 
an off-season academic scandal. 

4. UCLA — The Bruins are still 
looking for their First national title tn 
the post-John Wooden era. This 
could be the year, although Jim Har- 
rick’s teams have a reputauon for 
choking come March and tournament 
time (UCLA was drummed out in last 
year’s first round by Tulsa). The 6-8 
senior Ed CBannon is an early candi- 
date for player-of-the-year honors, his 
little brother Charles (6-7) had an out- 
standing freshman season a year ago. 
Tyus Edney plays the point, and four 
freshmen make up one of the better 
recruiting classes in the country. > 

5 KENTUCKY — Rick Piuno s 
mad bombers will be firing away 
once again, Tony Delk and Rotock 
Rhodes leading the way. Andre Rid- 
dick and Mark Pope, a transfer from 
Washington, will be forces in the 
middle/ But the Wildcats have not 


won it all since Jack (Goose) Givens 
scored 41 in the final in 1978. 

6. MICHIGAN — Jimmy King 
and Ray Jackson are all who remain 
from the Fab Five. But watch out for 
the Frosh Five: Jeron Ward, Willie 
Mitchell, Maurice Taylor, Maceo 
Baston and Travis Conlan. 

7. MARYLAND — Joe Smith: an 
ordinary nam e for an extraordinary 
player. The 6-10, 213-pound center 
averaged 19.4 points, an Atlantic 
Coast Conference-best 10.7 rebounds 
and 3.1 blocks a game en route to 
fresh man-of- the- year honors.And 
the four other Terrapin starters re- 
turn off a Sweet 16 team. 

8. WISCONSIN — The Badgers 
made the tournament for the first 
time since 1947, then nearly lost 6-11 
center Rashard Griffith, who was dis- 
gruntled over his role. Stu Jackson 
convinced the talented sophomore to 
stay, then left himself to become gen- 
eral manager of the new Vancouver 
franchise in the NBA. But the real 
key for the new coach, Stan Van 
Gundy, is 6-6 swingman Michael 
Finley, who could be the best player 
in the Big Ten. 


9. SYRACUSE— The Orangemen 
will put-up the points. But can they 
stop anybody? Syracuse, which has 
won 20 or more games the last dozen 
seasons, lost only Adrian (Red) 
Autry from its starting five. Law- 
rence Moten will probably break 
Derrick Coleman's school record for 
career points. John Wallace has un- 
proved down low, and Michael 

Lloyd, the junior college all- America 

transfer, will play the pojat- 
10. ARIZONA — The Wildcats, 
who lost a close game to Arkansas m 
the national semifinals, will miss 
Khalid Reeves more than most peo- 
ple think- Senior guard Damon Simi- 
damire will challenge UCLA s Ed 
O’Bannon for Pac-10 player-of-the- 
year honors, however, and three oth- 
er returning starters, a splendid re- 
cruiting class and Ben Davis, the 6-8, 
254-pound junior-college transfer, 
should make Lute Olson’s team a 
strong contender for the league title. 

1 L ALABAMA — They play bas- 
ketball hens, too. The Tide returns 
five starters (three full time, two part 
time) from a squad that went lp-4 
down the stretch last season, losing 


only to Kentucky, Aikansa^t- oraoa 
and Purdue — four of the best teams 
in the nation. Senior Jamal Faulkner 
averaged 13.5 points ins ^ year 
aft^uunsfeiTing from AnzomiSLaie 
and is ready to blossom into a star. 

12. VIRGINIA — The gang that 
couldn’t shoot straight gets us best 
player back. Coty Alexander whose 
Reason was ended by ugury ll tran- 


season was cuuw* 

axes into the Cavs’ opener last fall, 
are-raged 18.8 points a ®me two 
yeareago. Healthy now, Alexander 
retumsto lead a squad that lost only 
onemajor contributor Cornel 
Parker. Virginia shot just 38.7 per 
cent from the floor, but the Cavs are 
quick and play stifling defense. 

13. CONNECTICUT — Had 
Donyell Marshall not left for 
NBA a season early, the Huskies 
might have been everybody s Na l. 
Instead, they need to replace his 25.1 
points and 8.9 rebounds a ^ime. 
Look for the sophomores Ray Allen 
and Doron Sheffer to pick up the 
slack on the perimeter, along with the 
team’s emotional leader, 6-6 senior 
Donny Marshall (no relation) inside. 


SIDELINES 




Dutch Soccer Team Gets New Coach 

AMSTERDAM f AP) — Dick Advocaat is quitting as national 
soccer coach to take on the task of reviving former European 
champion PSV Eindhoven, the national federation said Friday. 

Guus Hiddink, PSV*s coach when it won the European Cup in 
1988, will become national coach Jan. I with a conw?ci njnmng 
until the European Championship finals in England in 1 W6- 
“The question was, who is free to coach, said a federation 
spokesman. Ger Stolk. “Hiddink had all the qualifications but he 
was also a free man." 

England’s FA to Hire Guiding Light 

LONDON (Reuters) — The Football A? sociali f 
Friday it intended to appoint a technical director to take overall 
control of the English game. 

Described by the FA’s chief executive, Graham Kellv as 
someone "who by reputation is capable of leading th« : game ^ the 
appointee is expected to be named within the 8 months^ 

He is to have a free hand to direct the future of English soccer, 
but will have no say in the selection or tactics of the national side. 

IAAF Plans Major Drug Rule Changes George Graham (right), “Uns^ghfaj ‘“SSS 

S England striker Pan. Merson, admitted that he had been addicted to cocmne for the pttt year. 

immediate suspensions af- — — — — 

ter a first positive sample, ^ 

the governing body’s top Cl* AD FRA ADD _ . 

doping official, Arne south 

Ljungqvist of Sweden, - -- s^tue s . t ™ \ w l t pfpa aw»™ sl - - 

said Friday. on So tv, ■ 3 ■ ™ nsaE T«t» u. Bov* x football 

The IAAF is expected K«w»atv i * 8 iioMmai Rwnou imm 

to adopt the proposals at NBA Standings SiST S 5 5 S SSI . ...... 

