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INTERNATIONAL 



tribune 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


** 


Paris, Wednesday, November 30, 1994 



1 UN Threatens to Recall 


Its Forces From Bosnia 


Butros Ghali to Make It Clear: 
Agree to a Cease-Fire, or Else 


Anne Enger Lahnstein, a Norwegian politician dubbed the “No Queen,” taking questions Tuesday afterthe vote. 


A Blank Piece in EU 9 s North Comer 


By John Damton 

New York Timet Service 


OSLO — Norway has again said “no” 
to Europe, and the European Union re- 
acted Tuesdaywith the frozen smile of a 
jilted suitor.. There were expressions of 
disappointment and regret and under- 
neath the whispered message: It's going 
to hurt you more than it hurts me. 

By resolutely rejecting membership in 
the Union in a referendum with a record 
^turnout of 88.5 percent, Norwegian vot- 
* srs broke the Union's w innin g streak. In . 
a series of votes lids year that were timed 
to maximize pressure on Oslo, ever the 
reluctant applicant, the people of Aus- 
tria, Finland and SwedensaKdeddedto 


Their ascension on Jan. 1 means that 
the European Union, intended to bring 
about a single market and perhaps some 


day even a unified political entity, will 


become a 15-nation body of 340 milli on 
people, extending from die warm Medi- 
terranean waters to the Arctic, and from 
the west Irish coast to the Danube. 


But now there will be a missing piece 
in the puzzle in the northern comer — 
not a big one, but a disturbing blank 
space all the same. 

Hie snub from Oslo means one less 
small, wealthy and stable country to bal- 
ance the rash of applications from six 
countries of Eastern Europe, three Baltic 
•states and Cyprus and Tvhdta. A Union 
simmit next week in E«wen. Germany, js 


supposed to formally endorse the com- 
plicated plans for eastward expansion. 

No one expects any of the applicants 
to think iwice after Norway’s rejection. 
Norway has long been a special case in 
that the Union wanted it more than it 
wanted the Union. Once before, in 1972. 
Norwegian voters rejected joining the 
then-Europcan tconoraic Community, 
and by a margin only slightly larger than 
the 512 percent “no” vote of Monday. 

Norway's oil and gas reserves and rich 
fisheries give it financial resources. Its 
history of domination by neighboring 
countries sharpen a stubborn indepen- 
dence. And a broad array of welfare 
services lends a comforting sense of insu- 


By Roger Cohen 

New York Times Service 

ZAGREB, Croatia — Humiliated and 
harassed by Bosnian Serbian forces, the 
United Nations has decided to deliver a 
formal message to the waning parties in 
Bosnia that it will terminate its peacekeep- 
ing mission if a countrywide cease-fire is 
not quickly agreed to. 

Senior Western officials said the 
planned visit to Sarajevo on Wednesday by 
the UN secretary-general Butros Butros 
Ghah, had been conceived to put the maxi- 
mum political weight possible b ehin d a 
warning that righting must stop now or 
UN peacekeepers will leave. 

The warning, which amounts to a virtual 
ultimatum, is now seen as the only course 
for the United Nations after a week in 
which Serbs have taken its personnel hos- 
tage, subjected some soldiers to outright 
humiliation, stopped most convoys and 
demonstrated that a so-called safe area like 
the M uslim enclave of Bihac may in fact be 
attacked with impunity. 

In effect, the threat of a United Nations 
withdrawal win amount to pressure on the 
Bosnian government to maintain its accep- 
tance of the peace plan even if it is elabo- 
rated in some ways to please the Serbs. The 
Serbs might face more pressure from 
NATO if the UN pulled out 

One official close to the planning for the 
visit said that “the Butros Ghali visit has 
been conceived as a dramatic gesture to 
deliver an ul tima tum on withdrawal if a 
cease-fire of substantial duration is not 
agreed.” 

There are more than 23,000 United Na- 
tions peacekeepers in Bosnia. 

Michael Williams, a spokesman for the 
United Nations protection force here, said 
Tuesday that “we’re not at the stage of 


See NORiVAV. Page 6 


Focus Is on Senate Outlook for Trade Pact 


CmpM ty Our Sutf From Dtq/ouhta 

WASHINGTON — Lawmakers sup- 
porting the world trade agreement were 
hoping Tuesday that a predicted 100-vote 
victory margin in the House would build 


victory margin 
momentum for passage in the Senate, 
where the outcome of a vote Thursday 
remains in doubt 

The pact would reduce tariffs and other 
barriers to trade among 124 nations. 

Vice President Al Gore made a final 
Ditch for the accord Tuesday in the hours 
before the House was to vote in its first 
lame-duck session in 12 years. 

“The vote counts are coming in a way 


that tells us we’re dose to victory.” he said. 
“But we're not there yet.” 

President Bill CHnton lobbied House 
members in large and small groups, as his 
aides expressed confidence that die ac- 
cord, negotiated over seven years under 
the General Agreement on Tariffs and 
Trade, would pass its first test 
At his last news conference as House 
speaker, Thomas S. Foley. Democrat of 
Washington, said be was confident the 
outgoing Democratic-controlled House 
would approve GATT. 

“1 hope and trust the Senate will fol- 
low,” he said. A failure to approve the 


trade accord. Mr. Foley added, would be 
“a signal blow” to C.S. leadership in the 
world. 

The agreement is supported by House 
leaders of both parties, with the exception 
of the third-ranking Democrat. David 
Bonior of Michigan, the outgoing majority 
whip. 

The vote is the Fust test of cooperation 
between Mr. Clinton’s Democrats and the 
Republicans who will take control of the 
Congress next year. The presumptive 
House speaker. Newt Gingrich, a Georgia 


See GATT, Page 6 


ultimatums. 

f-ii he added that the “rock-bottom 
conditions” for the continuation of the 
UN mission were an immediate end to the 
fighting in Bihac, a Bosnian cease-fire, and 
guarantees that United Nations personnel 
could move freely. 

“Mr. Butros Ghali would be gravely 
disappointed if he left Sarajevo without 
substantial movement in those three ar- 
eas,” be said. 

While the decision of the United Na- 
tions reflects the recent demonstration of 
its powerlessness, it has also been closely 
coordinated with the five-nation “contact 
group” to bring as much pressure as possi- 
ble to bear on the Muslim-led Bosnian 
government and the Serbs to accept their 
peace plan. 

I Secretary of State Warren M. Christo- 
pher said Tuesday that he would propose 
new talks between the warring factions 
leading to a possible international confer- 
ence, Reuters reported. He said he would 


propose the talks Friday in Brussels at a 
meeting of foreign ministers of the contact 
group on the former Yugoslavia — the 
United States, Russia, Britain, France and 
Germany.] 

The top UN official here, Yasushi Aka- 
shl met Tuesday for 90 minutes with offi- 
cials from the five countries. 

If the United Nations carried out its 
threat to withdraw, government forces 
would lose any buffer a gains t the better- 
armed Serbs, and the Muslim enclaves of 
Bihac, Gorazde, Srebrenica and Zepa 
would almost certainly fall immediately. 

The Bosnian Serbs, at tire same time, 
would lose their last international interloc- 
utor, their leadership is now banned from 
international travel Eventually, they 
might also face exposure to NATO mili- 
tary action without the shield of the Unit- 
ed Nations peacekeepers, whom they have 
been able to use as hostages. 

The international peace plan, accepted 
by the Bosnian government but rejected by 
the Serbs, offers 51 percent of Bosnia to a 
Muslim-Croat federation and 49 percent 
to the Serbs, who would have to give up 
about cm e-third of the territory they cur- 
rently bold. 

Confusion was apparent Tuesday over 
possible adjustments of this plan at the 
contact group ministerial meeting Friday. 

The chief U.S. contact group official 
Charles Thomas, said that the plan would 
not be changed — even as Defense Secre- 
tary W illiam J. Perry said new initiatives 
would be possible. 

“We stick with the plan. We insist that 
the map be accepted,” Mr. Thomas said in 
Sarajevo. But Mr. Perry said in Washing- 
ton, “Certainly, one of the things that 
would be considered is allowing a confed- 
eration between the Bosnian Serbs and the 
Serbs.” 

This discordant expression cf American i 
policy reflected tensions between the Stale 
Department, inclined to take a tougher 1 
line with the Serbs, and the Pentagon, 
which has made clear its opposition to 
military involvement in Bosnia. But it also 
reflected some misunderstandings. 

None of the proposed adjustments to 
the plan alter tbe fact that the map as it 
stands must be accepted by the Bosnian 
Serbs. 

However, officials said that the new 
ideas were that if the Serbs accepted the 
map, they would be told that they need not 
withdraw to the lines on the map until a 
constitutional arrangement acceptable to 
them had been found and until possible 
mutually acceptable territorial exchanges 
were discussed. 

The constitutional arrangement would 
probably be a Serbian confederation — an 
idea strongly supported by Russia, Britain 
and France, but still viewed with reserva- 
tions by the UJS. State Department. 


Allies Breathe 
Sigh of Relief 
As U.S. Drops 
Past Policies 


By Joseph Fitchett 

Smemoitonol Herato Tribune 

PARIS — Following the Clinton 
administration's policy reversal on 
Bosnia, the Serbs are going to get a 
better offer about the future shape of 
Bosnia now that they have defied in- 
ternational pressure by virtually con- 
quering the Bihac region. Western of- 
ficials said Tuesday. 

The Serbs’ reward will take the 
form of a still-to-be-defmed peace 
plan, the officials said, because a dip- 
lomatic initiative — aot stepped-up 
threats of intervention — is the West's 
only practical alternative now. 

European governments have em- 
braced this damage-control approach, 
especially because it comes with 
promises that Washington will retreat 
from its tough — and ultimately inef- 
fective — rhetoric depicting die Bos- 
nian Muslims as victims who should 
and could be defended by air strikes. 

“Both sides are bong hurt by the 
fighting; both could benefit from a 
peace plan.” Defense Secretary Wil- 
liam J. Perry said in a television inter- 
view Tuesday. 

In any new proposals, he said. “One 
thing that would be considered is al- 
lowing a federation between Bosnian 
Serbs and Serbs.” 

Foreign Secretary Douglas Hurd of 
Britain also backed that possibility 
Tuesday, saying it might induce Bos- 
nia's Serbs into peace talks. 

Although Snsr.ii’- Muslim-led Gov- 
ernment opposes such a linkup ls dis- 
guised annexation of its territory to 
Serbia, Clinton administration offi- 
cials were quoted as saying that this 
and other proposals were open to dis- 
cussion, provided the Serbs accepted 
Bosnia as an independent country. 

No matter how well crafted, a re- 
stitched Western approach can only 
offer tactical cover for the allies' dam- 
aged credibility. And it cannot do 
much to deter other Balkan factions 
that may be tempted to pursue their 
own military ambitions. 

The administration, sustaining Lhe 
worst blow yet to its credibility in 


foreign policy, apparently shifted pol- 
icy because the North AUa 


i Atlantic Treaty 
Organization was at risk of shattering. 

European governments, exposed to 
acute h umilia tion by the failure to 

See DEFY, Page 6 


Yeltsin Warns of Invasion 
Unless Chechens Stop War 


By Margaret Shapiro 

Washington Past Service 

MOSCOW — President Boris N. Yelt- 
sin of Russia threatened military interven- 
• tion Tuesday into a breakaway southern 
republic unless the internal warfare there, 
which has taken hundreds of lives, comes 
to a halt by Thursday morning. 

The ultimatum gave waning sides in the 
•Chechen republic 48 hours to lay down 
their arms, disband all armed units and 
release prisoners. If these actions are not 
t aken, Moscow will impose a state of emer- 
gency in the volatile Muslim- republic, 
which unilaterally declared its indepen- 
dence from Russia in 1991. 

Mr. Yeltsin’s ultimatum to use ail 
forces and resources at the disposal of the 
state” to restore order in Chechnya fol- 
lowed threats Tuesday by the Chechen 
leader. Dzhokar Dudayev, to execute 70 
captured fighters who he maintains axe 
‘ Russian soldiers sent to topple him. Mr. 
Dudayev later softened his threat, saying 
the men would be imprisoned as prisoners 
of war. 


Mr. Yeltsin's demands produced deri- 
sion in the Chechen capital of Grozny, 
according to press reports. The Chechen 

-■ -J cl. — i:„ a 


foreign minister, Shaxnsedin Yusef, said 
Mr.Ydtrii 


Jtsin must have been “drunk" when 

he thought up tbe ultimatum and warned 
that Russia would risk “another Afghani- 
stan” if it sent in troops. 

Chechnya’s assertion of independence 
and its growing lawlessness have been sore 
points for the Kremlin, which is deter- 
mined to reassert its control over Russia’s 
huge expanse. But an incursion in the 
mountainous region, which Russia sub- 
dued in the late 1800s after a century of 
warfare, poses risks. 



At NATO , Dole Adds Fuel 
To Arms Embargo Feud 


Tonul?* Retetnek/Rmtfn 


Muslims peering from a tent in a refugee camp in Batnoga, Bosnia. 


In 1991, after Chechnya declared its 
independence, Mr. Yeltsin sent in troops 
to quell the rebellion. But they were forced 
into hasty retreat after encountering a hos- 
tile, and well-armed, local resistance. Mr. 
Dudayev's backers say that if Russia now 
attempts to reassert its rule, Chechens will 


See THREAT, Page 6 


Kiosk 


Cabinet Backs Berlusconi’s Goals 


ROME (A P) — Prime Minister Silvio tions, stronger antitrust laws and great- 
Berlusconj received a boost Tuesday as ex political and economic decentraliza- 
the cabinet backed further privatiza- tion, a government spoke sm an said. 


By William Drozdiak 

Washington Post Service 

BRUSSELS — Tbe incoming Senate 
majority leader. Bob Dole, set tbe new 
Republican-controlled Congress on a col- 
lision course Tuesday with the European 
allies by declaring that one of its early 
priorities would be to lift the arms embar- 
go a gains t Bosnia’s mostly Muslim govern- 
ment. 

After a day of meetings at NATO bead- 
quarters, Mr. Dole said he was still con- 
vinced that the only way to end Europe’s 
worst conflict since World War II was to 
provide the Bosnian government with 
more effective means of defending itself in 
the 32-mouth war with rebel Serbs. 

“There has been no pressure on the 
Serbs,” Mr. Dole said, “and until there’s 
scene leverage it's going to be very difficult 


move would provoke Serbian reprisals 
against their soldiers and an escalation in 
the fighting that could inflame the entire 
region. 

Faced with one of tbe worst crises in the 


history of the North Atlantic Treaty Orga 
niza tion, the Clinton administration has 


to stop the fighting.” 

France and Britain, which have nearly 


10,000 troops on the ground serving with 
the United Nations peacekeeping force, 
have stoutly resisted any effort to lift the 
embargo. They have warned that such a 


sought to mollify tbe allies in recent days 
by abandoning earlier calls for broader air 
strikes against the Serbs and emphasizing 
the need for a negotiated solution. It had 
previously announced that it would no 
longer enforce the embargo on arms for 
Bosnia. 

Defense Secretary William J. Perry con- 
ceded Sunday that the Serbs had all b> 
won the war. 

Mr. Dole has drawn praise for his 
tisan statesmanship in endorsing th 
al trade treaty -that is now expect* 
passed by an overwhelming congzs 
majority. Bat his tough stance n 
suggests that President Bill Clii L ™' 
face serious problems with the- ^_ 

See DOLE, Page 


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-'rird Chicken 


Newly Discovered Mammal Gets Burned by the Public Spotlight 




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HANOI — As much as any animal can be, the sao 
la is publicity shy. For thousands of years, small herds 
of these gentle, goatlike creatures munched their way 
through the mountainous grasslands of Indochina, 
drawing so little attention that the outride world bad 
no hint of their existence. 

But that all changed when sao la were thrust into the 
age of celebrity, pushed in front of the television 
cameras and celebrated in National Geographic and 
People Magazine — overnight zoological superstars. 

And that is what is killing them. Known by their 
Vietnamese name,' sao la, the first species of large 
mammal to become known to international science m 
half a century, are threatened with extinction — not at 
the hands of loggers or animal predators, but because 


of the well-meaning frenzy whipped up by scientists, 
environmentalists and the press. 

Out of a population estimated at only 200, at least 6 
of the nimble-footed, dagger-homed creatures have 
died this year after encountering humans. 

“Certainly, we felt the need to teD the world about 
this discovery, but publicity has been a very mixed 
blessing,” said David L. Hulsc, the representative here 
of the World Wildlife Fund, which sponsored the 
research that led to the discovery of the animal 

“I didn't expect this much publicity, not at aR” 

The announcement in 1992 that scientists in central 
Vietnam had discovered a large, hitherto unknown 
bovine with antelopelike horns and a glossy coat was 
described as the zoological equivalent of finding a new 
planet. 

“Something about this story just caught people’s 


fancy," said Mr. Hulse, whose parents read of the 
discovery in their hometown paper in Iowa. 

“It was amazing to me that something we were 
doing over here would be news in Des Monies” 

Suddenly, it seemed, everybody wanted one of the 
creatures. Rumors spread among poor farmers that if 
they could deliver a live sao la, they would be show- 
ered with riches. 

Competing Japanese television crews were widely 
reported to nave offered several thousand dollars to 
anyone who could produce a sao la for the cameras, an 
extraordinary offer in an area where families earn the 
equivalent of $200 a year. 

“We try to tell the tribal people. ‘Don’t catch, don’t 
touch, don’t eat, 1 but it's not easy,” said Vo Quy, a 
biology professor at Hanoi University and director of 
the Colter for Natural Resources and Environmental 
Studies. 


“Just the other day I got a<^ adring me£ * 
to buy (me for $1 million. I teD them, ‘No, i> 
no thing .’ The animals are more val uabl e in < nK ' n,ier 


The government has added sao la tc 
endangered animals, which makes it a crim 
to ratal or kfll one. Vwrw 

But the promise of bounty is too tempti 
farmers, and foreign environmentalists 
Vietnam say sao la are still being tracked un 


Uln 


Two adolescent sao la were captured thi quick 
moved to a botanical garden in Hanoi, but 
October, apparently from an infection. 

“People were so upset,” said Nguyen Hu 
deputy director of tbe Forest Inventory and Pi 
Institute, who helped care for the creatures. 

“Some veterinarians cried.” 


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Page 2 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 



Norway’s 4 No’ Vote 
Doesn’t Faze the EU 

Focusing on Eastern Europe, 
Union Sees Bigger Fish to Fry 


By Tom Bueride 

International Herald Tribune 

BRUSSELS — Senior Euro- 
pean Union officials shrugged 
off Tuesday the decision by 
Norwegian voters to reject EU 
membership, saying the refer- 
endum raised questions about 
Norway’s future but would not 
impede the Union's expansion. 

Jacques Odors, president of 
the Union’s executive commis- 
sion, said he was disappointed 
by the outcome, but neither he 
nor any other EU officials pro- 
fessed any concern. 

That is because the Union 
had already declared its latest 
round of enlargement a success 
two weeks ago, when voters in 
Sweden, the biggest candidate 
country, followed their Finnish 
and Austrian counterparts in 
approving EU membership. 

The entry of those three 
countries in January will give 
the Union the economic and 
political impetus to begin con- 
sidering the next, more difficult 
round of expansion, into East- 
ern Europe. 

The new, 15-member EU will 
be the world’s largest and rich- 
est political grouping, with 
about 340 million people and a 
combined economic output of 
5.84 trillion European currency 
units. 

“The Norwegian people are 
running the risk of living next to 
a huge economic group whose 
rules they will have to respect 
without having a say in how 
they are established,” Alain La- 
in assoure, France's European 
affairs minister, told French ra- 
dio. 

“Enlargement is being of- 
fered to free nations.” he said. 
“If they accept, fine. If they 
refuse, too bad.” 

Given that Norway rejected 
membership in the predecessor 
European Economic Commu- 


nity in 1972, Monday’s result 
was not entirely unexpected, 
said Hans van dot Brock, the 
EU commissioner who led the 
Union's negotiations with Oslo. 

Still, the vote was a bitter 
personal defeat for Prime Min- 
ister Gro Harlem BnmdtlandL 

“It wifi now be more de- 
manding for us to reach our 
goals, more demanding to be 
heard internationally,” she said 
in Oslo. 

She dismissed suggestions 
that she step down as head of 
the minority Labor Party gov- 
ernment. But the daily Verdens 
Gang called the result “a formi- 
dable defeat for Brundtland” 
and said, “In the next few days, 
questions are bound to be asked 
about her personal position.” 

Some EU officials almost ex- 
pressed relief at the outcome, 
given Norway’s historical hesi- 
tation over Europe. Opposition 
has already surfaced in Britain 
and France to plans for further- 
ing EU integration at a 1996 
conference, and the inclusion of 
yet another member deeply di- 
vided about EU cooperation 
could have made the 1996 nego- 
tiations unmanageable. 

One commission official wel- 
comed the outcome, saying, 
“It’s not good to be in a club 
when you don’t want to be.” 

In France, the Gaullist presi- 
dential candidate Jacques 
Chirac used the result to attack 
Mr. Delors, his likely rivaL Mr. 
Chirac, who has criticized the 
EU commission for meddling in 
national affairs, said the vote 
showed that commission poli- 
cies “have alienated many Eu- 
ropeans.” 

Mr. Delors said the result 
should ease the fears of Euro- 
skeptics because it demonstrat- 
ed that “nothing is possible 
without the support of the peo- 
ple.’’ 



JcawffarvJapbe KMm/Raom 


Rivals at Gose Quarters 


The French presidential candidate Jacques Chirac and his likely opponent from the right. Prime 
Minister Edouard Balladur. at a Paris ceremony T uesday to honor the Free French general. Lederc 
de Hautdocque. Their rare encounter came as former President Valery Giscard d’Estaing and 
Philippe Seguin, the National Assembly speaker, dismissed talk of a primary between the two men. 


Financier’s Aid for Russian Science Is Endangered 


By Lee Hockstader 

Washington Pml Scrrn < 

MOSCOW — Two years ago, the 
American financier George Soros of- 
fered an extraordinary Christmas pre- 
sent: a S100 million “gift” to support the 
work of scientists of the former Soviet 
Union left penniless after the collapse of 
communism. 

By nearly all accounts the program 
has been a resounding success, furnish- 
ing a safely net for about 50.000 top 
researchers and for the first time using 
merit rather than political connections 
as the basis for awarding grants for basic 
science in the former Soviet states. 

In Moscow, where three-fifths of the 
recipients live, it sometimes seems as if 


much of the city's academic and intellec- 
tual elite is at work thanks mainly to Mr. 
Soros’s largesse. 

Now, with the Soros money dwin- 
dling and Russia’s economic crisis sap- 
ping its own funds for scientific re- 
search. a bureaucratic battle in 
Washington has imperiled the future of 
the Soros program, the International 
Science Foundation. 

Mr. Soros, a Hungarian-born investor 
who made a fortune on Wall Street, 
made it clear from the start that one of 
his goals was to set an example for 
Western governments and financial in- 
stitutions. 

So far, about two-thirds of his original 
$100 million grant has been disbursed. 


and the balance is scheduled to be spent 
by the end of next year. Mr. Soros said 
he was willing to continue helping for- 
mer Soviet scientists — albeit at a re- 
duced level — but only if his founda- 
tion's efforts are matched by the 
Russian and U.S. governments. He has 
offered to put up S2Q million in 1996-97 
if Moscow and Washington each do the 
same. 

In Moscow’, where a bitter battle over 
the 1995 budget is under way. Prime 
Minister Viktor S. Chernomyrdin has 
promised $12.5 million in funds for ba- 
sic scientific research coordinated with 
the International Science Foundation 
next year. The Soros program matched 


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L 

Irish Prelate Is Severe on Child Abuse 


Reuters 

BELFAST — The leader of 
Ireland's 4 million Roman 
Catholics said Tuesday that the 
church would not protect pedo- 
phile clergy and warned that 
further cases might emerge. 

Cardinal Cabal Daly gave the 
assurance as allegations of child 
sexual molestation against two 
priests shook Catholics on both 
sides of the Irish border. 

“The church has no desire to 
cover up or shelter or shield 
anybody,” Cardinal Daly said 
in Armagh, Ireland's ecclesias- 
tical cap i Lai. 

“Once substantial cases are 
verified, and known to be sub- 


stantial — the police should be 
informed,” he said. 

The Irish Times said the po- 
lice were investigating a num- 
ber of charges of sexual abuse 
by clergymen, including one 
that a religious brother sexually 
abused a mentally disabled 
woman at a residential home 
where he worked. 

The cardinal, in a BBC radio 
interview, said the betrayal felt 
by the whole church was noth- 
ing compared with the pain en- 
dured by the victims and their 
families. 

He said abusers must accept 


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Tel. (33- ij 42 65 42 61 Fax (33-1 >4742 SO 73 . 


therapy and never again be in a 
pastoral position near children. 

“More cases will surface be- 
cause we are dealing now with 
cases going back maybe 10, 
maybe 15, 20 years,” he added. 

The latest controversy erupt- 
ed Sunday with allegations that 
a' priest assaulted an 8-year-old 
girl in Londonderry, in North- 
ern Ireland, in 1989. The priest 
has since returned to his Cister- 
cian monastery. 

His religious superior prom- 
ised full cooperation in any in- 
vestigation. The girl’s family 
has not made a formal com- 
plaint with police. 

A previous scandal involving 
a long delay in legal proceed- 
ings helped bring down the 
Irish government two weeks 
ago. 


Republic 


Asks Russia 
To Deport 


WORLD BRIEFS 


Papandreou Drops Presidency Hopes 

ATHENS (AF) — Prime Minister Andreas Papandreou tried to 
subdue a unity crisis Tuesday in his ruling Socialist party by 
announcing that he will not pursue the presidency next yean 
Mr. Papandreou had been widely expected to make a bid for die 

2 Dissidents y 

jockeying among leading members of his ruling Panhdlemc So- 
cialist Movement over who would succeed him as party leader. 

A move to the presidency could lead to a breakup^ the party, 
called Pasok, which Mr. Papandreou founded after the fall of the- 
1967-74 military dictatorship. That threat has led ranking Pasok 
members to discuss Mr. Papandreou’s succession, 
exuea iunanen mssoems uv- T . - , 19 T J 

m° here who are regular con- (]oHBINUlist Named 3S IN6p3l S Leader 

RfdtoTi^' ofGdirS KATMANDU, Nepal (Realm)- King Birendra nam ed M an; 


By Fred Hiatt. 


MOSCOW — The Russian 
authorities have detained two 
exiled Turkmen dissidents liv- 


knowledged Tuesday. They said Mohan Adbfluuy as Nepal's first Cormnuxiist ramisteroc 
the exiles were detained at the Tu es day, ending two weeks of political deadlock after a general 
£qiSt of TmtaSS an au- election that left the Himalayan^gdom wiih a hung Mam™!- 
tboritarian Central Asian gov- 
ernment. 

Human-rights groups here 
protested the arrests and are 
now lobbying to keep Russia 
from deporting the dissidents to 
Turkmenistan. The human- 
rights groups depict Turkmeni- 
stan’s request as part of a larger 
campaign by President Sapar- 
murad A. Niyazov to eradicate 
all democratic opposition to his 
one-man rule. 

“They were the only source 
of reliable information for the 
Turkmen people,” said Sbokh- 
rat Kadyrov, a Turkmen sociol- 
ogist here. “If they are sent to 
Turkmenistan now, it will be 
the end of them.” 

The Rnssian government, 
while pro misin g to protect hu- 
man rights that are routinely 


that and took it as a good omen for 
further funding. 

But in Washington, administration 
officials have balked at pledging money 
to keep the Soros program alive. They 
cite ..technical and legal problems in 
committing funds to the successor states 
of the Soviet Union through a private 
foundation committed exclusively to ba- 
ric research. 

For example, U.S. officials have ex- 
pressed doubts that funds from the De- 
fense Department intended by law to 
help convert Soviet military production 
to civilian uses could be applied for 
basic civilian research. 

U.S. officials say that cash available 
for Russian science is simply scarce. 


“I have been appointed as prime minister and I will be sworn in, 
tomorrow,” Mr. Adhikary sal d as he left a meeting with the king, 
whose late father. King Mahendra, had jailed the Communist; 
leader for anti-monarchy activities. Mr. Adhikary. 74, said that 
communism did not mean an end to Nepal s four-year experiment 
with democracy. , 

“Marxism or communism as a philosophy depends on how best 
we can put it into action according to the realities of the country." 
he said. Mr. Adhikary’s Unified Maixist-Leninist parly won a 
plurality in the general election and staked a claim to form the] 
nation’s first Communist government- 

Japan Drops Mission to North Korea 

TOKYO (Reuters) — Japan dropped plans Tuesday to send 
mission to North Korea this week after receiving what it said were/ 
negative signals from Pyongyang about the visit. 

The secretary-general of the Social Democratic Party,.Watanr 
Kubo, said the r ulin g coalition, winch includes the Socialists, had, 
decided to postpone the mission “for the time being.” The visit 
was intended to explore ways of improving relations. ; 

Meanwhile, North Korean negotiators flew into Beijing for. 
talks with U.S. officials on averting any nuclear threats from; 

ignored in the former Soviet re- Py ongyang. ; 

Turkmenistan, nonetheless has Mexico’s New Leader Meets With Left ; 

been reluctant to offend the rul- MEXICO CITY (AP) — President-elect Ernesto Zedillo Ponce; 

de L6on moved to soothe one of Mexico's bitterest divisions by.' 
meeting with leaders of the main leftist opposition and pledging to; 
work for greater political reforms. 

It was something that President Carlos Satinas de Gortari never- 
did in his six-year term, which ends Thursday. As such, the,' 
meeting Monday was seen as a major signal of the changing, 
political guard in Mexico. ; 

The Democratic Revolution Party claimed that Mr. Salinas’, 
fraud-marred 1988 election was illegitimate. It blames him in part- 
for the deaths of nearly 300 party activists killed in suspicious; 
circumstances over the past six years. That hostility and lack of , 
co mmunic ation helped push political conflicts to the brink of; 
Central Asia frequently com- vio5ence throughout Mr. Salinas’ term. j 

plain that Russia will not gram - W 7 up « ra ■ 

refugee status or protection H ungar y Ahann ons World r JUT Jrl&QS ; 

^^^SeSine^^nd^thdr BUDAPEST (Reuters) — Hungary on Tuesday abandoned; 
own borders 111 ^ * plans to stage the 1996 Expo world fair in Budapest, a Foreign. 

But human-rights advocates Ministry spokesman said. ; 

said the detentions of the two After the Hungary Parliament voted ember this month, 
opposition figures marked the against hosting Expo ^96, supporters of the fair homed to collect. 

fiVst time that Russia has offi- J* » needed 10 ^ °“ 

dally assisted Turkmenistan to Bul of ^ ” 5,000 signatures submitted last week, only 85.0qfc 
muzzle its opposition — or, as round to be ^nuine, authorities said. ' 

Mr Niyazov said in a recent Hungary’s socialist-liberal government declared after it took, 
newspaper article, “to neutral- P° WCT m mid-July that it would scrap its consovative pieces- • 
ize the activities of traitors to son;’ plans for the fair, saying the country could not afford it , 
the homeland.” _ • a m .' ; 

Alexander Petrov, a Mw- A CaH for AIDS TrttCe 

cow based offidal of the advo- p^Ris (AP) — Hoping to put a bitter French- American ; 

dispute to rest, the U.S. health secretary, Donna E Shalala. called 
Tuesday for a new era of research cooperation to replace years of ■ 
wrangling over royalties for an AIDS blood test. 

Ms. Shalala, along with the French researchers Dr. Luc Mon- • 
tagnier and Dr. Maxime Schwartz, emphasized the importance of ; . 
continued international cooperation in the fight against AIDS. ! 
She said her visit marked “a new chapter in our relationship — a 1 
chapter rooted in mutual trust, friendship, esteem and coopera- ; 
tion.” 

Squabbling between French and American researchers arose ' 
from a 1987 agreement that unevenly divided royalties between i 
the two countries for the AIDS blood test. The lest was first- 
patented by an American research group headed by Dr. Robert C ‘ 
Gallo, although a French group led by Dr. Montagnier had- 
applied for patent approval several months earlier. The Araeri- ; 
cans had reedved $2.8 million from test sales, while the French ! 
earned only $2.1 million. The proportions now are reversed. 


ers of those Central Asian 
states. 

Many Russian politicians 
view Central Asia as a geopolit- 
ical battleground where Mos- 
cow faces off against Turkey. 
China. Islamic fundamentalists 
and the West. Turkmenistan, a 
desert republic with rich gas de- 
posists bordering Iran and Af- 
ghanistan, is a particularly 
valuable prize. 

Democratic activists from 


cacy group Human Rights 
Watch-Helsinki, said Turkmen- 
istan has jailed seven dissidents 
in the past month, since Mr. 

Niyazov made that statement. 

He said two were seized by 
Turkmen security agents in Uz- 
bekistan and taken to Turk- 
menistan. although both were 
Russian citizens. 

A spokesman for the Turk- 
menistan Embassy here said 
that one of the Radio Liberty 
contributors. Murad Yesenov, 
was being sought on suspicion 
of “preparation of a major state 
crime,” which the spokesman 
would not specify. 

Turkmenistan also requested 
the detention of the other con- 
tributor, Khaim urad Soyunov, 
in alleged connection with a 
1992 rape, the spokesman said. “ “ 

T^ n K o'Siti™hSe 0f ^d Eurostar Breaks Down in France 


TRAVEL UPDATE 


a opposme 
Turkmen 


that the Turkmen security ser- 
vice, known as the KNB, rou- 
tinely fabricated charges of 
racketeering, drug smuggling 
and other crimes against Mr. 
Niyazov’s peaceful political op- 
ponents. 

“This dirty game continues 
up to today,” Mr. Kuliev said. 
Mr. Kuliev, a former Soviet 


PARIS (Combined Dispatches) — A high-speed Eurostar train ■ 
traveling from London to Paris broke down Tuesday, forcing 633 ; 
passengers to be transferred and delaying their arrival in Paris by ) 
two hours, officials said. 

The TGV train was stopped by technical problems in the Haute ! 
Picardie region between the French coast and Paris after passing' 
through the Channel tunnel French rail officials said, A replace- j 
meat train was brought onto the line after the breakdown. • 
The breakdown is the first since commercial services started on 1 
Nov. 14. French rail officials said that they would reimburse 
passengers their tickets. (AFP, Reuters t‘ 


diplomat and, briefly, Turkmen 

foreign minister, said Mr. Niya- m T . • i. . D »tv re* r 

zov has written to President Bo- INlgena AlT tO KeSUUie IN*Y. flights 
ris N. Yeltsin asking that Mr. t atac/adv xi: a:-..-... 


asking 

Kuliev, too, be handed over. 


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LAGOS (AP) — Nigeria Airways said Tuesday it would resume T 
flights to New York that were suspended last year because of U.S . ! 
concerns about safety and security at Murtala Muhammed Inter- : 
national Airport in Lagos. ’ 

The flights, the most lucrative for -the troubled state-owned ■ 
airline, are to start Dec. 15 but will be routed via Dakar, Senegal, 1 
for security screening before proceeding to New York. Return i 
flights are direct from New York to Lagos. Nigeria Airways plans : 
two flights a week initially, gang up to three soon. 

Belgian nights ami train services were paralyzed Tuesday by a ■ 
24-hour strike affecting public service companies. Unions called 
the strikes a warning on government privatization plans. (Reuters ). 

Capital Airport in Beijing plans to eliminate fog that has forced if 
to close several times this month by spraying liquid nitrogen* 
across the runways, Xinhua said Tuesday. ( Reuters) 


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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 



Page 3 , e 5 


Ji -f & r/^c 

ms l Ira Sr Sh* & £ 





DJcgal Immigrants Cruise Past Agency’s Blind Eye 


By Joel Brinkley 

- York Tirna Service 

Florida 

7,? “wmgranis, getting into 
&e United States can be Sample as 
■ : b gangplank of a cruise 

; $®*P m . “® Bah a ma s and strolling off 
. ragara in South Florida a few hours 
later — Without ever showing anv 
.. 5*99* ™ citizenship or exchanging 
eym-a word with an immigration ser- 

.IftK'^pmigratioii and Naturaliza- 
..tuan service s own investigators found 
. jmpre .than a year ago that foreign 
cninmal ga ngs have used these day 
ennses to the Bahamas as a virtual 
underground railroad for smuggling 
aliens and drugs into the United 
States. 

Yet the federal agency has made no 
major changes in the way it carries out 
immigration inspections, continuing 
to conduct them on board the cruise 


ships. This practice is much criticized 
Border Patrol, the Justice De- 


t 


by the 

partraent and even some cruise line 
executives. 

fit’s fcsud of a joke,” said Marsha 
lightsey Tivoli, who carried out doz- 


ms of “en route" inspections aboard 
ships that cruise to the Bahamas be- 
fore she resigned from the agency last 
year. There’s no clear-cut wav to say 
you ve seen every person on that ship 
“ or even really know who’s on the 
ship." 

■ It also appears to demonstrate the 
immigration service’s lackadaisical 
approach to glazing problems, even 
after its own employees illuminate 
them. A New York Times reporter 
traveling on Discovery I of Discovery 
Cruises early this month found that 
the loopholes of en route inspections 
remain wide open — even as the agen- 
cy pours money and manpower imo 
Southern California to keep illegal im- 
migrants out. 

Most international passengers ar- 
riving in the United Stales face greater 
scrutiny. At airports, they pass 
through an immigration checkpoint 
where inspectors can view their pass- 
ports and check their names against a 
computer data base. And on most 
long international cruises, passengers 
are inspected when they step off the 
ship. 

But for nearly all day cruises to the 


Caribbean, and even some longer 
ones, inspections are carried out en 
route. Tnis procedure is also often 
followed on cruises from West Coast 
ports to points in Mexico. 

Inspectors generally enjoy the 
work, said Allen McAtee. who was a 
senior inspector in Fort Lauderdale 
until he retired last summer. In fact, 
the Justice Department has found that 
inspectors often took friends and fam- 
ily along and that the cruise lines gave 
them free or discounted tickets. 

For en route inspections, the in- 
spector waits as an announcement 
over the ship's public-address system 
asks all passengers who are not U.S. 
citizens to report The inspector looks 
at the papers of those people who 
choose to come and pays no attention 
to everyone else. Any illegal aliens 
who board in the Bahamas can ignore 
the announcement; if they do, they are 
never asked to show identity papers to 
anyone. 

An undercover investigation by the 
Border Patrol, an arm of the immigra- 
tion service, found that day cruises 
had become a favorite way for crimi- 
nal organizations to smuggle aliens 


and drugs into the United States. 

The five-year investigation, “Oper- 
ation Seacruise." found that foreign 
gan gs used the cruises to get their 
soldiers into the United States, where 
they sold drugs, smuggled weapons 
and committed homicides, assaults 
and drive-by shootings. 

Joe Foster, the Border Patrol spe- 
cial agent who ran the investigation, 
said he took his findings to the cruise 
lines and his own agency. 

“The cruise lines, they would do 
anything we wanted," he said. “But 
we couldn’t get the service to do any- 
thing about it," 

Dan Cadman, who heads the ser- 
vice's Miami office, acknowledged 
there were flaws in en route inspec- 
tions. Bui be defended them, saying 
“tourism is a huge industry in South 
Florida." 

“Cruises are a huge industry .“ he 
said, “and we are faced with the di- 
lemma of trying to expeditiously clear 
people off of those cruise ships and at 
the same time tiying to conduct some 
kind of inspection. If we were to do all 
of it at Iandside, we would detain all of 
those ships.” 


Health Unit 
Sets Trials 
Of Vaccines 
ForAWS 


AMERICAN 


TOPICS 


For Heahfy Old Age, 
Hit the Road After 50 


If you want to grow old 
healthily, exercise. The 
monthly Annals of Internal 
Medicine, published a Stan- 
ford University study that 
found that “older people 
who engage in vigorous run- 
ning and other aerobic activ- 
ities have lower mortality 
and slower development of 
disability than do members 
of the general pop ulation .” 

Researchers compared the 
health of 330 nonrunners 
aged 50 to 72 with 451 mem- 
bers of the 50-Plus Fitness 
dub over an eight-year peri- 
od and found “striking, per- 
sistent and increasing differ- 
ences between runners and 
nonninners," with runners 
t needing fewer medications 
> and experiencing fewer 
medical problems. 

“The older you are, the 
more important being fit is," 
says Dr. Walter Bortz 2d, 64, 
a physician: -.who ran in the . 
receht-NeW Y orkMdrhthtm- - 
“Fitness far-young people is. 
an option. For old people, 
it’s an imperative.” 

Being active assumes in- 
creasing importance after- 
age 40. “Being active" is usu- 
ally defined as getting at 
least 20 minutes, preferably 
more, of running, tennis, 
swimming or other activity 
that gets you out of breath* 
at least three times a week, 
preferably more. Walking, 
golfing, bonding and the like 
are not sufficient. Converts 
from the sedentary life, how- 
ever, are advised to see their . 
doctors before pulling on Che. 
running togs. 


golden age of canopy re- 
search," said N alini Nad- 
karni, a biologist and the au- 
thor of “Forest Canopies,” 
soon to be published by Ac- 
ademic Press. “We’ve over- 
come this notion that ‘Oh, 
this is just Tarzan and Jane 


stuff.' 


About People 

Paid Newman and Robert 
Redford scored a huge hit 
when they co-starred in 
“Butch Cassidy and the Sun- 
dance Kid" in 1969 and did 
it again with “The Sting" in 
1973. They still hope to 
make a third hit together. 

“We’ve been looking for a 
script we want to do for 20 
years, and we’ve never been 
able to find one," Mr. New- 
man said this week. His lat- 
est film, to be released 
Christmas Day, is “No- 
body’s Fool.” Newman 
plays a ne’er-do-well con- 
struction worker who rents a 
room from Jessica Tandy, in 
what proved to be ha last 
screen role. 


Short Take 
Airships and construction 
cranes have been around for 
generations, but only recent- 
ly have scientists been using 
them to explore towering 
treetcK? canopies from the 
Pacific Northwest to the 
jungles of Sri Lanka, rather 
than risking life and limb by 
simply climbing. They also 
use ski-lift rigs, towers and 
platforms. Td call this the 


Tennessee Williams’s 
mother supposedly incarnat- 
ed the self-dramatizing 
Amanda Wingfield in his 
first, hit play, “The: Glass: 
Menagerie,”* in * 1944/ Self-' 
dramatizing? In a letter to 
The New Yak Times, John 
Maxtone-Graham, stage 
manager for one of Wil- 
liams’s later plays, “Night of 
the Iguana," recounts an an- 
ecdote told by Bill Gould, 
one of the original stage 
managers of “Menagerie.” 
Shortly after it opened in 
Chicago. Williams came 
backstage to alert the cast 
that his mother was coming 
up from St Louis to see the 
play. Williams was “aghast 
at how she might react to 
Laurette Taylor's devastat- 
ing portrayal of. patently, 
herself. Following that Sat- 
urday’s matinee, the play- 
wright’s mother came back- 
stage, all smiles and bangs," 
Mr. Gould recalls, “and con- 
gratulated the company ef- 
fusively," wondering aloud 
where “my clever son gets, 
his ideas for these extraordi- 
nary characters.” For 
“whatever ha other short- 
comings, the playwright’s 
mother was wise enough to 1 
put a bold face on things." 

- International Herald Tribune 



can prevent AIDS in people al- 
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Carrying a toy gun, Mr. Rubin arrived at a U.S. House committee bearing in October 
1968, to be a witness into an inquiry on disorder at die Democratic National Convention. 


Jerry Rubin, Firebrand ’60s Radical 
And Co-Leader of Yippies, Dies at 56 


a 

les. 


*< 


Away From Politics 

• The Supreme Court iqibeM the federal ban on distribution of 
><*ad Dorooeracfov. saying it meets constitutional free-speecb 
SSSSBCs 7 to2ta a California m, the coot said-it 
interpreted the law nnvrf *■* defendants knew the 


7 to 2 in a kAinoniw «. 

, to reauire proof that defendants knew the’ 


his 

hrealhe since he was born two months prematurely. 


New York Tiroes Service 

NEW YORK— Jerry Rubin, 
56, the firebrand 1960s radical 
who used to preach distrust of 
“anyone ova 30," died of cardi- 
ac arrest Monday in Los Ange- 
les. 

Mr. Rubin was struck by 
car on Nov. 15 in Los Angd< 
He underwent surgery that day 
and subsequently was listed in 
critical condition. 

Mr. Rubin was a bearded 
standard-bearer of the New 
Left in the 1960s who helped 
carve himself a niche in Ameri- 
can radical history with ener- 
getic protest gestures, though 
his views and style changed in 
subsequent decades. 

Looking back years lata, he 
called himself one of “die anti- 
capitalistic comics of the 
1960s" who used street theater 
to pursue “the radical dream of 
transforming the system from 
outside.” 

In 1967, he campaigned to 
elect a pig as president the 
United States and dropped dol- 
lar bills onto the floor of the 
New York Stock Exchange. 
Earlier in the 1960s, be became 
a fovent opponent of the war in 


Vietnam, and he spoke proudly 
of that opposition in later de- 
cades. 

As the 1960s went on, Mr. 
■Rubin continual his protest ac- 
tivity and he became one of the 
group of radical defendants, the 
Chicago Seven, who went pn 
trial in 1969. in Chicago. 

The trial produced some of 
the most bizarre courtroom 
scales in American jurispru- 
dence. It was raucous and row- 
dy, punctuated by the defen- 
dant Abbie Hoffman’s taunting 
of the iron-willed judge, Julius 
J. Hoffman. 


Mr. Rubin and Mr. Hoffman 
were co-founders of the quint- 


essential 1960s protest group, 
the Yippies. 

The trial resulted in Mr. Ru- 
bin’s and his six co-defendants’ 
being acquitted of conspiracy, 
but he and four of the others 
were found guilty of crossing 
state borders with the intent of 
mating a riot Lata, those con- 
convictions were overturned. 

Mr. Rubin’s book “Growing 
(Up) at 3T 1 came out in 1976. 
by which time he had become 
“clean-shaven.” 

In 1978, Mr. Rubin, who was 
the son of a Cincinnati truck 
driver turned union official, 
was married to Mimi Leonard, 
who worked for ABC-TV in 
New York. 


estimates that 17 milli on people 
have been infected and that 4 
milli on have AIDS. Even a vac- 
cine with a low degree of pro- 
tection would be valuable. 

Because so much preparation 
needs to be done, a full-scale 
study of AIDS vaccines could 
not begin until 1 996 at the earli- 
est, said Dr. Peter Hot, an in- 
fectious disease expert and or- 
ganization official. No decision 
has been made on where to be- 
gin testing, but initial indica- 
tions point to Thailand as the 
first Site, with Brazil and Ugan- 
da as distant contenders, he 
said. 

In an interview, he said that 
scientists from the U.S. Army, 
American medical schools and 
the World Health Organization 
have been working for several 
years with Thai doctors and 
health officials who are eager to 
do the trials in Thailand. 

In June, a panel convened by 
U.S. health officials expressed a 
lack of confidence in the poten- 
cy of the two vaccines and over- 
whelmingly rejected a proposal 
to conduct phase-trials in the 
United States. Such trials 
would take longer and require 
more participants if conducted 
in the United States than in 
countries with a higher inci- 
dence of HIV, the panel said. 

More than 90 percent of 
AIDS cases occur in Third 
World countries. 

The two most widely tested 
vaccines currently available are 
derived from a protein, known 
as gp! 20, on the surface of HIV 
that attaches to a human cell, 
an early step of infection. The 
two leading contenders are 
made by Biocine in Emeryville, 
California, a joint venture of 
the Chiron Corp., the Ciba- 
Geigy Corp. and Genentech 
Inc. 

To help develop consent pro- 
cesses for AIDS vaccine experi- 
ments, the health organization 
convened a group of sociolo- 
gists to design studies to deter- 
mine how well people under- 
stand the concepts. 


DEATH NOTICE 


The loving family and friends of 
John SHELBY 


regretfully announce Ills untimely 
passing on Novemlwr 27th, 
in Tmui-ilie - the place where 
John clmse lu live. 

A service will lie held on 
November 50th at 3 p.m. at 
the Eglise N.D. ties Vfctnires 
Blvd. d'Hampnul, In Trouville, 
followed I iv the burial nearby. 


Prisoner Held in Killing 
Of Serial Killer Dahmer 



The Associated 

MADISON, Wisconsin — 
.An inmate at the maximum' 

security Columbia Correctional 

Institution in Portage, Wiscon- 
sin, was being held in sphtary 
confinement Tuesday m “J 
death of Jeffrey Dahmer, who 
had admitted killing, mutilating 
and sometimes cannibalizing 
young men and boys- 
The inmate. Christopher J. 
Scarver, was also suspected or 

critically injuring 
a murderer from Milwaukee, 

authorities said. _ 


, r Your Studio or 

'Ap artment in Paris 

For 1 day, 1 w ee* or 

■**- quality at 3*** prices 

mill 


■ i|uui»i 

CITAD1HES haussmanh 
129-131 Bd. Hoossmann 

JtPAiUI DA DIC 


, about our siW'Ot reduction 
\r Herold Tribune readers 


Dn. Horst Schumann 
born 13ra April 1933 
died 24th November 1994 


The President of . the Landeszentralbank in Hessen and Meralier of the Central Bank 
Council of the Deutsche Bundesbank, has succumbed to a severe illness. 

The former State Secretary at the German Federal Ministry of Finance was a staunch 
proponent of Gemuzn-Anierican friendship. His adi'ice on monet.uy and financial 
matters was highly valued throughout the financial community worldwide. 


We owe him respect and gratitude. 

The Board and the employees 
of the landeszentiaibank in Hessen 
Frankfurt am Main, 28 th November 1994 

Ihe Funeral Service will take place at the Parkfricdhof HeiJigenstock. Frankfurt am 
Main, sit 11:30 am on 6th Decemlxrr 1994. 

Donations, instead J »f flowers or wreaths, can be made, to tlie anti-cirorer institution 
■llilfc fur kreliskninke kinder Frankfurt e.v.’* Frankfurter Sparkasse (Bank account No. 
Jwnk branch code BL7. 500 502 01). 




AMSTERDAM 

MRS 6<li 

HAESJE CLAES 

Rnol Dutch Cooking. Open (ram bneh imtil 
nidfJt Spmsaoo) 275. 

Td: 624 99 98. Be^eivotiom recommended 
AlmopranAconk. 

YUGARAJ 

Holed as die bed Indton ledamanl tn Fiu en 

9^ o^l^^onec, ■ ' A ‘ w 

PAMS 1st 

PARS 7Hi 

CARR'S bosh 

RESTAUKANT BAR 

FttmWWi cusne. WeeUid bweh ?ST. 

Open 7/7. N PAHB, CAWS BAB B6CVS FAR. 

1 , me it Mori Umbo. TdL 4Z40.6056. 

7HOUM1EUX 

5pocialiHes oF the South-West. Confil de 
canord & CBSsould au conk) de canardAk 
conditioned. Open everyday. 79 run 
St-Dordnique. Tef; (1) 47.05.4975. Nw 
bnfcdaTonrinol. 

PARS 2nd 

AUX LYONNAIS 

Troriliond bhtro cooking In audienlie 1900 
decot. E«eeflenl wines & mineral wo ten 
33, tin Si. Mote. Td. 1 (tyd? 96 65 04. 

PARS 15th 

IE TOTTM PARIS 

CtarcuPorfas Sotaday ngFti 

jgfacot3p.nv. wdigerionomiesep- 
bod buRot and bm music al in Ton de 

Parts on 4* lOdiloa of#ie 
luring Qsdenctd view of ^ecSycrd 
fieBfU Tourer. 

ff 350 Incl bJfe rvei donring. 

Pans Hten 18, w. Suften. Tb 4273.92.00 

PAM5M 

LTMPR1MERIE 

heonol^he^Mo Modem aid In^&nol tedi 
oUhl lOl.twVWUifanpt 1.4277.93 M 

PARS 17* 

PMBUh 

algoumenbog 

McAs herings - nmfcnm - Geam dmese b«d 
end lax homemade - Cheese rate 5 d tv 
Irad. Jewish spec. 69 Av. de Wogtoin. 
TcF42.27J479. Evaydayvptomidnj^t. 

LECLOCHER 

Turing Sr. Germain des Res. A teef bblrot, 
mceBert nrafawd products. Mere at 135 F. 
"oon or 68 F. Opw Tuesday dm Sunday 

trout IiaOajn. fa J p m. cmdkora7 am. to 
nwh^M, rue Gamih Apjincmm Td; 

CHEZ FRED 

One of lhe oldest bi*o» d Ports, 
fitmdi tabiord coatire. 190 hfaW Pfewe 
Secfvafcra TtkflJ 4SJ4.2QM 

LEMUNKHE 

The Brawirln of the 217*. 

Spnciohia coFsInff, 'chouMwig', imddod. 
Open every doy, wd 3 «m7.ne ScM 
Benoit Faring Si Germamdeeft 6s. 

Id.; 424J M270. 

VENNA 

KERVANSARAY 

Turkish & (nil spoctuhiee, bbste* bar, bast 
seafood rtnlauanl, 1st Root. Mahienb.9. 

TeL 5128843. Air coreBoned. 80 il Opma 
^ar>5 ^ A prn-1 am, nap StrtJoy. 

E MRS Alh 

HcJeJ « 4» hstf In&cn restmt m franca 
u '"" 


By Lawrence K. Altman 

New York Times Service 

NEW YORK - In a sharp 
turnaround driven by a desper- 
ate need to stop the AIDS epi- 
demic, the World Health Orga- 
nization is moving ahead with 
plans for the first large trials of 
the two most widely tested ex- 
perimental AIDS vaccines, 
quite possibly in Thailand. 

U.S. health officials had re- 
jected plans for testing the vac- 
cines in the United Stales in 
June. 

But an advisory panel or ex- 
perts has given the Geneva- 
based health organization a 
green light to design and carry 
out full-scale trials of the effec- 
tiveness of the two experimen- 
tal vaccines against HIV, the 
virus that causes AIDS. 

Both vaccines have gone 
through Lhe first two stages of a 
three-stage testing system, eval- 
uating safety and immunologic 
responses. The third phase tests 
the vaccines’ ability to protect 
against the disease, and the tri- 
als now being planned could 
involve several thousand volun- 
teers. The experiments are 
aimed at determining whether 
the vaccines can prevent infec- 
tion with HTV, not whether they 


POLITICAL yOTES+ 


Republican Early Birds Get Jump on 


WASHINGTON — Of the many Republicans seriously 
considering running for president in 1996, two are ahead of 
the rest in the planning process — Senator Phil Gramm of 
Texas and Lamar Alexander, the former governor of Tennes- 
see. Both have already pul in place their campaign teams and 
their strategies. 