— ■«=— »-ss»hH — '-'■ ■■■- - 

Barcelona!” 5 Ljungqvist « a. t m. *» UEF . cur ' — 

e-irf nrtando 7 2 .778 — 53 (A.Dav*5 10). A«W*— GoWen Mote 17 10 2 0 M17» Third Round. FbTi LM 

Sai Q - unaocra _ Indiana 39 (Jackson 141. 7 4 0 .636 222 116 -nmraday'i Rente I 





For the Record 

Sooth Africa will host 
the 19% African Nations' 
Cup final; the original 
host, Kenya, withdrew for 
financial reasons. I AFP) 

The West Iwfies- India 
cricket match Saturday in 
Calicut has been canceled 
because of a general strike 
called by opposition com- 
munist parties. (Reuters) 


See our 

Education Directory 
every Tuesday 


NBA Standings 

EASTERN CONFERENCE 
AHontie Division 

w L Pet 
Orlando 7 3 ■ 7J8 

NwYork 6 3 j67 

Boston 5 5 - 5m 

WcoMnvton 4 4 ■ 5 ™ 

Now Jersey 5 7 • 4 1' 

PMiadelpiila 17 J00 

Miami 37 272 

Central Division 
Indiana 63 

Detrall 6 4 AW 

Milwaukee S 4 

CMcoaa *** 

Cleveland 5 5 500 

Oiarloile 4 6 

Atlanta 47 

WESTERN CONFERENCE 
MMwasi Division 

w l pa 

Houston » 3 

Danver 6 3 A67 

San Antonio 5 4 .556 

Utah ‘ 5 tS 

Doll oa 4 4 300 

Minnesota 1 '0 

PacHIc Division 
Golden State 7 3 

Phoenix 73 788 

PorUond 5 4 

1_A. Lakers 5 5 300 


Seattle 5 5 ^ 5 

Sacromenio 4 4 -SW 3 

LA. Clippers 0 11 M0 Vfi 

THURSDAY'S GAME 

Golden State 2* 18 18 ” 

Indiana 32 13 » 40-123 

Gi Hardaway 7-174321.GaUli» 5-75-7 15i l ; 
Smils IM 4 W 28. unavta V* W lV^we- 
baands— Golden Slate 35 IGatllno 7). Indiana 
53 (ADavh lOt. AssW*— Golden State 17 
(Sorevnell 61. Indiana 39 (Jackson 14). 

Major College Scores 

GREAT ALASKA SHOOTOUT 
First Rou nd 

ViUonovo 75. AJosko-Anetiornso ® 


SonDleso 
Kansas atY 
LA Raiders 
Denver 
Seattle 


Pet. PF PA 
777 260187 
JM 215205 
345 2Z7 241 
455 252 271 
364 717 217 


SOUTH 

Alabama SL 37. Tuskeaee 35 
SOUTHWEST 
Texas 63. Baylor 3S 


Dallas 
PMIadeipMa 
Arizona 
N.Y. Giants 
Wastilngton 


Minnesota 
Chicago 
Detroit 
Green Bav 
Taman Bay 


NFL Standings 


AMERICAN CONFERENCE 
East 

W L T Pet. 

Miami 7 • 8 " 

N.Y.JetS 6 5 8 

Buttalo 6 6 0 JOB 

imAanapans 5 6 0 

New Enotand 5 6 0 MS 

Central 

w L T Pci. 

Pittsburgh 8 3 8 

Cleveland 8 3 8 

Ondnnatl 3 9 0 'IS 

Houston 1 10 0 JI91 


Pel. PF PA 
336 252 203 
345 204 205 
300 255 253 
ASS 233 246 
MS 233 256 

Pet. PF PA 
.727 192 169 
J27 232 138 
.182 188 2U 
JI91 157 231 


SanFrondsco 
Atlanta 
New Orleans 
LA Rams 


NATIONAL CONFERENCE 

East 

W L T Pet PFPA 

10 2 0 333 335 17V 

ftphla 7 4 0 336 222 186 

I 5 6 0 .455 138 204 

mta 4 7 0 364 184 230 

gtan 2 9 0 .182 227 310 

Central 

W l T peL PF PA 

Ota 7 4 0 336 245 195 

, 7 4 0 336 192 192 

6 6 0 300 244 258 

Jay « 6 0 300 256 214 

Bay 2 9 0 .182 145251 

West 

W L T PCI. PFPA 

oncfcca 9 2 0 JUB 326 213 

, 5 6 0 .455 228 258 

icons 4 7 0 364 228 235 

4 7 0 364 206228 


Tbanday** Games 
Detroit 35, Buffalo 21 
Dallas a Green Bav 31 


Major College Scores 
EAST 

St. John's. NY 20, P«e 13 
West Vlrotnto 11 Syroane 0 


UEFA CUP 
Third Round. First Les 
Thursday's Results 

Admlra VI acker 1. -*>**”*» 3 _ 

Scorers: Admlro — Michael Binder (56 th). 
Jirventus — Antonio Conte (Wi). Roberta 
Bavfllo (16th. 42d). 

^Scorws: Palrlee Loko (15inL Jean-MJchei 
Ferrl (23d). Jiwhet N'Dorom (51stl. daude 
Mo kettle (78ih). 

Elatrodit Froaklurt 1. Napoli 0 
Scorers: Renato Buso (55th. own soalj. 


FIRST TESTS 

Now Zaalanl vs. Sooth Africa ltd day 
Friday, in jotamiestoro 
New Zealand 1st innlnas: 2474 

Enotand vs. Australia. 1st day 
Friday. In Brisbane 
Australia 1st Innmvs: 3294 


FOOTBALL 

National Football Leow* 

KANSAS CITY— Placed Ron Dickerson, 
nmnhis bat*, nn tahwed rwervt Stoned ^ Vic- 
tor Jones, fullback. 

PITTSBURGH— Added A ntbemr DoWe. 
romdns bock, la the active rosier. 


TO OUR 
READERS 
INBHtUN 

You can now 
receive the IHT 
hand delivered 
to your home 
or office 
every morning 
on the day of 
pubBoation. 
Just call us 
toll free at 
0130 84 85 85 


14. CINCINNATI — The Bear- 
cats can go two deep ai everyposi- 
tion. whioh is something the .rest of 
the Great Midwest does not want to . 
hear. LaZeUe Durden, Damon Flmt 
and Keith LeGree. a mansfer from 
Louisville, form the backcourt nucle- 
us of a t*atn that loves to press. Don- i 
tonio Wingfield opted for the ] 

after only one year, but o-9. 23> 
tjound Daniel Fortson should step 

rieht in and produce immediately.^ 

15. DUKE — Seven Final Fours in 
nine seasons: Coach K always has the 
Blue Devils ready come tournament 
time. But MOce Kreyzewria, who al- 
most jumped to the NBA benveen 
seasons, has a young squad. And, can 
Cherokee Parks take command m 
front of the Cameron Crazies as 
Johnny Dawkins, Danny Ferpr. 
Christian Laettner, Bobby Hurley 
and Grant Hill did beforehim? 