Mr. Gramm, a strict Fiscal conservative and advocate of 
smaller government, last week announced he would deposit 
S5 million into his presidential war chest on Jan. 1. pie 
money is left over from Mr. Gramm's 1990 Senate campaign. 

Mr! Alexander has hired a leading Republican image 
maker, Michael Murphy, to run his publicity, and Dan Perot, 
the former chief of staff for Governor John Engler of Michi- 
gan. to run his campaign. 

Little known outside Republican circles. Mr. Alexander is 
being taken increasingly seriously within the party. Last 
week, he was the only prospective candidate to spend three 
days at a Republican governors’ meeting in Williamsburg. 
When Mr. Gramm learned of this, he rushed down to 
Williamsburg for his own day of politicking. ( Reuters t 


Quayle Is Hospitalized With Blood Clot 


IN DI ANAPOLIS — Another likely candidate for the 19% 
presidential nomination, former Vice President Dan Quayle, 
was in stable condition T uesday with a blood clot in one lung. 

Mr. Quayle, 47, was admitted Lo University Hospital here 
late Monday sifter experiencing shortness of breath at home, 
a hospital spokeswoman said. He was diagnosed with walk- 
ing pneumonia Sunday at the hospital's emergency room. 
Doctors believe he will recover completely, but he is expected 
to remain in the hospital for about a week, the spokesman 
said. (API 


New York Governor-Elect Mends Fences 


NEW YORK — Looking a shade sunburned from his 
Florida trip. Governor-Elect George Pataki has opened his 
first line of communication with New York City, assuring 
eight top officials that the campaign's bitterness was behind 
him and that the city would not be neglected under his 
administration. 

On Tuesday, Mr. Pataki met in secret with Mayor Ru- 
dolph Giuliani, who, feeling the sting of Mr. Pataki's rebuffs 
after the election, refused to attend the previous day’s meet- 
ing. 

Mr. Pataki told the group that he bore no grudge against a 
mayor and a city that did not vote for him. (NYT) 


California Ruling Aims at Smear Attacks 


SAN FRANCISCO — In a ruling that could limit last- 
minute “smear attacks” during campaigns, the California 
Supreme Court ruled that political candidates and their 
campaign committees must identify themselves in mailers 
sent to voters. 

In a unanimous decision, the court upheld the constitu- 
tionality of a state political reform law that requires such 
disclosure in mailings of more than 200 advertisements in a 
calendar month by a candidate or committee. 

( LAT ) 


Quote/Unquote 


Mickev Kantor. the U.S. trade representative, on the votes 
in Congress on GATT this week: “If it should fail, U.S. 
leadership would be lost, he said. ■‘Every other country is 
watching us.” 


Thursday, December 1st. 

Don’t go to just any restaurant ! 


The Paris American Aids Committee asks you to support 
the following restaurants on December 1st, World Aids Day. 
These restaurants will be contributing a part of the cost of 
your meal to the fight against Aids. 

These funds will finance a program to help the Parisian 
hospiiais. support research, and improve the fife of people 
infected with the Aids virus. 

Thank you for dining with 
"Les Restaurants pour la vie" 
on this special day ! 


ler arrondissemem 


8eme arrondissement 


Dice? Rilf? 's 

5. nr Mntiti-rjnieil 

Meotpacbers 

8. rue C.HfUiUiac 

El Rancho 

’5. nr ilu Pom Ncuf 

Lion de Brnxcfks 

1211 Rut- Rjmhuliitij 

Lr PrcMing 

2*J. rue dti Lflwe 

Kranidj Fried Chicken 

11. bid Sctastnpnl 


2cme arcondissemem 


Frog nod RosbiT 
I lb. rue Saint Dcod. 
LaCorbdllc 
IM. me Morununie 


3eme amnndissement 


Ctaei Jenny 
3o. Bid ilu Temple 


-feme arrondissement 


LaPerla 

2i>. me Framnr. Miron 
Slnflo 

41. rordii Temple 
Henry C Bears 
IV me Ouinrampui* 

La Castalbm 

51. rue Si Louii. en L’llc 

Le Monde dr chimera 

r*>. kue Si Livi -mnie 

LamdcBimflks 

A. BU Bcjumnrdui'. 


Marshal's 

M. av. Franklin Rooscvcli 
Chicago Pizza Pie 
5. me Bern 
Le Texan 

3. rue Si Phil, du Rnuk 
Curas Charlies 
68. Rue farnicu 
LeDuc 

20. w ftumeti 
MoMaosnr 
iBmiliqui: Jmeptil 
14. av. MofUnigne 
Higgins 

l.rueMannllNei 
Le Bistnt NepoUtab 
IR. ai . Franklin Romcveh 
Ota’ Foivrler ! 

60. rue Pierre Chan-on 
Oh‘ Pni trier ! 

(2 1. Bid Mafc'Jm+e. 

Leonde Bruxelles 
63. Av. de> Champs Eh vie* 
Lucas Carina 
Q. Place dr lo Madeleine 
Csft? 

IK. me Quentin Bauchan 

MoaiecrtatB'i 

bK av. dev Champ* Elyscev 

Ajami 

5K rue fraivoo ler 
Copcnhapie 
Flora Dairies 

142. av. dci Clumps E]yȣe* 


Ltoa de BraxeBes 
82. Bid du MonpanUMc 
Mustang CaK 
84. Bd dc MonipamnNve 


I5£me arrondissemem 


Catt Padfico 

SO. Bid Montparnasse 

Heritage 

2. me Lmois 

La Plage 

Pori de Javel-Haut 

Oh - Pol viler I 

61. av. de La Mode Ptcqua 

Oh’ Pointer ! 

2. av du Maine 
Pavilion Panama 
Ron de Jovel-Hnn 


I6£me arrondissemem 


dippers 

26. rue Loncchamp 
Conti 

72. rue Lauriston 
Les Monuments Chr- Constant 
I. Pace du Trncakta 
Oh’ Pohrler ! 

I. av.de Versailles 


1 7&me arrondissemem 


9emc arrondissemem 


6£nic arrondisMfiTiem 


Monteverdi 
5. nir CniKink 
Ltnuncvr Oonnmrade 
3tt. 32. BU iW Vaiipiran! 
Jacques Cngna 
1 4. nx- ib Grand' AueurfllK 
La Rntivicrk dVn face 
2. fin; Clirivtiiv 
Bistro dr Is Grille 

14. me Mahilkm 
IHt" Pgfvrhrr! 

2>. Chiai des Grib Auer ■Jite. 
Ob’ Porvricrl 
143. BU Ruapuil 
Lean de Rnivdb 
131. HU Si 1'icnnain 
CosWirtor 
5J. me Jr Semi.- 
Cafe Parish™* 

15. med'A-sav 
O'Neil 

20l rue Jo Cannvties 
Indiana Caff 
I .hi. Bid Si fn-mein 
owrt 

15. nje rtiihvsM.* 

I j- P aris. HutrMjttctla 
45. BU Wii-]snl 
UrwutiH Frrnanil 
I *. rue liw'jrJe 


LuMnlcm 
)U fur FH/nilnn 
TCI Friday’s 
K Bid Muni nun te 
Oh'Pofvrter! 

2. BU Hjuwnan 
UmdtBnndln 
3t). BU iks Ital lens 
Leon dc BnweUes 

l..t.PUv:Piptlk 
L'nenotbeqne 
20. RirSl-Laurc 
Hard Rock Caff 
14. BldMummume 


Sam Peppers 
32. rue Urey 
Rdtfaserie d'Annaillc 
h. rue Amuillc 
A farina 

122. av. de Vilterv 

El Rancho 

74. Rue Jnufftuy 

Cod-Ternes 

S3, av . des Temes 

Amphvctts 

7X.av.des Tcmes 

LaGazdle 

<». Rue Reimvquin 

Sod Ones Monmn 

K, Rue Mcissnni.1 


18emc urroTidiwcmeni 


1 1 feme arrondissemem 


Aribn Mexico 

32. av. tie la RepuNiijue 

L'Alguftre 

37 htv. rue de Mniun.Dil 
lion de Rruiettes 
K. Plate de la RdfuMique 
Stance; rar 
35. rur Fatdhnhr 


Kentucky Fried Chicken 
46. BU Bubo. 

Le Motdfai iVlns 
f». tucBunj ' 


Nat illy Str Stfiiur 


J2£n?e arrondissemem 


Ok* Poiirk r ! 

IfA av. {Varies de Gaulle 

Paris-Neijrly 

I. PLst Parnrulia 


AY Cbihuahoa 
.ttv. BUi de La Bastille 


Si Clnud 


I Slue arrondissemem 


QtniOueJ 

1 20(1. Qua: Martvl Dav^mli 


Kenraci) Fried Chicken 
21 1. Kd Vipeeni Aunul 


Boulogne 


7enie amindisscnieM I -feme arrondissemem 


( life dr Man 

1 1. rue Aitpen-Jti 

CuTTri' Phrtdm 

5. S. rue IVnituM 

I jc Flumuv 

22. its 1 Jit l3ip dr Mart 

lx Divelke 

In", nv Je I i'liivnsite 


OufORg Pitti 15c 
HW laJ^arQnimn 
Bmuhtm dc la <ir3k 
h. cue lrupiA!Ki4x,'f1 
IndBKi t'aff 
77. Kid du Mi ml [xuur.tr 
Ixl'nntrr Allrc 
S3, av IVnleti Rivlkteau 


1^ Cap Sequin 
27. Quai leGaibi 
Rwtanramv QUICK 
Riri« if Rrptun Paris inw 


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OPINION 


Reralfc 


INTERNATIONAL 



tribune 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHIStflDN POST 


Near the End in Bosnia 


'Not Much You Can Do’ 

What can the next Senate majority 
leader possibly have in mind when he 
■ calls on the European allies to stop block- 
ing a full-fledged air assault on Bosnia's 
Serbs? Has Senator Bob Dole forgotten 
that successive American administrations 
have declined to pay the “entry price” — 
putting American peacekeeping forces on 
the ground — that would lei Washington 
write strategy? Mr. Dole would like to 
punish the Serbs. Many would. To make 
it more than a feel-good gesture, howev- 
er, requires the consent of those countries 
whose soldiers would then be exposed to 
Serbian retaliation. In turn, those coun- 
tries would have to be persuaded, against 
the grun logic to the contrary, that bomb- 
ing or lifting the aims embargo on Bosnia 
could somehow reverse Serbian gams and 
alter the outcome of the war. 

In fact, Mr. Dole knows all this per- 
fectly well. He so conceded by saying on 
Sunday that the war in Bosnia has “al- 
most run its course." At this point, he 
said, there is “not much you can do.” 
This is the dismal reality that Secretary of 
Defense William Perry also recognizes. 

It was not the goal of either the Bush or 
the Clinton administrations, Mr. Perry 
said, to affect the outcome of the war, but 

Lean on Serbia Now 

The Bosnian city of Bihac is supposedly 
under United Nations and NATO protec- 
tion, but by now it is probably too late to 
save it by mflitary means. Differing Euro- 
pean and American agendas and a divided 
command structure requiring both NATO 
and UN approval ruled out a timely and 
effective use of air power, although even 
that might not have been sufficient to turn 
back the Serbian assault 
Fearing a divisive rift in NATO, the 
Clinton administration has dropped its 
calls for more aggressive bombing, bowing 
once again to Europe's preference for let- 
ting the Serbs batter Bosnia into a negoti- 
ated settlement There is talk of rewarding 
Serbian military gains by redrawing the 
proposed peace map in their favor. 

Sparing NATO further damage makes 
sense. But if diplomacy is to be the focus. 
Washington needs to lead the way to a 
more tough-minded diplomatic approach. 
Stopping the Serbs by military force may 
now be impossible. Rewarding them only- 
invites further offensives against civilian 
centers. Instead, Serbia's president Slobo- 
dan Milosevic, has to be told that the 
Croatian Serb units that have tipped the 
military balance in Bihac must immediate- 
ly pull back across the international bor- 
der they have violated. Pro-government 
forces were pushing back Serbian lines 
around Bihac a few weeks ago, before 
Croatian Serb units joined the fighting. 

Unlike the Bosnian Serbs with whom 
Mr. Milosevic has allegedly broken, the 
Croatian Serbs still respond to Belgrade’s 
wishes. Mr. Milosevic should be put on 
notice that unless his Croatian Serb allies 
withdraw immediately. Serbia will be 
held responsible and further relief from 
UN sanctions will be blocked, if neces- 
sary by a U.S. veto. 

The reasons why the world's most pow- 


merely to limit to the extent possible its 
violence and its spread. This has been 
done — not well, but done. Was it an 
insufficient and ignoble goal? Without a 
doubt. But it is also a goal that represents 
a political consensus and that has been 
supported For a couple of years, tacitly if 
not out loud, by most people; including 
many who now find their stomach churn- 
ing as they view the cadavers. 

The United States and the Europeans 
and the structures through which they 
worked, the United Nations and NATO, 
will be objects of shame in future years 
for their failure to help provide a soft 
landing to Yugoslavia as it disintegrated, 
and especially for their particular failure 
to protect multiethnic and therefore espe- 
cially vulnerable Bosnia. The implicit 
premise of the arms embargo that the 
company of nations imposed on the com- 
batants was that the chief victim, Bosnia, 
having been denied adequate means of 
self-defense, would be sheltered by oth- 
ers. A common weakness and myopia 
aborted delivery on this promise. 

You can tell that it is, in the minds and 
hopes of most of the actors, near the end 
of the day. A wretched negotiating cover 
is being put on the residual hostilities, 
and recriminations are in full swing. 

— THE WASHINGTON POST. 

erf til alliance could not halt the Serbian 
drive on Bihac were more political than 
military. Air power, for example, might 
have been used, not just against Croatian 
airfields but also against Serbian aircraft 
and the artillery moving on Bihac. 

Britain and France have always been 
more sympathetic to the Serbs than 
Washington has been. The Serbs were 
their allies in two world wars. London 
and Paris have also refused to treat the 
mostly Muslim government as an inno- 
cent victim of aggression and have tried 
to discourage it from fighting on to regain 
lost territory. Perhaps allowing the Serbi- 
an counteroffensive to proceed seemed a 
useful way to press this point. 

Explanations like the onset of darkness 
or problems in coordinating with UN 
forces should be viewed as no more than 
convenient excuses for not using air power 
more decisively. The UN commander. Sir 
Michael Rose, is a British officer acting in 
complete accord with London's policies. 

The hard reality is that Britain and 
France, along with Russia, effectively re- 
ject the use of force against the Serbs and 
base their entire diplomatic strategy on 
cooperating with Mr. Milosevic. Although 
Serbia's president was the original archi- 
tect and crucial sponsor of the war, he 
claims to have broken with his Bosnian 
Serb proteges and to support the latest 
international peace plan. For this he is 
bring rewarded with phased relief from 
the economic sanctions that the United 
Nations imposed because of his earlier 
support for aggression. 

But the role of the Croatian Serbs in the 
Bihac offensive calls Mr. Milosevic’s good- 
will into question. Perhaps he feels obliged 
to provide at least indirect help to the 
Bosnian Serbs when they suffer battlefield 
reverses. But in that case, be is not entitled 
to any further relief from sanctions. 

— THE NEW YORK TIMES. 


Norwegians Stand Off 


Tip a reluctant hat to the Norwegians. 
There is a Churchill-in-1940 dash of 
defiance — “Very well: alone!” — in 
their decision to stay out of the Europe- 
an Union. Yet this week’s vote is a pity, 
both for the Union aQd for the Norwe- 
gians themselves. 

It is a pity for the rest of Europe because 
a European Union which should soon em- 
brace virtually the whole of democratic 
Europe needs a country like Norway. One 
of the challenges of the Union’s enlarge- 
ment is to create a European constitution 
neither over-bureaucratized nor a smoth- 
erer of the national differences that make 
up the pattern of Europe. The Norwegians 
would have helped to steer that argument 
the right way. They are passionate demo- 
crats; they have a keen sense of national 
identity; (hey are an outward-looking peo- 
ple. The confederal future that Europe 
needs would have had their backing. 

But this week’s vote is also & pity for the 
Norwegians themselves. Not for economic 
reasons: Norway can survive outside the 
Union, because it wiB still enjoy the free- 
trading benefits of belonging to the looser 
European Economic Area. It is rich in gas 
and oiL It can go on super-cosseting its 
fanners and fishermen. The real damage 
Norway may have done to itself is politico- 
psychological- It has withdrawn to the 
margins of Europe, without the arguments 
for self-marginalization that the other 
small countries of the fringe can deploy. 

Iceland and Greenland can afford to 
stay outside. By doing so, the Icelanders 


keep a grip on a huge fishing area around 
then coast; the Greenlanders keep the 
subsidy they get from Denmark; and nei- 
ther has to submit itself to peering eyes 
from Brussels. More important, Iceland 
and Greenland are inhabitants of the 
mid-Atlantic. Their connections are as 
much with America as with Europe. The 
Norwegians will fed their separation 
from Europe more keenly. 

Nor can Norway claim the reason of- 
fered by Switzerland, the other chief 
standout. The Swiss system of direct de- 
mocracy, which puts afi major decisions to 
the people themselves, is hard to square 
with the machinery of the European 
Union; a directive from Brussels is unlike- 
ly to wait upon the slow examination of a 
Swiss referendum. The Swiss do not wish 
to endanger their special way of running a 
country. The rest of Europe, 'Much seems 
to be increasingly restless with the way its 
politicians work, also has an interest in 
keeping Swiss direct democracy alive; it 
may one day wish to move that way itself. 

These places apart, Europe has finished 
the first stage of its post-Cold War recon- 
struction. The second stage takes it east- 
ward, into the new democracies emerging 
from the wreckage of communism. The 
European Union’s leaders, who meet in 
Essen at the end of next week, are still in a 
tangle about how to meet their eastern 
responsibility. The Poles and Czechs and 
Hungarians, and the people of the Baltic 
countries, deserve a speedier embrace. 

INTERNATIONAL HERALD TRIBUNE. 



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i 


Extending NATO Eastward Would Be a Grave Error 


N EW YORK — At this 
week’s meeting of NATO 
foreign ministers in Brussels, the 
Clinton administration is plan- 
ning to push the alliance to be- 
gin the process of extending se- 
curity guarantees to the new 
democracies of Central Europe. 
Poland, the Czech Republic and 
Hungary are the most vocal in 

? ressing the North Atlantic 
reaiy Organization to fulfill its 
promise to admit new members. 

Visiting Warsaw in July, Pres- 
ident Bill Clinton said the Part- 
nership for Peace, NATO’S pro- 
gram of nrilitaiy cooperation 
with its former adversaries, 
would lead to an expansion of 
NATO, and added that it was 
“no longer a question of wheth- 
er, but when and how.” If all 
goes according to plan, America 
should brace itself for new de- 
fense commitments in Europe. 

The Part n e r s hip for Peace is 
an important, first step toward 
building a new security order 
and integrating the new democ- 
racies into the West. But ex- 
panding NATO would be a 
grave strategic error. 

Security guarantees for Cen- 
tral Europe’s new democracies 
would consolidate reform in the 
region, make it clear to Russian 
nationalists that their former 
satellites were off limits, and 
give Germany a strategic buffer 
to the east — all desirable goals. 
But pushing NATO's bound- 
aries eastward promises to res- 
urrect Europe’s dividing lines, 
not erase them. 

Regardless of the alliance's 
efforts to reassure Moscow of 
its benign intentions and to 
strengthen the Conference on 
Security and Cooperation in Eu- 
rope, which includes NATO and 
the former Soviet bloc, enlarging 
the alliance would alter the bal- 
ance of power on the continent 
and mak e Russia feel less secure. 

The problem is that NATO is 
still a military alliance that con- 
centrates power against an ex- 
ternal threat. (This is precisely 
why the Central Europeans want 
to join.) An expanded NATO 
would lead Russia to reassert 
control over its former republics 
and to remilitarize. The chance 
to build a European security 
community that included Russia 
would be lost The West might 


By Charles A. Kupchan 


be larger and stronger, but Eu- 
rope would again be divided into 
hostile halves. 

As Sergei Karaganov, an ad- 
viser to President Boris Yeltsin, 
recently wrote, if “NATO ex- 
pands eastward, Russia under 
any government will become a 
revisionist power striving to un- 
dermine the already fragile Eu- 
ropean order.” 

NATO expansion would un- 
dermine democratic reformers in 
countries excluded from mem- 
bership. Even if NATO held open 
the prospect of eventual member- 
ship for Russia, nationalists 
would react to Central Europe’s 
entry into NATO by charging 
that Russian reformers bad sola 
out to the West and had jeopar- 
dized Russia’s security. 


Exclusion from an enlarged 
NATO would simflariy weaken 
pro-Western forces in’ Ukraine 
and other former Soviet repub- 
lics. Finding themselves outside 
the West’s new defease perime- 
ter, they would look to Moscow 
to meet their security needs. 

Expanding NATO makes 
sense only if Russia again poses 
a military threat to Central Eu- 
rope. To act now might give the 
Poles and their neighbors a 
boost, but by alienating the Rus- 
sians and undercutting reform- 
ers NATO would set in motion a 
self-fulfilling prophecy. 

There is no need to take that 
risk when Central Europe does 
not currently face a serious ex- 
ternal threat and NATO can al- 
ways expand later. Since it would 


Russia years to rebuild an 
army That could invade and occu- 
py Central Europe, NATO would 
have ample rim e to extend its 
protective umbrella eastward. 

Domestic support for expan- 
sion presents a further problem. 
With the Cold War over, coun- 
tries are focusing on domestic 
priorities. The willingness of doc- 
torates to sustain foreign commit- 
menisis contracting, no! expand- 
ing. Despite Republican centred 
of the U.S. Congress, military 
spending in America and Europe 
is likely to continue declining, it 
would cost NATO countries bil- 
lions to prepare for the defense of 
Central Europe’s new democra- 
cies, a prospect so daunting that 
the Pentagon itself is reluctant to 
proceed with NATO expansion. 

These constraints make it 
hard to imagine that legislatures 


in all 16 NATO countries would 
approve the extension of new 
security guarantees to Central 
Europe. For the U.S. Senate or 
the British Parliament to rgect, 
say, Poland’s bid for member- 
ship would be a crushing blow. 

In the absence of a unifying 
threat opening NATO to new 
members with diverse national 
interests would also erode the 
cohesion and mflitary effective- 
ness of the alliance. Since the 
prospects for stable democracy 
in Russia are still uncertain, it is 
too soon to so dilute Europe's 
only robust security institution. 

The writer is senior fellow for 
Europe at the Council on Foreign 
Relations and leaches internation- 
al relations at Georgetown Univer- 
sity. He contributed this comment 
to The Hew York Tunes. 


Bosnia’s Cause Is Lost and So, Probably , Is NATO 


W ASHINGTON — How many divisions 
does the Pope have? That question, 
supposedly posed by Stalin, finally has a 
definitive answer about as many as the 
United Nations. Or NATO. Both organiza- 
tions have become militarily ineffective in 
Bosnia, which is where, at the moment, a 
terrible war is being foughL The defiant 
Serbs must now await NATO and the Unit- 
ed Nations' ultimate weapon; a Christmas 
message, calling for peace. 

NATO was created to keep your average 
Soviet soldier out of Western Europe and 
Germany, not Serbs out of Bosnia. It was 
not constituted to fight a war on behalf of 
the Muslims of Yugoslavia, and no amount 
of moral anguish (however sincere) is going 
to change matters. 

To your average bloke in Liverpool or 
demoiselle in Lyon, Sarajevo is a long way 
away: not the center of Europe, as some 
would have it, but in the darkest Balkans. In 
other words, not worth anyone's life. 

For America, the RatVans are even farther 
removed. A country that feared the loss of 
even a angle soldier in Haiti, whose refugees 
from a vile dictatorship were turning up on 
American beaches, is not about to send 
ground troops to bdp the Bosnian Muslims. 

That prospect, in fact is so farfetched that 
it is not even under discussion. By the time 
the president — in, say, a television address 
— got finished talking about Serbs. Mus- 
lims, Croats. Montenegrins. Albanians. 
Macedonians and, for good measure, the 
historical importance of Kosovo, most of 
the audience would switch to reruns of 


By Richard Cohen 

“The Simpsons.” That is the harsh reality. 

Two other harsh realities are worth not- 
ing. The first is that the Serbs are intent on 
creating “Greater Serbia.” This is not just 
the dream of “thugs” and “goons,” as Serbi- 
an nationalists are sometimes called in the 
West, but a deeply felt nationalistic passion 
— no matter how weird and. in some ways, 
medieval The only way to stop that from 
happening is to put in troops and fix bayo- 
nets. Even then, when those troops are with- 
drawn the Serbs would resume their effort. 

The other hars h reality is that bombing 
will not do the trick. The Clinton adminis- 
tration has been told that time and time 
again by the Pentagon, as was the Bush 
administration before it This war can be 
won <mly on the ground. Any volunteers? 

Of course not. So let’s stop asking more of 
the United Nations or NATO than America 
or Western Europe and Russia is willing to 
provide. Let us, in short, use what diplomat- 
ic leverage the so-called “contact countries” 
have left to get the Muslims to agree to a 
painful truce that would, of course, mean 
the loss of much territory. 

That is not fair and it is not right but the 
Muslims have lost the war. So said Defense 
Secretary William Perry. 

The Bosnian Muslims have yet to come 
to terms with their apparent defeaL Who 
can blame them? But blame can be leveled 
at American politicians and some in the 
Clinton administration who hint that 


something can be done to help the Mus- 
lims. This is sheer blather, language that 
may do nothing more than prolong the 
fighting. In fact, it was the Muslim attempt 
to regam territory around Bihac that pro- 
voked the recent fighting there. 

As for the United Nations, the contempt 
being heaped on it in some quarters is un- 
warranted. It has not been able to stop the 
war aod it has certainly not been able to 
coerce the Serhs, but through its peacekeep- 
ing troops and its humanitarian aid program 
it has saved countless lives and imposed a 
rudimentary civility. Serbian concentration 
camps seem to be gone. 

That might not seem like much, but then 
you and 1 have never been in one of those 
places. In fact, it will take the United Na- 
tions (who else?) to ensure that those camps 
are not reopened. 

World opinion can matter. Before the 
United Nations is trashed, it behooves its 
critics to come up with something better — 
or to improve the United Nations. Cutting 
back on its funding ($1 3 billion from Amer- 
ica) is hardly going to make it more effec- 
tive. Depriving it of the 986 million Ameri- 
can dollars that goes to peacekeeping is not 
going to make Bosnia any safer. 

NATO is a different stray. It sorely 
needs a common enemy, and there is no use 
pretending that the Serbs can fill that role. 
Bosnia is lost and so, probably, is NATO. 
Only a renewed Russian menace can save it 
— truly a case of the cure being worse than 
the disease. 

The Washington Post. 


Cross-Border ‘Growth Triangles’ Promote Prosperity in East Asia 


By Fidel V. Ramos 

The writer is president of the Philippines. 


M ANILA — In Europe there 
are focal points for eco- 
nomic growth within nations, 
such as northern Italy or Wales. 
In East Asia, zones of economic 
cooperation that straddle nation- 
al boundaries are making a major 
contribution to growth and sta- 
bility in the region. 

Often called “growth triangles," 
such zones exploit complementari- 
ties between geographically con- 
tiguous areas of different countries 
to gain a competitive edge in pro- 
duction for export. 

The growth triangle concept 
has taken hold because it is a 
controlled experiment in regional 
cooperation whose adverse ef- 
fects, if any, can be limited to the 
triangle, but whose beneficial re- 
sults can subsequently be applied 
to the national economy as a 
whole. It offers the benefits of 
regional integration without great 
loss of economic sovereignty. 

The initiative of regional 
statesmen in starting up cross- 
border growth poles has been cru- 
cial. And the first requirement for 
the success of these economic alli- 
ances is the political commitment 
of national leaders. In East Asia, 
growth triangles are as much in- 
struments of foreign policy and 
national security as they are in- 


struments of economic policy. 

For instance, the growth pole 
linking Singapore, the southern 
Malaysian state of Joborc and the 
Riau Archipelago in Indonesia ap- 
parently took off only after Presi- 
dent Suharto agreed to allow 100 
percent foreign ownership of 
factories on Indonesia's Batam 
Island. There have been teething 
problems. But the arrangement 
has worked well enough to en- 
courage other growth triangles 
in Southeast Asia. 

One, agreed to initially by 
Prime Minister Mahathir bin Mo- 
hamad of Malaysia and President 
Suharto of Indonesia, will link 
Penang and other parts of north- 
ern Malaysia with southern Thai- 
land and Sumatra in Indonesia. 

The more recent East ASEAN 
Growth Area draws together Bru- 
nei, the east Malaysian states of 
Sabah and Sarawak, Mindanao 
and Suhi in the southern Philip- 
pines and Sulawesi and Manaao 
in Indonesia. In the 18th century, 
this was a unified trading area led 
by the maritime state of Sulu. 

The East ASEAN growth zone, 
initiated by the Philippines, has 


changed the entire focus of the 
relationship between Malaysia 
and the Philippines from political 
to economic. Once Prime Minister 
Mahathir and I, with the support 
of President Suharto, agreed to set 
aside the contentious issue of [the 
Philippines’ claim to part of] Sa- 
bah and allow the expansion of 
economic relations even while we 
worked at the problem’s amicable 
resolution, trade and investment 
between our two countries began 
to expand dramatically. 

Another East Asian growth 
zone linking parts of Burma, Laos, 
Thailand and China is also taking 
shape, with some help from the 
Asian Development Bank. 

The “mother” of all growth 
triangles in East Asia radiates 
from Hong Kong and Taiwan to 
the southern China coastal prov- 
inces of Guangdong and Fujian. 
It has had a great influence on 
the region’s political stability in 
the last 15 years. 

The southern China-Hong 
Kong-Taiwan growth pole began 
with Deng Xiaoping’s vision of 
substituting economic develop- 
ment for class warfare as the 


Some Poor Families Need Child Labor 


I i /New zone — 5 ohm 
thing like 100 million childre 
worldwide work as laborers, 9 
percent of them in poor countries 
Many, if not most, work for Ion 
hours and minuscule wages. Thi 
tragic phenomenon is bring use 
as a dub with which to brat th 
General Agreement on Tariff 
and Trade, which the U.S. Cod 
grass is considering this week. 

In a separate measure, som 
lawmakers have proposed ban 
ning the importing of goods pre 
duced using the labor of childre; 
under 15. GATT includes no sud 
restrictions, although it ntigh 
take up the issue in the future. 
The effort to ban chfld labor ha 

the support Of many well- mean fn 

people and groups, but it is base 
on deeply flawed premises. 

First, its inspiration is clear! 
protectionist. An early version q 
the bill reads: “Adult workers h 
the United States and other de 
veloped countries should no 
have their jobs imperiled by im 
ports produced by child labor ii 
developing countries.” 

The current version, which i 
far more polished, omits that sen 
tence. Bui even if the bill's spon 
sots are motivated solely by con 
cent for children, their logic doe 
not stand up. To seek the aboli 
don of child labor is to claim tha 
we are more concerned about tin 
well-being of the child than an 
the child’s parents. 

While some parents in ever 
country are callous and abusive 
it is patronizing in the extreme t< 
suppose that the cause of mas; 


By Kaushik Basa 

child labor in so many poor coun- 
tries is lack of parental concern. 

Few parents would send their 
children to work unless they 
were driven to it by poverty and 
hunger. While child labor should 
be illegal where it is aberrant, as 
it is in rich countries, it needs a 
different antidote where it is a 
mass phenomenon. 

In those countries, the right 
way to battle the problem is to 
improve opportunities for the 
poor — to provide not just free 
education, for example, but in- 
centives (such as free meals in 
school) to make sure that the poor 
take advantage of it 
Such measures can be described 
as collaborative, since they rely on 
choice — unlike a ban, which over- ; 
rides individaaJ choice. ‘ 

Of course, it can be argued that j 
a U.S. ban on tainted imports" 
would compel Third World gov- 
ernments to adopt collaborative 
measures to minim he chil d laboc- 
The current version of the child 
labor bill does talk, if briefly, 
about the need to support prima- 
ry education, rehabilitation and 
other efforts. / 

But this provision is clearly an 
afterthought. It did not appear 
in the earlier version, and there is 
no indication how it would' be 
carried ouL More important, it 
puts too much faith in go^rn- 
ments’ capacity to do whit is 
best for children. / 

It is much more likely that a 


Third World government with 
chrome fiscal problems, when 
confronted by a ban on the export 
of products made with child la- 
bor, will do exactly what the U.S. 
bill proposes: ban child labor. 

And that would be an unmiti- 
gated disaster for most families 
that send their children to work. 

Some time ago in New Delhi, 
we had a 13-year-old. Lalita, who 
came to work in our house morn- 
ings and evenings. After a couple 
of weeks, in an effort to banish 
child labor from our household, 
we gave her notice and offered to 
pay her a little not to work. 

Lalita came back the next morn- 
ing with her father. A bedraggled 
■man, he was a rickshaw puller. It 
was immediately evident that be 
; loved his child. He begged us to 
’ take her back because the family 
would perish otherwise. We decid- 
ed to listen to him. 

I cannot hope to change the 
minds of those who seek a ban on 
child labor amply to protect tbeir 
own profits. But for the larger 
number who support the bill out 
of a genuine concern for the wel- 
fare of children, common sense 
dictates that an outright prohibi- 
tion is the wrong way to go. 

While we must make every ef- 
fort to make child labor unneces- 
sary. we must not ban it. 


The writer, professor of econom- 
ics at Cornell University, is author 
of The Less-Developed Economy: 
A Critique of Contemporary The- 
ory. ” He contributed this comment 
to The New York Times, 


highest order of business in post- 
Mao China. The mainland’s leap 
to modernization by importing 
foreign equipment and technol- 
ogy on a large scale began with 
Mr. Deng’s decision to normalize 
relations with the United States 
and then with Japan — and also 
to thin out the Chinese forces that 
had been massed on the coast 
opposite Taiwan for 30 years. 

These diplomatic and military 
preparations were completed in 
December 1978, only 17 months 
after Mr. Deng’s third reinstate- 
ment to political power. He then 
propose d setting up “special 
economic zones” in which for- 
eign investment would be al- 
lowed on concessionary terms. 
The rest is history, which even 
the Tiananmen massacre of 1989 
could not disrupL 

The growth triangles in East 
Asia differ from national export- 
processing zones because they 
can exploit economies of scale 
and integrate the comparative ad- 
vantage of every member coun- 
try. They are export zones with 
the synergy that comes from mix- 
ing various corporate cultures 
and resource endowments. 

The exchange is straightfor- 
ward. Investing countries pro- 
vide capital, technology and 
management skills. Receiving 
countries provide land, other 
natural resources and labor, 
both skilled and unskill ed. 

Investments in the growth tri- 
angles come largely from the 
East Asian region itself — from 
newly industrialized economies 
such as Singapore, Hong Kong, 
Taiwan and South Korea, and 
from Japan, which is scrambling 
to relocate its labor-intensive 
manufacturing offshore to low- 
er-wage economies under the 
pressure of the rising yen. 

The greatest benefits necessar- 
ily accrue to the most industrial- 
ly mature partner. But even the 


poorest partner gains in practi- 
cal terms as a result of job gener- 
ation, skills development, tech- 
nology transfer and the infusion 
of industrial discipline in the lo- 
cal work force. Radiations from 
the growth pole catalyze devel- 
opment in other sectors of the 
larger national economy. 

For Singapore and Malaysia, 
growth triangles are a way of sus- 
taining the competitiveness of 
their exports despite tiring wages 
and increasing shortages of land 
and workers. For Indonesia, 
Thailand and the Philippines, 
and eventually for Vietnam, they 
are a means of speeding up devel- 
opment, creating jobs and im- 
porting technology. 

All East Asian countries now 
regard regional cooperation as a 
means not just of enhancing their 
development but of ensuring 
themselves against unhealthy 
changes in the world’s economic 
climate. Growth triangles are an 
easily organized way of protecting 
themselves against trade blocs in 
the developed countries, without 
committing prematurely to tire all- 
or-nothmg venture of setting up 
formal trade blocs of their own. 

In this sense, growth triangles 
are actually miniature versions of 
the trading blocs that have formed 
in Western Europe and North f 
America. Flexible, low-cost, fast- 
track, uncomplicated and well-fo- 
cused, they can be started quickly 
and with little fuss. F ormal trading 
bloc s need gestation periods 
stretching over many years. 

Growth triangles require no 
c h a n ges in national concepts of 
sovereignty, administration or 
national preferences. They do not 
completely engage national pres- 
tige because they require no elab- 
orate political commitments to 
neighboring states. Governments 
can enter into them with mini - 
mum political risks. 

International Harold Tribune. 


W OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894: A Triple Alliance? 

PARIS — [The Herald says in an 
editorial:] In view of the rap- 
prochement between England and 
Russia, about which so much has 
been heard lately, is it noi worth 
while to ask whether such an en- 
tente would not lead to the forma- 
tion of a triple alliance between 
England, France and Russia, 
through the medium of Russia, 
who is such a good friend of 
France? This new triple alliance 
would be the union of three 
strong nations. They would con- 
stitute the best possible guarantee 
of peace — not only in Europe, 
but also in Asia and Africa. 

1919: Senator Indicted 

GRAND RAPIDS. Michigan — 
[From our New York edition:] 
Truman H. Newberry, United 
States Senator from Michigan, was 
indicted by a United States Grand 


Jury today [Nov. 29] for corrup- 
tion, fraud and conspiracy in con- 
nection with the election by which 
he obtained his seat in the Senate, 
defeating Hairy Ford, his Demo- 
cratic opponent. Government of- 
ficials asserted that the testimony 
presented to the Grand Jury had 
revealed a political scandal that 
in many respects was without 
parallel in American annals. 

1944: Socialism Applied 

PARIS — [From our New York 
edition:] The French government, 
by nationalizing the coal mines ( 
of northeastern France, has em- 
barked upon an experiment in 
democratic socialism which, if it 
succeeds, will serve as a model for 
other French industries and pro- 
bably for other European nations. 
It wfl] also — if it is successful — 
provide a demonstration that revo- 
lutionary socialism is not the only 
alternative to Fascism in Europe. 


[d+jh tSof 








INTERNATIONAL HERALD TRIBUNE, WEDNESDAY. NOVEMBER 30. 1994 


Page 5 


© ¥> I W S @ N 


■>' 


Beware This Resurgence 
Of the Philosopher King 


lao Bloom, who gave Mr. Strauss's 
elitism its most public airing yet in 


By Brent Staples 

-^caused the 
Botocaust? Was it fascism, ush- 

ReptSlS the mega-sellingW “The hosing 

*» « ^SSSSEffs. of thc Ameri “" 1115 bTOk 

lt 11,6 Er % h lenmenf and 
rSLS^P 1011 ^ ,dealists Hobbes. 

have chosen th e righ, 

tost m the eyes 1? ,he hSe lS 

SS1Sij ,he I^htical philosopher 
« *e University of 

Mi^StransSf^tflf 1950s and 60s. ers. ns commercial su 
*■ £3MaS M -° .^t ote poh-Ucal 

full blown from the Enlightenment 

The precepts of the 
Enlightenment are under 
daily assault. 


presumptions that all people were 
CTeated equal and that society was 
better governed by reason than by 
slavish devotion to tradition. He con- 
tended that the philosopher kings 
(himself included) were bom to rule, 
servants were bom to serve, and only 
disaster came of letting the rabble get 
above its station. He was unapologet- 
ically elitist and anti-democratic. His 
ideas have survived him and crept 
into vogue in American politics. 

Those ideas were carried forth 
mainly by writers, economists and 
jurists who were schooled at Chica- 
go. The economist Thomas Sowell, 
tor example, quotes Mr. Strauss al- 
most verbatim when he argues that 
soda! problems are “ualolvable” 
and that it is unnatural to try. 

Robert Bork, a Nixon henchman 
during Watergate and a failed can- 
didate for the Supreme Court, also 
claims Mr. Strauss as an influence. 
So do I, but in a different sense than 
my distinguished schoolmates. 

1 began my doctoral studies at 
Chicago in .1973, the -year of Mr. 
Strauss's death. Black and poor, the 
first in-the family to graduate from 
college, I was well aware of my re- 
semblance to his notion' of rabble 
that didn't know its place. 

His best-known disciple was the 
University of Chicago professor Al- 


Letters intended for publication 
should be addressed “Letters to the 
Editor ” and contain the writer’s si- 
gnature, name and full address. Let- 
ters should be brief and are subject 
to editing. We cannot be. responsible 
for the return of unsolicited ma- 
nuscripts. 


parrots Mr. Strauss’s view that high- 
er education ought to be the prov- 
ince of the golden few, and likens 
the student takeovers of the ’60s to 
the sacking of the universities by 
Hitler’s book-burning Brownshirts' 
The book offers the van tage 
point of the philosopher king star- 
ing down his nose at the common- 
ers. Its commercial success helped 
" . correctness 

hysteria and a stream of tracts best 
characterized by William A. Hen- 
■ ry’s “In Defense of Elitism.” Elit- 
ism hardly needs a champion. With 
poverty deepening, middle-class in- 
come stagnant and college tuition 
spiraling out of reach, class barriers 
are doing just fine on their own. 

Mr. Strauss appealed to the con- 
servative elite because he viewed the 
status quo as an expression of divine 
will. He appealed to college profes- 
sors because he cast them romanti- 
cally, as frontline warriors battling 
barbarism. He appealed to political 
ideologues because be provided 
“wedge issues” that pit the elector- 
ate against itself, specifically, the 
privileged against the poor. Conser- 
vative think tanks flocked to the par- 
ty. Their enthusiasms have paid off. 
The precepts of the Enlightenment 
that Mr. Strauss so heartily despised 
are under daily assault. The notion of 
a permanent “underclass” that is be- 
neath democratic grace is one exam- 
ple. The idea that some Americans 
are less entitled to opportunity for 
“genetic” reasons is another. 

The way Americans now talk 
about crime is the most troublesome 
of alL Once it was taken as common 
sense that good influences trans- 
formed wayward children into good 
' citizens. These days it is just as com- 
mon to hear it asserted that prison 
and the death penalty are the only 
crime prevention. Lurking here is the 
presumption that criminals are bom, 
not made. Why not fry them at the 
outset, before they break the law? 

This dark view of human poten- 
tial is poised to become a central 
feature of America’s social policy. 
One antidote is fresh and frequent 
reading of the Declaration of Inde- 
pendence, the Enlightenment’s most 
profound document, the place 
where rule by a privileged elite was 
resoundingly rejected and the worth 
of even the lowest bom was asserted 
as a matter of national principle. In 
brutal times like these, that commit- 
ment cries out to be reaffirmed. 

The New York Times. 


Tray / 



©1994 


Pathetic Messages for the Thieves 


re 


m 


N EW YORK — Die Manhattan 
neighborhood along Fifth Ave- 
nue in the 90s is called Carnegie Hill 
because Andrew Carnegie and a lot 
of folks like him once lived up there, 
overlooking the Central Park Reser- 
voir. The running track around the 
reservoir has just been renamed for 
Jacqueline Kennedy Onassis. One of 
the great hospitals in the world. 
Mount Sinai, is at 98th Street, and 

MEANWHILE 

some of the fancier private schools in 
the city are along 96th. A nice place. 

We ’lived there, at Fifth and 95th, 
in the early 1980s and our neigh- 
bors included Robert Redfoid and 
William Shawn, the editor of The 
New Yorker. But it was too rich for 
our blood. And too quiet. If 1 want- 
ed to overlook a lake and trees. I’d 
move to the country. 

New York being what it is, the 
area just north and east of the hill 
has been called The DMZ — that’s 
after the demilitarized zones be- 
tween North and South Korea and, 
once, between North and South 
Vietnam. There is public bousing on 
the far side, and the people who run 
around the reservoir do not walk 
among those towers, some of them 
built when Mrs. Onassis's first hus- 
band was president. 

We were back there the other 
night, having dinner with friends at 
a neighborhood restaurant called 
Vico on Madison Avenue between 
92d and 93d. Walking back to Fifth 


By Richard Reeves 


along 94th, Steve Brill, famous now 
because of the success of his idea. 
Court TV. said: “Do you know 
what ‘The Club* is?" 

Of course. The red bar that you 
lock onto a steering wheel to make 
it that much more difficult for 
thieves to get your BMW or Lexus, 
which seemed to be the cars of 
choice in the neighborhood. 

“I’ll bet you.” Mr. Brill said, “that 
half the cars along here have it.” 

More than half, it turned out. The 
kids ran along shouting. “Here's 
one!’’ and “Another one!” We 
counted 23 out of 44. Besides that, 
more than a dozen of the cars along 
94th Street had little red lights flash- 
ing inside, attached to alarm sys- 
tems of some sort — guaranteeing 
that every week or so. locals could 
go without sleep while the damned 
things wailed through the night. 

Pathetic! More pathetic were the 
notes taped to the windows, most of 
them saving just “No Radio.” One 
said: “No Radio. Nothing in Car.” 
My favorite, on a Saab, said: “No 
Radio. Nothing in Trunk. Nothing 
in Glove Box. Look for Yourself.” 

My own experience in these 
thing s includes just two thefts — of 
the same car. When I lived on West 
11th Street in Greenwich Village, 
my old Volkswagen was stolen one 
day, never to be seen again, or so 
I thought. Amazingly, a month later 
] got a caD from the desk sergeant in 


a precinct on the Upper West Side o* 
saying the police bad found the car at 
under the West Side Highway. ie 
I said Td come to the station e- 
house, but he said the car was still Q- 
under the highway. Police reported 10 
stolen cars and that was iL When I m 

got uptown it was gpne. Stolen again, * 
As law and order breaks down, 
government breaks up. While police iy 
are reporting a 12 percent crime re- al 
duction on the Upper East Side — ie 
which may mean that deductibles r. 
are higher and people don't bother ]g 
to report theft unless they need evi- m 
deace for insurance paperwork. — is 
the largest landlord in the area is v- 
promoting a private security plan, iy 
Douglas Fj liman Co. wants the i~ 
rity to collect $100 to $200 a year 
from people who live between 59th u_ 
Street and 96th, from Fifth Avenue y 
to the East River. From 350 to 500 er 
private security guards would then j. 
be hired to supplement the 52 real y. 
cops assigned to that beat. 

On 94th Street, they already have 
private guards at night, paid for by^ 
block association. In these mon' 
quarters, many other streets have 
same protection against the night! 

Nothing seems to work loo we! 
but who knows? Well try anything 
“The Club," private armies, welfare 
reform, more prisons, nice notes for 
literate thieves, leaving $20 on a ta- 
ble for the junkies, as we used to do 
in the Village. Maybe putting out 
cookies and milk would help. Is 



this 


a great country or what? 

Universal Press Syndicate. 


LETTERS TO THE EDITOR 


What Now for Bosnia? 

Regarding “ Prevent a Return to 
All-Out War in Ex- Yugoslavia” 
( Opinion, Nov. 16) by A<dam Rob- 
erts, John Chtpman, Philip H. Gor- 
don and Mats Berdal: 

The authors are right to remind 
us that wars may appear static but 
are not, and that the international 
community needs to rethink its pol- 
icies in former Yugoslavia. They 
are also correct in observing that it 
is a really difficult task now to 
choose between too much passivity 
and too much activity. 

But to suggest that the way out of 
the Balkan quagmire could be in a 
double confederation scheme and 
that the borders of Bosnia should 
eventually be redrawn will not pre- 
vent a return to all-out war. The 
suggestion is similar to those enter- 
tained by local nationalist leaders 
and their press even before the war 
in Bosnia. It display's the weakness- 
es of the policy of limiting the dam- 
age combined with the policy of 


appeasement, the basis of the so- 
called realpolitik in the Balkans. 

The drive for power of Serbia’s 
Communist leader, now its presi- 
dent, has underlined .the question of 
who will fill the power vacuum left 
by the disintegration of the 75-year- 
old state of Yugoslavia. Die break- 
up of the country in the summer of 
1992 brought the war for a new 
territorial distribution and new 
frontiers. Since then, the reshaping 
of national interests and ethnic 
borders has been in progress with 
tragic consequences. 

The democracies claimed that one 
of the tools to contain the conflict 
was a speedy recognition of the new 
stales, including Bosma-Herzegovi- 
na. The chief local instigators of the 
war continued to act by using a 
combination of mflitary action and 
the diplomatic tactics of confusing 
and confronting everybody, expect- 
ing that no one would thwart their 
ambition to create new frontiers. 

The rift in NATO is widening. 
Radovan Karadzic continues to 


send a clear message about the fatal 
end of NATO. The elaborate buck- 
massing between trans-Atlantic al- 
lies over leadership in crisis contain- 
ment in the Balkans might thus end 
in fail ure to defend many values and 
principles of democracies, including 
the principle that only peaceful and 
negotiated change of borders in Eu- 
rope is acceptable. 

In the meantime, Bosnia remains 
in the central theater of the whole 
of the former Yugoslavia. The 
proposition to redraw its borders 
may result in the division of the 
whole of former Yugoslavia into a 
western and an eastern part. Is it 
really attractive for Europe to seek 
a post-CoId War balance by replac- 
ing one Berlin wall with another? 

NEBOJSA D1MITRUEVIC. 

Geneva. 

Anthony Lewis ("Unchecked Ag- 
gression in Europe Endangers the 
West," Opinion, Nov. 22) writes 
about attacks by Serbian forces on 
“safe areas” and accuses Britain 


and France of appeasing the Serbs. 
That those same “safe areas” are 
used by Bosnian government forces 
as springboards for precipitating 
retaliatory action by the Serbs es- 
capes Mr. Lewis. Progress toward 
peace win be possible only when the 
international community, and the 
Americans in particular, start an 
evenhanded application of the rules. 

VLADA VJESnCA. 

Oxford. England. 

I jgtteav Day G uardians 

Bob Dole, Jesse Helms and other 
born-again guardians of the U.S. 
Constitution have served notice 
that President Bill Clinton’s for- 
eign policy had better suit the Sen- 
ate. or else. Well, when Ronald 
Reagan’s private vendetta against a 
tiny leftist democracy was curbed 
by Congress, and he and his agents 
carried on illegally, where did Dole, 
Helms & Co. stand? 

And where did these 'Statesmen” 


stand on the Cambodian incursion. 
Grenada, the a rmin g of Saddam 
Hussein, the liming of George 
Bush’s Somalia adventure? 

JOHN FIRTH. 

Ste.-Colombe-sur-L’Hers. 

France. 

Piety and Politics 

In response to the report “ School 
Prayer Issue: Conservatives Wary'" 
(Nov. 21) by Catherine S. Manegold: 

Prayer in schools? As a Republican 
ploy it might have helped get votes, 
but as a panacea for moral decline it 
is certainly doomed to failure. Why 
isn’t anyone worried about the de- 
cline in the intellectual discernment 
of the American voter? The televan- 
gelists Jim and Tammy Faye Bakker 
spent half their lives praying, yet no 
one can convince me that their “mor- 
als” are better than anyone else's. 

KEN COWAN. 

Paris. 


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** 


The Vote Won in Parliament, Major Chastises Party Rebels 


By Richard W. Stevenson 

York Tuna Service 

LONDON — A day after using a 
political bludgeon to beat back op- 
pootionfrom within his own Conser- 
ve Party to win a parliamentary 
vote on which he had staked his lead- 
ers ™P* Prime Minister John Major 
on Tuesday confronted the fallout 
from his tactics, including a technical 
joss of his majority in the House of 
Commons. 

Making good on his promise to 
punish any Conservatives who failed 



jor effectively suspended from the 
Party eight rebel Tories who ab- 
stained. The eight rebels kept their 


seats, but cannot participate in party 
business and are threatened with be- 
ing replaced as the party's candidates 
in the next election. 

The actions reduced the number of 
recognized Conservatives in the 
House or Commons to 322, with the 
combined opposition parties plus the 
suspended Tories totaling 324. 

The practical effects are limited 
because the rebels would support the 
government on most matters and be* 
cause Mr. Minor usually has the sup- 
port of smaller parties such as the 
Unionists from Northern Ireland, 
who have 10 seats. Mr. Major's office 
said he would proceed with business, 
and the government went ahead 
Tuesday with its scheduled unvefling 
of its budget proposals for next year. 


Buz with the Conservatives trailing 
the Labor Party and its new leader, 
Tony Blair, by more than 30 points in 
recent polls, the episode underscored 
the difficulty Mr. Major faces in 
holding his own party together after 
IS years in power. And it left him 
vulnerable on other issues on which 
there is unhappiness within Conser- 
vative ranks with government policy, 
such as planned increases in the tax 
on home heating fuel. 

The Conservatives do not have to 
call a general election until 1997. But 
there were continuing if so far unsuc- 
cessful efforts Tuesday by disgrun- 
tled Tories to mount a leadership 
challenge to Mr. Major and replace 
him as prime minister with another 
Conservative — the same way in 


which Margaret Thatcher was top- 
pled four years ago and replaced by 
Mr. Major. Under parr/ rules, the 
rebels have until noon Wednesday to 
collect 34 signatures from Conserva- 
tive members of Parliament to force 
a leadership election. 

Faced with festering discontent on 
his back benches from Conservatives 
who feel his policies toward Europe 
risk Britain's sovereignty and waste 
taxpayer money, Mr. Major had said 
he would resign and call a general 
election if the party did not unite 
behind him and vote on Monday in 
favor of the legislation increasing 
Bri tain ’s contribution to the Europe- 
an Union by £1.1 billion, or $1.7 
billion, over the next five years. 

In the end, Mr. Major defeated by 


330 to 303 an amendment to the_ bill 
by the opposition Labor Party, and 
then won approval of the bill itself by 
a vote of 329 to 44, with roost Labor 
members abstaining- Although sever- 
al dozen Conservatives had ex- 
pressed reservations, Mr.. Major was 
able to limit the defections from his 
own ranks to seven abstentions on 
the first vote and eight on the second, 
but only after making his promise to 
suspend party recognition from 
those who failed to fall into tine. 

Far from putting the split in the 
Conservative Party behind him, as 
Mr. Major bad clearly hoped to do, 
the maneuvering of die last several 
days appears to have hardened the 
opposition to Mr. Major's leader- 
ship. 


Croatia Warns U.S. ? 
It Will Enter War 
If Serbs Take Bihac 


NORWAY: Blank Piece in Puzzle 


Continued from Page 1 
lation from the outside world. 
, The decision not to join was 
especially regretted in Britain 
and Germany, where govern- 
ment officials were looking for- 
ward to an unbroken line of 
‘ new recruits seen as affluent 
supporters of free trade and less 
inclined to require agricultural 
subsidies, which make up half 
■ of the Union’s budget. 