16. MICHIGAN STATE —After 

1 8 seasons with the Spartans, includ- 
ing a national championship with 
Magic Johnson, Jud Heathcote 
thought about retiring but decided to 
stick around for Shawn Rcspert s se- 
nior year. The 6-3 Respert. who eouW 
have gone pro. was second in the Big 
Ten in scoring (243 points a &amc)to 
Glenn Robinson, the top pick m the 
NBA draft Respert and Enc Snow, 
who led the conference in assists 
(6.7), form the best backcourt in the 
league, maybe the nation. 

17. WAKE FOREST — The na- 
tion’s best-kept secret lives in Win- 
ston-Salem, North Carolina, and 
plays for the Deamon Deacons. That 
would be 6-2 guard Randolph Chil- 
dress. who averaged 19.6 points a 
gam e a year ago. loves to shoot the 3- 
pointer, comes through in the clutch 
and could be the best player in the 
ACC. The 6- 10 sophomore Tim Dun- 
can of the Virgin Islands was the 
second-best freshman in the league 
last season behind Joe Smith. Dave 
Odom almost lost his job over the 
summer, but the Deacons were hit 
with only light sanctions for recruit- 
ing violations. 

18. vtt I-ANOVA — Kerry and 
the Cats stormed to the National In- 
vitation Tournament title after being 
picked to finish last in the Big East a 
year ago. Steve Lappas loves to run 
‘ multiple-screens for the silky smooth 
Kittles, a 6-5 junior who averaged 
just under 20 points per game last 
- season. The 6-11 sophomore Jason 
Lawson is improving, and Chuck 
Komegay, a 6-9 North Carolina State 
transfer, will add bulk when he be- 
comes eligible in the second semester. 
It is not too farfetched to predict 
Kittles mill be the conference player 
on. 0 f the year as he leads the Wildcats to 
a surprise Big East title. 

Me. 19. KANSAS. — Roy Williams has 

an extremely young squad lea by 7-^ 
senior Greg Ostertag. In the back- 
court, sophomore point guard Jacque 
Vaughn will be joined by Jood 
Haase, a transfer from Cal The Jay- 
hawks also landed one of the top big- 
man recruits in the country, 6-11 
Raef LaFrentz. 

20. INDIANA — Irrepressible and 
i outrageous. Bob Knight will be the 
first to note how young his tearnis. 
i That is, if he isn’t kicking a chair. The 
; 6-9 senior Alan Hendereon heads a 
strong inside game that will feature 6- 
8 freshman Andrae Patterson, who 
has all the makings of a future force. 
But the backcourt has numerous 
questions, especially since sopho- 
more Sherron Wilkerson will proba- 
bly be redshirted. Knight will keep it 
lively, regardless. 




Gretzky Sets 
6 Games in 
Scandinavia 

CampthdlnOur Staff FnmOipmcba 

HELSINKI — Wayne - 
Gretzky and several other 

^thto^ay 0 !^ teams... 

“Wayne Gretzky and 
Friends." as the tour group 

£ being callrf-wUl play the 

reigning 

champion Jokent on Dec.; 3 
and the club team lives in 
the town of Tampere on; 
Dec. 4 before going to Oslo 
and then Gothenburg. 
Stockholm and Malmo in, 
Sweden. 

Detail of the last four 
games were still . being. v 
worked out, and may de- ~ 
pend on whether the 
NHL’s labor conflict is re- 
solved in the next two 
weeks. . 

“My loyalty is tom. but 
it is safe to say there will be , 
absolutely no agreement 
reached before Dec. 3," 
Gretzky said by telephone. 
“My own guess is Dec. 15. 
The first two games are a 
100 percent safe." 

In Boston, talks between 
NHL officials and locked- 
oul players were to be re- 
sumed Friday, after a break ■ 
for the Thanksgiving holi- 
day, amid hopes a settle- 
ment could be reached in 
time 'to salvage the season. 

Players ip Gretzky’s: 
team include 1 the Buffalo 
Sabres' goal tender Grant 
Fuhr, the New York Rang- 
- ers’ defender Brian Leech, 
Detroit’s Sergei Fedorov 
and Steve Yzerman, Mark 
Messier of the New York 
Rangers, and Brett Hull of 
Sl Louis. 



DENNIS THE MENACE PEANUTS 


l here's the world war i 

• FLYING ACE ZOOMING THROUGH 
;THE AIR ABOVE ENEMY LINES.. 


I GOT A LETTER FROM 
MOM T0DAY..SHE ALWAYS 
WORRIES ABOUT ME.. 


SHE SAID NOT TO^^S® 


FLY TOO HIGH 


CALVIN AND HOBBES 

I BO -too THINK TKSER5 Tt>| I MEN*. N WEMN. WESWWE 


SMC UEMEN THfcT 
PEOPLE. GOTO* 


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Finnish star Jari Kurri, 
who plays alongside 
Gretzky for the Los Ange- 
les Kings but is now play- 
ing for Jokerit because of 
the lockout, will probably 
play for Gretzky's team m 
the game on Dec. 3. 

Gretzky, Kurri and * 
Messier were the high-pro- 
file stars for the Edmonton 
Oilers’ Stanley Cup- win- 
ning teams of the last de- 
jjade, and the duo of 
Gretzky and Kurri is the 
highest-scoring in NHL 
history. 

Gretzky also said he’d 
like to play- in next year's- 
world championships in 
Sweden if he has no NHL 
commitments, and the 1998 
Olympics in Japan. 

*Td love to play ^ the 
world championships," he 
said. “The last time I had 
such a hard and long sea- 
son, but this time it will be 
no problem at all for me. 
The HHF has been so nice 
to me” helping with tour 
arrangements “so I ^ would 
not let them down. ” 


KMBt TlGESS ] BUT WSHAE 
JUST CWT EM\ ^ K 
P \U \ VIMVI 

uemen - ■ 



FONTEM 


l idilllatfl 


MitonsworMrar 

(•nMnltaOvI 

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and save with our new toll free 
service. 

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PORTS 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, NOV EMBER 26-27, 1994 


Page 19 


lee 3 


“"w 


Joe DiMaggio Is 80 , ( 80 ?), and Still Baseball’s Greatest Living Icon 




By Ira Berkow 

. New York Tunes Service 

NEW YORK — The elderly man and 
bis companion had driven off the New 
Jersey highway on a recent afternoon to 
use the facility of a restaurant Once inside, 
the elderly man, as he often does, set off a 
commotion among the patrons. 

His famihar face is long and lined, his 
eyes rheumy, his hair now snow white. He 
is slightly stooped from arthritis — his 
aching knees and arm remnants of his 
fanner occupation. He wears a pacemaker 
to juice his heart and recently underwent 
stomach surgery for a long-suffered ulcer. 

When the proprietor learned who had 
entered his establishment be elbowed his 
way through the crowd. 


“Follow roe,” he said. And led the man 
and his friend through the kitchen to the 
back door. 

“Do you know how many kitchens I’ve 
had to go through in my life?” the man said 
offhandedly to his friend. 

This was" Joe DiMaggio, who turned 80 
on Friday. This was Joe DiMaggio who 
stilt remarkably, cannot go out in public 
without beads turning and grown men and 
women reverting to the children inside 
them, and children pursuing someone as 
seemingly aged but fabled as Odysseus. 

This was Joe DiMaggio who still, 43 
years after he played his last baseball 
game, remains a national symbol, a reign- 
ing star, a living and breathing legend. 

“Who else is there who has his aura?” a 
friend was saying. “AJi? Sinatra? Who 
else?” 


Few, to be sure. A baseball bat signed by 
him sells for 54,000, twice as much as that 
of any other living ballplayer past or pre- 
sent; his baseball for $400, also tops, when 
Paul Simon sought a line in a song about 
longing for another day, he wrote, “Where 
have you gone, Joe DiMaggio?” 

The son of an Italian immigrant who 
was a San Francisco fisherman, DiMaggio 
carries himself with the dignity and grace 
of old. when, it was said, he never made a 
difficult catch in center field. That is. he 
never made a catch look difficult. He un- 
derstood positioning, understood the hit- 
ters, was smoothly off with the crack of the 
baL 

When Hank Greenberg asked for advice 
on playing the outfield. DiMaggio instinc- 
tively instructed. “Float in for the ball.” 


DiMaggio has withstood the test of 
time, the world of coffee and banking 
commercials, the paparazzi, and a nine- 
month marriage to a woman who, on their 
honeymoon in the Far East in 1954, enter- 
tained the troops in Korea and signed her 
official Department or Defense ID. “Nor- 
ma Jeane DiMaggio.” 

Joe DiMaggio. trim and still impeccably 
dressed with suit and tie. manicured, hair 
cut regularly, ever conscious of his image, 
remains the acme of elegance in sports, 
and the prototype of a lime past, a time 
glorious in some memories but not neces- 
sarily in fact. 

He was a baseball star during the De- 
pression, when Jim Crow was rife, when 
World War II erupted, when the McCar- 
thy era was burgeoning. 


But during those years, he led the New 
York Yankees to the World Series 10 
times in 13 seasons, socking 361 home 
runs over his career and. in 1941. hitting 
in 56 straight games, still a major league 
record. 

Bobby Brown, a Yankee teammate, re- 
members that DiMaggio could always be 
counted on. “Whenever there was a 
clutch situation, you knew that Joe was 
going to come through.” he said. “and. 
even when he was sick or hurt, he almost 
always did.” 

He did it quietly, too, letting his actions 
speak for him, a quality that seems almost 
Victorian today. He carried much of the 
pressures inside him, however. He endured 
stomach problems, and developed ulcers 
during his famed hitting streak. He was 
immortalized by Hemingway when his Old 


Man in the sea daydreamed about taking 
“the great DiMaggio fishing." 

DiMaggjo hims elf is an old man now. 
sometimes cranky, sometimes forgetful, 
sometimes needing help in ways he never 
did before. But he too may go back in time, 
listening to the Big Band music on tape, or 
even one of the songs about him. like 
“Joltin’ Joe." 

On occasion, he will attend a game. Last 
season, said his friend Morris Engel berg, 
the two went to the see the Florida Mar- 
lins, not far from DiMaggio's condomini- 
um near Fort Lauderdale. “After watching 
the outfielders run back and forth and 
sideways chasing fly balls,’’ Engelbei^ 
said, “Joe turned to me and asked. ‘Cant 
anybody make an easy catch anymore?' " 

For much of the nation, Joe DiMaggio, 
80 years old Friday, still does. 


voted 
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• V; 


Eli, t«a% • The Awioaud Pro. 

Emnritt Smith rushed 32 times for 133 yards and two scores, caught six passes for 95 yards. 

Another Remarkable Day for Doug Flutie 


The Assoaaud Press 

VANCOUVER, British Columbia — Doug 
Flutie, theHdsman Trophy winner from Boston 
College, has became the first player in CFL 
history to be honored as the league's outstanding 
performer for the fourth straight year. 

The Calgary Stampeders’ quarterback had 
been tied with Jackie Parker and Russ Jackson as 
the only consecutive three-time winners. 

Flutie, who threw a record 48 touchdown 
passes this year, edged Baltimore running back 
Mike Pringle, 33-19, for the Chrysler Canada 
Award in voting by the Football Reporters of 
Canada in each CFL city. 


Flutie has played five seasons in the CFL and 
the only time he didn't win the award was as a 
rookie in 1990 with the B.C. Lions. 

Ten years ago on the day after Thanksgiving, in 
misty Miami, Flute threw one of the most famous 
passes ever thrown. It sailed 64 yards on a spiral, 
into the hands of Gerard Phelan and into history’, 
the last unbelievable play of an unforgettable 
game. Boston College 47, Miami 45. 

Flutie threw for 472 yards, Miami’s Benue 
Kosar for 447. The teams totaled 1,282 yards of 
offense. The lead changed hands five times in the 
fourth quarter, the last tizne on Flu tie’s pass on a 
play that began with six seconds left 



Cowboys Gallop 
In Second Half 


Paul K tact/AgrocY France- Pro* 

Jason Garrett, sacked by Reggie White, bounced back with a 311-yard second half. 