Both Chancellor Helmut 
Kohl and Foreign Minister 
Klaus Kink el of Germany ex- 
pressed disappointment at the 
decision, with Mr. Kohl poinl- 
[ edly adding that “the door to 
the European Union remains 
open to Norway despite this 
outcome." 

In Britain, where the govern- 
ing Conservative Party is so 
badly split over the EU that a 
bill to increase budgetary con- 
tributions to it fomented a 
back-bench rebellion on Mon- 
day, diplomats regarded Nor* 
way as a tike-minded country 
that could be an ally when it 
came to refusing to relinquish 
sovereignty to Brussels. 

“Certainly there was an un- 
derlying assumption that this 
swing northwards would have 
brought in people who tend to 
think Like us," said a British 
diplomat 

No countries appeared sad- 
der at the referendum’s out- 
come than Norway's Nordic 
neighbors. Had Norway joined, 
then the three peninsula coun- 
tries and Denmark, which be- 
came a member 22 years ago, 
might have formed a powerful 
mini bloc with 13 out of 90 votes 
representing a total population 
of 23 million. 

“I had been looking forward 
to cooperation with Norway on 


a whole range of issues, includ- 
ing environmental issues, un- 
employment and also on work 
toward developing the Union 
into Eastern Europe,’' said 
Prime Minister Ingvar Carisson 
of Sweden. Prime Minister 
Esko Aho of Finland said Nor- 
dic cooperation, both within 
and outside the Union, would 
be “more difficult after this de- 
cision." 

Now the boundary of the EU 
will run between Norway and 
Sweden. The movement of 
goods will be relatively unre- 
stricted, at least for a while, 
because Norway remains a 
member of the European Eco- 
nomic Area, a free-trade ar- 
rangement with the Union. 

By not having Norway in- 
side, the Union also loses an 
opportunity to have a second 
member, along with Finland, 
that shares a border with Rus- 
sia. Norway’s 180-kilometer 
(1 10-tnQe) frontier is a sensitive 
region environmentally because 
of nuclear wastes dumped into 
tbe Arctic by Russia. 

Some comments Tuesday 
were laced with a touch of 
Digue. France’s European af- 
fairs minister, Alain Lamas- 
soure, said: “Tbe Norwegian 
people are running the risk of 
living next to a huge economic 
group without having a say m 
its r unning ." A British Labor 
member of the European Par- 
liament, Pauline Greene, said 
that “Norway has voted for ice- 
bound isolation from main- 
stream Europe.” 

But the overall reaction was 
that the referendum results 
were unfortunate but not a dev- 
astating blow and certainly not 
surprising. 



By Michael R. Gordon 

■jV» York Tima 

WASHINGTON — Cro- 
atia’s defense minister warned 
the Clinton administration on 
Tuesday that if Bihac falls, Cro- 
atia will enter the' war against 
the Serbs. 

Defense Minister" Gcjko Su- 
sak said that Zagreb considered 
intervening in the fighting near 
Bihac and in Krajina 10 days 
ago but was pressured by the 
Americans not to join the war. 

Following a meeting at the 
Pentagon with Defense Secre- 
tary William J. Perry, Mr. Su* 
sak said in an interview that. 
Croatia had made a mistake by 
listening to the Americans ana 
would not make that mistake 

w gftin. 

The Clinton administration 
: war in 
and in 
Perry 

urged Croatia not to join the 
war. 

Mr. Susak said that 3,000 to 

5.000 Croatian Serbs had joined 

10.000 Bosnian Serbs in as- 
saulting Bihac. Taking all of Bi- 
hac, he said, would involve dif- 
ficult house-to-house fighting 
and he said the Muslims could 
hold on. 

Mr. Susak said that Croatia 



had advised the Bosnian gov- 
ernment not to launch an offen- 
sive out of Bihac, but that the 
Muslim mili tary commanders 
had rejected that advice. None- 
theless, he said Croatia would 
come to the Muslims’ defense, 
not only to defend Bihac but to 
deal a blow to the breakaway 
Croatian Serbs. 

He said that he thought the 
Bosnian government forces 
could bold their own in central 
Bosnia and predicted that the 
diplomatic efforts would fail 
and the fighting would go 
on indefinitely. 

U Supplies Short in Bihac 

The UN-designated “safe 
area" of Bihac is crammed with 
thousands of refugees, short of 
food and water and without gas 
and electricity, news agencies 
reported. 

“The authorities in Bihac 
state the town is now becoming 
overpopulated with an estimat- 
ed 8,000 to 10.000 refugee** 
from the surrounding towns,'" 
said Colonel Jan-Dirk von Mer- 
veldt, a UN spokesman in Sara- 
jevo. 

Tbe fighting around the town 
of Bihac increased again Tues- 
day afternoon following a lull. 

(Reuters, AP) 


DOLE: Adding Fuel to NATO Feud 


En/fc Mm/Tbc AmM 


French UN soldiers 
was assassinated in 1914 by 


in Sarajevo Tuesday, near the spot where Archduke Franz Ferdinand 
Serbian narionalist for whom tbe bridge is named. The event touched off World War I. 


DEFY: 17 . 5 . Gives In to Idea of Letting Bosnian Serbs link With Belgrade 


Continued hum Page 1 
curb aggression on their own 
continent, have found it tempt- 
ing to use Washington as a 
scapegoat. Those governments 
criticize tbe Clinton administra- 
tion for failing to provide better 
leadership in Congress, which 
has constantly has held out the 


hope to Bosnia's Muslim-led 
government that it could bene- 
fit from military escalation. 

Now the Europeans, while 
gratified at the prospect of see- 
ing the administration line up 
more closely behind their views, 
worry that this shift may turn 
out to be another White House 



vacillation that crumbles under 
domestic pressures. 

Describing “a defeatist 
mood" among allied govern- 
ments. a NATO official said 
that the key goal now was sal- 
vaging enough face-saving uni- 
ty to preserve the alliance's fu- 
ture — including a ‘NATO plan 
to rescue United Nations 
peacekeeping troops if they 
nave to leave Bosnia. 

At this juncture, a Western 
policymaker said, allied govern- 
ments want “a policy fix to get 
to winter, when tbe weather 
prevents any major military of- 
fensives.” 

On Wednesday, Secretary of 
State Warren M. Christopher is 
scheduled to fly to Brussels to 
present the new U.S. views to 
the allies and to Russia. 

And President Bill Clinton 
will meet President Boris N. 
Yeltsin of Russia next week at a 
summit meeting of European 
leaders. 

Whatever the fallout on 
NATO and trans-Atlantic co- 
operation, the American public 
and Congress wflj certainly vent 
their frustration on the United 
Nations for hamstringing NA- 
TO’s air power in Bosnia. . 

The overall U.S. policy shift, 
foreshadowed last weekend 
when Mr. Perry said that air 


strikes could not halt the Serbs, 
was partly prompted by UN 
officials’ refusal to let allied pi- 
lots knock out surface-to-air 
miss ile installations protecting 
targets. 

Under UN roles. NATO can 
hit missiles after they have been 
fired but cannot eliminate them 
in advance, a situation that U.S. 
commanders say puts pilots at 
unacceptable ride. 

Even if a new peace package 
offers better prospects of a re- 
spite in Serbian military pres- 
sure in Bosnia, it seems unlikely 
to change the long-term ambi- 
tions of Bosnia's Muslims or 
their supporters in the United 
States. 

In Europe, too. splits over 
Bosnian policy have been wid- 
ening. Despite government ob- 
jections, Germany's ruling 
Christian Democrats offered 
thinly veiled backing Monday 
for lifting the arms embargo on 
Bosnian Muslims. 

In France, acute tensions 
within the government have 
made it particularly tempting to 
lash out publicly at Washing- 
ton. even though U.S. military 
assistance would be indispens- 
able in rescuing French troops 
if there were an emergency 
evacuation of UN peacekeep- 
ers. . 


Continued from Page 1 

i over an issue that is rapid- 
ly eroding tbe foundations of 
die trans-Atlantic alliance. 

. Mr. Dofeinsisted that be and 
other Republican legislators 
were determined to pursue, the 
harder option once the new 
Congress was installed in Janu- 
ary, even if that would again 
raise the specter of a braising 
Hash with the allies and the 
administration. 

He expressed dismay with 
the softening of Mr. Clinton’s 
position since last year, when he 
urged tbe allies to support a 
proposal to lift the arms embar- 
go and shield the Muslims from 
any Serb attacks with punishing 
air strikes. 

He also disapproved of any 
concessions to the Serbs as an 
enticement to sign up for a 
U-S.-badced peace plan that 
would roughly split Bosnia’s 
territory between the Serbs and 
a federation of Muslims and 
Croats. 

U I think the last thing we 
need is another change of the 
U.S. position on Bosnia,” he 
said. “We are prepared to work 
with tbe allies, but I don’t see a 
solution with tbe way things are 
now. Do we wait another year 
and see another 100,000 dead?" 

Mr. Dole said he disagreed 
with Mr. Ferry's assessment 
that the war may already have 
been won by the Serbs and la- 
mented the way in which 
NATO appeared to be “subor- 
dinated” to the United Nations 
in the Bosnian conflict. 

He suggested that the out- 
come could have been radically 
different if NATO had been 
freed from the constraints of 
working under a “dual key ap- 
proach" that requires UN ap- 
proval for every military action. 

“If you list all of tbe military 
actions by NATO on a black- 
board, it would not be a very 
long list," he said. “They are 


probably irrelevant to the Bos- 
nian Conflict We’ve had pin- 
pricks, not robust air strikes.” 

Mr. Dole suggested that the 
most helpful thing the Europe- 
an allies could do at this stage 
would be to consider pulling 
out their troops from the region 
as a prelude to Hf ting the arms 
embargo. 

Tbe allies have warned that 
such a policy would produce a 
disastrous regional war that 
could threaten Europe's stabil- 
ity, and Mr. Dole himself al- 
lowed that it may not lead to a 
satisfactory solution to the Bal- 
kan war. 

“At least 90 nations in the 
United Nations have expressed 
a willingness to help Bosnia," 
Mr. Dole said, referring to a 
lifting of the aims embargo^ 
“Wifl that help resolve the conk 
flict? I don’t know," he said. 
“But the debate is certainly 
coming with the new Congress 
in January, and the vote will 
take place.” 

Mr. Dole's stature and pow- 
erful new position has pro- 
pelled him to the front ranks of 
contenders for the 1996 Repub- 
lican presidential nomination. 
As a result, be was accorded 
red-carpet treatment at the 
headquarters of an alliance 
that, he raid over the weekend, 
appeared to heading for a 
“complete breakdown." 

He met with the NATO sec- 
retary-general, WIQy Claes; the 
chief NATO military com- 
mander, George Joulwan; the 
permanent representatives of 
the 16 member nations; and the 
ambassadors of new partners 
from the former Warsaw Pact, 
including Russia’s envoy, Vital! 
I. Churkin. 

. While noting serious differ- 
ences over Bosnia, the Republi- 
can leader emphasized bis con- 
tinuing support for the trails- 
Atlantic alliance and the 
important challenge of adapt- 
ing it to tbe post told War era. 


THREAT: Yeltsin Gives Chechens 2 Days to Halt War 


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Continued from Page I 
fight off the move aggressively. 
Since 1991. Russia has confined 
itself, officially, to political ma- 
neuvering to isolate and pres- 
sure the recalcitrant region. In 
the last six months. Russia has 
increased tbe pressure on Mr. 
Dudayev by severing all eco- 
nomic links and publicly back- 
ing armed opposition groups at- 
tempting to overthrow him. It 
has also beefed up the number’ 
of Russian troops on Chech- 


nya’s borders. On Tuesday, 
there were some bombing raids 
on Grozny that Mr. Dudayev’s 
backers said were executed by 
Russian aircraft 

Mr. Dudayev and bis backers 
have accused Russia erf inten- 
tionally stirring things up so it 
can justify military interven- 
tion. 

Indeed, at least some of tbe 
70 captured fighters now being 
held in Chechnya were positive- 
ly identified as Russian . 


Several mothers of these sol- 
diers appealed Monday to the 
Russian Parliament to save 
their sons. 

“They are not volunteers for 
the opposition” the mothers 
wrote in a telegram to tbe Par- 
liament. “The government and 
the defense minister refuse to 
admit that the Russian Army is 
involved in the conflict in 
Chechnya. We pray that you 
wili save our sous and our 

SOUlSw" 



NVT 


GATT: WithHousePassageExpectedyFocusonTradePaetTurnsto Senate 


Continued from Page 1 

Republican, has been working to pass the 
agreement. 

On Monday, the administration lost two 
presumed supporters of the pact in the 
Senate. 

Senators Max Baucus, Democrat of 
Montana, and Hank Brawn, Republican 
of Colorado, said they would oppose 
GATT because of concerns that the world 
Trade Organization, which would be creat- 
ed to referee trade disputes, would infringe 
on U.S. sovereignty. 

Mr. Baucus, the chairman of the Senate 
Finance subcommittee on trade, had sup- 
ported GATT in committee. 

But GATT supporters said that despite 
his defection, they were con tintring to pick 
up backing and were confident tbe agree- 
ment would pass. 

Senator Phil Gramm. Republican of 
Texas, who has criticized the GATT bill 
for including loo many nontrade mea- 
sures, said Tuesday that he would support 
waiving Senate budget rules to get the bill 
passed. 

Mr. Gramm is a leader among conserva- 
tive Republicans arid a likely presidential 
candidate, and his/ support was hailed by 


/ 


the White House as critical to shoring up 
Senate support for tire agreement. 

Mr. Gramm’s decision was especially 
significant because he said he would vote 
yes on the most critical issue — a waiver of 
tbe Senate's budget rules, which requires 
tbe votes of 60 of tire 100 senators. 

Some advocates of the trade pact had 
feared that Mr. Gramm might declare his 
support for die agreement but vote against 
tbe budget waiver. And they feared that 
other conservative senators might follow 
that lead. Such a position could have pro- 
vided some political cover, while possibly 
killing the agreement. 

The budget waiver is necessary because 
the trade agreement calls for deep reduc- 
tions in import tariffs — potentially reduc- 
ing federal revenues by 530 billion to $40 
billion over 10 years. Despite that, the 
Clinton administration has not proposed 
offsetting tax and revenue increases to 
finance those cuts, meaning that the bud- 
get deficit would be allowed to grow in 
violation of the current budget rales. 

The pact will cut tariffs by an average of 
38 percent worldwide and expands the 
rales of world trade into such new areas os 
agriculture, services and the protection of 
copyrights and patents. The Worid Trade 
Or ganizati on it creates would eliminate 


the power of any one country to block an 
adverse trade riding. . 

The inooming leader of the Senate’s new 
Republican majority. Bob Dole of Kansas, 
announced his support of the accord after 
the adm i n istration promised that a panel 
of five retired judges would review WTO 
decisions. 

However. Mr. Dole, attending a NATO 
meeting in Brussels, was not around Mon- 
day to push for the accord as Mr. Brown, a 
moderate Republican free-trade advocate, 
announced his opposition. 

Administration officials said they be- 
lieved they would easily achieve the 218 
votes needed for passage in the House. 
Most observers bad said that the Senate 
would provide the toughest test for the 
trade agreement because of the budget 
waiver rale. 

As Mr. Clinton telephoned senators to 
line up their support, some administration 
officials remained worried that, under 
pressure from opponents, some senators 
might try to delay the vote until next year 
Such a move, they argued, could kill the 
agreement. 

“We can’t take anything for granted” 
said one administration aide, 

(AP, Reuters, LA T) 


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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 


Page 7 




' -! 70 f. 


ft 


For 2d Day, Gaza Police Seize Newspapers 


-.si. ■■ By Banon Gellman 

. " w Washington Past Semcc 

:> ' v * . JERUSALEM — In a show 

of muscle against newspapers 
that displeased him. the Pales* 
tinian police chief ordered their 
distributors arrested and car- 
goes seized T uesday for the sec- 
ond day in a row as they tried to 
ester the autonomous Gaza 
Strip. 

On Monday and Tuesday, all 
those arrested were released af- 
ter six or seven hours and then 
permitted to sell their Jerusa- 
lem-based newspapers in Gaza. 
But editors and independent 
analysts said the display of 
force — and especially its repe- 
tition — had the unmistakable 
aim of muzzling unfavorable re- 
ports. 

The intimidation tactic re- 
newed questions raised last 
summer about the Palestinian 
Authority’s commitment to free 
expression. In comparison to 
most of its Arab neighbors, 
however, the self-rule govern- 
ment has been fairly tolerant of 
published dissent. 

The Islamic Resistance 
Movement, or Hamas, and the 
still more radical Islamic Jihad, 
for example, each have licenses 
to publish their own weekly 
newspapers in Gaza. 

But one of the newspapers 
seized this week, the pro-Jorda- 

- — - nian An Nahar. was banned 

_ Mduhcm KiiuniA((nx Fraw-Prou from Gflza in late July and Au- 

Mr. Rabin with General Dan Biran at the Tomb of the Patriarchs in Hebron, where 29 Muslims were killed in February, gust on the pretext that it had 


not obtained a permit for sale. 
Two other Arabic-language 



newspapers stopped this week, 
the daily A1 Quds and weekly 
AJ Manar, are generally regard- 
ed as supporters of Yasser Ara- 
fat. the Palestinian leader. The 
English-language Jerusalem 
Post was also seized. 

Gaza's police chief. Brigadier 
General Ghazi Jabali. said in a 
brief interview Tuesday night 
that the delays were “due to bad 
weather." 

The Monday edition of A1 
Quds carried a long interview 
with the Hamas leader, Mah- 
moud Zohar, in which he was 
highly critical of Mr. Arafat's 
self-rule government and de- 
clared it "a crime" to attempt to 
disarm Hamas. 

On Tuesday. AJ Quds report- 


ed Monday's seizures on its 
front page and ran a back-page 
cartoon depicting General Ja- 
bali with scissors and rubber 
stamp and a sign reading, 
“Newspapers can’t be distribut- 
ed in Gaza because they don’t 
suit our mood. 1 ’ 

On the bookshelf beside him 
in the cartoon are two titles. 
“Guide to Handcuffing" and 
“Your Fingerprint Today." 

An Nahar, by contrast, 
sought to avoid a confronta- 
tion. “They stopped it for a few 
hours only and they passed it," 
said Issa Ibrahim of the news- 
paper’s advertising department. 

In a long conversation in his 
office on Saturday, General Ja- 
bali said the fled gling Palestin- 
ian Authority gave its critics 
“more freedom than anywhere 


Palestinians Get Bank Credit 


Reuters 

BRUSSELS — The World 
Bank signed an accord with 
Yasser Arafat on Tuesday for a 
$58 million credit to Palestinian 
authorities, in a show of donor 
commitment to rebuilding the 
former Israeli-occupied territo- 
ries. 

"This is a very important 
milestone on the road to recon- 
struction and bringing relief 
and support to the Palestinian 
people," Caio Koch-Weseer, 
world Bank vice president for 


the Middle East and North Af- 
rican region, said at a Brussels 
news conference with the Pales- 
tine Liberation Organization 
chairman. 

It was important, he said, to 
make sure that people on the 
ground reaped the benefits of 
mepeace process. 

The agreement was signed 
hours before major donors were 
due to meet in Brussels to dis- 
cuss how to pay out money al- 
ready promised to the Palestin- 
ians. 


else in the world, even more 
than the United States.” 

General Jabali accused Iran 
of controlling the Islamic oppo- 
sition and said the government 
in Tehran would arrest a critic 
like Mr. Zohar and “either exe- 
cute him or exile him to Lon- 
don." He said be did not wish to 
deprive opponents of freedom 
but said “the freedom should be 
organized." 

It seemed doubtful to many 
analysts, even so, that General 
Jabali would move against the 
newspapers on his own. Mr. 
Arafat is in Brussels seeking 
economic aid, but Palestinian 
observers suggested that his 
highl y centralized self-rule gov- 
ernment would not take any 
significant step without his con- 
sent. 

“All orders are coming di- 
rectly from the chairman,’' said 
Ghassam Khatib, a former 
member of Mr. Arafat's negoti- 
ating team. “1 don't think any- 
body dares to do that except 
one person." 

In Israel the government 
spokesman, Uri Dromi, said the 
conflict showed the “signs of a 
young authority trying to cope 
with a free press." 

Mr. Arafat, Mr. Dromi said, 
would be unsuccessful if he 
tried “to impose on these peo- 
ple. who have been exposed for 
too long to the Israeli democra- 
cy." 


End of Syrian Arms Embargo 
Meant as Aid to Peace, EU Says 


Cairo Mobilises Public Works to Counter Militants 


International Herald Tribune 

BRUSSELS — The Europe- 
an Union's lifting of its arms 
embargo of Syria was a political 
step designed to bolster the 
Middle East peace process and 
was not expected to lead to 
quick resumption of sales, EU 
officials said Tuesday. 

“Nobody intends really, nei- 
ther on the Syrian side nor on 
the EU side, to begin the trad- 
ing of arms," a German official 
said. 

The lifting of the embargo, 
imposed in 1986, was derided 
by EU diplomats last week and 
announced formally here late 
Monday at a meeting of EU 
foreign ministers and Foreign 
, Minister FaroukSbara of Syna. 

EU officials said the Union 
offered assistance to Syria un- 
der its new Mediterranean de- 
velopment policy in return for 
participation in the peace pro-. 


cess by Damascus and the end 
of its support for terrorism. 

Shimon Peres, the Israeli for- 
eign minister, in Brussels for 
meetings with Yasser Arafat, 
the Palestinian leader, and EU 
officials, said it was a “mistaken 
derision" to lift the embargo 
before Syria opened peace 
talks. 

“What should be lifted is the 
embargo on negotiations, not 
the embargo on arms," Mr. 
Peres said. 

■ Rabin Seeks Separation 

Prime Minister Yitzhak Ra- 
bin of Israel said Tuesday that 
he wanted to create greater sep- 
aration between Israel and the 
Palestinians in the West Bank 
and Gaza, but-would not up- 
root Jewish settlements at this 
print. The Associated Press re- 
ported from Hebron, in the oc- 
cupied West Bank 
“My goal is to begin, the sepa- 


ration,” Mr. Rabin said at a 
press conference. He stressed 
that Israel was seeking aid for 
the Pales tinian Authority so 
that there would be more jobs 
in the West Bank. 

“Then we will not face heavy- 
pressure to give permission to 
tens of thousands of Palestin- 
ians to come work in Israel." he 
said. 

The prime minister was heck- 
led by Jewish settlers during a 
Id-minute inspection tour of 
the Tomb of the Patriarchs, site 
of the massacre of 29 Muslim 
worshipers by a Jewish settler in 
February. 

Mr. Rabin said it would be 
difficult to withdraw soldiers 
from Hebron before Palestinian 
elections. Under the Israd-PLO 
agreement, the troops are to 
pull out of major population 
centers before the elections, 
which are expected soon. 


By Chris Hedges 

New York Times Service 

CAIRO — Sheikh Mohammed All 
a militant Islamic leader, sat in a dim- 
ly lighted room in a second-floor 
apartment and thumbed through a 
stack of letters. 

“This woman got divorced," he 
said, holding up a sheet of old white 
wrapping paper with labored Arabic 
script, “Her father and brothers have 
disowned her. She wants money to get 
married again. We will give her $75.” 

The six men sealed in the room 
nodded in agreement, and the group 
moved on to the next request. 

More than the militant movement's 
fiery words and promise of change, 
such scenes have given the militants 
broad appeal among Egypt’s huge un- 
derclass. And it is such scenes that the 
government, in a new program to win 
over the poor, has begun to combat 
aggressively. 

A few blocks from where the sheikh 
held court, women and children stood 
patientlv in line outside the beige 
walls of a new government medical 


center. A prominent sign on the wall 
read, “In the name of God the Benefi- 
cent, the MercifuL” Patients pay 15 
cents for medical and dental care. 

The clinic is part of a nationwide 
effort to meet the needs of citizens 
living in areas of militant activity. 
Here in the Imbaba slum, the effort 
also includes miles of newly paved 
roads, a new sewer system, more gar- 
bage collection, a vegetable market, a 
youth center, three new bus lines, im- 
proved electrical service and water 
lines. 

The government has invested more 
than S10 milli on in the slum and will 
spend more than $200 million in other 
poor neighborhoods and villages this 
year. Overall, Cairo says, it will spend 
SI .5 billion on slums, poor villages 
and shantytowns over the next three 
to five years. 

“This is a political war. not a reli- 
gious war,” said Abdel Rehim She- 
hata, the governor of Giza, the gover- 
norate that includes much of Cairo. 
“Religion is used as a banner by the 
terrorists to exploit those suffering 


from poverty and unemployment, to 
exploit those living in filth or those 
who cannot get their children into 
schools." 

The government's response to the 
recent flash flood and fire from an ofl 
explosion that killed hundreds in 
southern Egypt showed the impor- 
tance it now places on helping the 
poor. 

After an earthquake rocked Cairo 
in 1992, government workers failed to 
appep for days, and Islamic charities 
provided much of the relief. Bui such 
charities were banned from the area of 
the flood and fire, and the government 
sent in senior officials to supervise 
relief efforts. 

Since underground Islamic groups 
began tbeir campaign to topple the 
government in 1992^ more than 460 
people, mostly militants and police- 
men, have been killed. 

"This is just another attempt by the 
government to steal money.” Sheikh 
Ali said. “Local officials just pocket 
the money. They have paved a few 
roads, but what about the sewers? 


Whatever they do, we will always con- 
trol Imbaba.” 

The I million people of Imbaba, 
crammed into tottering, mud-walled 
buildings and narrow dirt alleys, once 
harbored this city's most violent mili- 
tant cells. 

Gangs of militants armed with 
knives and clubs roamed the slum, 
attacking Christians, burning video 
shops, forcing people to hand over 
money and assaulting women who did 
not cover their heads. There were 
many pans of the slum that policemen 
feared to enter after dark. 

But police sweeps, coupled with the 
government aid, have forced the mili- 
tants to retreat. Terrorist attacks have 
decreased, and the new social services 
have won the government a few con- 
verts. 

“After the government crackdown 
on the militant groups, they came in 
and built us a hospital ana a youth 
center,” said Rabe Sayid Ahmed, 20, a 
truck driver. “It came as a big surprise 
to us that the government started to 
care.” 


S3L . 



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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 



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US MANUFACTURER SEEKING 
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auto jxrfc a 1 08 eqwpmeM dmnbu- 


affer patented tedtw 
r MAOTQBt fnd and 


tion? . 

bgcri bmMrm 

water raster for fad savmgs aid 
poBubon comraL Terntcrtes available. 
fSto USA 1215 766 7320 or fax 
Mafayda 60S &6 7595 (attn 5SU). 


AFRESBtTFORYOURSOFL. 
YOta O WN CO MPANY 
M SWITZERLAND 
ZURICH * ZUG * LUZHIN 


CONHDE5A AG 
flaatwitrasse 36 CHd300 Zw 
Tek +41 42213288 Fax +41 4222V 


1049 


detnet. Own 645 


hirer 


7317770 Qj omL fa U3J3U6S7. 


OSTRICH 0WNE83H1P [the other re 
tied + hide 8 W here). I d t 
utfi uduee you to the prettier agr 
mvedmen) of the KTi Birds are 
insured, and nm nogc d on o^ Tew 
rands. Oce Be t* reteiti expected. Go 
817/5956909 USA (24 hours). Lecw 
idechone and fax mimbere. 


SWISS PRIVATE BANKS 
offers profesxand services m 
c o nfiderawl u westme nt accourfs. 
Only asset motogt n nen L No fam, 
no bank debentures. Please fax 
USA 1-3053589615 reference Mode. 


CLASS A BAMC hi ta ftee venue with 
mi tx nisauitve tervicn and estobfehed 
txxfc na and seewtw acsountv US 
550.000 tHi u e d faie transfer. Col 
Cmada (6041 942-6169 or Fa. K04 
942-3179 w London 071 394 5I» or 
FAX 071 231 9928. 


YOU! WUHHWa, broker 8 neg» 
atar 'm WePem & Eastern Europe & 

fasn *i commercial, techracd & le^d 

natert. Cartort m fa roncept & 
□nee quohMn. FE5TINA L&JTE A/S: 
fax +45-53SW66 or fax +4S- 
33147404. 

BU5INES5 OPPORTUNITIES IN 
MYANMAk (BURMA]. Mranmw 
(Bunnc) c mtng faragn miwtmera 
and joHv ventwe mamiteciwer. K you 
ere interested please confect in. 
ZMZAR LID, A Demoo No 20. Jak- 
arta 10320. Indonesu. Fax 3904130. 

HGHE5T tetlSeBT PAID- Taxfree 
pqymenh fa ckems on vearly deposes 
since 1983 Onfenger Rducnnes lid.. 
5350 Emerson. Mte. Tens 75209 
Ann J. Kahnon. Tek 214^7568902 
Fan 214/3521965 USA 

OfiNA CONNECTION 
brwwfcita Ttfetwr Fkias 

From MotaiandCKna Al ProduA 
Detail Ftac (90S) 751-1937 USA 



p§§||g§ 

INT'L SOCIETY OF FtNANCBKS 

ProfesswnJ memliwilip nelworii far 
Maor Players. Free AirMofad Report 
70+253-5W FAX: 704-251-506! USA 










BRAEU TKANSlAnON CO. seeks 
meseeMm m USA. Francif and 
UK. For 972-36393279 


BCnSENQD EXECUTIVE 38 years 
old. odwe hi various market seders, 
fared m Thessaicnki, North Greece, 
seeks ecopereffon. representation at 
contjo tu es and aHfanduo! mterests 
ebraod Fox 3031-797451. T. Mas. 
PO. Ben 50937. 54014 ThessotomS 22. 


mu iwra UVMII1HVM 

BEC/UX/USA. Reply to Bo« 3531. 63 
Lcnq Acte. lcxidot\ WCZ 9JH 
l SALE: 1AM. PS/2 1386) 2-130 MS 
+ 14" S.VGA + K.B. + Mouse. 50G 
unts-5495. Tel/Fax: 972-36850044. 
SAFE OFFSHORE BANKING t£ 
aocounis oxe met f rom any lauhon. 
Into FOB 68. 3720 Lommel. Belgium 
LOANS, FUNDS AVARAME far oj 
buBness promets. Into. PCS e, 5575 

1 AE luyteaesfai Ne*ertonds. 


5EMQU5 COMPANY wfl reprerent 
you in Jemalere/ar Ramonb. «*» 
+ +972-3-319719. 


WANTHJ MANUFAaURBl of «+ 

l spectades with two coloured 

for +3580498 860. 


TTUECOM. 


MTHMATIONAL TELEPHONE 
Agwris/usere. ISK ogenl m. 

& wc tn Qre*. Globe tS TA 215-519- 
9900. Fax 2155258610 USA. 


BUSINESS SERVICES 


EndofYec* 

SPECIAL 

Call USA From... 

_S.94/ma 
.3.94/mn. 


SauS Arabia. 
Sadi Africa- 

™*9 wfl 

Chino — 

IncSo. 


-W</it 

.S49/e 

-JlJO/n 

-599/n 


SAVE On AS 
hri e fw fiwd CalW 

U.S. Tet 1-407-676-9500 
Ext. 130 

Ui. Fax: 1-407-676-4909 

Service R epre s en tative Liras 
upon 24 hr* every dm! 
CORPORATE PLANS AVAAaBIE 
AGENTS WELCOME 


104 5 US-1, Mefcaunw, FL 32901 


YOUR PROJECT STUDY - WE GWE IT 
ITS FINAL TOUCH - to mote il w*fe. 
fat rnqwry + 49 30 81 14492, 
Germany. 


BANKING 


0OUA1HAL AVAILABLE; FBG/SLC, 
exa $100 Mhx, fandt fat and odfcg- 
eral fat, proof of fundi required Afa 
nAp i ug i un i 20 % p.w. Fax +49+ 
l6T18S58or +49+ 89907087. 


COLLATERAL REQURED- PBG/SLC 
fend fat and oaBoteial fed Fcdc t44 
B1 679 6227 


CAPITAL WANTED 


CAPITAL NHO® 

EstoUshed New York broker redo 
konq/shon-tenn f wrong far ckrei 
eeSi - _$10CK | S 5M. References an 

%mW«0®TOjlNC. 

Tet 516759-3907 Ftm 516^9-4906 US 


MONEY FOR RENT , 
Co nfinocbte fetw of depg^.gy** 
*r yanr name, tbrimm SiOOJOD - lO 
Bunowxiq made eoeer 
wes of offshore bank. No 

i or guarantees required 

« - T-2%. Fax one _Dage. mafag 
vrfonn o aon to USA: 1 


IMMEDIATE A UtUHTH) 
Crextal awjAabfe far 
ALL basnets 
MNU5.S2m 

(717] 397-7493 (US. FAXJ 


EXPAND TO HAITI & 
fundS far yw CoJ I 
Ere. USA 201-6247926. 


financial 
investments 

PROJKTW4ANCE 
VENTURE CAPITAL 
faUk fa" 1 
ChemaSonyS.Dofc«l*» 
ttomrou* tem 

ran WT. a 599543449 fS». Macrtm] 


GDM, URA, YH4 AW FKD ma 

orfr. Fttx. LOJ ta UK 44 W81 t 

nto i 

CAPITAL AVAILABLE FROM verSoHe! 
lendrvj source. CoS: M. Meyer SSI4) 
82+1753 


1ST CLAg5WS 

FWANawiNsmun on. 

penonqfatd 

fife avniiy obre- 

contact Tek 41 -22-708 0o K 

41.22-708 06 78 _ 

G»MD STOCIB ORfcrf Seqfap top. 
NASD. SBC Coreod Bgonm 
New York. Tdephar* 21JB8&6400, 
hue 212-223-1683 USA. 


COM MHOAL F UWJB4G WANTS) 

^r»^a <X, S? e, <^^^« meJ Bcik*Ke 
farewat only. Td/Fan UK 44 P^Sl 
708 7734 Coniqa Judy 


UK MANA«»®*T 

Requres funds for 
only. Free +44 494 


CONSULTANT 

H Prinopsh 


RYBAK STBHANESAES-C 

Offers profaoond service: 
Indusfrnl wropng wood/conJboard 
Supply & Hod ud nii tat rtfign. Starage. 
WDIETKAL TRANSFER (fal office, 
nfastnal pkxH. cfl eqwxnert). 

Tel 133] 2798 T 811 Fax &99 3066 

T3*rue Goefan Fehn, F- 59169 Cbntm 


SAVE -NEW YORK IPWETWAUH) 
•Mnl ForwudixM r ux*rhooe Service* 
EBS. 576 5 Aue *1103 W NY 10TO6 
Tet 212-221-5000, Fau 712-221-5956 


EMfIBE STATE BUILDING ADDRESS 

He most Astinnuohed address m USA . 
Mod Phone. ST Td (21!) 7368072. 
Fox: P12| 564-1131 


YOUR DfSCRgr gUSffgg/PW VATE 

■ address m Pais on CHAMPS ELYSEESi 


Oriy S3/tfay. Maftm and fax ser- 
vices. Fax MXF- [33-T] 


144 21 81 57 


BUSINESS TRAVEL 


Id/BotMtt Gass Frecmrf TrcwBers 
fa Orieef/AistraSa/AfncaTNo. & So. 
America Sow up to 5C%. No coo- 
pans, no restridioia. k™>wxd Canada 
Tet 51 +341 -7227 Pax 5U341-7998. 


CONSULTANTS 


MEXICAN FOOD 


I Rntwrant start-up/ change over 
| Food -Japs 
, Catering 

) Large speed events 
I Cairn, bre monora men i 
! 3 Arojgo iConwllinfl 

Col Germany U9K172-W70 
Fax (49»I727BS21 


CAPITAL AVAILABLE 


INTBNAT10NAL LEASING 

IMMHXATRY AVAHABIE 

FORFVUNQISG 
of purchase of heavy e ife prax * . 
aireraftt merdianl and pfeosure 
ships, mduttna) red estate. 

Brokers ua n tma oon gu u ror J eed 

FMAIIOAL MSITTUTION 
BnnMfe ■ BELGflJW 

Foe 32-2-534 02 77 & 32-2538 <7 91 
THEX 30277 


FUNDS AVAILABLE 

FOR 

au bustcss projects 

OR FOR 

CfTTSS OF CEHWT 

banc guarantees 

Oil® ACCEPTABLE COLLATERAL 

Broker's ammu sion guaranteed 

Mewfeuei MJJJCA * C* 
FINANCIAL INSTITUTION 
Braueb - BELGIUM 

l nfo i w xi t i on by fax 32-2-534 02 77 
or3?-2B847PI 
THEX- 20277 


PROJECT rafANONG 
VBfTUa CAPITAL 

* fAhrmno USS 250JXX) 

* No Mcxnmru 

* Term Loons 

* Equity Finance 

* Brokers ft s teel e d 

ANGLO AMBDCAN GROUP PIC 

Fax +44 924 201377 


GOLD & CURRENCIES 


FINANCIAL SERVICES 


HJNWNG PROBLEMS? 

Venture Cnpnal - thirty Lttes 
Red Eshrfe - Busmess 
Fnxjnrir^ • Long Term 
CrOateml Si^xrted Gwroreets 

Bodadde guarentees * secure fandug 
far vicste preiecS arranged tyi 

Bonn* of Asia 

Comnauon earned ady ccae Fbacfing 
Broker's CrenatasicHi 


Tek (63*2) 


^WUKKmm 



BUYMG GOLD: 

eon refined in powder, 

fktnais. fa^neno, dC- 

ge^sfrit" 

BalgiuD. Telex: 20277 


PURCHASE & SAIL 

rf oxteades. fafarwiiipa 

&S «&xW* 


SERVICED OTT1CES 


WTKNARONAL RJNDWG 

D & B Bated Cor^ny. 

X Yean in Business. 

RNANONG 

• Ventjre Captol 

• Baroness Locas 

• New Pimm Fmaxdng 
■ Gsi- tas -a a l B txi Sstee 
• hfa Advcsa Fees 

ACC FUMXNG GROUP 
TB: 407-394-3901 
FAX: 407-394-4568 USA 


RNANCMG AVABABIf 

WOC1DWHJE 

ALL OOMMBK3AL PROJECTS 

Noras 

NATIONAL BUSSES 
RH>ORIWG BUREAU 

Tet 212702-4821 ftra 212«7-51^ 


Yoor Office in Gemwiy 

we ore "at yet* serwoe - 
% Ccnpfcte oBoe serwa ot iwo 

• fjyequ^d^res far short 
term or long term. 

• WertrtoicJy traned office 
and prtAnioooJ ot a i yw 

^Hpfwnl 

Europe. 

■ Your ou ei a fton can start 

irm iafctafy. 

• Snce 1972 

Larn Bohimi Serncv GnfaH 

LcemNcns tw Habhauseapa* 
luUncntrcBte Z% 

, 60322 frcnMuri an Man 

: Germany. 

Tet I® 245S30 
! Pas f6« 595770 


ties, secrete** * ryKCL - - ■». /-.-J 
roes. Sheet or long terav. Deri* 


tram 

572-8301 or F — Y12.S72-83P4 ^ 

ksSk 

ssgtiiiisS«s 


! LONDON WT HBME5S CBIIK Al 
fotjnes, 24 hoots oenrst. Tet UC (44} 
¥tuKioa Farm 71 7979. 

T?2T&tefeSa0 3729. 
YOUR QtWCT JH„IOWDpM_. 
Tet 44 71 499 9192 ftss 71 499 7517 


YOU SAW Tins AD. 

So did nearly half a million potential 
investors worldwide looking for new 
investment opportunities. 

Shouldn’t you place 
your business message in the 

international herald tribune? 


I ATTENTION PRQSFGCnVE Barrcrofx! 
i CocfeJ you co ct aa TBU5 ^>CE2S? . n - 1 _ 

! No rends, but 3 lot at sees? Why 1 » 

, don't you try Asian Cs?tel Sovreed • ‘- E * wen 
1 Easier access ta hge pea r cvnra j 
1 CKraee eopmta. Ow SCO r 
( SOURCES retrieved fun our octa- . 

! boee. Free sompfe report. NSGTT jat c . 
j qerarafced 5g. FAX -r32-2.ZZK9t. | 


instant Office in Hong Kong 

• Hex&fc Aon & kvg term leasing 

* pjty handled & equipped fash start 


CONFORMABLE DRAFTS 
BACKS) BY CASH 

* Isoed hi Your None 

* Confirmed by Mger bill Beaks 
» Prove Avtxcboiy of Funds 

* Bodied by Prwrte investors 

^capital swonra^i 

US. {714) 757-1070 Fen 757-1270; t, fa. srJ> larexxi T 32? 4tfi 


FINANCIAL GUARANYBS. We 

provide Iremaw G-jcrttatees a 
credt enhanctsrart far luenchcnd 
balnea pratees. Te! 4c7.99g.3212 
Fa, 4C7-9fe2gf U5 

PRIME BANX CZSHT INSTTtUMMS - 
avaiabfe. ftaxh far - ~.<x facor 
reawed f fcr i .. ' ai >ft STS. Fsx. 
f^4?Z7)028-fAES 


loorted m the mM 

Feregnne 

lower, Lrppo Gmte 
WcAthrough to Admiralty subway 

• Cameoed by co«^lw«*woy* to 
aqor office hAfings, Sda hotdv 
stepping centre & service apartaeta 

• FoE ereciive secreteial rapport by 

[OTSSioml shite 

• b c j rpow ^c d aid qy p of o to tovcw 

cvdisr^ 

AsfaftxSc Businea Cents 
For father drtad 

Mon, Mni & Aaodofas GtcsAing Ud 
fsae (8S2J 530-5937 
TW^SSif 522-0198 


ne 

PLANNING TO RUN 
A CLASSIFIED AD? 

Place your Ad quickly and easily, contad yaw 
neared HT office or i representahve with your fext 
You wiH be mformed or ifie cod immediately, and 
once payment' is made your ad will appear wdhm 
A 8 hours. All major Credit Cards A coep ted. 

EUROK 


t 


FfaegnneTbvrer 
be, Adnaefo 

Hong Kang 


b ^to are. Adfaraby 


■vraa# 

Free (1)46 37 93 70 
GSMMfY, AUSITHA A CEN0UL 
BJtOft.Fronlixt 

W:(Q69lTZ6755. 

Fie <069f72 73ia 
BBGUM A lUXfflBOUIB BnraA. 
W 34310.99,343-1914 
far 3460353 

GRSCEACYFRUS: AJfaw. 
feL: (30)16535246. 

Free 6545513. 

DBMMStl 

Tel: 31 4293! 

FNANQ: Hdsinld. 

W: 358 M 647412. 

Fax: 6121 112 
HMYrMbn, 

M: 58315738 
Free 583 20938. 
NETHB&ANBSc Armfenfan, 
W.-6730757 
Free 6737627. 

NORWAY A SWOB* 

W^UTjis^toO. 

Fv [47] 55 91 3072 
KmUGML-fatm 
U:35H-457-7»3 
Fcx: 351-1-457-7352 
SPARt Madrid, 

Id- 3508789. 

Free 3509257. 
swnzanAMhhifc, 

Td {02117283021. 

For (021 1 728 30 91. 
UNnSXMGDQMtfandon. 

Tel -(071 1 836 4801 
Free (071) 240 2254. 

Tefac : 



uwre> STABS 

M0 SlS| 752-3890 
Fc*t (212)755-8785 
Tol faw pOO) 572-7212 
The 427 175 
CHICAGO: 

TcL( 

535S206. 

Inc ANGBESc 

|21 31 8504339. 

Free (213] 85M508. 

Tol tee (800)848-4739. 

u_ 

496-9603 
526-7857. 


CANADA 

TURONFft . - 

Wj (90S 8336200. 

Free (505)8332116 

W3DH EAST 

UWHIARW&HRAScSbrejdt. 
TdilOM 351133 
For PS 3748888 

Tdtre 68«4TWGiF. 

A51A/PAQRC 

HONGKONG: 
td- (85219222-1188 
lk.<5TT»HML 
Free (852) 9222-1 190 

SMGAPOfiB 

TeL- {651 223 6478 
0x.S?49.HTSn. 
free (65( 2241566. 

JAPAN: Tokw. 

Td: 32 01 0210. 
lx J33673.Fr 3201 0209 




XT' 

■v-* 

car’i 

bn 

Ku 

OI 

j^-i 




FIRST AND ONLY AD 


INVEST IN RES! ESTATE 
IN FORMER EAST GERMANY: 
EUROPE'S FASTEST GROWING MARKET. 

Invest now and see your money grow. 

Real Estate involves a hotel ideally located 
in the industrial part of Chemintz/Saxony. 

SIZE OF INVESTMENT IS INVESTOR’S CHOICE. 

WE OFFER COMPREHENSIVE PACKAGES 
TO SUIT YOUR REQUIREMENTS. 

Fluent German and English speaking personnel 
available to ansv-'er yow questions. 

ALSO VERY IN TERE STING BONDS 
WITH SPECTACULAR INTEREST RATES AVAILABLE. 

Your Schmidt & Partner team is waiting for your calL 

Schmidt and Partner: 

Pelisezkerstr. 71. D-52068 Aachen/Gezmany 
TeL: +49-241-9453-0 - Fax:+49-241-9453299 



U.S. CORPORATIONS 

icras pins 

!if(lo ns t J) U stole 


• 5 minutes over the phone 

• Serving business since 1809 

• Free name reservation 

302-998-0598 

CORPORATE AGENTS, INC. 

FAX (30Z) 99&-7D7B 
ComfHSflTTe: GO INC 
Intern*: 

HTir-.// wwwxoiporata-com 


Diplomat status, 
Honoravy consulates, 
Second citizenship, 

we arrange for so/venf 
group of people. 

B-P.I. 

Fax: ++ 44-624-61 13 54 



r 


Passport International 

Passport Internationajl 

MTC. the world leader In 
tniemaiirin.il jelecrunintmicaiiim* 
leading edge lechnolony product 
development. i< actively seekinn 
Affiliates and Master AITiliaies io 
disuilHite Pawpin and many miter 
new intmvame. snfiwjre and 
prnprieiary hardware based 
lelecrimmunicalinns pnnJucis and 
^.-nirt-s 

If pxi'n* mra-nlly *clltnt{ dial hack 
service^, hj-.e a profc^iunal 
approatli, perminal ioli-Rtily. and 
jk-wre- j I imp fuHJtL- vvirJj a fiiijli tvib 
leader. MTC may U: irxikinp fur \<<j 
if yrjti " haven'l 
lek'i»>iiinmnii.iu«>ns pptdtuis Inti 
lu-lievi- vt m lute »li.» il hikes ir> 
iijktjK- Jn inieniaiiiin.il 'aits 
Mrynnir.niiin re till unlimtlvl eamiiiB 
|vst-nlctl 

t.iillhhl 

,\r|(.-s Market Dvit-lnpimfirt ("iitiup 

inlln-i'nihtlMaiiNji 

Hi i TriflVjui..ri.«v | -tr vi/,l , »' 

MTC, Simply the best 


nags s cg M t 


OFFSHORE COMPANIES 
WSURANCEfREINSUHANCC 
COMPANIES OFFSHORE BANKS 
ASSET/INCOME PBOTECTtON 
62 years estaWohed - pravnUro 
prolesstonal services tawmatpofraky 
tor al lypas of buarwss 
ASTON CORPORATE 
TRUSTEES 
19 Peel Road. Douglas, 

19)0 of Man. IM1 *LS 
TeL. 0624 626531 
Fate 0624 625126 
or London TeL: (71) 222 8868 
Fax (71) 233 1519. 


tf "' ri " '"«"T 

OFFSHORE * 
MERCHANT BANK 

Offered for sale incl. licence 
or possibility of new start-ups. 

Law firm Dr- Benul, Dr. Gomez, 

Dr. Moreno & Partners 
Fax-n'+l 809 322 6694 


CLEARANCE OF 
LASER TONER 
CARTRIDGES 


SPECIAL BULK PURCHASE of 

genuine Apple laser toner (Pan 

NO.V202BGM) 
for the Apple 
LaserWriter 
Select 300 & 

310 printers i 

Also fils 
the STAR 
LS5 
series 

and ... — 

CLEARANCE SALE OF APPLE 
PERIPHERALS AND PRINTER 
CONSUMABLES... 

4 Sheet & Envelope Feeders 
•.Colour Printer Paper 
•.Transparency Him 
•.Ethernet Cables 
• Monitors 


call +aa (0)1628 782233 

or Fax +W (0)1628 781555 
PST (Trading) Ltd. • Priors way 
Maidenhead • Berks SL6 2HP • UK 



OFFSHORE BANKS 


• Mo e hp nr/w i wii on J aJ bonlr 
Accept deposits 

• Cfawc A licence 
No quoKRoation requirements 

• No tarns or treaties 

- Total anony mi ty 

• Bearer shrees OK. 

• Nominee diracJon OX 

» kmo dete dofcvwy 

• USS1 5/300 or $25,000 W«h a 

trust compcrry 

CaH or lax for free details! 

Ron Jensen 

London T«L 71 194 5157 F*r* 71 251 98Z0 
Canada Tal. U4 842 6188 Fax M2 3178 


[★ IMMIGRATION TO 
11 TOP EC COUNTRY ★ 

IMMEDIATE EC-Clllwnsliip & Intel 
doiumciu available thru purchase of a 
hcauufa IW sqm up m sq m. hnurf 
villa apaninent. Real Estate Invcsunctu 
stansa JWJXW up to S895JW induita 
IDtTbkpl Govmuticnt I'tmnafaauoo. 

Fax: ML +3 1_20.664.68.46 
American Pacific bsnrancc N.V. 


Corporations 


Successful international 
company with outlets in the 
u.K. and Germany 
seeks 

AMMTKKSCOMMEggAI AGENTS 

in France to sell spudaiist wheel 
cleaning and weighing equipi into the 
axtstructnw, quarry/ng, mining and 
waste disposal Industries. 
Contact Wheel Wash Ltd, PVms 
Lane. Crewe Cheshire CW1 3PJ, 
TeL- +44 1270 250755 

Fax: +44 1270 250771 


9 


PERFECT CLOTHING 

TIC CRAZEST DEW. W THE WORLD. 
TODAY, f YOU HAVE SI ,200.000. 
FOR ( 7 FULL 40FT OCWTAWERS OF 
PERFECT CL0TWE ITEMS, TOTAL 
QUANTITY NCLUDES AT LEAST ONE 
40FT C0NTANER OF TOP QUAUTY 
SHEEPSKK COATS, OVER 1,200 GENTS' 
SUITS, RJUS 16 OTF£R CONTWERS. 
CAN YOU BELEVE COST PER ITEM. 
S2.36 IE1.60V ITS TRUE ■ STOCK CAN BE 
VEWED TODAY. EVERYTHMS PERFECT. 
ALSO WCLUDES DRESSES, BLOUSES. 
SUITS, SUPERB WffTYfiEAR; IN FACT 
EVERYTHNG NAGffABLE FOR LADES’ 
AM3 GENTS' CL0THWG. 

US $Z36 PBR REJVL. ALSO 


SPOT TRADING IN STOCK 
LOTS AVAILABLE NOW 


• Pans designed business suts (p 
£25 each, up to 60,000 ; * r 
small or large Lots 

• MXED CONTAINERS OF PERFECT 
BRANDED HARDWARE. TOYS, FANCY 
GOODS SOLD AT USS30.000 FOR 
US$150,000 RETAL VALLE 

• TOP UK BRANDED PERFECT 
FOOTWEAR. 80* DISCOUNT FROM 
RETAIL EXAMPLE US$300,000 
COSTS US$60000. 

- DESKN-H CLOTHNG, DESIGNER 
LABELS. FOR EXPORT OUT OF EEC. 
EXAMPLE US$100 .000 WILL COST 
US$22,000. 

• DAfl-Y BAWRUPTCY ATO UQUDATON 
aOSE OUT DISPOSALS 

STOCK PLC 
JR: +44 ft! 21 5525522 
FAX: *44 tO} 21 5440444 
IBEX: 333333 
JUNC % M 5 MOTORWAY 
birmjngham.uk 


JLS. Attorney^ 

taewneuste Newfe oar ^wisliy. Savioc in 
d » Saa GtnrMce of caaplae aaopaty. 
Wr oflrr Hi akkoi «th phone 4 In service, 
office write. U5 Ire* lecotias. US ettbew 
in sene s tbectoo. cwnpiae fagal services & 
assistance, toelodhig OTC aafter retry ft 
immyn iion Hast teqncsi onr free brochure, 
iratabte in Eagfidi & Gaman. 

Dr. Jar. WOHam A. Wright 
Attorney ai Law 

U.S. Cotpootkm Services, Inc 
3430 Balmoral Drive, Suite *10. 
Sacnunemo, CaHforma 95821 
ESS Fax (USA) 9X6/783-3005 9M 


BUSINESS 

SERVICES 


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International Herald Tribune I 
Wednesday, November 30, 1994 — 
Page 9 


^ e ter Greenaway’s ‘Rosa’: A Film Opera or an Opera Film? 


B y Alan Riding 
^Wn^Semfe 

A msterdam -Perhaps the 

pS c urpnsm 6 tong about 
Peter Greenaway’s first. foray 

been “ *“ b < <- J 

m music and his deiiaht inevS^ * oleresl 

director explained. “Finally, I thought, 

TiJd e° l P ^ h **“ boat out all the way 
wl'^ at * «*“ bo operalically 

He had no trouble coming up with an 
S!5 n ?L* nd typically macabre tale, and 
after two years of collaboration with 
Louis Andriessen, the Dutch Minimalist 
composer, he has created “Rosa: A 
Horse Drama,” which has promptly be- 
come the most talked about opera of the 
new season in Europe. 

i,JP a * **? e Jead soprano performs na- 
Ked is. of course, enough to stir corn- 
men L But what makes the opera most 
unusual, many critics say, is how, hav- 
ing allowed music and theater to influ- 
ence his movies, the 52-year-old direc- 
tor has now brought cinematic 
techniques to the stage. “It’s a film 
opera or an opera film," he said in an 
interview. 

bi it, Greenaway uses movie screens 
and high-tech staging and lighting to 
recount the story of Juan Manuel de 
Rosa, a composer of music for American 


Westerns whose greatest love is his horse. 
Esmeralda, his much-abused fiancee, 
vies for his attention by splashing her 
naked body with black paint and imper- 
sonating a mare. 

As so often in his movies, the director 
has also come up with spectacular visu- 
al effects. Set in an abattoir in Fray 
Bentos, Uruguay, peopled by workers 
wearing only blood-stained white 
aprons, the opera reaches a climax with 
Rosa's murder by two cowboys firing 
from the screen of a Western movie as 
Rosa tries to escape on a model horse 
walking on a treadmill. 