Compiled by Our Staff From Dispatches 

IRVING, Texas — Things 
looked very grim for the Dallas 
Cowboys in the first half. Their 
rookie right tackle, Larry Allen, 
appeared to be haunted by a 
one-armed defensive end named 
Reggie White, who kept trying 
to bury his quarterback. 

And the Dallas quarterback. 
Jason Garrett, starting in place 
of Troy Aikma n, was running 
for his life. The Cowboys' of- 
fense had stalled and the de- 
fense, ranked No. 1 in the Na- 
tional Football League entering 
the game, was in hiding. 

While the Green Bay Packers 
scored 17 points in the opening 
half, the Cowboys managed just 
6. It looked as if Green Bay was 
cm its way to a rouL 

But starting with the second- 
half kickoff, the Cowboys 
sprang to life, ripping off 36 
points — the most for a second 
half in the team’s history — and 
went on to beat the Packers by 
42-31 on Thursday. 

Garrett, the onetime Prince- 
ton quarterback who was mak- 
ing his second start for the Cow- 
boys, was magnificent in the 
second half. After completing 
seven passes for 1 13 yards in the 
first half, he led the Cowboys to 
six consecutive scoring drives to 
open the second half, scoring 
five straight touchdowns while 
completing 15 of 25 passes for 
31 1 yards and two scores. 

He forced the Packers to give 
up a season-high 436 yards. 

All that overshadowed a mag- 
nificent performance by Green 
Bay’s quarterback, Brett Favre. 
and Sterling Sharpe, who 
hooked up for four touchdown 
passes in the game. Favre, who 
completed 27 of 40 passes for 
257 yards, threw two touchdown 


passes to Sharpe in the first half, 
then added a 30-yarder and a 5- 
yarder in the second. 

Both teams were supposed to 
be without one of Lheir major 
components. Rodney Peete. 
Aikman ’s No. 1 backup, was out 
because of a sprained thumb, 
and Aikman's sprained knee did 
indeed keep him on the bench. 
But White's sprained elbow did 
not; with enough white tape 
around his left arm to classify 
him as pan mummy. White 
played. And well. 

On his first play in the game. 
White, with his good arm, tossed 
aside the 325-pound Allen, 
made a beeline to the backfidd, 
leaped like a huge cat and flat- 
tened Garrett just as the quar- 
terback released a pass. On that 
one play. White, the league's ca- 
reer sack leader, proved that he 
is the league’s most dangerous 
pass rusher even with one arm. 

Garrett, with the full use of 
both arms, was not up to beating 
the Packers single-handedly. 
But he did get a lot of help from 
Emmiit Smith, who caught six 
passes for 95 yards and rushed 
32 times for 133 yards and two 
scores. He is the first runner this 
season to gain more than 100 
yards against the Packers. 

“That’s why they’re world 
champions.” said the Packers’ 
coach, Mike Holmgren. Garrett, 
he added, “made the throws he 
had to make, but it helps to be 
able to hand the ball to Emmitt 
Smith." 

"There’s a lot of firepower on 
this team and 1 was 1-1 1th of it," 
said Garrett, who played in the 
Canadian and World Football 
leagues before latching on with 
Dallas. “A lot of guys made my 
whole task a lot easier.” 

(NYT, AP ) 


PER-PLEXITIES by Jacques Liver 


With a Victory, Jets Can Pull Even With Dolphins 


ACROSS 
1 Rjpoffs 
6 Ventricles’ 
outlets 

12 Kind of cheese 

18 Central Asian 
capital 

19 Necked 

21 Immigrant, to 
The British 

23 Riled up 

24 Dog assessing 
shoplifting, eg.? 

26 The Birthday 
Party" 
playwright 

23 Double-cro&ser 

29 Money- 
changer's profit 

30 Faux pas 

31 Look-alikes' 
l container 

32 Jean Laffite et al. 

15 Triple-decker 

sandwich 

38 duDiable 

39 Environmentally 
concerned 

40 Intrafamily 
chat? 


44 Bombast 

46 Sun. talk 

47 Supervision 

48 Stretch 

49 Passe 

52 Fathers 

53 — diComo, 
Italia 

54 What taid-off 
workers need no 
remember? 

69 Doan antique 
dealer's Job 

61 Handed down 

62 Idol's place 

66 Something to 
believe in 

67 Capone's 
nemesis 

68 Audi rival 

70 Charlottesville 
sch. 

71 Made a 

successful stand 

75 Used a 
stethoscope 

79 Fox and others, 
informally 


QUALITY THAT LASTS 


CABAN jache 

CiNftf 


80 Falsely seal 
legal panel to 
insane asylum? 

82 Variety of cotton 

83 Papal tribunals 

84 This 

stickupr’ 

85 Alpinist's need 

86 Landed 

87 Grazing land 
90 Ice-T servings? 
94 Inexpensive 

Sherlock 
Holmes job? 

99 Part of TNT 

100 Thai’s neighbor 

101 Cravings 

102 Treaty site of 
1925 

103 Musical notes 
J04 Cost of playing 
106 ■‘MaikTrafl" 

cartoonist Ed 

109 Shooting range 
order 

110 like some 
knights 

112 Hobo gridlock? 

117 Kind of pie 

118 Latecomer, 
perhaps 

119 Lustrous fabrics 

120 China 

(showy bloom) 

121 Slowpokes 

122 Poor man’s 
penthouse 

123 Approximates 

DOWN 

1 Ship officer 
(with ordere for 
this puzzle?! 

2 Larin dance 

3 Wild- — 

4 American 
Kennel Club 
outcast 

5 is in Morpheus’s 
arms 

6 Uraeus,in 
ancient Egypt 

7 Run 

8 Spinner 

9 Hjgh-calorie 
desserts 

10 Compilation 

11 Bristle 

12 Hired escort 

13 cell component 

14 U.N.C. athletic 

gn>- 

15 High points 

16 Mexican 
revolutionary 
Zapata 

17 "The King of 
Kings" director 

20 Archeological 
site 

22 Throw off 
25 Fitting places 
27 Sugartoaf 

Mountain site 


U I n !■ i I" » « ” 


in Its hr j is In |i7 


35 3S 37 


in mi mi in laz m 


Iw M 


T«n i’ 07 ** 


New York Times Service 

New York Jets (6-5) at Miami (7-4): With 
the AFC East lead on the line, this is a big 
game for both teams. The Dolphins have 
been in a slide since losing Keith Byars for 
the season to a knee injury two weeks ago. 

NFL MATCHUPS 

The Jets have been playing relatively mis- 
take-free football the last four weeks, creat- 
ing 20 takeaways and yielding just 7 give- 
aways. Their offensive line has allowed 4 
sacks in the last five games. Oddsmakcrs 
favor the Jets by 2 points. 

Houston (1-10) at Cleveland (8-3): 
Browns have allowed just 4 touchdowns at 
home this year, only 2 in last four games. 
Further, they are coming off a heartbreak- 
ing loss in Kansas City. Browns by 8. 

Philadelphia (7-4) at Atlanta (Ski): Fal- 
cons’ 19 interceptions leads NFL, and they 
get Andre Risen back from a one-game 
suspension for being tardy to meetings, 
while Eagles have a habit of taking t eams 
lightly. Eagles by 2 Vi. 

Tampa Bay (2-9) at Minnesota (7-4): 
Bugs’ Errict Rhett has rushed for over 100- 
yards in back-to-back games, but Vikings 
have league's top defense against the run, 
allowing just 61.8 yards a game. Having 
been stunned two weeks in a row by AFC 


East teams, Warren Moan and his receivers 
should get bade on track in a big way 
against the Bugs’ defense. Vikings by 13. 

Giants (4-7) at Washington (2-9): Ken 
Harvey’s 10.5 sacks for Redskins leads 
NFL. The Giants' quarterback, Dave 
Brown, appears recovered from concussion 
suffered Monday night. Redskins by 1 

Chicago (7-4) at Arizona (5- 45): Steve 
Walsh is 6-0 as Bears’ starting quarterback, 
and has been sacked just twice in last five 
gftmfs Cardinals’ defense has thwarted 90 
of opponents’ 128 third-down attempts — 
best in NFL — but offense can’t mount a 
rushing attack and passing game is scatter- 
shot. Cardinals by 2. 

Cincinnati (2-9) at Denver (5-6): Bron- 
cos’ Gtyn MQbuni leads NFL running 
backs with 58 catches 58; Daroay Scon is 
averaging 203 yards a catch, best among 
recovers with 20 or mote. Denver can score 
points in bundles. Broncos by 9. 

Kansas City (7-4) at Seattle (4-7): 
Chiefs, turning it on for stretch run to 
division tide, have plus-12 turnover ratio 
that leads NFL. Defense has held last two 
opponents to under 100 yards rushing, forc- 
ing them to pass. But, Seahawks’ Rick Mirer 
has 1.8 interception percentage (on 337 
passes), lowest in AFC Chiefs by 4. 

LA. Rams (4-7) at San Diego (8-3): 
Chargers’ Stan Humphries, who has thrown 


just 3 touchdowns and 7 interceptions in 
last four games, had arthroscopic surgery to 
remove loose cartilage from his elbow this 
week. Natrone Means has been held to 
under 60 yards last two games, while Rams’ 
Jerome Bettis is the No. 3 rusher in NFC 
with 856 yards. Chargers by 8. 

Pittsburgh (8-3) at LA. Raiders (6-5): 
Raiders have given up 159 points in last 
nine games, after allowing 82 in first two. 
Steders have No. 2 rushing attack in AFC 
(130.6 yards a game). Bariy Foster, in third 
week back from knee injury, could have a 
big day on grass. Raiders by 3. 

New Fngjand (5-6) at hwfianapofe (5-6): 
Colts’ DonMajkowski, sprained thumb arid 
all, will start and get lots of bdp from 
running bade Marshall Faulk. That is the 
key: Colts have to control the ball to keep it 
away from Drew Bledsoe. Patriots are not 
right now, with Marion Butts rushing for 
season-high 88 yards last week. Colts by 2. 

San Francisco (9-2) at New Orleans (4-7): 
Steve Young’s 8.17 yards a pass play leads 
NFL, and 49ers can clinch NFC West title 
with a victory. Saints’ last four games have 
been dedded by a total of 10 points; that 
trend is unlikely to continue Monday night. 
49ers by 8. 

These matchups were compiled by Timo- 
thy W. Smith. 


© New York lanes Edited by WiU Short:. 


83 Hosp. staffers 
34 Get-together 

36 Nude 

37 Rail at 

41 —a one 

42 RS.T.orRJlN. 

43 Batting 
equipment 

45 Nailed obliquely 
80 Swiss canton 

51 Matter of 
retaliation 

52 VfchyetaL 

54 Fuss 

55 Gaelic 

56 Seductress 

57 Ball teams 

58 Like Yale since 
I960 

89 Nav. officer 
60 Society event 

62 Deal 

63 Outfit for 
Pavlova 

64 State - 

65 1980 Kenny 
Rogers hit 

68 Fust graders’ 
work 


69 * live and 

breathe!” 

72 Merge 

73 Like many 
furniture sprays 

74 Posture 

75 Powerful 


76 Ring around the 
collar? 

77 Some sports 
scores 

78 Open a bit 

80 Future stallion 

81 Elevator 
inventor 

82 Basketball 
center, eg. 

S3 King’s — 

85 Tmypeople 

87 Friction match 

88 Loosely woven 
fabric 

89 Kind of bailor 
bill 

91 -New Year's bowl 
Site 

92 Vixen's male 


S3 Swooste Kurtz 
TV series 

94 Road parts 

95 Puts on 

96 Slip-on 

97 Unseparated 

98 Oklahoma city 

105 Lab item 
107 Sot’s woe 


108 Race, in a way 
111 Lowhill 

113 etamo 

(expression of 
mixed feelings) 

114 Sound unit 

115 — standstill 

116 QLtime 


S oluti on to Fm&de of Nov. 19-20 


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annua nnnm anno nonon 

□faaprxrtnannnannQ nnpno 
aara adra aoaano annna 
□aaa □□□□ ana nnonoma 

annornn nanaa ana demob 
ancma nan nna wrong 
nncrannn nntsa nnsn 
mronn nnannann ngggn 
anna aaa anno rannnraan 
aaa anannnnnannon nnm 
ancrFiaaE! anon ana ngiro 
□cinnn rcnnnnnarc onoan 
nano nrann nnnnnBn „ 
nannm nnnnnnannnn 
crania aaa aoaan nnongo 
aannnsan ona snnn nnnn 
□anna □annan nnn nnn 
aaaaa □□□nnnnnmaanoaa 
annnn nano arann nonon 
ooooo non nano niroon 


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- 1 • 






Page 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 26-27, 1994 


DAVE BARRY 


Read This , You Twerps 


The ‘Rustproof Candidate for the Fren 


M IAMI — Here in the news- 
paper industry, we are se- 


riously worried. Newspaper 
readership is declining like cra- 
zy. In fact, there’s a good chance 
that nobody is reading this col- 
umn. I could write a porno- 
graphic sex scene here and no- 
body would notice. 