With carcasses of cattle hanging in the 
background like sentinels of death, Es- 
meralda then marries Rosa's corpse, 
which is placed on a small crucifix on his 
dead horse’s back. And after Esmeralda 
enters the disemboweled body of the 
horse, all three go up in flames that 
sweep Valhalla-like across a transparent 
screen that covers the stage. 

For filmgosrs who have seen Greena- 
way’s “The Cook, the Thief, His Wife 
and Her Lover,” “Prospero’s Books'* or 
“The Baby or Macon.” the opera’s pecu- 
liarly formal treatment of sex. cruelty 
and humiliation may seem familiar. Au- 
diences at Amsterdam’s Muzcik theater 
this month, though, at times seemed 
stunned if not actually shocked. 

The end of the 100-minute opera was 
often greeted at first with silence and 
then with enthusiastic applause sprin- 
kled with a few boo s. But the Nether- 
lands Opera production has also been a 
sell-out, and it has drawn music critics 
from all over. Its run of 10 performances 
ended Monday. 

The response of European reviewers 
has been generally good, and almost 


without exception they have applauded 
Andriessen’s loudly amplified music per- 
formed by the combined Asko and 
Schoenberg Ensembles under the direc- 
tion of Reinbert de Leeuw. 

There has also been much praise for 
the performances of the Austr alian 
baritone Lyndon Terracini as Rosa, of 
the Dutch soprano Miranda van Kra- 
lingen as the storyteller-turned-investi- 
gator and above all of the Australian 
soprano Marie Angel who, as Esmer- 
alda, spends most of the time on stage 
in the nude. 


G REENAWAY, of course, 
never apologizes for disturb- 
ing his audiences. In this case, 
he said, he is merely giving a 
new twist lo the familiar theme of victim- 
ized operatic heroines. “In traditional 
operas, it all happens at a distance, 
somehow sanitized.” he explained. 
“Here sexual politics are out in the open. 
It’s a way of taking an old medium and 
putting it up against the new vocabulary 
of the streets and cinema.” 

Certainly, Angel, who belongs to the 
Opera Factory company in Britain, sees 
the sexual violence and humiliation suf- 
fered by Esmeralda as a form of denunci- 
ation. “Taking your clothes off on stage 
shouldn’t be shocking,” she said of her 
role. “But we should be shocked by what 
happens to Esmeralda.’’ 

Greenaway also plays with the notion 
of truth by creating the fiction that 
“Rosa” is the reconstruction of a real 
event: specifically, that in 1 957 Juan Ma- 
nuel de Rosa became the sixth of 10 
composers who, between Anton Webern 
in Austria in 1945 and John Lennon in 


New York in 1 980, were murdered under 
mysterious circumstances. 

In this case, the opera b egins with five 
coffins being brought onstage to symbol- 
ize the five composers who died before 
Rosa and it ends with the investigator 
presenting 10 dues that were c omm on to 
the first six murders. 

“The first and last victims are known,” 
Andriessen said with a smile. “Peter 
would like you to believe the others exist- 
ed. LOO.” 

Andriessen, who first worked with 
Greenaway in 1991 on a television film 
called “M Is for Man, Music and Mo- 
zart," recalled that he had once asked 
the director to explain all the sex. vio- 
lence, rape and blood that he portrays. 

“ ‘I follow my nose,’ he told me.” the 
composer said. But now Andriessen has - 
his own explanation. “It may seem lo be 
about sex and blood, but above all it is 
very intellectual, very symbolic,” he 
stud. 

Whether cerebral or theatrical, Green- 
away even plays a final trick on the 
audience. After the final cur tain, a rap 
singer, the American Phyllis Blanford, 
suddenly appears on a balcony to sing an 
index to the opera that is projected onto 
a huge screen. Some people leave, some 
people Slay and for 20 minutes Blanford 
belts out her definitions from “abattoir” 
to “zigzag ” 

Greenaway has now headed off to 
Japan to shoot h is next film, “The Pillow 
Book,” his version of a classical Japanese 
story in which, be said, “a contemporary 
courtesan enjoys having her body writ- 
ten on by her lovers.” In this way, he 
added, carnality and literature are juxta- 
posed. 



Dctn nn MetT'b 

Van Kralingen . left, and Angel in “Rosa: A Horse Drama . " 


Small Is Better in 2 New Musicals 6 Reigen’: Vienna in the Round 



By Sheridan Morley 

International Herald Tritime 

L ONDON — There are two new 
musicals this week of wildly (Ef- 
ferent aspect and intention, but 
going to prove that small is beau- 
tiful and big can be horrendous. At the 
King’s Head, “Stairway to Heaven” is a 
mini-staging based on “A Matter of Life 
and Death,” the Powell-Pressburger movie 
classic in which David Niven went on trial 
for his life after a heavenly angel had 
somehow failed to scoop him up from a 
wartime crash. 

The film was an often unwieldy debate 
about the afterlife and die relative merits of 
love and living, but from it two young 
composers, Tam Morgan and Kevin Met- 
chear, have with their director, Dan Craw- 
ford. crafted a small-scale musical of tre- 
mendous period charm, complete with new 
songs that sound as though they were writ- 
ten 50 years ago. At least two of these 
numbers, “Everyone's a Fool in Love” and 
“What Keeps Dreamers Awake,” make one 
ache for the cast recording, but most impor- 
tantly the show keeps the King’s Head flag 
flying for the kind of musicals we are always 
told they don’t write like that any more. 

“Out of the Blue” (Shaftesbury) is also 
set against a World War E backdrop, but 


that is the only link. Not so much “Miss 
Saigon” as “Miss Shogun.” this one is a 
breathtakingly bizarre sing-along about 
the emotional and clinical fallout of the 
Nagasaki atomic bomb. 

With casting not so much non traditional 
as nonsensical, so that a black actress plays 
the daughter of a Japanese nurse and a 
white American doctor, songs that never 
quite seem to get to their main melody and 
a deadly solemnity about the lyrics (“The 
wailing dead of Tokyo — heroic, stoic, 
manic”), it is hard to understand how “Out 
of the Blue” ever pot to a first read through, 
let alone a first night. It will soon I fear be 
“Into the Red,” a terrible warning to any- 
one who believes that Boublil-Schonberg 
shows are easy to echo even when you 
haven’t got a halfway adequate story line. 

At the newly fitted Jennyn Street The- 
atre, a welcome revival of Stephen Mac- 
donald’s “Not About Heroes,” the play 
about Wilfrid Owen and Siegfried Sassoon 
in World Warl and derived from their own 
poetry and letters of the period. Essentially 
a “Journey’s End” set bade from the 
trendies, it remains a clenched and ineffa- 
bly English love story about two men who 
could never quite face up to their own 
passion or the death that was to claim 
Owen just a week before Armistice. In 
Nick Ellsworth’s production, Baal Hos- 


BOOKS 


kins is wonderfully touching, though the 
age gap here with Adam Warren's Owen 
seems a little too wide. 

And finally, on the National’s Cottesloe 
stage, another welcome return: Harold 
Pinter’s “Landscape” of 1969, about the 
mysterious retainers in a long-deserted 
counnv house, totally wrapped in their 
individual and conflicting memories of 
other lives. Jan Holm and Pendope Wilton 
are definitive. Seen again for the first time 

LONDON THEATER 

in 20 years, the much-advertized Pinter 
mystery does seem to be. as he always said 
it was, a little less mysterious. Clearly these 
two people are married, and clearly the 
wife has been unfaithful to him at least in 
spirit. Holm excels at internal exile, and 
Wilton at unspoken emotional agony. As a 
team, they reflect, better than any other, ; 
Pinter’s concerns with the trickery of mem- 
ory and die nature of servitude, both 
strong themes of the movies be was writing 
around the time of “Landscape.” 

His prod u ct i o n , originally for the Gate 
in Dublin, has tremendous authority and a 
kind of musical power, as though the 
whole piece had been written as a sonata 
instead of a duologue. 


FLESH AND STONE; 

The Body and the City in 
Western Civilization 

By Richard SennetL 431 pages. 
$ 27.50. Norton. 

Reviewed by 
Witold Rybczynsld 

R ichard sennett, 

who has written interest- 
ingly about urbanism in “The 
Conscience erf the Eye” and 


“The Fall of Public Man," sets 
out here to trace the history of 
urban life using a familiar out, 
at die same time, surprising 
yardstick: the human body. 
Sennett proposes to examine 
the evolution of cities according 
to people’s bodily experiences, 
that is, as he pats it, “how wom- 
en and men moved, what they 
saw and heard, the smells that 
assailed their noses, where Matey 
ale, how they dressed, when 
they bathed, how they made 


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ADVKI, HOW-TO 
AND MISCELLANEOUS 


bara De Aagdis - 


love in cities from ancient Ath- 
ens to modem New York.” 

This is a tall order. Rather 
than providing a comprehensive 
history, Sennett has written what 
is, in effect, a series of essays. He 
has chosen to describe particular 
dries at particular times, includ- 
ing Athens in the time of Peri- 
des, Hadrian’s Rome, Renais- 
sance Venice, Paris during the 
Revolution, Edwardian London, 
conte mporary New York City. 
This succesriuDy conveys the flah 
vor of urban life at different 
times, and also permits the au- 
thor to indulge in explorations of 
a wide range of anduaxy subjects 
like homoerotic relations in an- 
cient Greece, the contrasting ar- 
chitecture of the Acropolis and 
the Pantheon, the Venetian in- 
vention erf the Jewish ghetto, the 
technology of the gitillotme and 
the sodairevohition mangnrated 
by the London Underground. 

“Flesh and Stone” is a fasci- 
nating excursion with an eru- 
dite guide. Sennett writes with 
intelligence and grace although 
he has die academic’s irritating 
habit of incessantly quoting 
secondary sources, which inter- 
rupts his narrative to no good 
end; one wishes, instead, to 
have heard more of his own 
dear, compelling voice. It is a 
voice that brings the past to life 
— particularly m the part of the 
book that deals with Athens 
and Rome — r and convincingly 
describes the way in which 
these very different cultures ex- 
perienced dty life: Athens 
through rhetoric and Rome 
through the eye. 

In an engaging chapter on 
E.M. Frasier’s London, Sen- 
nett discusses the evolution of 
comfort and its impact not only 
on seating furniture but also on 
caffcs and pubs, railroad car- 


riages and private rooms. What 
does this have to do with the 
dty? A great deal, it turns out 
As buildings became more com- 
fortable, they also became more 
self-contained and separated 
from the public spaces outride 
— technologies such as electric 
lighting m echanical ven tilati on 
and elevators saw to that. And 
comfort affected streets in an- 
other way, turning them into 
chiefly places of rapid and effi- 
cient movement 

If the author’s prognosis is 
bleak, it is because the theme 
that finally emerges is one of 
dries as places of tension and 
contradiction. The industrial 
modem dty transformed a sense 
of place into mere space which 
could be mrae coDveaientij' sub- 
divided, sold and economically 
exploited. According to Sennett, 
at the center of tire dty in West- 
ern culture is a series of deeply 
rooted and unresolved flaws; 
perhaps it is no surprise that our 
own dries, likewise, should be 
far from perfect 

Witold Rybczynski, the 
Meyerson Professor of Urbanism 
at the University of Pennsylva- 
nia, wrote this for The Washing- 
ton Post. 


Books reviewed or listed 
are available from: 

BOOKS, TAPES 
& SOFTWARE 
WORLDWIDE 

136 Chestnut Circle, 
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USA 

Phone/Fax {617} 259-9435 
CompuServe ID# 70473,1000 


By David Stevens 

International Herald Tribune 

P ARIS — Arthur Schui trier’s “Rei- 
gen” had nothing but trouble from 
censors, morals police and scan- 
dalized audiences until the fed-up 
author made the play off limits for theaters 
as long as it was not in the public' do main. 

It stiQ is not frequently done. But almost 
20 years after Schni trier’s death and 50 
years after be first published it privatdy, it 
became a dassic of French cinema as “La 
Ronde,” by Max Opbfils, and now it has 
become an opera that looks like a winner. 

“Rdgen,” the opera, by the Belgian 
composer Philippe Boesmans, set to a li- 
bretto by Luc Bondy. had its first perfor- 
mances last spring in Brussels, where it was 
revived this month before coming to Paris 
for three enthusiastically received perfor- 
mances at the Chaieiet under the wing of 
the Festival d’Automne. 

Schni trier’s plays are X-rays of Viennese 
society in the days of Habsburgian decline, 
ironic and cynical, yet, under their elegant 
surface, with a detached sympathy for his 
characters. 

“Rdgen” is a tour de force, a round 
dance of sexual promiscuity and social 
facade. Each of its 10 scenes is a sexual 
encounter from which one partner goes on 
to the next scene with a new partner. It . 
begins with the Soldier and the Prostitute 
ana goes up and down the social ladder, 
ending with the Count and the Prostitute, 
and with a scene of the Young Woman and 
the Husband as the centerpiece. Unspoken 
but implicit is the one tiring they all share 
(Schni trier was a doctor, after all). 

Bondy, who staged the opera, has 
shrewdly adapted the play, sticking close 
to the original text (the work is sung in 
German), making judicious cuts, but also 
malting clever additions. Thus, an anony- 
mous couple sing of undying love while the 



NUnc-ViCKc M.'Vti 


Pollet and Hamilton in “Reigen. ” 

Soldier brutally “makes love" to the 
Chambermaid. Schni trier’s Actress be- 
comes a Singer, opening the way to some 


only when I ring in old-fashioned operas,' 
says she.) 


Each scene’s climactic moment, so to 
speak, is wordless in the text, but becomes 
an orchestral interlude in Boesmans’ score, 
of which the funniest is the Handelian 
fanfare that signals the Young Man’s suc- 
cess after a disappointing first try. 

In all. it is a shrewd operatic adaptation, 
and the composer has grabbed the ball and 
run with iL Boesmans uses his trig orches- 
tra with great flexibility and a rich sense of 
color, giving each scene its own particular 
atmosphere. The music is eclectic yet 
somehow quite personal and above ah 
singable. This should appeal to any opera 
house that wants to expand its contempo- 
rary repertory. 

The 10 roles are about equal in length, 
although some are more equal than others. 
The work builds to its natural peak in the 
meeting of the Count, almost unhinged by 
timidity and good fortune, and the extrav- 
agant Singer, and Framjoisc Pollet and 
Dale Duesing played the scene over the top 
(in Duesing's case the top being a falsetto 
as secure as his true baritone). 

Patrick Davin conducted with mastery 
of the score and his musical forces. Solvezg 
Krin gel born (Young Woman), Deborah 
Raymond (Prostitute), Franz-Ferdinand 
.Nentwig (Husband) and Ronald Hamflton 
(Poet) were impressive singing actors, but 
there were no weak spots in a cast of 10 
good roles and no weak ones. 

Another innovation of Bondys was the 
invention of a silent character — played 
and choreographed by Lucinda Childs — 
who was sometimes a real androgynous 
person, a waiter or cleaning woman, and 
sometimes a phantom presence, there but 
unseen. The idea was not always convinc- 
ing, but ChQds was always elegant about iL 

Erich Wonder’s sets were little master- 
pieces, takeoffs on Viennese interiors, en- 
hanced by Susanne Raschig’s costumes 
and Max Keller's righting. The urban 
backdrop for some of the scenes was sug- 
gestive of Vienna without being specific. 


Stones Set European Tour 

The Associated Press 

PALM BEACH, Florida — The Rolling Slones, in the midst of 
their U. S. tour,, have announced their European tour schedule. It 
opens in Stockholm on June 3 and will continue in Finland, 
Norway, Denmark, the Netherlands, Germany, Belgium, Italy, 
France, England, Spain, Portugal and Switzerland through Aug. 19. 
Shows will be announced later in Poland and the Czech Republic. 

The U.S. tour has been extremely successful, according to 
promoters wbo say it has played to more than 2 million fans already. 
Tike U. S. concerts should bring in more than $120 million, possibly 
as much as $130 million, a spokesman said. 


INTERNATIONAL TELEPHONE COMPANY 

WORLDWIDE CALL BACK SYSTEM 

Now offers Direct Dial to anywhere 
in the world at Call Back Prices. 

! Fax & Data can also be used with ITC’s Direct Dialer. 


In this Thursday’s 

HEALTH/SCIENCE 


The Jury 
System 
on Trial 


P sychological 
studies look 
at how verdicts 
are reached 



International Telephone Company 
290 Pratt Street, Meriden, CT 06450-2118 
1800-638-5558 ext 111 ! 203-238-9794 
Fax:203-929-4906 


INTERNATIONAL 


nnixtirb im nr «» ion this w to h imchi. i 




9 


ASIA AND THE PACIFIC 1994: 
MERGING BUSINESS AND THE ENVIRONMENT 


The Regent Bangkok, Thailand - December 7-8, 1994 



An international environment forum, designed to promote dialogue between 
government ministers, leaders of business and industry and leading environmentalists 
worldwide, with a view to harmonizing economic growth and sustainable 

development: 


For further information please contact: 
Vivien Peters, Asia-Pacific Conference Office, 
International Herald Tribune, Hong Kong 
Tel: (852) 9222 1163 Fax: (852) 9222 1190 


CONFERENCE 

ORGANIZERS 

HraibSSribnne 



Thailand Embawai Wbu (THJ 























































































































INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1904 


ADVERTISEMENT 


ADVERTISEMENT 



Welcome to the Mexico Investor, The goal of these pages is to provide readers with some insights into 
the economic growth and rapid developments that are taking place now in Mexico. President Zedillo's 
vision of the future is accompanied by interviews with business and government leaders in several key 
sectors including commerce, finance, telecommunications and infrastructure . 


Mexico's New President Looks Ahead 



Dr. Ernesto Zedillo. President of Mexico 


"A better standard of living for the 
Mexican population depends on economic 
growth coupled with price stability." 


What remains unfinished in the 
revolution that has taken place in 
Mexico? What is the job that you will 
have to do? 

The previous administration stabilized 
the economy and prepared the country for 
economic growth. Our emphasis will be on 
microeconomics and productivity within the 
framework of a highly prudent macroeco- 
nomic policy. 

Through deregulation and the support of 
small and medium-size businesses, we must 
now promote competitiveness and produc- 
tivity while preserving stability. We will also 
aim at reducing the inflation rate even fur- 
ther, through a policy of healthy public 
finances and a prudent monetary policy. 

Do you have any goals for your first 
hundred days in office? 

Rather than talk about any specific goals 
for a determined period of time, I would 
point out some of the immediate priorities of 
my future administration. 

• Spur growth in the Mexican economy, start- 
ing with about a 4% increase in 1995. The 
challenge is to create one million jobs per 
year, while maintaining stability. 

• Combat extreme poverty. I have proposed 
the National Poverty Abatement Plan, 
which will have two tracks: guaranteed 
access to basic services such as education, 
health, nutrition and housing to the poor- 
est sectors; and more employment opportu- 
nities for the needy. 

• Overhaul our justice system. We wish to 
examine everything— from making sure that 
the judiciary is really independent to increas- 
ing the efficiency and professional capacities 
of law enforcement institutions, limiting acts 
of authority, simplifying rules of procedure 
and providing sufficient legal security for 
everyone, including investors in Mexico. 

• Put democracy in Mexico under a micro- 
scope. We want to open the decision- 
making process to the people and create a 
more productive dialogue between legisla- 
tive and executive branches. 

• Make the PRI fully independent from gov- 
ernment and more transparently democratic 
in the selection of its candidates; a process 

already under way. 

The well-being of the Mexican family 
has been stated as one of your top 
priorities. How do you envision the 
Mexican family gaining from your 
administration's policies? 

The well-being of the Mexican family is 
in fact the central objective of my economic 
policy proposal. Until now, the well-being of 
the population has suffered from a lack of 
real economic growth and the concentration 
of wealth. Until very recently, the economy 
was stagnant and the population was grow- 
ing so we were trying to distribute the same 
size pie among more and more people. We 
now must make that pie grow faster than 
the population, so that there is real growth 


in wages and income. 

Concentration of wealth was caused by 
an import substitution model that, in the 
long run, favored capital at the expense of 
labor, and that labor was later hurt once 
more — again favoring capital — by high infla- 
tion. A healthier, open economy with low 
inflation allows us now to correct that 
income distribution. One of our most abun- 
dant resources is labor. By investing in work- 
ers' education and job training, we will boost 
competitiveness along with wages, and this 
will create better income distribution. 

Hence, economic growth and a better 
income distribution will lead to higher stan- 
dards of living for the Mexican family. 

Regional economic development is 
another part of your plan. What do you 
see as the keys to successful regional 
development? 

First of all, l see regional development as 
a key element in my National Poverty Abate- 
ment Plan. Regional development hinges on 
what I have called a new federalism and it 
will be forged out of change— political, 
social, legal and economic change. 

We must experience a profound realloca- 
tion of real power, authority, responsibilities 
and resources from the omnipresent federal 
government to the state and municipal bod- 
ies. By decentralizing the federal govern- 
ment and shifting responsibility for public 
expenditure and investment funds to state 
and municipalities, we will be able to better 
address the individual concerns of each com- 
munity. The regional development strategy 
includes: providing credit and saving services 
through local financial institutions; deregu- 
lating at the local level; investing heavily in 
infrastructure; and communicating regularly 


with state and local authorities. In short, we 
are looking at a transfer of responsibilities, 
resources and decision-making powers; invest- 
ment in infrastructure; and promotion of prior- 
ity regional projects. 

I'm sure you are optimistic about the 
growth of the Mexican economy. What 
means will be available to encourage 
foreign investors who want to 
participate in this growth? 

First of all, let me say that I regard pri- 
vate investment as a fundamental engine for 
permanent economic growth and my admin- 
istration will give private investment the 
highest priority. Foreign investment must 
continue to give complementary support to 
domestic investment. Foreign investment is 
allowing us to acquire state-of-the-art tech- 
nology and links to international trade and 
production flows. 

What approach are you planning to take 
on the development of infrastructure? 
Have you set priorities yet? 

Along with energy inputs, our priorities 
will be placed on transportation and 
telecommunications: on better transporta- 
tion equipment and on reduced lead times. 
Promoting private sector participation in 
highway construction and operation will 
expand the road network faster. 

We need to reshape our railroads both to 
modernize domestic trade and to improve 
the productivity of our ports. This wili also 
increase employment in less developed 
regions of the country. 

My proposal also contemplates a prompt 
modernization of telecommunications and its 
regulations. We will promote intense competi- 
tion in this sector in order to achieve better 


quality, lower prices and increase develop- 
ment according to the country's requirements. 
The power sector also holds great promise if 
we take advantage of the new Law of Inde- 
pendent Power Producers. The water sector 
also holds great investment potential. 

Recognizing the need for private invest- 
ments in infrastructure, I have proposed the 
creation of a Fund for the Promotion of 
Investment to trigger greater private sector 
participation in infrastructure projects. This 
fund will provide guarantees to investment 
projects, allowing them to obtain sound 
financing. It will also invest risk capital tem- 
porarily as a complement to private invest- 
ment. The profits will repay investors. 

One final word about infrastructure. 1 
firmly believe that we must work together 
with the United States on investment in 
infrastructure and environmental protection 
along our border. The North American Devel- 
opment Bank should help us in working 
together in these matters. 

Do you have a strategy for developing 
rural as well as urban economies in 
Mexico? 

Rural development requires both econom- 
ic and social initiatives. On the economic side 
my strategy is to increase production and pro- 
ductivity along with income in order to raise 
the living standards of the Mexican people. 

On the social side, we will aim at improv- 
ing health, nutrition and education. 

I intend to guarantee the permanence 
of the PROCAMPO program for at least 15 
years and to increase the direct financial 
support to the rural worker by almost 30%. 
We will also redouble our efforts to ensure 
the right of use of common lands, as well as 
recognition of deeds on family plots. 

I have made a commitment to promote 
rural infrastructure. We will also create a com- 
prehensive rural training system to help with 
technical advice, technology transfers and 
organization using producer organizations, 
research and advisory firms, state universities 
and technologic institutes. 

We will seek to ease direct transactions 
between producers and wholesalers by mod- 
ernizing marketing mechanisms. We will also 
try to strengthen the production capabilities 
of producers' organizations and improve 
infrastructure. We will improve credit flows 
to rural areas so that they are timely and 
delivered at competitive rates. Finally, I will 
fight bureaucracy and centralization through 
■an institutional reform of the agencies that 
provide services to the rural sector. 


Interview by Kate McLeod 











EVTERJVATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 


*. 


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advertisement 


MEXICO 


Mexico: The Next 
Five Years 

While fiscal discipline remains important, Mexico’s 
future energy will be focused on economic growth. 


To date the central theme of Mexican eco- 
nomic policy has been monetary and fiscal dis- 
cipline, with the primary aim of bringing infla- 
tion down to international levels and running 
a balanced budget. These objectives, to a large 
extent, have been achieved. Inflation has fall- 
en from triple digits into single figures and 
should remain relatively low, helped by the 
recent legislation to make the central bank 
independent On the fiscal front massive deficits 
have been eliminated. Excluding interest pay- 
ments, Mexico has been running a surplus bud- 
get for several years. 

Economic growth: Not a goal, a 
necessity 

The new administration's policy will angle 
much more toward growth. Until recently, there 
was lltt/e need to worry about the real econ- 
omy. Stimulated by reform and foreign cash, 
Mexico grew strongly in the late 1980s and early 
1990s. However, the tighter policy, measured 
in terms of real interest rates, and the real appre- 
ciation of the exchange rate resulted In a sharp 
slowdown in activity. Growth slumped to just 
0.4% last year. With the Mexican population 
expanding by 2% per annum, strong econom- 
ic growth is an absolute necessity. The fact that 
70% of the population is under the age of 25 
highlights the need for economic growth and 
the importance of job creation. 


While the new government is unlikely to 
abandon the current exchange rate policy in 
favor of a freely floating system, the possibili- 
ty exists that it will allow a little more flexibil- 
ity by either widening the current exchange 
rate bands or contemplating a one-off deval- 
uation. We also anticipate some easing on the 
fiscal side. A modest budget deficit, on the 
order of 2-3% of GDP, while leaving the pri- 


convergence of the two countries stalled and 
speculative pressure could not be contained 
with higher interest rates. 

Improved credit rating 

At present, Mexican debt is valued at just 
below investment grade status. The dramat- 
ic decline in inflation, the new-found fiscal 
responsibility and the government's move to 
deregulate and free up the economy make a 
strong case for upgrade. However, it appears 
that the risk of social and political unrest is 
the main reason why Mexico has so far failed 
to reach investment standard. 

Mexico may need to experience 12-24 (peace- 
ful) months before a formal revision is consid- 
ered, in which case Mexican debt could reach 



f — ^ 

Year-' . >/■:•••■ 

RffifitAsr i ■ 


1994c ; C‘"v ' 

. ' t995yt99S : 1 ! .-*■ ' 

• - . 1.U 

. 4.0 

■ v • 7,i iTr- 

-a;. ; 

T994*; •/;. 
■1S9&A99&:.'. • 

1997,' Y' . 
'•.■1998-4999 'A''. 

■ 6.5 ■■ 

7.5. 

■*. • ' 7.0 

6.0 

Rates (Dec-%) - 

if#::-.*.; 

'’fan * 'V 1 . • . i • - . • * _• 

1994- ' 

7995*1999 

1 - Z.0-3.0 

•••-• 11.0 

Dedining spread relative to US 


Source; James Capet <S Ca. 

maiy balance in surplus, would still be consis- 
tent with the goal of reducing the public sec- 
tor debt The extra spending is likely to be chan- 
neled into business and social programs. 

On trade grounds, formal linking of the 
peso to the dollar is likely. The present system, 
with a fixed ceiling and a depreciating floor 
for the peso, could be adapted or amended to 
a fixed upper and lower band, similar in essence 
to the European exchange rate mechanism. As 
in Europe, a complete realignment of the 
exchange rate would be an option in case the 


investment status in 1996. Assuming no broad 
change in economic policy and a social peace, 
further improvements should be possible over 
the coming years. The attainment of middle 
investment grade status would allow Mexico 
the same access to international funds as that 
currently enjoyed by Malaysia and Thailand. 

What are the risks for Mexico? 

The growing current account deficit has 
caused some concern. At present, this is run- 
ning at around 6% of GDP, a high level by inter- 


national standards. In the past justification of 
the high deficit has been rationalized partic- 
ularly by Mexico's need to expand its produc- 
tive base through the import of investment 
goods and by the fact that the country has, in 
the recent past, been able to attract foreign 
capital to finance the shortfall on the current 
account. These justifications may support 
investor confidence near term, but they are 
subject to sudden change and therefore 
present a risk. 

A second concern is the possibility that the 
new government will reverse the dramatic 
progress seen over recent years on deregu- 
lating the economy, improving the country's 
underlying economic position and stimulating 
investment. The social unrest has put pressure 
on the government to lean toward a more 
growth-oriented strategy and to relax the tough 
budgetftight money policy. 

The Chiapas uprising highlighted the per- 
ceived failure to address pressing social issues 
in a country where impressive strides in macro- 
economic reform have been accompanied 
recently by declining per capita GDP. There- 
fore, social policy will undoubtedly receive 
greater emphasis now. However, a complete 
economic policy about-face seems unlikely. The 
reform process has simply come too far and 
achieved too many tangible results for the gov- 
ernment to even contemplate such a reversal. 
Furthermore, the alternative of generating 
economic growth through accelerated public 
spending might put Mexico back on the early 
1 980's debt crisis path. 

Nigel Rendell is an Emerging Market 
Strategist at James Cape! & Co., in London. 



CEMEX's 

Growth 

is built on solid foundations: 
cement and ready-mixed concrete 

Cemex is the largest cement 
producer in the Americas, and 
leader in Mexico, Spain, Venezuela 
and Panama. 

The vigorous growth of the Group's 
earnings is based on a sound 
financial structure, a commanding 
presence in expanding world 
markets, and proven management 

Cemex's international operations, its 
program for asset development and 
the continual modernization of its 
facilities secure the Group's position 
as a world class company. 

j 

Cemex is consolidating its 
leadership position by meeting the 
I construction demands of the world's 
fastest growing markets. 








SOLID CEMENT GROWTH 


For further Information: 

CEMEX Corporate ConuBnnkaUoa Departmeat 
Avenlda. Con$timd6n 444 Pie-, CP. 64000, 
Monterrey, Nuevo Ledn, Mexico., 

Phone: 52(8) 328^000 • Fax 52(8) 328-3240 



Casa Autrey 
Gets Your Products 
To The 
Mexican 
Marketplace 


Since 1892, Grupo Casa Autrey’s mission has been to distribute and 
market a wide range of products throughout Mexico. Our commitment 
to provide high quality services has enabled us to maintain our 
leadership position in the commercial and retail industry in Mexico. 

Our clients are both domestic and international suppliers as well as 
25,000 of the countries’ finest points of sale. We provide our clients 
with a wide range of marketing services to support and stimulate 
product sales. 

Casa Autrey is Mexico’s leading distributor of pharmaceutical 
products, health and beauty aids, food, candies and many other 
consumer goods. 

Grupo Casa Autrey 

We are your gateway to the Mexican Marketplace. 



For more mfimnation please call 

Jorge Oria, CFO 01 f-(525}-227-4559 

Kathy Liebman (212)688-5144 

N«ahuaio5yud No. 79 Col. Centm Mexico, D.F., 06080 Mexico 


Mexico 

USA 






INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 



ADVERTISEMENT 





ADVERTISEMENT 


Mexico's Financial Markets 


Open and very busy. 


With foreign banks entering Mexico, a 
dark era comes to an end. In 1982, 
banks were nationalized in an attempt 
t° reign in uncontrolled borrowing and 
restructure debt. Ten years later, with 
Hie debt crisis passed, Mexico privatized 
its banking industry. Now, the banking 
sector has been opened to foreign 
competition. In 1995 nearly 50 foreign 
banks, brokerage houses and insurance 
companies will be taking the giant step 
of establishing corporate offices in 
Mexico. Eighteen of these are newly 
authorized, including Citibank, Chemical 
Bank, American Express, Fuji Bank and 
Santander Bank, and are expected to 
have an important impact on Mexico's 
economy by pumping billions of dollars 
into Mexico's financial system and 
creating increased competition. -Ml 

National Financiera: 
Thinking Small? 

National Financiera is a 
second tier bank. , focusing on the 
development of small business. 

National Financiera, known as Nafinsa, is 
a 60 year-oid government bank with a new 
lease on life. Originally conceived to finance 
large infrastructure projects, it now loans money 
to companies that range in size from 15 to 250 
employees and from $2 million to $6 million in 
sales. "These companies," says Arturo Ortiz 
Hidalgo, Nafinsa's Director General, "consti- 
tute around 90% of all the enterprises In Mex- 


LA BOLSA LEADS EMERGING MARKET INDEXES 





gins and longer 
tenures both outside 
Mexico and in the 
domestic market "As 
a matter of fact," 
says Hidalgo, "we 
are the only institu- 
tion in Mexico that 
is able to fund itself 

, , . Arturo Ortiz Hidalgo ■. 

TOT tne very long Director General of Nafinsa 



Source: La Bolsa 

ico. They are important because they create 
more jobs than large companies and act as sup- 
pliers to large exporters. The underlying goal 
is that these companies modernize and become 
more competitive." 

Nafinsa is also helping to decentralize the 
Mexican economy by developing industrial sites 
in less developed states of Mexico, particularly 
in the southeast where there are a number of 
smaller enterprises. Another feature of Nafinsa 
is to promote the growth of Mexican enterprises 
with equity participation. 

Accordingly, Nafinsa never has more than 
25% equity ownership in a company, deciding 


upfront when to disinvest It attracts other cap- 
ital, both domestic and foreign, by promoting 
projects through chambers of commerce, devel- 
opment banks and other appropriate outlets. 
Attracting foreign investment means finding 
companies that will bring not only capital, but 
additional elements like markets, managing 
capacities and technology. 

Nafinsa's strength lies in how it channels 
loans through the commercial bank system. 
Local banks do the credit analyses and take the 
risk. Nafinsa, being in a better position to access 
capital, does the financing. As a government 
entity, rt can obtain lower spreads, lower mar- 


term— important — 
because another objective is to develop capital 
markets in Mexico. We issue new instruments 
in the domestic markets to attract new investors 
in the short; medium and long terms. The longer 
term is up to 20 years, which is very long for 
Mexican standards — a real achievement 

"We have also been helping to develop the 
intermediate market— the equivalent of NAS- 
DAQ in the U.S. There are now seven compa- 
nies being quoted in that market. National 
Financiera was the financial agent for six of 
them. Fifteen years ago, we provided liquidi- 
ty to many of today's well-known shares by 
attracting investment. Now we're concentrat- 
ing on the new segment." 

Nafinsa's lending quota, the equivalent of 
$20 billion, up from $15 billion last year, will 
grow in the coming years. Its goal is to finance 
161,000 companies. "But," says Hidalgo, "it's 
important to know that we are a self-sufficient 
enterprise. We don't receive a budget from the 
government We obtain our financing from the 
markets and we have to maintain this capital 
and obtain a profit above inflation." -Ml 




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MEXICO: 

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Identifying potential partners and 
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Financing your investment through 
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DCVflLOPMEMTBANaONC INSTITUTION 


III 




INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 



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advertisement 


MEMSCO 


Commerce and Investment in Mexico 


Basking in 
Foreign Capital 

Mexico’s tourism industry has always 
been good. But it’s 
going to get hot. 

Tourism is an important sector for Mexico, 
it employs roughly 2 million people — about 
10% of the labor force, and it brought in a lit- 
tle over $4 billion last year, making it a very 
important source for foreign exchange. 

According to Jesus Silva Herzog, Mexico's 
Minister of Tourism, "this is relatively mod- 
est compared to the possibilities that tourism 
holds. I don't think any other sector within 
the Mexican economy has the capability of 
generating greater employment which is one 
of the challenges we as an underdeveloped 
country are facing. And no other sector can 
generate foreign exchange earnings like the 
tourist industry in Mexico, not only from a 
quantitative point of view, but in a sustain- 
able way. Right now, we are getting a few 
billion dollars of capital moving into Mexico, 
but in ten years time, those financial sources 
could move to another financial center, which 
is why tourism can become a much more 
dependable and sustainable source of foreign 
exchange earnings in Mexico." This overview 
is not overly optimistic. In the most impor- 
tant tourist countries in the world, tourism 
contributes around 3% to the gross national 
product. So, in the coming years, Herzog pre- 
dicts that the tourism sector will substantial- 
ly increase its contribution to the gross nation- 
al product. 

Given the precedents of the past, tourism 
wili be a boon to regional development. 
Consider that 25 years ago Cancun was a 
village with 200 people; today it is a city with 
over 300,000 people. With a new foreign 
investment law, foreign capital is being invest- 
ed in golf clubs, hotels, marinas and recre- 
ational facilities. 


Talking Up 


sees a continuation. 


Smce T98&, Mexico has^ce^edjt»>re than 
$5G&ltfon ih chrecfc-forelgn Hrtyestm^mr one- 

* . * * •* . •*l * . *,* y **.••* *, * * ♦ ,* f \ * .*} ♦ * J 

* r • >■ • «— Ju.' -.t 


sart^-nift^ months, total tt.S.-JWexiCcr trade 
grewabout over 15^3, on tr&cfc td exceed 

$50 

•. V Ernesto Zecfiiloassumesrthepres- 


: than eva; a<cordir^ io pr : p$mm k> Bianco, 
wfibs sis iv&deb's chief negotiator for NAFTA, 

very sucqeSs&l in export- 
jng.andattritwjgrfpreign investment Prob- . 

\ ' ^ ■ -rj-'Li-li. 4 . 


not had adTffffcuit ppStical yeat^saysOr. Blan- 
co, undersecretary of international negotia- 
tion with the Mexicari Commerce Ministry. 
"But & billion in the first eight months is 
quite .a.&icasss story. '••• 

.• "Mexico's success," said Dr..Blanm "is large- 
ly attributable to the economic and pothicai 
reforms that qualified the country to partici- 
pate in NAFTA. Since NAFTA's enactment the 
growth in U.5.-Mexico trade has been nothing 
short of 'amazing'/ said Dr. Blanco. Auto- 
mobile^ auto parts and electric appliances have 
led the way, while the country's biggest imports 
from the U.S. have been automobiles as well 
as telecommunications equipment and con- 
sumer goods. 


And, as the U.S. Congress balks on extend- - 
ingfast-track negotiation power to further 
expand trade, Mexico is fast becoming the 
prihcipai gateway for trade to Latin Ameri- 
can markets. The country already has a free 
trade agreement with Chile, and will soon be 
implementing pacts with Costa Rica,. Colom- 
bia, Venezuela, Bolivia and other nations of 
the region, and is looking to build ties to Asia 
and Europe. . 

"Instead of getting more focused on the 
U.Si, my forecast is that we will diversity. If 
world class Mexican companies have the qual- 
ity to.export to the U.S., then We have the 
quality to export anywhere/ says Blanco. 
And, Mexico's proximity and lower trans- 
portation costs to North America and the rest 
of Latin America allow it to compete hand- 
ily with the Far East. , 

Overseas businesses interested in Mexico 
can contact the Mexican Investment Board, 
which helps foreign business find partners 
and financing for projects in Mexico. Embassies 
and trade missions are other routes to mar- 
ket entry. Some U.S. states like California, 
Texas and Arizona, maintain offices in Mex- 
ico City that will assist businesses entering the 
Mexican market. 

John Nagle is a freelance writer in 
Mexico City, 


he says, "Casa Autrey distributes to retail 
outlets in Mexico, both the big chains like 
Wal-Mart and Cifra and the thousands upon 
thousands of farmacias, or independent drug- 
stores, that form the basis of pharmaceuti- 
cal distribution in Mexico." This distribution 
knowledge is instrumental to U.S. brands 
that want their products on the shelves in 
Mexico. Blue chip American names like Lysol, 
Mars, Gillette and Kodak— all Autrey clients— 
show that there is a confidence in Autrey's 
penetration of the market. 

But Sergio Autrey feels that distribution 
is only one part of the challenge. The real key, 
he says, is having a deep knowledge of the 
customer. Casa Autrey, he believes, has the 



How does Mexico ensure this sector's 
growth? "We have to become a tourist des- 
tination with better quality and improved 
services and that calls for better education 
and training. We have to promote Mexico in 
a more efficient manner. We have to improve 
our infrastructure/ says Herzog. -Ml 


Casa Autrey: Know Thy 
Customer 

After 102 years in the distribution 
business, Casa Autrey is a savvy link 
to the Mexican consumer. 

Sergio Autrey is the president of Grupo 
Casa Autrey. "Among other businesses," 


knowledge and uses added-value services like 
promotion and marketing, along with its wide- 
spread distribution, to make a difference to 
manufacturers. "It's not only the infrastruc- 
ture. We bring brands to Mexican customers 
quickly and with an understanding of the cus- 
tomers' desires. We're always improving our 
merchandising of OTC and beauty products 
and general merchandise." 

Casa Autrey also created a micro-revolu- 
tion at 425 pharmacies by installing PC ter- 
minals. Now owners, who previously had no 
idea of up-to-the minute inventory, profits 
and merchandise sales, have this information 
at their fingertips. -Ml 


Grupo Posadas: High 
Standards, High Returns 

As Mexico’s tourism booms , 

Grupo Posadas leads the way. 

Grupo Posadas is the largest Mexican cor- 
poration in the tourism industry. And with 
nearly 1 1,000 rooms under management, it is 
the largest hotel operator in Latin America. 
But Grupo Posadas is more than a hotel man- 
agement company. Over three decades, it has 
been a project developer and an investor in 
Mexico's tourism industry, all within a tight 
operational structure. Grupo Posadas is a pub- 
lic company. Currently, it is the only Mexi- 
can hotel stock being traded. In fact it is expect- 
ed to outperform the market in 1994 and 1995. 

The company's business strategy has been 
to maintain the highest stndards through the 
use of state-of-the-art technology in its oper- 
ations systems as well as its reservation system. 

The business traveler or tourist will know 
Grupo Posadas through its hotel names. Fies- 
ta Americana and the Fiesta Inn. Currenty it 
operates 44 properties throughout Mexico, 
8 properties in Texas and California and 8 hotels 
in Venezuela and Nicaragua. -Ml 


Grupo Domos: Global and 
Diversified 

Looking for world-class partners, 
worldwide. 

Grupo Domos (GD) acquired international 
recognition when in mid 1994, it bought 49% 
of ETEC, the Cuban telephone company. This 
purchase gave Domos the right to operate ETEC 
for up to the following five years. At present, it 
is also pursuing many Mexican telecommunica- 
tions projects. 

Contributing international quality standards 
and efficiency, GD forms alliances with worldwide 
leaders to gain technology, operative experience 
and access to international investment markets. 
GD contributes Mexican market expertise, pro- 
motion and management Over the next two years, 
Domos anticipates investing $5.5 billion in telecom- 
munications projects and ongoing operations. 

GD's environmental division specializes in 
solid waste management, water softening and 
conditioning, vehicle emissions, site remediation 
and hazardous waste recycling. GD wants to 
develop this division into a self-supporting syn- 
ergetic group of companies through foreign cap- 
ital investment. -Ml 



: ”V.: 






I .- tv.-- 





Mexican • '• 



ftortvgcwemmeht andptivate sectotfor W mtfes of a ; • . ■ 
wfflx Art service operation increased i9Q% .dyer meaiast mafoiv ;•$'■■■ 



Two Decades in Developing, Our Investment Into a New Century 


I 

(f jj fi. onotm~, Mexico's National Fund fix the Development of Tourism, has been an essential pvt 
C/ of the soriol, economic and touristic growth of Mexico for twenty years. Gaicun, (xtopa, 

loreto, Los Cains, and the Bays of Huotuko, represent the highest of institution^ occompfehments. 

Fonofur's developments generate 33,1 10 direct fobs and 106,352 indirect ones. With 7.7% of the 
tofai rooms in the country, m 1993 Fonofur's developments received 29% of df foreign tourism A population of 336,000 inhabitants make up all five 
developments, (n 1993, Fmaturis five developments secured 39.2% of the total foreign revenue. Fonatur has financed 31 % of all hotels in the country. 
Fonafur centers feature today's most expensive tmd diversified hotels. For oformafiau voice and 16x525543721 1 






FONMUR 

rr.'IaocV’-T 

MEXICO'S TOURISM. AN INVESTMENT OF THE HIGHEST POTENTIAL. 






UNTEKNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 


' ,..v 


* 




ADVERTISEMENT 


mehico 


ADVERTISEMENT 


People " the Mexican 

Roberto Hernandez heads the largest 
bank tn Mexico, Banco National de 
Mexico, SjL (Banamex). The Mexi- 
co Investor editors met with Mr. 
Hernandez to talk about Banamex 
and about the future of Mexico. 

With NAFTA and the elections do you 
think Mexico is feeling challenged? 

Mexican people know that there is a need 
to compete and they are prepared to do so. 
The Mexican industrialists are doing very well 
against international competition. Mexico 
has come through several experiences that 
could have shaken the economy — we are 


through them and we are very well prepared 
to compete. 

What about foreign entry into 
the market? 

We have foreign competition here. I would 
say that it is fine for foreign competition to 
be here. There are 101 niches we must fill 
in banking. 

How does Banamex stand up to 
competition in Mexico? 

Today Banamex has excellent products and 
services. It has the second largest network of 
telecommunications after Telmex. We have 9.5 
million credit and debit cards and we can fol- 
low buying patterns of customers. But I would 
say that our greatest asset is the very good 


Television Azfleca: 

Turnaround City 


R icardo B. Salinas Pliego is a persistent 
man. He worked for four years to become 
the new owner of Television Azteca and 
to hear him tell rt, it was worth the effort Before 
last year. Television Azteca, like many other 
entities in Mexico, was government owned. 
And purchasing the company was like buy- 
ing a fixer-upper. It needed new programming, 
new transmitters, operating systems, fewer 
employees and a budget. So why did Safinas 
pay $640 million for this seemingly dilapidat- 
ed package? 

Location, location, location. By purchasing 
Television Azteca, Salinas actually purchased 
192 broadcasting licenses. Compare that to NBC 
in the U.S., which own 12 stations and has 200- 
300 affiliates. "In our case," says Salinas, "the 
network is a totally different thing. All 192 sta- 
tions are our own so the magnitude of the deal- 
ings is just enormous." Add to that the fact that 
there are only two national networks reaching 
95% of the 90 million people in Mexico and you 
begin to see the appeal. Opportunities like this 
come around once every century or so. 

Television continues to attract more and 
richer viewers in Mexico, according to Salinas. 
And viewers bring advertising, which is pre- 
dicted to expand along with the growth of 
wages and income in Mexico. 

Based on TV Azteca's forecast, there’s lots 
more room for the growth of advertising. 
When the station was owned by the govern- 
ment advertising revenues, which came mostly 
from the government were about $50 million, 
a negligible sum against high operating costs. 
This year, for the first time ever, the company 
posted a profit Revenues more than covered 
expenses. And Salinas is projecting a further 


• revenue increase of about 16% over the next 
three years, raising revenues to about $500 
million in 1997. This growth will come from 
two places: the advertising market will expand 
and TV Azteca wilt continue to gain share 
as the new option for advertisers in the 
Mexican market 

Part of the reason for the growth poten- 
tial is that Television Azteca is offering more 
variety in programming with an eye to attract- 
ing a mass audience. In fact, it has increased 
the ratings from 4% to 20%. The program- 
ming now includes strong news and enter- 
tainment coverage, the best sports coverage 
in Mexico and of course the country's beloved 
novelas. or soap operas. Television is strong 
in Mexico for another reason. It does not 
compete with newspapers, a big difference 
from the United States. The combined circu- 
lation of all newspapers in Mexico is less than 
750,000 per day. That's why television has 
67% of ail advertising space. 

And then there's interactive television, a 
game of chance Salinas calls Telegana. Con- 
sumers buy a little remote control costing about 
$15 that hooks up to a telephone and modem. 
A game questionnaire comes up on the tele- 
vision screen and viewers answer questions 
to win free prizes — anything from T-shirts, to 
automobiles, to fully furnished homes. The 
remote control lets them play the game for a 
whole year. Salinas believes this will attract 
a huge audience in Mexico because people 
want to win something for free. Modems? 
Hook-ups? Well, telecommunications is mov- 
ing very fast in Mexico and visionaries are in 
great demand. 

-Ml 



G R U P 0 


□□Mas 

The fastest growing telecommunications and 
ecology consortium in Mexico, with one of the most 
ambitious investment programs in Latin America. 


O ur high technology companies in the 
fields of telecommunications, ecolo- 
gy, real estate and trade look forward 

to the future. 

We are building telecommunicauons mira- 
structure that open new horizons in a nation- 
al and international basis in the areas rfloal 
wireless telephony, long distance, mobile 
communications, teleports and value added 
services A proof of that is our participation 


in Cuban Telecomms, which contributes to 
the historic restitution of the communications 
between the United States and Cuba. 

The technological alliances in the ecology 
field assures Grupo Demos' leadership in the 
areas of solid waste collecting and confining, 
water purification systems and ami-pollution 
equipment. 

We promote the development of industrial 
parks that will allow foreign countries to 


. ci JR r PISO VALLE DEL CAMPESTRE, GARZA CARttA, N.L, MEXICO, C.P. 66265 
GOMEZ MORIN vun. (52){8) ' 335 ^ 35# 356-59-41, 378-19-14 FAX. 356-44-04 


people that work here. 

We are investing in the Mexican people 
and I think that is a very good strategy. There's 
a huge unsatisfied demand among consumers 
for housing in Mexico. Recently we designed a 
low interest rate mortgage loan to accommo- 
date our customers. But at this point, people 
don't necessarily have the money to pay out 
full rates every month. With our mortgage prod- 
uct the consumer gets the lowest monthly pay- 
ment in the Mexican market. These loans rep- 
resent about 11% of the bank's loan portfolio. 
We believe it will pay off as they are able to pay 
more in 20 years. Just like in the mortgage mar- 


ket, in many areas we have been a pioneer. 

What about investment banking? 

Banamex has 48% of all the Mexi- 
can equity mutual funds under 
management. 

What other irons does Banamex have in 
the fire? 

We are forming some strategic alliances 
now. One with MCI. We're just finishing an 
insurance deal in Europe. We're forming a strate- 
gic alliance with BankOne and with GE Capi- 
tal. We've got a lot of things going. -Ml 



















pr&duds ft^ionfiumepTi 


h^iohgi^en no i LahdMS itdVpmUe ■ 

' ;i*i fnrife? ctratArtif. «na rklSfrc ■ S' ' . jatiitfami uMif> rnubriuna t/i Ttc ri icfrnmerc - . 

in 


granted a license to operate The Arheri^ri ^ftfaefricp. vve will continue to contribute to its 
depress Bank in Mexico. development" 




SUBSCRIBE NOW to the Mexico Investor quarter- 
ly newsletter and receive a 60% discount off the regular 
price. The Mexico Investor newsletter will offer insights 
into Mexico's booming financial markets, analysis of the 
complex political and social issues affecting foreign 
investors and recommendations FOR THE GREATEST 
INVESTMENT OPPORTUNITIES IN MEXICO. 


I 

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destined to become the leading publication on the 
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Or call 1-800-688-0267 and charge your subscription to your 
American Express, Visa or MasterCard. 

RECEIVE FREE INFORMATION FROM ADVERTISERS IN THIS SECTION 

□ Nafinsa □ Television Azteca □ Grupo Casa Autrey 

□ Cemex □ Citicorp □ Fonatur 

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FOR INFORMATION ON ATTENDING MEXICO INVESTOR SEMINARS: 

CD YES, I am interested in attending seminars on the Mexican economy 
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INTERNATIONAL HERALD TRIBUNE, 'WEDNESDAY, NOVEMBER 30, 1994 


ADVERTISEMENT 


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International Herald Tribune, Wednesday, November 30, 1994 



;&-***!*> 4P*«ga 


Page 11 


Romagnolo 

To Weigh 

-98B I 'Friendly’ 
New Offer 


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byBloom&erg Business NSmjfni iTSft " mpilM 



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World Index 

1V29S94 close: ! r 1. 98 
. Previous; Vt1_51 


L-J — I — L_J | L 

O N 

1994 


Approx weighting: 32 % 

* Close: 123.12 Prey.: 121.% 
“ 150 


Approx, waghong; 37% 
Close. 11351 Prow. M3.52 


*10 

J J A S O N 
1894 


North America 


J J A S O N 
1994 


Latin America 


150 


Approx, weighting: 2B% 

Close: 94.81 Prev. 95.03 


Approx, weighting 5% 
Ouse: 132.41 Pmc 127.38 


130 






O N 
1994 


The index tracks U.S. dollar values of stocks re Tokyo, New York, London, and 
Argentina, Australia, Austria. Belgium. Braze. Canada, CWta, Danmark, Finland, 
France, Germany, Hong Kong, Italy, Mexico, Netherfanda, New Zealand, Norway. 
Singapora, Spain, Sweden, Switzerland and Venezuela. For Tokyo. New York end 
London. Hie rotax is composed of the 20 lop issuos in brnns of rnadcot capioBzalhjn. 
adtemtee the ten tep stocks ate tracked. 


I fatiustriaj ^.©wtiewK* *t| 


Tut. 


% 


Tu*. 

n«r. 

% 


dan 

elan 

dmgt 


don 

don 

dmga 

Enwgr 

112£8 

111.95 

+0.65 

Capital Goods 

111.92 

11252 

-053 

Whs 

mm 

122.67 

+157 

RawlfaftnWs 

129.10 

129.06 

+0.02 

Finance 

111.66 

110.70 

+059 

Cousmer Goods 

103.14 

10325 

-0.11 

& 

113m 

113.04 

+0.48 

Uscofloneous 

115.88 

115.62 

+CL22 


For more inlomatton about the Index, s booklet iaavaiablefreB of charge. 

Write to Trib Index 181 Avenue CharieedB (Saute, 92521 NeufyCedex Fiance. 


O Imemadonal Herald Tribune 


Compiled by Our Staff From Dispatcher 

MILAN — Credit© Italian© 
SpA said Tuesday it was close 
lo agreeing with Credito Ro- 
magnolo SpA on terms of a new 
bid for Romagnolo that would 
preserve the identity of the Bo- 
logna-based bank. 

Credilo Ilaltano last month 
bid 2 trillion lira (SI. 3 billion) 
for a 48.2 percent stake in Ro- 
magnolo. having bought 2 per- 
cent on the open market. The 
bid was rqected by Romagnolo, 
but investment banks working 
for both sides have been trying 
to reach some sort of agreement 
since then. 

Romagnolo shares were sus- 
pended Monday at 17,100 lire a 
share pending an announce- 
ment. Credilo Italian© is offer- 
ing 19,000 lire a share. 

“We’ve taken note of Credilo 
Italiano’s more friendly propos- 
al , and our management will 
evaluate it in a board meeting 
on Thursday,’' a Credito Ro- 
magnolo spokesman said. 

Credito Italiano said it would 
recommend to Romagnolo’ s 
board that dividends distributed 
through 1997 not be less than 55 
percent of of the bank’s profit. 

The Milan-based bank, 
which was privatized a year ago, 
also said it would propose 
changes in Romagoolo's stat- 
utes that would require mergers 
to be approved by shareholders 
representing at least 80 percent 
of the bank’s total capital. 

Credito Italian© also prom- 
ised that minority shareholders 
would be represented on Ro- 
magnolo's board. 

in a defensive move after 
Credito Italiano’s offer last 
month. Romagnolo announced 

{ ilans to merge with a large Bo- 
ogna savings bank. Cassa di 
Rtsparmio di Bologna. That 
merger still has to be reviewed 
by shareholders. 

Terms of ItaUano's new offer 
will be announced in the next 
few days, the bank said. 

( Bloomberg, Knighi-Ridder) 


Britain’s Budget 
Aimed at Helping 
Sustain Recovery 

By Erik Ipsen 

/nimuniwf Herald Tribune 

LONDON — In a budget conspicuously short on surprises. 
Britain's chancellor of the Exchequer on Tuesday unveiled 
spending and revenue plans he said were designed “to keep 
the recovery on track.” 

In his speech before the House of Commons. Kenneth 
Clarke revised upward his forecast for economic growth to 4 
per ecu i this year, slowing io 3.25 percent next year. He also 
hailed the government’s ability to keep underlying inflation, 
now running at 2 percent — its lowest level m 27 years — 
firmly under control. 

Analysts credited the combination of be tier -than -expected 
economic growth and lower inflation with enabling Mr. 
Clarke to cut his forecast for government borrowings to £34.5 
billion ($54 billion) in the current fiscal year and to £21.5 
billion for next year. 

Corey Miller, equity strategist at S.G. Strauss Turnbull, 
said the projected drop in government borrowing provided 
“some gloss to an otherwise duD budget." 

Mr. Clarke dismissed calls for politically popular tax cuts, 
insisting they would come only “when we can afford them.’’ 
Analysts were quick lo suggest that the chancellor was hord- 
ing bis political capital for use in his next budget. That budget 
and the one after it are widely expected to include substantial 
tax cuts before the general election that must be held by April 
1997. 

Gerard Lyons, chief economist for DKB International, 
compared the chancellor's performance Tuesday to ihaL of a 
magician with a keen sense of liming. “The white rabbit will 
have to wait 'til next year to come out of the hat,” he said. “It 
was very much a ‘steady-as-she-goes. if-it-ain’t-broke-don't- 
fix-it’ kind of budget.” 

In place of sweeping visions of change, the chancellor 
focused on matters such as long-term unemployment. 

In an attempt to spur job creation for those unemployed for 

See BRITAIN, Page 12 


Iberia Workers Agree 
To Pay Cuts and Layoffs 


By Barry James 

Imemuirmal Herald Tabtate 

Workers at Iberia Air Lines 
of Spain accepted pay cuts and 
layoffs Tuesday in a labor deal 
that opened the way for a state 
bailout of the carrier and ended 
a one-day strike that had left 
100,000 passengers stranded. 

Despite the agreement. Eu- 
rope’s eighth biggest airline re- 
mained on the critical list. Gov- 
ernment aid could still be 
rejected by the European Com- 
mission in Brussels, whose deci- 
sion to allow a similar bailout of 
Air France has been challenged 
in court 

A cost-cutting deal with the 
Iberia's unions was considered 
crucial to winning the approval 
of the European Commission 
for a government capital injec- 
tion of up to 130 billion pesetas 
($1 billion). 

Iberia workers accepted an 


,500 job 
work force of 24,500. The agree- 
ment fell short of the 15 percent 
across-the-board pay cuts and 
5200 job losses Iberia’s man- 
agement proposed last week. 
But the management said in 
turn it had obtained productivi- 
ty gains of 15 percent rather 
than the 9 potent it had sought 
originally. 

The Iberia unions accepted 


or the lowest paid to 1 5 percent 


for the highest, including the 
pilots, who earn up to 20 mil- 
lion pesetas a year. 

The crisis also laid bare the 
dilemma facing several Europe- 
an airlines that depend on gov- 
ernment protection but remain 
inefficient because of lack of 
competition. The strike ground- 
ed 1.125 flights, including oper- 
ations by other airlines that 
have no choice but to use Ibe- 
ria's protected ground services. 
The stoppage cost Iberia itself 
an estimated 1 billion pesetas in 
revenue, airline sources said. 

The Iberia agreement still has 
to be approval by the union 
representing nearly 1200 pilots, 
which pulled out of the talks to 
conduct separate negotiations. 

Iberia received a 120 billion 
peseta handout from the slate 
m 1992 that was supposed to 
have been the last such aid. 

With debts estimated at more 
than 420 billion pesetas and re- 
serves of 30 billion pesetas, the 
carrier faced bankruptcy within 
four months, its chairman, Ja- 
vier Salas, said recently. The 
airline ranks I Ith in the world 
in terms of loss — $340 million 
in 1993 — and I7tk in sales, 
according to Airline Business 
magazine. Mr. S alas warned 
that the airline must dramati- 
cally cut costs before the Euro- 
pean Commission would ap- 
prove a new bailout. 

Like other struggling carriers 


OECD Chief to Keep Job for 18 Months 


Compded by Our Staff From Dispatches 

PARIS — Ambassadors 
from the 25 members of the 
Organization for Economic Co- 
operation and Development 
voted to re-elect Jean-CIaude 
Paye of France as secretary- 
general for 18 months and des- 
ignated Donald Johnston of 
Canada to become its head 
from Jane 1996 , diplomatic 
sources said Tuesday. 

The decision, which would, 
end 10 months of disagreement 
over the succession, was 


reached after 90 minutes of pri- 
vate discussions between am- 
bassadors of tbe member states. 
Approval of a new OECD chief 
must* be unanimous. 

The ambassadors were set lo 
meet in formal session late 
Tuesday night to ratify the deci- 
sion. 

The succession plan was ne- 
gotiated last week between 
France and Canada. It forced 
the United States to abandon 
its campaign to replace Mr. 
Paye immediately as head of the 


sup of the world’s richest in- 
rial countries. 

Mr. Paye, a 59-year-old for- 
mer French Foreign Ministry 
official, ended his tenure SepL 
30. Hie United States had 
sought to remove him from of- 
fice immediately, replacing him 
with Mr. Johnston for a full 
five-year term. 

When the deal to keep Mr. 
Paye on for an additional 18 
months emerged Friday, diplo- 
mats from several member na- 
tions were upset. 


in Europe, Iberia has argued 
that it needs fresh aid to pre- 
pare for deregulation of the Eu- 
ropean airline market in 1997. 

The European Commission 
already has conceded “one- 
shot, last- time” state aid for Sa- 
hara of Belgium, Air France 
and Olympic Airways, but it 
imposed strict conditions. 

As Iberia announced a settle- 
ment, the Greek government in- 
troduced legislation to save its 
national carrier, Olympic Air- 
ways, from insolvency. The Eu- 
ropean Co mmissi on in July ap- 
proved plans for the 
government to inject 545 billion 
drachmas ($2.3 billion) to help 
restructure Lhe state carrier. 

British Airways, which is 
challenging the 20 billion 
French franc ($3 billion) state 
handout for Air France in the 
European Court, said it was 
watching the Iberia situation 
carefully. 

“We are opposed to any sub- 
sidies, but if there has lo be one, 
we would expect it to be accom- 
panied by appropriate and 
meaningful restructuring,” a 
spokesman said. 

Although Mr. Salas had said it 
might be necessary to sell assets, 
a spokesman said there were no 
plans to get rid of Iberia's 85 
percent stake in Aerolineas Ar- 
gpntxnas and its investments in 
two other airlines, Ladeco of 
Chile and Viasa of Venezuela. 


A Japanese diplomat told the 
International Herald Tribune 
Friday that his government was 
against it in principle. He said it 
was “a very strange deal and 
we are really wondering if this is 
the best way to revitalize the 
OECD.” 

The United States had ar- 
gued that Mr. Paye needed to 
be replaced to reinvigorate the 
OECD. Critics of Mr. Paye's 
leadership have characterized 
the organization as slow-mov- 
ing. (AFP. AFX. Reuiersi 


Vehicle Exports 
ByJapanRise 

Compiled by Our Staff From Dispatches 

TOKYO — Japan’s vehi- 
cle exports in October grew 
4 percent from a year earli- 
er because of higher sales in 
Western Europe, the Japan 
Automobile Manufacturers 
Association said Tuesday. 

It said exports of cars, 
trucks and buses totaled 
364,439 units. 

f Bloomberg, Reuters) 


MEDIA MARKETS 


ABC Agreement: Crossing a Line? 


N 


By Geraldine Fabrikant 

Next York Times Service 

■ EW YORK — The venture 
between Capital Cities/ ABC 
Inc. and the powerful HoDy- 
wood team or David Geffen, 
Jeffrey Katzenberg and Steven Spielberg 
will be the television industry’s first m 
which a broadcast network intends to 
share advertising income and other reve- 
nue with an outside producer. 

By agreeing to share revenue, ABC 
“appears to have crossed a line that the 
networks have never crossed before, 
said David Londoner, a broadcasting 
analyst for the investment firm Werth- 
eun Schroder & Company. The deal was 
announced Monday. 

Indeed, an executive with another tele- 
vision production studio, speaking i on 
condition of anonymity, said ABC had 
probably set a precedent that other net- 
works might eventually have to follow. 

“They open up a hornets nest that 
could have huge ramifications, the ex- 
ecutive said. . , . 

“Up until tins point, the networks have 
told o/ery single supplier they would nev- 
er share in ad revenues. Now the fWdwc- 

ers who have leverage will Good the net- 
works with demands for revalue sharing- 

SmSSts of money a fail show makes 

arc absolutely staggering. hv 

The ABC agreement was driven by 
market forces bigger than the network's 


Spielberg to line up a distribution system 
for lhe programs they intend to create. 

In large part, the deal was a response 
to-a fundamental change in tbe econom- 
ics oT television. 

Under a set of federal strictures 
known as the financial interest and syn- 
dication rules, the three main broadcast 


One executive said that 
by agreeing to share ad 
revenue, ABC had seta 
precedent that other 
networks might have to 
follow. 

networks have been precluded from 
owning most of the prime-time series 
they broadcast 

Instead, they have acquired this pro- 
gramming by paying programmers the 
bulk of the production costs for network 
series in the form of license fees. The 
network recovers its investment through 
sales of advertising for tire two limes that 
a license usually entities it to broadcast a 
program. 

Under this system, the program’s pro- 
ducer typically does not recover its por- 
tion of the production costs — or make 
profits, if any — unless and until It sells 
the rerun, or syndication, rights to the 
series several years later. 


Bui as of November 1995, the three 
largest UJS. networks — ABC CBS and 
NBC — will no longer be bound by these 
rules. Instead, like the newer, smaller Fox 
network, they will be permitted to pro- 
duce and own as much programming as 
they choose and to sell the rerun rights. 

Die impending change is forcing the 
networks and programmers alike to re- 
examine their strategies. The networks 
are already beginning to use in-house 
production companies and have been 
looking at ventures or mergers with tele- 
vision studios. 

Two leading television producers — 
Time Warner Inc. and Paramount Com- 
munications Inc. — are scrambling to 
start their own broadcast networks in an 
effort to insure a distribution system for 
their programming. 

In the joint venture announced Mon- 
day by ABC and lhe three Hollywood 
executives, each side is said to be com- 
mitting up to $100 millio n initially for 
production of programs, agreeing to add 
more if necessary during the life of the 
seven-year deal. 

In an interview Monday, Robert Iger, 
president of Capital Cities/ABC, 
summed up the strategy: “We see that 
our suppliers are becoming distributors 
themselves. We felt it was imperative to 
protect tbe supply of programming.” 

Meanwhile, Messrs. Geffen, Katzen- 
berg and Spielberg can share the expense 

and risk of starting a new television pro- 
duction studio. 



CURRENCY A INTEREST RATES 


Nov. 2ft 

ML F-P- **V ° jq S' 
i.o U** “S' rz, zZ 1438 012 mm MSP 

S57 iSli W* 1 us,,, uw UBX” UK UW 

m a5« MM* Wi USB w* 

VHB UKS 1 ,aW * *** ZZ- 
oa MJIS MM unit wa um 

K ^ Sins ms 

UXB SOT W*®0 U* M 4JQ7 %OU m MW 4111* 

nN US MO ,7-7. uj? LOT* 

uui3 mt sum iaai ubj U, nt 

,ws SS w® m 

^ - units of OOi U.O.: not «/o*edi not 

0 our one dollar^: Onus of iov 


Donor 

nw 


D-Mark 


fettS 

SWISS 

Franc 

Stern no 

R roach 
Franc 

Yon 

Nov. 29 

ECU 

334*Ws 

5 VS »». 

5%-SVa 

2'A-Wl 

5to-5*h 

S+rSTW 


SKcSWi 


5 *o-5 

IMI. 

4VW"- 

5 hwS 

2»b-avj 

6-6 Vb 

&r*fi 


We-i'ti 


oiy-4 % 


lmoatta S&4 5Wr5V< 

3 mm lbs S**6Vm 5Vfe-5U> 

fiBMNDM 6tw4*h SWfc 

lyur 6V r 7h S1A-M 

Sources: neuters, Uords Bank. 

Rates amlkxamidMartkMdcdeixa^ fereavhaknl,. 


Key Money Rates 


UoUed States 

DtKDUOlniK 

Pitawnfe 


per* 
e, wilW 
I* 1T3D 

Bt mW 
*c JUS 

* zrtt* 4 

0£485 

A 

mor a® 95 


Cun** 72 

ass's 

err & 


Currency Per* 
S.*r.rw* MW 
S.Kar.w» /**■•* 
sme-mm ww* 
TON®®* 
rsotw*’ 

TwtohRTO aesn 
UAE (Urtmta «« 
vmt Ml*. iwsd 


Close 
A 14 

m 

5% 

XnottfoCD* 534 

Contra, paper 1M dor* 4.13 

>nwdfe Treasury UII £51 

1-yam Treasury UU O 

3-year Treasury mte 131 

Mreer Treasury teh 743 

7-year Treasury note 7J4 

li n ear T r ea sur y on** 753 

M>ycar Treasury bond L03 

Merrill LncUlMay ready asset 443 


IK 
1.1? 
2 vw 
2* 
141 


Discount rate 

COR money 
l-moatt Interbank 
34mafli mierbaak 


je any 40-day W4ay 
, cunenor 13797 L37W 

■ yjifl canaOlun a ^n 9WI 

****** ** 

IJ151 . omo Comma*** ll ? ilan ? 




I band 


Prev. 

4% 

m 

SVi 

S31 

433 

5J9 

UO 

744 

171 

7J6 

738 

738 

441 

IV 

2*2 

YU 

132 

1h 


Biitata 

Bam base rate 
CoS ameer 
HnotOti l atert aa U 
Xaasn InhfMsk 
Odnoatti taterbask 
WyearGft 
France 

traunraaiteanfa 
Con money 
l^ncata interbank 
Xnoam interbank 



443 443 


UK 430 
430 SJffl 
MS SJB 
5JS MO 
M0 MO 
733 7JB 


» 5* 

5Tb SM 
5% 5 T. 

6* 6h 
6 *. *k> 

830 831 

5.00 LOO 
ih SVh 
SUV M 
Jh 5 *• 
5% 

LiwrMT 7.95 7M 

Sources: Reuters. Bloomberg, Merrill 

Lynch, Bank of Tokyo. ConunerzbonLCretStt 

Lyonnais. 

OoM 

Zuricft 
Lanaoa 
Mow York 

US. doflors per ounce. London otft&at H* 
bnss zurku and "mm York enamno and ctas- 
log prices: new York C artn (peannoer.1 
Sector: Reuters. 


AM. 

P/A. 

cn*B« 

mas 

38X35 

-us 

3070 

38X30 

-0J0 

367 J® 

38230 

-M 


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



T hroughout history, man 
has sought to safeguard 
the things he values. 

It was True in the Middle Ages, 
when banking institutions 
emerged to shelter the wealth 
created by an expanding market 
economy. It’s equally true now. 

Today, however, safety isn't 
a matter of having the biggest 
strongbox or the heaviest 
padlock. In today’s fluid world, 
safety is tied to prudent poli- 
cies, a strong balance sheet and 


a conservative banking 
philosophy. 

Those are the very qualities 
that have made Republic 
National Bank one of the safest 
institutions in the world. Our 
asset quality and capital ratios 
are among the strongest in the 
industry. And our dedication to 
protecting depositors’ funds is 
unmatched anywhere. 

As a subsidiary of Safra 
Republic Holdings S. A. and an 
affiliate of Republic New York 


Corporation, we’re parr of a 
global group with more than 
US$5 billion in capital and 
more than US$50 billion in 
assets. These asset's continue to 
grow' substantially, a testament 
to the group’s risk-averse orien- 
tation and century-old heritage. 

So, while much has changed 
since the Middle Ages, safery 
is still a depositor’s most 
important concern. And it’s 
still our most important 
mission. 


REPUBLIC NATIONAL BANK 
OF NEW YORK (SUISSE) SA 


^ SAFRA BANK 


timeless Values. Traditional strength. 


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QUA) DU MOHTBuiHCj BRAWCHES: LUGANO 6901 • I, VIA CANOIM ■ TEJL. l09J> 23 AS 32 * ZURICH 3039 • STOtKERSfftftSSE 37 - TEL 1011 2B8 JB JB - 
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GIBRALTAR • GUERNSEY ■ LONDON • LUXEMBOURG * MILAM • MONTE CARLO ■ PARIS - BEVER1Y HILLS • CAYMAN ISLANDS ■ LOS ANGELES - MEXICO CITY - MIAMI • 
MONTREAL * NASSAU * NEW YORK * BUENOS AIRES * CARACAS • MONTEVIDEO - PUNTA DFL ESTE - RIO DE JANEIRO ■ SANTIAGO * BEIRUT • BEIJING ■ HONG K0N6 - 

JAKARTA • SINGAPORE * TAIPEI - TOKYO 





Page 12 


INTERNATIONAL HFBALP TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 


MARKET DIARY 


to AncdqMd Pwt 


Confidence Data 
Send Stocks Down 


Dow Jones Averages 


EUROPEAN FUTURES 


Open High Low ua» Ow- 




Indus 3730.14 374193 3717.69 373855 —1-01 
Tram 143041 144145 1427 JB VJ4222 - 12.11 
UM 179X1 179J* 172.16 ITJ-fl — «■» 
Corap 1246.17 1251.17 124761 1251.17 -294 


Metals 


CtoK preview 

AIUMIW II (Htoa Oradff Bld ** fc ) 
rvdion oar ■■tali k hai I UA 1 

spot 1869X0 1470X0 1B3U0 1834X0 BMC 

Forword 1889X0 189000 1tS0.M 1851X0 ! 

COPPER CATHODES IHUfft Ora u) I 2®. 

DAon per metric hm 5£T 

Spot 2896X0 2898X0 2856X0 058X0 

Forward 2854X0 2BSSX0 282U0 334X0 I P» 

LEAD 1 79** 

Debars par metric ton if"*f 

SOM 63050 63140 6S250 45150 Apb 

Forward 649X0 650X0 670X0 471X0 2K 

NICKEL 1 22, 

Donors per metric ton l lw * 


Compiled by Our Sufi From Diquucha 

NEW YORK — Stocks 
slipped Tuesday after unex- 
pectedly strong economic data 
raised concerns that inflation 
and interest rates would head 


higher. 

The Conference Board said 
consumer confidence in the 
economy rose sharply in No- 
vember to reach a four-year 


US. Stocks 


high, with more households op- 
timistic about jobs and income. 
The business research group’s 
index rose to i0i.3 from a re- 
vised 89.1 reading in October. 

The report offset optimism 
about holiday sales and fourth- 
quarter corporate earnings and 
focused attention on the chance 
that rising rates would keep in- 
vestors away from stocks. 

“That number was off the 
map," said Joseph DeMarco, 
managing director of equity 
trading at HSBC Asset Man- 
agement “No one even came 
close to predicting that” 

The Dow Jones industrial av- 
erage closed down just 1.01 
points at 3,738.55. Losing issues 
paced advancing ones by a 3- to- 
il ratio on the New York Stock 
Exchange. 

The price of the benchmark 


30-year Treasury bond fell 
23/32 point to 93 26/32, and 
the yield rose to 8.03 percent 
from 7.98 percent 

With another batch of eco- 
nomic data due this week, inves- 
tors were nervous about buying. 
The government reports its first 
revision of third-quarter gross 
domestic product Wednesday, 
and employment data for No- 
vember are due Friday. 

RJR Nabisco was the most 
actively traded issue, losing Vi to 
6te as investors continued to 
study the company’s plan, an- 
nounced over the weekend, to 
develop a smokeless cigarette. 

Telefonos de Mexico’s Ameri- 
can depositary receipts gained 14 
to 54% on optimism that Mexi- 
co’s stock market would rally in 
December after President-elect 
Ernesto Zedillo took office. 



Standard A Poor’s Maxes 


Forward 1889X0 189000 1850. M 1851X0 
COPPER CATHODES [High Orate) 


Industrial -. s 
T reran. 

utilities 
ftaKe 
SP 500 
SP 100 


High LXw 
S4U7 558X4 
349.48 34254 
15055 149,71 
41.31 40X5 
455.17 40,14 
473.37 420X7 


541X2 -ta.fr 

348X4 +5X3 
15005 — 0.12 
4L3T +025 
455.17 +M1 
423X2 — 0X4 


Industrials • 

KMX Low LtW settle CWt ! 

U^FotarVocr (Hlrk foo-tot* of MX 


U.S./AT THE CLOS E _ 

Consumer Confidence Rises Sbarph* 

■bj-cnj YORK {API —Consumer confidence in the U.S. econt 

mv rose sharply in November mot* > f °^^fcolfere„« 


151X0 149X0 149X0 149X0 —M0 
*919* 151X5 15L75 15175 — 1.25 1 
15SX0 15X50 158R) 154X0 —1X0 | 
156X0 15475 155X0 15500 — 1-23 
itflO lIS 15425 . -ft* ! 

N.T. H.T. N.T. 15150 —050 . 

^ ^ ISS-S3 j 

St. nIt. JctI S3 — ’-as I 

S:f: SS: SSI -wf f 


Soot 7695X0 7705X0 790X0 7575X0 | Est. volume: 12500 . OptnBLfWS 

Forward 7820X0 7830X0 7495X0 7700X0 | 

Mtan per i-Wc a. I WE7CT CRUDE WLCIPEl 

SBOI 5795X0 qfwne siucnn gQ£<M IL5- OOam » DOrrIWflOlIl M*"WII 1 « __ 

Forword 5845X0 5890X0 4130X0 *14800 ! Jte W.T7 IJg* 17.11 1M1 — 

S* J25 !*» iHf *55* 

sSEF^ 1102X0 1103X0 11D9X0 1110X0 I AW 1&M 1*70 1675 1673 +0fl2 

Forward 1130X0 1131X0 1137X0 1138X0 ! 1*09 1*70 1*48 1649 1474 —0X1 


Est. volume: 12500. Open biL 94595 


HI J J A S O 
1984 


I NYSE Indexes 


Htei Law 

Composite 24895 24742 

Industrials 33L25 3126S 

Trorap. 27X47 221^1 

U lift tv 20850 199-55 

Finance 19X05 19X74 

-nfl Chg. 

74890 -064 
11877 -851 
223-59 -837 
31838 

9805 -857 

d NASDAQ Indexes 



ZINC [SFKWJMl On 
Dalian per metric tan 
Sear 1102X0 11 


Rnancial 


High Low CIom Cttonse . 

5440 NTH STERLING ((J FF£> No* 

1300080 -pH Of IN PC* 1 DOC 

DOC ?173 9166 9167 —0X5 5 E 


NYSE Most Actives 


Composite 

industrJois 

Banks 

Insurance 

Finance 

Trans. 


750X5 74610 
753.B3 751X2 
689 JS 685X7 
89140 889X8 
863-10 861.13 
65679 649.76 


749X8 -615 
753.12 -141 
48925 -4X3 
891X6 -1X9 
863.10 -1X2 
650.94 -272 


MOT 1670 1648 1649 1674 — 0X1 

Jon 1669 1648 1649 1670 — 0X2 1 

JiT 1640 1640 7440 14X0 —BOV 

AM N.T. K.T. N.T. 1645 — 0.10 

5«s N.T. N.T. N.T. 14.70 — ft® ! 

Od H.T. NX N.T. 1671 —0X4 . 

Mav N.T. NT. R.T If » — 002 I 

DSC N.T. N.T. N.T. 167* +081 ' 

Eft. volume: 27X38. Often Int. 173X15 ; 


OHM plunged 2 to 6% after 
Lehman Brothers dropped its 
research coverage of the envi- 
ronmental-services company. 

MCI tumbled 1% to 19 after 
the long-distance phone com- 
pany was lowered to a medium- 
term neutral from a buy by 
Merrill Lynch amid concern 
that its growth was slower than 
expected and that MCI was los- 
ing market share. 

(Bloomberg, AP) 


RJR Nab 

FMrDS 

TWMex 

AT&T 

YPFSoc 

OHM CP 

Compaq s 

KostMar 

PWmEl 

Sfwrs 

AMcrTcs 

Cords 

WalMart 

March 

BancOoe 


wan Lew 
6*A *!k 

204* 19% 
5446 53% 
49% 48% 

2396 21 Iv 

S'* 51V 

40% 39% 

9'A 8ft 
19 1814 

14* 1616 

42*4 4flVi 
47Vk 441* 
2314 23 Vi 

XT* 36% 
24H 24 


9096 —Oil Mob 

9084 —012 ! FTSE 180 CLIFF EJ 

9079 — 0.11 : 05 per Index POM 

9073 — fl.ll Me 30850 

.9070 - 0.12 mS- 38985 


Stock Indexes 

Mob Law Close Cbmge 


i Dow Jodm Bond Averages! 


lSummes 
10 industrials 


AMEX Stock Index 


Mar 9103 92X9 9197 — 0.10 

Jon 92X3 9279 9279 — 012 

Sep 91.98 71X7 91X2 —114 

Dec 9L42 9145 9L45 —115 I “ . . . ~~ 

?,%£■£ V, £ — 2-Jf i Stock Indexes 

Jua 9172 91jfl 91X8 —012 __ 

Sep 91.10 91X5 9096 —Oil Wsb Low Close Cbmge 

Dec 9059 9086 9086 — 112 ! FTS6 100 CLIFFS 

Mar 9Q_9* 90X8 9079 — 0.11 1 05 POT lade* POtOt 

Jus 9086 90X4 9073 —III tec 30850 **«« 3048X +1SX 

Sea 9084 90X2 9070 —M2 I Mm 36915 30S2X 3083.0 +135 

Est. volume: 63*48 Open frit.: 511193. | jS N.T. N.T. 31 MX +13X 

3-MOUTH EURODOLLARS lUFFEt , votome: ItlW.OPW laL: 40.W. 

SI mQUan • pts al 180 PCt ! CAC48CMATIR 

Dec N.T. N.T. 93X0 — 0.10 1 FF200 per tadrapolot 

Mar 9114 9114 9113 -MB HO* r*&J0 1937X0 HUM -ljXO 

Jua 9142 9242 92J0 071 / Dec 7943X0 1946X0 1949X0 -14X0 

Sen N X. HX 9211 -W S gkM -fig 

EsL volume: 2L Open int: 4647. * Mar gacxo jvsixo ivga -1 +m 

&MONTH EUROMARKS (LIPFE1 "nT TW9« -UXO 

DMlmMUou-PhfWpa 


ISS 36^1 m§x 3000 +135 

|j5 N/r. »H Smx +ux 

Est. volume: il.l77.Opcn loL: 40,134. 


HJrt LOW Lost am. 
43378 432J3 43109 —0X0 


NASDAQ Most Actives NYSE Diary 


HjwfffijUgWMWJTO Its NX NX imxo -iaoo 

MirnlWtsOiEIIIM ^ EsLvolum.: 3S7410penteL: 5A746 

Mot 9668 9664 9464 — 0X6 > sources: Motif, Associated Press. 

Jun 9634 9476 9637 — 012; London //in Financial Futures Exchange. 

Sea 94X3 9193 9353 —012 intf Petroleum Exchange. 

Dec 9365 9154 9156 — 009 

Mo- 9135 9129 9128 —007! 

Job 93X5 9259 9259 — OOc. * 

Sep 9279 9273 9273 — 006 ■“ 

ES S? 5S -SB Dividends 


Dollar Gains Strength 
On Fed’s Credibility 


Mta 

Novell 

Intel 

Qscos 

TetOnA 

Sytxne 

LuitiuiiK 

Methanx 

Micsfls 

AmerQns 

OxxTe 

SSV 

Bjoeen 

Slrywast 


voL MSI* 
205514 199. 
58115 20 'A 
57050 6636 
40113 33M 
33207 24 
31514 4946 
27169 *• 
25220 14H 
23487 64*h 
22918 44 
19398 42 U. 
17849 9Vu 
17791 *6. 
14238 39 
151 $9 


Low Last 
1g*Vu 19 
>B9k 20 
65V) 4516 
32H 33 
23Vi 73* 
47 V* 49'A 
4h r,-c 
13* 14Vj 

43* 44* 
42 43* 

401* 47% 

9V m 9V m 
V s V M 
34* 38* 
14 (4 


Total issues 
New Highs 
NewLowj 


1144 1140 

1082 1091 

m 663 

2934 2916 

8 4 

101 108 


Mar 9141 9272 9135 -007) 

Jon 9232 92 33 9234 — 0X9! 

Sep 9225 9221 9221 —006 i 

Est. volume: 11&647. open htf.: 738642 
34*40 NTH PI BOR (MAT IF} 


Per Ami Rec pot 


IRREGULAR 


AMEX Diary 


ats mm act 


—803 

908 

983* 

904 

94.10 

<MM 

908 

—803 

9170 

9344 

9148 

—am 


9X34 

93 36 

— am 
—am 

95J33 

9xoa 

9X02 

7i 

9X71 

9172 

883 

9251 

926* 

92J9 

—802 

VZ3Q 

9276 

9228 

—883 


1 ptilitpaine umgDfa 


C -0447 12-15 1-13 


STOCK SPLIT 


mv rose sharply in Novemoer 10 rcaca a ^ v — - 

St^lTSptHmstic about jobs and income, the Conference 

S£-ISS y «search group said its 
dence index climbed to 101J last montb from a revised 89.1 

rCa ^ 8 i?d^ l 2Silated from a base of 100. is derived from 
responses to questionnaires sent to 5,000 U.S. 
month, querying consumers on topics that range from home 
buying plans to local job conditions. 

Alltel Sells Access Lines to Utility 

STAMFORD, Connecticut (Bloomberg) — Citizens Utilities 
Co faasagreed to buy about 109,000 telephone accessUnes from 
Alltel Coro, for $290 million, the companies said . 

In nipi. Citizens agreed to turn over operations of its telephone 
business to Alltel under a long-term contract. Terms of that 
contract were not revealed. 

Bo eing and McDonnell in Venture 

NEW YORK (AFX) — Boeing Co. and McDonnell Douglas 
Coro, said Tuesday they had agreed to work on the design and 
development of a reusable launch vehicle aimed at replacing the 

said the new vehicle, called the X-33, would 
avoid costly and complex ground support in favor of simpler 

° J 7be 1 rSo companies said they would pursue the X-33 on a 
partnership basis, sharing risks, costs and profit. 

Milacron to Purchase Krupp Unit 

CINCINNATI (Bloomberg) — Cincinnati Micron Inc. said 
Tuesday it had agreed to acquire Krupp Widia GmbH, an 
industrial cutting-tool maker, from Fned. Krupp AG noesc*j: 
Krupp for about $73 million. Cinrinnali Milacron also will 
assume about $24 million in debt. 

The purchase will include Widia (India) LtcL. an Indian compa- 
ny of which Krupp Widia owns 51 percent. Both companies will 
become Cincinnati Milacron subsidiaries operating under the 
Widia name. 


each 20 shares of BAOAowomL ! 

CORRECTION 1 

Masoct-OixonBreit d .12 1M 12-15 i 


Santa Fe To Meet With Union Pacific 


Advanced 

Declined 


AMEX Most Actives 


Tataitssues 
New Hiatts 
Now Lavra 


267 266 

316 333 

2Z7 226 

810 825 

8 7 

44 45 


vbl Mgti low Last cm. NASDAQ Diary 


Compiled bv Our Sufi From Dispatches 

NEW YORK — The dollar 
rose against most other curren- 
cies Tuesday as investors were 
encouraged by its resiliency de- 
spite a drop in stock and bond 
prices. 

Analysts and traders attrib- 
uted the dollar’s newfound in- 


above 136 DM during an early 
dip encouraged some technical 
buying, dealers said. Early vola- 


tility was spurred by a sharp 
rise in the Conference Board’s 


rise in the Conference Board’s 
consumer confidence index for 
November. 


RcyaJOB 

Vtocvrl 

VJocS 

interna 

US Ate 


9382 % 'V* * — * 

8310 17V, II* 12* »lVk 

7658 II 10* 10* ♦* 

6621 4Vi 3* 3W» — 

S7B3 12* 12 12* —7a 

4905 3*u 3* 3 -Vii — * 

4|79 1* IVit lVit _ 

4496 38* 371V 38'4 * * 

4101 3V„ 2**n 3Vi» _ 

3849 3*v„ 3 ifc, 3* —M U 


Advanced 
Declined 
Unriunoed 
Total issues 
New Miens 
New Laws 


Est. volume: 39.779. Often hit.: IfUTI. x -previously announced biHTci declaration 1 

LONG GILT (LIFFE) 1 recerted Ncv2BfMscnthen«wstoc*otJwo3| 

(50008 - afi A Suds xfW pet j torisoiit. 

DOC 103-11 *2-22 102-34 — 0-24 ■ ne r.nl 

Mar 107-2! *1-27 101-31 -0-3 ! REGULAR _ _ | 

Jan N.T. N.T. 100-31 —0-3 • Arbor Property 

EsL volume: 79X72 Open (rtf.: U6JM. , CCP Ins urance 

GERMAN GOVERNMENT BUND CLIFFE) 1 2 [2 \ 

DM 250JN0 - Pts of HO pet 1 

Dec 91JB 90M 90X4 —040* CoraiEneray 

Job VJl 8959 F39 —041 [ First Mutt Svas 

EsL volume: 162J68. Often Int.*. 211239. l jbShwi Sirs 


10-TEAR FRENCH GOV. BONDS IMATIF) j K«W«*vErrfKT>r 
F F506000- pts of 100 pet SpiDrWO&LE 

Dec 112J4 11234 11242 —032 [ Tyson Foods A 


D«C 

1127* 

11234 

11242 

Mar 

11141 

111.52 

11140 

Jut 

11048 

11846 

11870 

Sep 

N.T. 

N.T. 

109.9* 


3 275 12-31 MS 
JB 73-30 M 
_ 150 MS 2-28 
. 1J5 2-15 2-28 
a X75 IMS Ml 
Q 335 13-9 12-331 
Q 28 12-6 12-20 
O XS 12- M 1-4 
Q .125 12-16 1-10 
_ AS 12-15 1-2 

□ JS 12-10 1-15 
Q -02 4-1 +15: 

a 37 12-9 10 j 

Q .» 12-12 1-2 1 


SCHAUMBURG, Illinois (Bloomberg) — Santa Fe Pacific 
Coip. saidTuesday it would negotiate with Union Pacific Corp. to 
try to persuade the company to sweeten its $33 billion bid. 

Santa Fe adopted a takeover defense designed to make a 
takeover without the board’s blessing prohibitively expensive. 
Santa Fe shareholders, who were scheduled to meet Friday to vote 
on the Burlington merger, will now meet Dec. Id. 

The announcement Sfectrvely forces Burlington Northern Inc., 
which struck a friendly merger agreement with Santa Fe in June, 
to raise its $3.03 billion bid or risk losing to Union Pacific. 


jSpot Comuci fl UM 


BO 170X8 no66 11070 — U4 ' WolklRS JotnSan Q .12 12-12 1-21 

ep N.T. N.T. 109.96 QJ4 j mmub I : MQYQJjtf in C I mri l n, f m x l t; TO- ! 

EsL volume: 133486. Open Int.: 15&279. monthly; «» uu tSertr; sd g mm M pop ol^ 


Foreign Exchange 


dependence from Treasury* to 
the Federal Reserve Board's im- 
proved credibility after its suc- 
cessful intervention to support 
the dollar and its aggressive in- 
terest-rate rise this month. 

“Since the Fed showed its 
strength, the dollar has broken 
away from Treasury*,” said Bill 
Bertha, a dealer at Mellon 
Bank. 

The dollar ended at 1-5702 
Deutsche marks, up from 
1.5666 DM on Monday, and at 
98.975 yen, up from 98.675 yen. 
The dollar also was traded at 
53928 French francs, up from 
5.3765 francs, and at 1.3295 
Swiss francs, up from 1.3285. 

The dollar’s ability to hold 


Expectations that Congress 
would pass the Uruguay Round 
world trade deal negotiated un- 
der the General Agreement on 
Tariffs and Trade also shored 
up the dollar, analysts said. 

U.S. ratification of the 
GATT deal also is expected to 
restore foreign confidence in 
the U.S. stock market, which in 
turn would support the dollar. 

But the pound edged up 
against the dollar, to SI.5625 
from SI. 5620. after Britain’s 
chancellor of the Exchequer un- 
veiled his new budget. 

Kenneth Darke’s spending 
plan for 1994-95 called for low- 
er government borrowing re- 
quirements and counted on 
subdued inflation, which un- 
derpinned Britain’s currency. 

(AFX, Knighl-Ridder) 


Market Sotos 


Commodity Today 

Aluminum. a> 8X48 

Cooper electrolytic. IX 1JS 

iron FOB. ton 213X0 

Lead, lb a** 

Silver, troy tn 5.70 

Steal (scrap), ton 177X0 

Tin, lb 3X843 

Zinc, lb H5769 


To subscribe in Switzerland 
lust' call, toll free, 

155 5757 


BRITAIN: New Budget Counts on Low Inflation and Reduced Spending 


Continued from Page 11 


more than two years. Mr. 
Darke announced a plan to al- 
low companies hiring the long- 
term unemployed to foigo their 
national insurance contribu- 
tions for one year. 

In a swipe at his opponents in 
the Labor Party, Mr. Darke 
said the key to lowering unem- 
ployment was in lowering em- 
ployment costs. “We must re- 
duce the cost of employing 


those who have been out of 
work,” the chancellor said. 

Mr. Clarke also repeatedly 
reaffirmed his commitment to 
low inflation. He predicted that 
inflation, which he said was at 
the lowest level since “England 
won the World Cup” in 1966, 
would peak at 2.5 percent next 
year before declining to the 
lower half of his target range of 
I percent to 4 percent by the 
end of the current Parliament in 
1997. 


In the City of London finan- 
cial district! economists were 
quick to see a potential clash 
between the chancellor's out- 
spoken support for low infla- 
tion with his projections for 
economic growth that remained 
well above the normal trend 
rate. 


Many said Mr. Darke might 
have to follow the example of 
the Federal Reserve Board in 
the United Slates and raise in- 


terest rates again soon to cool 
off the economy. 

In September, the Bank of 
England raised base interest 
rates by half a percentage point, 
to 5.75* percent, citing fears of 
rising inflationary pressures. 

Unlike many past economic 
rebounds, this one has come 
largely courtesy of a boom in 
exports rather than in domestic 
demand, a factor many see as 
explaining the surprisingly be- 
nign inflation figures so far. 


Agency Proposes Bank Deregulation 

WASHINGTON (NYT) — In a step that could lead to big 
banks selling real estate, computer services or possibly even 
securities, government regulators have proposed rules that would 
allow federally chartered banks to enter new lines of business. 

The proposals, made Monday, represent the latest erosion of 
the Glass-SteagaD. Act, the law that for 6 1 years has largely barred 
commercial hanks from trading securities. 

The new rules would allow banks to set up subsidiaries that 
could undertake any activity “incidental to or within the business 
of banking.” Approval would have to be granted by the Office of 
the Comptroller of the Currency, the federal bank regulatory 
agency that issued the proposal. 


FortheRecord ( 

Merrill Lynch & Co. said Brazil's stock market should rise X/ 
percent in 1*995, on the baas of solid economic growth. (Reuters) 
Community Mutual Insurance Go. of Cincinnati and Associated 
Group of Indianapolis, both Blue Cross insurers, proposed a 
merger that would create a company insuring 7.7-miUion people 
and hare combined assets of $4.7 billion. ■ • • (AP) 

American Brands Inc. confirmed it is negotiating to sell its 
Franklin Life Insurance Co. to American General Corp. (AP) 
Occidental Pemrfemn Corp. said it would acquire all the capital 
stock of Placid (XI Co. for about $250 million. (Knight-Ridder) 


WORLD STOCK MARKETS 


U.S. FUTURES 


4gmt htmtoe Prana Nd*. 39 
Ctao Rrov. 


Via Associated Prw 


Amsterdam 


ABN Amro MW 
ACF Holding 
Aegon 
Ahold 
Akzo Nobel 
AMEV 

Bols-Wessanen 

CSM 

□SM 

Elsevier 

Fokker 

Gist-Brocades 

HOG 

Mrinefcan 

Hoogavens 

Hutfer Douglas 

IHCCotond 

infer Mucner 

i rtf' I Nederland 

KLM 

KNPBT 

KPN 

NediWyd 

Oce Grtnton 

Pafchaed 

PWffPS 

Polygram 

Rabeco 

Rodama> 

Roilnco 

Rorento 

Roval Dutch 

Stork 


vanOmnwren 

VNU 

Wolters/Kluwer 


Ihakunetoll 

ichtnng 

ilemens 

rmnacn 

/Orta 


l/EW 

/log 

/alkswooen 
DM IQ 

DAX index : 


280 281 psora 

984 990 

607 614 GEC , 
284285-9} COltAtt 
305 305 GWXO 

5 Hue 521 Grand Mel 
37150 373 GRE 

49 4S4 Guinness 


49 454 Guinness 

4256044120 GilS 
1001 1085 Hanson 
i« H/nsdowr. 

B HSBCHWgs 

n id. 


KJrsflshBf 

Lodbrofce 


Helsinki 

Amer-Ytifymo 1 


Enso-Gufzdf 36.10 3190 

Huhtaraakl 137 13* 


Huhtamokl 

KjOP. 

Kvmnene 

Metro 

Nokia 

Poll Ida 

Repota 

Stockmann 


137 13* 

1B1 520 

128 128 
744 745 

6*2 673 

69 70 

8860 90 

29 248 


Land Sec 

Lqporte 

LQsmo 

Legal Gen Grp 
Uovtts Bank 
Marks Sp 
MEPC 
Manpower 


HEXGeaeralMfk : 1841 JS 
Pr e v io us : 1839 




Brussels 


Al in anl| 

Artoed 

Barca 

BBL 

Bekocrt 

CBR 

ana 

CNP 

Cockerlll 

Cobena 

Gatnjyf 

Dettiaiza 

Eiecfntfwl 

Elect retina 

Fortls AG 

GIB 

GBL 

Grand 

daverbe! 

Imuiabei . 

Kredielbank 

Mosanc 

Petrvitno 

Pwwfln 
Recti cel 
Rovole Beige 


SocGenBonmie 

Sac Gen Belgique 

Selina 

Solway 

Tessenderto 

Trociebrt 

UCB 

union Mlniere 
Wagons Lltv 


Hong Kong 

3260 
11 
33 
3480 
8.15 
1150 
50-50 
4120 
27 JO 
12JO 
20.15 
1685 
16 
I6J5 
9JB5 
15.40 
US 
3160 
17 J® 

“* 
1445 
869 
16 
22J0 
5050 
295 
52 
8 
4 

2785 


P60 

Pllklngtan 

P owerG o n 

Prudential 

tfeckitt yja 
Redland 
Reed Inti 

Reuters 
RMC Group 
Rolls Royce 
Rotnmn (unit) 
Roraisco. 

SalnSbury 
Scot Newcos 
Sent Power 
Sears 

Severn Trent 

Sboll 

Stebo 

Smith Nephew 
SmlttiKline B 
Smith raw 
Sun Alliance 
Tate & Lyle 
Tesco 
Thorn EMI 
Tomkins 
TSB Group 
Unilever 
Utd Biscuits 
Vodatane 
War Loan3t5 
Wellcome 
Whitbread 
WUnamsHdgs 
WTUIs Corroon 



SJO R» 
139 288 
248D 2460 
265 267 
255 ZVt 
4M 481 
254 254 


04 1-36 
1560 1530 
2 M 267 


Sum! Marine 
Sumitomo Metal 
T nisei Corp 
Tokedo Chem 
TDK 
TWIln 

Tokyo Marine 
Tokyo Elec Pw 

Tfttwtft P «-l >l~% 

lewun r » mti iiu# 

Tortnr IndL 

Toshiba 

Toyota 

Yomalefti 5ec 
a: x tool 


Season Season 
Htfi Low 


Open rtgti Law Oese C^B Oo.im 


SS 317 

320 323 

602 598 

1230 1200 
4590 4530 
548 547 
1161 1110 
2800 2770 
1440 1450 
732 733 

891 683 

2090 2070 
707 707 


•' -+ec 

Lew • 

Ooen 

rtOT 

La* 

Close 

Chg 

OPJW 


1XJ7CG95 

1139 

1190 

11*8 

1142 

—032 71418 

> ill* 

1043 .War « 

1X27 

028 

lilt 

1X12 

-0.75 

5337 

; ;i97 

11.18 May 9* 

1295 

1340 

1245 

1245 

HUN 

M£ 

1X72 

11.70 JOT » 

1270 

1170 

1245 

124* 

HUH 

VM 

! 1X71 

1ZJSCO"* 

1X40 

12® 

1265 

1246 

—818 



Seam Semen 
Hwfl Low 


Optn High Law Oax dm Op. inf 


Grains 


Stockholm 


AGA 
AseoAF 
Astro AF 
Atlas Copco 
Electrolux B 


15* If* 
8 7% 

3M 390 




Accor 
Air UauWe 
Alcatel AWhom 


Boned re (Cie) 

BIC 

BNP 

Bauygueo 


Hondrttbank BF 
Investor BF 
Norsk Hydro 
PharmadoAF 
Sandvflc B 
SCA-A 

S-E Banken AF 
Skandla F 
StonskoBF 
SKF BP 
StorOAF 
Trelletxirg BF 
Volvo BF 


Toronto 


Sydney 


Cor r a lour 
CCF. 

Cerus 
Qkxocuts 
C lments Fronc 
OuC Mod 
EtNAquKalne 

Euro Disney 
GeruEaux 

i metal 

Lafarge Copuee 
Legrand 
Lyon. Eaux 


Oroal <l'I 
L.V-MJL 
Matro-Haehette 
Mchelln B 
Moulinex 


295 




Johannesburg 

ABCI 33-50 1 

Attach 100 h 

Anglo Amer 227 

Barlows 3425 3> 

Bhrvaor NA H 

Buffets 3850 h 

De Beers 92 r. 

DrletanlMn 6050 h 


Madrid 

3190 3440 


Frankfurt 


GFSA 

Hormonv 


3350 3X50 
100 NA 
2Z7 232 

3425 3450 
NA NA 
3850 NA, 
92 9350 
6050 NA 
15 t&IO 
127 127 1 

35 36J70 


> Central Him. 2995 3000 
itcaSantaider 5350 5380 


CEPSA 

Oruoodus 

E ndesa 

Ercra* 

I bent rota 

Reusoi 

Tobacalera 


5350 5380 
944 953 

3085 3115 
1945 1985 
58*0 5900 
149 154 

•S3 879 

3775 3835 
3730 37*0 
167$ 1695 


Pertt ln ey Intt 
Pcrnod-Rlcord 
Peugeot . 
p moult prim 
RodkHochniaue 
Renault 
Rh-Poulenc A 
Raft St. Louis 
Sanfl 

Saint Gabala 
S.EA 

Ste Ganemle 
Thomson-CSF 

52^. 

Valeo 


Amcor 857 865 

ANl 195 3.98 

flHP 1858 16JQ 

Borol ... 3J7 1J7 

Bougainville 050 050 

Colei Myer 615 613 

Camalco 5 5.18 

CRA 17.92 3BL0S 

CSR 644 455 

Fosters Brew 1.13 1.14 

Gaooknan Ftekt M4 I.M 

ICI Australia 11.U 1130 

Magellan I.VS 1.95 

NUM _ 264 268 

Nat Aust Sank KJ64 1072 

News Corp 5JM 5.18 

N Broken Hill 127 126 

Poc Durrico 146 350 

Pioneer inn 3.13 XM 

Nmndy Poseidon 158 1.9S 

OCT Resources 135 132 

PubUsg Brdcstg 355 162 

Santas 339 368 

TNT 233 233 

Western Mining 732 753 

Westpoc Banking 623 630 

WOodstde 667 670 


Ablllbl Price 
Air Canada 
Alberta Energy 
AJcan Aluminum 
Amer Borrldc 
Avenor 

BV novo Scotia 
BCE 

BC Telecomm 
Bombardier B 
Brtanatea 
a resort A 
Oerisco 
CISC 

Cdn Natural Res 
OmoaddPet 
can Pacific 
Cascades Ptw 
Oomlnca 
Consu rnera Gas 

Daman indB 
Du Pont Cda A 


WHEAT (CBOT) UWtumiwun-ikBinDPiuM 
418V 3JN Decw 1« 169 364 164Vr— 05T; 9,977 

436V 127 MOT 95 082 v * 18393 179 179’'. -003 36319 

1WW 116 15 MOV 95 168^3 I 6 BV 1 1W Ifrf’j— Q33 5652 

363V XU Jut 95 139 U9 13SW jSSV— 0UF6 It 3*7 

165 139 Sep 95 144 141 142 3 J? —002 512 

X7S 169 Dec 95 351 U2 151 351'V-01MW 184 

154 V, 325 Julf* 328V-4UQV II 

Est. sides 16*0 Mon's, sate 13644 
Mon’s aceninJ *4617 oft 1104 
WHEAT OCBOT) UOOburrfnarBra-claemperbuPwt 
423'A 112V] Dec 94 1B3 164V 177W 3 78 —0049, 460S 

4Z7\. 1ZS Mar 73 l&S 366 163^ 3MI -OtOV 20.736 

403 121V, MOV 95 171 171 367 3671'r-OOJV- 2670 

164% 1I4WJUI95 365% 365% 142% 143 -002 4,Z» 

177 329 5CP 95 364 -OB2 1B7 

369% 153 Dec 94 157 357 353^ IBW-ftflOV? 12 

E s Lsc te NA Mat's, sdte 61*3 
mrrso penW 34.1*9 aK 865 
CORN (CBOT) untbiirrnnuTi-iMonM'iuM 
277 2I0WDBCS4 2.12M 212V 217% 27)Vr— OiBV 45J44 
187% 220 Vi MOT 95 123% 223% 222% 222'-, -000% 1086*8 

265 728 May 95 2-30V5 131 229 329%-a0! 36607 

28593 132%Jul9S 225V. 225% 22355 213%-O01% 4* J09 

270* 2J8 Seof S 2.J0W 2.40% 2X*i 239 — OD1 402B 

263 22SV3dec9S 2AS<» 2 6SV 264% Z6JV:-<100V 22483 

UXTM 250 Mars* 251 V, 152 250% 251 -OOl 9B7 

267 255V5J6 96 25BV L»% 258V, 25B%— OOI USD 

Est.sote 65.000 Mian's. sales 66917 


Es:. s afes 35.141 Man’s, sales <7j03 
Mgrtao iig 1 86810 up 6017 
1 COCOA INC5E) T 0 ma»ietDa»-fMrnn 
1580 1041 Dec M 1255 1259 1190 

1«5 WTMartS 1750 1285 1208 

1612 JCTMorfS 1307 1309 1235 

160J 1^ U I95 7320 1320 1267 

1560 1 JTOSep 95 1350 1350 1295 

M23 72«Dec95 1350 1350 1335 

IJ7* 13fDMcr 96 1358 13® 13® 

1&« 1 225 May 96 

1505 1490 Jut 96 

1531 1520 Sea 96 

Est. sides 20322 Mon's, sales 1Z0SI 
Man’s auen mt 72652 up 1714 
ORANGE J LUCE {NCTN3 ,S4»p«3S-eamiow 
73200 SfJKXn 95 10400 107JX7 10575 


-SO 867 
-60 45484 
—47 9^JS 
—48 1857 
—a i.mo 
—a S.U3 

—56 5.198 
— 56 901 

-56 17 

—Si 70 


9100MOT95 liaoo I1OJ0 109.05 
17 00 Mav 95 |ll» 111® 11270 
IU050JU195 115.70 11570 115.70 
70775 StP 95 

109.00 Nov 9S 118.00 11625 116X10 
10450 Jan 9* 11960 119 JO 119 JO 
12475 mot® 


Esr.sate MA MonXsdes 1370 
Men’s open M 26.730 up 139 


— 1.15 13.727 
—1375 6,220 
-aw 1.940 
—1J» 

-7.00 7,258 
*•0-15 

*ais 

*615 


92.570 91730 Sep 96 91740 91740 91620 91.4*0 -60142J58 

Est. sales NA Mon's, sites 532,903 

Man’s own int 27 51 .321 up 23895 

ERITBH P06JM) (CMER> s oar Bound- 1 uMaauJsPUWI 

1643* 16500 Dec 94 16628 16700 16*16 1-5*22 *10 50088 

1640 lMXIMa-95 76*64 76700 U«M IJ427 61? 5J77 

16380 16340 Jun 95 7-5*1* *1* 122 

Est. sales NA Mon'S, sides 14^9 

Mon's open Int SM27 w 3403 

CAHAOAHDOUJUI (GUER1 laardr - 1 mmrMDaisPUlKn 
07*70 07338 Dec 94 072*8 073® 07248 07254 — 6 41539 

07*05 07020 Mar 95 17256 07167 07748 07254 —8 13*1 

07522 a *990 Jun 95 (L72S5 07259 0.7251 0725D -J 1.1® 

07438 04W5S4PW 07248 07W 07243 07244 -3 920 

07400 07040 Dec 95 07240 072W 0724Q 07235 —2 MB 

07335 07310MarW 07340 07240 073® 07224 —1 9 

Est. sales NA Mon's, sales 36*4 
Mot'40PenW 49737 up 1357 

GERMAN MARK (CMBO SBWnXrti- 1 PoMramds 106001 
06731 05590 Dec 04 06385 06411 063*3 063*9 —19 975*8 

06745 05810Mir9S 06412 06423 06375 06382 —19 10JB5 

06747 05980 Jun 95 0M3B 06441 06489 06408 — IB 7609 

067® 05347 S«P 95 06437 -13 115 

Est. soles NA Man's, solai 34J63 
Mon's own Ini 109.137 up 1040 


Mon'S conn mi 109,1 37 UP 1040 

JAPANESE YEN (OMEN} IPs' ten- 7 rtnf mum 04*000? 
QJ]10490LD09$25Dec 94 QJ0MI155QJn 01 700.010120061111 24 -31 71580 


Metals 


Mon's aaenint 7PJHi oh 4492 
SOYBEANS (CBOT) sAMRirmemar 
7JJ4 57TAJon93 572 S73W 

765 S.SFJMCT95 560 V, i53 

ISIEfi 556 MOV 95 56? 690'A 

7.0* W 563’/, Ju 1 75 5.93VI 5.95 

*.12 56*V, Aug 95 SJ*9k 5.97 

LIS 571 Sec 95 5.77 i?7 


650V, 5.78^ Nov95 i.03 ’' 1 664 


Echo 6av Mines 
Empire Ca A 
Falconbrtdge 
Fletcher Otoll A 
Fftmcn Nevada 
Guardian Om A 
Hem lo Gold 


LI* 579V, Jon 9* 4.07 V. *68 

L17 LIS Mar 96 L17 L17 

428 L99HJ69* 421 V, 422 

L07 601 Nov 9* 

Est sales RUBO Man’s, sates 42.277 
Mon'iooenint 137,123 up 2503 



SOYBEAN MEAL (CBOT) 
209.00 1 5600 Dec 94 1597Q 


imperial Oil 
Inca 

IPL Energy 
Laid law a 
U ridtowB 
Loewwn Group 
Lender) InsurGg 
Maanlll Bloedel 
Atagna Inti A 
Made Leaf Fds 


uno gmvftmgex-.vmj. 


assazsr* 

Norandb Forest 


rtmem rewcofii 
Novo 


Tokyo 


70760 1*360 Mir 95 I MOB 

2d DO 16760MDV95 1WA 

10400 I71L70JW9S 17360 

18260 17260 A3AJ 95 17560 

15270 173J0SW9S 177J( 

18160 17560 Od 95 17970 

IKS60 17460 Dec 9S 182100 

Jon 96 

EsL sites 36000 Men 
MorVs open l/e 102612 * 

SOYBEAN OB. (CBOT) 

7)36 2260 Dec 94 

28-S 2265Jcn95 

»J» 22.91MO-95 

ajj 2265MOV95 

2765 327*Jul9S 

27a 2273 Aug 95 

2*a §75^95 

7+55 2260 Dec 95 

24.15 2360Jan9* 

EsL sales 27.000 Men's, sales 35688 
Mon's ocen i nr 117699 up 288* 


—270 14442 
-250 2*445 
-l.« 23,064 
—1188 11617 
—170 II6M 
-aoo 1927 
—060 1J11 
-060 4682 
-0J0 2.927 
-0.90 I 


HI GRADE COPPER (NCMX1 sumbs-cwm w 8 l 
137DS 7575 Dec 94 12260 13660 13150 13*60 

13250 76.90 Jon 95 13235 13360 13235 13430 

131.00 71 DC ft* 95 13330 

12*70 73 00 Mir 95 128.90 132.10 12860 11260 

127.00 91. 10 Apr 95 12975 

125.10 7665 May 95 12570 12830 125.10 1J7.90 
12370 104106*1 95 126.10 

12260 i860 Jul 95 12250 12560 12250 12460 

120.00 1 1140 Aug 95 12X20 

11760 79.10 Sec 95 11950 11950 11950 120.90 

11 550 11100 Oct 95 117.45 

11575 8860 Dec 95 11150 11460 11X50 11575 

111.70 885DJ019* 11335 

11230 6230 Mot 9* 10760 10880 10860 HOTS 

10950 :C76QMcy44 11*50 

10770 lOSSBJulta 10760 

10575 10575 Sep 9* 10735 

Est sales 19A» Man's, ttfes 1937* 

Mon's open <H 54687 oH BJ 

SH.VEB (NCMX) 440o any 03>* cams per aavoz. 


♦ 460 14606 

-430 1.120 
•400 74* 

.465 24601 
*1»S 709 

♦365 2633 
*ltO 569 

♦ 335 3697 

*120 3*7 

♦ 365 1653 

.365 192 

.360 2502 
*730 59 

*270 555 

♦ 250 104 

.230 52 

* 2.10 8 


06105*(IUXm60MOT 95 06I024A01 0251 0JI1 021 0061 (B15 —29 115S4 
061067tn.009776Jun 95 06103*50.0103*5801033*06111333 —25 954 

BjnoffiDjnaionsenrs 0010452 —20 2 » 

06107*08010441 Dec 95061033061058306105830010572 -15 9* 

061 093004T1 OTaOMarH 0610*93 —9 10 

Est. sal* NA Man's, sate 21,900 ’ 

Mcrfsaxmlnl 84730 Ml 619 
SWISS FRANC (CMBO iparmnc- lnoMrauaUMDOOl 
06108 84885 Dec 94 07515 07587 07525 87S3I -8 55332 

0613* 072B7Mot95 07*00 07623 07560 87546 -7 4769 

861*5 07)93 Am 95 07550 0JS65 07518 07577 -4 223 

88155 0.-091 Sep 9S 0.7*0 -5 6 

Est.srtes NA Mott's. sate 15J68 
Mon's open W 59.930 up 153 


Industrials 


COTTON 2 (NCTN) 50400 te-CMfiperft. 
77-K 4L4PDee»4 77 JO 78.15 76.70 

4230 Mar ?5 7970 8U.4S 7865 


0 May 95 8840 8130 7965 

69 JO Jolts 0060 0775 8840 

*880 Del 95 7X00 71*5 7X60 


6635 Dec 95 7160 7170 71 60 

- 7275 7160 


3886 Dec 94 5126 5143 5026 5045 
4016 Jan 95 5156 5183 5106 5063 


4 1 63 Marts 5306 5316 5116 51X2 
4186 May 95 S266 S296 51S6 5196 


4206 Jut 95 53X5 5366 52X0 5253 
5326 Sen »5 5156 5356 5356 5314 


5396 Dec 95 5516 55X5 541 -J 5427 


5546 Mot 96 5580 5*86 5586 55X9 
5736 Mav 96 5(06 5(06 5506 5616 


2932 *a» 19,133 

W25 .815 34691 

V.17 *8W 2SJ40 

26.11 ,061 1 7657 

2561 -061 1862* 

34.97 .0.(37 27» 

2867 .802 1,729 

14X2 —066 J.129 

24JA —804 4696 
2365 —803 29 


Petro Canada 
Plocer Dome 
Fofasti Coro So 


Livestock 




Provlgo 

PWA 

Quebecor Print 
Renaissance Eny 


RtoAtaom 

Sana ram O 


HtgftveM steel 3560 NA 




Sao Paulo 


Stone Ccnsnhl 
ToDsmon Eny 
Teioetobe 
THos 
Tbcmson 
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Utd Westbume 
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Xerax Canadas 


Kkxtf ^ 5760 5975 

Nedbank Grp 4IJ0 41.75 

Rondton W n 40 NA 

Ruspfcrt T10111J0 

SA Brews 9775 9860 

Sa sal 31 mw 

Western Deep 175 IBB 



BJue CJncie 

BQC Group 


Banco da Brasil 17.10 lUO 

Banespo 9.45 9 

Bnidesco 6-90 69S 

Brahma 29761 _28S 


Brahma 

Gemig 

Elefrobras 

iip u txmco 

U0M 


15-1 S « 
125 117 

810 0.15 
4030 37 JO 
38436379 
137 138 
1*1 151 

3450 3600 


Sauza Cruz 

Telebros 

Tetap 

Usiminas 

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Montreal 


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CATTLE (CMS*) eme^-iantsB 
700 *770 Dec 94 *7^1 64.02 6707 

74J5 6665FNI95 *7^7 67.90 6765 

7X10 4737 Apr 9S 4877 69.00 6857 

*930 6420 Jun 95 646} 6475 6430 

63.10 i273Aue9S 6 3.90 6 Z9S 6237 

6725 *33000 95 61M 61*0 6X35 

663 64Jt IDec95 64A3 64A5 *415 

Est. sties 16X17 Mon's, sales 11,997 
Mart open Ini *9^7* oh 1231 


— 8JJ 18 125 
-8*2 34808 
—813 I7J16 
—815 5. ITS 
—0.1? 2,136 
-815 948 

-835 14 


(006 5766 JiX 9* 509.1 

Sep 9* 5776 

Est solas 58000 Man’s, solas 3XB38 
MotTs open int 13463) oft 2255 
PLATINUM (NMBO stmae.-dDaonDwln3Vde. 
435J0 37460 Joti 95 41060 41) JO 40840 40960 

0960 39Q60AOT 95 41450 41660 41450 41190 

439.00 41B60JM9S 42850 42850 41850 418-20 

141 JO 42260OCI 95 42270 

437.5) 42960 JOT 9* 425 70 

Eat. MM 4234 Man’s, sdas 3.1*7 
Mai's open In, 25637 oH 154 
SOLD (NCMX) MB Irav go.- Oaearaaiv 0w ra. 

42850 34360 Doc 94 38X40 38460 38170 3B60 

Jon 95 38X70 

41160 36X50 Fab 9S 38760 387 JR 38800 3*6.10 

41760 36450 APT 95 39170 39260 39060 39818 

42850 3*160 Jun 95 39560 395.40 394.10 39410 

4T4JJ 39860 399.00 29830 398OT 

41970 4O160Od9S 40260 

42960 MOJO DSC 95 «K20 40860 M760 40770 

42450 41261 Feb 94 411.70 

43820 61630*1X96 61630 

0150 41100 JOT 9ft 42170 

Aug 9* 42*60 

Es*. soles 73600 Men's, soles *4624 
Man's open W 1*8.857 off 067 


—63 25J83 
—56 89 

— 56 64453 
—56 5791 
—57 9670 
—57 3636 
—57 14226 

-57 9 
—55 1.500 
— 5J £294 
— 5J 1.308 
—13 I 


i860 Mar 96 7265 
- Mav*6 

Est sales NA Man's, sales 10,13* 
Man's open int $1,13* up 834 


J66J -810 1A to 
7965 *827 30.939 

8069 *066 8.7W 

WJO +827 5 Ml 
7? A) *0A5 726 

71.40 +0J5 3780 , 

72JS +0JO- 45 / 

TWO +825 v "" 


91 5CLX5 5870 «6 0 

4X25 JOTI 95 5045 5895 5805 

47.95 Feb 95 5160 5160 5870 

47.00 Mir 95 5160 SI JO 5840 
4X05 Apr 95 5060 5875 5810 

4760 Mav 95 4960 4960 6935 

4679 JOT 95 49 JS 49JS 49 JS 
476SJU193 4970 4960 4865 


4270 Aug 95 5830 5830 5820 

5065 Od 95 51.95 5165 51.95 

51-53 Nav9S 5X85 S33S S26S 
37.M 52.45 Dec 95 537S SX75 5375 

Est. sales 343*3 Man's, sales 34042 
Man's PP MiW 148335 off 22*9 
UGHT SWEET CXUOE (HMEX1 13660(6.- 
1965 151 5 Jan 95 1865 16.15 17.91 

1568FOT95 1865 1813 1764 

1 542 Mot 95 1863 1810 1763 

166SApr» IBM 18LS5 17.93 

1549 May 95 IU1 186* 1/62 

1173 Jun 75 I860 1862 17.92 

1405JUI9S 1162 1802 19.93 

14. I* Aug 95 1863 1802 19.95 

17OTS*p95 1803 1865 1&6D 

1*420(395 1862 1866 17.® 

17.15 Nov 95 1863 1867 1863 

Ik® Dec 95 1812 1813 1805 

1765 Jan9* 1815 1815 1805 

1748 Feb 96 1819 1819 18lf 

17.1 5 Mot 9* 1822 18» 

1761 Aar 9* 

1822 May 9* 

1762 Jot 98 1829 1829 1829 

1838 Sec 96 

MOO )X*0Dec»6 18*3 1863 18SS 

Est sate 72678 mot’s, sales 59356 
Mon'sapOTM 371.943 off 5050 
UNLEADED 8A30IJNE (NMEO) eeg M 


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-060 8529 
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— 070 

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— 830 11,751 


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—0.10 1,979 
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♦810 5.729 
♦030 334 


BOSS 91 JO JOTI 95 72.95 7X27 7ZJ0 

9825 7835 MOT 95 7167 71JS 7850 

7tW 78 10 Apr 95 7875 7887 78» 

76J0 6960 MOV 95 70.15 7830 WJO 

7365 69J0AW9S 70JO 70J5 *967 

Oct 95 <965 *935 *435 

71 JO *4 JO Sep M 49 JO *960 695 S 

est.mses (6*9 Man's. sales ijw 
M orTeopenlnl 7.731 u» 2S2 
HQ05 (CMEID 48400 -.wn *ar II 


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—843 1,913 
-035 892 

-032 S32 

-033 203 


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96.10 94-25 Dec 94 94J» 9449 94J* 


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— 0J5 1X504 
-OJO 9JS7 
-825 5,1*7 
—825 6.739 
-810 6J90 
— 815 2JU7 


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HUB 8153 
-808 6J» 
HUB 29* 

—067 2654 
-807 18208 
-807 1477 
HU415A5* 


9405 9X84 MOT 95 9X86 9X86 9X69 9322 —816 11390 

9434 9337 Am 95 9X23 9123 9X09 7110 1^17 1601 

9X57 92.92 Sep 95 9263 92JU 9122 9224 ZoiB 36 

Est.wnos NA. Man’s. sOTes 
mot's caen in 23J4» an 1293 


SBJO 3132 Dec 94 3135 31.70 3810 

5030 M.WFeb«S 3A25 MJP 3*10 

4880 965 Apr 95 3535 3120 35.10 


4360 4847 JOT 93 4XS7 4067 40JQ 

4560 48*5 >/ 95 ®J7 4895 4865 

4X4D 4820 Aug 9$ 4870 4097 40JQ 

4050 38J0CW95 SA5 38.90 A72 

41 JO 3960 Dec 95 40 90 41.10 4880 

43. 9» alJ»F«b9ft 4X40 42J0 40JQ 

Esl. sate M0* Man’s, solas 6333.. 

Man's open kn 3Us off sir 
PORK BELLIES. (CMERI «JOO tm.- oepwr ■ 
*065 3430 ft* 95 3S65 37.10 

4820 3450 MOT 95 3660 37 25 .»95 

4I.IJ 34. 90 MOV « 37 J7 3SU5 2- 5 

SUO 37J0AH95 38.45 39.10 36.J5 

4460 36.70 Aug 9$ 37.10 3810 SA-Q 

4060 39J0FOT3** 4X00 4*00 

59.9P J9.0BMOT9* 

Ed. sate 2659 MOT'S, sales 2J03 
Mot's open kit 10J71 uft 489 


*060 1826ft 

*0-53 12-589 
>842 6JSB 
>828 X794 

>828 ni 

*810 933 

<810 711 

•817 15* 

• 810 22 


STR. TREASURY (CEOT) naaapnn.iai3ft4|EllgiM 
104-20100*125 Dec 94 100-23 108-23 100-0*5 100-11— IIS 115L987 
™ S "tHf MorWlOO-05 100-05 99-20 99-345- MS 4i*7 
J2 0 # 1 S']? 99-11 — us 19 

99-07 99-07 Sap 95 99-02 — US 3 

Esl soles NA Man's, sdcs M.174 
Man's open im 161 J15 i» 1482 

10YftLTREAMB(V (CBOT7 liouworw lOQua 

I'f-Tl Dec 94 100-13 100-13 99-18 99-29 — 14 3Q76I0 


f-71 2-03 Doc 94 100-13 100-13 99-11 99-29 — 14 307610 

H-'U Mar 95 99-18 99-18 98-27 99-04— IS 9462* 

105-H 97-77 Jun 95 98-27 98-27 *8-11 98-18 — 15 219 


*895 862* 
-848 1J® 
*1.25 482 

*065 390 

• I JO 12) 
>100 1 

>190 I 



101-06 97- H Sep 95 97-27 73-03 17-11 98-03 — IS 9 

110- 31 96-30 Dec 95 97-22 - 15 2 

Est. sales NA Man’s, sdte 1*643 

Manscoannt 30264* up *938 

175 TREASURY BONDS (CBOT? WocrtlOTAto-eKA JTnaxV Mbotti 
1IM8 91-1* Dec 94 98-1 B 98-20 97-25 98-01 - 1* 2*5632 

116-20 95-13 Mot *S 97-30 9*60 97-04 97-13 — 17 14368* 

IIS’!’ JunW 97-04 97-05 96-70 96-28 - 17 1X174 

112-15 94-10 Sop 95 <*-» 96-16 K-M 96-14 — 14 350 

!!J-'4 93-J7 Dec 95 96-01 — 16 197 

111- 06 yj-13 Mar 9* 95-17 95-21 95-17 95-21 — 16 49 

100-20 93-06 Joti 9* 95-0* 9S-10 95-0* 95-10 — 15 28 

*3-1- <0-04 Sep 96 94-31 - 15 2 

Eil. sales «5600 Man’s sues <U0M 

V/n-s open mi 440,919 up 5401 

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91-17 BD-31 Dee 9402-30 *3-05 87-17 82-/6 - 10 22,75* 

79-28 Mot +582-04 B-I2 81-27 82-06 — 05 1X71* 

ptf. sate NA Man’s, sales 11630 

Man's am in 3*672 up 4?? 

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94180 90.710 Dec 44 93J70 9U80 9X780 9X800 — 9D3G&56S 

9X®0 90.241 Mar 95 91250 912» 91090 9X110 _1 50 *45.930 

94.730 48/10601 95 9X630 92*30 9X4*0 7X490 —140 330, Kt 

M55P WJJ05er91 92720 92.230 92360 92.110 —170259,957 

9«3to 91 100DK9S 91 950 *1.950 91600 71650 -WI09J08 

«.22Q 98750 Mar 96 9IJ90 91J90 91.1*0 91410 —80183497 

93.180 91.7^1 Jot M 91400 91800 9IJ70 91J40 —*0143.73* 




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Brokerages Face 
Fraud Charges in 
3-NatlOn Inq uir y 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY. NOVEMBER 30, 1994 


German Chemicals Show Strength 

Program of Cost-Cutting Puts Companies in Lead 


. AMSTERDAM — Dutch, 
German and Belgian authori- 
ties have begun a c riminal in- 
vestigation into brokerage firms 
in four countries that are 
thought to have lost millions of 
dollars of Dutch investors 1 
Jnoney on derivative invest- 
ments. officials said Tuesday. 

Brokerage houses outside the 
Netherlands, are suspected of 
pocketing investors’ money and 
falsifying documents to make it 
appear that Dntch customers 
h'ad incurred losses when in fact 
investments had not been 
made. 

Brokerage concerns based in 
l.he Netherlands are suspected 
of trading Dutch securities 
without the required licenses. 

“Total damage must be in the 
tens of millions of guilders,” 
raid Bert Hoekman, an investi- 
• y° r the Dutch Economic 
ffnme Squad, a part of the Jus- 
tice Ministry. He said individ- 
ual investors may have lost 1 
{trillion Deutsche marks 
($640,000). 

The companies are alleged to 
have made unsolicited rails to 
Dutch private investors and 
tried to persuade them to specu- 
late in high-risk options and fu- 
tures contracts on commodities 
or on exchange rates, Dutch au- 
thorities said. 

. - The Securities Board of the 


Netherlands published a list of 
the companies, naming 22 bro- 
kerage houses in Germany, the 
Netherlands, Switzerland and 
Belgium, and referral the com- 
panies to the economic crime 
squad 

The squad is now working 
with authorities in Germany 
and Belgium in investigating 
possible fraud at the broker- 
ages. 

The securities board said it 
had acted after receiving a flood 
of complaints from investors 
who had done business with the 
companies listed. 

Zn its statement accompany- 
ing the list of companies, the 
Dutch securities board said it 
suspected “that a number of 
brokerages offer services in the 
Netherlands without having the 
proper licenses.” 

Mr. Hoekman said this was 
particularly a problem with 
companies based in Germany. 

“The problem is that if s not 
illegal in Germany to trade 
stocks without a license,” he 
said. “That's why we, in investi- 
gating the German companies, 
are. trying U> find out if any 
other cr imina l offenses were 
-committed, such as deceit or 
falsifying documents.” 

A Gorman Finance Ministry 
official acknowledged that the 
system was flawed 


By Ferdinand Protzman 

New York Times Semce 

BERLIN — The strength of the Ger- 
man economic recovery has surprised 
almost everyone this year. So what 
stocks look especially good? Chemicals, 
the analysts said 

r ilea other cyclical industries (hat usu- 
ally gain disproportionally in economic 
upturns, the German chemical sector has 
cheered analysts with rising sales and 
prices. 

At the head of the list of companies 
expected to benefit the most are Germa- 
ny's three biggest chemical concerns: 
Hoechst AG, Bayer AG and BASF AG. 
Supported by good economic growth in 
Germany ana the United States — where 
all three have major subsidiaries — the 
Big Three are also expected to chalk up 
Impressive profit gains because of the 
reorganizing they pushed through during 
the recession of 1992-93. 

From Hoechst, the largest of the three 
chemical giants, to BASF, the smallest, 
the companies laid off thousands of em- 


ployees, upgraded plant and equipment, 
and improved their competitiveness. 

With German economic output ex- 
pected to increase by 2 percent or 2.5 
percent this year after a decline of 1.9 
percent in 1993. the major chemical com- 

INTERISATIONAL STOCKS 

panics are all well placed to translate 
those improvements into higher profits 
this year and next. 

Because of this, Christian Heger. chief 
equity strategist at Trinkaus Capital 
Management in Dusseldorf, recom- 
mends overweighting the German chem- 
ical sector. He said the industry could 
“expect major earnings growth in 1994 
and 1995.” 

These German companies offer Amer- 
ican depository receipts at large banks in 
New York, but the securities are not 
publicly traded and generally are for 
institutional investors. 


The chemicals sector never suffered 
quite as much as the rest of German 
industry in the recession. The Ifo Insti- 
tute for Economic Research, based in 
Munich, forecast this week that total 
profits of industry in Western Germany 
would reach $32.7 billion ibis year, well 
over twice the 1993 total of $23.1 billion. 

The three biggest chemical companies 
are likely to increase sales and profits by 
at least 10 percent this year. 

Last week, Jurgen Donnann, the man- 
aging board chairman of Hoechst, put 
his stamp of approval on that view, say- 
ing the industry was well-positioned for 
“an overall upturn.” Hoechsl’s sales, he 
said, would probably rise 10 percent, to 
50 billion Deutsche marks ($32 billion), 
in 1994. 

The companies are also taking steps to 
generate higher profits. All the majors 
are moving away from bulk chemicals 
and increasing their reliance on higher- 
margin pharmaceuticals and over-the- 
counter drugs. 


U.K. Firms Must Pass on Higher Prices, Analysts Say 


Bloomberg Business News 

LONDON — Shares in British chemi- 
cal makers are likely to catch up with 
those of German companies when they 
start passing on higher costs for raw 
materials to customers, analysts said 
Tuesday. 

These analysts added that lower costs, 
a steady European recovery and boom- 
ing demand in America and Asia could 
only benefit even the poorest-performing 
British chemical makers. 


Shares of midsized companies such as 
Hickson International PLC. Courtaulds 
PLC and British Vita PLC have trailed 
German chemical company stocks this 
year. 

“Companies (ike British Vita are the 
classic raw-materials price squeeze.” said 
John Doree at Robert Fleming Securities 
in London. “Their volumes and profits 
are under pressure as they wait for con- 
sumers to pay more for products.” 


Chris Sherlock at UBS Ltd. said, “The 
consumer is very reluctant to pay up, 
while manufacturers of raw materials 
have been able to raise prices.” 

But how can pricing pressures benefit 
Britain's consumer-onemed chemical 
makers? The smaller British chemical 
companies must follow in the footsteps 
of the larger German ones and reduce 
costs to increase earnings per share and 
raise their dividends, analysts said. 


NYSE 

TfcMMMtay’s doslR0 

Tables indude The naUonwfde prices up to 
the dosing on Wall Street and do not reflect 
i Ete trades elsewhere. Ms The Associated Pnsa 

(Owstmued) 

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JS § 





Mercedes of South Africa 
To Make Mitsubishi Trucks 


Compiled by Our Staff Fnm Dispatches 

JOHANNESBURG — 
Daimler-Benz AG and Mitsubi- 
shi Motors Corp. said Tuesday 
that Mitsubishi's Colt pickup 
trucks would be made in South 
Africa by Daimler's Mercedes- 
Benz of South Africa Pty. unit. 

The president of Mercedes- 
Benz AG, Helmut Werner, an- 
nounced the plan as he 
launched a joint venture in 
South Africa with Mitsubishi, 
which plans to produce 8,000 
trucks annually for the local 
market, creating 130 jobs. 

The accord calls for 8,000 
Colts to be made each year at 
the Mercedes-Benz South Afri- 
ca plant -in East London, creat- 
ing as many as 300 jobs, offi- 
cials said. Production has 
already begun, and Colts made 


^ c 4 prv 


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Page 13 


Frankfurt 

DAX 


London 


-. •i/ wfe-.; >• * 





Exchanger " index 

; ». .. V \ 0k*se\y' ' 

Amsterdam A£X ' r ' : ■-?. * 

Brussels ^ 

Frankfurt FAZ 7 v ” • . . ' . v 3a •. • •• 775 m 

• London.. 

London “PTSS lOff^ >’ 

MndhM -y* Geneiar inefe*" ’Of ’» JSC&JHfift..? 

Milan . T:/ TMfcT&- r 

Paris. CAC4Q 

Stodkh^m : - AffaemveaHderfZ- -i^SSt 

B : J I M II f l . jfc* ■ W ! t ■’ ^ l ' j flg ■ 

Vtenna % ■ * Stock ktdex- ; ■- ■ v. • \ 4a£S^¥=-j r.- 

Zurich SB5 y, 

Sources: Reuters. AFP ImeraaiwosI Herafct Tribune 

Very brieflys 

• Volvo AB took a 5.5 percent stake in the joint venture between 
Bayerische Motoren Werke AG and Rolls-Royce PLC that will 
build the BR715 jet engine. 

• Anglo American Corp-’s first-half net profit rose 17 percent, to 
1 56 billion rand ($440 million), helped by an increase in commod- 
ity demand worldwide. 

• Cleanaway Holdings Ltd, a waste-management joint venture 
between Brambles Industries Ltd. of Australia and GKN PLC of 
Britain, said it would pay £125 million ($195 million) for a 
division of Attwoods PLC if Attwoods could fend off a hostile 
takeover bid by Browning-Ferns Industries Inc. 

• Volkswagen AG’s worldwide sales rose 7 percent, to 2.76 milli on 
units, in the first 10 months of the year, led by U.S. sales. 

• T&N PLC will take a charge of £100 milli on against its 1994 
earnings for asbestos-related claims in the United States. 

• France said it would privatize the state-owned tobacco monopo- 
ly Soti£*6 Nations)* d'Expfoitation IndUsirieDe des Tahacs & 
AQumettes, or SEDA, by next year. 

• Cavisberg AS said a drop in the value of its bond portfolio offset 
an increase in sales to dnve its profit down nearly 10 percent, to 
885 million Danish kroner ($144 million), for its financial year. 

Bloomberg, AFX, Return, AP 

BPs Simon to Be Chairman 


in South Africa are to be sold in 
various African countries. 

Mercedes-Benz said it would 
invest 100 million Deutsche 
marks ($64 million) in South 
Africa over the next five years. 

Mercedes-Benz has been op- 
erating in South Africa for 33 
years. One of the biggest Ger- 
man investors in South Africa, 
it plans to manufacture 38,000 
vehicles there next year and em- 
ploy almost 4,000 people while 
generating sales of 2 billion 
DM, officials said. 

A day earlier, Ford Motor 
Co. announced it was buying 
back some of the manufactur- 
ing operation in South Africa it 
left behind six years ago when it 
left the country because of the 
former apartheid system there. 

(AP, Reuters. AFP) 


Compiled by Our Staff From Dapatdtes 

LONDON — British Petro- 
leum Co. said Tuesday its chief 
executive. David Simon, would 
become chairman after Lord 
Ashburton retires July 1, 1995. 

Mr. Simon, now group chief 
executive, will be succeeded by 
John Browne, now chief execu- 
tive of BP Exploration. Mr. 
Browne will be succeeded by 
Rodney Chase. 

BP &ploration, its oil and gas 
exploration division, recently 
has been the company's most 
successful aim, with major dis- 


coveries in South America and 
in the North Sea off Scotland. 

British Petroleum is Britain's 
biggest integrated ml company. 
Its main businesses are the ex- 
ploration, refining, shipping 
and marketing of on. 

Since taking over from the 
former chair man and chief ex- 
ecutive. Robert Horton, in June 
1992, Mr. Simon has led BP out 
of financial difficulties that had 
caused the company's dividend 
to be cut by 50 percent. 

(AP, Reuters) 


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\.B0Wn-0S77 
0800-3333 . 

000- aou 
I4BM7740» 
00000-1010 

1- 800*774000 
00+0317 
100-13 
10040 
980-130010 
900.130-110 
103 

99 3 >00 13 


Cnm/8 
Cmeh Kapohfic +7 

Dwmikt 
OcnantcuD SafraWc A 

EoMdar/ 

Egypt (Cabo) + 

fe*ri{an*&-) + 

fl Sahador + 

F? klench 

FWand * 

Fnmtft + 

Oorwaay + 

0nm + 

Guam 

Cumoiaia + 

Hancbra A 

Hang Vang 
Hong Kong fl 
+/ 

Inland +M 

Mo* 

InOomala 

trehnd + 

fanai + 

My + 
iconoica- 


ACCE5S NUMBERS COUNnUES 


080-900-01 - Jepwioqien 

0042-087-187 Japan |KOO) (En 

•00-1-0877 Japan UapanM 

1400751-7877 . Konya/ 

171 Kana(Dat«n) 

3544777 Karaa (XT] +4 

024544777 Kaaril 

191 U ad w a aflala + 

004490-1003 UBwaata/ 

9800- 1 -033 4 Lwmbwrs 

19+0087 Macao o 

01300013 MaJnyda + 

001401411 M«ucd+ . 

950-1344 Mnnaca+ , 

195. NdhiAnflei 

001400-1212000 ICwocm&I 

800-1877 ' B h H iirlai u fc + 

01! - Now Zaafcnd A . 

00+80041477 '^ U i c au rt t y cafl»| 

999-003 New Zadond 

000137 NhtaB— 0» ■ nafcgmMo 

001401-15 Mraragod a 

1400-554001 Wita wiH ua g- J 

177-102-2727 Nanny + 

173-1177 Panma 

14004774000 AaoBuoyA. 


ACCESS NUMBERS COUNTRIES 


Arrow numbers COUNnilES 


JepoB (OQ (EngWi| + 

0064-55477 

■fciv/ 

194 

Tortay + 

00406-14477 

japM|KDq<tooH>) + 

0039-131 

PMflp|dn<a {BPI Mb* oMyJ +1 0541 

ILS, VWgln Uandi — 

14004774000 

Japan (Japanesa) + 

0064-55488 ' 

PUBppbioi (PUKeailA 

102411 

USJL - 

1-8004774000 

Konya/ 

0800-12 

PMDppiooi {PIPT} 

105-16 

Wnm 

f-100-15 

Kano (Daunt) + 

0039-13 

Poland + 

001Q8400-1I5 

IMtad Arab Eodmtai x- 

800-131 

Karoo (XT] ++ 

009-16 

■ Portugal + 

05017.1477 

IMM Kfegdom (BT) 

0800490877 

Knwidl 

800-777 

Puaria Rks f- . 

14004774000 

Untod KJogdera {Moreory] 

0900494877 

UodHHKWa + 

1554777 

Kamanin +■ 

014004877 

UrugMiyko 

000417 

UBwanio/ 

8+197 

lunJa IMauaw) + 

1554133 

VadmOy + 

172-1877 

Umwitxurg 

08004115 

Kuriia [d aha) +■ 

1695-1554133 

Vno«i»to (Engfah) 

800.11114 

Macao a 

JNaJayda + 

Mawa> + 

Maaa«a+ . 

0800-131 

1004016 

95400477-8000 

19+0087 

Sa+an 

IMan awl Sola +■ 

San Marino * 

■Saudi Arabia 

235-0333 

14354033 

173-18 77 

1800-15 

VanionItT tSpanMi} 

800-1111-1 

NdhiAnflei 

|CHae» & tonMra) + 
WHiorlondt + 

001-B00-7X5-11 M. 
06+6234119' 

. .Stogapork -» 

Saadi Africa + 

Spate 

BOCO-177-177 

0400-994001 

906494613 

Sprint 


000-999 

171 

161 

02+lngMarSyaaMii 

800-19877 

115 

008-12400 


St.lmlaC' 

SLUkIhS 


Syria + 

TsJvrtm a 

Thdfcnd / 
TrKdod&lotMgo 
(porh of owy onJyl 


1-800-277-7448 
187 • 

020799411 

1559777 

0088 

0000- 144877 

001- 999-13477 


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d* country yourt lotting Is wp uqf tf ypnV hr cofttiffltd ft 


ChtOlMiaBifcataatacoirwaaiaieiair.Mitci^ray^pho-M+itfalJJinflMbiacliBtfgMao ww»c»oiaA*iiMa)>w«e»r.<nailiwSf<«w fcfwnr ltwco«arv^i«*l,or told denotes camr/ » cMnoy udhp awjflBba^. Ar&tCfttobahgoriy IhoCbU 

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Page 14 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 


NASDAQ 

Tuesday's 4 p.m. 

This list compiled by the AP. consists of the 1,000 
most traded securities in terms ot dollar value. It is 
updated twice a year. 


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INSTANT 

ILLUMINATION 

“ITN WORLD NEWS” EVERY DAY AT 08.00, 

19.00 & 22.00 CET AND ALSO AT 07.00 CET ON WEEKDAYS 


NBC 


CHANNEL- 


CABLE TV’S PERFECT MIX OF NEWS, VIEWS & ENTERTAINMENT 


LEGAL NOTICE 




International Credit and Investment 
Company (Overseas) Ltd. (In Liquidation) 

ICIC Holdings Limited (In Liquidation) 
ICIC Investments Limited (In Liquidation) 
ICIC Apex Holding Limited (In Liquidation) 


NOTICE TO CREDITORS 

Proposed Agreement with Majority Shareholders 
and Cooperative Arrangements with BCCI 


The Liquidators of International Credit and Investment Company 
(Overseas) Ltd., ICIC Holdings Limited, ICIC Invesments Limited and 
ICIC Apex Holding Limited (the “ICIC Group") are in the process of 
sending out letters, with attachments, to creditors relating to: 

+ a Proposed Agreement with the Government of Abu Dhabi on 
behalf of the Majority Shareholders of BCCI Holdings 
(Luxembourg) SA (“BCCI Holdings") under which $1,800 million 
will be paid to the Liquidators of Bank of Credit and Commerce 
International SA, Bank of Credit and Commerce (Overseas) Ltd., 
Credit and Finance Corporation Ltd., BCCI Holdings (the 
"principal BCCI Companies") and the ICIC Group for distribution 
to unsecured creditors; 

-4- a Proposed ICIC Pooling Agreement whereby the assets of the 
principal BCCI Companies and the ICIC Group will be pooled and 
distributed rateably amongst creditors together with a Proposed 
ICIC Cost and Recovery Sharing Agreement and an ICIC Paying 
Agency Agreement between the Liquidators of the ICIC Group 
and the principal BCCI Companies (“Cooperative Arrangements 
with BCCI"); 

The Grand Court of the Cayman Islands will consider whether to 
approve the proposed Agreement with the Majority Shareholders and the 
Cooperative Arrangements with BCCI at a hearing on 12 and 13 January 
1995. The courts in Luxembourg. England, and the Cayman Islands will 
consider whether to give such approval to the Liquidators of the 
principal BCCI Companies at hearings due to commerce on 30 November 
1994, 19 December 1994, and on 12 January 1995, respectively. 

If any creditor has not received the above letter and its attachments by 
10 December 1994, or requires further information, or intends to appear 
or be represented at the court hearings, he or she should contact the 
Liquidators of the ICIC Group at P.O. Bov 1359, George Town, Grand 
Cayman, Cayman Islands, by 4 January 1995. 

pubmissioft a f Claims. 

If any creditor has not yet received a yrwf of debt form and mould like to submit 
a claim, please write to the Liquidators at the address noted above. 




•TO SAVE ALL w 
THESE TREES WE 
) HELP CHOP • < 
.DOWN THIS ONE.. 




Tropical hardwood trees are 
more valuable to loggers dun other 
trees in the rainforest. 

High prices for hardwoods 
ensure that loggers have no qualms 
about destroying other trees char 
Hand in tbeir way. 

So a WWF project in Costa 
Rica is researching ways of felling 
a tree without bringing down 
severe! others around it. And how- 
to remove it wichour bulldozing a 
path through the surrounding trees 
If the rainforests are used 
wisely, they can be used forever. 
Help WWF prove rhis in rain- 
forests around the world, by- 
writing to the Membership Officer 
at the address below. 



WWF 

Wfodd Wide Fund For Na 

(formerly World Wildlife Fur 
International Secretariat. I|% C 
Switzerland. 


O' 





Y Tuesday's Closlna 

v' w^vwde prices up to 

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Page 16 


Beijing Banker 
Asks Public to Aid 
Fiffht on Inflation 


fTVTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 


France Seeks a Voice in Asia 



asia/pacific 


Investor’s Asia 


BEIJING — The deputy gov- 
ernor of China's central bank 
appealed Tuesday for help 
agair.si inflation fueled by excess 
money supply, soaring wages 
and a" construction boom. 

In an article in the People’s 
Dailv. Dai Xianglong of the 
People’s Bank of China sought 
public and corporate support 
’for she fight against inflation by 
’_ir.de.-! in mg Lhe seriousness of 
the problem. 

In October, consumer prices 
in China’s 35 major dries were 
27 percent higher than a year 
earlier. The steepest increase, 
38.2 percent, was posted in 
Chongqing in lhe central prov- 
ince of Sichuan. 

One chief cause of inflation 
was tco much money, Mr. Dai 
jCitl. Figures for Ml — which 
includes cash in circulation and 
certain kinds of deposits — 
showed an annual rise of 32 per- 
cent over the first nine months of 
the year, compared with a target 
of 20 percent to 25 percent 

Mr. Dai attributed this to in- 
tense activity in the finandal 


sector that was beyond the con- 
trol of of fid al banks. 

He appealed to companies to 
obtain advance approval for 
projects so (hat proper funding 
could go to state-owned compa- 
nies to help them restructure, 
retrain excess workers or de- 
clare bankruptcy if necessary. 

Another factor pumping up 
money supply was the flood of 
foreign capital into China, giving 
companies an alternative source 
of fun ding, he said. Direct for- 
eign investment in the first eight 
months was $2025 billion, up 55 
percent from a year earlier. 

The torrent of money helped 
push up capital construction in 
the first 10 months by 40 per- 
cent from a year earlier, wages 
at state companies by 41 per- 
cent and “management costs” 
in government departments by 
37 percent, Mr. Dai said. 

Separately, lhe State Admin- 
istration for Commerce and In- 
dustry said the number of pri- 
vate companies in China had 
risen 58 percent to 374,700 in 
the first nine months of 1994, 
according to the China Daily. 


Agent* France- Presse 

HO C-Hl MINH CITY — French- 
speakers, long proud of their language’s 
traditions in culture and diplomacy, are 
now seeking a share of Lhe dynamic 
Asian business world that is increasingly 
dominated by English. 

For historical reasons, francophones 
have chosen Indochina, especially Viet- 
nam, as a springboard for their economic 
ambitions. To this end. the first Franco- 
phone business forum was held here last 
week. In three years. Hanoi will host a 
summit of francophone nations. 

Proposals include a francophone 
trademark, a charter for francophone 
businesses that favors French in recruit- 
ment, tr ainin g, contracts and publicity, 
and an agency for the promotion of fran- 
cophone economics. 

The campaign would be aimed particu- 


larly at the growing use of English in 
Vietnam, where, according to a Hanoi 
university student. “English is a vector of 
modernity and a way to trade with Aria.” 
English is also useful in finding work here. 

France is the only French-speaking 
counuy among Vietnam's 10 largest 
trading partners. France's share of the 
Southeast Asian market remains modest 
at 2 percent, half of Germany’s share. In 
Vietnam itself, France’s share is 8 per- 
cent. 

But the choice of Vietnam as a 
“bridgehead for French-speakers in 
Southeast Asia.” in the words of Foreign 
Minister Alain Juppe of France, is a 
long-term wager. 

Vietnam is one of the poorest coun- 
tries in the world, with an annual income 
per person of less than S200. It is also 
afflicted with a bureaucracy that dis- 


courages foreign investment despite re- 
cent efforts by the government. 

If French-speakers want to improve 
their image in the region, they will also 
have to open northeastern Asia — espe- 
cially South Korea and Taiwan — to 
French businesses, said Christian Le- 
ch ervy, a strategic specialist. It is there 
that growth will be strongest during the 
coming years, he said. 

But if French has its handicaps, it also 
has its advantages. The French language 
is “a supplement, a plus” io the omni- 
presence of English. Mr. Juppe said. 

In addition, French concepts of cen- 
tralized and written law's, which differ 
from the more liberal common law- 
based British system, may be more ap- 
pealing to some Asian developing coun- 
tries. France, too. is hoping that French 


tries. France, too, is hoping that French 
will be a “window” for Asia to the Euro- 
pean Union’s market. 


Hong Kong 

Hang Seng 

t«59 — 


Singapore 
Straits Times 


Nikkei 225 




- 1934 1994 

Exchange index 

Ho ng Kong HangSeng. 

Singapore Straits Times 

Sydney M Ordinaries 

Tokyo ^ Nfkkal 22 S 

- Kuala Lumpur Composite 


Debate Blocks Action on Chinese Securities Law 


Bangkok 
Seoul 
Taipei ~ 
Manila 
Jakarta 


SET ■ . 
Composite Stock 

Weighted Price .* 
PSE, , ~ • ; 

Stock Index . " 


Reuters 

SHANGHAI — More than 
two years after lawyers started 
work on a national securities 
law, debate is still preventing 
such legislation from being im- 
plemented, a professor working 
on the issue was quoted as say- 
ing Tuesday. 

Chao Fengqi, a professor of 


law at Beijing University, said 
some government authorities 
even questioned whether such a 
law was needed. 

China's stock markets now 
are governed by provisional 
regulations in Shanghai and 
Shenzhen, home to the coun- 
try’s two markets. The securi- 


ties industry is also subject to 
certain national laws. 

But current legislation con- 
tains gaping holes in areas such 
as insider-trading and corpo- 
rate disclosure that have 
alarmed investors and contrib- 
uted to a “Wild West” image 
for securities trading in China. 

Mr. Chao's comments, re- 


ported by the Shanghai Securi- 
ties News, offered the dearest 
insight so far into the serious- 
ness of arguments stalling the 

legislation. 

“Concerned departments 
think that the drafts are as im- 
perfect as the stock markets,” 
Mr. Chao said. 


New Zealand - NZ9E-40 
Bombay ' Natonal .index ' 

Sources: Reuters. AFP 


’S'OiN ' ' 

Tuesday 
Close ; 
. 8,656.26 
. 2,232.80 
1,86130. 
ABJQ2&A9 
, 11005.69 
1,35334. 
ijoatJts 
$38&lb “ 
2,691.19 
465.42 . 
Sy»4.65 
1,96538 


-’■■prev. 2- ’% •: 

■ QpsaV.' Change 
•8,66237: ^>.0$ 

'saautr ; : -o23 

. 1.9113d : 
■16,61136 ♦O.ef 
.1,01132. XT?. 
1,342.13 ■ +0.84 
f, 069.43". +1- Id 
' 6,384.20 +0.06 . 

2.6T&99 .-*0 46 
486.84 V..-Q.2& 

.2,00631. 

A 357.20 +0.48 

tatenauona) Herald Thine; 


More than a hundred customers are spreading our name around the world. 

From the tropics to the poles, in every kind of economic climate, the superior performance of our aircraft has helped Airbus Industrie to win such a significant share of the civil 
aviation market that we are now the world’s second biggest manufacturer. We supply members of our constantly evolving family of Airbus airliners to over 1M customers around 
the world: including virtually all the major international flag carriers. 



AIRBUS INDUSTRIE 

TAKING THE WORLD VIEW 




Very briefly: 1 

• The Hong Kong Stock Exchange’s Hang Seng index w fflno t be 
affected bv the removal Wednesday of 6ve companies from the 
Jardine M'alheson group and two other companies, analysts said. 

• Thai Airways International Ltd. said an increase in passengers 

helped It post a net profit of $124.6 million in its latest fina n c i al 
year. The company said revenue rose 206 percent. • ? 

• Microsoft Co., the Japanese unit of the U.S. software company, 

is cooperating with Japan’s biggest electronics makers to develop 
special Windows software for financial services. - ; 

• South Korea will raise its 10 percent limit on foreign ownership 
of companies to 12 percent, effective Thursday. Analysts said 
stocks could get a short-term boost from Lhe measure. 

• Shanghai's futures markets reported a surge in volume in the first 
10 months of the year to 1.3 trillion yuan ($153 billion), more than 
double the total for the whole of 1993. ■ 

• China plans to develop a production capacity of 800,000 facsimi- 
le machines a year to cut its dependence on Japanese imports. 
Chinese demand for fax machines is growing 80 percent a yeaj. 

• The Guangzbou-Shenzhen superhighway in China has been 
generating 20 percent less revenue than expected because only 
half its exits have been opened, the highway's manager said • ’ 

• McDonald's Carp, said it wanted an urgent meeting with Chi- 

nese authorities to discuss an eviction order against its restaurant 
in central Beijing. AFT, AFX. AP. Bloomberg, Ream 


Jobless Bate Stays 
At 3.0% in Japan 


; Compiled by Our Staff Fran Dispatches 
j TOKYO — Japan's unem- 
i ployment rate stayed high in 
j October, and officials said 
Tuesday there was no immedi- 
| ate sign of a turnaround 
! The seasonally adjusted job- 
! less rate stood at 3.0 percent for 
! the fourth month in a row, the 
! Management and Coordination 
| Agency said just below its re- 
cord of 3.1 percent in May 1987. 
i Before being rounded off to 
j 3.0 percent for official statisti- 
cal purposes, the actual rate 
crept up to 3.03 percent from 
I 2.98 percent in September. 

The number of people listed 
as unemployed in October fell 
to 1.99 million from 2.01 mil- 
lion in September as the active 
labor pool shrank but was still 
far above the October 1993 lev- 
el of 1.76 million. 

“The unemployment situa- 
tion is not improving in line 
with overall economic recovery 
as it did in the past,” an agency 
official said. 

The jobs-to-appticants ratio 
in October was unchanged from 
the previous month at 64, 
meaning there were 64 job of- 
fers for eveiy 100 applicants, 
the Labor Minis try said. 

A ministry official comment- 
ed: “Firms are not replacing the 
labor they cut for restructuring, 
even though the economy has 
started picking up. Jobs wiU in- 
crease only when firms launch 
new projects.” 

Although Lhe Japanese econ- 
omy has shown signs of recov- 
ery, economists say labor con- 


ditions will remain unfavorable 
for some time, as company 
managers will not start hiring 
until they are -convinced - a re- 
covery is under way. \ 

A report released by Bank pf 
Tokyo Ltd on Tuesday predict- 
ed the Japanese economy would 
grow 22 percent in the year 
beginning in March 1995. i 

Separately, the Ministry of 
International Trade and Indus- 
try said prices paid by manufac- 
turers in Japan for raw materi- 
als, parts and fuel averaged 14 
percent higher than those in the 
United States, while the cost of 
services including telecom* 
muni cations, leasing and trans- 
portation averaged 63 perceht 
higher. i 

(Bloomberg, Reuters} 


NEC Chip Project 
To €et $1 Billion 

Compiled by Ota Staff From DispauM 

TOKYO — NEC Corp. said 
Tuesday it would invest $1 bil- 
lion on a production line fori a 
new generation of memory 
chips by 1997. ! 

The 256-megabit chips will 
have 16 times the capacity ‘of 
the largest memory (hips cur- 
rently on Lhe market, which 
hold 16 megabits, or aboui 3 4 
million units, of computer daiiJr- 

NEC said the new line wotijd 
be built at the company’s semi- 
conductor plant in Kyushu hi 
southern Japan. (AP. AFT) 


EXOS 


\ A340 


| Soclflc Agttdymcj ' , 

Registered Office: Luxembourg - 2. Boulevard Royal < 

R.C. Luxembourg B-6734 .« 

3 

NOTICE TO SHAREHOLDERS * 

Payment of Interim Dividend ■ 

(against coupons marked IFINT. the former name of the company) \ 

A net intenm Dividend of US$ 0.80 per ordinary share and USS 0.90 per; 
preferred share will be paid for the current fiscal year. ' \ 

Such dividend wilf be payable, at the offices of the paying agents fotedj 
below, subject to the laws and regulations applicable in each country/ 
starting December 7th, 1994. against aurrenderof coupon no. 34 IFINT" 
of the ordinary share certificates and coupon no. 13 IFINT of the* 
preferred share certificates. < 

Paying Agents < 

4 

- in Luxembourg: Banque Internationale it Luxembourg; ‘ 

- in Italy: all the leading banks; ' i 

" in Switzerland: Credit Suisse, Banca Commercials ttahana- 1 

- in France: Lazard Frtres & Cie.; ' r'" 

- in the Federal Republic of Germany: Commerzbank; 

- in Great Britain: S.G. Warburg & Co., Lazard Brothers & Co - ! 

- in the Netherlands: Amsterdam-Rotterdam Bank; ” t 

- in Belgium: Banque Bruxelles Lambert. 1 


The Principal Paying Agent 
Banque Internationale a Luxembourg 
Societe Anonyms 









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Page 17 


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MANAGEMENT. LTD 

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w MerbaM USD. 
m BEF/LUF . 


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CINDAM BRAZIL FUND 
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d Clmtan Balanced Fund s 1167BH 

Cm MNK (LUXEMBOURG) SJL 
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d Qt Invest CloboJ Bond 5 

d atfanest FGP USD S 


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d at (currencies USD _ 
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5 


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d atlport NLA. Equity s 

d CHIport CanL Euro Equtty.Ecu 

d atlport UK Equity t 

d CJtiPort French Equity FF 

d atlport German £«w3fry__DM 

d atlport Japan Equity y 

d CHIport IAPEC S 


d CHbnrt Eomec. 


d atlport NA.S Band, 
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d Managed Currency Fund -J 
d India Focus Fond s 

gagagjja ^ 5 * 11 ^ 

d cm GMAstai Mfcts Fd i 

C1TITRUST 

w USS Equities % 


9875 

120846 

171549 

1366.13 

164&J5 

14548 

16648 

1247448 

233.15 

17249 

13174 

135254 

9879 

449240 

22041 

18459 

15755 

14731 

14738 

99973 


953340 

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iv USS Bonds. 


mOtipertunnaica Ptfl SA— 3 

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COMGEST OM) 44 30 75 H 

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w Compost Asia 5 


252551 

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wCamgest Europe. 
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JF 


93075 

127L95 

124437 


6 WAM (Hotel HulUlM 
lb WAM InH Bd Hodge Fd 
CONCERTO LIMITED 
Imt NAY IS NOV 19M^H 


188944 

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COWEN ASSET MANAGEMENT 
Co w a n Enferprtae Fwd N.V. 
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> Class BShs. 


102173 

157159 


CREDIS INVESTMENT FUNDS 
d CS Port! Inc DMA DM 


d CS Portf Inc DM B dm 

d CS Portf Inc junta A/B Lit 


d C5 Portf Inc! 


_SF 


d CS Parti Inc SFRB. 
d CS Portf I ik USS A. 
d CS Parti tnc USS B. 

d CS Portf Bol DM 

d CS Pa rtf flat (Lire) A/B_Uf 

d CS Portf Bat SFR SF 

dCSPttTHBnlUSS .1 

d CS ParH Growth DM— —DM 


100242 

1036JB 

95865440 

96040 

99523 

94753 

97L95 

167741 

M2M740 

98641 


d CS Parti Ore (L4e) A/B LH 


PorH Growth 5FF 

Portf Growth ; 

Money Market Fd bef_bf 

Money Martef Fd CS CS 

Money Market Fd DM— DM 
Money Mortal FdFF — ff 

d CS Money Market Fd Ecn-Eai 

d CS IManey Morhel Fd HFI-Ff 
Money Mortal Fd LH^LH 

Money Market Fd Pta — Pta» 

Money Mortal Fd SF —JSF 

d CS Money Martef FdS S 

d cs Money M arket Fd Yen-.Y 
d CS Money Martef Fd I—-4 
Fd Emery rmas 

Fd Lot Amor — & 
FdSmana*EuroM 

d Oed iseq W»nO*\ilWJ 

8 tf b^SmH+MU Ci* swfbisF 

Credit sutase Fds InH SF 

d CS Euro Blue CMira A _DM 

d CS Euro Blue Chins B JIM 

d CS France Fund A : FF 

d CS France Fund ft — - — F F 

d CS Germany Fund A —DM 

d CS Germany Fund B DM 

d C9 odd Mines A S 

d CS Gold Mines i 
d CS Gold Volar. 


P9141 

90276640 

94135 

98731 


133452 

179L11 

633425 


122946 


12977640 

591X34 

189035 

14638340 

240942 

111241V 

tflSUWv 



96X04 

SSy 

252.14 

91055 

99648 

750.12 

26441 


d CS HDpana Iberia Fd A —Pta 
d CSHhnano Iberia FdB — Pta 

d CS IhdpFundA Lit 

dCS Italy Fund B LH 


d CS Japan Megatrend 5FR—5F 
d CS Japan Megatrend Yen —Y 

d CS Netherlands Fd A J^L 

d CSNetbertnNFd B FL 


d CS Narih-Ameriam A. 
d CS NarithAmerican B. 

dCSOekfrProteCA 

dCSOekoJNolecB 


dCS Tiger Fond. 
d CS UK Fu 


Puma. 

d CS UK Food B. 
d EnenAe- Vakv. 


d Eerana valor, 
d Pacific •' 


-SF 


d Sctiwelzeroktlen - . S F 

d Band Valor D- Mart DM 

d Bond Volar Swt SF 


d Bond viriar US- Donor. 

d Band Valor Yen—- r 

d Band Vrtor I Sforthig x 

d Convert Vakr 3Nrf__J — 5 
d Convert VOtor US -Daitor_4 
d Convert Vohr I Starting— i 

d ciedn Swiss Fas Bds SF 

d 


sum 

VOMf 

2764600 

294894 0 

23509240 

34081740 

23456 

2305940 

41754 

42543 

22753 

24X.11 

2U48 

71m 

118X80 

11134 

11648 

S 

1243S 

770759 

10722 

10645 

11345 

1935440 

9643 

issjg 


8676 

0350 


S8S5E3P3SS3 

■Crodls Bond Fd DM B DM 



Fd FF A FF 

Fd FF B FF 

Fd (ire A/B — LM 

A/BPtas 


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23835X00 

1879640 


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imm==i 



174047 

142943 


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dCS Swiss Franc Bond B SF 

d CS EuroreoL— DM 

CREDIT AGRICOLE 

d*SSS"^S5.K y 


135950 
155141 
10226 
17tS.1T 
21753 
342.12 
10828 
10931 
107.15 
107744 
118135 
10278 
15428 
0X46 
12978 
184.IJ 
I57J4 
10OB7 
16176 
269 JM 
29X51 

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if ipdgxfs G Brot/FTSE— 
d index!® Frmice/CAC 40- 
d indoxteCT — 


J=F 

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1X43 

10X43 

1279 

141.11 

11X49 


MONAXIS 
a Court Terme 
d Court Terme DEM 
d Cowl Tyne JPV- 

d Court Terme GBP 

a court Terme FRF 
d Court Terme ESP. 
d Court Terme ECU 
MOSAtS 



17.13 

3953 

227347 

1X41 

14040 

307721 

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d own ■ — Tfirt 

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d Suri Terme FRF . 


3178646 

3X71 

11924 

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10244 

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1239.95 

135551 

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134951 

4715*2 

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ADVERTISEMENT 

INTERNATIONAL FUNDS 


NOV. 29, 1994 


*FBod by hade Rotod, and toeanWMI by IMBOMl PABB (ToL SM 40210909}, 


The 


[every two weeks); M-regdtaty; B)- twice weertfita)- monthly. 


DTT INVESTMENT PPM 
d Cancentro + . 


d loti RraTontandy. 


-DM 


J3M 


5073 

6353 


1845 


DRESDMER INTL MGMT SERVICES 
LS Toudw Home ■ IFSC ■ Dublin 1 
DSB Thornton Lot Am Set Fd 
cf Conqutslador fut wi < 

DUBINA SWIECA ASSET MANAGEMENT 
Tei : 1909) 945 1400 Foe : 18091 MS 1488 
b W iurt d w capita Care— 5 1225446 

m Overtook Pertormunce Fd-S 201X17 

mPocHlC RIMOCRJ 5 lOOJOi 

EBC FUND MANAGERS (JHH9) LTD 
10 Seale St. St Heder ; 053X36331 
EBC TRADED CURRENCY FUND LTD 


d Captni. 
d lit 


INTERNATIONAL INCOME FUND 
d umn Term. e 


2LDS1 

1X295 


d Long Term - DMK-— DM 

ERMfTAGE LUX OSMxnsn 
■vErmltape Inter Rule Sira) -DM 
iv Emritana Sea Fund— S 
h> Ermltooe AUm Hadoe Fd J 
w Ermltoae Euro Hodoe Fd —DM 
w Ermltoge Crmby Aslo Fd_5 
iv Ermltooe Amtr Hdo Fd— 5 

IV Ermltoge Emer Mkts Fd 1 

EUROPA FUNDS LIMITED 

d American Equity Find 5 

d American Ootlon Fund__S 
iv Aslan Eaultv Fd S 


314366 

1074083 


11180 

6X40 


947 

1X71 

7J3 

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iv Eurepeai Equtly F< 

EVEREST CAPITAL (189) 292 22H 

a Everest Capital Inti Ltd S 

FAIRFIELD GREENWICH GROUP 

mAdwmced Strategies (Jd S 

m Chorus International LM l 

■rFalrfleM InH U m 1 


27459 

17147 

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12X16 


13451 


w FatrtteM Sentry LML 


iv Fairfield strategies Ltd ■ 
n Sentry Select Ltd. 


1615528 

18X00 

21740 

34X20 

7X95 

51X4130 


FIDELITY lifTL INV. SERVICES (Lex) 

d Discovery Fund. 5 19.16 

d For East Fund- . . ,s 7758 

d FIX Amer. Assets S 19453 

d Frontier Fund— 5 3550 

d G total Ind Fund 5 1X60 

d Olotol SetodkM Fund I 21.12 

d New Europe Fund s mi 

d Orient Fond { 774*3 

d Special Growth Fund 5 1X96 

d World Fund s 11069 


FIHMANAGEMERT SA- Loquno(41.Tl/L»S12) 
iv Delta Premium Coni— I 122540 

FOKUS BANK AS.472 42X515 
tvScantaids hifi Growth Fd_S 8* 

FOR E ION & COLONIAL EME RO MKTS LTD 
Tel: London 071 62X1234 
d Argentinian invest Co Stand 
d Brotalkai Invest Co 3ICOV_4 
IV CatanUan Invest Co stcav J 
d Gta Em Mkts Inv Co Slcavi 

d Indian Invest Co Sleav S 

d Latin Amor Extra Yield Fd S 
d Latin America Income Co_$ 
d Latin American Invest Co_S 

d M«xla»i invest Co Sleav S 

w Peruvian invesl Co 5icav_s 
HIND MARKETING GROUP (BID) 

PXK flax 2ND. HamUhn Bermuda 
m FMG Giobal (31 Oct) 5 


2758 

4X37 

1X38 

1X69 

1266 

952(9 

9JI 

1X49 

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mFMG N. Amer. (31 Oct). 

mFMG Europe (31 Ota) s 

fflFMGEMGMKT (31 Octl-J 
mFMG Q(31 Oct). 


m FMG Fixed <31 Oct) S 

FX CONCEPTS (BERMUDA) LTD 
w Conceals Forex Fund— 5 
GAIA CURRENCY FUNDS 
arGota Hedge II S 


1354 

1X41 

1075 

1269 

9.11 

1825 


939 


w Gate Hedge III. 
C GAIA Fv . 


mGaia Guaranteed cl 1 J 

m Gale Guaranteed CL iiIB 
GARTMORE H4DOS UEZ FUNDS 2X/U/90 
Tel : (3S21 46 54 

I Fa* : (352) <6 54 23 ■ 


12148 

1525 

12352 

8140 

7951 


BOND PORTFOLIOS 

Band WsXJl DM 


d DEMI 

d DNertead— XUs258 SF 

d Dolkr Band Dis X1S 8 

d European Bd — Dis I.U Ecu 

d Frentai Franc— Dis 9 as FF 

d Global Band Dis 248 S 

EOUITY PORTFOLIOS 
d ASEAN. 


647 

347 

243 

158 

1249 

249 


d AstaPodflc. 


d CanUnantai Europe— 
d Developing Martels. 
d Frmce- 


d Germany. 


-FF 


d Intarnaflonal- 
d Japan. 


d North America. 

d Switzerland 

d United Kingdom. 


JSP 


RESERVE FUNDS 

d DEM OK 3494 OM 

d Dal hr Dis 2.125 1 

d French Franc- — FF 


X73 

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144 

440 

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2-58 

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149 

344 

152 


d Yen Reserve. 


■)NW 

ii'3 

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GEFIMOR FUNDS 
Undon:7V49941 7LGeneva:4l-22 735 55 38 

iv ScattWi World Fund s 4514384 

w State 51. American 1 34X97 

GENESEE FUND LM 

iv (A) Genesee Eaote S \5Sm3 


GLOBAL ASSET MANAGEMENT 
OFFSHORE FUNDS 
1) Athol ShDwgta&l at Man 44626624037 


iv GAMer tCQ. 


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wGAMi ‘ 
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w GAM Contained . 


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iv GAM European— 5 

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GA1WCO- 
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» GAM Money Mkh USS— J 

d Do Sterling 1 

d Da SwtM Franc SF 


d DoDeatschemark DM 

d Do Yea Y 


wGAMAHocntedMRf-Fd * 

w GAM Emera MktaMitLFciJS 

nr GAM MW-Eunpe USS S 

wGAM MHLEurape DM— J>M 

vrCAMMIN-GtobalUSS S 

wGAMNU1t-U3. 


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70433 

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w GAM Trading DM DM 

wGAM Tradbw USs. S 

ir GAM Overseas S 


iv GAM Pacific. 


iv GAM Pan Empa SF 

iv OAM ft* European S 

w GAM Rtaatlva Value % 

w GAM Selection- — — S 

w GAM Stagaparc/Makiyila _S 

urGAMSF Special Bond SF 

wGAMTvefae S 


12X84 
16X18 
16458 
909 JO 


WGAMUJL. 


wGAMut Inue shnents. 
vGAMVobt-^B 


wGAMW W teteem. 


iv Gam Worldwide. 


iv GAM Band USS Ord 

iv GAM Bond USi Special. 
•vGAMBandSF. 


wGAM Band Yen. 


iv GAM Band DM- DM 

tv GAM Band 1 , . 

w GAM (Saeda) Band, 
w GAM Untvenal I 
vg&am Composite. 


w GMMI Strategic A. 
nr Global Strategic B. 


18000 

VJJ37 

61X73 

74755 

12X92 

V»T1 

21189 

869.16 

12X89 

19251 

67421 

14420 

17460 

10X92 

1466750 

11X61 

16X15 

14196 

14681 

33X60 

97.18 

9657 

9772 

9758 

9993 

10895 

18952 

112*3 


w European Strategic A J 

et Ewapeoi Strategic B —_S 

w Trading StrofvslcA J 

vTnano Strategic B % 

iv Emera Alkti Strategic A — J 
wEmero Mkts Strategic B — % 
iv Aitoaitad Strategic Fd A— S 

w AJlocatMS Strategic Fd B — J J6W 

SWISS REGISTERED FUNDS 41-1-422 2626 
MuhietacmtrasM 17XCH 003t2urich 

d GAM ICH) Europe SF M4J 

d GAM (CH) Momflal SF M18T 

d GAM (CH) PacMc SF 23X16 


SEC REGISTERED FUNDS 

U5 Emit S7th StraeLNY Hn22JlM84-CB0 

wGAMEareae J W^G 

wGAM Gtabal S 137*2 

w GAM In T amona n d 5 1K49 

nr GAM Japan Cuaflat % 93JB 

wGAM North America. 5 ,9171 

w GAM PdcUIc Basin I 18256 


I RISH REGISTERED UCITS 

6X66 Lower MOM* StDubBn X355-1-676060 

wGAMANa BlC. DM WXM 

wGAM Europa Acc — DM WJ6 

wGAM Orient ACC DM 14951 

WGAM Tokyo Act DM 16622 

wGAM Total Band DM Acc—DM 10U6 

wGAM Universal DM Acc DM .17322 


IDF INVT AND DEVT FINANCING LTD 
d IDF Global 5 9X73 


GUMAL CAPITAL MANAGEMENT LTD 
Bermuda: (8891 29S4B0BFMC: (889) 29X6180 
JWH GLOB AL STRATEGIES LTD 

■ IA) OmMMMMd 


win Financial & (totals, 
iv (D) Global Mveniifled- 


iv (F)G7 Currency. 


wfHJ Yen FtacM — S 

»U) Dtversfflad RMAdi — S 
w(K) Inti Currency X Bond _S 

w(U Giobal Flmactal S 

w JWH WORLDWIDE FUND* 

GLOBAL FUTURES « OPTIONS SICAV 
mFFMInf BdProor-CHFa J5F 
GOLDMAN SACHS 

wGSAdl Rato Mori. Fd II > 

mGS Giobal Currency S 

wGS World Bend Fuad S 

wGS World income Fata 5 

GS EOUITY FUNDS SICAV 
iv GS Eura Small Cap Part— DM 

wGSGIaoaf Ewfty S 

wGS US Cop Growth Port 
w GS US 
IV GS 


8759 

13843 

11355 

8624 

T57J0 

IUW 

11156 

99*2 

1659 


9X34 


957 

13927 

1825 

9|2I 


GOTTEXF 

w a Svwp Fund Ecu 

GKANOE CAPITAL INTL GSWF 


9551 

11J8 

fit 

948 

1099 


85512 

87982 


Gtabol oebL Ud — s 0.9391 

8T ABET MANAGEMENT (IRELAND 
Tel :<441 71 -710 4S 67 


J LTD 




d GTi 





w GT EjgdSwwB CO Fd B SIIJ 


7798 
7861 
2X79 
2482 
1804 
1824 
3179 
32.12 
2 AM 
2473 
2246 
2245 
1958 
1973 
1X43 
1872 
3U2 
3359 
2832 

Nl W 

1833 

KUi 

4874 

41*8 



d G7 strangle Bd Fd B Sh-J 
d GT Telecomm. Fd A SharesS 
d GT Telecomm. Fd B SharesS 
r GTTeomote9vFundASn_* 
t GT TeaywlegT Fima B Sh_» 


05V 

1449 

1456 

6279 

(838 


liSi 


wGT Lattn America B- . 
a GT Strategic BdFd A 5h -5 


6470 

6535 

12*5 

1117 

1149 

1159 

an 

uos 

24.13 

2417 

846 


GT MANAGEMENT PLC (44 71 718 «5 (7) 
d G.T. BtetcchdieBlth Fund-S 2831 

d G.T. DeuhcMond Fund 5 USf 

d G.T. Europe Fund S 4745 

w G.T. GteDai Small Ca Fd 5 2977 

d G.T. Investment Fund . . — S 2629 

wG.T. Korea Fund. 5 554 

w G.T. Needy ind Countr Fd-S 6437 

w GT. US Small Companies _J 3613 


GUeRHSeY CAPITAL MANAGEMENT LTD 

fGCMlrn.En.Fd S 10X53 

f GCMim.Ry.lne s 

f GCM USs Special S 989*6 


GUINNESS FLIGHT FD MHORS (Baser) LM 
GUINNESS FLIGHT GLBL STRATEGY FOB 


d Managed Currency . 
d GiabalBana- 


d G Intel High income Bcnd_l 
d Glit X c Band t 


d Euro High Inc. Band. 
d Global Equity. 


d Amerknn Blue Chip. 

d Japan and Paaflc 

d UK. 


d Earepean. 


Jt 


19.16 

3X99 

21.14 

1037 

2X49 

9137 

2757 

12625 

2X92 

>1999 


GUINNESS FLIGHT INTL ACCUM FD 

d Dautsehemark Money. DM 91.186 

d US Donw Money S 39JH 

d us Dollar HW Yd Band i 24*] 

d lafl Balanced Grth S 3612 


HASEMBICHLER ASSET MANGT GCXteOH. 

w HasenalcMer Com AG s 660*8 

w HoscntH taller Div s 136*4 

WAFFT l 149600 


HDF FIHAHCE.To((Jl-lMe7464MJ : Dx 407644X1 

■vMondlnvest Europe FF 124691 

w Mend Invesl Crobiancx FF 134259 

wMandlnvestOap miles FF 119IUH 

wMarKflnvesf Emerg Growth. FF 132457 

wMondlnvca Futures FF 1106*2 


HEPTAGON FUND NV (5999-615555) 

t HeplaaanOLB Fond S 

C Heptagon CM0 1 


HERMES A55ET MANAGEMENT LTD 
Bermuda: (BD«)29S 4886 Lu< : 1392)404 6461 
Final Prices 

m Henries European Funa Ecu 

at Hermes North American Fat 

m Hermes Asian Fund S 

nr Hermes Emerg Mkts Fund_l 

m Hermes strategies Fund S 

m Hermes Neutnd Fund 5 

m Hermes Gtabol Fwd S 

at Hermes Bond Fund Ecu 


8662 

59.96 


m Hermes sterling Fd. 
m Hermes Gold Fond. 


J 


32624 
38145 
97887 
13674 
67523 
115 91 
65955 
114818 
10971 
45075 


12*6 


HUTZLER BROKERAGE 

m Peaasut p.p.parifolta 

IFDC SJL GROUP, LOndOnJpX(44-71 MBS *171 

w IFDC Japan Fund V 22130*8 

w Interband Fund —Ecu 10 a73*7 

w Korea Dynamic Fund— J 2297*6 

wMotacca Dynamic Fund— S 1831*5 

w Marne investment Fund FF 963957 


INCOME PARTNERS (ASIA) LIMITED 

•r Aston Fixed Income Fd S 18726 

H Money Market Fd i 10*25 


INTERIMVE5T (BERMUDA) LTD 
Do Bonk irf Bermuda. Tel : 809 295 4060 
m Hedge Hog 5 Conserve Fd_s 
INTERNATIONAL ASSETS FUND 
X Bd Royal, L-2449 Luremooura 
w Europe Sud E Ecu 


INVE5CO INTI LTD. ROB 271, Jersey 
Tel: 44 53673114 

d Maximum income Fund L 

a Sterling wood Ptii i 

d Pioneer Markets c 

a Global Bond S 


09680' 

2*641 

61920 


d Okasan Gtabol Slrategv. 
d Asia Steer Growth. 


a Nippon Warronl Fund 5 

d Asia TIoer warrant S 


d European Worront Fioid. 
d Gtd N.W. ) 


d Giteai Leisure- 


PREMIER SELECT FUNDS 

d American Growth 

d Ameriaei Enhnrise— — 

d Asia Tiger Growth J 

d Dollar Reserve s 


16*608 

349188 

1*300 

4.1400 

27008 

18*880 

5*680 


57300 


d European Growth. 


d European Enterprise S 

a Gtabol Emerging V-arkcta_S 
d GKOOl Growth J 


d Nippon Enterprise. 
a Ninoon Growlh_ 


d UK Growth. 


d Sterling Reserve. 


115708 

53500 

SUM 

6*508 

9.15K) 

55600 

77300 

5*108 

53408 


d Greater China Ocos * 

IRISH LIFE INTL (Jd. (fn) 3S 

d internet tonal Ceutiaus S 

d mternationcJ Balciced S 

e Internatlcnal Growth __S 
ITALFOSTUNE INTL FUNDS 
IV Close A Moor. Growth r»DS 
w Gbs B 'GteDol Equttv ) — S 

w Class C (Gtocoi Bend) s 

wCtess D (Ecu Band) Ear 


7.0700 
■HW 1922 
1*06 
1*00 
8906 


79873*0 

11*9 

10.97 

1B65 


JAR DINE FLEMING. GPO Bax 11448 Hg Kg 


d JF ASEAN Trust. 


d JF Far East wmt Tr- 
ot JF Globed Com. Tr- 


d JF Hong Kang Trust. 
d JF Japan Sm. Cc Tr.. 
d JFJcpan Trust. 


d JF Malaysia T-ust. 
d JF Pecifi: inc Tr._ 
d JF Thailand Trust - 


JOHNGOVETTMA.NT (L054J LTD 
Ttl:M624.6S942S 
w Gcvet* Vaa Futures. ...—5 
w Scvetr Men. Fuf. USS S 


5SS0 

1754 

1332 

1682 

42883*9 

1058X88 

2630 

11*1 

4096 


w GoveWS Gear. Curr. 


» Gave.T S Glbt 3d. ridge 
JUUUS BAER GROUP 
d gperoong O F 

a Coaler. 


1899 

731 

i :*0 

10*314 


d Equibaer America- 


d Eautaaer Eureoe. 
d SFR - BAEft- 


d SWObar. 


d SwissSar. 


d Lteuibaer. 


d Eons* Bond Fund- 


d Dohar Bend Fund. 
d Austro Bond Fax) . 
d Swiss BoadFu 


d DM Band Fund. 


d Convert Bondi 
d Gtabol Bond FcnL. 
d Eora Slack Fund— 
d US Stock Ftsta- 


5663c, 

1737.45 

238X71 

158940 

109692 

251614 

2914*6 

2304*0 

146*0 

12X10 

1271*0 

121*8 

119J# 


d PadNc Stack Fund- 


d Swiss Slock Fond. 


dSpectai Swiss Stock. 


d Japan Stack rumL 


-SF 


<f Gannon Stock Fund DM 

d Korean stock Fund 5 

d Swiss Franc Cash SF 

d DM Cash Fund DM 


d ECU Casa Fund. 


d Starling Cosh Fund. 
d Dollar Ccsh Fund- 


-ECU 


d French Franc COSH FF 

KEY ASSET MANAGEMENT INC 

m Key Asia HoldtaBS S 

mKoy Global i 


BX3B 

12930 

12430 

12940 

1930 

13140 

906X00 

10250 

97*0 

1225*0 

128X00 

1304*0 

1129*0 

loam 

113X88 


mKev Hedge Fund inc 


1029 

24931 

151*8 


Kl PACIFIC ASSET MANAGEMENT INC 


nr KJ Asia FteriAc FdLM 5 

KIDDER. PEABODY 
b Chesapeake Fund Ud. 
ft III Fund LM S 


11.98 


311X61 

1191*0 

13801 

176859 


ft tan Gooranteed Fond. 

ft Stonanenae Ltd > 

LEHMAN BROTHERS 2S7T1794 
d Aslan Drawn Part MV A — S 
d Aston Dragon Pwl NV B_S 

d Gtabol Advisors II NVA S 

d Gtefapl Advisori II NV B — S 
d Gtabol Advisors Port NV A-S 
d Gtabm Advisors Part NV BJ 

d Lehman Cur Mr. A/B 1 

d Natural Resources NVA — S 
d Natan* Resources MV B — S 
d Premier Futures Adv A/B_S 
LIPPO IMVEStMEMTS 
24/ F LIPPo Tower Centre. 09 QueenswayJIK 
Trt 052) 867 (8« Fax (852) 5960388 

w Java Fond — S XM 

wAscan Fixed incFd— — S X43 

w IDR Money Martef Fd S 1112 

w USD Money Market Fd S 1X5« 

windannicxi Growth Fd— — * 239 

w Asian Growth Fund— 632 
wAStoo Warrant Food -S ' 158 


9 AT 
9JQ 
1X18 
1X15 
1X18 
lXU 
731 
9*0 
9*0 
1032 


LLOYD GEORGE MNGMT (152) MS 44B 

w Antenna Fund — — S J76S 

w LG Aston smaller Cos Rl— S 1U3M 

iv LG India Fund Lid S 169 

wLGJanaiFd — * IBM 

w LG Korea Fd Pie 5 • 10*7 


LLOYDS BANK INTL (BAHAMAS) LM 
w (Jayds America Portfolio-* 
LOMBARD. ODIER X CIE - GROUP 
OBUFLEX LTD (Cl) 
d MBlticurrencv — — * 


934 




d Pound SterHns- 


d Deutsche Mark . 
d Duitai Florin. 


d HY Euro Currencies Ecu 

d Swiss Franc LF 


d US Datkar Short Term — — I 
d HY Euro Curr DMd Pay —Ecu 

d Swiss MidflavTcncy SF 

d European CurreocY Eaj 

d Beta ton Franc BF 

d CemwtBde. 


d French Franc. 


-FF 


d 5 wkM Multl-D ivkterte - 

d Swte Franc Short-Term — SF 
d Canadian Dottar. — 4S 


d Du left Florin MuM 

d Swiss Fraac Diva Pav- 
d CAD Midttcur. D*v_. 


d MedHerraneai Curr 
d Conventbies 


-SF 

-C* 

JF 


-SF 


d Driifsctimark stun Term— DM 
MAGNUM FUNDS We at Mm 
T« 44-624 Ml 3H Fax 4+824 688 394 
wMogflwn Retd * 


32*2 

24*3 

1940 

4973*0 

27*5 

1739 

1X56 

15E 

1138 

7105 

10*4 

1654 

2X16 

13X46 

1441 

15734 

950 

18X9 

1344 

14*7 

10*7 

12*1 

1042 

9*3 

1X10 


w Magnum MuHLFin) 
wAtasreonEmero Growth FdS 
wMAsmim Aagres. Grwth Fd* 
MALABAR CAP MGMT (Mmada) LTD, 


8935 

91*4 

8152 

9X90 


mMoUtaar Kin Fund- 


1X71 


MAN INTERNATIONAL FUTURES 
inMint Limited - Ordinary— S 

mMtil Limited - Income S 

mMlr.t GM LW- 5pec law- * 

m Mint GM LM-NW 2002 S 

m Mto I Gtd LM- Dec 1994 — s 
fflMhil Gtd LM ■ AM 1995— -5 
mMtm Sp Res LM (BNP). — 5 

m Mini Gtd CUnrtndn* * 

At Mbit GM Currencies 2S0L-5 

roWnlGGL Fin 2083 S 

cnAUat Phis Gtd2M3 5 

m Athena GM FlAurtl * 

mARwto Gtd Currencies- — 5 
mABteraGM FinoackdsCap* 
arAAmo Gfd FbmSab Inc-S 

rnAHL CarfWMMj iFd- S 

oiAHL Cammadtw Fund— s 
MAKL Currency Fund— — S 
mAHL Rent Time Trad Fd -Jt 
mAHL GM teal Time Trd — S 
fnAHLGMCaeMorkLM — s 
m AHL GM CnramaMes LMJ 
mMop Guvonieed H96 LM_5 
mMOPLrveraaed Reeav.LM* 

m MAP Guaraateea 2800 5 

nMAPGid28M 


39*6 

11*5 

2547 

2X19 

1733 

1444 

9X63 

6*9 

6*9 

532 

935 

1254 

9.16 

959 

9*7 

11.94 

11*8 

7*1 

8*1 

1*1 

9*6 

1050 

8*0 

ra*3 

940 

957 


MARmjuB MAWWfMNT LTD 
73 Freni Si Hom We n Bermuda 1109)2929709 
wMartttmeMH-Sador i LM-S 984*6 

w Mcrfllme GW Bata Series-* WW 

witarflfcae GW Delta Series* 77X56 

MATTHEWS rNTERNATTOKALJKT 
EMERGING ASIAN STNATCGIBS FUND 
m Fkm A S 117*9 

A niw [| * 189*0 


PAOFIC CONV STRATEGIES FD LTD 


mctcmA. 

dCtossB. 


9X88 

93*7 


MAVERICK (Cay etas) 4809) 9494KI 
in Maverick Fund 5 151*982 


MCKINLEY CAPITAL PARTNER* LTD 
m The Corsair Fond LM— J 7X00 

ra The Dauntless FdLM— — * 122*0 

MEESPIERSON 

Refcln 55. lOIAk, Amsterdam 12042111881 


w Asia Pac. Growth Fd N.V,. 
w Allan Capital Hokflngs— 5 

w Asian Seieettoa Fef N.V Ft 

w DP Amer. Growth Fd N.V.-S 
w EM5 OtfStare Fd N.V. — FI 
iv Eutwe Grawtti Fund N.V. -Fi 
w Japan Diversified Fund— S 
w Leveraged Cap Hold— • 


MERRILL LYNCH 

d Deuor Assets Portfolio s 

d Prime Rote ForttaPa 1 

MERRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

a Class A. S 

d Class B. 


34*1 

5843 

95,16 

34*2 

1(0*7 

6X17 

48*7 

59*2 


1*0 

18*0 


MERRILL LYNCH 
GLOBAL CURRENCY BOND SBRIES 
AUSTRALIAN DOLLAR PORTFOLIO 
a category a AS 


827 

aj7 


d Category B- 


CANADIAN DOLLAR PORTFOLIO 
d Category A- — CS 


17*2 

1750 


0 Catescry B_ 


CORPORATE HIGH INCOME PTFL 

d Class A-l 5 

a r 


loo 

13*9 


d Class B-l. 
a Class B-2. 


DEUTSCHE MARK PORTFOLIO 
d Category A ■ DM 


8*2 

934 

8*2 

9.n 


d Category B. 


-DM 


1X23 

12*4 


EUROPEAN BOND PORTFOLIO (DM) 

d Class A-l S 11*0 

d Class Ar} S 1552 

d Class B-l 1 11*1 

d Class B-2 * I53S 


EUROPEAN BOND PORTFOLIO (USS) 


d Class A-l- 
a Class A-S_ 
d Class B-l. 
d Class B-2. 


-DM 


POUND STERLING PORTFOLIO 
d Category A ■ . t 


X9f 

18*7 

X99 

9.18 


d Catenary B_ 


US DOLLAR PORTFOLIO 
d Category A 


1622 

1187 


d CatoaorY B- 


YEN PORTFOLIO 
d Category A. 


1159 

1X07 


d Category B- 


MULTI CURRENCY BOND PTFL 

d Class A 5 

dCtassB S 


1292 

1255 


US FEDERAL SECURITIES PTFL 

a ekes A 5 

d Class B. S 


22.16 

2155 


MERRILL LYNCH 
EQUITY / CONVERTIBLE SERIE5 
BASIC VALUE PORTFOLIO 

d Class A S 

d Class B 5 


9*6 

954 


CONVERTIBLE SECURITIES PTFL 

a class A % 

Cf Class B S 


1431 

14*1 


GLOBAL ALLOCATION PTFL (USSI 
d Class A . 
d Class B. 


1X57 

7121 


Global equity portfolio 

d Clots A S 

O Class B I 


1X15 

1X05 


global small cap portfolio 

« Class A 5 

d Class B S 


9.42 

9J3 


EURO EQUITY PORTFOLIO 

if Class A S 

d Class B — — — S 


950 

9*9 


LATIN AME RICA PORTFOLIO 

d Class A 5 

d Class B * 


1404 

1159 


PACIFIC EOUITY PORTFOLIO 

d Class A S 

d Class B s 


1436 

1X36 


9*6 

9J8 


WORLD NATURAL RESOURCES PTFL 

d CkzslA- -9 11*2 

d Class B I 18*1 


DRAGON PORTFOLIO 
d Class A . 
d Class B. 


MERRILL LYNCH BANK (SUISSE) SJL 
SWISS FUNDS 

d MLBS Bakmced A USD S 

d mlbs Balanced B CHF — I 

a MLB5 Fired Inc A USD S 

d MLBS Fined Inc B ECU % 

LUXEMBOURG PORTFOLIO 

d US Donor Flxad Inc 5 

d dm Fixed me D 

d ECU Fixed Inc Ecu 


1566 

1538 


1649*6 

2547.15 

M2429 

1498*3 


d US Dollar Balanced. 
d ECU Ban 
d WortdwkJe Equity. 


Ml 

15.16 

I8H 

932 

9*5 

9*1 


MERRILL LYNCH EMERGING MARKETS 

d Class A S 11*7 

d Class B S I1J5 


MERRILL LYNCH IHCS PORTFOLIO 

d Class A S 

d Class B 1 

d Class C. 


X2B 

8*8 

8*8 


MERRILL LYNCH MEXICAN INC PORT 

d AAodcan incJ PtflO A 5 9*2 

d Mexican inc s Ptfl OB S 952 

a Mexican Inc Peso Ptfl a A * E*J 

d Mexican Inc PeeaPtflCIB* 8*3 

MOMENTUM ASSET MANAGEMENT 
ra Momentum Rainbow Fd. — 5 111.92 

m Momentum RxR R.U . . , -5 73*3 

m Momentum Steckmaster — S 15436 

MORTAL VONWILLER ASSET MGT Ca 


w Wilier Josxm— — Y 

wwnier South East Asia-. — 1 
iv Wilier Telecom * 


tvwiuertundvwniertNnd Caps 
w vnilertands- WHIeraond Eur Ecu 
w wlUcrftmteWUJerew Eur — Ecu 
•v willeriuntH-Willereq lfo4v_Lit 
w Wibertunds-WUlereq NA — S 
MULTURANAGER N.V. 

mwarid Bond Fund Ecu 

m European Equities Ecu 

m Ja panes e Equities Y 

m Emerging Markets 5 


208*8 

1602 

*54 

1556 

1241 

13*6 

11*2800 

1X98 


m Cash Enhancement. 

mArtltrageu 

m Hedge 


ra*4 

14*6 

KD 

28,96 

X98 

9*2 

1859 


NICHOLA5-APPLEGATE CAPITAL MGT 

d NA strategic Opportunities* '053 

w HA Flexible Growth Fd S 138.19 

wNA Hedge Fund— * 13X21 


NOMURA INTI- (HONG KONG) LTD 
d Nomura Jakarta Fund— S 


HUB 


ODEY ASSET MANAGEMENT LTD 
21 Grasvmr su*a WIX 9FE44-7V499 2m 
d Oorv Boro p o oo. D M 1K.10 

wOdey European » 

wOdeyEnrop Growth Inc — DM 132*2 

wOdev Europ Grawlh Acc—DM 1«*l 

wOdev Eure Grth Ster Inc — t 5441 

ivOdev Eure Grth Sler Acc _J 54*1 


OLYMPIA CAPITAL INTL. INC ^ 

WlBams Hone. HamWon HMH, Benwxta 
Tel: ■» 292-ion Fox: 109 295-2305 

w Finsbury Group S 

w Onrmoia Securite SF SF 


w Otvatea Star* Emerg MktsS 
IV winch- EreJern Dragon, 
w Which. Frontier. 


22877 

16886 

94811 

17.10 


■v Winch. Fvt. Otvmpla Star—I 
w Winch. Gt Sec Inc PI IA)— * 
w Winch. Gl Sec Inc PI (C) — S 
m winch Giobal Healthcare _Eai 
w Winch Mdg inti Madlson_Ecu 

iv Winch. Hido l«n SerD Ecu 

» Which. HWglidlSerr 


16132 

**J 

9*9 

HW.W 

1529*6 

1797.10 

17B&52 

984*7 

17*9 

30*6 


•v Winch. HfetoOiy Star Hedges ■ 
w Winch. Reser.Muttl-GvBdjn 
ir Winchester Tholtairt— —J 
OPPENHEIMER ACa INC FdS 

b Arfcdrogv Intanwttanol s 

b Emerg Mkts mtl II — S 

b Inti Horton Fund 1 1 _J 

OFTIBEST LUXEMBOURG 
ft OntfoestGfljiFtf-FIxedliKLDM 
b Onhoest Gan Fd-Gen Sub F5)M 
OPTIMA FUND WSBBfL— 
73 Front St HamntonBermuda 889295-8658 

ll Hull Ill Til I 111 

w Optima 


105*8 

187*2 

99*7 


157375 

178*47 


v Optimo Futures Fund, 
w Optima GtatxH Fund j 

w Optima Perlcuta Fd j 

•OPtlmaJtetertd 

wTBePtatl 
ORBITEXl 



1857 

1753 

17*8 

M.I2 

950 

7*7 

1052 




issi 


3575028 

550*145 

1165423 

162*658 



f Emerging MfcisHMKL—S 

l EuraMfa- {Ecu) Ud Ecu 

f fx, FTnoncWs S Futures _j 

f Growth N.V S 

f tovaatment Hides N.V. 


f MadtaftCoamsMksttons^s 

/ NascalLM S 


PICTET ft CIE -GROUP 
d Amerasec. 


w P.CF l)K Val (LuO L 

w P£J= GefflMVri [LIK)_DM 
w PXJ= Nornnwnl (Lax)_ — 5 

w P.CF Vo fiber (Lux) Mas 

m PjCF Vafitotla (Lux) LB 

nr P.CF VoHrance (Lax), FF 

WP.UJt.VoRMMSFR ILUXJ JF 
wPJJJF. VoSxmd USD (Lax)_S 
w P.U.F. VOtoend Ecu (Lux) -Ecu 
wPAl.F.Vaibond FRF lUURLPP 
w P.U.F. VMbead GBP (Lax)* 

» palp. Vatoond DEM lUn) DM 

wP.Uf. USS Bd PHI (Lux)— 5 

■r P.ILF. Model F6 Ecu 

w P.U.F. PWEe 5F 


■v RJLF. Rentovd BF 

iv P.T.F. Emerg MU* (LinO-J 
w P.T JF. Eur. Opperr (Lax) Eai 

ft P.TJL Gtabol Value (Lax) -Ecu 

wP.T.F. Euruvol (Lux) -Ecu 

d Pictet VfiduissB (Ot) — _*F 
minHSmaaoxiOOM) s 


PREMIER INVESTMENT FUNDS LTD 
cto F-O. Bex HOX Gnm Ca/Rian 

Pax: (809) 94MI93 
m Premier US Equity Raid— S 
m Premier IrtM Eq Bund — -X 
m Premier Sanrrtni Bd Fd_s 

m Premier (MaU BdFd i 

m Premier Total Return Fd— * 


PRIVATE ASSET MGT GAM FUND INC 
Guernsey f Tei:(8044 6811 723412 Fax ;72J4B8 


w Private Asset Mof GAM FdS 
PUTNAM 

9 Emerging HWiScTnut — s 
iv Putnam Em. info. Sc Trust* 
a Putnam dob. High Growth* 
d Putnam High Int GNMA FdS 
4 Putnam inti Fond s 


18X26 


QUANTUM GROUP OP FUNDS 
i» Asian Pevetapm e nt — » 


w Emerging Growth Fd n.v_s 
iv Quantum Fund N.V. ■ . -5 


■vQuantumlndustrtal—. 

iv Quantum Ready Trust S 

w Quantum UK Realty Fund-c 


i Qaasarinn Fund NLV- 


i Fund N.V.. 


REGENT FUND MANAGEMENT LTD 


i Growth i 

m Novo Lot PacHIc inv Co - 

w Pacmc Artsttrooe Co 

m RJ- Country WndFd — 
a Regent Gib! Am Grth Fd. 
d Regent Gw Euro Grth Fd_S 
d Regent GU inti Grth ( 
dr. 

d Rtgcni Glbl I 
d Regent GW I 
d : 
d 
d 



due 

wun 

d Undervalued Prop fd 2. 
d White Tiger Inv Co U 
REPUBLIC FUNDS 
iv Republic Ftai Israel. 


iv Rap Glob Currency, 
■v Rep Glob Fixed l 
‘ : GAM. 


w Republic GAM America — S 
IV Rep GAM Em Mkts Global A 
m Rea GAM Em Mkts Lot AmS 
IV Republic GAM Europe CHF5F 
tv Republic GAM Europe USS* 
iv Republic GAM Grwth CHF JF 
ir Rwxidrte GAM Growth USSS 
w Republic GAM Growth E — £ 
w Republic GAM Opportunity S 

■v Republic GAM PadRc S 

iv Repvbflc Gnsey Dot inc S 

w Republic Gusev Eur Inc — DM 

w Republic Lot Am Alloc J 

w Republic Lot Am Argent. _S 

w Republic Lot Am Brazil S 

iv Republic Lot Am Mexico— J 
w Republic Lot Am Venez. — s 
iv rcp Salomon Strategies— S 
ROB ECO GROUP 

FOB 973*000 AZ Rartentanu|31)IB22i1224 

d RG America Fund FI 134M 

d RG Europe Fund— —FI 126.10 

d RG Pacific Fund Fi 137*0 

tf RG Divi rente Field Fi 5150 

d RG Money Plus F FL FI 116*0 


1X00 

1(00*9 

1026*9 

13556 

11351 

149*2 

12609 

111*1 

9755 

102*6 

144.74 

97*3 

112*3 

143*1 

1X38 

1082 

99*5 

9279 

188*9 

99.96 

7832 

89.13 


More Robecosoe Amsterdam Stacks 
ROTHSCHILD (GROUP EDMOHD D£ > 
JN-HOUSE FUNDS 
nr Aslan Capital Holdings Fd_S 
u Da two lcf Ramschua Bd S 

IV Dotwa LCF RnttBCh Eq S 

iv Force Cash Trad l Hon CHF ^F 

u,l 4«w J 


w Leveraaed Cap Holdtagi . 
wObO-Vator- 


w Pri Challenge Swiss Fd. 
b Prlcquhv Fd^uroae. 


-SF 


SF 

-Ecu 


ft PriequHv Fd-Hehretta SF 

b Prleaultv Fd-Latln t 
ft Priband Fund Ecu Ecu 


ft Prlbond Find USD. 


A Prlbond Fd HY Emer Mkts* 

wSMecilve Invest SA i 

ft Source. — * 


w US Bond Plus, 
w Vorloaiui. 


.Ecu 


6838 

100553 

100X17 

1053335 

255634 

59*2 

96259 

10565B 

114589 

104*96 

144.968 

116*90 

10X012 

118327 

364940 

1832250 

921577 

1032.10 


ROTHSCHILD (GROUP EDMOND DE) 
OTHER FUNDS 

d Asia/ Jam Emerg. Growths 16*5250 

» Esprit Eur Porm Inv Tst— JEcu 1317.19 
iv Eutop Strnteg lnvestmfd_Ecu UH038 

ft Integral Futures * 921*7 

d Pactflc Nles Fund S 8*5 

I Selectkm Horton FF B22M21 

ft vtctwreAriane— S S10S56 


ROTHSCHILD ASSET MGMT (Cl) LTD 
mNemrod Leveraged Hid — S 851*2 

SAFDIE GROUP/KEY ADVISORS LTD 
m Key DtvenUtad Inc Fd LhLS 1131192 

ft Tower Fumf Gtabol Band-J 99B&30 

ft Tower Fund Gtabol Equttv Jl 99KL18 

SANTANDER NEW WORLD INV, 
m Commander Fund ■■■— ■ S 107552 

m Explorer Fund 1 121*18 


SC FUNDAMENTAL VALUE BVI LTD 
Tel 599 9 322600 Fox 599 9 32201 
0INAV « 1329*1 


SKANDINAVISKA EHSKILDA BAN KEN 
S-E-BANKEN FUND 

d Eurona inc — S 

d Flarran Ostern Inc 1 


d Global Inc. 
d Lakamedel Inc. 
d vartden Inc— 


d Japan Inc. 
d 6Nl(a mc_ 
d Sverlai 


d Nordomerifca Inc- 
d T ek no lo gl Inc. 


d Sverige Rontetond inc Sek 

SKAJJDIFONDS 
d Equity Infl Acc — S 


X96 

X95 

X97 

X90 

1*4 

81*7 

IE 

1X60 

X95 

1J9 

9*9 


d Equity Inn in 


d Eauttv Gtabat. 
d Equttv Not. Resources ... J 
d EquttyJooan — Y 


d Eauttv NorcSc- 


0 EmJitv U.K. 


Jl 


d EauJy Coni mental Europe Jt 
d Equity Mediterranean— Jt 

0 Eaultv Norm Anerico S 

d Equttv Fur East 5 


d Infl Emerging Marfcets. 
0 Band Inti Acc 


d Band Infi lnc_ 


d Band Europe Acc 


d Band Europe lac- 
d Band Sweden Acc . 
d Band Sweden lnc_ 


d Boad DEM Acc I 
d Bond DEM inc^B 
idBandDallor US Acc 


-Sek 

-Sek 


d Band DoUar US Inc 
d Carr. US Dollar, 



d Curr. Swedish Kronor Sek 

d Sweden Ftextoir Bd Acc — Sek 
d Sweden FhuUMe Bd Inc -_^Sek 
SOCIETE GENE RALE GROUP 
d Aida Fund Y 


1633 

1351 

159 

1*7 

9032 

1*5 

1*1 

1*5 

X94 

2*0 

4*3 

1*6 

12*1 

755 

1*6 

1*3 

16*9 

1057 

1*7 

X9S 

1*9 

1*5 

1*9 

1237 

1X06 

10*6 


d BTWCa! A. 


0 BTWCdtB. 


wSGFAM Strut FdDlv. 
wSGFAMSlrad ' 
SOGELUX FUND (SF) 
wSF BondsAUAA 


5)163100 

1432 

4350 

56337 

9X16 


wSF Bands B Germany DM 

wSF Bonds C France FF 

WSF Bunds EG*. 


w 5F Bands F Japan. 


wSF Bands G Europe. 


w SF Bondi H World wtde- 
iv SF Bands I Ituty. 


-Y 

-Ecu 


Oil 


IV SF Bonds J Belgium. BF 

w SF Eq. K North America— B 
wSF Ea. L W-Europe. Ecu 


15*2 

3138 

127*3 

IMS 

2367 

17*3 

18*6 

janjs 


w SF Ea. M PacHIc Basin — Y 
w SF Eq. P Growth Countries* 

gv5FEq.Q Said Mines 5 

WSFEO.R World WMe % 

wSF Short Terre 5 France — JFF 
w SF Short Term T Eur — —Ecu 
SODITIC ASSET MANAGEMENT INC. 


16.93 

1534 

1454 

1734 

28*9 

1522 

175*783 

16*8 


iv SAM Brazil. 


w 5AM Diversified 

w SAM/McGarr Hedge. 
wSAM Opportunity — - 
wSAM Oracle. 


wSAM Strategy, 
m Alpha SAM. 


wGSAMComot 


SR GLOBAL BOND FUND IHC 

m Class A Dlttrlbutor S 

m Class A Accumulator S 

SR GLOBAL FOND LTD 
mSR Europerei S 


28xn 

132*7 

112*6 

132*6 

11356 

1)2*6 

12165 

33X60 


10X82 

10X73 


mSRA5tar 


ntSR laternatfanaL. 


SVEHSKA HAHDELSBAMCEH SJL 
146 Bd de la Pehusse. L4DB Luxenteaura 


9*39 

10429 

181*3 


w Sveroka 5aL Fd Amer Sh— S 
nr Svenska Set. Fd Gotohxiy_J 
■vSvaneta SeL Fd tan Bd ShJt 

iv Svenska SeL Fd Inn Sh 1 

w Svarahn SeL Fd Japan-_Y 
w Svenska SeL Fd Miti-Mkt — Sek 
w Svenska SeL Fd Nordic — —SEK 
w SvenEka SeL Fd Pactt 5h_ S 
nr Svenska SeL Fd Sued Bds— 5ek 

d SBC Equity Ptfl- Europe Ecu 

d SBC EgPt M to taarla n ds—F l 

d SBC Band Ptfl-Auntr SA — AS 
d SBC Bond Ptft-Amtr S B — AS 

d SBCBandPtfl-CanSA CS 

d SBC Band Ptfl-Oans B CS 

0 SBC Bond PtfM)M A DM 

d SBC Band Ptfl-OM B DM 


56JB 

15.14 

1038 

1231 

57*9 

368 

10*2 

104*7 

XU 

1417*3 


d SBC Bond PtfHhltab G. A_F1 

2 He b£S rSHfaIZZff' 

0 SBC Bond Ptfl- FFB FF 


118354 

Oft** 

719*9 

1499*6 

947.15 


0 SBC Bend Ptfl-Ptas A/B Ptas 

0 SBC Bond Ptfl-Stertlng A t ‘ 

d SBC Bond Ptft-SferflngB—l 

0 SBC Band Porttolto-SF A 5F 

d SBC Bold PorHalla^FB — 5P 
d SBC Band PtfHISS A— * 

d SBC Band Ptfl-UBB % 

d SBC Band Ptfl- Yen A Y 

d SBC Bond Pffl-YenB Y 

dSBCMMF-AX AS 


d SBC MMF - BF 
rf SBC MMF -Cans. 


d SBC DM Short-Tarm A DM 

d SBC DM Short-Term B— DM 

d SBC MMF- Dutch G R 

d SBC MMF- ECU Ecu 

d SBC MMF - Esc esc 


d SBC MMF - FF 
d SBC MMF -LH 
tfSBCMMF-- 


-FF 


-Lit 


-PIO 


If SBCMMF- ^cWffln g- 

d SBC MMF - Starting— ——.I 
d SBC MMF -SF... JF 


d SBC MMF -US -Dollar. 

d SBCMMF-UW1I 

d SBC MMF - Ym. 


d SBC GW-Ptfl 5F Grth SF 

4 SBC CM-PHlEm Grth — Ecu 
rf SBC Gfid-PHMUO Orth — S 

d SBC Gtti-Ptfl SF YM A 5F 

d SBC GBU-Ptfl SF Yld B SF 

d SaCG& Tfl Ecu YW A ECU 

d Sc GlW-Ptfl ECU YU B — Ecu 
dSBCGlW-PtflliSDYWA-J 
d 5BC Glbl-Ptfl USD YU B— S 

rf SBC WW-Ptfl SF ineA SF 

rf SBC Glbl-Ptfl SF Inc B SF 

d SBCGU-PtflEcuIncA — Ecu 
d SBC Gfei-Pffl Ecu me B— Ecu 
rf SBCGtot-PHI USD Inc A — S 
rf SBC Glbt-Ptfl USD Inc B _S 
rf SBC Gfi* PHHMI Srawth_DM 
rf SBC GW PtfrOM Yld B— DM 

rf SBC GW PHH3M IncB DM 

rf 5BC GbMttfl DM BO) A/B-DM 
d SBC GBH-PIft Ecu Bol A/B-Ecu 
rf SBC Glbl-Ptfl SFR Bol A^JSF 
rf SBCGIM-Pffl USE Bol A/B-S 
rf SBC Emerging Markets — S 
rf SBC Satan BMW Can Sw-SF 
rf SBC Nat. Rescan* USS — % 

rf SBC Dvn Floor CHF 95 SF 

rf SBC Dvn Floor USD 95 I 


1705*0 
196*8 
212*0 
78US 
391*8 
1024*4 
9X85 
117*5 
18351 
IZ756 
15734 
18X36 
158*6 
179*3 
186*0 
12954 
542*2 
447*9 
9407*0 
50*3 
68*5 
tOBI 26 
139X10 
9823 
10955 
18558680 
115413*0 
442753 
1154*9*0 
4824*1 
1051*3 
1362*3 
75059 
387615 
481142*0 
2593137 
561280*8 
378439*8 

32751*4 

290577 

JUPIJM 

7385*4 

2139*4 

1133*6 

1239*6 

117X14 

185229 

1186*7 

114X53 

131939 

1014*7 

110*5 

1033*7 

110251 

166X32 

115421 

959*1 

103733 

KH7*7 

183851 

1035*5 

99957 

mu 

188X30 

997.19 

1JSUS 

512*6 

46X25 

1812*8 

915*0 


rf AmericaVatar 

* 

3395S 

rf Ana lo volar 

f 

211*3 


J 

48413 

4 Convert Band SrtaMluh 


99*4 

d D-Mark Bond Seteetto" —tie 

11x26 

d Dollar Bond Selection — « 

136*2 

rf Ecu Bond Sdecttan f™ 

103*9 

0 Florin Bond 5«toctlDn FI 

12133 

d France valor 

FF 

192X12 

rf GermceiiaVator 

DM 

50447 

0 CoMPorttolta 


347.13 

rf Iberiavator .. 

-Pte 

{JUKI DU 

0 ttaiVator .. 

LH 

427537*0 

rf JBPBnPontoBa 

-Y 

zzn2*8 

rfStwl« Bond Seltrt tor 

c 

114A 

tf Sw. Foreign Bond SetacttonJF 

11132 

0 SwfeSVder 

5P 

536*0 

rf Uahrorsel Bond Selectton ™SF 

763S 

rf UihWTQl Fund 

SF 

111*6 

rf Yen Band Setacflen Y 

11809*0 


TEMPLETON GLOBAL STRATEGY SICAV 


rf Global Growth a A. 
rf Gtabol Growth Cl B. 
rf dm Global Growth. 


-DM 




d China Gateway. 


d tmenrtno markets a A_ 
d Emerging Markets a B_ 
d Giobal UtlllHn- 


d Gtotxd Convert Me- 
d Gtabol Botancrt. . 
d Global inaemaCtA. 
0 Gtabol Income CIB. 
rf DM Gtabol Bond. 


-DM 


d Yen Global Band Y 

d Emerg Mkts Fix Inc Cl A S 

d Emurg Mkf* Fix Inc a B_S 

rf IK fim v mnwn V 

d w— cc 


1323 

9*9 

1379 

1233 

*56 

959 

1X09 

9*8 

1X99 

1327 

8*8 

1633 

1X11 

9*7 

938 

1X11 

1159 

9*9 

lUf 

99134 

1152 

9*6 

922 

10*4 

1X08 

10*4 


rf USS Liquid Reserve 

0 DEM Umfld 

TEMPLETON W.WtDE INVESTMENTS 
GROWTH PORTFOLIO 

d Class A-l * 1250 

0 CteSX A-2 * 16*5 

d a ate A-3 __S 1440 

0 ClOtS B-l S 12B3 

0 Class B-2 S I6J8 


INCOME PORTFOLIO 

d Class A__ 

rf CtoasB. 


THORNTON INVESTMENT MGMT LTD 1 
33 Queen StJjndan EC4R 1 AX 971 2463009 


9*5 

929 


rf Pactt Invt FOSAI 


d Patit fnvf Fd SA DM. 


d Eastern Crusader Fund % 

d Thor. Uttl Dnuno RJ Ltd J 
d Thornton Orient inc Fd LM 1 

d Thornton Tiger Fd Ltd S 

d Managed Setectton s 


0 Korea- 


mAahm Conqueror WommlU 
NEW TIGER SEL FUND 
0 Hano Kong ■ ■ . » 


1X56 

3314 

11*2 

3851 

2665 

CTO 

2159 

14*0 

1693 


0 Japan. 


0 Philippines- 

0 Thai land, 

0 Malaysia — 


0 USS Liquidity, 
rf China. 


d Sin gapor e. 

m Pakistan— 


THORNTON TAIWAN FUND 

d Equity Income l 

d Equity Growth. 


15*4 

8*7 

77.90 

2150 

1322 

7.71 

1027 

14*1 

15*2 

9*4 

9*1 


UEBERSEEBANK Zurich 
rf B ■ Fund 


1X11 

17.16 


rf J-Fand- 


dM-Fimd. 


-SF 


-SF 


d UBZ Eure-lncume Fund SF 

d UBZ Work) Income Ftmd 

d UBZ GoM Fund % 

d UBZ Nippon Convert. SF 


cu 


rf Asia Growth Convert XFR_SF 
d Asia Growth Convert LfSS_J 
d UBZ DM - Band FureL— DM 
d UBZ D - Fuid ——DM 


rf UBZ Swte Equity Fund. 

rf UBZ American Eq Fund * 

d UBZ S- Bard Fund— S 

d UBZ Southeast Asia ta s 

m UBZ Diversified Str*eles A J% 
m UBZ DteenUtad StriRles B -S 
UNION BANCAIRE ASSET MGT (UBAMI 
I NTERNATIOHAL, NASSAU 

wArdeilnvest 4 

iv Arminvesj — * 

1 - « 


1211)9 
61 1JK 
36857 
119X39 
1X51 
53*4 
11X98 
109824 
1121*7 
109X78 
10129 
10158 
11828 


9121 

9465 

1013*6 

1013*5 


wBedUnveri. 

wBruclnvrst. 

■vDInfutures- 

wDInvesl. 


wDInves) Astol 
wDlaveri Goid&l 

wDInvest India. 

wDInvest Infl Fix Inc Steal— 5 
iv Jaa Invest % 


wMamlnvesi. 
iv Marttnvesl _ 
iv Maur Invest. 


iv Mour Invest Coming tad - 

w Maurinvest Ecu 

w Pulsar. 


.Ecu 


w Pulsar Ovarty- 
wQuanUnves. 


W Qoantliiveit 93- 

wStelntnvest 

erTUEnwest 

ivlteshweat. 


245X911 
94871 z 
106X03 1 
127X921 
116953 Z 
100853 2 
2464531 
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1976*11 
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344X58 z 
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157UNZ 
1827*4 Z 
1487*9 z 
230252 z 
130X66 X 
278658 z 
189X13 Z 


UNION BANCAIRE ASSET MGT (Ul 
INTERNATIONAL, LUXEMBOURG 
ii mm in t n 


63X50Z 

BAM) 


wUBAM DEM Bond. 


wUBAM Emerging Growth _S 

» UBAM FRF Bond— FF 

wUBAM Germany . DM 


iv UBAM Gtabol Bond- Ecu 


■vUBAMJOM 
Mr UBAM 


1175*4 z 
1129*0 z 
955*6 Z 

mi 

1451711 


i Sterling Bona c 

w UBAM SUi Podf X ASJO— . S 
WUBAM US Eauttles. 


ran 

194*8 z 
110174 1 


UNION BANK OF SWTTZERLAND/INTRAG 


d AmcXL. 


0 Bond-lnvest. 


-SF 


d Bru-invesi. 


JF 


d Canoe. 


JF 


d Convert- Invesl _ 
d iXMart-lnvesi- 
d Dollar -Invest. 


-SF 


JF 


-DM 


rf Energierinvest- 
d Espoc— 


JF 


d Eurtt- 


-5F 


rf Feraa. 


JF 


rf Germuc- 


JF 


rfGtaMnvast- 


JF 


rf Gold- Invest. 


JF 


tf GuMen-inuesf- 


JF 


d Hetvethivest- 


d Hattand-lavest- 
d Itoc- 


d Japan-l 


d Padflc-lnveat. 
tfSalll. 


JF 


d Skendlnavlan-lnvrst- 
d Sterflpg-invest. 


d Swiss Franc-lnvest. 
rf Sima. 


rf swtaereoi. 


JF 


JF 


rf UBS America Latina _ 

d UBS America Latina 

rf UBS ANo New Horizon SF 

rf UBS Asia New Horizon i 

d UBSSmaO C Europe SF 

rf UBS 5mafl C. Europe DM 

d UBS Part Inv SFR inc SF 

d ubs Pan im sfr Ore g_jf 

tf UBS Port Inv Ecu Inc. SF 

a UBS Port Inv Ecu Inc Eai 

rf UBS Port Inv Ecu Cap G — SF 
rf UBS Part Inv Ecu Cap G — Ear 
d UBS Port inv usi me 1 

rf UBS Pert in* uss inc SF 

rf UBS Part Inv USS Cap G — SF 
0 UBS Port Inv US* Coo G. 
d UBS Part inv DM in 

rf UBS Port Inv DM In 

d u BS Pert Inv DM Can G sf 

d UBS Part Inv DM Cap G — DM 

d UBS Port Inv Ut Inc SF 

d UBS Port Inv Lit Inc LH 

d UBS Port Inv HI COP G SF 

tf UBS Port lov Ut COP G Ut 

tf UBS Ptrl inv FF Inc SF 

tf UBS Part lav FF Inc FF 


d UBS Port Inv FF Cap G 
rf UBS Pert im FF Cap G 
d Yen- Invest 


d UBS MM imest-USS. 
d UBS MM Invest-t Sl_ 
d UBS MM InvUl-ECU, 


rf UBS MM Invest- Yen Y 

d UBS MM invast-Uf Lit 


43*0 V 
5t40 y 
136*0 r 
72 J3y 
12250 y 
19550V 
!M*7 V 
11X5* y 
157*0 y 
34X00 V 
30i*Q v 
196*0 r 
244*0 V 
10806 V 
21X50 V 
2SM0v 
98*0 V 
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137*0 Y 
238*0 v 
44450 V 
235J»y 
25958 V 
19496V 
300*8 V 
237*0 
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114*8 y 
8X97 V 
9750 y 
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9250V 
119*8 v 
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105*5 V 
97*8 V 
6023V 
99*5 v 
61*7 9 
73*8 V 
9X10 V 
9875 V 
74.11 y 
9560 V 
11278 V 
9X90 Y 
IT1T0V 
9750 V 
118780*0 y 
9535 Y 
116300*0 y 
100*5 9 
«mwv 
10050 9 

40650 y 
85760*09 
1102*4 
413*8 
53143 
101932*0 


d UBS MM Invert -SFR SF 

rf UBS MM ImasteFF FF 

tf UBS MM Invest -H FT FI 

a UBS MM InwateCan S CS 

d UBS MM Invest-SFR BF 

d UBS Short Term lav-DM — DM 
rf UBS Band biv-Ecu— Eat 


rf UBS Band Inv-SFR 
rf UBS Bond lav-DM 
d UBS Bond 
tf UBS Band InvFF 


0 UBS Bold Inv-Cnr 
d UBS Band Inv-LH, 



d UBS BJ -USS Extra YtaM_* 
rf UBS Fix Term Inv-SFR 96JF 
d UBS Fix Term htv-DM 96u_J3M 
rf UBS Fix Term Inv- Ecu «_.Eoj 

tf UBS Fix Term Imr-FF 96 FP 

a ubs So Jm-EurapoA dm 

rf UBS Eq lnv-EuroPC T DM 

If UBS Eq llbteS Od USA S 

rf UBS Pert I Fix Inc (SFR)-SF 
d UBS PBl 1 Fix inc I DM) —DM 

d UBS Pari I Fix Inc (Ecn) Ecu 

d UBS Port l Fix Inc (USS)_S 

tf UBS Port I Fix inc (Ut) Ut 

d UBS Pori I Fix Inc (FF) FF 

rfUBSCimlnuWlOUSS i 

6 UBS Cw inv-90/18 Germ DM 

WORLDFOLIO MUTUAL FUNDS 
a SDaUv' 
d DM Doltv income, 

rf S Boad Income.—— — » 

tf Hon -5 Bands — s 

d Global 


591X67 
5I299J4 
105872 
104773 
2738X00 
56X59 
15470 
101*4 y 
W4579 
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Edueotian Directory 

Every Tuesday 
Cortod Fred Ronon 
Td: (33 1)56379391 
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Page 18 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 



SPORTS 

Yugoslav Ban Ended, Europe Awaits Return of a Basketball Power 


By Ian Thomsen 

International Herald Tribune 

LONDON — Its two-year ban 
lifted, Yugoslavia is likely to return 
to international basketball next 
spring against none other th an Bos- 
nia- Herzegovina. Organizers are 

bracing for the possibility that both 
the Yugoslavs and the Bosnian Mus- 
lims will go on to confront Croatia at 
the European Championship fina l s 
in June in Athens, just 200 miles 
from the war-tom Balkans. 

“We will have to make sure in 
Athens that all of the necessary secu- 
rity measures are in place," said a 
spokesman for FIB A, the interna- 
tional basketball federation. 

It voted last weekend to reinstate 
Yugoslavia, at the urging of the In- 
ternational Olympic Committee. 
FIBA bad grudgingly banned Yugo- 


slavia in accordance with United 
Nations sanctions, which were par- 
tially lifted Oct S. 

But Yugoslavia would be banned 
again should the UN decide to reim- 
pose sanctions. The Yugoslav wom- 
en's team is also free to qualify for 
the European Championships next 
summer in the Czech Republic. 

The 19 members of FLBA’s Euro- 
pean board voted unanimously to re- 
instate Yugoslavia even though the 
team is likely to seize one of Europe's 
four slots for the 19% Olympics. 

“The whole Olympic movement 
believes that all young people have 
the right to make sport and interna- 
tional sport against the influence of 
politics," the FTBA general secre- 
tary, Borislav Stankovic, said from 
Munich. “For practical reasons, it 
also makes sense because Yugosla- 


via could have an excellent team and 
their presence could raise the level of 
the competition.” 

The decision will have great im- 
pact in the former Yugoslavia, where 
basketball is immensely popular. 
Unfortunately for those who wish to 
bar politics from sport, the strengths 
of the three teams bear reference to 
their countries' graver battles. 

Bosnia was good enough to reach 
the Final eight in Europe last year, 
but it probably cannot match the 
strength of either neighbor. Croatia 
and Yugoslavia will be favored — 
along with Russia and Lithuania — 
to decide the championship. 


qualifying session — will be Bel- 
gium, Bosnia, Bulgaria, Estonia and 
Turkey. The tournament will be held 
even if Yugoslavia is banned. Cro- 
atia, as well as neighboring Slovenia, 
have already qualified for the Euro- 
pean finals. 

“We will play nonnally," the sec- 
retary general of the Yugoslav feder- 


wfih very good and very well-known 
players. For that reason I am sure it 
would be great for our players to win 
against Yugoslavia." 

Surely the Bosnians w 31 want to 
win that match more than any other. 

“Maybe,” he said. “But we have 
interest in playing only for sports 


in Bihac but grew up in Belgrade. 
“Playing on a neutral court, I am 


Foreign observers confirm that 
the Yugoslav league has not lapsed 


optimistic. That would not be the during the two years of UN sanc- 
case if they were p laving in Belgrade tions. Yugoslavia claims that the 32- 


or another home city, but on a neu- 
tral court I think there will not be a 
problem.” 

Before the Balkan war, Y ugosla- 


ation, Radoslav Petrovic, said of the position that we have won this game. 


reasons. We would like io be in the via was the new’ power in European 


Bosnia was good enough to reach likely games against other B alkan 
e final eight in Europe last year, states. “It will not be a problem.” 
it it probably cannot match the The director of the Bosnian na- 
rengtb of either neighbor. Croatia tional team welcomed the match 
id Yugoslavia will be favored — against its war enemy, 
ong with Russia and Lith uania — “lam sure it will be only a sports 
decide the championship. match," said Mersad Djonlajic, an 

The Yugoslavs must qualify first editor of the international Bosnian 


or second from a six-team, round- 
robin tournament created essentially 
for them. Their opponents — the 
five runners-up from the normal 


newspaper Nova Bosna in Frank- 
furt. “It would be a great occasion 
for our players to play against Yugo- 
slavia. They are a very good team 


Djonlajic said he had met wi th 
Yugoslav admini strators at a FTBA 
dime last month at Cyprus. 

“This is a very sensitive question 
now in this moment," he said, refer- 
ring to the assault by Bosnian Serbs 
on the Muslim enclave of Bihac. He 
could not guarantee that Bosnia 
would not boycott the tournament 
“I think that the players will nev- 
er, never make any problems.” said 
Stankovic, a Yugoslav who was bom 


basketball. Stankovic. of FI BA. 
notes that a unified Yugoslav team 
could have challenged the American 
“Dream Teams” at the 1992 Olym- 
pics and the World Championships 
last summer. 

The best Yugoslavs and Croats 
are stars in the National Basketball 
Association or with foreign clubs in 
Europe. Every member of the Bosni- 
an national team plays abroad, in 
Croatia, Germany. Italy. Spain or 
Turkey. 


team first division continues to draw 
1,700 spectators per game. 

The players are younger, with the 
best young players tied home by 
long-term contracts. The elite play- 
ers and coaches emigrated to foreign 
chibs at the beginning of the war,' 
while all other senior players an* 
required to enter the army for one 
year. The main problem has been 
heating the arenas for practice twice 
a day. 

“We are without oil, without gaso- 
line, so the gym is not comfortable 
for training," Petrovic said. “O.IC.- 
our philosophy is very simple. 
Whether it is 20 degrees or 10 de- 
grees, we must be first-” 


IAAF to Require 
Waiver on Drugs 


Prince vs. Pauper in the Continental Clash of Champions 


The Associated Press 

BARCELONA — Track and 
field athletes will be required to 
sign a waiver agreeing to resolve 
all doping disputes within the 
sport’s guidelines before going 
to court, world track's govern- 
ing body decided on Tuesday. 

The decision by the Interna- 
tional Amateur Athletic Feder- 
ation is designed to discourage 
athletes from challenging its 
drug-related rulings in court. 

In a move designed to speed 
up disciplinary action for those 
who flunk drug tests, the lAAFs 
council voted to dispense with 
the mandatory testing of an ath- 
lete’s “B" sample if the “A” sam- 
ple has been tested positive. 

The pledge to abide by inter- 
nal appeals procedures will be 
included on a form the athletes 
sign when they submit to a drug 
test, and is intended to make 
court action a means of last 
resort for athletes. 

"The form stipulates that the 
athlete agrees that all disputes 
arising from doping control will 


be resolved in accordance with 
IAAF arbitration rules,” said 
an IAAF spokesman. Christo- 
pher Winner. “That essentially 
means before an athlete goes to 
the courts he or she is obliged to 
go through our system first.” 

Under IAAF rules, athletes 
who test positive are entitled to a 
hearing. Those who wish to take 
the matter further can request 
that the case be heard before an 
independent arbitration panel 

Winner said the council's rul- 
ing would have no effect on an 
athlete’s civil rights. 

“We’re merely asking them 
to follow the process we have,” 
Winner said. “There is no viola- 
tion or infringement on their 
civil liberties.” 

The IAAF wants to avoid be- 
ing involved in oostly legal bat- 
tles, such as the one waged 
agains t the federation by the 
American sprinter Butch Reyn- 
olds. Reynolds sued the IAAF 
over a disputed positive drug lest 
and won a S27 million settlement, 
which was later overturned. 


International Herald Tribune 

L ONDON — A journey 
that began in an Argentine 
railroad tunnel in 1910 reaches 
the end of the line in Tokyo on 
Thursday. 

Velez Sarsfield, from the 
poor side or the tracks in a 
Buenos Aires suburb, is one 
stop away from being the 
world club champion of 1994. 
I is opponent in Tokyo’s Na- 
tional Olympic Stadium is AC 
Milan, the aristocrat among 
soccer teams. 

We would be well advised to 
seek romance in the journey 
rather than the final coming 
together. 

Milan, owned by Italy's 
prime minister, Silvio Berlus- 


Rob 

Hughes 




Lendl, Hurt, to Miss Australian Open 

MELBOURNE (AP) — The two-time champion Ivan Lendl 
will miss the Australian Open tennis championships for ther first 
time in eight years because of a back injury, tournament officials 
said Tuesday. 

Lendl, 34. won the tournament in 1989 and 1990 and was 
beaten as a finalist in 1983 and 1981. The former No. 1 player's 
world ranking has dipped to 54th this year. 

The Australian Open is to be played Jan. 16-29. 

Aide to Be Colorado Football Coach 

BOULDER, Colorado (AP) — Rick Neuheisel, an assistant 
football coach at the University of Colorado, was hired Monday 


iiNiT#- 1 1 i-YTMtro] 


euheisel, 33, has been the team’s quarterbacks and receivers 
coach under McCartney, 54, who resigned Nov. 19. saying he 
wanted to spend more time with his family. McCartney will make 
his last coaching appearance Jan. 2 when Colorado faces Noire 
Dame in the Fiesta BowL 

For the Record 

Men’s World Cup giant slalom and slalom races will be held this 
weekend in Tignes, France, to make up for those called off 
Saturday and Sunday in Sestriere, Italy, the international ski 
federation announced Tuesday. (AP) 


coni, is struggling to find form 
and goals. Velez Sarsfield has 
reached this game by squeez- 
ing opponents until they suc- 
cumb on penalty shoot-outs. 

I suspect the global audi- 
ence knows as much as it needs 
to know about a Milan team 
burdened by expectation, cry- 
ing loudly about injuries, wea- 
ried by the constant flights to 
pick up more trophies and ac- 
colades. 

To Velez Sarsfield, ail of this 
is new. Never before has it 
played to a television audience 
in 60 countries, norhas anyone 
previously offered it $300,000 
just to turn up. 

Given Japan's affection for 
the underdog, many among 
the 60,000 spectatorsare likely 
to be hollering for the Argen- 
tines on Thursday night. So, 
for sure, will millions of South 
American viewers who must 
rise at dawn to catch the kick- 
off. And Europe, presumably, 
will be split over a contest that 
starts off at mid-monting local 
time. 

Begging Italy’s pardon, the 
Milanese weekly tale of gram 
strains among the stars hired 
from around the world is small 
potatoes compared to the Ve- 
lez Sarsfield story. 

From Lhe start, 85 years ago. 



Kxnltan Nop. Francc-Prcur 


Soccer fans converging on AC Milan’s Daniele Massaro on Tuesday in Tokyo, where file European dub champion 
will face the South American champion, Velez Sarsfield of Argentina, on Thursday in the Intercontinental Cup. 


it was a question of cutting the 
cloth according to the means. 

When the club struggled to 
find a name, its railroad work- 
er pioneers named it for the 
station beneath which they 
had sought shelter from a 
storm. 

When they chose the color 
of their shirts, it had to be 
white — the cheapest material 
around. A blue V was added in 
1933 when a tailor offered a 
cheap deal on rugby shirts. 

For years the team trod 
rented fields and wallowed in 
debts. Then, in 1940, came a 
benefactor, a visionary whose 
name, Jose Amalfi lani, is still 
enshrined in the 50,000 capaci- 
ty stadium he built. Now, 30 
sports are sponsored by Velez 
Sarsfield. 

Amalfitani, who remained 
president until his death in 


1969, insisted that a club with- 
out real roots was worthless. 

He erected his stadium in 
the Limers district of Buenos 
Aires where it was conceived, 
diverting a river into an under- 
ground stream to do so. 

The journey has been up- 
stream ever since. On Thurs- 
day. certainly beyond Amalfi- 
tani's wildest dreams, but led 
by a coach whom the old man 
knew as a childhood goals- 
corer, Velez Sarsfield reaches 
the highest ground in club soc- 
cer. 

Carlos Bianchi, the child, 
played for Velez Sarsfield in 
two spells with 206 goals. 

He went off to France to 
make his fortune, then re- 
turned, and now, with his 
shock of gray hair, he resem- 
bles a professor. He plots the 
downfall of wealthier teams. 


and does not mind how prag- 
matic the victories may be. 

“Thai was the first and only 
time we have played ruthlessly 
and defensively like this.” he 
said after Velez Sarsfield blud- 
geoned the ball out of the 
ground to hold Sad Paulo, last 
season’s world champion, to l- 
1 over two legs and then extin- 
guished the Brazilians on pen- 
alty kicks. 

T HE only time? Come. 

come. Carlos. Velez Sars- 
field played 14 games ti> cap- 
ture the Copa Libertadores, 
the South American cup. It 
scored just 14 goals, conceded 
12, and knocked out both the 
Colombian champion. Junior 
Barraquilla, and Defensor of 
Uruguay by the shoot-out trial 
of nerves. 

The nerve in question be- 
longs to Jos6 Luis Chilavert, a 


goalkeeper made for drama. 
Chilavert. a Paraguayan, is one 
of only two foreigners among 
the 27 players of Velez Sars- 
field. 

Otherwise, the pride and the 
bonding in the team is that 
performers, like Coach Bian- 
chi himself, are drawn from 
the streets of the club’s Buenos 
Aires district 

Chilavert is different Es- 
tranged from his native coun- 
try, where his aggressive 
mouth and his singular nature 
became too much after 35 in- 
ternational appearances, he 
now will be relishing the pros- 
pect of winning the car award- 
ed to the most valuable player 
in the game Thursday. 

Chilavert would join the 
winners of the past — Zico. 
Platini, Rijkaard, Rai, Cerezo. 
Of course most of them scored 


goals, but so does Chilavert. 

In three years he has kicked 
28 successful penalties. He has 
saved a good number, too. act- 
ing the clown to exploit the 
nervousness of opposing play- 
ers during the dreaded shoot- 
out. 

“I abuse them,” he shrugs, 
“they abuse me. It’s part of (he 
game.” 

N OT SO usual is the goal- 
keeper rushing up field to 
knock ms team captain. Ro- 
berto Trotla. aside so that he 
can score the winning goal 
from a 25-meter free-kick, as 
Chilavert did in a recent league 
game. 

A former striker, he believes 
in the power of his left foot. A 
member of the exclusive dub 
of zany Latin goalkeepers, he 
refuses to consider that he has 
equals. 

“I am not the same as Rene 
Higirita or Jorge Campos ” he 
says, referring to the Colombi- 
an and Mexican keepers. 
“They can't shoot like I do. 
and I don’t take as many risks 
as they do.” 

We should not doubt that 
Chilavert is preparing to go the 
distance and then, magnani- 
mously, to thank the support- 
ing cast for their stubbornness, 
their morale, their relative an- 
onymity on his big night. 

The likeliest candidates to 
steal his thunder are Esteban 
Flores, whose lightning strikes 
scored four times in the Copa 
Libertadores, or Omar Asad, 
built like a middleweight box- 
er and a scorer six limes in the 
competition. 

Asad, 22, was bom and 
reared in Buenos Aires, but 
acknowledges that he might be 
the only player of Arab de- 
scent in major South Ameri- 
can soccer. 

So what is left for Silvio Ber- 
lusconi to win in Tokyo ihai 
his Milan has not won twice 
before? Berlusconi can only re- 
peat the boast that his milli ons 
and his desire nave built the 
besi team on earth. Again: 
how boring, 

Rob Hughes atm the sutfefThe Fima. 


- 

fu ,l% 

W 


KOBeClS 




DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 



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ENTERNATIONAL HERALD TRIBUNE. WEDNESDAY, NOVEMBER 30, 1994 


Page 19 


As College Bowls 
Issue Bids, Timing 


■ Officially, everyone was sur- 
prised and happy when the col- 
lege football bowl bids were of- 
ficially extended on Monday. 

No. 1 Nebraska will play 
No. 4 Miami in the Orange 
Bowl, No. 7 Florida State will 
meet the winner of Saturday’s 
Alabaxna-Florida game in the 
Sugar, and No. 5 Colorado 
faces Notre Danse in the Fiesta. 

The matchups were an- 
nounced Monday, six days be- 
fore the original date scheduled 
by the bowl coalition. 

Bowl -officials announced the 
pairings early because they did 
not anticipate major changes in 
the rankings after Saturday’s 
Southeastern Conference 
'^jampionship game between 
No. 3 Alabama and No. 6 Flor- 
ida. There could have been a 
shake up if Alabama trounced 
Florida and moved up to No. 1, 
but that seemed unlikely. 

For the second straight year, 
an undefeated Nebraska tftam 
will play for the national cham- 
pionship in the Orange BowL 
Based on past performance 
althe Orange Bowl, Miami (10- 
1) should be favored over Ne- 
braska (12-0). The Hurricanes 
are 62-1 on their home field 
over the past decade, while the 
Corahnskers have lost five 
straight at the Orange BowL 
The Orange Bowl will be the 
only game with national cham- 
pionship implications that will 
be played on New Year's Day, 
which is a Sunday and the sec- 
ond day of the National Foot- 
ball League’s wild-card play- 
offs. The Orange Bowl usually 
starts about 8 P.M, after most 
NFL games are finished. But 
the other bowls, rather than 
compete with the NFL for tele- 
vision audiences, chose to move 
their games to Jan. 2. 

The Sugar Bowl selected 
Florida State (9-1-1) to play the 


y Surprise 

SEC champion, even though it 
sets up a possible rematch 
against Honda (9-M). The 
Seminoles overcame a 28-point 
deficit in the fourth quarter Sat- 
urday to tie the Gators, 31-31. 

“If that happens, we’re hilling 
it as ‘Overtime and the Sugar 
BowL”* said the Sugar Bowl’s 
president. Chuck Zatarain. 

The alternative is Alabama 
(1 1-0) vs. Florida State. 

“One way, we get an unde- 
feated team with a legitimate 
shot at the national champion- 
ship," said the Sugar Bowl’s ex- 
ecutive director, Troy Mathieu. 
“The other way, we get to finish 
a fantastic game that started 
last Saturday.” 

Meanwhile, the drawing 
power of Notre Dame once 
more became obvious. Under 
terms of the contract with the 
schools that comprise the bowl 
coalition, a source said, the 
Fighting Irish could go to the 
Fiesta, Orange, Cotton or Sugar 
bowl if they bad a record better 
than 6-5. They are 6-4-1. 

Other major bowl matchups 
include: Rose Bowl: No. 2 
Penn State vs. No. 12 Oregon; 
Cotton Bowl: No. 21 Southern 
Cal vs. Texas Tech; Gtrus Bowl 
Alabama-Florida loser vs. 
No. 13 Ohio State; Gator Bowl: 
Tennessee vs. No. 17 Virginia 
Tech; Sun Bowl: Texas vs. 
No. 18 North Carolina; Peach 
Bow!: Na23 North Carolina 
State vs. No. 16 Mississippi 
State; Hall of Fame Bowl: Wis- 
consin vs. No. 25 Duke; Free- 
dom Bowl: No. 15 Arizona vs. 
No. 14 Utah; Independence 
Bowl: Texas Christian vs. 
No. 19 Virginia; Copper Bowl: 
Oklahoma vs. No. 22 BYU; 
Alamo Bowl: Baylor vs. No. 24 
Washington State; Holiday 
Bowl: No. 20 Michigan vs. 
No. 10 Colorado State. 

(AP, WP) 



S j *-,V I . A # 

. . . 






Baseball Talks: 
Stall Is Still On 


Bdl Fa&'Thc Awiaalcd hru 

Ricky Watters, eluding Saints defenders, racked up 104 yards in 26 carries as tbe 49ers clinched the NFC West tide. 


By Mark Maske 

Washington Post Service 

WASHINGTON —The Ma- 
jor League Baseball Players As- 
sociation has decided it will noL 
offer a counterproposal this 
week to the taxation system 
proposed by the team owners 
12 days ago, according to 
sources dose to the situation. 

The prospects of the union 
and the owners reaching a set- 
tlement to end the players' 3fe- 
mon Lb-old strike and ensure 
that next season begins on time 
are as bleak as ever. 

The union's decision not to 
present a counterproposal this 
week virtually ensures thaL the 
owners will dedde to declare an 
impasse in negotiations and 
unilaterally impose a salary cap 
system when they meet next 
Monday in Chicago. The union 
apparently believes that this 
bitter labor war will be played 
out in court and in Congress. 

Representatives of the play- 
ers and owners gathered Mon- 


49ers Roll Over Errors and Saints 


The Associated Press 

NEW ORLEANS — The 
San Francisco 49ers left no 
doubt about a simple fact: no- 
body in the National Football 
League other than Dallas is 
dose to them. 

The 49ers became the first 
team to clinch a playoff root by 
overcoming a couple or mis- 
takes that would kill mere mor- 
tals to beat New Orleans, 35-14, 
on Monday night as Steve 
Young threw for 281 yards and 
four touchdowns. 

The victory gave them: 

• Their 1 1th NFC West title 
in 14years. 

• Their 12th straight season 
of 10 victories or more. 

• Their 1 1th playoff berth in 
12 years. 

“We couldn’t get them 


stopped,” the Saints’ coach, Jim 
Mora, said of a team that con- 
verted 11 of its 15 third-down 
opportunities. “They’re the best 
offensive team in footbalL the 
best offense I’ve ever seen.” 

The victory kept the49ers(10- 
2). who also rolled up 191 yards 
on the ground, on Lop of the 
Cowboys (10-2) for the home- 
fidd advantage on their inevita- 
ble course toward a third 
straight NFC title game. San 
Francisco would get the home 
field if the teams are tied because 
it beat Dallas two weeks ago. 

Young, who had completed 
68.2 percent of his passes enter- 
ing the game, was 24 of 30 as he 
hit four TD passes in a game for 
the fourth time this season. Tbe 
49ers, despite their mistakes, to- 
tally dominated, outgaining the 


Saints 461-222 and keeping the 
ball for more than 38 minutes. 

Young threw first-half touch- 
downs of 4 yards each to Brent 
Jones and John Taylor, found 
Jones again from 6 yards out on 
a drive that consumed 9:02 at 
the start of the second half and 
capped the scoring with a 43- 
yarder on a slant to backup 
Nate Singleton. 

That was enough to negate 
Tyrone Hughes’s 86-yard return 
of a fumble by Ricky Watters for 
the Saints (4-8) and a second- 
quarter fumble by Young at the 
Saints’ 12 that held the 49ers to a 
20-14 lead at halftime. 

San Francisco has won 10 or 
more games for 12 straight sea- 
sons and qualified for the play- 
offs in 1 1 of them, missing only 
in 1991 despite a 10-6 record. 


Wahh Leaves Stanford 
After 2 Losing Seasons 

The Associated Press 

STANFORD, California — Bill Walsh, who returned to 
Stanford to find his “bliss” after coaching the 49ers to three 
Super Bowl titles, has resigned after two straight losing seasons. 

Walsh, who had two years remaining on a five-year contract. 
wiD become a special assistant to the Stanford athletic director. 
The departure of Walsh, who turns 63 Wednesday, had been 
rammed in recent weeks. “I just fdt that this was an appropriate 
time to move to another stage of my life,” Walsh said 

Walsh returned to Stanford three seasons ago after compil- 
ing a 102-63-1 record in 10 years as coach of the 49ers, 
including Super Bowl crowns in 1981 , 1 984 and 1988. He was 
elected to the Pro Football Hall of Fame in 1993. 

Walsh, whose first bead coaching job was at Stanford in 
1977-78, when he led tbe team to consecutive bowl victories, led 
the Cardinal to a 10-3 record and a victory over Penn State in 
the Blockbuster Bowl in his first year back at Stanford in 1992. 
But the team slipped to 4-7 last season and was 3-7-1 this year. 


day at a conference center in 
suburban Washington. 

Talks were scheduled to re- 
sume Tuesday, and the special 
mediator, William J. Usery, is 
urging the two sides to make a 
frantic final push toward a deal. 
Bui privately, principals on both 
sides of the dispute remained 
pessimistic Monday, saying they 
expected this set of meetings to 
break up after a day or two. 

The players' executive board 
is scheduled to meet in Atlanta 
beginning next Monday, and 
sources said the union does not 
plan to make a counterproposal 
before then. Ownership repre- 
sentatives said Monday they 
were hopeful of receiving a 
counterproposal from the play- 
ers this week, but management 
sources acknowledged that they 
did not expect that to happen. 

Asked whether that made it 
inevitable that owners would 
unilaterally impose a salary cap 
□ext week, one management 
source, referring to the players, 
said: “I don’t think they are go- 
ing to leave us with any choice." 

The source added, however, 
that negotiations could contin- 
ue if the union made a counter- 
proposal following the imple- 
mentation of a salary cap. 

■ Mels Acquire Harnisch 

The New York Mets, looking 
to add an experienced pitcher 
to their rotation, acquired Pete 
Harnisch on Monday from the 
Houston Astros for at least one 
player to be named. The Associ- 
ated Press reported. 

Harnisch, Houston's open- 
ing-day pitcher last April, went 
8-5 with a 5.40 eamed-nm aver- 
age in the strike-shortened sea- 
son. The right-hander, 28, spent 
a month on tbe disabled list 
with a tom tendon in his pitch- 
ing arm. His salary last season 
was $3,205 million. 

Harnisch allowed 100 hits in 
95 innings over 17 starts. He has 
a career record of 61-55 and 
ERA of 3.73 in six seasons. 


PC-:- T T*7 1 • , 7 


i i i r 

NFL Standings 


The AP Top 25 


NBA Standings 


AMERICAN COMFEREMCK 
Ent 


"EASTERN CONFERENCE 
Atlantic tMvttfQH 


TIM 2S teams ki n» Associated Press* 
eaoraa basnoffiaH poa with nm-Mace votes 
In iwircaltws. re cord Ibroogh Nav.37, total 
POtaahnaAaoiigaoletStnrn nf.il MUu eote 
tonmai aw Mint for a 2SU»-ptacc vote, and 


Miami 
M.V. Jets 
Buffalo 


Pittsburgh 

Cleveland 

Cincinnati 

Houston 


SanDIcoo 
Kansas City 
Denver 
LA Raiders 

scorn* 


w 

L 


Pet PFPA 


w 

1. 

Pet 

OB 

imjeaeou roaMaa; 

Record 

Pt* 


8 

4 

> 

467 280 227 , 

Orlando 

9 

7 

418 

_ 


Pry 

6 


0 

jgg 228233 

New York 

6 

4 

480 

Z»S 

1. Massachusetts (501 

1-0 

1<6M 

1 

6 

6 

0 

JBO 255 251 

Ballon 

8 

4 

400 

3 W 

2. North Caroftna (41 

1-0 

1408 

2 

6 

6 

0 

-500 2X5 266 

New Jersey 

6 

■ 

429 

m i 

X Kentucky (11 

VO 

1441 


5 

7 

0 

<417 20 258 

Waahtaoton 

4 

6 

<400 

4Vr 

4. Arkansas 

1-1 

1406 






PUkxMpMa 

4 

8 

438 

5Vi 

i UCLA 

1-0 

1422 


Central 


Miami 

3 

7 

400 

SVu 

4. Duke 

2-0 

1456 


w 

L 

T 

PCt. PF PA 


Central DtvWoo 



7. Kansas 

1-0 

1.165 


* 

3 

0 

JSB 213 172 

Onretoml 

7 

5 

483 



L Florida 

VO 

1JJW 

ID 

9 

3 

s 

J50 2M148 

Detroit 

7 

5 

483 



9. Arizona 

2-1 

988 


2 

1# 

0 

.147 201 283 

ladkno 

7 

5 

483 

_ 

IX ancfmoH 

1-0 

975 

12 

1 

11 

0 

JB83 147245 

Chkaao 

6 

« 

400 

1 

11. Maryland 

2-1 

934 






Onriatte 

5 

« 

<455 

i to 

IX Arizona SL 

30 

773 

— 

west 



MRwxndcee 

5 

« 

<455 

m 

11 Wisconsin 

1-0 

707 

15 

w 

L 

T 

pet. PF PA 

Atlanta 

4' 

8 

433 

3 

14. Ohio U. 

+0 

489 

21 


930 ./so a n no 
7 s 0 -583 2M 213 

& & o -500 a an* 

4 6 0 400 238 Ha 

5 7 0 417 2Z7Z26 


NATIONAL CONFERENCE 
EOBi 

W L T Pd. PF PA 
Dallas 10 2 0 J833 335 179 

PIU Metohia 7 5 0 483 343 214 

N.Y. Giants S 7 0 <417 205 349 

Arizona 5 7 0 417 154 ® 

Washington 2 TO B .167 246 331 


Central 
W L T 
Chicago B 4 0 

Minnes o ta 7 5 0 

Green Bov 6 6 0 

Detroit 6 6 8 

Tampa Bay 3 9 0 


west 

W L T 
•■Son Frond seo 19 2 0 

Atlanta 6 4 0 

LA Rami 4 8 0 

New Orleans 4 8 0 

x-cllnehed dMston. 


Pd. PF PA 
M7 211 208 
.583 262 215 
400 256 214 
-500 244 258 
J2S0 165268 

Pd. PF PA 
JBO 361 227 
sot 256379 
.333 223 259 
J33 342 320 


Monday** Gome 

San Frandsco 35, New Orleans m 


WESTERN CONFERENCE 
Midwest DTvtsbm 

W L Pd OB 
Houston * 3 -750 — 

Utah I 5 415 W 

Danas 6 4 408 2 

Denver 6 5 -545 2*i 

Son Antonio 6 6 -500 3 

Minnesota 1 12 4)77 8 to 

Pacific Division 

Phoenix 9 3 JSB — 

Seattle 8 5 415 ito 

Golden State 7 5 583 2 

LA. Lakers 7 5 583 2 

Portland 6 5 545 2W 

Sacramento 5 5 JOB 3 

L-A. CH peers 0 12 500 9 

MONDAY'S GAMES 

Minnesota 28 20 18 38-88 

San Antonio 2* 21 21 21-92 

M: Rider VH3 M 22, WMt 8-13 V3 U; 5: 
Robinson 6-1412-15 24, Del Negro B-T2 W 19. 
lUlwwnifi Minnesota 48 ILosffner 13), San 
Antoaio4B IRoWnsan 10). Asdsto-MInnesota 
II (Gartand 61, Son Antonia 15 (Robinson 7J. 
IMBOHO 21 25 M 29— 99 

Seattle 27 S3 II 27— III 

l: Miller 6-12 56 20, Scott 5-11 3-3 15; Si 
Pavton 10-15 6-6 2B. Perkins 6-11 +6 20. Bb- 
IMW IWt» Indiana 47 (AJMvts 8). Seattle 53 
(Johnson 14). Assists— Indiana 19 (Jackson 
B). Seattle 2b (Payton 7). 


15. Minnesota 
16b Connecticut 
17. Michigan 

16. Michigan SI 

ITe MCWI ucivmi 

20. Geonda Tech 
2L woke Forest 

22. Syracuse 

23. Virginia 

24. vukmova 

25. New Mexico st 


266 18 
253 20 

215 21 

173 — 


Other receiving vales: Indiana 135. 
Brigham Young IU, Illinois 106. Texas 102. 
Tutane 102. George Washington 97, Atobnna 
7L Purdue 71, OUohorno St.64, Mississippi 51. 
51, Texas Tech 45, Iowa 5*. 43, 86. John's m. 
Tamale 23 HL Utah 19, LSU T7, CWHornto 13. 
Memp hi s 13, Western Kentucky T3, Florida St. 
B, NjC. Charlotte 7. Louisville 5, 5L Louis 4, 
Oklahoma 1 Boston Colleao X Boise 5L 1. 
Copaln St 1. DaPoul T. Virginia Tech 1. 

Major College Scores 


Ondnoott 72, Rutgers 61 

Dartmouth 81. Cent Connecticut St 75, OT 

Deftnronr 86, Washington, Md. 77 

DuweWM 63. Richmond 56 

Lafayette 87, Swarm more 42 

Manhattan m Wagner 64 


CROSSWORD 


Penn 82. LehWi 79, OT 
Rhode Island 94. Brown 71 
SOUTH 

Alcorn SL 92. Baptist Christian 79 
Austin Posy 66. Gimoerwnd. Twin, a 
Detoworo-SL 73. Wilmington. Dei. 57 
East Carolina RL AooalocNan St. 78 
Furman 80, Ersklnel* 

Georgia 87. Georgia Southern 57 
Georgia Tech 90, Coastal Carolina 78 
Graaihling St. 88, Taxos-ArHngton 79 
Maroer 86k SL Ljw 80 
Miami 76 Florida Atlantic SI 
Mbs. Valiev SL 6X Arkansas SI. 77 
MlahatoPi St 106 SE Louisiana 67 
N. CaroDno SL Ml. Howard U. 60 
Did Dominion 79, South Carolina 45 
Radford 86 Centenary, NJ.56 
Sanford 75, North Georgia 55 
TemvMartin 86 San Francisco SL 62 
Tennessee St. 96 E. Tennessee St. 79 
VMI 96 Btoeflefd Call. 72 
W. Carolina 102, Mlfllgan 88 
MIDWEST 
Ball SL 111. Lynn 79 
E. Michigan 72. St. Joseph's, Ind. 62 
Lovola, 111. 76 Northwestern 69 
Marquette 82. UNLV 76 OT 
N. Illinois 79. Wichita St. 77 
Ohio SL 81. Draxei 74 
SE Missouri 96 Drury 79 
WbL-Parkskk 801 Wte^AHmiuka* 79, OT 
SOUTHWEST 
Rice 82. Ccntenoy 54 
Sam Houston SL 77, Oral Roberts 73 
FAR WEST 
Butter 73. Portland 74 
Fresno St 79, Peppen fl nc 76 
Idaho st. 87. wbv-Green Bay bi. OT 
Montana 67, Wa shin gton a 
New Mexico SL 99. WL Now Mexico 71 
5. Utah 83. SW Texas SL 49 
San Diego SL 76 Southern Cal ColL 54 
vwber St. 76 Lewte-Clark St 45 


CRICKET'. ’ ’ I; 


England yl. A wdroBu , latt day 
T uee d o y. to Brlsbnc 
England 3d larings: 323 (1372 oven) 
Reautt: Australia wan by 184 runs. 
South Africa «. New Zealand, tat da 

South Africa 2d innings: M9 
Result: New Zealand won by 137 rum. 



ACROSS I s D-day beach 

„ 16 Rack's partner 

1 Access way 

s Golden oldie? 17 bre^ast order 

loSalasite 20 Human culture 


CORUM 

Mature Artisans dUortogerie 


in Paris, 

1 . rue tit* La Paix 


21 Laurel tree 
nymph 

22 Draw 

23 Meadow flowers 

24 London or 
Manchester, 
e.g. 

28 Lamebrain 

29 Wedding 
necessity 

30 Farm vehicle 

31 Goddess 
pictured with an 
open papyrus 

35 Continuation of 
17-Across 

38 in addition 

39 First name in 
mysteries 

40 Dome-top 
openings 

41 Perrin et at. 

42 Tropical winds 

43 Wall Street's 
— Burnham 

Lambert 

46 Hosp. machine 

47 Salts 

48 Former British 
coins 

52 End of 

17-Across 

95 Two before X 

SB Sister of 
31-Awoss 

st Otd dog in a 
Stephen Foster 
song 

50 Actor Jannings 

59 ignited a 
snuffed wick 

60 Exclusive 


DOWN 

'1 Indian rule 

2 Here, en 
ospariol 

3 “The Ghost and 

Mrs. “ 

4 Spanish 

guitarist 

De Lucia 

5 Angora yield 

6 Appearance 

t Baronets wife 

8 ‘I knew it!’ 

9 Youngsters' . 
diamonds 

10 suzette 

f t Zero 

12 Inks 

13 Handle: Fr. 

is Put in a vault 

19 Paint poorly 

23 Transported 

24 Turkish V.I.P. . 

23 Russia's 

Mountains 

28 Word with ring 
or coin 

27 Belly laugh 

28 Scolds, With 
“out" 

30 Lobster roe 

31 fmoganaof 
■Your Show ol 
Shows’ 

32 Extol 

33 Michigan's — 
Royale 

34 Inventor Efisha 

36 T- man 

37 Former Ford 

41 Corporate chief 

42 Warp-knit febric 

43 Levi Strauss 
stock 

44 Arms Ola sort 



Poole by Join Seen 


© JVero For* Times/ Edited hr IRU Shorts. 


45 Instant 
correspond- 
ence 

46 Civvies 

47 Banker's 
byword 

4a Caged puck 
4a Newts 
so Bygone hair 
style 

51 Gummed flap 
53 Prefix with date 
or dawn 
94 Hurricane's 
center 


Solntkm to Pnzzlr of Nov. 29 


□nQO amna 
□nan sanaa 
□naa naaasnaBag 
□EIBOC100E amcisaa 
gnaasE naapi _ 
qejh aaan 
snao □□tnnsi njana 
□he naaaa agg 
□raaa aaaaa aana 
□B0H aaasi 

□doa □□(31303 

□saasa aaaaaacia 

□0C3@013Ht3EIS SBQED 

BC3SEIB sniaa sans 
S0aQS gaga hghhq 


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Page 20 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 30, 1994 


OBSERVER 


Please Save Us From Ourselves 


By Russell Baker 

N EW YORK — School prayer and the 
baseball strike remind me of daytime 
television. In all three departments Ameri- 
cans are confessing something they ought 
to be ashamed of. 

This is, that they are incapable of self- 
control. 

Worse, that they want government to 
' step in and control their behavior for them. 
"Pass a law,” is the plea being heard even 
from Republicans whose usual complaint 
is that there are too many laws already. 

Yet now they are saying. “Pass a law 
that will make us stop our rotten behav- 
ior.” In short, cal] in the government. Re- 
publicans who keep telling us Old Devil 
Government is not the answer are as hot as 
Democrats for strong government action 
on the self-control front. 

To illustrate: 

Hordes of Americans apparently 
ashamed of their failure to pray sufficient- 
ly want the Constitution amended so they 
will be compelled to pray out in the open, 
at least as schoolchildren. 


Baseball owners and people who don’t 
pray enough in private are just a few of 


those classes yearning to have government 
heir backs where it rode in the 


This yearning for the authorities to step 
in and put steel in the American spine 
infects many aspects of the national life. 
The baseball strike illustrates how wide- 
spread it is. 

The baseball owners' proposed salary 
cap would establish a new law limiting the 
amount of each owner's payroll. This 
would force them to stop their self-de- 


structive bidding competitions that have 
Uec 


enriched so many excellent players as well 
as many not so excellent. 

Not surprisingly, the players invited 
themselves out of that arrangement. 
Hence, the strike. Here was a club of 
millionaires — strong-minded men and 
women, we might suppose if we accept the 
popular notion that possession of millions 
is a symptom of powerful mental appara- 
tus — yet they wanted a new law to stop 
from spending themselves to death. 

Remember the serial murderer in Chica- 
go whose lipsticked message on one vic- 
tim's wall was, “For heavens sake catch me 
before I kill more 1 cannot control my- 
self”? This is an idea whose time seems to 
have come, all over America. The hand- 
writing on the wail says we are a people 
unable to control ourselves, a people crav- 
ing police custody, a people who want 
government firmly on our backs. 


up there on their _ 

good old days before movies, television 
and books had to be dirtied up before you 
could get millions of people to shell out 
money for them. 

Calls are constantly heard for some 
authority that will: stamp out entertain- 
ment that nice people shouldn't be ex- 
posed to. Sexual squalor is particularly 
blamed as a corruptor of people enter- 
tained by its literary, cinematic or tele- 
genic representation. "Stop us before we 
watch simulated sexual intercourse 
again.” is the essential plea. 

Even the more disgusting representa- 
tions of physical violence now rouse calls 
for an entertainment police. Here is dra- 
matic change. In the past even the most 
resolute censors have worked on the as- 
sumption that murder is cleaner than sex. 

The good old moral middle class is said 
to be fed up with filth and violence on 
television. It has good reason to be. Mass- 
market television's afternoon is a bazaar of 
human freaks titillating the whole darn 
country about those really weird — 

Weil, never mind. Suffice it to say that I 
have heard middle-class moms on after- 
noon talk shows say things that Marine 
veterans of Guadalcanal would have been 
too delicate to mention in mixed company, 
much less to a nationwide audience. 

Who watches all these freak shows? The 
same people who buy the grocery tabloids 
at the checkout counter; namely, the good 
old moral middle class who want to be 
stopped before they bathe in the gutter 
again. 

□ 

Then there is the balanced-budget 
amendment to the Constitution. If en- 
acted, this will force all members of Con- 
gress to stop before they spend again. 
These pathetic wretches are sunk so deep 
in their vice that they now seek relief by 
mutilating the Constitution. 

They propose putting government on 
the back of government itself so their in- 
ability to control themselves will be re- 
strained. presumably by the threat of a 
long sentence to Congressional Prison. I 
envision a cell with dining room and wood- 
burning fireplace. 

A’m York Tuna Service 


Arthur C. Clarke, a Man in Perpetual Motion 


By John F. Burns 
Sew York Times Service 

C OLOMBO — When the dean of science fiction 
writers, Arthur C. Clarke, explains why he chose 
tomove to this island nation in the southern Indian 
Ocean almost 40 years ago, he says be craved the 
peace that would have escaped him in his native 
Bntam or in the United States. 

“If,I had lived in New York or London. I’d be eaten 
auve, said the 76-year-old Clarke, who is the writer 
ofmore thaxi 80 books and many short stories and 
scripts, including the Oscar- winning screenplay he 
Stanley Kubrick for “2001: A Spaa Odys- 
sey.^ Here m Sri Lanka. I can control things better I 
don t gee so caught up in the mad rush.” 

At Clarke’s home in a suburb of the Sri Lankan 
capital, visitors are greeted by a secretary bearing 
briefing notes that make Clarke sound lik e a recluse. 
One biography quotes Clarke as having said he no 
longer gives interviews, as, in his words: “I am now 
completely fed up with talking (even about myself). 

in 


^ . : 


Everything anyone may need to know will be found 
my books.” 

But as soon as Clarke appeared, the caution was 
abandoned. For several hours, he was a study in 
perpetual, if unpredictable motion, leaping from one 
topic to another, rising suddenly from his swivel chair 
and plunging about his study in his sandals and 
sarong to rind a photograph of himself with Neil 
Armstrong, a Fax from Steven Spielberg, or a visitor's 
book that reads like a Who’s Who of space explora- 
tion. 

The commotion ended only when he bad to join a 
round-table discussion with other futurists — bv 
video-telephone link to the United States. The video- 
phone competes for space on his desk with a comput- 
er on which he recently finished “terraforming" Mars 
— making a planet suitable for human habitation — 
for a book to be published shortly. “The Snows of 
Mount Olympus.” 

Close by lay folders with the details of two dozen 
current projects. One is a book about scuba-diving, 
the passion that brought Clarke to Sri Lanka in 1956. 
Another is a collaboration with Spielberg on a film 
built around a novella Clarke wrote in 1992, “Ham- 
mer of God,” about an asteroid that imperils the 
Earth in the next millennium. “You have been an 
inspiration to me throughout mv creative life " the 
director wrote in the fax that is Clarke’s pibce de 
resistance on a recent monsoon-swept afternoon. 

Clarke, who has suffered since the early 1960s from 
a debilitating condition that was ultimately diag- 
nosed as post-polio syndrome, is just back from a trip 
to the United States and Britain. It included long 
sessions with senior officials of the National Aero- 
nautics and Space Administration, at the Kennedy 
Space Center in Florida, and reunions with American 
and Russian astronauts at a televised tribute to his 



_ ; j».SI I Sun- 1 DC %#•» 1 .H-4 7,-, 

Clarke, at his home in Sri Lanka, uses technology fo keep in touch with the world he left. 


life by the BBC in London. The trip, he said, left hi m 
feeling “years younger.” 

Given Clarke’s frenetic pace, this is just as well 
Much of his effort in Sri Lanka seems to be spent 
using technology to reduce the distance he has placed 
between himself and the world he left behind. In a 
sense, it is a personalization of the schemes be has 
conjured up in his writing, in which humanity pushes 
ever outward to new worlds. 

Qarke was nominated this year for a Nobel Peace 
Prize, something even he thought might be an award 
too far. The nominator, Glenn Harlan Roberts, a 


University of Tennessee law professor, noted that 

hIIi 


Clarke is more than a science-fiction writer. Among 
other things, it said, he is recognized, from a 1945 
article for Wireless World, as the intellectual father of 
the fixed-position communications satellites that 
ushered in a new telecommunications era. 

The nomination also cited a passage from Clarke’s 
book, “T»is Challenge of the Spaceship." which was 
wntten a decade before the first manned moon land- 
ing in 1969. “ft is not easy to see how the more 
extreme forms of nation alis m tan long survive when 
men begin to see the Earth in its true perspective as a 
angle, small globe among the stars,” he wrote. \ 
photograph from that first mission hangs bv Clarke's 
desk, with the Earth hanging like a blue orb in space. 


But Clarke has no! escaped the persistence of 
terrestrial prejudice in Sri Lanka. For a decade, life 
here has bon knocked sideways by a cycle of civil war 
and brutal assassination growing out of enmities 
between the ethnic Sinhalese majority and the Tamil 
minority. 

Divorced many years ago from his American wife, 
Clarke shares a home with his partner in a scuba 
diving company. Hector Ekanayake. a renowned Sri 
Lankan diver, and Ekanayake's family. A few yean 
ago, Clarke and the Ekanayakes considered leaving 
because of the violence. But they stayed, and Clarke 
decided to use part of his fortune, estimated by some 
to run into tens of millions of dollars, to help be- 
reaved families and to finance educational projects. 

Although he is a seemingly inexhaustible conversa- 
tionalist, the philosophical ruminations that might be 
expected from one who lives uneasily between the old ' 
world of ethnic wars and the new world of spaa 
exploration do not much interest him. 

“I get fed up with things you can’t solve one wav or 
another, he said. “Pm not a dreamer, never have 
been. I think of myself as somebody who looks at 
scientific things, and asks; ‘Where can we go with 
this? How can we use this to make our world better?’ 
And I hope that in some small way I have helped push 
the process forward.” 


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and they may roach Pans 
somewna over the weekend. 
Dry weather 19 expected In 
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Japan wtJ bang wet weather 
to Tokyo Thursday ana Fri- 
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northward and in northern 
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Visa e*s= AFP 


FIRST PICTURE SHOW — Demi 
Moore arriving at the premiere of 
“Disclosure” In Los Angeles. Moore 
co-stars with Michael Douglas in the 
movie, based on Michael Crichton’s 
novel, about a woman harassing a man 


T HE German painter Gerhard Richter 
has been awarded the 1994-95 Wolf 
Prize for the arts, the Wolf Foundation 
announced Tuesday in Jerusalem. Richter 
was chosen for the' S 100,000 prize “for his 
vast artistic activity, which has influenced 
the contemporary an scene of the past three 
decades," the foundation said. Wolf Prizes 
are also awarded in five fields of science. In 
the arts, the prize rotates among architec- 
ture, music, sculpture and painting. 

a 

Hniary Rodham Clinton took a bumpy 
ride on a hydraulic lift to place a stained- 
glass ornament atop the National Christ- 
mas Tree behind the White House, and 
then lost her shoe when the heel snagged 
on dismounting. “My slipper — like Cin- 
derella,'" the first lady was overheard say- 
ing as a National Park Service employee 
helped her retrieve the shoe. . . . Where 
some see stiffness. Tipper Gore sees “abso- 
lutely pure animal magnetism." That’s 
what the teenage Tipper felt when she met 
AI Gore in 1963 at his senior prom in 
Washington. Mrs. Gore told Women’s 
World magazine that her husband still 
loves a prank. She said Gore recently held 
out a half-empty bottle of hair-removal 



With ATXT USADirecr mu: 

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020-795-611 
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80100-11 
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limited 
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CYPRUS* .. 
EGYPT* (CAIRO) 
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LEBANON (BEmUT) 
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4 



cream while taking a shower and asked her 
if he had enough shampoo. “I took one 
look at him and screamed, ‘Quick, aet that 
off your head/ 1 thought ail of his hair wss 
going to fall out.” g. 

□ * 
The notion might have driven Coco cra- 
zy: Dmmy Aiello attired in a lovelv little 
Chanel outfit, “I look like Margaret 
Thatcher," the actor said of his perfor- 
mance in the forthcoming Robert Altman 
movie "Pret-a-Porter/ AieBo plays a fash- 
ion director for a department store who has 
a penchant for wearing women's clothes. 

□ 

^ An art-world figure charged with fraud 
for allegedly misappropriating paiminss 
from the estate of the artist Victor Vasareiy 
has gone on hunger strike, prison officials 
in Marseille reported Tuesday. Charles 
Debbasch, a professor of law at the Uni- 
versity of Aix-en-Provence and the former 
head of the Vasarely Foundation, which 
administers the painter’s work, has been in 
dispute with the artist's family for three 
years. The family accuses Debbasch of 
embezzlement and profiting from ibe dis- 
appearance of paintings during his tenure 
at the foundation. 



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