“Oh. Dirk.” moaned Camille 
as she writhed nakedly on the 


“Walt up!" shouted Dirk. 
“I'm still in the bathroom!” 

It was not always this way. 
There was a lime in America 
when everybody read newspa- 
pers. Today, most people do not. 
What caused this change? 

Certainly one factor is that 
many people now get their news 
from TV. This is unfortunate. 1 
do not mean to be critical of TV 
news people, who do a superb 
job, considering that they oper- 
ate under severe time constraints 
and have the intellectual depth 
of hamsters. But TV news can 
only present the "bare bones" of 
a story; it takes a newspaper, 
with its capability to present vast 
amounts of information, to ren- 
der the story truly boring. 

But if we want to identify the 
"root cause" of the decline in 
newspaper readership, I believe 
we have to point to the decision 
by many newspapers to stop 
running the comic strip “Hen- 
ry.” Remember Henry? The bald 
boy who looks like Dwight Ei- 
senhower? I believe that readers 
liked “Henry” because, in times 
of change and uncertainty, it al- 
ways had the same plot: 

PANEL ONE: Henry is walk- 
ing along the street. He is wear- 
ing shorts, even if it is winter. 

PANEL TWO: Suddenly. 
Henry spies an object. You can 
tell he’s spying it, because a dot- 
ted line is going from his eyeball 
to the object Often the object is 
a pie cooling on a windowsill. 

PANEL THREE: Henry eats 
the pie. 

PANEL FOUR: The woman 
who baked it comes to the win- 


dow and discovers that the pie 
is gone. The woman is sur- 
prised. You can tell because ex- 
clamation points are shooting 
out of her head. 

Whatever the cause, the read- 
ership decline is producing ma- 
jor underarm dampness here in 
the newspaper industry. Go to 
any newspaper today and you'll 
see herds of editors pacing 
around, mooing nervously, try- 
ing to think up ways to make 
newspapers more relevant to to- 
day's youth culture. 

□ 

I want to do my part by mak- 
ing my column more "hep” and 
appealing to young people. So 
I'm going to conclude by pre- 
senting the views of some stu- 
dents of Daniel Kennedy's Eng- 
lish class at Clearfield 
(Pennsylvania) Area High 
School. I recently wrote a col- 
umn in which I said that some 
young people today have unat- 
tractive haircuts and don't 
know who Davy Crockett was. 
Mr. Kennedy's class wrote me 
letters in response: here are 
some unretouched excerpts: 

• “Maybe one of these days, 
you should look in the mirror, 
Dave. Dave, you need a new 
hairstyle, man! You have a 
puffeut, Dave." 

• “Without hair I think eveiy 
guy in the world would just die 
of imbarresmenu I know I 
would, but T am a girl." 

• “You say that I don't no 
any thing about Davy Crockett. 
Well I no that he fought at the 
Alamo. He also played in sever- 
al movies.” 

Let me just say that we in the 
newspaper industry totally 
agree with you young people on 
these points mid any other 
points you wish to make, and if 
you wifi please please PLEASE 
start reading the newspaper 
we’U be your best friend. O. K-? 
O. K.? Young people? Hello? 

You’re not even reading this, 
you little twerps. 

Knight-Ridder Newspapers 


fnummanai HeraU Tribune 

P ARIS — While the putative major runners 
in this spring’s French presidential elec- 
tions executed a pussyfooting pavane, one can- 
didate stepped forward early. Asked during a 
radio interview last month whether she would 
be a candidate, Arlette Laguiller replied, “evi- 
demment,” or obviously. It is her fourth try. 

Arlette Lagu flier, the rustproof, as Le Monde 
calls her, candidate of Lutte Ouvrifcre. will have 
a score of 3 percent in the first round of the 

MARY BLUME 

election, according to a poll in the conservative 
magazine Le Point. Inis is only about one- 
tenth of the major, if undeclared, contestants, 
Edouard Balladur and Jacques Delors, but it is 
still an estimated 1 million votes. Not bad for a 
Trotskyice office worker who preaches revolu- 
tion, believes the profit motive to be inherently 
evil and who considers elections more an opi- 
ate than an instrument of change. 

A dangerous woman? Apparently not at all. 
At her best, with her simplicity and concern 
about social issues (“the other candidates talk 
about them every seven years when the elec- 
tions come up. I talk about them all the time"), 
she can come across as a breath of fresh air 
amid the windy discourse of politicians in gray 
suits. 

The French do not love their politicians, 
clever though they are, but they are clearly — 
though maybe patronizingly — affectionate to 
Arlette as she is always called. It is impossible 
to imagine people speaking of Francois or 
Jacques or Edouard. "I think it is affection or 
the fact that people think me accessible," she 
says. "People who don't like me don't call me 
Andie." 

Arlette, 54, has only about 2,000 members in 
Lutte Ouvrifcre or Workers’ Struggle and gener- 
ally resurfaces to tire public's fleeting attention 
only during presidential campaigns. The rest of 
tire rime she works for the party, writes a 
w eekl y editorial in its newspaper and is an 
employee at the Credit Lyonnais bank, where 
she began as a typist at the age of 16 earning 
230 francs a month. 

“I am not a worker, I have never dirtied my 
hands except to change a typewriter ribbon." 
she says. “But I am a member of the working 
class." She sees no contradiction in a Trotskyite 
working in a bank. 

“It is better to understand and denounce 
capitalism from its center, " she said over a 
Perrier in a caf6 across the street from the 
bank's monumental 19th-century headquarters 
with its architectural references to the Parthe- 



Laguiller. known to one and all as Arlette, Is making her fourth try. 


non. Gothic cathedrals, Karaak and the Cha- 
teau of Chamber d. 

She is a small, doughty and extremely — 
almost professionally — pleasant women. She 
is accorded the sometimes dismissive sympathy 
the French reserve for those they consider na- 
ive. “So picturesque, la petite femme populo." 
says a resident of the aristocratic seventh arren- 
dissemenl. 

The French electoral system is based on swo 
rounds: In the first people traditionally \,~<n on 
the basic of mischief or ideals, in the second 
they get real Arlette has never reached the 
second round but for the first round she can be 
a comfortable choice. Ecologists cause qualms. 
Communists bore, cranks do not amuse a Car- 
tesian mind. Arlette reminds the French of how 
tolerant they are. Her political program may be 


about as realistic as John Lennon’s “Imagine” 
but she is decent, homespun and. above all 
harmless. 

“Arlette is part of our national heritage.” a 
Hanker proclaims. “She is like cassouleL” 

She is in her way comforting: reliable in her 
candidacies and a reminder of the hope-rilled 
19th-century radical past (there is hardly a 
French city that does not have a street named 
after the stain socialist leader Jean Jaur&s and it 
was. after all a Frenchman who composed the 
Internationale). That she is committed to the 
principle of permanent revolution seems not to 
trouble anyone and even Arlette does not be- 
lieve the revolution will occur just now. 

“I wouldn’t say we are on the eve of the 
revolution,” she says, but this does not mean 
she considers the struggle vain. “Voltaire’s 


ideas influenced the French Revolution nl- J 
SSTgh he didn't bve to see .L - , 

nresent state of unease about unera- j 
nlo^t P ^comiption in French business 

Arlette has chosen “a central 

c&Ugeduujpen &b225!S*B ** » 

jjribe^why no. for salaries?!” the party newspa- 
per asks. 

She doubts that she will recommend a sec- 
ond-round switch to the Socialist candidate 
tins spring, having counseled abstention m the 
last two elections and only advised a vote for 
Francois Mitterrand in 1974 after warning vot- 
ersofhis cloudy past. “We were saying we have 
no illusions but we are willing w rtwke the 
experiment with you.'* like many, she feels the 
experiment turned out badly. 

Arlette’s first candidacy in 1974 followed her - 
successful involvement in a bank employees’ - 
strike that year, which in turn followed the 
fugitive joys of the mini-uprising of 1968. She 
began mflitaung in 1960, for Algerian indepen- 
dence, and when she ran for president in-1974 
Le Figaro insultingly advised her to stick to her 
typewriter and remember her place. 

Lutte Ouvritoe is one of three French Trots- , 
kyite parties. This may be Arlette Laguiller’s 
fourth election but she seems startled whes 
asked if she actually wants to be president. 

“Do you mean would I accept if there was a = 
revolution? Of course, but ! don't think Til be*, 
chosen unless the masses express their w 3 i,. 
other than in the voting booth. I can't see Lnttp^ 
Otmifere bong at the head of the country rad 
the bourgeoisie allowing it to happen. I may be 
a candidate but I know perfectly well thal it's . 
not the elections that will change the country." 

Then why bother running? “To addressa 
wider public — elections have a different rea> . 
nance than the militants' daily grind.—: and fo; 
show that there are people who want changed 
even if they know an election won’t bring it/K 
am not afraid our party will fade away but I dKs 
think we should nave a word in .the debate Sj 
order to show resistance, small perhaps butt*y| 
rivers come from small streams. Evcryoatr;; 
knows that” ^ 

Comes the revolution and the dictatorship of ^ 
the proletariat, tire workers of the world wdf: 
unite and the former members of tire nifirigl 
classes will it is a consoling thought, nomeces^ 
sarfly lose their political rights. But right now* 
the river isn’t a stream and certainly not a.' 
freshet. Does Arietle have a personal motto? 
Yes. she does: “Tenez ton, "she says. Hang on. 



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J. named best female star and the Canadi- 
an rocker Brvan Adams best male star at the 
MTV 1 ' Europe's firs! awards. The show, hosi- 
ea by the sir.eer Tom Jones, was broadcast 
live from Berlin. Artists were nominated by 
music writers, music companies and rideo 
directors in Europe, and the winners were 
chosen from voles phoned in by European 
MTV viewers. Five ■working-class lads" 
from Manchester. England, known as Take 
That beat three American bands — Aero- 
smhh. Rage Against the Machine and the 
Beastie Boys — and Crowded House of 
Australia for best group. “Were very nat- 
tered because all of the other bands are 
known internationally, but were not." said 
Jason Orange, one of the five. 

□ 

The rock star Jon Bon Jori and model 
Cindy Crawford have teamed up to do a 
video for Bon Jovi’s cover of “Please Come 
Home for Christmas.” for the “A Very 
Special Christmas 2" album. 

□ 

Oliver Stone will attend the screening of 
his controversial film “Natural Bom Kill- 
ers” at the closing ceremony of the 1 8th 
Cairo Film Festival on Dec. 11, the festival 


t* - . .* v - 


V:-\V- 


;,&• 9 

• &■'>? 




Lne Scfnwfi/ItaKns 

Bryan Adams: MTV Europe winner. 


organizers say. The festival’s executive com- 
mittee decided after a long debate to screen 
tire film despite its violent scenes "because 
of its fantastic cinematic production and its 
m es sa ge against violence." 

□ 

A mixup over a marching band's 
pearance on “The Tonight Show” ended 
on a high note — and with an apology 
from host Jay Lena With the California- 
based show doing a weeklong stint in New’ 
York, producers invited the All-City High 
School Marching Band to play on the 
Thanksgiving show. Then Leno's people 
called to caned. The band director. Ira 
Shankman, called the Daily News and the 
result was a front-page headline: “JAY, 
YOU TURKEY." The band was resched- 
uled and Leno apologized on the show. 

□ 

AnatoK Karpov met with some leaders in 
the Russian Parliament to seek their sup- 
port in a continuing squabble with nis 
chess rival Gany Kasparov. Karpov and 
some other chess players denounced the 
establishment of a “parallel” Russian 
Chess Federation, the Moscow daily Se- 
godnya reported. 


r •: