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Herald 


INTERNATIONAL 




PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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Paris, Saturday-Sunday, October 1-2, 1994 


No. 34,708 


Ferry Sank 
After Its Bow 
Came Open, 
Experts Say 

Tougher Inspections 
Ordered Amid Reports 
About Near-Disasters 

By Erik Ipseu 

Intemadcnal Herald Tribune 

STOCKHOLM — Swedish mari time 
officials said Friday that the hinged bow 
section of the ferry Estonia had opened in 
heavy seas, allowing water to flood the 
open vehicle deck and causing the ship to 
sink' with the loss' of more than 900 lives. 

The officials said the tragedy cast doubt 
on the seaworthiness of such roll-on, roll- 
off ferries, especially in light of reports 
that there had been several near-disasters 
before the sinking of the Estonia early 
Wednesday on a voyage between T allinn , 
Estonia, and Stockholm. 

The wreck of the Estonia was located on 
. the seabed by sonar Friday between 80 and 
90 meters (260 and 290 feet) down. Of the 
.1,046 passengers and crew members 
aboard, 909 are presumed to have died. 

Bengt-Erik Stenmark, the safety direc- 
tor of Sweden’s National Maritime Ad- 
ministration, announced tough new in- 
spections on the bow sections of such 
ferries. He said it also might be necessary 
to impose restrictions on their sailing in 
heavy weather. 

* “We have to examine the whole RO-RO 
concept and t^ to find out if anything can 
be done to existing ships,'* Mr. Stenmark 
said, referring to the roH-on, roll-off de- 
sign, in which vehicles axe easily loaded 
and discharged. He added that he was 
“pessimistic" that such changes could ever 
prove totally foolproof. 

According to Mir. Stenmark and other 
Swedish safety experts, the hydraulic lock- 
ing pins bolding down the hinged bow 
section of the Estonia may have been loos- 
ened in the storm-whipped Baltic Sea. The 
inner door, which also acts as a vehicle 
ramp, might then, have held the heavy bow- 
section rijghtly ajar, allowing water to 
pour onto the vehicle deck. 

“l.am convinced thatjt had an inflow of 
water through the open bow section,'* Mr. 

S tenmarkiflii “Theagwathits vast vehicle 
deck awash in water, a slight tilt in the boat 
sent an immense weight of water rushing 
to one ride, forcing the ferry into a heavy 
list." 

He said this had resulted in “a total 
collapse of the ship,** which went down 
with engines and electrical systems dead. 

Mr. Stenmark based his opinion on the 
accounts of two key witnesses. One report- 
ed walking on the vehicle deck in water up 
to his knees shortly before the Estonia 
heeled over. Another survivor said that the 
ferry’s bow had been completely broken 
off when it finally went down. 

New international safety regulations 
come into effect Saturday, making it oblig- 
atory for older ships like the Estonia, 
which was built in 1980, to have a warning 
system advising the crew if tire bow section 
or other cargo doors me open. It was not 
known whether such a system was working 
on the Estonia at the time of the disaster. 

Maritime experts said that the safety 
regulations concerning roll-on, roll-off fer- 
ries needed to be swiftly reviewed because 
of the inherent instability of such vessels. 
They said that only a few inches of water 
on the vast vehicle deck of the Estonia 
could have weighed hundreds of tons, 
dooming the ship to capsize if the water 
shifted. 

The reports of several near disasters 
emerged as the experts were seeking to 
establish what had gone wrong. One such 
report concerned the Estonia's sister ship, 
the Diana n, which was scheduled to enter 
service next month. 

Maritime sources said that on a trip last 
year from TreUebcrg, Sweden, to Rostock, 
Germany, the ship’s upward-pivoting bow 
section failed, allowing water to enter the 
vehicle deck. 

“The Estonia catastrophe could perhaps 
have been avoided if the ferry operators 
had followed the law and reported earlier 
near-accidents of ferries with the Estonia’s 
construction, M Mr. Stenmark said later in a 
television interview. 

Not until the Estonia has been ex amin ed 

See FERRY, Page 8 



GIs in Haiti Await 
‘Turbulent Weekend’ 

New Eruption of Violence in Capital 
Leaves 3 Dead at Pro-Aristide March 


Ctaud Msad'Thc teabcuted Pica 

A Haitian arrested by a U.S. soldier in Port-au-Prince on Friday after die man’s car was found to hold weapons. 


By William Booth 
and Douglas Farah 

Washington Post Service 

PORT-AU-PRINCE, Haiti — Thou- 
sands of pro-democracy supporters mark- 
ing the third anniversary of the coup that 
toppled Haiti’s exiled president. Jean-Ber- 
trand Aristide, were scattered Friday by 
pro-military gunmen who fired shots.’ 

At least three people were killed in the 
violence, including a man beaten to deaih 
by an angry crowd, and a dozen others 
were wounded. 

[The U.S. defense secretary, William J. 
Perry, predicted “a turbulent weekend” 
and unrest continuing as long as two 
weeks, The Associated Press reported. 

[But Mr. Perry said the U.S. military' 
mission in Haiti was not escalating beyond 
control. “Our expectation of what we’were 
going to run into in Haiti has always in- 
cluded the recognition that this is a coun- 
try with a history of violence,” he said. 

[He added that intelligence reports indi- 
cated threats of further violence among 
Haitians and, to a lesser degree, against 
American troops. “We do have some scat- 


East Europe’s New Divide: Haves and Have-Nots 


By Craig Whitney 

New York Times Service 

BUDAPEST — The sleek new international air 
terminal here is filled with tourists and business inves- 
tors flashing passports at border guards who sit be- 
hind high-tech glass booths, watching as the travelers 
breeze past customs with a wave. 

Only an hour’s flying time to the east, at the 
dilapidated Borispol Airport in Kiev, weary passen- 
gers line up to buy a piece of paper entitling t hem \o 
stand in another line to buy a visa. Then they wail in 
still a third line to appear before cell-like booths 
containing immigration inspectors trained by the 
KGB, who then turn them out to face a gamut of 
customs forms and suitcase searches. The whole pr<>- 
eess routinely takes two hours, just like in the old 
Communist days. 

Five years have passed since communism disinte- 
grated in Eastern Europe, when Hungary began dis- 


mantling the Iron Curtain on its Austrian border and 
Poland field its first free elections since World War 11. 
Soon afterward, thousands of East Germans began 
streaming through the Berlin Wall, Czechs and Slo- 
vaks massed in Prague's Wenceslas Square and forced 
their Communist leaders to resign, and Romanians 
rose up against a brutal dictatorship. 

During the next two years. Moscow's hold over the 
former Sorict Union weakened, until at the end of 
1991 it was dissolved and its former constituent re- 
publics became independent. 

But since the heady days in late 1989, the Iron 
Curtain has been replaced by a new and less visible 
divide between haves and have-nots in the formerly 
Communirt world, with very different \isions of the 
future. 

On one side are Hungary. Poland and the Czech 
Republic, eager to join the community of capitalist 
Western democracies. With strong rates of economic 


•growth and an almost palpable sense ol self-confi- 
dence, all seem to be on a fast track to making it. 

On the other side, Ukraine, Romania and Bulgaria 
are not sure where their destinies lie. and seem stuck in 
a sort of posl-Communisi twilight zone, falling further 
behind economically with every passing year. 

But even in the fast-track countries, there has been 
frustration and disappointment A New York Times 
poll on hopes and attitudes conducted this summer in 
the Czech Republic. Hungaiy and Poland found that 
people were confronting their new freedom with some 
trepidation. Much of Lheir reaction has to do with 
economic uncertainty. 

Except for East Germany, which has been getting 
about $100 billion a year since reunification with West 
Germany in 1990, the prosperous West offered noth- 
ing like the Marshall Han to help formerly Commu- 

See EAST, Page 5 


In East Asia’s Expansion, 
Pollution Outpaces Wealth 


By Michael Richardson 

International Herald Tribune 

SINGAPORE — In the race to get rich 
and catch up with the West, many East 
Asian countries have become so preoccu- 
pied with economic growth that they seem 
to have forgotten whai it will cost to clean 
up the mess their industries, transport and 
power plants are making. 

Never has a region of the world expand- 
ed so quickly, telescoping into decades a 
process of massive population increase, 
industrialization and urbanization that 
took a century or more in the West. 

Scientists and economists warn that the 
speed and stale of East Asia's transforma- 
tion are putting unsustainable strains on 
its vital natural resources. 

They say that worsening air and water 
pollution, the widespread destruction of 
tropical forests and water catchment areas, 
and soil degradation are undermining the 
resource base for fast economic expansion. 

“What we’re seeing in Asia is exponen- 
tial growth in pollution, traffic ana toxic 
wastes,” said Carter Brandon, an econo- 
mist in the environment and natural re- 
sources division of the World Bank in 
Washington. 

“While East Asian economies are dou- 
bling every 10 years or so, pollution, ener- 
gy use ana the number of vehicles on the 
road are increasing by factors of S, 8, or 
even 10,” he said. 

Wall-to-wall traffic, serious air and wa- 
ter pollution, and squalid shantytowns are 
a feature of many East Asian cities. 


Some economists estimate that pollu- 
tion in Bangkok is costing Thailand up to 
$3 billion a year in lost productivity and 
health-care expenses, while urban pollu- 
tion in South Korea is costing the nation 
up to $6 billion annually. 

Pollution control, environmental pro- 
tection and the construction of related 
services such as sewerage and piped water 

Second of two articles 

have been given low priority in East Asia, 
except for Japan, Singapore and, to a lesser 
extent, Hong Kong ana Malaysia. 

World Bank officials said, however, that 
the region's economic growth could pro- 
vide the technology, skills and financial 
resources to solve many of the environ- 
mental problems. 

Mr. Brandon estimated that East Asian 
countries would need to mobilize an addi- 
tional $25 billion a year by the end of the 
decade to clean up pollution and make 
economic growth more sustainable. 

The bank is pressing regional govern- 
ments to introduce a combination of 
tougher regulations and more liberal in- 
centives to encourage industry to install 
clean technology. It also urges eliminating 
subsidies on water, electricity and fuels to 
reduce waste and inefficiency. 

Kirk R. Smith, senior fellow in the pro- 
gram of environment at the East- west 
Center in Hawaii, said that East Asian 

See POLLUTION, Page 8 



Kim Ik HtumVAfmcc Fnmcr-Prcvc 

A South Korean environmental activist triumphantly fixed a gas mask to die 
statue of a 16th century Korean naval hero to protest air pollution in Seoul 


tered reports of unknown credibility that 
there may be deliberate attempts to target 
Americans,” he saicLJ 

Demonstrators waving Aristide posters 
poured out of a jubilant Mass at the city's 
Notre Dame Cathedral on Friday morning 
and were marching toward the cemetery 
when they clashed with armed men near a 
bar and gathering spot in central Pon-au- 
Prince for the violent anti-Aristide group 
known as FRA PH. the Front for Advance- 
ment and Progress in Haiti. 

As gunmen fired on the marchers, who 
had wandered from their planned route. 
U.S. troops were massed blocks away in 
tanks and jeeps. They did not intervene at 
the clash nor did they stop wild, knife- 
wielding looters from tearing apart a store- 
house near the city port. 

The lootings and the clash underscore 
the dangerous ambiguity of the American 
military role here. Many pro-Aristide dem- 
onstrators asked why U.S. forces did not 
protect them from’ armed paramilitary 
forces that have sworn to block the return 
of Father Aristide, a Roman Catholic 
priest. The U.S. troops appeared not to 
follow the most recent rules of engage- 
ment. which allows them to intervene to 
protect lives. 

‘‘They’ll killing us!” one man screamed, 
his shirt bloodied. “Please do something!” 

Colonel Barry Willey said U.S. forces 
were positioned at the outskirts of central 
Port-au-Prince, by prior arrangement with 
the Haitian military, leaving the protection 
of the pro-Aristide march to Haitian po- 
licemen, who oppose Father .Aristide’s re- 
turn. 

The U.S. Embassy spokesman. Stan 
Schrager. lamented the loss of life on Fri- 
day and expressed concerns about the on- 

See HAITI, Page 8 


Plague Scare 
Takes Heavy 
Economic Toll 


By Barry James 

IntcmuinvuJ lleralU Tribune 

The Indian plague scare reached Britain 
on Friday, and the economic impact of the 
epidemic escalated with the suspension of 
many trade and air links. 

In Britain, which has a large population 
from the region where the plague has hit 
hardest, Gujarat, at least eight people who 
had visited India were tested after they 
developed fiu-tike symptoms consistent 
with pneumonic plague. But they all were 
pronounced free of the disease after blood 
and sputum tests. 

The government’s chief medical officer, 
Kenneth Caiman, said that the result “il- 
lustrates our surveillance measures are 
working,” and added there was no cause 
for alarm. 

In India, the government acknowledged 
its first plague deaths in New Delhi on 
Friday. In all, about 50 people have died, 
in a country of 900 million. 

India’s foreign trade, which had been 
reaping the benefits of economic liberal- 
ization, was taking an increasingly severe 
hammering because of the plague scare. 

The country's $3 billion annual trade 
with the Gulf came to a halt after the 
region suspended all air and shipping 
links. The United Arab Emirates, where 
about 400,000 Indians live and work, 
stepped up the precautions an Friday by 
suspending postal service with India ana 
denying visas to Indian citizens. 

With air links cut off, about half the Air- 
India fleet was grounded. The carrier’s 
managing director said 7,200 incoming 
and 4,200 outgoing passengers had been 
stranded by the Gulf ban, affecting about 
100 flights each week. Bombay's Sahar 
airport, which normally handles up to 
12,000 passengers a day, was virtually de- 

See PLAGUE, Page 8 


Kiosk 


6 Arab Slates Ease Boycott of Israel 


NEW YORK (AP) — Saudi Arabia 
and five smaller Arab countries an- 
nounced a partial lifting of their eco- 
nomic boycott of Israel on Fnday and 
pledged to try to persuade other Arab 
nations to drop the restrictions entirely, 
to an action reflecting the growing 


trend toward peace in the Middle East, 
the six members of the Gulf Cooperation 
Council issued a statement saying they 
would stop blacklisting U.S. firms that 
trade with Israel. The council groups 
Oman, Saudi Arabia, Kuwait, Qatar, 
Bahrain and the United Arab Emirates. 


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Yeltsin Watchers See Something Amiss 


By Alexandra Stanley 

Men- York Times Serin 

MOSCOW — The Irish prime minis- 
ter and his wife, along with cabinet offi- 
cials and their wives, and 100 soldiers 
and a regimental band stood expectantly 
on the windswept tarmac of the Shannon 
airport staring up at the parked presiden- 
tial plane and waiting for President Boris 
N. Yeltsin to walk down the ramp. 

They waited. And waited. 

Finally, after 20 minutes, they were 
told that the Russian leader was too ill to 
get off his aircraft. 

Reporters were told that he was too 
tired to hold discussions with the Irish 
government. 

But when he arrived in Moscow, on 
Friday, according to Russian television, 
Mr. Yeltsin denied that he had fallen ill. 
Instead, he explained, he had fallen 
asleep, and his guards bad neglected to 
wake him. 

[“I’m going to tell you the truth," 
Agence France- Pres se quoted Mr. Yelt- 


sin as telling TV reporters. “The trip 
lasted 18 hours, and I simply slept. My 
bodyguards should have awakened me 
but they didn’t.^] 

Almost immediately rumors began cir- 
culating that the president, returning 
from his five-day trip to the United 
States, might have been too tipsy to go 
through with his planned stopover. The 
Irish, however, had been sympathetic. 

“It’s not an embarrassment," Prime 
Minister Albert Reynolds said after the 
situation was explained to him. “Mr. 
Yeltsin is unwell. I fully understand.” 

A Russian deputy prime minister, 
Oleg N. Soskovets, met with Mr. Reyn- 
olds in the president's place. 

Mr. Yeltsin has a long history of sud- 
den and prolonged absences from public 
view. He suffers from a bad back as a 
result of a plane crash in Spain three 
years ago, and he has high blood pres- 
sure. But the disappearances fuel rumors 
that he is covering up either a more 
serious illness or a drinking problem. 


In his autobiography, Mr. Yeltsin ac- 
knowledged having occasional spells of 
deep depression. He has never hidden his 
fondness for vodka, a trait few Russian 
voters consider a vice. 

But Mr. Yeltsin raised more than a few 
eyebrows with his behavior last month in 
Germany while there to commemorate 
the final withdrawal of Russian troops. 
Russian television showed Mr. Yeltsin 
stumbling on the steps of the Berlin city 
hall after a champagne lunch and grab- 
bing the conductor’s baton to conduct 
the orchestra. 

Albert Flutnik, a columnist for the 
newspaper Izvestia, said Mr. Yeltsin's 
behavior prompted feelings of “acute 
discomfort, if not shame.* 

Earlier this week, several of Mr. Yelt- 
sin's aides were dropped from the list of 
officials accompanying him to the Unit- 
ed States, and at least one news organiza- 
tion did not report that it was due to an 

See YELTSIN, Page 8 


Hockey Season 
Is Put on Ice 
For 2 Weeks 


The National Hockey League on 
Friday postponed the start of its 1 994- 
95 season by at least two weeks and 
urged the players to resume talks on a 
collective bargaining agreement 

The NHL Players Association said 
its members would negotiate but 
would not practice until an agreement 
was reached. 

“It's an owners’ lockout pure and 
simple," said the executive director of 
theplayers union. Bob Goodenow. 

The NHL commissioner, Gary 
Betnnan, said in New York that i't 
would be possible to play a full 84- 
game schedule by begi nning the sea- 
son on Oct 15, rather than on Satur- 
day, provided there was progress in 
contract talks. (Page 19) 


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S Page 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY,- OCTOBER 1-2, 1994 


Belgrade’s Blockade 
Is Porous, U.S. Says 


Bosnian Serbs Said to Benefit 


Raters 

SEVILLE, Spain — The 
United States said Friday it be- 
lieved that Serbia had not fully 
kept its promise to cut off all 
supplies to Bosnia’s rebel Serbs 
ana that some goods were still 


getting across the border. 
Defense Secretary Willi; 


Defense Secretary William J. 
Perry made the remarks at a 
news conference following a 
meeting of defense ministers of 
the North Atlantic Treaty Or- 
ganization. 

“Wc have incomplete reports 
that indicate that that's been 
partially but not fully complied 
with," Mr. Perry said, adding: 

“Certainly not a complete stop- 
page." 

He said President Bill Clin- 
ton had discussed the issue with 


government, senior administra- 
tion officials said. 

The issue is extremely sensi- 
tive. because once again the 
United Slates rinds itself caught 
between the Bosnian govern- 
ment, which wants a guarantee 
that the arms embargo will 
eventually be lifted, ana Wash- 
ington’s allies on the Security 
Council, who oppose the move 
because they believe it would 
widen the war. 

To avoid a rupture with Brit- 
ain and France, Washington in- 
tends to seek a symbolic resolu- 
tion that may assure passage in 
the Security Council but that 
falls short of meeting the Bosni- 
ans’ demands. 

In a compromise gesture in 
his speech to the General As- 



WORLD BRIEFS 


/V 
0 ' 


New Offers Gted in Nuclear Talks 


GENEVA (Reuters) — A senior North' KOT«rioffidal »id 
Friday that his government had made new proposals during a 
week^of hi gh -levri talks with the United States on reshaping 


proposals but «y 
could help speed negotiations toward an overandealontteAsi^ 
nuclear standoff. VS. officials said they could not comment on 


* iSwtebroke off Thursday, although technical experts from 
the two sides met at working level on Friday and weredue to me« 
again Monday and Tuesday. The higher-level negotiations will 
resume Wednesday. 




■■ /. .vh 



Kuna Doherty/ Reuta* 

SPECIAL DELIVERY — Postal workers and union members arriving Friday at the prime minister’s residence in 
London with a petition of 1 million signatures of people opposed to the proposed privatization of the post office. 


President Boris N. Yeltsin of 
Russia during their summit 
meeting in Washington this 
week and that Russia supported 
a continued cutoff of supplies 
from Belgrade. 

Serbia, anxious to win relief 
from United Nations sanctions, 
promised to block all shipments 
to the Bosnian Serbs to force 
them to accept an international 
peace plan that would end the 
war. 

International monitors have 
been placed on the border be- 
tween Serbia and Bosnia to 
check that only humanitarian 


sembly on Tuesday, Alija Izet- 
begovic, the president of Bos- 
nia's Muslim-led government, 
said that he would be willing to 
accept a Security Council reso- 
lution to lift the arms embargo 
but delay it for six months. 

Prime Minister Haris Silaj- 
dzic of Bosnia said that in a 
meeting Thursday with Made- 
leine K. Albright, the chief U.S. 
representative at the United 
Nations, he restated his coun- 
try’s demand for a resolution 
that would go into effect six 
months from now. But Mrs. Al- 
bright was noncommittal, both 


Political Scandal Fuzzes BalladuFs Image 


4WUUIV — V 

Ex-Slovak Leader Barred From Vote 

BRATISLAVA, Slovakia (Reuters) — Vladimir Meciar, the 
former prime minis ter righting to make a political canwbadc, was 
barred fawn voting on Friday, and he accused his foes of electoral 

a flamboyant nationalist, arrived to vote in Slova- 
kia’s first parliamentary election since the cannery spBt from 
Czechoslovakia last year, but was turned away because tus namc 
was not on the electoral register. .. . * 

“The Slovak election committee has not' allowed me or my 
family to exercise our citizens' rights,” he said at the pmfing 
station in Bratislava’s city center. “What can you say if they don’t 
put down the leader of the main political party on the hst of 
registered voters?” 


By Joseph Fitchett 

International Herald Tribune 

PARIS — The latest French 
political scandal might have 
been simply another episode in 
a wave of business-related brib- 


the sort that no longer can tak- 
en for granted in France. 

Increasingly, French politi- 
cians have to reckon with the 


strongly than his own neo- French news organizations 


GauHist party. Its basic loyal- said Friday that the investiga- 
tes go to Jacques Chirac, the tion into Mr. Longuet has ex- 


mayor of Paris and the closest panded beyond his villa and un- 

.1 m . .. n. > « _ i :ti -t £ 


a wave of business-related brib- case of Mr. Longuet, evidence 
^ — __ _ agains t him was leaked, illegal- 

mcwc A1VAIVCK ly- to the press before it reached 
NEWS ANALYSIS _ the prosecutor’s office. 

. r In allowing Mr. Longuet to 

S^ CaS ^- C v! pt £i 0n tf?M5S : stay in office despite calls for 
Prime Minister Edouard Balia- Mr Ballad, >r 


risk of public exposure. In the challenger to Mr. Bahadur in covered illegal funding for his 


public opinion polls. 

They have joined in the com- 
plaints that Mr. Balladur has 
squandered some of the moral 


Republican Party. 


That could damage two other 
leaders of the party who are 
cabinet government ministers. 


supplies get through. Mr. Perry he and administration officials 


gave no further details. 


■ Arms Effort Sidetracked 

Elaine Sciolino of The New 
York Times reported earlier 
from the United Nations: 

The Clinton a dminis tration 
has decided not to press for a 
binding Security Council reso- 
lution to lift the three-year-old 
aims embargo on the Bosnian 


saicL 

The administration's deci- 
sion to frame a resolution ac- 
cording to what the British and 
French want is consistent with 
its strategy to allow the Europe- 
ans to set the agenda on Bosnia. 
Washington is limited in how 
far it can push its allies, because 
the British and French have 
troops on the ground and the 
Americans do not. 


mme Minister caouaro oaua- ^ resignation, Mr. Balladur 
dur seems to have allowed his be motivated by a 

presidential ambitions to harm ^7 0 accommodate a centrist 
his image as an untouchable nn i: t :„ a i 


high ground inherited by the Defense Secretary Francois 
conservatives because of long- Ltotard and Economic Devel- 


IG5IJU.IW VVUAUI. 

Khmer Rouge Say Ambush Kills 24 

PHNOM PENH (Reuters) — Khmer Rouge guemlks claimed 
Friday to have killed at least 24 members of a government force 
sent to rescue three Western hostages held by the rebels at a 

southern mountain base. . ___, 

rjanH^tino. Khmer Rouge radio, momiored m Phnom Pain, 
said the government had launched a six-pronged offensive against 
the rebels’ Vine Mountain stronghold in Khmpot Province on 

SCDt. y) 

It said that in five days of editing, the Khmer Rouge and local 
supporters bad “ambushed the invasion forces from ihe six 
directions by detonating mines, bamboo spikes and mobile at- 
tacks.” Battlefield claims in Cambodia are often exaggerated. 


STB UN Potts Out Some Rwanda Workers 


his image 
leader. 


political faction crucial to his 
electoral hopes. 

Mr. Longuet, 48, is the head 


their Socialist predecessors. tin, and cripple Mr. BaQadur’s 

_. . 4 . electoral strategy. 

This week a court started 


The corruption charges in- Mr. Longuet, 48, is the head 
volve Industry Minister Gerard of the small center-right Re- 
Longuet, but signs that Mr. Bal- publican Party, which often 
ladur faltered in handling the supports Mr. Balladur more 


hearing fresh charges against 
three former Socialist ministers 


of the small center-right Re-- for their failure to halt the dis- 
publican Party, which often tribution of AIDS-tainted 


All these cases belong to a 
wave of exposures by the 
French judiciary that has start- 


ed to engulf the governing con- 
servatives in recent mouths. 


NATO Ministers Reject 
More Rapid Expansion 


Compiled by Our Staff From Dispatches 

SEVILLE, Spain — Germa- 
ny’s attempts to speed up the 
pace of adding to NATO’s 
membership in Eastern Europe 
did not win broad backing at a 
meeting of the alliance's de- 
fense ministers Friday. 

Defense Minister Volker 
Rohe, opening a discussion on 
the alliance’s relations with the 
former Communist countries, 
told his colleagues that the 
North Atlantic Treaty Organi- 
zation “must soon say who we 
wish to have in NATO and who 
not" 

Germany believes that 
NATO should act now to iden- 
tify the countries — in its view, 
Poland, Slovakia, the Czech Re- 


“Enlargement is now seen as 
inevitable, even by those coun- 


public and Hungary — with the 
best prospects of becoming 


best prospects of becoming 
members so that the moderniz- 
ing of their military structures 
can begin as soon as possible. 

Mr. ROhe said after ihe meet- 
ing that he had been surprised 
by the level of support, in prin- 
ciple, for the German stance. 


inevitable, even by those coun- 
tries that previously wanted to 
hit the brakes,” he said. 

But the U.S. defense secre- 
tary, William J. Perry, contra- 
dicted that view, indicating that 
the process of enlargement was 
not likely to go beyond a very 
preliminary stage before the 
end of this year. 

He said NATO should con- 
centrate for now on developing 
the Partnership for Peace 
scheme, which offers closer mil- 
itary ties to all former Warsaw 
Pact members, including Rus- 
sia. 

“We’re at a very early stage,” 
he said at a news conference. 
“We have certainly not speci- 
fied who or when, and we’re not 
likely to in the near future.” 

The Netherlands also said it 
was cautious, and Norway said 
it wanted to see whether Swe- 
den and Finland would be in- 
terested in joining NATO. 

(AFP, Reuters) 


affair has titillated the French 
political class by suggesting 
that the prime minister may 
stumble as the campaign heats 
up ahead of spring elections. 

When an investigating magis- 
trate found evidence that Mr. 
Longuet had acquired a villa in 
Saint-Tropez for half its esti- 
mated SI million value, Mr. 
Balladur ordered a monthlong 
additional inquiry before the 
authorities decided whether to 
bring charges. 

Although Mr. Longuet de- 
nies any wrongdoing, Mr. Bal- 
ladur’s gesture was widely 
viewed as a political favor, of 


Fabius Is Named in Tainted Blood Case 


PARIS — Laurent Fabius. the former So- 
cialist prime minis ter of France, was placed 
under investigation Friday as a possible ac- 
complice to poisoning in a test of whether the 
government can be held responsible for 
AIDS-tainted blood transfusions. 

The move steins from the 1985 scandal in 
which half of France's 2,500 hemophiliacs 
were infected with the AIDS virus by transfu- 
sions from state blood banks. More than 400 
of them have died from the tainted transfu- 


Mr. Fabius, 48, whom the victims of con- 
tamination accuse of stalling in introducing 
tests for blood donations when he was prime 
minister from 1984 to 1986, denied any guilt 
as he left the courthouse. “1 made the decision 
that was needed," he said. 


GOMA, Zaire (Reuters) — UN aid agencies pulled all interna- 
tional staff out of a Rwandan refugee camp in eastern Zaire on 
Friday after bandits among the refugees took control of the camp 
and threatened the workers. „ v 

LyndaQ Sachs, a spokeswoman fear the office of the UN High 
Commissioner for Refugees, said 80 ta 90 international aid 
workers had left Katale camp, 50 kilometers north of the border 
town of Goma. The agency estimated that 270,000 Rwandans 
lived in the sprawling camp. . , 

She said that bandits had taken control of the camp and.had 
“made personal threats against seven individually named aid 
workers.” She added that all the workers had been “withdrawn 
inde finitely until the situation can be resolved.” 


Milan Apartment Blast Kills at Least 6 


Mr. Fabius is the highest-ranking former 
official to be involved in the emotionally 
charged scandal. A similar investigation was 
opened earlier this week concerning his for- 
mer ministers of social affairs. Georgina Du- 
foix, and health, Edmond Hervfc. 


MILAN (Reuters) — An explosion tore apart an apartment 
budding near the center or Milan on Friday, killing at least six 
people and injuring 12, the police said. 

Rescue workers dug through the rubble with their bare hands, 
fearing more victims might be buried beneath the terns of debris. 

“There was almost certainly an explosion on the fifth floor,” 
said Biaggio Longa, a local utility official. “Perhaps someone left 
the gas on there." he added. 


Polio Is Declared Eradicated in Americas 


By Marlene Cimons 

Los Angeles Times Service 

WASHINGTON — Polio, 
the scourge that killed or para- 
lyzed millions of children 
worldwide during the first half 
of the century, has been eradi- 
cated from the Western Hemi- 
sphere, the World Health Orga- 
nization has declared. 


be done when everybody works nization campaign begun in the munizauon program. In 1993, 


together for a common cause region in 1985 
for the benefit of mankind," The last doc 
said Dr. Carlyle Guerra de Ma- polio in the 
cedo, director of the Pan Amer- corded in 1 99 1 


Europe recorded 187 cases, of 


The last documented ease of which 161 occurred in nine of 
polio in ihe Americas was re- the newly independent states of 


7 Die as Russian Cargo Plane Falters 

MOSCOW (AP) — An overloaded cargo plane carrying 19 
people and 6 tons of vegetables crashed Friday while trying to 
t akff off from an airport in Russia’s Far East, the authorities said]. 
Seven people were killed. 

The twin-engine turboprop Antonov-8 was unable to get off the 
ground at Chaibukha airport in the Khabarovsk region and 
plunged into a pit, stud a spokesman for the Russian Ministry for 
Emergency Situations. 


corded in 1991 in Pichanaki, a the former Soviet Union. 


ican Health Organization, the village in Peru, in a 3-ycar-old 


hemispheric office of WHO. boy. The last case in the United 

. . _• States occurred in 1979, accord- 

Let us upw hope that the ^ to heaJth offldals . 


spaere, ine worm ncuiui examp]e se[ ^ ^ Americas is * , , , 

tu ^ Uon i^ n < l eclared ■„ followed by the rest of the disease has largely de- 

But 120,000 cases still occur wor j^ ^ ^ year dined worldwide, with the sole 

annually in the world, most of 2000 no child will ever again fall exception being one region 
them “in the poorest and most w ^ dreadful disease” where a 24 percent increase was 

politically unstable areas, offi- he said at a press conference, reported in 1993, particularly in 


Poliomyelitis, or infantile pa- 
ralysis. is an infectious disease 
caused by a virus that attacks 
the central nervous system and 
can produce paralysis and 
death by asphyxiation. There 
are no effective drugs to treat it. 


TRAVEL UPDATE 


Sunken Greenpeace Vessel lives On 


dais said in a statement. 

The achievement in the West 
“should be a source of pride to 
all of us, and it shows what can 


he said at a press conference, reported in 1W3 particularly in 

Pakistan and Sudan. China, 
Health officials attributed which reported epidemics of 
the success to an aggressive and more than 5,000 m 1989 and 


widespread $540 million i mmu- 1990, has mounted a major im- 


UNIVERSITY DEGREE 


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Horse Grooming Products 
Trot From Bara to the Bath 



Perhaps it’s just plain horse sense. If a 
shampoo improves the hair of a horse, 
why shouldn’t it work as well on hu- 
mans? 

There have been no scientific studies, 
as far as is known, but products — for 
external use only — have long been trot- 
ted out of the barn and into the bath- 
room, The Associated Press reports. 

In Bluefield, West Virginia, a horse 
trainer named Priscilla Casteel says that 
horse shampoos and conditioners “made 
the horses' hair look so good 1 decided to 
try it.” She has been using horse sham- 
poos on herself for three years. 


conditioners and hoof strengxheners are 
buying for themselves. 

Insect repellent for horses is especially 
popular among golfers. 

Rebecca Bouldin, who owns a horse 
farm near Pelerstown, West Virginia, 
says she and her daughter use a hoof 
strengthen er. 

“My daughter used it because her fin- 
gernails wouldn't grow,” Mrs. Bouldin 
said. “Now she’s got fingernails like 
daws.” 

Linda Jones, who works at A Bit of 
English tack shop in Charleston. West 
Virginia, says she sees nothing wrong 
with people using the products. 

“I’ve been told by veterinarians that 
anything you use on a horse you can use 
on people because horses are more sensi- 
tive than you are,” she says. 


The city now bans the sale or possession 
of any toy pistol colored black, blue or 
silver. Violation is punishable by up to a 
year in prison. 


Clarence Notree hardy had time to act 
when a gunman burst into a Chicago 
elementary school gymnasium. As the 
bullets flew, the physical education 
teacher spread out his arms to shield the 
children and pushed them out a door to 
safety. He got shot in the wrist and is 
nbw partly disabled. The g unman was 
never caught Although Mr. Notice was 
widely lauded as a hero, the Chicago 
Board of Education insisted he wasn’t 


entitled to Workers Compensation. They 
said saving the children's lives was not 


part of his job. An arbitrator ruled in 
favor of Mr. Notree’s $13,000 claim, but 


Short Takes 


favor of Mr. Notree’s $13,000 claim, but 
the board appealed. A ruling is expected 

this month 


She’s not alone. Thousands of people 
owse tack shoos and feed stores for 


browse tack s! 
items earmark 


<s and feed stores for 
for horses, but which 


ap^rently work nicely on humans as 


At the Saddle Shop in Charleston, 
West Virginia, 90 percent of the custom- 
ers looking for horse shampoos, mane 


The New York City Police Department 
says that five times last year a policeman 
fired his gun in an incident where the 
perceived threat was a person armed 
only with a toy weapon. Toy guns can 
appear so real that they are used in 
hundreds of actual crimes. The New 
York Times reports. In 1993, there were 
329 reports of toy guns used in felonies. 


In an advertising handbill beadfine that 
the Los Angeles Times suggested was 
“error-conditioned," a Southern Califor- 
nia automobile deala seemed to plug a 
competing make with the announce- 
ment, “Browning’s Long Beach Oldsmo- 
bile Now Open Saturday Ford Your 
Convenience." 


International Herald Tribute. 


are no effective drugs to treat it. 

Patients whose respiratory 
cells have been destroyed usual- 
ly require a respirator to control 
breathing. The image of a child 
in an “iron lung” became a 
haunting specter in the United 
Slates in the early 1950s — par- 
ticularly 1952, when the coun- 
try experienced an explosion of 
thousands of cases. 

Fear of infection led parents 
to take extreme measures. Be- 
cause outbreaks mostly oc- 
curred in the summer, parents 
often kept children at home 
when warm weather arrived, or 
forbade them to play in parks 
or use public swimming pools. 
Households with an infected 
family member were placed un- 
der quarantine. 

The first effective vaccine 
against polio was developed by 
Dr. Jonas Salk in 1954. Salk’s 
vaccine, which was put into 
widespread use in 1955, was in- 
jectable and used kQled polio 
virus to provoke immunity. 

Between 1957 and 1959, Dr. 
Albert Sabin developed an oral 
vaccine that used a live but 
weakened virus. The Sabin vac- 
cine was licensed in 1961, and 
continues to be the most widely 
used vaedne today. 

The disease mostly afflicts 
young children, although adults 
also are susceptible. The most 
famous American stricken was 
President Franklin D. Roose- 
velt, who fell ill at the age of 35. 


London Closes Star Station 


LONDON — London’s Underground rail system said 
Friday that Aldwych station, used regularly by filmmakers as 
a location, was being closed for good. 


It’s the end of the line for the Aldwych,” said a spokesman 
for London Underground. “We’re looking for a suitable 
alternative for moviemakers." 

The station, where “Battle of Britain” and “Superman IV” 
were filmed, has fallen victim to a de clin e in passenger 
numbers and the need to replace outdated equipment, partic- 
ularly the elevator, which dates back to 1907. 


Officials said commuters would be adequately served in the 
area around Aldwych, near central London’s Covent Garden 


shopping area, by buses and other nearby Underground 
stations. 


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AUCKLAND, New Zealand (AFP) — The Greenpeace ship 
Rainbow Warrior, the center of world attention when French' 
secret agents blew it up in 1985, has been transformed by nature 
into a “living reef” that has become a tourist attraction, a 
magazine report says. 

The ship had been due to sail from Auckland on July 10, 1985, 
to the French nuclear test site of Mururoa Atoll when French 
agents planted limpet mines on it, tearing a large gash in its huli 
and killing a photographer. Paris eventually apologized and paid 
compensation. The Rainbow Warrior was sunk m 1987 in 22 
meters of water near the CavalH Islands, an isolated spot north of 
here. 

Now the monthly New Zealand Geographic says the vessel has 
turned into “a living reef where new life springs from old in a 
kaleidoscope of color.” The wreck has made Cavalli a popular 
tourist attraction. At peak times there can be 60 divers on the ship. 

Norwegian unions and employers at Scandinavian Airlines Sys- 
tem agreed on a wage contract Friday, ending an airport staff 
walkout that had grounded most domestic and international 
flights in Norway since Wednesday, the carrier said. (Reuters) 

For 10 weeks beginning Oct 10, ELM, marking 75 years of 
existence, will offer discounts of up to 60 percent to three 
destinations, one within Europe and two elsewhere. (Bloomberg) 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 1-2, 1994 


Page 3 




THE AMERICAS/ 


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A. Lake Fram/ Agent Francc-Prenc 

Chief Justice Wintam H. Rehnquist, left, and Stephen 
G. Breyer, die Supreme Court’s newest justice, outside 
die court after Justice Breyer’s investiture Friday. 


Mining BUI Is Undermined In Congress 

WASHINGTON — Congress has abandoned efforts to 
rewrite a 19th-century mining law. yielding to the mining 
industry’s resistance to paying taxes on the metals it lakes 
from public lands. 

Negotiators from the House and Senate dropped the at- 
tempt to revise the law after House members, who had agreed 
in recent weeks to some changes demanded by pro-mining 
senators, said they would compromise no further. 

Although lawmakers said the battle would be renewed next 
year, the failure to change the law this year was a major defeat 
for the Clinton administration and its environmentalist allies. 

It is a pattern that is becoming famili ar in this Congress, in 
which a combination of partisan maneuve ring and parochial 
interests have stalled much action. 

Overhauling the mining law, enacted in 1872 to encourage 

j- - ’ ■ ’ q one 0 f the main 

Bruce Babbitt, the 
leading champion of chan ging the manage- 
ment of natural resources on federal lands. 

Environmental organizations have lobbied for years to 
change the mining law. But the tax money the new bill would 
raise is not their real objective; They are looking for a way to 
stop the damage to the environment that comes with mining. 

The environmental advocates had hoped to prevail more 
easily on mining than on other parts of their agenda, because 
their public opinion polls showed that most people think 
miners should pay for access to gold, copper and other such 
minerals on public lands, as they do for coal and oil. 

The proposed changes in the mining law have overwhelm- 
ing support in the House, which last year passed a bill favored 
by environmentalists. The Senate, where lawmakers from the 
West have power out of proportion to the region's population, 
enacted a measure that did not make major changes. 

Senators knew that the real fight would eventually come in 
the conference committee. But a minority group of senators, 
in the end, stymied the conferees. 

The debate over mining recapitulated the drama last year 
over grazing fees on public lands, when some of the same 
Western senators talked to death changes favored by the 
administration. This time, they made it clear that unless their 
demands were met on mining, they would tie up the weary 
Senate in endless debate at a tune when it wants nothing more 
than to adjourn. 

Mr. Babbitt said, “Process and special interests lolled the 
bill.” (NJT) 

James Baker Looks at *96 — for Himsalf 

JERUSALEM — James A Baker 3d, the former U.S. 
secretary of state, said on Israeli television Friday that he was 
considering running for president in 1996. 

“I am thinkin g about it,” Mr. Baker, a Republican, said 
when asked if he was considering running for president, 
adding that it was too early for a decision. “I haven't ruled it 
out but I haven't ruled it in,” he said. ‘Tve run five presiden- 
tial campaigns. I rhink I know the job.” 

As secretary of state in the Bush administration. Mr. Baker 
set in motion Middle East peace talks between Israel and 
Syria, Lebanon, Jordan and the Palestinians. 

Quote/ Unquote 


Representative Fred Grandy, Republican of Iowa, on the 
“Contract With America” pledge signed by more than 300 
Republican congressional candidates this week. The pledge 
simultaneously promises massive tax relief and economic 
incentives, more defense spending and a balanced budget, all 
before the turn of the century: “If I were a Democrat in a 
dosdy contested district, I’d be in church right now giving 
thanks. The one thing we’ve nailed Clinton on has been his 
propensity to overpromise and to underdeKver. and here we 
are doing the same thing.” (WP) 


Republican Delays Sink Bill on Campaign Financing 


The Associated Press 

WASHINGTON — The Senate killed a cam- 
paign finance reform bill on Friday, leaving a 
rewrite of lobbying and gift rules as this Con- 
gress's only major achievement on what had been 
an ambitious Democratic agenda. 

The 52-to-46 vote on campaign financing fell 
short of the 60 votes needed to cut short Republi- 
can delaying tactics. 

The bill's chief sponsor. Senator David Boren, 
Democrat of Oklahoma, said the vote killed the 
bill’s chances in the waning days of the 103d 
Congress. 

Senator Mitch McConnell, a Republican of 
Kentucky who led the opposition, said, “This is 
the kind of bill that gives gridlock a good name.” 


“I make no apologies for killing this turkey of 
a bill in the last moments of this Congress,” he 
added. 

He also predicted that the new Congress, ex- 
pected to be more conservative, would not spend 
any time on the issue. 

The Senate majority leader. George Mitchell 
of Maine, sharply attacked Republicans for 
blocking the bill, accusing them of trying to tear 
down Congress “so they can inherit the rubble.” 

The current campaign-money system “stinks,” 
be added. “The public believes that money domi- 
nates the American political system, and that 
those who give the money have a disproportion- 
ate influence.” 

House Speaker Thomas S. Foley, Democrat of 


Washington, called the Republicans’ blocking 
efforts “the worst case of obstruction by filibus- 
ter by any party that Tve ever seen in my 30 years 
in Congress." 

Supporters had been pushing the campaign 
finance bill for 12 years. Its failure left a rewrite 
of lobbying laws as the only major remaining 
piece of the Democratic list. 

On Thursday, the House passed the lobby bill 
after an acrimonious debate. It would shut down 
one of Washington’s oldest, and most carica- 
tured. institutions: the high-priced lobbyist 
lunch. 

The ban on meals and other gifts for lawmak- 
ers was part of a revamping of federal laws 


covering how lobbyists register and report their 
activities. 

The rewriting of campaign financing laws had 
been delayed for a year because of a dispute 
between House and Senate Democrats over how 
much political action committees should be per- 
mitted to give candidates, 

Earlier in the week. Democrats resolved their 
internal debate by setting the giving limit for 
political action committees at S6,Q0G per election 
cycle. 

Other pans of the bill would have established 
a system of voluntary spending limits and re- 
warded candidates who abided by them with cut- 
rate TV time, reduced mailing rates and federal 
matching money. 


Compiled by Our Staff From Dispatches 

BOGOTA — Drug traffickers fi- 
nanced President Ernesto Samper Pi- 
zano’s election campaign and wield 
such power over Colombia that they 
have turned the country into a “narco- 
democracy,'’ the top U.S. anti-drug 
agent in Colombia said the day after 
his retirement. 

The official, Joe Toft, who headed 
the Drug Enforcement Agency office 
in BogotA for six years until his retire- 
ment, stepped out of the shadows to 
grant his first interview to a local 
television news program Thursday. It 
was the first time he had spoken pub- 
licly. 

Mr. Toft told QAP News that his 
intelligence information left him in no 
doubt that cocaine kingpins paid hef- 
ty sums into Mr. Samper’s campaign, 
and he accused local politicians of 
lacking the wQ] to fight drug bosses. 

“I really think the narco-democracy 
has already arrived in Colombia,” he 
said in Spanish in the interview, re- 
corded just before he caught a flight to 


Mrs. Clinton 
Is Down but 
Not Out on 
Health Care 

By Ruth Marcus 

Washington Past Service 

WASHINGTON — For 
those who suspected that she 
had surrendered in the battle 
over health care reform and 
would quietly withdraw from 
prominence on the issue. Hilla- 
ry Rodham Clinton has a point- 
ed message: Don’t count her 
out. 

“Health care reform is not a 
boxing match that goes IS 
rounds and suddenly it is over,” 

Mrs. Clinton told a group of 
George Washington University 
medical students Thursday. “It 
is a journey — sometimes a 
rocky one — but nevertheless a 
journey that we must keep mak- 
ing together." 

More than for any other per- 
son in the Clinton administra- 
tion, the health care journey has 
been particularly rocky for the 
Mrs. Clinton, whose complicat- 
ed medical plan never came 
dose to succeeding. 

Along the way, she lost her 
reputation as the administra- 
tion’s most savvy politician. 

Now she is at a crossroads in 
her personal odyssey, moving 
on to define what her role will 
be for the next two years. 

This week, she played the tra- 
ditional First Lady role, talking 
“food and flowers and children 
and husbands" with Naina 
Yeltsin. But friends and col- 
leagues say that Mis. Clinton is 
not about to transform herself 
into Barbara Bush. 

They sketch out a role that 
may turn out to be more like 
Eleanor Roosevelt’s, more pub- 
lic ambassador — traveling the 
country to ensure that voices 
from the real world are heard in 
the policy councils of Washing- 
ton — than inside- the- Beltway 
legislative mastermind. 

It is all still very much a work 
in progress. Health care, pan of 
her focus on families and chil- 
dren, “is a continuing theme for 
her and her advocacy,” said 
Mrs. Clinton’s chief of staff, 

Margaret A Williams. "We 
don’t know exactly yet what 
form it’s going to take." 

As the medical care debate 
moves into a different phase — 
from developing a reform plan 
to making die difficult legisla- 
tive calculation about what can 
be salvaged in the next Con- 
gress — Mrs. Clinton's role will 
necessarily be different. White 
House officials suggest 

For the next several months, 
however, she will turn her atten- 
tion from health care to other 
matters, including entertain in g 
foreign viators, handling the 
traditional While House holi- 
day duties and campaigning for 
Democratic candidates. This 
weekend she will stump in Flor- 
ida for her brother, Hugh Rod- 

ham, who is running for the 

This h** been a diffi cult 20 Attempt tO Settle 

months for Mrs. Clinton. In her tj 1 . ii o. 

work on health care, she has DflSCDdU OlFlK.6 
been praised as a brilliant pub- 
lic ambassador and a dazzlmglv 
effective messenger to Capitol 
Hill, but she has also been 
burned in effigy, vilified as the 
architect of a secretly crafted 
and dangerously bureaucratic 
plan, and personally identified 
with the administration’s most 
seating legislative defeat. 


Ex-U.S. Agent Calls Colombia a ‘Narco-Democracy’ 


the United States. “I know the term 
doesn’t please Colombians when they 
hear it, but it's real, it’s very real.” 

“I can’t think of any institution in 
this country which I know, and which 
has something to do with judicial or 
political influence, which doesn't have 
problems of penetration by drug traf- 
fickers,” Mr. Toft added! 

Mr. Toft also criticized former Pres- 
ident C6sar Gaviria Trujillo — now 
secretary-general of the Organization 
of American States — for alleged per- 
missiveness toward Pablo Escobar 
Gaviria, the kingpin of the Medellin 
cocaine ring, while Mr. Escobar was 
imprisoned in 1991 and 1991 

He said Mr. Gaviria knew full well 
for several months that Mr. Escobar 
was trafficking and ordering murders 
from his cell but failed to do any thin g 
about it Mr. Escobar was shot and 
killed by police in December 1993. 

Colombia is the world’s largest pro- 
ducer of cocaine, and its drug rings 
control more than 70 percent of its 
trade. 


The interview provoked a furious 
reaction from the Colombian govern- 
ment, which demanded an immediate 
explanation for Mr. Toft’s remarks 
from the U.S. ambassador, Myles Fre- 
chette. 

"Joseph Toft has offended national 
dignity,” the statement said, adding 
that the government "will not accept 
under any circumstances" that a for- 
mer U.S. official “denigrate a whole 
nation which has paid the highest sac- 
rifices in the war on drugs!" 

Mr. Frechette issued a hasty state- 
ment that Mr. Toft’s views were not 
shared by the U.S. government. 

“Mr. Toft no longer works for the 
U.S. government,” he said. “I sincere- 
ly regret that Mr. Toft decided to 
personally attack Colombia after six 
and a ha B years service in this coun- 
try.” 

Diplomats in Bogota, however, 
have made clear in private their mis- 
givings about the Samper government 
ever since a mysterious cassette sur- 
faced in June containing conversa- 


tions between drug bosses about a big 
donation. 

Mr. Samper has acknowledged that 
the Cali drug ring offered ms cam- 
paign S3.6 million but vigorously de- 
nies that the cash was accepted. An 
investigation by the prosecutor’s of- 
fice found no evidence that the money 
had entered the campaign. 

Anti-drag agents also charge that 
no serious efforts are being made to 
find and capture Cali kingpins and 
add that every one of their operations 
in the city has been compromised bv 
leaks of information to the traffickers. 

Mr. Toft said the drug barons 
played a key role in having the new 
Colombian Constitution ban the ex- 
tradition of Colombian drug traffick- 
ers sought by foreign governments. 

Mr. Toft said the Cali drug ring was 
just as violent as its late rival in Me- 
dellin, and that even if its reputed 
leader, Gilbert Rodriguez, were to be 
arrested, his money and influence 
would keep him out of jail. 

(Reuters. AFP) 


Mexico Legislator’s Aide Is Linked to Assassination 


Reuters 

MEXICO CITY —The man 
accused of hiring the suspected 
killer of a senior Mexican politi- 
cian this week is the assistant of 
a governing party legislator in 
Congress, officials said Friday. 

A spokesman for the Federal 
Chamber of Deputies said the 
suspect, Fernando Rodriguez 
GonzAlez, is the personal assis- 
tant to a legislator. Manuel 
Mufi6z Rocha, who heads a 
congressional commission on 
hydraulics works. 

Mexico's attorney general 
said that Mr. Rodriguez, who 
was questioned by federal po- 
lice on Friday after being ar- 
rested at his Mexico City home, 
had hired the gunman and an- 
other man to murder the secre- 
tary-general of the governing 
Institutional Revolutionary 
Party, Francisco Ruiz Massieu, 
on Wednesday. 

The link was likely to height- 
en speculation about who might 
have ordered Mr. Ruiz Mas- 
aeu’s killing and why. 

It was the second murder of a 
senior governing party leader 
this year. 

On March 23, the party's 
original presidential candidate, 
Luis Donaldo Colosio Mur- 
rieta, was gunned down at a 
campaign rally in the northern 
city of Tijuana. 

A Chamber of Deputies 
spokesman, Ram6n Garcia, 
said Mr. MuflOz Rocha is a dep- 
uty from Tamaulipas, reported 
to be the home state of the three 
main suspects in the case. 

Mr. Garda said that while 
Mr. Rodriguez was “a man of 
confidence" of Mr. Mun6z Ro- 
cha, “that does not mean the 
deputy is implicated in the mur- 
der.” 


The federal police conducted 
sweeps Thursday across Ta- 
maulipas. a center of the co- 
caine trade, to detain people 
who might be associated with 
Daniel Aguilar Trevino, the 
suspected gunman who is in 
custody. 

Another man who accompa- 
nied Mr. Aguilar has fled. 

Mr. Ruiz Massieu had just 
left a meeting with legislators or 
the Institutional Revolutionary 
Party, or PRL when he was shot 
and killed outside a Mexico 
City hotel. 


Mr. Ruiz Massieu. the party's 
second-ranking leader, had 
been named to head the party in 
the new Chamber o f Deputies 
that takes over Nov. I and was 
seen as crucial to pushing 
through proposed democratic 
reforms. 

His brother. Mario Ruiz 
Massieu, is deputy attorney 
general and leads the federal 
anti-narcotics fighL 

The murdered politician also 
was thought to be a leading can- 
didate for interior minister in 
the incoming government of Er- 


nesto Zedillo Ponce de Le6n. 
who lakes office Dec. I. 

Attorney General Humberto 
Benitez said Mr. Aguilar had 
confessed to killing Mr. Ruiz 
Massieu and declared he was 
offered about 515,000 by Mr. 
Rodriguez to carry out the as- 
sassination. 

The pro-government Excelsi- 
or newspaper reported Friday 
that Mr. Rodriguez was techni- 
cal assistant to the commission 
on waterworks. 

. The El Financier© newspaper 
quoted unnamed U.S. intelli- 
gence sources saying that the 


people who ordered Mr. Ruiz 
Massieu's death were linked to 
drug trafficking and were also 
responsible for Mr. Colosio’s 
death last March. 

It added that they may be 
reacting to a U.S.-Mexican 
crackdown on money-launder- 
ing. 

The PRI has ruled Mexico 
without break since 1929. but 
the country's image of stability 
has been battered this year, 
starting with a violent pdisani 
rebellion in the southern state 
of Chiapas. 


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• Tfie space shuttle Endeavor lifted off from 
Cane Canaveral, Florida, with six astronauts 
on a mission to survey Earth’s environment 
with advanced civilian radar equipment. 

• Responding to rising criticism from war 

veterans, the Smithsonian Institutions Na- 
tional Air and Space “ Wastangwn 

is overhauling its planned Enola Ga> exhibit 
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dropped the atomic bomb on 

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changed in the exhibit, which same cn ti« 
bdSved would have treated the Japanese too 

gently- 

• Walkers at the Savannah River 


nuclear 


weapons plant in Aiken, South CarolinM*- 
can unloading a five-car tram of European 
nuclear wastefand state officials promised to 
try to keep out future shipments. South Caro- 
lina had sued unsuccessfully to keep the spent 
nuclear fud rods from entering the state. 

• Tens of thousands of imdociunenled _imnu- 
v ranis across -the United States will find it 
cards” under a new- 


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States rather than returning home to com- 
plete the paperwork. 

• The first phase of jury selection in the OJ. 
Simpson murder case has ended in Los Ange- 
les with the addition of 48 more potential 
jurors, bringing the final pool to 304, from 
which 12 will be chosen. 

• Dark scars left in the cloud tops of Jupiter 
by the comet Shoemaker-Levy 9 this summer 
are slowly fading, and scientists now believe 
all traces will disappear within a year. 

• A sweeping overhaul of the United States’ 
anti-cancer campaign has been recommended 
by a federal advisory panel. The group pre- 
dicted that at its present course, cancer would 
surpass heart disease as the nation’s leading 
killer within five years. 

• The Pacific island of Palau becomes inde- 
pendent from the United States on Saturday, 
undo- an agreement that changes a relation- 
ship forged after World War II. The United 
States mil continue to be responsible for its 

defense. Reuters, AP. LAT. WP 


Fails in Congress 

WASHINGTON (AP) — 
Congress gave up on trying to 
settle the baseball strike Friday. 
Senator Howard M. Metzen- 
baum withdrew legislation to 
apply antitrust laws to the dis- 
pute, which forced cancellation 
of the World Series for the first 
time in 90 years. 

The bQl never appeared likely 
to pass the Senate, but the Ohio 
Democrat said be had made the 
decision to withdraw it after he 
heard from House sponsors 
that they would not be able to 
get their bill to a vote before 
Congress adjourned for the 
year!" Nevertheless, he admon- 
ished his colleagues to keep the 
pressure on. 

“Unless Congress acts, the 
owners will continue to abuse 
the players, the cities and the 
fans," he said. “They don’t give 
a damn. They are arrogant,” 

The bill would have eliminat- 
ed baseball’s exemption from 
the federal antitrust laws if the 
owners unilaterally imposed 
work rales. 

The exemption prevents the 
players from suing the owners, 
leading the union to strike in 
order to prevent management 
from imposing a salary cap. 

It dales from 1922, when the 
Supreme Court ruled that anti- 
trust laws did not apply to base- 
ball because it was not inter- 
state commerce. 


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Page 4 




SATURDAY-SUNDAY, OCTOBER 1-2, 1994 


OPINION 


lieralb 


INTERNATIONAL 



Published With TV Nr* Ynrk Tunr» awl Thi* Tuhinpon Fnm 


(tribune Success in Haiti: Why Knock It? 

Wnahincion Prwl %/ 


eywT HEAR '® ui 


The Big Nigerian Fiction 


Why would Nigeria’s military dictators 
seize the passport of Wole Soyinka, a 
Nobel laureate in literature and Nigeria’s 
best-known citizen? 

It makes little sense. By stopping him 
at the airport to prevent his attending a 
conference in Sweden, the junta called 
fresh attention to Mr. Soyinka’s elo- 
quent condemnation of its repressive 
policies and its jailing of Moshood K.O. 
ibiola. the winner of last year’s can- 
celed election. 

Plausibly, Nigeria's generals feared 
?-!r. Soyinka's message more than they 
fear a brief burst of bad publicity. 

Writing in The Times on Aug. 22 


\IHT. Aug. 23). the novelist and essayist 
countered the argument put forward by 
the junta to justify voiding the elect! 


the junta to justify voiding the elections: 
that Nigeria would break up if a candi- 


Wrist-Slapping at the CIA 


Surely Congress has had enough of 
evasion and self-protection from the 
CIA. Yet there was the CIA’s director, 
James Woolsey, telling the House Intelli- 


gence Committee on Wednesday that he 
had let those responsible for one of the 


had let those responsible for one of the 
agency's worst security disasters off light- 
ly because it was all the fault of some 
vague “systemic failure.” 

Not one of those who allowed Aldrich 
Ames to hold a variety of sensitive posts 


while spying for Moscow was fired or 
demoted. Mr. Woolse/s failure to clean 
house underscores the need for an inde- 
pendent commission to examine the CIA 
and other intelligence agencies and to 
rethink their roles. The CIA itself is clear- 
ly incapable of Lhe job. 

In bos go-easy-on- the-culp ri ts crack- 
down, Mr, Woolsey sent letters of repri- 
mand to 1 1 officials touched by the Ames 
case. Six had already retired and one is 
about to. The four that remain may sim- 
ply have their next promotions delayed. 
Such high-level officials as Ted Price, 
director of clandestine operations, and 
Burton Gerber, deputy inspector general, 
will keep their jobs. 

So now the same clubby culture that 
was blamed for letting Mr. Ames flourish 
at the CIA despite obvious signs of his 
deceit and unreliability has shown lenien- 
cy toward his negligent superiors. 

Senator D ennis DeConcini, chairman 
of the Select Committee on Intelligence, 
is right that it will take “dramatic reorga- 
nization to change the culture, the good 
old boys' club” that promoted Mr. Ames 
and gave him sensitive posts. 

The best hope for a thorough review lies 
with a new commission being established 
by Congress. But with the White House 


hesitant and the CIA downright hostile, it 
is disconcerting to leant that Senator John 
Warner, who first conceived of the com- 
mission as a way to blunt criticism of the 
CIA, remains confident it would not 


A Long List of Suspects 


It was never going to be easy to get 
icumbent members of the U.S. Congress 


incumbent members of the U.S. Congress 
to alter a system of paying for political 
campaigns under which they, after all, 
had done rather well But only Luigi 
Pirandello or Samuel Beckett could have 
conceived a script as absurd as the one 
now being written. And only Agatha 
Christie could have produced as long a 
list of possible suspects for the role of 
killer of reform. If campaign finance re- 
form dies, there will be many fingerprints 
on the murder weapon. 

It is close to death now. House and 
Senate Democrats have just reached a 
compromise that they hoped would satis- 
fy a handful of Senate Republicans 
whose help is needed to rescue the bill 
from death by filibuster. But even these 
Republicans may not be enough. The 
Democrats were undermined by defec- 
tions from their own ranks. 

Democrats will try to blame Republi- 
cans if the bill does die, and itisquite true 
that the vast majority of Republicans 
have (l) opposed any campaign reform 
bill that included public financing provi- 
sions and (2) been willing to be obstruc- 
tionist on this as on so many other issues 
at the end of a miserable session. 

But matters did not have to reach this 
point, and Democrats, particularly in the 
House, are to blame. Possible compro- 


mises have been available for months. 
Negotiations completed much earlier 
could have saved this legislation from the 
netherworld of end-of-session politics. 
But many Democratic incumbents used 
delay to strangle a bill they did not like, 
since it would have given challengers at 
least a modest chance to make their case 
to the voters. 

The irony is that campaign reform ap- 
pears to be dying at the moment when 
many incumbents — especially the dila- 
tory among the Democrats — have real- 
ized that they could use it to tell a dis- 
gruntled electorate that they understand 
its desire for institutional change. 

It is also unfortunate that opponents of 
the bill (many of them ardent users of 
taxpayer-financed franked mailings) are 


trying to argue against any kind of public 
financing of political campaigns as “food 


financing of political campaigns as “food 
stamps for politicians.” The fact is that, 
despite some problems, public financing 
of presidential campaigns has worked 
rather well in cleaning up what were once 
real abuses in the election process. Limit- 
ed public financing in congressional elec- 
tions could create a fairer, cleaner system. 
We still hope a miracle might come along 
to let that happen. If it doesn’t. Demo- 
crats and Republicans alike will bear re- 
sponsibility for failure. 

— THE WASHINGTON POST. 


Other Comment 


Hie Haitian Precedent 


Will President Bill Clinton's Haitian 
adventure inspire imitations? President 
Boris Yeltsin hints that it might. At the 
UN, Mr. Yeltsin seemed vaguely to sug- 
gest that Russian troops might justifiably 
be sent to any of the independent repub- 
lics that comprised the former Soviet 


Union if (here were a need for peacekeep- 
ing, protection of Russian security or 
protection of Russian minorities. 

The American military occupation 
of Haiti, justified by only a remote con- 
nection to U.S. security, makes it difficult 
to argue credibly against s imil ar acts in 
the former Soviet Union. 

— The Daily News (Los Angeles). 



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W ashington — when 

die United States carries 
out a military operation abroad 
effectively, safely and for a 
good end, why can’t more 
Americans take pride in it? The 
question is raised by some of 
the public response to the Haiti 
mission. Many politicians and 
other critics condemned it at 
the start, and they are still be- 
wailing iu You might think that 
American soldiers were doing 
terrible things, and being killed 
in large numbers. 

The fact is that the mission 
has been amazingly successful. 
More than 15,000 U.S. soldiers 
have landed without a single 
combat death. Haitians — almost 
all of them — are cheering the 
troops. 

In terms of military efficiency, 
the Haiti mission is far superior 
to the last two U.S. operations in 
the Western Hemisphere. In Gre- 
nada, the command structure was 
badly confused In Panama, ex- 
cessive force led to the bombing 
and unnecessary destruction of a 
dense housing area. 

The objective of the Haiti mis- 
sion, to undo the military’s sei- 
zure of power and restore Presi- 
dent Jean-Bertrand Aristide and 
elected members of Parliament, is 


date from the southwest, like Mr. 
Abiola, ended the North’s unbroken 
grip on power. 

In truth, Mr. Soyinka wrote in his Op- 
Ed article, the voting returns “made it 
abundantly clear that the so-called gulf 
between the North and the South was an 
invention, and that there was a line of 
division in the North — between the 


workers, peasants, civil servants, petty 
traders, students and the unemployed 


on the one hand, and the parasitic elite 
and feudal scions on the other.” 

The big Nigerian fiction, in short, is that 
the officer corps, mainly from the North, is 
the guardian of nati onal unity and honor. 
In tiying to silence Mr. Soyinka, these 
jittery soldiers only manage to confirm the 
validity of his indictment 

— THE NEW YORK TIMES 


“slash and bum'’ the agency. Some slash- 
ing may he just what’s needed, as Mr. 
DeConcini’ s comments suggest 

Disbanding the agency is not realisti- 
cally on the agenda. If the United States 
did not have a CIA it would have to 
invent one — to coordinate intelligence - 

disinterested assessments than^the armed 
services and the State Department 

However, the commission could use- 
fully assess not only the agency's internal 
culture but also what changes are needed 
in its missions now that the Cold War is 
over. That will require looking at the 
entire intelligence apparatus. The CIA's 
$3-billion budget is but a fraction of the 
$28 billion a year the United States 
spends on intelligence. 

Rival agencies do almost everything 
the CIA does. The State and Defense 
departments collect and assess intelli- 
gence. The armed services run covert op- 
erations. The FBI has expanded its role in 
counterintelligence. Other agencies oper- 
ate spy satellites and process what they 
photograph and overhear. That makes a 
turf war likely. But if the commission 
merely redraws bureaucratic boundaries, 
it will have faded. 

The commission needs to reorient U.S. 
intelligence for the next century by an- 
swering basic questions: Should the 
United States spend more on spies or rely 
primarily on open sources like press re- 
ports and broadcasts? Does it need all 
the spy satellites it now has? Should the 
State Department be given responsibility 
for political and economic assessments? 
Could these tasks be fanned out to think 
tanks and academic contractors? Does 
the United States need all die covert 
operatives it now has? 

And the commission should start with 
the premise that the U.S. intelligence agen- 
cies need correction, not coddling. 

— THE NEW YORK TIMES. 


By Anthony Lewis 


an honorable one. And it is on the 
way to being carried out 

For one day, mistaken orders 
had U-S. forces standing by while 
old-regime thugs beat people'up. 
But since then American soldiers 
have limited such atrocities. 

The Haiti operation has even 
won qualified praise from a 
tough critic, Owen Harries, edi- 
tor of the conservative magazine 
The National Interest, writing 
in The New Republic, he men- 
tions past faults in U.S. policy 
and future concerns. Then be 
writes: “Bui a particularly nasty 
dictatorship is in the process of 
being removed; there has as yet 
been no loss of American lives; 
and there is emerging at least a 
chance to test whether (he 


E hrase ‘a democratic process in 
iaiti’ is an oxymoron.” 


Haiti’ is an oxymoron.” 

Of course there are hard prob- 
lems ahead in Haiti. There is the 
danger of violence, such as the 
explosive device that Idled at 
least five civilians. The proposal 
for amnesty of the Haitian offi- 
cers and civilian “attaches” who 
killed and tortured so many raises 
painful questions of definition 
and of the willingness to forgive. 


“We won’t take vengeance.” 
one Haitian in a happy crowd 
told an American reporter, “be- 
cause Father Aristide told us not 
to." Can Father Aristide main- 
tain that degree of forbearance? 
Can he be a Nelson Mandela? 

But the prospects for some 
kind of decency in Haiti are un- 
doubtedly better because of the 
American mission. So the ques- 
tion is why all the carping. 

One reason is politics. Many 
Republicans are out to destroy 
Bill Clinton’s presidency and 
hence will try to undermine 
anything he does and deny him 
credit for successes. Some, on 
the extreme right, really favor 
Haiti's military and do not 
want its elected president back 
in office. 

The more troubling element in 
criticism of the Haiti mission is. 
I think, a general public disincli- 
nation to send American forces 
anywhere abroad. There is a 
marked strain of neoisolationism 
in American attitudes these days. 

Owen Harries says in his arti- 
cle that Mr. Clinton's foreign pol- 
icy, for all its fumbling, is right in 
seeking “a sense of realism.” He 


Q 


trtANK 1 
'fPU,... 






Ttr Hi* 

Ua. ***«*• 


says that euphoria after winning 
the Cold War raised the danger of 
too visionary a policy: the empty 


rhetoric of George Bush’s “new 
world order," for example. 

Yes, realism is wise, now as 
always in American policy. But 
there is less danger of visionary 
overactivity these days than there 
is of the United States shrinking 
from its proper role in the work! 
A good many of America's allies 
are worried about the latter. 

Some Republicans in Congress 
are pushing legislation to force 
the immediate withdrawal of all 
U.S. forces from Haiti. Just imag- 
ine what that would do to Ameri- 
ca's reputation to the world. 
When the ship Harlan County 
and its American trainers turned 
ignominiously away from Haiti a 


year ago after thugs demonstrat- 
ed cm the docks, Asian leaders 
openly mocked the United States. 
To" give up the Haiti mission now 
would be far worse. 

There were legitimate reasons 
to question the Cfinton policy be- 
fore the landing in Haiti, among 
them the failure to build public, 
and congressional support. (But 
an opinion by Assistant Attorney 
General Walter Dellinger argues 
convincingly that Mr. Clinton 
drew congressional authority by 
complying with terms of the De- 
fense Appropriation Act on Hai- 
ti.) Now, it is time for pride at a 
job bang done well. 

The New York Times. 


W ASHINGTON — Behind the facade 
of smiles and bear hugs exchanged 


YY of smiles and bear hugs exchanged 
by Bill Clinton and Boris Yeltsin the ter- 
mites of doubt have started to bore into the 
structure of U.S.-Russian relations. 

The relationship is still outwardly solid. 
The warm feelings between the two ener- 
getic, extroverted presidents buttress it 
The muted discussions on Bosnia during 
Mr. Yeltsin's state visit, which ended 
Thursday, bear witness to the willingness 
of both leaders to limit the damage that 
disagreements can inflict on the most im- 
portant political partnership in the world. 

Bui Mr. Yeltsin and Mr. Clinton today 
resemble a couple who find they do not 
have time just for themselves anymore, 
although neither has made a conscious 
decision to lessen the co mmitm ent. In poli- 


By Jim Hoagland 


cy terms, the absolute priority once given 
the Washineton-Moscow romance by each 


the W as hington-Mosco w romance by each 
capital is now crowded out by other more 
“urgent” affairs of state. 

Haiti has to be dealt with now, Yeltsin 
wit or no. Russia has to honor its aims 
contracts with Iran, even if that causes 
heartburn in Washington. Both agree that a 
new international system of restricting ex- 
ports of arms and high technology to dan- 
gerous countries is a good idea. But they 
disagree on which countries are dangerous. 

Not surprising, and not particularly dis- 
turbing. Both America and Russia are 


global powers with distinct and at times 
diverging interests. The differences that 
surfaced in Washington do not spell a 
renewal of strategic confrontation. 

But there is a growing area of doubt and 
misimders tanriing over each other’s inten- 
tions that will eat away at this crucial 
relationship over time if that doubt is not 
addressed honestly and resolved. 

The doubt is largely a matter of Russian 
self-doubt The depth and strength of the 
need of Boris Yeltsin's Russia to be treated 
like a great power, even if (or perhaps 
because) that is not true, did not seem to 
register with the Americans this time as 
dearly as in past summits. That at least is 
the impression carried away from Wash- 
ington by Mr. Yeltsin and his able foreign 
minister, Andrei Kozyrev. 

Unlike their Soviet predecessors, the 
Russian leaders who came to Washington 
made no effort to exploit the landing of 
U-S. troops in Haiti for global propaganda 
purposes. Mr. Kozyrev was upset by Haiti 
— but only because it exemplifies a double 
standard that he thinks Washington is ap- 
plying to Russia. 

A senior Russian official says Mr. Ko- 
zyrev was chagrined to see Secretary of 
State Warren Christopher go from the 


summit meeting to the United Nations to 
seek approval and financing for a 6,000- 
person peacekeeping force that would re- 


place American forces in Haiti next spring. 
In principle, that arrangement is fine with 
Mr. Kozyrev — so fine that he wants the 
same arrangement blessed by the United 
Nations for Russia’s rebellious neighbor to 
the south, Georgia. 

But the United States opposes the Unit- 
ed Nations paying for a Russian-dominat- 
ed force in Georgia, despite widespread 
impressions that Mr. Christopher and Mr. 
Kozyrev had struck a deal last summer 
when the Russians agreed to vote for a 
Security Council resolution that autho- 
rized American military action in Haiti. 

American officials deny there was a 
deal on peacekeeping in Grorgia and cite 
good reasons why the United States will 
not go along with the Russian proposals. 
They omit the kind of reassuring music 
that would have gone with such lyrics 
a year ago. 

The same all-words, no-music approach 
surfaces in American pressure on Russia to 
halt aims deliveries to Iran. The Russians 
argue that Saudi Arabia, a major Ameri- 
can arms client, is as active in spreading 
Islamic fundamentalism abroad as is Iran. 
Russians recall that the Saudis financed 
the fundamentalist forces of the Afghani- 
stan resistance campaign against Soviet 


You May Not Like It, Europe, but This AsumMedieineCouldHelp 


S INGAPORE — While the 
guns are almost silent in East 


O guns are almost silent in East 
Asia, Europe is surrounded by 
conflict. This “ring of fire” 
stretches from Algeria across 
North Africa, then reaches its cli- 
max in tiie vicious fighting in Bos- 
nia. From the violence in Georgia 
to the explosions waiting to hap- 
pen in Kosovo, Macedonia and 
Albania, more lives are lost daily 
on the periphery of Europe than 
in the entire Asia-Pacific region, 
with its much huger population. 

This is not an accident It is a 
result of the strategic incoherence 
in Europe's approach to its imme- 
diate environment East Asia, 
meanwhile, is making relatively 
sound strategic decisions. 

There are several flawed ele- 


By Kiahore Mahbubani 


merits in Europe’s policies. The 
first is the belief that Europe can 
secure peace for itself by concen- 
trating on internal unification 


and detaching itself from its pe- 
riphery. To an observer from East 


riphery. To an observer from East 
Asia, these efforts — whether on 
deepening unification through 


the Maastricht treaty or widening 
unification by including “simi- 
lar" European countries — seem 
akin to rearranging living room 


furniture while flood water is 
coming in under the door. 

It is puzzling that Europe is try- 
ing to draw up its ramparts, cut- 
ting off its neighbors from its 
growth and prosperity. By con- 
trast, the strategic impulse in East 
Aria is to draw all societies into the 
region's dynamism, starting with 
Bu rma and Vietnam and eventual- 
ly including North Korea. 

Europe has no choice but to 
deal with three big forces on its 
doorstep which will not go away: 
Russia, Africa and Islam. The EU 
has had a marginally successful 
strategy toward Russia, although 
questions remain. But Europe's 
strategy toward Africa and Islam 
is fundamentally flawed. 

In the long view, it might have 
been a strategic error to admit 
socially and culturally similar 
states into the EU ahead of Tur- 
key. This sent a signal that no 
state in the Islamic world, no mat- 
ter how secular or modernized, 
would be admitted into the bouse 
of Europe. An opportunity was 
lost to demonstrate that an Islamic 
society could cross cultural bound- 


aries and become like any other 
modem European state. 

The Ell's snub of the Islamic 
world has been magnified enor- 


mously by European passivity in 
the face of the genocide in Bosnia. 


the face of the genocide in Bosnia. 
Few in the Islamic world (or else- 
where) can believe that Europe 
would have remained as passive if 
Muslim artillery shells bad been 
raining down on Christian popu- 
lations. It does not help that Eu- 
ropean governments condemn 
the reversal of democracy in Bur- 
ma while endorsing a similar re- 
versal in Algeria 

Such double standards are easi- 
ly shrugged off by cynical, sophis- 
ticated Europeans. But they un- 
derestimate the enormous price 
Europe is paying for alienating a 
force. Islam, that it will have to 
live with for the next 1,000 years. 

A second flaw in European 
strategy is the assumption that 
other countries will remake them- 
selves into social models of Eu- 
rope, that the natural progression 
of history will lead to all societies 
becoming liberal democratic and 
capitalist. For most Europeans, 


this assumption was vindicated by 
the Soviet Union’s collapse. 

This profound belief in the su- 
periority of the Western idea cre- 
ates a unique weakness or blind- 
ness for Europe — an inability to 
accept the simple proposition 
that other cultures or social forms 
may have equal validity. 

A third flawed element is Eu- 
rope’s effort to lock in its high 
living standards by raising clever 
new barriers to free trade and by 
sustaining High subsidies. 

Here die contrast between UJS. 
and European policy is striking. 
The United States has taken a rela- 
tively bold leap by entering into a 
free trade agreement with Mexico, 
thereby crossing a cultural as well 
as a socioeconomic divide. In fact, 
it had little choice. If America did 
not export some low-paying jobs 
to Mexico and gain high-paying 
jobs in return, Mexico could not 
and would not stop expor tin g 
Mexicans northward 

The only permanent solution 
to illegal immig ration into Eu- 


ticulariy Africa) soar, Western- 
Europe win be confronted with; 
impoverished masses on its bor- 
ders. Increasing numbers will slip; 
in, to join the millions already; 
there, exacerbating serious social 
and political tensions. Unless! 
these masses feel they are part of* 


European prosperity in their! 
home countries, they will feel that, 
they have no choice but to move* 
into the EU itself. ! 

There is a danger that these* 
flawed elements in European! 
strategy will be exported to the* 
rest of the world In the long run.' 1 
if Europe persists with an “Atlan-I 
tic impulse” — moving toward* 
continental rather than global in-! 
tegration, exporting political do-* 
vdopment ahead of economic dc-! 
velopment while ignoring social* 
and cultural differences and ere-; 
a ting new protectionist barriers! 
to lock in untenable welfare state* 
policies — it win lead to grief. 

Were the EU to become totally 
preoccupied with its immediate 
problems, this would be a loss not 
only for Europe but for the rest of 
tiie world M ankind could benefit! 
i mm ensely if a new synergy were 
created between the newly revital-7 
ized Asian civilizations and the 
rich creative heritage of Europe. 
To achieve this, Europe must learn 
to approach, the world differently.' 


Sentence for QA Spooks: A Big 'Boo’ 


N EW YORK — Do justice 
but love mercy, said Thomas 
Paine. If he were around this 
week he might add this: For heav- 
en’s sake, don't make a mockery 
of either, or a fool of yourself. 

In Washington, R. James 
Woolsey, director of central intel- 
ligence, announced the punish- 
ment of 11 former CIA officials 
involved in the supervision of the 
CIA mole Aldrich Ames. _ 

Mr. Ames was responsible for 
the executions of at least 10 anti- 
Soviet agents. As Mr. Woolsey has 
said that would have been impos- 
sible if higher CIA officials had 
paid attention, or cared Mr. 
Ames, described as a drunk and a 
wild spender, spread “catch me” 
dues behind him as he betrayed 
Ins country, and aS people impris- 
oned in the Communist empire. 

So. for sleeping on watch, year 
after year, the 1 1 , including 6 who 
have retired will be punished — 
by “reprimand” Mr. Woolsey de- 
cided that to do anything further, 
like listen to congressional de- 
mands for dismissals, would not 
be “the American way and it's not 
the CIA’s way.” He said that 
In New York, a federal judge, 
I. Leo Giasser, looked down at 
the prisoner before the bench, 
Salvatore Gravano — guilty by 
his own count of taking part in 19 
murders of Ms Mafia colleagues. 
Mr. Gravano had testified that 
sometimes he was the shooter, 


ijustice By A. M. Rosenthal 
Thomas 


sometimes the backup man and 
sometimes “I set the guy up.” 

So the judge threw the book at 
the killer— five years in prison for 
the 19. all. not each. Mr. Gravano 
has served 4 years of a 20-year 
sentence he got under an earlier 
plea bargaining deal. He will likely 
be out in eight months. It comes to 
about three months a murder. 

No fine was levied against his 
milli ons earned as a Mafia con- 
struction racket chief during his 
killin g years. But he did have to 
pay into a court legal fund. 

Fifty dollars. 

Mr. Woolsey and the judge have 
two important things in common. 
Tbey both are convinced that they 
had sound reason for what they 
did. Both are men of repute in 
thdr fields. That makes both epi- 
sodes even more depressing. 

The CIA chiefs case is painful- 
ly thin T He th inks that making 
heads roll, as he put it, would 
upset morale in the CIA and 
would be bad for the agency. He 
does not consider that maybe the 
best of the CIA staff would be 
happy, as I believe they would, 
to see the people responsible for 
Mr. Ames punished. 

Essentially what Mr. Woolsey 
did was what executives in busi- 
ness or government often do — 
find a fancy rationale for not do- 


ing something difficult- When 
Mr. Woolsey takes the easy road 
he should spare himself and his 
countrymen the embarrassment 
of implying that be is upholding 
the grand old American way. 

Judge Giasser had a better 
case. Prosecutors and even a cou- 
ple of senators had asked him to 
go easy on Mr. Gravano because 
after his long career as a Mafia 
killer he bad turned to an allied 
specialty — informing on other 
Mafia killers. He helped put a lot 
of them in jail, including John 
Gotti and about 35 others. 

They told the judge how impor- 
tant it was to have excellent in- 
formers and how a light sentence 
would encourage other gangsters 
to follow suit 

Since Mr. Gravano could have 
been put away for life 19 times 
over, the original 20-year deal 
seems quite fight enough, with 
maybe his own cell TV thrown in. 
m Yes, most of Mr. Gravano’s 
victims were, like him, enemies of 
society. But to let their fellow 
killer off with a kiss of a sentence 
for knocking off 19 of them is to 
surrender to the Mafia vision of 
life, not fight it. 

Three months a murder, and 
out with the flowers of May — 
that turns what could have been a 
judicious sentence into a mockery 
of justice and mercy. Also, ir hap- 
pens to make me sick. 

The New York Times. 


jobs) and enter into free-trade 
agreements with North Africa. 

This strategy is more likely to 
work if the EU promotes, rather 
than hinders, global free-trade 
regimes that will integrate Eu- 
rope and its neighbors into the 


rising tide of prosperity in the 
Asia-Pacific. But to allow Eu- 


Asi a- Pacific. But to allow Eu- 
rope’s neighbors to compete in 
their areas of natural advantage, 
European agricultural subsidies 
will have to go. 

Within a few decades, as its 
own population declines while 
those of neighboring regions (par- 


The writer, permanent secretary 
in Singapore's Foreign Ministry, is. 
expressing a personal view. This 
comment was adapted by the Inter- 
national Herald Tribune from a- 
paper he presented at the recent 
annual conference in Vancouver of 
the International Institute of Stra-- 
tegic Studies. 1 


IN OUR PAGES; 100. 75 AND 50 YEARS AGO : 


1894: Why Mars Is Mam 

PARIS — The inhabitants of the 


earth are beg in ning to pay some 
attention to the skies. For some 
time past the public have been 
talking of Mars as they talk of 
politics. They know that this 
neighboring world is approaching 
the Earth. About fifteen years 
ago, the possibility of Mara being 
inhabited and of a future commu- 
nication with the inhabitants was 
raised. However, the time for the 
dwellers in Mars to communicate 
with us has not yet arrived, or 
perhaps it has passed. Perhaps 
they did signal us three hundred 
thousand years before the appear- 
ance of man on earth. Having re- 
ceived no reply, they may have 
concluded that tbe inhabitants of 
the Earth buried themselves with 
things wholly apart from the study 
of the universe, and the search for 
t h i n gs eternal. This was true yes- 
terday and ... it is true to-day. 


1919 :End«rfBoWiCTjsm?. 

WASHINGTON — News has J 
reached here, through American, 
and French diplomats, that the 1 
Russian soviets are ready to begin } 
negotiations for peace undo: con- * 
ditions which include the fall of) 
the soviet government, the end of i 
executions, cessation of the reignj 
of terror and a safe-conduct for 
Lenin, Trotzky and Zinovieff to 
South America, where they in- 
tend to make their home. - 


-i '-.-I- 


;ia Viizhl 


troops and still support fundamentalist) 
movements in Central Asia. 1 


Yet America will not accept internation- J 
al restrictions on the transfer of U.S. arms < 
to Saudi Arabia. Mr. Clinton’s strong de-| 
mand for an informal arms embargo on, 
Iran will be difficult for Mr. Kozyrev to; 
explain to Russian public opinion. { 
Mr. Yeltsin and Mr. Kozyrev made it. 
dear to the Americans they met that they; 
stQl desperately want Russia to be integral-, 
ed into the institutions of the West — the 1 
General Agreement on Tariffs and Trade,) 
NATO, the International Monetary Fund,, 
the Group erf Seven, the new Cocom. et aL; 
They have staked their careers on pursuing, 
this integration. But they become frustrated 1 
— "alienated” is their own word — as the) 
road to integration proves to be longer and* 
rockier than they had hoped. ) 

This summit left the Russian side unset- < 
tied and wondering if the Clinton adminis- 1 
tration understands the depth of Mr. Yelt-| 
sin's political problems at home — or,* 
alternatively, if the Clintonites have derid- ; 
ed that those problems are so serious that. 
Mr. Yeltsin's future is no longer worth a; 
strong American push. Both suspicions are ! 
exaggerated. But in them is the silent music • 
of termites boring within, not the lush) 
strings of big-power romance and a new. 
era of global harmony. ! 

The Washington Post. . 


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1944; Dancing in Dover 


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DOVER, England — [From our 

New VnrV TUa Mhr a i 


— — i a ivui 

New York edition:! This dty^ 
Great Britain’s battle front, has 




Great Britain's battle front, has 
been “liberated.” People axe dano* 
Mg in the streets of Dover. This, 

battered dty had had no peace for 
nwre than four years. Residents' 




BMre than four years. Residents' 
who had slept in the city’s seven 3 
chalk caves for that length erf time 
have gone bade to their tomes. 




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EAST: fa Post > Communist World, a Curtain Betiveen Haves and Have-Nots 




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m Serji SupprmV i A (mcr France- Prate 

Municipal workers cleaning a fountain in Kiev, one of the measures taken in an effort to half a cholera epidemic. 


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* r * 1 *l r Vt itJijf ^ uss ^ a Fights Surge of Infectious Disease 


By Michael Specter 

New York Tima Service 

MOSCOW — Plainly frightened by 
die staggering increase in infectious dis- 
eases throughout Russia, the nation’s 
chief sanitary officer has warned that 
without emergency action a series of epi- 
demics here could soon spread out of 
control 

Rates of cholera, dysentery, diphthe- 
ria, tuberculosis and many sexually 
transmitted diseases have exploded in 
the past year — due largely to sharp 
reductions in funds for public health, a 
flood of often sick refugees from former 
Soviet republics, poor hygiene, and a 
severe shortages of even the most com- 
mon antibiotics. 

“We are doing everything we can to 
protect the health of this country,” said 


protect the health of this country,” said 
Yevgeni N. Belyaev, head of Russia's 
State Committee for Sanitary- Epidemio- 
logical Surveillance. “But die facts are 


V ( 'onhfMf 


logical Surveillance. “But the facts are 
not encouraging and tune is short.” 

Russia is not alone among the coun- 
tries of the former Soviet Union in facing 
the surge of infectious illness. In 
Ukraine, a cholera epidemic has devel- 
oped so quickly that doctors predicted 
Friday that it would soon spread to near- 
ly every part of the country. The coun- 
try's chief epidemiologist, Vitali Mov- 
chanok, said that many rivers were so 
contaminated by waste and refuse that 
most filter systems were inadequate to 
protect against cholera. 

The spread of infectious diseases has 
been viewed with particular alarm by 
health officials because their prevalence 


often presents the clearest indication of a 
health care system unable to cope with 
its most basic problems. Most of these 
diseases are easily preventable, relatively 
cheap to cure, and if treated properly 
unlikely to cause long-term complica- 
tions. But untreated they are deadly. 

Infectious diseases are particularly 
dangerous because they can spread with 
exponential speed. In 1992, for example, 
Russia recorded 3,900 cases of diphthe- 
ria. Last year, the figure jumped to 
15,210, according to statistics issued this 
week. In the first six months of 1994 
alone the number has tripled again, to 
almost 48,000 cases. By comparison, in 
the United States last year, uie Centers 
for Disease Control and Prevention did 
not register a single case. 

Sinrilariy, the number of cases of vene- 
real disease among girls aged 12 to 16 
tripled in Russia in the first six months 
of this year compared with the same 
period in 1993. The absolute figure re- 
mains low — fewer than 2,000 cases have 
been reported, but the growth suggests a 
heightened level of unprotected sexual 
activity that almost guarantees an even- 
tual surge in AIDS cases here. 

In the past, Soviet officials often 
bragged about the health care system, 
and many people say it has gotten worse 
since the Soviet Union dissolved. But it is 
impossible to know how much of the 
current crisis simply reflects honest, 
well-reported disease statistics, some- 
thing tnat was never possible until a few 
years ago. 

The life expectancy among males has 


plummeted to 59 this year from 62 only 
two years ago. a drop without precedent 
in the developed world. Some of that is 
attributable to seriously rising levels of 
chronic illness, but some is a result of 
type of comprehensive statistics that 
never existed until recently. 

“Russia has been hit with several in- 
tractable problems at once," said Mur- 
ray Feshbach. a Georgetown University 
demographer. 

“Russia has severe money problems 
and it is obvious when you look at the 
health budget,” he said. “They came late 
to realizing how rapidly these illnesses 
could spread. Refugees from all parts of 
the former empire are coming to Russia 
and bringing with them an incredible 
collection of diseases. And many Rus- 
sians remain skeptical that the health 
care system can do them any good.” 

Parents often refuse to allow’iheir chil- 
dren to be vaccinated a gains t childhood 
illnesses for fear they might get AIDS 
from dirty needles — a real threat in the 
past, but one that has essentially disap- 
peared in Russia, as clean needles and 
better medical education have emerged. 

It is that skepticism, and the low fund- 
ing levels, that has kept vaccinations at a 
minimum. Mr. Feshbach says that in the 
1960s, the Soviet Union spent an average 
of about 6_5 percent of its annual budget 
on health care. Twenty years later, by the 
time Mikhail S. Gorbachev became the 
Communist Party leader, the figure had 
fallen to 4 percent of the budget, and 
today it is only 2 to 3 percent. In the 
United States, the comparable figure is 
more than 15 percent. 


Continued from Page I 

nist countries get started toward the mar- 
ket economy. 

It also could not guarantee strategic sta- 
bility while the region struggled with pow- 
erful and destructive forces of nationalism 
unleashed in Serbia. Bosnia and ou dying 
pans of the former Soviet Union. 

And crime syndicates with powerful for- 
mer Communist functionaries behind 
them sometimes seem to be a bigger threat 
to security than the now-obsolete nuclear 
arsenals that criminals have been trying to 
plunder. 

Despite the confusion and considerable 
nostalgia for the stability and predictabili- 
ty of the old days, people in most of 
Eastern Europe are not rushing to go back 
to communism. 

And they all remain determined to be- 
come members of the European Union by 
the end of the century. 

“I don’t think that’s unrealistic,” said 
George Kopits. senior resident official of 
the International Monetary Fund in Buda- 
pest “But they will have to work hard to 
get there.” 

Slovakia. Slovenia and the Baltic stales 
are only a little behind them. Even Russia 
is moving toward a market economy, 
though it may be many years before ’it 
works. 

But in the countries that have not clearly 
cast their lot with the West many of ihe 
economic structures, ways of thinking and 
leadership groups that prevailed under 
communism remain in place today, despite 
signs of change everywhere. 

Off Vari Street here in Budapest an 
Italian store now sells Western-made shoes 
for cash — Hungarian forints — a sign that 
the local currency is gainin g the confidence 
of consumers and foreign investors alike. 
But off the Kreshchatik, the main street of 
the Ukrainian capital Kiev, the temporary 
karbovanets coupons put into currency 
circulation as a symbol of independence 
from Russia have now become so worth- 
less that people gather on the streets hop- 
ing to buy Russian rubles instead. 

Traditional economic ties are p ullin g 
Ukraine away from the West and increas- 
ing its dependence on Russia, contrary to 
the nationalist dreams of independence. 
And a lot of what passes for business in 
Kiev seems to revolve around taking ad- 
vantage of cheap Communist-style govern- 
ment loans. 

“I know exactly how to tread the line, 
because five years ago I was earning my 
living by putting people in jail” said Va- 
dim V. Nesterenko, a 32-year-old former 
detective turned importer-exporter. 

His main market is Russia. “I get state 
funds to buy medical supplies and make 
the money work for me twice,” he said. “1 
use the money to buy fruits and vegetables 
here, sell them in Russia for more money 
and then buy the medical supplies there 
and bring them back to the customers 
here.” 

Giant Soviet-style state-owned enter- 
prises still dominate the Ukrainian econo- 
my. although most of them have been kept 
alive only by state credits that have now 
been cut off, forcing them to lay off work- 
ers and stop production. Industrial output 
has declined by 40 percent this year, ac- 
cording to Western economists. The coun- 
try is divided politically, east to west and 
north to south, with a secessionist Russian 
movement in Crimea. 

At the Naples economic s ummi t in July, 
Group of Seven leaders agreed to offer 
Ukraine up to S4 billion in aid if it finally 
started moving decisively toward a market 


economy. This week, the International 
Monetary Fund said an initial loan of S360 
million would be disbursed before the end 
of 1994. 

Despite such support, however. Ukrai- 
nians are split about which way they actu- 
ally want to move on economic reform. 

Even in countries that clearly know 
where they are headed, the Communist 
legacy has been hard to shake off. 

Across Eastern Europe, state-run econo- 
mies have virtually collapsed. Unemploy- 
ment, unknown under communism, is 
growing: to 16 percent in Poland, 12 per- 
cent in Hungary. 14 percent in Romania 
and Ukraine, and close to 5 percent in the 
Czech Republic- 

Leaders in these countries say they' have 
been greatly disappointed by lack of sup- 
port from the Western democracies. 

“If you compare the current situation 
with our expectations in 1989-1990, 1 
would say we are not satisfied, because we 
thought things would go faster." said For- 


On one side are Hungary, 
Poland and the Czech 
Republic, eager to join 
the community of capitalist 
Western democracies. On 
the other side, Ukraine, 
Romania and Bulgaria 
seem stuck in a sort of post- 
Commnnist twilight zone. 


dgn Minister Andrzej Olechowski of Po- 
land. 

“If you press politicians in the West, 
they say yes, you can join us, at the turn of 
the century,” he said. “But there is no 
agreement on a calendar to get there. Per- 
haps we were naive.” 

Polls conducted for The New York 
Times in the Czech Republic, Hungary' 
and Poland in July also showed that many 
ordinary people felt vulnerable. 

Overwhelming majorities — 73 percent 
in the Czech Republic. 86 percent in Hun- 
gary and 80 percent in Poland — said that 
a secure job was far more important to 
them now than the freedom to travel or the 
richness of consumer choice that they have 
enjoyed since communism collapsed. 

Only 12 percent of the Hungarians 
polled thought they were better off today 
than they were five years ago. compared 
with 18 percent of the’ Poles and 32 percent 
of the Czechs. 

These feelings may explain why Poles 
and Hungarians returned former Commu- 
nist parties to power in elections in their 
countries this past year. 

“Five years ago, I could put money from 
my salary aside in savings,” said Krzyslof 
Prosowskl a 43-year-old steelworker at a 
plant outside Warsaw that lost nearly 
2,000 jobs after an Italian company bought 
51 percent of it. “Now, I live from pay- 
check to paycheck, but there’s not much 
hope of finding another job under these 
conditions.” 

But when asked how they saw their own 
future, more Czechs. Hungarians and 
Poles answered “generally optimistic” 
than “generally pessimistic.” Except in Po- 
land. the optimists also outnumbered 
those who thought their future was “uncer- 
tain”: 56 percent to 32 percent in the 


Czech Republic, and 44 perceni to 39 per- 
cent in Hungary. 

In Poland. 36 percent said they were 
optimistic, 22 percent pessimistic and 42 
percent uncertain. 

Gallup Hungary Ltd. interviewed about 
1,000 people ror The New York Tunes in 
each of the three countries. The polls in 
each country had a margin of error of plus 
or minus 3 percentage points. 

Despite the comebacks of formerly 
Communist parties in Hungary' and Po- 
land as “socialists,” these groups have 
changed more than just their names in the 
last five years. The new socialist leaders all 
fear Russian domination and want quick 
membership in the North Atlantic Treaty 
Organization to protect them from it. They 
also say they are as dedicated to achieving 
a market economy as the conservatives 
they replaced. 

In Poland, however, the pace of privati- 
zation has slowed noticeably, and a recent 
decision to name Marian W. Zacharski, 
convicted in the United States of being a 
Communist spy before he was exchanged 
in I9S6, as head of the Polish intelligence 
service caused consternation before the 
government withdrew the nomination. 

The Hungarian coalition government 
that took office under Prime Minister 
Gyula Horn this summer has warned that 
more painful adjustments lie ahead, with 
government spending cuts on welfare pro- 
grams that shelter people during the transi- 
tion. 

As his country’s Communist foreign 
minister five summers earlier. Mr. Hom 
snipped the barbed wire marking the Iron 
Curtain, unleashing a Hood of East Ger- 
man refugees and starting a chain reaction 
all across Europe. Now. as prime minister, 
he says Hungary will press on with privati- 
zation. 

“People didn’t vote for us because they 
didn’t want a market economy ” said Imre 
Szekeres. his deputy as party leader. “They 
thought we would be more professional 
and efficient in bringing it about” 

In five years, the European Union has 
replaced the Soviet Union as Eastern Eu- 
rope’s largest trading partner, but the 
Western countries sell more than they buy 
from the East. 

Polish exports to the European Union 
rose by 83.5 perceni from 1989 to 1992, 
Czech and Slovak exports rose by 116 
percent and Hungary's by 54 percent. But 
their imports from the West rose even 
faster, giving them a combined trade defi- 
cit of S2.25 billion with Western Europe. 

East European officials complain that 
when their companies can produce goods 
more cheaply than Western competitors, 
West European governments protect their 
industries by imposing tariffs or punitive 
quotas on the East Europeans. 

But this is slowly changing under the 
pressure of capitalist competition that has 
transformed the shelves of supermarkets 
all over the region. East European consum- 
ers abandoned state brands for Western 
products, like the Henkel company's Persil 
laundry detergent, but now the’ soap is 
made locally in plants in Hungary, Poland, 
the Czech Republic and Bulgaria. 


“Sixty percent of the new food products 
on our markets three years ago were im- 
ported,” said Marian Brzoska. a Polish 
agriculture official. “Now they are pro- 
duced here.” 

But the Hungarian finance minister. 
Laszlo Bekesi, said that East European 
officials sometimes feel they are caught on 
a treadmill in dealing with the European 
Union. 


INTERNATIONAL CLASSIFIED 




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INTERNATIONAL HERALD TRIBUNE 










ART 


Saturday-Sunday, 
October 1-2, 1994 
Page 6 


Memling’s Serene Vision 


By Michael Gibson 

latemanonul Herald Tnhum 


B RUGES, Belgium — On April 25. 1473. Ihe galley San 
Matteo. sailing under the Burgundian flag, left the Zeeland 
coast for England. Its destination: Pisa. It was accosted at 
sea by a Polish warship dispatched by the Hanseatic 
League to enforce a commercial blockade of England. The San 
Matteo's cargo, which happened to include Hans Memling's just 
completed Last Judgment Triptych, unexpectedly found its way to 
Gdansk, where the painting ha* remained ever since. 

Now. 521 years later, the triptych. Memling's first known major 
work, a turbulent fantasia of the damned and the chosen, is back 
in Bruges, on the occasion of a splendid, 100-item exhibition to 
mark the 500th anniversary of Memling's death. The show, at the 
Groeningernuseum, runs through Nov. 15. 

The triptych had been commissioned by Angelo Tarn, the 
former representative in Bruges of the Medici Bank, on the 
occasion of his marriage. It was intended to be placed cn the altar 
of the chape! which Tam had just founded in Fiesole. He and his 
wife are shown kneeling in the outer panels while Tonimaso 
Portinari, Tani's successor in Bruges, who made the arrangements 
for the shipping, appears in the central panel as the man whose 
good deeds weigh down St Michael's scales on Judgment Day. 
This appears all the more piquant when one realizes that Portinari 
had intrigued to have Tani recalled from Bruges and to be sent 
there in tus place. How did he manage to get in the painting and 
what point was he trying to make? 

The exhibition includes 40 puiniings by Mending (about half 
his known production) and nearly 60 works by other artists which 
have some bearing on bis work. " 

Paintings have been lent from a number of cities, and this may 
be the only occasion anyone will ever have to see the scattered 
panels of some of the polyptychs and triptychs reunited. This is 
the case, for instance, of the Jan Crabbe Triptych whose parts 
were separated and sold sometime in the 1 8 th century. The central 
panel wound up in Vicenza, the inside wings belong to the 
Pierpont Morgan Library in New York while the outside wings 
remained in Bruges. 

Mcmling became a citizen of Bruges on Jan. 30, 1465, but he 
was bom (around 1440) in Seligenstadt on the Main, where he was 
known as Henne Mdmclings. He appears to have spent some time 
in Brussels in the workshop of Rogier van der Weyden, and his 
early work clearly reveals the latter's influence. 

Mending is one of Lhe major practitioners (with Van der 
Weyden. Jan van Eyck, and others), of a form rather nicely 
described in the catalogue as “optical realism." He has less 
intensity and pathos than his master, but his work radiates a sort 
of gentle, static serenity in which the nether world and the 
heavenly one are enticed to meet and to converse. 

Memling's narrative power is tremendously complex, whether 
he is required to relate the story of Christ's passion in a single 
painting (the Turin Passion, whose formal organization is some- 
what reminiscent of a child's calendar of Advent), or to present 
the various episodes of the lives of Sl John the Baptist and St. 
John the Evangelist in a single work. Here the narrative unfolds in 
the carved capitals above the saints' heads and in the miniature 
scenes in the background. These scenes occur in the St. John 



Altarpiece which belongs to St. John's Hospital in Bruges and 
includes the spectacular panel devoted to the Revelation of SL 


includes the spectacular panel devoted to the Revelation of SL 
John — a truly magical piece of narrative painting. 


M 


EMLING is constantly inventive in small ways 
which add immeasurably to the charm of his work. 
Thus, in his Diptych of Maarten Van Nieuwenhove. 


tus subject is shown on one panel, kneeling reverent- 
ned, before the Virgin and Child who are painted on 


ly, hands joined, before the Virgin and 
the other panel. The three are gather© 


the other panel. The three are gathered in a room, and the wall 
behind the Virgin is at right angles to the one behind young 
Maarten. Behind the Virgin hangs a round, convex mirror which 
reflects her silhouette seen from behind (an interesting conceit in a 
religious image) and, beside iL Maarten's profile. Both outlines 
are framed in the sunlit windows behind them. 


This singular touch, added to Memling's carefully stylized 
realism, heightens the sense that the three figures are actually 
gathered together in Lhe some space instead of being in separate 
worlds, indeed, this sense of a real presence of the divine may be 
the central feature of Memling's an. 


The juxtaposition of Memling’s oeuvre with paintings by other 
artists of about the same period, with period objects of the kind 
Memling painted, helps to round off one's perception of this 
delightful and visionary work. 





A Af ending painting of Christ (detail). 


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(Jeorge Rodger's image of an Arab fantasia in Chad. 


At 86, a Photographer Looks Back 


By Mary Anne Fitzgerald 


L ONDON — • George 
Rodger should be a 
man contenL At 86, 
the long-delayed expo- 
sure of his exceptional oeuvre 
of black-and-white photogra- 
phy has at last achieved public 
acclaim. There is the recently 
published “Humanity and In- 
humanity,” a weighty retro- 
spective" that spans nearly 40 
years in the field. Not lo men- 
tion an exhibition of his work at 
the Royal Photographic Gallery 
in Bath. England, until Sunday. 
U will move to the Barbican in 
London in May. ’ 

Now the accolades flow, 
from rapturous reviews and 
deferential magazine pieces, 
parties, the mention of a biogra- 
phy. So what's wrong? 

“When 1 read the news, I 
want to be there. I wish i was 30 
years younger and in Rwanda. 
It was the most beautiful coun- 
try in Africa. Those forest-cov- 
ered volcanoes were absolutely 
wonderful. When I was there 50 
years ago I stayed with the Tutsi 
"royal family.” 


Rodger is one of the original 
“have-cam era-will-travel” pho- 
tojourualists. He covered 
75,000 miles (120,000 kilome- 
ters) and most of the campaigns 
that led to the Allied victory in 
World War II. After that he 
started the Magnum photo 
agency with Robert Capa. Hen- 
ri Cartier-Bresson and David 
(Chira j Seymour. 

One wonders why acclaim 
escaped him for so long. The 
answer lies in the man himself. 
Unassuming, he cared much 
for capturing the world with 
bis shutter and little for setf- 
aggrandizemenL Neither did 
he have the lime for vanity 
press. 

From the onset of his career 
at 28 until his final assignment 
in Kenya at the age of 71, he 
traveled. And when he traveled, 
he invariably had the arena to 
himself. This enabled him to 
record with his Rolleiflex and 
Leica the celebrations, battles 
and daily routines that might 
otherwise have fallen through 
the cracks of history. 


alized I might die, but it didn't 
seem to count for much." 


In Syria. Rodger participated 
in a charge with the Circassian 
Cavalry, brandishing a Leica 
astride a galloping horse. It 
didn't make for sharply focused 
pictures, he says. 

In Burma, he retreated from 
the advancing Japanese, walk- 
ing for three weeks through 
leech-infested the jungle. 


R odger was back, of 

course, in time for the 
liberation of Europe. 
The scenes he en- 
countered at Bergen-Belsen 
shook him to the core, but de- 
spite his revulsion he shot pic- 
tures of corpses that bad been 
cannibalized by fellow inmates. 

Throughout his travels. 
Rodger laboriously numbered 
and captioned each of the thou- 
sands and thousands of frames 
he shot, then sent them back to 
New York undeveloped. 

When he retrieved five large 
books of contact sheets from 


ner of the Victorian explorers;- 
“If there was something inter- 
esting, we were the first to be 
there. We stayed with the Nuba 
wrestlers of Kordofan [in 
southern Sudan] for six weeks.- 
“We didn’t have a word in- 
common, but they looked after 
us perfectly." 


Mary Anne Fitzgerald is & 
London-based journalist, who 
covers Africa. 



At the outbreak of World 
War IL Rodger was taken on by 
Life magazine as a SlOB-a- week 
freelancer. His second sLroke of 
luck was to get an assignment 
with lhe Free French fighting 
forces in Africa. 

After that he covered many 
of the key campaigns in the 
Middle East. Europe and Bur- 
ma that led to the Allied vie- 


TJAh 
EXHIBITION 

29 ORIGINAL PAINTINGS 
OCT. 1994 -FEB. T995 

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suicide trip” of 3,000 miles 
across the Sahara. 

The route was used by camels 
but had never been done in a 
two-wheel-drive Chevrolet 
pickup. Rodger's vehicle broke 
down and he was stranded 
without water for four days un- 
til his rescue by an enigmatic 
Frenchman called the Baron. 

“I was in an awful state. 
Without water your tongue 
swells up. I was thinking 1 had 
to get to the next war. I was very 
young, you know. You don’t 
consider the consequences. I re- 



Dining 


Rodger in Free French desert dress in 1941. 


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isinjj* 


I -if f, last year, he looked at 
much of his work for the firsf 
time. 




The Magnum partners 
carved up the globe between 
them. Cartier-Bresson took the. 
Far East, Seymour Europe and 1 
Rodger Africa and the Middlq 
Fast Capa was the traveling 
fireman. 


In 1948, Rodger used his sev« 
erance pay from life to finance 
a two-year meander from the- 
Cape to Cairo with his first 
wife. Cicely, recording long? 
vanished traditions. * 


It was a journey in the man?: 
r of the Victorian explorers.- 


>1 i 
































Page 7 



v"^*.**^##* 


:-'i- ./•• - - 


/!/ left. Nicolas Poussin's study for "The Holy Family on the Staircase. ” rig/tf, A/j oil painting on the same 
subject. Both works are on exhibit at the Grand Palais in Paris. 


Bildi 


Revising Art History: Drawings Reveal a Modern Poussin 

jM emaikmai Herald Tribune ua Over the Amorites,” one of stayed in Les Andelys through to paint a picture of “The Death was "producing some or the most This is only one of the mauv misgivings about it, and Doris “The Holy Family on the i 

TT^ AR1S As art history his earliest surviving pictures much of 1611 and 1612, may of Germanicus.” stunning sketches in his centu- question marks surrounding the Wild rejects it altogether. case ” Now deeply imbued 

sharpens us focus ever from the mid- 1 620s, to “Solo- have been the factor that led Poussin set the scene in a ^ “ The Massacre of the Inno- earlier phase of Poussin’s work The artist’s later evolution can the aesthetics of the Rc 

I more, our certainties of mon s Judgment, doneaquar- Poussin to turn to painting for nth-centurv-stvle nalace Sol- cenls -” presumably a first to which the book draws alien- be mapped out with greater ease, sculpture and architects 

vote become wobblv. ter of a centurv later. good. Nicolas left parents' *■ — . • thonohi f or* niMnn> in th«» Un. liAn Rn'lk Ac hnv> uinnt Ku th« UnAcmna I IV • . e 

house for Paris and spent the 
next seven years in the capital, 
presumably learning his craft in 
circumstances unknown. 


, International Herald Tribune 

P ARIS — As art history 
sharpens its focus ever 
more, our certainties of 
yore become wobbly. 
How little we knew about Nico- 
las Po ussin is revealed in the 
formidable retrospective that 
opened this week at the Grand 
ftlais, where it can be seen un- 
til Jan. 2. 

For the first time, drawings 
are treated with as much con- 

SOUREN MEL1E3AIV 

si deration as oil paintings and 
the result is a drastic change of 
perspective. Poussin’s image as 
one of formal Gassidsm, some- 
times grand and often hollow in 
its pompous conventions, will 
no longer be the same. Not that 
it has been eliminated from the 
show or from the highly impor- 
tant book by Pierre Rosenberg 
and Louis- Antoine Prat that 
goes with it, “Nicolas Poussin, 
1594-1665.” It comes out in 
much of Poussin’s painted oeu- 
vre, from ‘The Victory.of Josh- 


ua Over the Amorites,” one of 
his earliest surviving pictures 
from the mid- 1 620s, to “Solo- 
mon's Judgment,” done a quar- 
ter of a century later. 

But so does a startlingly dif- 
ferent side to Poussin's creativ- 
ity, the genius of the draftsman 
concerned only with movement 
and rhythm, shadow and light, 
as terse and poetically evocative 
as some pictures can be bom- 
bastic. The contradiction is ex- 
treme. No explanation has been 
attempted, as if it were perfectly 
natural for an artist to nurture 
one vision in his pen and wash 
studies and paint another in his 
finished pictures. 

Perhaps more detailed 
knowledge of Poussin's forma- 
tive years would allow a better 
understanding of these appar- 
ent inconsistencies. Documen- 
tation unfortunately is scanty. 

Bom in 1594 at Les Andelys 
in Normandy, Poussin is known 
to have been a gifted pupil at 
school with an early aptitude 
for drawing. The arrival of a 
painter, Quentin Vaiin, who 


A ROUND 1620. Pous- 
sin made his first trip 
to Italy, realizing the 
dream of all aspiring 
artists. Then, in 1623, he had an 
encounter that changed his life. 

The painter met the Italian 
poet Giovanni Battista Marino, 
who lived in Paris as a guest of 
the French court. The poet, 
then a European celebrity, took 
to the young artist. Within a 
year of Marino's departure, 
Poussin left for Rome. Marino 
introduced him to the inner cir- 
cle of the francophile Pope Ur- 
ban VIII. By October 1626, the 
youthful cardinal, Francesco 
Barberini, who was the Pope's 
nephew, gave Poussin bis first 
recorded commission. He was 


to paint a picture of “The Death 
of Germanicus.” 

Poussin set the scene in a 
17th -century-style palace. Sol- 
diers in Roman costume stand 
around the bed where the mili- 
tary chief Gennanicus is in the 
last throes of agony. One of 
them raises his hand, swearing 
to avenge the dying man. The 
picture inspired Napolton with 
immense admiration, later 
shared by Romantic painters 
such as Gericault. Pompous 
and stilted, it qualifies as kitsch. 

But the preparatory study, in 
pen and brown wash, could 
have been painted in another 
age. A sense of irresistible force 
and movement is conveyed by 
the figures in the foreground. 
The artist has not bothered to 
draw the detail of the faces — 
Poussin virtually never does in 
his drawings. His characters 
look like silhouettes moving 
about in light and darkness. 
There is no architectural set- 
ting. only draperies with folds. 

Bv the late 1620s, Poussin 


was producing some of the most 
stunning sketches in his centu- 
ry. “The Massacre of the Inno- 
cents,” presumably a first 
thought for a picture in the Mu- 
see Conde at Chantilly, is like 
an outburst of violence released 
in darkness. The figures are ner- 
vously scrawled, without the 
merest indication of conven- 
tions or detail. Only the thrust 
and the movement mattered to 
the draftsman. This is modem 
art four centuries ahead of its 
lime. As Prat notes, the energy 
fully justifies the words used by 
Marino when characterizing his 
protfcgi. He had, the poet said, 
“the fury of a devil.” 

It may not have been there 
from the beginning. If Prat and 
Rosenberg are right in consid- 
ering the first three drawings as 
originals from the master's 
hand, then Poussin could also 
draw in an insipid style antici- 
pating the worst kind of comic 
strip illustration. Others, how- 
ever, such as Konrad Ober- 
huber. have .doubted the au- 
thorship -of the sketches. 


This is only one of the many 
question marks surrounding the 
earlier phase of Poussin's work 
to which the book draws atten- 
tion with impeccable scholar- 
ship. They affect two of the 
most beautiful p ainting s. One is 
“L'Inspiration du Poete,” 
which Rosenberg dates to 
around 1629-30. Yet, the group 
of three characters almost fill- 
ing the frame against the back- 
drop of a sunset landscape, dif- 
fers greatly from any of the 
early pictures. There is life to 
their swaying movement and 
wistful ness in the faces, that 
sets them apart from, say “The 
Martyrdom of Saint Erasmus” 
painted between February 1628 
and November 1629. Indeed, 
other scholars have put forward 
dates ranging from circa 1625 
to the mid-1 640s. One. Jacques 
Thuillier, is not sure that Pous- 
sin painted it. 

Even more intriguing is the 
case of "Tancrede el Herminie." 
It is the masterpiece of the paint- 
er's early phase. If early, and if 
by Poussin. Thuillier. again, has 


A Sculptor Intent on Studying Dimensions of Pain 


By Hank Burchard 

Washington Past Service 



T-ASHINGTON — 
jk / Puzzling pain per- 
1 / 1 / meates the Louise 
T T Bourgeois show at 
the Corcoran Gallery of Art. 
“The subject of pain is the busi- 
ness I am in,” proclaims the 82- 
year-old sculptor. But if she 
didn't say so, one might never 
know; we might just take her for 
an artist glorying in the fullness 
of a long and productive career. 

The two dozen sculptures and 
30 drawings in the exhibition 
were selected by the Corcoran 
and the Brooklyn Museum from 
the past decade of this stifl-in- 
tensely-active artist’s work. They 
exploit every medium from pen- 
al to structural steel; they range 
from pocket- to wigwam-size, 
and from expertly fashioned to 
junky. To the uninitiated, many 
of the pieces are beautiful, not a 
few are witty and some are just 
plain hilarious. 

The French-born sculptor’s 
“Legs” (1986), for instance, 
seems delightfully, playfully ab- 
surd, and more than a little 
kinky. It’s a pair of legs — they 
look more like dominatrix 
boots, actually — more than 12 
feet (3.6-meter) long, cast in 
black rubber and banging 
straight down from the ceding. 
May we giggle? 

No, says Terrie Sultan, the 


Corcoran's curator of contem- 
porary art. “ ‘Legs* offers the 
antithesis of our expectations of 
the usefulness and attractive- 
ness of our lower limbs,” Sultan 
says in her catalogue essay. 
“Denied their traditional con- 
text by their detachment from 
the whole, they hang lifelessly, 
even maracingly.” 

Well then, how about “Na- 
ture Study (Velvet Eyes)” 1984? 
It’s a pair of holes bored in a 
block of marble, into which 
round black and white stones 
have been so placed as to form a 
pair of comic-book eyes. They 
catch you unaware as you ap- 
proach and may draw a hearty 
chuckle. Is this permitted? 

No, says the critic Christian 
Leigh. It’s a “cold, cruel, sinister 
stare,” according to his cata- 
logue essay. “Set inside a slab of 
silver-blue marble, which in its 
slanted shape brings to mind the 
stands built for the reading of 
the holy books lost from the tab- 
ernacle, is a pair of large, almost 
cartoonish, somewhat crossed 
eyes, black pupils on white 
ground. The eyes are like some- 
thing out of the comer of a late 
Philip G us ton painting, macabre 
and amusing Chillingly, the ref- 
erences the work calls up (not 
only Guston’s painting but Oe- 
dipus, the Dali-designed dream 
sequence in the Alfred Hitch- 
cock film “Spellbound,* and 
Snow While’s innocent stare) are 


somehow less evocative than the 
persona] conversation each 
viewer has with the work.” 

And so it goes throughout the 
exhibition. Lest you think it’s 
merely a case of curators imput- 
ing their own angst and anger to 
some nice little old lady, here’s 
what Bourgeois herself has to 
say about her “Cells" series, 
large cagelike structures that 
make up the bulk of the show: 

“The ‘Cells' represent differ- 
ent types of pain: the physical, 
the emotional and the psycho- 
logical, and the mental and in- 
tellectual. When does the emo- 
tional become physical? When 
does the physical become emo- 
tional? It's a circle going round 
and round. Pain can begin at 
any point and turn in either 
direction. Each cell deals with 
fear. Fear is pain.” 

" Louise Bourgeois: The Locus 
of Memory, Works 1982-1993, " 
through Jan. & 


misgivings about it. and Doris 
Wild rejects it altogether. 

The artist’s later evolution can 
be mapped out with greater ease. 
As time went by, the landscape 
took increasing importance in 
Poussin’s scenes. So did the ar- 
chitectural settings, now used 
with consummate skill, as in the 
first series of seven "Sacra- 
ments.” In “Matrimony,” the 
Palladian interior is painted with 
a sculptor's attention to detail. 
The Corin thian capitals are the 
most accomplished in any 17th- 
century picture. 

“The Confirmation,” which 
the English 18th-century paint- 
er and collector Jonathan Rich- 
ardson most admired, takes 
place in a church that is obvi- 
ously Sant' Alanasio dei Greci 
— the classical church stands in 
the neighborhood where Pous- 
sin lived. The sense of space 
emphasized by the sophisticat- 
ed placing of the figures is the 
most striking feature in the pic- 
ture. Rosenberg notes that 
Poussin would use wax figures 
that he moved around in a box 
to be sure of his effect. But the 
trick also points to another of 
Poussin’s concerns, his deepen- 
ing interest in sculptural vol- 
ume throughout the 1640s. 

This culminated around 1648 
when he executed his most per- 
fectly constructed composition. 


“The Holy Family on the Stair- 
case.” Now deeply imbued with 
the aesthetics of the Roman 
sculpture and architecture he 
had been gazing at for 20 years, 
Poussin contrived an illustion- 
istic three-dimensional effect 
that has few equivalents in 
Western art 

A DECADE elapsed, 
and Poussin seemed 
to embark in yet an- 
other direction, the 
rendition of pure nature in 
which puny humans look frail 
yet full of dignity. His “Land- 
scape with Agar and the Angel" 
could be that of an Italianati 
Dutchman were it not for that 
solitary human presence. An el- 
derly peasant woman stands Lr 
immensity as she looks up at tht 
flying apparition. 

In “Spring,” part of a set of 
four seasons, a tiny couple in 
the nude stands in harmonious 
scenery. She points a finger at 
the apples in the tree in a meta- 
phorical allusion to Adam and 
Eve. The picture is full of serene 
alacrity. On the threshold of old 
age, Poussin contemplated man 
in his cosmos with the Stoic's 
feel for universal harmony. It is 
as if Pascal's "Thoughts,” yet to 
be published, had haunted the 
painter. He died shortly later in 
1665 and was buried in Rome. 




Louise Bourgeois's marble sculpture "Untitled ( With Growth ), ” done in 1989. 


BOOKS 


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THE BETRAYED PRO- 
FESSION: 

Lawyering at the End of the 
Twentieth Century. 

By Sol M. Linowitz with Martin 
Mayer. 273 pages. $25. Scribner. 

Reviewed by 

Jonathan Groner 

T HIS book by Sol Linowitz, a 
1 938 graduate of the Cornell 
Law School who helped build 
Xerox Coip. and negotiated the 
Panama Canal -treaties for Presi- 
dent Jimmy Carter, seems at first 
glance to be a diatribe penned by 
an aging veteran of the bar who 
pines for the good old days of 
the small-town attorney. Bui 
“The Betrayed Profession” is 
much more valuable and com- 
plex than that 

Linowitz’ s basic argument is 
that the legal profession has lost 
its way in recent decades. The 
growth of the large firm, the 
passing of the era of the gener- 
alist, the emphasis on profit 
and efficiency at any cost the 
failure of the law schools to 
teach ethics — have trans- 
formed lawyers from trusted 
business advisers into the hired 
guns who populate lawyer 
Jokes. Somewhere along the 
way, Linowitz laments, what he 
calls “professionalism” has 
been lost. 

Linowitz recognizes that in 
man y ways the good old days 
weren’t so good; he himself was 
excluded as a Jew from most 


top firms, and black, Hispanic 
and female attorneys would 
have done little belter. Linowitz 
is not indignant because law- 
yers advertise; he's upset be- 
cause they're not doing enough 
for the poor. He shares with 
many conservatives a concern 
about the spiraling costs of liti- 
gation but takes the populist 
tack that all this litigation isn't 
doing anything to solve the 
problems of the average person. 

Linowitz is especially strong 
when he speaks from experi- 
ence. Through a bit of skill and 
a bit of luck, he was present at 
the creation of Xerox and rode 
its success from a partnership in 
a small Rochester, New York, 
law firm to corporate America 
to the world of diplomacy. 
When he started in the 1940s. 
law partners were colleagues 
and friends, and corporate 
transactions were settled with 
handshakes. When Linowitz re- 
tired in the 1990s, the mega- 
firms held sway. When a corpo- 
ration wanted advice, it went 
into the market for competitive 
bidding. linowitz argues per- 
suasively that the quality of the 
advice is often not as good as it 
was and that the corporate chief 


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is more likely now to be told 
what he wants to hear. 

I have one serious reservation 
about this book. Linowitz is 
sometimes much too dismissive 
of the power of market forces to 
bring about change. He points 
out that many firms started 
charging their clients not only 
their hourly fees but a healthy 
markup for photocopying, mes- 
senger costs and the like. What 
he does not say is that many 
corporate clients have, belatedly 
but emphatically, demanded 
that those practices stop. 

The best proof of Lmowitz’s 
thesis that something is amiss in 
the profession results from 
something that is not mentioned 
in the book and that he couldn't 
have anticipated. He refers fa- 


vorably to Gary Fairchild, then 
the managing partner of the 
large Chicago firm of Winston & 
Strawn, as a fervent believer in 
“total quality management” for 
law firms. A few months agp, 
after this book went to press, 
Fairchild resigned from Winston 
& Strawn when evidence 
emerged that he had been sys- 
tematically stealing money from 
the firm. The reaction at the firm 
was that Fairchild was the last 
person they would have suspect- 
ed. It is time for some introspec- 
tion. and Linowitz's book is a' 
good start 


Jonathan Groner, an editor at 
Legal Times, wrote this for The 
Washington Post. 


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Page 8 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 1-2, 1994 


Opposition Boycotts 
Murayama’s Speech 
As Parliament Opens 


A Fatal Flaw? 


U.S. Force in Haiti 


Locking 

bolts 


Compiled by Our Staff From Dispatches 

TOKYO — The opening day 
of Parliament erupted into a 
bipartisan power struggle de- 
void of policy debate as the uni- 
fied opposition boycotted 
Prime Minister Tomiichi Mur- 
ayama’s keynote speech. It was 
the first such walkout since 
1966. 

The boycott stemmed from 
demands by the main opposi- 
tion bloc, called Reform and 
formed Wednesday by 10 par- 
ties, that Mr. Murayama’s gov- 
erning Socialist-Liberal Demo- 
cratic Party coalition hand over 
the post of deputy speaker of 
the lower house. 

Commentators and parlia- 
mentary aides said the boycott, 
at the opening of a 65-day ex- 
traordinary session aimed at 
pushing through taxation and 
electoral reform bills, was only' 


the beginning of an opposition 
strategy to force Mr. Mur- 


sirategy to force Mr. Mur- 
ayama to call early elections. 

' They said that the opposition 
bloc, comprising 1S7 lawmak- 
ers in the decisive, 5 1 1-seat low- 
er house, wanted elections as 
soon as Parliament has enacted 
the last phase of a political re- 
form package. 

In the governing camp, the 
Liberal Democrats hold 201 
seats; the Socialists. 73, and 
their small centrist ally. New 
Party Sakigake, 21. The non- 
aligned Japan Communist Par- 
ty holds 1 5 seats and the rest are 
in the hands of minor parties or 
are held by independents. 

Opposition sources said their 
bloc would disintegrate if gen- 
eral elections were not held by 
January. Provisionally led by 


three former prime ministers — 
Morihiro Hosokawa, Tsutomu 
Hata and Toshiki Kaifu — the 
group said its aim was to form a 
single party. 

When enacted, the political 
reform bill will introduce sin- 
gle-scat constituencies and en- 
able Mr. Murayama to dissolve 
the lower house for snap elec- 
tions. Both camps have basical- 
ly agreed to enact this bill dur- 
ing the 65-day session. 

Mr. Murayama need not call 
elections until the fall of 1997, 
the end of the four-year term of 
the current lower house. 

Commentators said the long- 
er Mr. Murayama stayed in 
power, the weaker the opposi- 
tion would become because the 
governing camp could domi- 
nate decisions on major issues. 

It was the first such boycott 
since 1966, when the Socialists, 
then the largest opposition par- 
ty, walked out of Prime Minis- 
ter Eisaku Sato's policy speech 
over a political funding scandal. 

The policy speech is the most 
important address for a Japa- 
nese prime minister. He out- 
lines the policy and legislative 
goals he hopes to achieve dur- 
ing a parliamentary session. 

After hi s policy speech, Mr. 
Murayama said it was “regret- 
table'* that the opposition legis- 
lators had not attended. 

Tax reform bills, including a 
consumption tax increase in 
1997 to 5 percent from 3 per- 
cent to help offset drops in gov- 
ernment revenue stemming 
from an aging population, will 
be formally presented to Parlia- 
ment for the first time. 

(Reuters, AFP) 


Ramp - 

^r&r- 

■a?**: 





Set to Keep Growing 


Source: Degens Nytietcr 

Before sailing, the visor and ramp The bolts are intended to keep 
should be locked by hydraulic the visor in place, even In the 
bolts. heaviest seas. 


But If they fail, waves could 
lift the visor, and the unsecured 
ramp would jam the bow open. 


Irrtenuturtul HcraUTritanc 

14 inches (35 cm) of water flood- 
ing the boat deck would weigh 1 ,000 
tons, making capsizing inevitable. 


By Michael R. Gordon 

New York Tuna Service 

WASHINGTON —Worried 
about growing disorder and un- 
rest in Haiti, the Pentagon says 
that rather than withdrawing 
American forces there, it is in- 
creasing the number. 

The number of U.S. soldiers 


ley. said no ceiling had been set. ^ 
He said that as of 9 AM; Fri- 
day, the count of U.S. soldiers 



on the ground stood at 20,524. 

The Pentagon said the deal 
negotiated by former President 
Jimmy Carter, which allows 
Haitian military leaders to stay 
in Haiti provided they rive up 
power, had preserved the po- 
tential for disorder. 

“The presence of the Haitian 
military is, in fact, a potentially 
volatile inciter.*’ Mr. Boxx said 
“And we need to be prepared 
for that while we continue to 
expect them to conduct basic 
civil order with our forces.” 

A contingent of 1 ? 150 troops 
from Bangladesh is to arrive in 
Haiti on Tuesday, and 270 sol- 
diers from Caribbean nations 
are due to deploy this week. 

In another development, the 
administration named a former 
New York City police commis- 
sioner, Raymond W. Kelly, to 
rein in Haiti's repressive police 
police force. Mr. Kelly will 
manage 1.000 police monitors 
from 27 countries who began 
arriving in Haiti on Thursday. 


in Haiti pushed past 20,000 Fri- 
day, and more were bring sent 


FERRY: Bow Section Opened in Stormy Baltic Sea, Safety Experts Say 


Continued Iran Page 1 


by underwater cameras and investigators 


looking into the tragedy have completed 
their analysis will the cause be officially 
known. Some experts said it was too early 
to rule out crew error. 

Mr. Ste p mar k said the car femes had a 
design fault “not in the sense of a naval 
architect doing a bad job on his desk, but 
of naval architecture underestimating the 
force of the sea.” 

Noting that his job was to prevent any 
recurrence of the tragedy, he said his in- 
spectors had begun to re-examine all fer- 
ries operating out of Swedish ports. 

The exa mina tions will focus on the hy- 
draulic systems used to open and close 
both the bow section and the inner doors. 
They will also examine the system of indi- 
cator lamps that tell navigation officers if 
the cargo doors are closed and locked. 

In all, 39 ferries, sailin g under the flags 
of Sweden. Denmark, Germany, Russia, 
Poland, Estonia, and F inlan d, will be ex- 
amined. 

Mr. Stenmark noted that the Estonia 
passed a complete inspection Sept. 9 and 


that the bow section had been found to 
meet normal standards. “Now that we are 
in possession of better information.” he 
said, “normal standards are not enough.” 

The Swedish authorities also said they 
were considering confining the femes to 
port during heavy weather or imposing 
reduced speed limits. At present, it is total- 
ly up to the captain whether to sail and 
bow the ship should be operated. 

Ferry crews are under pressure to meet 
tight timetables and turn-around times. 
Operators have resisted calls to install 
bulkheads that would make the ships safer 
but slow down loading and unloading 
times. 

Mr. Stenmark raised the c hillin g possi- 
bility that many passengers survived the 
Estonia's fall to the bottom, trapped in air 
pockets. “But at 90 meters and in very cold 
conditions, after such a length of time I 
doubt there could still be life on board," he 
said. 

A Finnish ship fitted with hi-tech sonar 
equipment and a submarine robot located 
the wreckage of the Estonia. 

A submarine robot, equipped with still 
and video cameras, will film the wreck, and 


the resulting images wQl be provided to an 
international commission of inquiry. 

Confusion over the exact number of 
dead persisted, with conflicting accounts 
of the numbers who had boarded the ferry. 
Swedish officials said many children under 
the age of 5 had never been registered on 
the passenger list- 

“ There are no small children in oar 
papers, not even one,** said Risto R rinil a, a 
policeman in Turku, F inlan d, which has 
become the headquarters for the huge res- 
cue operation. Asked if the number of 
dead children beyond the official lists 
could be large, he said: “It seems so.” 

A Norwegian boy. Mats Finnanger, 12, 
whose father and one sister are among the 
many still missing from among about 
1.050 passengers and crew, was the youn- 
gest survivor. 

Finnish officials quashed a report that 
one of the Estonia's captains, Avo Piht, 
had survived. Confused officials had been 
searching for him as a possible key witness. 
The Swedish company that co-owns the 


day. and more were bring sent 
in over the weekend. 

The Pentagon had hoped to 
quickly reduce the U.S. military 
presence after the initial troop 
deployments. Earlier this past 
week, administration officials 
had pegged the number of 
forces in Haiti at 15,000. 

But when asked about U.S. 
forces at a briefing on Thurs- 
day, a Pentagon official said 
that the plan to withdraw Ma- 
rines and other troops had been 
put on hold because of the tur- 
moil in Haiti. 


A Pentagon spokesman, 
Dennis Boxx, said the level of 


troops “may go a little higher.” 

But in Haiti, a U.S. military 
spokesman, Colonel Barry Wfl- 


i torn 




HAITI: Street Violence Erupts 


Estline ferry company, Nordstrom & Tim- 
lin, earlier said Mr. Piht had been saved. 


had been saved. 


PLAGUE: Widening Fears Over Epidemic Take a Heavy Economic Toll 


POLLUTION: East Asia Threat 


Continued from Page 1 
nations had been building up a 
“natural debt” by borrowing re- 
sources from nature to make 
their economies grow faster. 

“A bit of debt is not necessar- 
ily a bad thing if you get more 
human welfare out of it and 
more capacity to repair the 
damage caused to the environ- 
ment,” he said. “But if you 
amass a natural debt that is too 
large, then you will be paying it 
off for many generations with 
polluted water and air, contam- 
inated soil and dead forests." 

Millions of East Asians are 
migrating from the countryside 
to towns annually. At the same 
time forests are being cut down 
and farmland turned to other 
uses, raising doubts about 
Asia’s ability to provide ade- 
quate food, shelter and clothing 
in a tolerable environment 

With 2.8 billion people, or 56 
percent of the global popula- 
tion, Asia has only 23 percent of 
the world’s land area. 


Klaus Lampe. director-gen- 
eral of the International Rice 
Research Institute in the fihilip- 

E ines, said that about 2.5 mil- 
on hectares (more than 6 mil- 
lion acres) of East Asian forest 
were disappearing each year 
along with hundreds of thou- 
sands of hectares of arable land, 
leading to erosion and declining 
soil fertility. 

“Most of tbe floods and nat- 
ural disasters in and around the 
lowland cities are bills bring 
paid for upland deforestation 
and other abuses of the ecosys- 
tem,” Mr. Lampe added. 

According to United Nations 
estimates, 2.3 billion people will 
live in Asia’s cities and towns in 
2020 — an estimated 25 percent 
of the global population then 
and a number almost equal to 
the entire urban population in 
the world today. 

If this projection is accurate, 
Asian urban centers will have to 
accommodate an additional 1.4 
billion people by 2020. 


Continued from Page 1 
serted Friday. Tbe U.S. State 
Department said international 
travelers risked delays rather 
than illness as a result of the 
plague scare. It said they should 
expect to be held up at airports 
that have ordered health screen- 
ing oa flights from India. 

Travelers arriving in the 
United States are being given 


“plague alert” notices provid- 
ing them with details of svmp- 


ing them with details of symp- 
toms. The State Department 
said those with symptoms 
would “be directed to medical 
facilities.” 

Despite fears that one infect- 
ed passenger on a plane could 
infect others through the air- 
craft's air circulation system, 
the State Department said in- 
ternational travelers faced a low 
risk of infection. 

Indian officials were hoping 
that the epidemic would be 
brought under control before it 
can have any further impact on 
the tourist season, which covers 
the cooler months of October to 
February. They pointed out 
that all the main tourist areas 
are far from the epidemic zone 
in the west of the nation. 

“The situation is not in our 
hands,” an industry analyst. 


Rabindra Seth, told Reuters. 
“Even if people want to come, 
there are no flights available.” 

The Gulf ban halted ship- 
ments of seasonal vegetables 
and fruits, processed foods, 
grain, livestock, garments and 
electronic goods. Four hundred 
cargo containers from India 
were held up in Dubai alone. 
Officials in New Delhi said they 
feared that Malaysia would haft 
meat imports from India. Euro- 
pean importers declined to ac- 
cept peanut shipments from In- 
dia, according to the Economic 
Times newspaper. Exports of 
perishable foodstuffs to Cana- 
da were halted. 

The West Indies cricket team 
postponed a tour of India, due 
to start next Wednesday, for at 
least a week. 

Die president of Togo. Gnas- 
singbe EyadSma, cut short a 
state visit to India and relumed 
home because of the plague 
scare. 

South Korea suspended all 
flights to and from India on 
Friday. It also reduced flights 
to Shanghai from seven to three 
a. week, and ordered ports and 
airports to control cargos from 
China following reports in the 
South Korean press of a plague 


outbreak in Sicbuan Province. 
China said there was no truth to 
the report 

The Indian government, 
meanwhile, pleaded with gov- 
ernments, trading partners and 
tourists not to overreact to the 
plague, which is now easily 
cured with antibiotics. 

Die plague re-emerged two 
weeks ago from the western In- 
dian state of Maharashtra, 


where more than 10,000 people 
were killed a year ago in a dev- 
astating earthquake. That was 
bubonic plague, transmitted to 
humans by fleas that live on 
rats. Nobody died. 


Continued from Page 1 
going lootings. Asked who was 
m charge of the Haitian police 
at this point, Mr. Schrager re- 
sponded: ^Nobody.” 

“it is ciear we are going to 
have to do something about it,” 
Mr. Schrager said. “We can't 
continue to allow* the loss of 
life. That is a question we are 
looking at at the highest levels 
of our government. It is diffi- 
cult to balance to what degree 
U.S. forces should get involved 
in situations like tins.” 


The more virulent, pneumon- 
ic version of the disease, which 
affects the lungs and can be 
transmitted person to person 
rather than through fleas. 


It seemed clear from the pod- 
don of many American troops 
that they fear not only violence 
against pro-Aristide demon- 
strators, but the Aristide dem- 
onstrators themselves. 

Hundreds of American 
troops were posted at strategic 
crossroads that would keep 


YELTSIN: 


7 Simply Slept 9 


• . * ** 

„ v- 


Continued from Page 1 
internal political struggle. The 
independent station NTV later 
reported a rumor lhal the aides 
were left behind after having 
asked Mr. Yeltsin in a letter to 
watch his behavior in Washing- 
ton. The news show did not cite 
any sources, and the report was 
not picked up by other news 
organizations. 

On at least two recent occa- 
sions, a high-ranking American 
official said recently, when the 
presidents of the United States 
and Russia were scheduled to 



speak over the telephone, Mr. 
Clinton was kept on hold while 


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Sti. 10(02 


THE BnSCOPAL CHURCHES 
OF EUROPE (Anglican) 


PARIS and SUBURBS 


EMMANUEL BAPTIST CHURCH, 56 Rue 
des Bons-Rarsins. Rueil-Mainreuson. An 
Evangeta church tor the Engfch speaking 
community located in the western 
sUxite&S. 945. Worship- 1045. CNtterft 
Church and Nursery. Ycuto mrwnos Dr. B.C. 
Thomas, pastor. Call 47.51. 29.63 or 
47 49.1529 kv rfofnvMn 


HOPE INTERNATIONAL CHURCH (Evan- 
Cretan. S*JL 930 am Hotel Orton Metro 1 : 
EspbraJa de La Dtfcnsc. TeL 47.73 53 SI 
cc 47 75 14 27. 


THE SCOTS KtfiK (PRESBYTERIAN) 17. 
rue Bavard. 75008 Pare Metro FD Rooss- 
voL Famiy service A Sutosy School te 1030 
am every Sunday. All welcome, 
ntornubon 48 78 47 94 . 


PARIS and SUBURBS 

THE AMERICAN CATHEDRAL OF Tre HO- 
LY TRINITY. Sui 9 & 11 am, 10:45 am 
Sunday School tor chtten and Nureesy care. 
Third Sunday 5 pm Evensong. 23, avenue 
George V, Pans 75009. TeL3Vl 4720 1792. 
Metro: Geoge V or Akna Maroeau. 
FLORENCE 

ST. JAMES' CHURCH Sir* 9 am Rte I A 
1 1 a.m. FWe II. Via Bernardo Ruceltai 9, 
5012a Ftorence. My. TeL: 3955 29 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING (Epcsco- 
pal/Angbcan) Sin Holy Corranncn 9 & 11 
am Suxfay School and Mrsery 1045 am 
Sebastian Rrz SL 22. 60323 Fronton. Ger- 
many, U1. 2. 3 Mktuet-Allee. Tel: 49/83 
5501 84. 


BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
StradaPopaRusu 22. 3*30 pm Contact Pas- 
tor LOre Kenper, TeL 312 3860. 

BUDAPEST 

INTERNATIONAL BAFTIST CHURCH 
meets h Moncs Zsyncnd GrmHziurn, To- 
rokveszui48-54.Sirtaw.iaO0CofleeF»- 
towship.10roWQrehip.TakaBis11 tom 
B&hwny ter. Qtovmedtoga, cel Pastor 
Bob Zbindan. TeL 250-3932. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH. 
World Trade Center. 36, Drafcan Tzankov 
BML Wor vthQ 11 : 00 . James Drite, Pastor. 
TeL 704367. 


WUPPERTAL 


international Baptist Chuch. Engfish. Ger- 
man. Rsrefen Woisho 1030 am. Sotorc t i. 
21. Wuppertal - EtoerfekL Al deno m inations 
welcome. Hans-Dieter Fraund. pastor. 
TeL 02034698384. 


Clinton was kepi on hold while 
Russian aides explained that 
Mr. Yeltsin was not able to 
come to the phone. 

While this might have been 
due to communications prob- 
lems, tbe American official 
said, the American government 
did not rule out heavy drinking 
by Mr. Yeltsin, or illness. 





President Yeltsin, appe 
bodyguards should have 


Michael Entaticv/Atcrax France- Pre^e 


Friday in Moscow: “My 
med me, but they didn’t” 


crowds from leaving the poorer 
city center and moving toward 
the hillside villas and businesses 
of the political and business 
elite. While the U.S. soldiers 
apparently expected tbe march- 
ers to go that way, the marchers 
headed in the opposite direc- 
tion, toward the cemetery. - 

At least one other Haitian 
believed to be a military sup- 
porter was killed in the melee 
by a crowd that beat him with 
sticks and rocks, as an Ameri- 
can news cameraman tried to 
save his life.. At least 10 more 
Haitian* were reported wound- 
ed and one American photogra- 
pher was injured. 

As the demonstration was 
taking place, a crowd of several 
hundred, in plain view of U.S. 
troops, began looting tons of 
food near the pent. It was the 
most serious of the numerous 
looting incidents in the capital. 

■ Review by (Baton ■ 

President Bill Clinton met 
with top policy advisers at tbe 
White House to review the Hai- 
ti situation, Reuters reported. 

The White House press secre- 
tary. Dee Dee Myers, said, “1 
think generally the president’s 
view is that the progress there 
has been very good.” 

She added: “I don't think we 
can expect that we can manage 
every situation bn the ground. 
U.S. forces have had a stabiliz- 
ing effect” 

The State Department, 
meanwhile, said the Port-au- 
Prince police chief. Lieutenant 
Colonel Joseph Michel Fran- 
cis, was apparently preparing 
to leave the country. 

“That general impression is 
consistent with our understand- 
ing,” a State Department 
spokesman said. 

Colonel Frangois, one of the 
three leaders in the military re- 
gime that overthrew Father 
Aristide in September 1991, 
was thought to be preparing to 
leave for the Dominican Re- 
public. 


CURRENCY AND CAPITAL MARKET SERVICES 


ZURICH - SWITZERLAND 

INTERNATIONAL BAPTIST CHURCH of 
Wfidenswt (Zurich). Rosenberostr. 4, 8820 
Wadertswti, Worship Services Suitiay mor- 
ringe 11-00. TeL 1-7242862. 


ASSOC. OF INTT CHURCHES 
N EUROPE &MDEAST 


Si: 


o 130 + software applications ° 
O FTT DATA FROM $10 A DAY O 
O Signal SOFTWARE GUIDE O 
* Can London: C 44+ (0) 71 231 3556 
for your guide and Signal price list. 


o.CU n 





CELLE/HANNOVER 

INTERNATIONAL BAPTIST CHURCH, 


WrxfrnJen Stress® 45. Cefe 1300 Waste. 
1400 Bite Study, Pastor Wert Campbel, Ph. 


BERLIN 

AMERICAN CHURCH IN BERLIN, cor. of 
Ctey Alee S Potsdamer Str, &S. 930 am. 
Worship 11 am. TeL 03081 32021. 


ECU Futures PLC 
29 Chesham Place 
Belgravia 

London SW1X8HL 
TeL: +71 245 0088 
Fax: +71 235 6599. 
Member SFA. 


1400 Bite Study, Pastor Wert Campbel, 
(05141)46416. 


SAINT JOSEPH'S CHURCH (Roman 
GShoM. Mosses SuxJjy 9-45 am. 11:00 
am, 12 15 pm. and 630 pm. Sam day; 
UTOam. and 630 pm. Manday-Fridoy: 
aw am 50, avenue Hcchc. Pans 96% TeL 
42272656. Metro. Charles de Goule - Bole. 


EMMANUEL CHURCH, 1st, 3TO & 5Bh Sun. 
10 am Eudiarist & 2nd & 4to Sin. Morning 
Prayer. 3 rue de Montooux, 1201 Geneva, 
Swtzeibnd. TeL 41/22 732 80 78. 


SALZBURG 

BEREAN BIBLE CHURCH In Berea. They 
searched the scriptures daily" Acts 17:11. 
Evargeta Eng&sh savee aM030 am. wtih 
Pastor David totxxson Franz Josef Strasse 
23 Fcrntocafi 43 tOt 662 455563. 


THE CHURCH OF THE ASCENSION, Sun. 
1 1 :45 a.m. Holy Euchanst and Sunday 
School, Nusery Care provided. Seytatfistias- 
se 4. 8154S Munich (HarfachiTg). Germany. 
TeL 4989 64 81 85. 


DARMSTADT 

DARMSTADT/EBERSTAOT BAFTIST MIS- 
SION. Bfeta study & Worship Sunday 1030 
am Stadfrnascn Da-Hwsaoi. Sueschetstr. 
22. Bfale study 930. worshp 1QA5. Pastor 
Jin W ttb. TeL 061 55-600921 & 

dOsseldorf 

INTEHNATJONAL BAPTIST CHURCH. 6n- 
gfish. Worship and Chadren's Church Sun- 
days at 1230 pm. Meeting lemporariy al Ihe 
Ewgige fe cti - Freiwchfiche Gerruande n Ra- 
tmgen, Germany (Kaiseiberg 11). FriencSy 
FeSowshp. Al denon-mations welcome. For 
further in fo nati o n cal the pastor Or. WJ. Da 
Lay. TeL 0211 -400157. 


BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS, Sunday School 
930 am and Church 1045 am Kan e rte g . 
19 (at Ihe Int. School). Tel.: 67335.81. 
Bus 9& Tram 94. 


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INTERNATIONAL CHURCH of Copenha- 


gen, 77 Fanergade. Vartov, near R&*nj6. 
Study 10:15 & Worehip 11:30. Tel.: 


Study 10: 
31624785. 


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FRANKFURT 


TRINITY LUTHERAN CHURCH, MWungen 
Alee 54 (Across torn Buger Hogxtal). suv 
day School 930, w orship 11 am TeL (069) 
59947B 0T512552. 


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TOKYO 

ST PAUL INTERNATIONAL LUTHERAN 
CHURCH, near ltdabashi Stn. TeL: 3261- 
JT-ia Warshp Servos: 930 am Sundays. 
TOKYO UNION CHURCH, near Onotesan- 
do subway sta. Tel. 3400-0047, Worship 
cervices Sunday 8J0 A 11:00 am, SS at 
945 am 

USA 


FRANKFURT 


ST. PAUL’S W1THIN-THE-WALLS, Sun. 
830 am Holy Eucharist Rite 1: 1030 am 
Choral Eucharist R4e ll: 1030 a m. Church 


School tor chtten 4 Nursery care provided; 1 
pm Spanish EuchareL Via NapoS 58. 00184 
Rome. TeL 39B488 3339 or 396 474 3569. 


BRUSSELS/WATERLOO 


ALL SAINTS' CHURCH 1st Sin. 9 & 1115 


# you woUH Be a tee BMe anise by mat 
please contact LTGUSE de CHRIST. PC. 
Bex 513, Stairton,to(9ana 47881 U.SA 


am Mdy Eucharist wtti Children's Chapel at 
1 1:15. Al other Sundays: 11:15 am Hefy Eu- 


other Sundays 1 M5 am Hdy Eu- 
d Sunday School. 563 Chauesw de 


diarist and Sunday School. 563 Chaus saed e 
Louvain. Chan, Bekpurn TeL 32£ 384-3556. 


VIENNA 


WIESBADEN 


W EMMA CHRISTIAN CENTER: A CHARIS- 
MATIC FELLOWSHIP FOR VIENNA’S IN- 
TERNATIONAL COMMUNITY, • English 
Language * Tr^-dencrrmotonal, meets al 

Hatigasss 17, 1070 Verra. 6.00 pm Every 
Sunday, EVERYONE IS WELCOME. For 
more ntourtalcn eaS 43-1-316-74 to. 


THE CHURCH OF ST. AUGUSTINE OF 
CANTERBURY, Sin. 10 am ftmN Eutfa- 
rsl Frarttfowr SlraBGQ 3. Wiesbaden. Ger- 
many. Tel: 49B11J0.66.74. 


INTERNATIONAL CHRISTIAN FELLOW- 
SHIP Evangefiseh-Freknhfiche Getne H de. 
Sodanerstr. 11 - 1 8 . 638 0 Bad Horstoug. pho- 
nerFax: 06173-62726 serving the Frankfurt 
and Taurus areas, Germany. Sunday wor- 
shp 09:45. nursery +" Sunday-school 1000 , 
womerfs b be Strifes. Housegroup3 ■ Sun- 
day + Wechesday 1930. Pastor M. Levey, 
marrtKr European Baptist Converter). De- 
dareFfagtay amongst t he na ticra. - 

BETHEL INTERNATIONAL BAPTIST 
CHURCH Am Dachstrag SZ FranWut aM. 
Smday wrete 1 1 DO am. and 600 pm, Dr. 
Thomas W. Hi, pastor. TeL 069649559. 

HEIDELBERG 

GRACE INTERNATIONAL BAPTIST 
CHURCH Industrie Sir 11 . 6902 Sarrtiau- 


EV. LUTH0W1 CHURCH <X Genera. 20 


roe Verdana Sunday worehip 930. in Ger- 
man 1 1 HO in EnflSsh.^ Tot (022) 31 05089. 


JERUSALEM 

LUTHERAN CHURCH of toe Redeemer. Old 


City, Murstan Rd. Entteh worship Sun. 9 
am Aloe welcome. TeL (02) 281 -049, 


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LONDON 

AMERICAN CHURCH in London 79 Tot- 
tenham Ct. Rd. Wl. SS at 10.00 a.m., 
Woishp at 1 1 GO Goodga SL tube. Tet 
071-5802791. 

PARIS 


EUROPEAN 

BAPTIST CONVENTION 


sea Bfcte study 09:45, WorsNp 11 OLftator 
Paul Hendrix. TeL 06224-S2295. 


AMERICAN CHURCH IN PARIS. Worehip 
IlflQam K, OjatfQsay, Paris 7. Bus 63 
St door, Molro Atow-Macwu or kwaldes. 


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11 Old Jewry . London EC2R 8DU 
TeL: 071-865 0800 Fax: 071-972 0970 


MARGIN FOREIGN exchange 


UNITARIAN UNIVOSAUST 
FELLOWSHIP 


The Rev Or Join A Buehrens, President d 
toe LHtanan UriversMsi Assooaon (USA), 
wd be toe theme speaker at the Eunpean 
Ltotwan Unvereafei Retieal n Douidan {50 
fare souih of Pare by RER) toe weekend ot 
Qdobcr 14-16 Wb<tooo3 open to non-UU 
mentoera Phone Jndiie f47SC.19.91 wMag- 
oe {47.05 39 77) tor hfamation 


UNITARIAN UMVERSAUSTS 


, BARCELONA: 04) 3-314-91 54 
BRUSSELS: Tel (32) 2-260 0226. 
a |32) 2-76Z-C93 meets 3rd Sut of month. 


BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
meets at &00 am. Bona Nora Baptist Chur- 
* Caner de b Cufcf de Balaguer 40 Pastor 
Lance Boiden.Ph. 439-5059. 

BERLIN 

INTERNATIONAL BAPTIST CHURCH. 
BEttJN. Rotoenbvg S&. 13. (Sledb). BWe 
study 10.45, werehp at 1200 earn Sunday. 
Charles A Warlord. Pastor. TeL 030-774- 
4670. 

BONN/KOLN 

THE NTBtolAYlONAL BAPTIST CHURCH 
OF BONWKbLN. Rheraj Strasse 9. KOto. 
Worship t-QO p m Cahm Hogue, Pastor. 
Tel: (02236) 47021. 

BRATISLAVA 


HOLLAND 

TrflNTTY BAPItST S.5. 930. Worehip 1033. 
nursery, warm leBowship. Meals at 
Bloemcamplaan 54 in Wassenaar. 
TeL 01 751-78024 


IMMANUEL CHURCH, Worehip Christ in 
Swerfish, English, or Korean. 11 to am 
Sunday. Birger jarleg. at Kungetensg. 
17. 46/08 / 15 12 25 x 727 tor more 
Hcrmgticn. 


MADRID 

MMANUS. BAPTIST. MADRID. HERNAN- 
DEZ DE TEJADA, 4 ENGLISH S5TVICES 
1 1 am, 7 pm. TeL 407-4347 or 302-3017. 

MOSCOW 

INTERNATIONAL BAPTIST FELLOWSHIP 
Meeting 1100; Kino Center BuMng 15 Druz- 
Drmhvntovskaya UL Sto Hoar. Hal 6, Metro 
Stator Baniatoava Pastor Brad Stsmey Ph. 
(095) 1503293^ 


VIENNA 


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(lERNATIOMAi 


foiviiiu ( !a 


VIENNA COMMUNITY CHURCH Sunday 
woraftip in English 11:30 A.M., Stnday 
achooL nuaary. internatio na l, dt danom toa - 
tions micoma. Dorotoee(g3383 16, Vienna 1 . 


PrtM >n Mil A mortiu «kmJs $ 1 00,000, ko&B «no cenkod br Bocfa lionaL 
5ub»crie br 5 ibovIb hr OSS 2^00; or a montiu ferllSS or I ytar fo$l 2 , 000 . 


’NOTE EACH HAS fWIMOfffT-aARCUARANTILWt aird aA’idoBacroraiseprefej.imrBiioJ 
JAANAGB ACCOUNTS trenun USS35XX»L a* siaT CUSTOM PRObAMSVro0lb l ak?Li«l J 
V Gsfl 303*251-4762 or 800-392-2664 - Fbc305-254-3272 jT 
> UMIIHIAVAJlAMJIY ACTNCWII * 


WARSAW 


WARSAW INTERNATIONAL CHURCH, 
Pweaaft&i^tfiiangjageaito fl tiiate8,&to- 
deys HflO am (Sept-fcfey). 10 am (Jure- 
(Sept-May) UL 


CALUNG ALL CURKENCIES - 0839 35-35-15 

Cali now (or the toast currency rates, With 2 tnln updates 24 hours 

■ 49p/min all other times. 

Ltd, 19/21 Great Tower St. Lon don EC3R5A Q. 

Futures Call ■■■■■ 


. Ttn 


BUS Study nEnqfch. 
chZiviskeho216ro-l745. 
JozepKutocA.Tet31677S 


MUNICH 

IT4TERNATtONAL BAPTIST CHURCH OF 
MUNICH, Hobstr. 9 Engfish Language Ser- 
vices. BAXe study 16:00. WoreWp Service 
1700. Pastort phone: 6906534. 


ZURICH 

INTERNATIONAL PROTESTANT CHJFCH 


Tn iiticuln *im Tree Conic hi hm* yuur linuu.ul 
BivikimVcr van help yuu.cill Miduci Mumy 

01 Lin knl. «» on tn I 1128 71.11 iwmnwiuiB. x 

KlInL-x PW.S-U OnnvctRTOmkfc. V > 




School 6 Nursery, Sunday 
Setamen^sse 25- TeL PI) i 


1 1 30 am, u»0.mswiwimu 


-Ihlcr-Vm byrUui -«-t. „ ^„t 


For further details 
on bow to place your listing contact: 
WILL NICHOLSON in L$ndon^ 

TeL: ( 44 ) 71 836 48 02 

Fax (44) 71 240 2254 


5- V 







International Herald Tribune, Saturday-Sunday, October 1-2 , 1994 Page 9 



*■■■■ ■ : MH-.UlGtpP 

International Herald Tribune Worto Stock Index ©, oomposed of 
internationally Investable stocks from 25 countries, compiled 
by Bloomberg Business News. Jan. 1 . 1 992 =100 
i2o- ; 



1994 


[ Asia.'Prtcitic 

turoDO 

Approx, weighting: 32% 

CkHE 127.76 Piw- 12839 | 

n 


Approx, weighting: 37% BBffll 

Close: 113J30 Pravj 115S0 


130 

110 

90 



Approx, weighs rer 26% 
Close: 95.41 Piwj 95.40 


Appro* weight no: 5% 
Close: 151.06 Pibv-- 147.49 



T7w Index backs U.S. doBar values of stocks n Tokyo. Now York, London, and 
Argentina, Australia, Austria, Belgium, Brant Canada, Chile, Denmark, Finland, 
Franca, Germany, Hong Kong. Hoty, Mexico, Netherlands, New Zealand, Norway, 
Singapore, Spain, Sweden, Switzerland and Venezuela. For Tokyo. Now York end 
London, the index is composed of the SO top issues m terms of market capSataarion, 
otherwise the ten top stocks ere tracked 


I Industrial Sectors : ■ ••• j 


Fit 

Pm. 

% 


w. 

Pick. 

\ 


dose 

I*W» 

dinge 


tioee 

ClOH 

change 

Energy 

112.98 

111.68 

+1.16 

Capita! Goods 

114.79 

115.40 

-053 

UWties 

129.03 

128.49 

40.42 

Raw Materials 

134.00 

134.43 

-052 

Finance 

114.29 

116.68 

-2.05 

Consumer Goods 

102.97 

10320 

-0.22 

Services 

119.84 

12029 

-0.37 

MZscefleneoas 

133.99 

134.70 

-053 


For mom information about the index, a booklet is amiable free of charge. 

Wide to Tito Index, 181 Avenue Charles de Gaulle, 93521 NouBy Cedar. France. 

O International Herald Tribune 


Mitsubishi Takes $1 Billion Loss 

Affiliated Finance Firms Need 2d Rescue Operation 


By James Sterngold 

New York Times Service 

TOKYO — In a startling sign that 
Japan's four-year banking crisis is grow- 
ing worse, the huge Mitsubishi Bank an- 
nounced Friday that it was taking a loss 
of more than SI billion because of bad 
debts at two affiliated finance companies 
that are going through their second res- 
cue operation in a year. 

Even more c hillin g was the fact that 
bank spokesmen said it was still not clear 
that they had stanched the flood of red 
ink at the two companies, which have 
been swamped by bad real estate loans. 

Mitsubishi B ank said it was taking a 
$1.08 billion direct loss on bad loans that 
the affiliates were selling for less than half 
of their face value. In effect, the bank 
purchased the loans from the two compa- 
nies at face value, then sold them at a loss. 

But under the terms of the sale, if the 
undo-lying value of the land held as 
collateral for the loans falls from its 
current depressed level, the losses to the 
b ank will grow larger. 

In addition, the bank said the two com- 
panies, Diamond Mort gage Co. and Dia- 
mond Factors Ltd., would pay no interest 
on their debts to Mitsubishi from April 
through the end of September. 

That is the second consecutive six- 


month period in which the companies 
were unable to meet their financial obli- 
gations. Mitsubishi Bank, the onlv Japa- 
nese bank listed on the New York Stock 
Exchange, had to write off other loans to 
the two affiliates Last year. 

Japanese disclosure standards are lax, 
and so Mitsubishi Bank did not say ex- 


'All the banks in Japan 
have these kinds of 
problems . 1 

Waller Allherr, Merrill Lynch. 


actiy how much in interest payments 
were being lost. But Walter Allherr, 
ba nkin g analyst in Tokyo for Merrill 
Lynch Japan, estimated total losses at 
more than $2 billion. 

“I had hoped that the situation would 
not continue to deteriorate quite as quick- 
ly as it has,*’ he said. “But all the banks in 
Japan have these kinds of problems." 

Mitsubishi Bank had disclosed that, as 
of last March, it had $11.5 billion in 
non performing loans, out of total assets of 
$488 billion. But the news Friday demon- 
strates why most analysts think ihe dis- 
closed figure at Mitsubishi Bank under- 


states the problems by a wide margin. 

Mitsubishi Bank owns only 5 percent 
of the two financing companies, with 
most of the rest hdd by other members 
of the Mitsubishi industrial and financial 
group. It was bound by informal norms 
and, more important, pressure from the 
Finance Ministry to avoid insolvencies. 

The two troubled companies cannot 
take deposits, but they can make loans, 
and so are known as nonbank-banks, or 
non banks. During the late 1980s major 
banks had dusters of affiliated nonbanks 
that they pushed to make aggressive and 
risky real estate loans. In turn, the banks 
lent the nonbanks trillions of yen. 

When the slock and real estate mar- 
kets began to plummet four years ago, 
the banks simply failed to disclose the 
extent of their mounting losses and re- 
fused to write off bad loans. The Fi- 
nance Ministry began to push banks to 
rehabilitate the battered nonbanks with 
more loans, often made at no interest. 

“This problem is under control only 
because there's an agreement not to point 
out thaL the Emperor has no clothes." said 
Alida Ogawa, at Salomon Brothers Asia. 
“This was a good move because a lot of 
other banks are just playing a shell game 
with the problems. But the real news here 
is that it's not over vet." 


Recovery Plan Narrows Air France Loss 


Compiled by Our Staff From Dispatcher 

PARIS — Air France said 
Friday it cut losses by more 
than 30 percent in the first half 
of the year, to 2.6 billion francs 
($492 million), as its recovery 
plan went into effect. 

The plan, which includes cut- 
ting the work force by attrition 
and voluntary retirement, was 
put in place this year after a 
devastating strike last fall over 
a previous restructuring plan 
that included layoffs. 

The first half loss compared 
with 3.8 billion francs during 
the like period last year. Reve- 
nue inched up to 27.5 billion 
francs from 27.4 billion in the 
1993 period. 

The state-owned earner said 
freight and passenger traffic 
rose 10.6 percent, while its Air 
Inter unit had a 2.5 percent rise 


in traffic. But this was at the 
expense of margins, which 
dropped “significantly," it said. 

Air France said the perfor- 
mance so far corresponded to 
the goals of the recovery plan. 

The airline spent 18 percent of 
its revenue on capital assets, 
mainly three Airbus A-340s and 
rwo Boeing 767s for Air France, 
and three Airbus A-330S and 
one Airbus A-321 for Air Inter, 
the domestic subsidiary. 

The European Commission 
allowed Air France to accept a 
20 billion franc capital injection 
from the French government, 
but it disallowed U billion 
francs in aid earlier this year. 

Air France said it did not 
publish its per kilometer pas- 
senger yield figure because this 
is “market sensitive informa- 
tion.” All it would say is that 


there was a 16.9 percent in- 
crease in this measure. 

The carrier was obliged to 
publish some of these details 
while it sought European Com- 
mission approval for its recapi- 
talization. The EU gave the 
green light for the French gov- 
ernment to provide the fresh 
capital on July 27. 

The French government's aid 
came after the airline reported a 
1993 loss of 8.48 billion francs, 
its largest ever. 

Before the results. Air 
France’s new chairman Chris- 
tian Blanc, who replaced Ber- 
nard A l tali in October, got ap- 
proval from labor unions to 
introduce a program aiming at 
cutting costs. This plan includes 
shedding 5,000 jobs. 

(Bloomberg. API 


■ Banque Hervel Posts Net 
Banque Hervet SA. the 
French-govemment-controlled 
bank, recorded a profit of 28 
million francs for the first half 
of the year, compared with a 
loss of 361 million for the same 
period last year, the bank said 
Friday, Agence Franoe-Presse 
reported from Paris. 

It said all of its banking sub- 
sidiaries were now profitable 
except Hervet Crediterme SA, 
specializing in real-estate fi- 
nancing, which lost 23 million 
Irancs in the first half. 

The bank suffered a loss of 
1.2 billion francs last year, lead- 
ing the state to inject new capi- 
tal of 750 million francs in April 
and to defer privatization. 

France a 89.4 percent stake in 
the bank. 


Swiss Re to Sell 
Direct Insurers 
For $4 Billion 


Bloomberg Business Nns 

ZURICH — Swiss Reinsur- 
ance AG agreed on Friday to 
sell its European insurance 
units to Allianz Holding AG 
and Winterthur Insurance AG 
for more than 5.3 billion Swiss 
francs ($4.1 billion). 

German antitrust authorities, 
however, said that the Allianz 
acquisition could give the Ger- 
man giant a monopoly position 
in its home insurance market, 
and it was “very possible” that 
the deal could be blocked. 

Swiss Re said it would sell its 
El via subsidiary to Allianz, Eu- 
rope’s largest insurer, as well as 
all its German units in a deal 
worth “clearly more” than 5 bil- 
lion Swiss francs. 

In addition. Winterthur will 
pay 335 million Swiss francs for 
Swiss Re’s direct insurance op- 
erations in Italy and Spain, and 
for the La Equiiava group, El- 
via’s Spanish subsidiaiy. 

“Europe is on the threshold 
of a deregulation in the direct 
insurance business," said Lukas 
Muehlemann, Swiss Re’s chief 
executive. “Middle-sized and 
small insurers will have difficul- 
ties in coming years because of 
their cost structure. We had to 
conclude that most of our com- 
panies are in this category.” 

Mr. Muehlemann, who has 
held the top post just one 
month, said his company was 
moving back to its core business 
of reinsurance and would con- 
centrate on building its Asian 
and U.S. businesses, after re- 
cent diversification into prima- 
ry insurance. 

“Swiss Re has done a tremen- 
dously good deal.” said Thomas 
Kalbermatten, a Union Bank of 
Switzerland analyst. “I always 
had doubts about their direct 
insurance business and they are 
now going back to what they 
know besL" 


Mr. Muehlemann said he felt 
“there are better owners for all 
our European companies than 
Swiss Re. 

Whether Allianz would be one 
of the owners appeared doubtful 
on Friday. Although an Allianz 
spokesman said the German car- 
tel authorities were “very under- 
standing,” analysts said it would 
be hard for Allianz to avoid 
breaching competition laws, es- 
pecially since last year it ac- 
quired Germany's Largest health 
insurance company, Deutsche 
Krankenveisicherung AG. 

All the soles are to take effect 
on Jan. 1, 1995, Swiss Re said. 
They will “almost halve” the 48 
percent of total premium vol- 
ume that Swiss Re gets from its 
primary insurance operations. 

Swiss Re said it would proba- 
bly stagger the entry of over 1 
billion Swiss francs in one-time 
profit through its accounts over 
at least two years. The rest of 
the purchase price will be added 
to reserves. 

Mr. Muehlemann said the 
sales revenue will be used main- 
ly to build the reinsurance busi- 
ness internally, with no acquisi- 
tions foreseen. He said he 
recognized that reinsurance is 
historically more volatile busi- 
ness than direct insurance, but 
said there was growing demand. 

Swiss Re said Friday its 1993 
net profit rose 16 percent, to 
325 million Swiss francs, lower 
than many market forecasts of 
more than 20 percent. 

Swiss Rc said it would raise 
its dividend to 10.50 francs a 
share, from 9.60 francs. Mr. 
Muehlemann said it was unlike- 
ly that shareholders would be 
paid a special dividend to re- 
flect the gains from sales. 

The reinsurance business has 
recently seen a shakeout, 
prompted by unusually large 
writeoffs due to natural disasters 


INTERNATIONAL MANAGER 


Foreign Cash as Russian Scapegoat 


By Fred Hiatt 

Washington Post Service 

M OSCOW — While Presi- 
dent Boris N. Yeltsin was 
talking up Russia to poten- 
tial investors in the United 
States this week, the opposition here was 
condemning foreign investment as an 
evil that should be blocked. 

Sergei Y. Glazyev, the former trade 
minis ter who quit last year, has emerged 
as economic spokesman for the opposi- 
tion. He picked the week of a meeting 
between Mr. Yeltsin and President Bill 
Clinton, and the Russian president’s 
wooing of American capitalists to dev 
n ounce “privileges” granted to foreign 
companies. Mr. Glazyev, speaking at a 
news conference on behalf of the Associ- 
ation of Russian Manufacturers, com- 
plained that foreign concerns were buy- 
ing up Russia’s treasures for a song. 

“Whv do foreign companies seek to 
establish control?” Mr. Glazyev asked 
darkly. “To defeat competition. The ri- 
val enterprise is taken over, its program 
is curtailed and sometimes the enterprise 
is closed down.” 

Mr. Glazyev, who chairs the economic 
policy committee of the Stale Duma, or 
lower house of parliament, demanded 
tough limits on foreign investment and 
foreign products. 

Antipathv toward foreign business 
certainly has not become government 
policy, although foreign executives here 
complain of high taxes and frequently 
changing ground rules. Anatoli B. Chu- 


bais, deputy prime minister and privati- 
zation chief, recently cited as a major 
triumph the surge of foreign investment 
to $500 million per month, about twice 
last year’s average. 

But opposition forces are increasingly 
saying that foreigners — and the govern- 
ment's largesse to them — are to blame 
for Russia’s troubles. In hard-hit factory 

When it reconvenes 
next week, the State Duma 
will consider measures 
to ban foreign ownership 
of land and restrict 
investment in industry. 

towns, many people find that argument, 
attractive. Even wi thin Mr. Yeltsin’s ad- 
ministration, some officials are said to be 
sympathetic to iL 

The argument reflects a deeper, widely 

shared view here that the West’s chief goal 
is the end of Russia as a geopolitical and 
economic rival. When it reconvenes next 
week, the State Duma will consider mea- 
sures to ban foreign ownership of land 
and restrict investment in industry. 

There is also a gulf in perception of the 
current state of Russia’s economy. The 
government points to falling inflation, 
increasing investment and some evi- 
dence of rising consumption to argue 
that the economy has “bottomed oul” 


The opposition, which essentially con- 
trols the State Duma, insists that Russia 
is sliding deeper into full-scale economic 
depression. Factory managers have 
warned of “deindustrialization” and 
mass unemployment if government poli- 
cies do not change. 

To some extent, both views may be 
correct, analysts said. Russia's private 
sector is growing and hiring. But vast 
sectors of the Soviei-built economy, and 
in particular its heavy industry, are too 
old, too illogically located or too wedded 
to unneeded products to adjust 

Moreover, the debate is intensifying at 
a time of some confusion in Russia's 
economic policy-making. The centrist 
government of Prime Minister Viktor S. 
Chernomyrdin pleasantly surprised re- 
formers here and abroad by reining in 
government spending and inflation dur- 
ing the first few months of this year. But 
it has doled out subsidies more generous- 
ly in recent months, according to eco- 
nomic analysts. 

As a result inflation is picking up a bit 
and the ruble, which had been losing 
value steadily but slowly, has tumbled. 
In the past week, it lost 14 percent of its 
value. The dollar has risen to 2,633 ru- 
bles from 2,301 last Friday. 

“We are at a turning point,” said Yegor 
T. Gaidar, former acting prime minister 
and economic reformer. If the govern- 
ment continues “pumping money into the 
economy," he said, “the price paid so far 
for stabilization — and it is not inconsid- 
erable — will have been wasted." 


CURRENCY & INTEREST RATES 


tes 


s C DM 

JJ» OT5 MJ 
QJD 5U5 2057 

WS M*S 

ST 

LW 282 an B.W 
ts ZttZtM IJSL15 
— mo Usui 

ms «« mw 
us issjs 
W4 2.1217 
ms uns urn 
Jfl <U 8 S* USDS 
lot 0J2B 2J71f 
stwrdanu London. 


Sept 30 

F.F. Urn art B.F. S.F. Yeo C S Peseta 

0.11U* S44IS* US U»* U* 13515* 

U2 104*7* TMU 247SS UZH 2UA 25.11* 

6OT UM' UM 1-W USB* 

UK 3 24*06 173*7 5032? 2X31 15t.ll VW 202 S3 

UC* 74fll 4JJXC 99.797 130214 ■ VUi 

4U2 1J10L23 15JP l.UUB 111* 
ILP w.i* uffl non 

UJil 4.118* 

7131 I.HM 

HJS17 0084* 07724 MSN* U*7* 1-MJfl* 

0201 00677* UOl 40357* IJOM* 6W9 10118* 

U544 VOW 11512 MW 10W HUM 144*1 1».W 

IX NA U04 447047 10671 MMW 1.141 U1N 

new York and Zurich, tUlnas In other centers.- Toronto 


20475 87706 

12T25 1.56200 139ft 

Bjm* 10*7 01417 4.1085 SW" 

18jB 0433 S474 MM 7053 


str€}; e . To bur one men •: WMs of WO.- N.O.: not nuatsd; AM..- not 


Values 

Currency Per* 
GrMkdroc. 23145 
noon Kona * V2M 
Hone, torlnt 107 SI 
liKBsnruM* 31-33 
intto. rvptoti 2174 J)1 
rfttt 

ItrotHineh- MK 
Kuwdll dinar 02774 
Mawy.rtn. 2-502 


Currency Per* 
u.mm 1385 
N. Zealand S 1-65*8 
Nonr. krone 6.775 
PMJ.MCO 2600 
Pofohdtrtv 23191 
Port, escudo 157JC 
Ruu. ruble 263X00 
Saudi riyoi 17505 
Stns-t 1-483 


Currency 
S. Air. rand 
5-Ker.won 
Swed. krona 
Taiwan S 
TMfibaM 
Turkish lira 
UAE dirham 
venei. boUv. 


Per* 

35755 

79850 

70444 

24.14 

2453 

34072. 

16727 

1*500 


Currency 
Canomm dollar 


stdav oum »*» 
tJ4l» 1J416 13412 
9Ut *01 *7.71 


tatas 

3KMV 4MOV IWV 

15700 LB83 15779 

1547* 15482 15469 

I.2M UMl 1-2898 

, . uer Bv* (B russets h- Sana Coaun ercl oie itattana 

* «**» < ***•■ *** 

SOM. Other dam tarn Beaten andAP. 


Eurocurrency Deposits 



Dollar 

D-Mark 

Swiss 

Franc 

7 month 

4 <»w-5 «, 

4 *W4 ■v. 

3 v. 

3 months 

BWVi 

5 V5N 

4 ’ v4 *. 

6 months 

5H-544 

5V5 *« 

4>m-44« 

i year 



4'-Wfc 


Sources: neuters. Lloyds Bank. 

Bata apptkaPte to tnfertont decants of V 


Sept 30 


Sterling 

French 

Franc 

Yen 

ECU 

5V. -54* 

5 - 5 •. 

2 v 2 , 


534-57* 

5>':-5*b 

2 'U- 2 »* 

5 'W, 


53-57e 

2 V 2 i* 


7 Vr7 


2-^3 - 

6 - 'nH& 1b - 


mimmum (or eoul vaienri. 


Key Money Rates 


United State* 

Close 

Prev. 

Dtecawi ran 

a DO 

4X0 

Prime rale 

7*. 

714 

Fadm-ed funds 

4JB 

4 1. 

MWMTtl CDs 

442 

442 

Comm, paper no davs 

132 

5J9 

3-flignni Treason' bill 

447 

459 

1-rear Treasure Mil 

542 

541 

2-rear Treasury note 

6-59 

457 

5-rear Treasury note 

TXJ 

7.27 

7-year Treasure rale 

7 JO 

7J0 

10-year Treasure note 

740 

742 

XMrear Treasury bond 

741 

7X4 

Merrill Lynch Jfrday Ready asset 4.11 

Japan 

411 

OlscMRf rate 

1*. 

lli 

CaU money 

2J1 

ZIP 

ltnontti inlertxmK 

2«. 

2*. 

J-monm intcroanfe 

2’j 

!'m 

4-nwntn Interbank 

2*o 

21s 

lb-war Government band 
Germany 

454 

454 

Lombard rote 

6J» 

4X0 

Call money 

440 

455 

1 -moats interbank 

5J50 

4.W 

S-montti Interbank 

5Vi 

520 

tmontti toferhart 

5J0 

5J0 

lb-year Bund 

741 

755 


Britain 

Book base rale 

5*. 

S k. 

CaU money 

5'u 

5X0 

1 -month interbank 

5 r. 

Hi 

J- month Interbank 

5% 

5-». 

4-momh interbank 


6V*i 

10 -reorGllt 

8.W 

8.91 

France 

Intervention rate 

5X0 

5.00 

Cab many 

5v 

5 - 

Imontn Interbank 

5 «» 

51* 

J-mootO Interbank 

5% 

HI 1 

4-nwmti Interbank 

5*. 

5?* 

10 -year oat 

8.14 

8.13 

Sources: Reuters.- 

BJoomDerg, Merrill 


Lvncn. Bank or Tokyo. Commeribaak. 
GreenwettMontaw. CrmSt Lyonnais. 


Gold 



AM. 

PM. 

Clfte 

Zurich 

39525 

39400 

-145 

London 

39545 

39485 

— 045 

New York 

39820 

39740 

— 1.10 


US dollars per ounce. London oft idol «*• 
taps: Zurich and New York onentnp ana eras- 
monrtep; New rork Come a t December. J 
Source: Reuters. 


World Bank Invests in China Ref or] 


II 


s 


Beijing Set for $15 Billion in Loans Over Next 5 Years 


* By Alan Friedman 

International llcruld Tribune 

MADRID — The World Bank expects 
to lend $15 billion to China over the next 
five years to help Beijing proceed with 
infrastructure projects and economic re- 
forms, officials said Friday. 

Nicholas C. Hope, director of the World 
Bank's China department, said in an inter- 
view that Beijing — already the bank's 
single largest borrower with $3 billion of 
annual loan commitments in 1993 and 
1994 — would probably receive the same 
amount of annual loans over the next five 
years. This means that about 13 percent of 
total World Bank lending will go to China. 

“We are extraordinarily confident that 
China can do what few countries have ever 
done in terms of comprehensive policy re- 
form,” Mr. Hope said. He said Beijing 
should have little problem paying interest 
on the loans because its annual debt service 
on $85 billion of total foreign debt amounts 
to just 10 percent of annual export earnings. 

Mr. Hope was speaking as finance offi- 
cials from Group of Seven countries pre- 
pared for a meeting here on Saturday. 


before the start of the annual International 
Monetary Fund/ World Bank meetings. 

The G-7 officials, who are expected to 
agree to continue efforts to battle the twin 
problems of unemployment and budget 
deficits, will also discuss a growing contro- 
versy over a proposal by Michel Camdes- 
sus, the IMF managing director, to inflate 
the agency's resources. 

Mr. Camdessus wants the committee rep- 
resenting 179 IMF member nations to ap- 

g rove $52 billion worth of Special Drawing 
Jghts, the IMF’s reserve currency. The 
committee meets here this Sunday. 

A U.S.- British compromise proposal 
would allow for the creation of about $22 
billion worth of SDRs, a large part of which 
would be used to help Russia and 36 other 
countries that have joined the IMF since the 
last SDR allocation was made in 1981. 

Hans Tietmeyer, the Bundesbank presi- 
dent, on Friday rqecled the idea of a large- 
scale general allocation of new SDRs. But 
diplomats here said Germany had indicat- 
ed in private it would back the smaller 
U .S. -British proposal. 

A key government backer of the com- 
promise contended Friday that Mr. 


Camdessus had angered some G-7 govern- 
ments by joining forces with Third World 
nations insisting on the full $52 billion 
allocation. The IMF chief, this diploma i 
said, bad become a “self-appointed guard- 
ian” of the Third World interests, which 
could threaten a deal on Sunday. 

An IMF official declined to commeni 
on the controversy, but diplomats said 
they expected haggling to continue unti 
the last minute on Sunday. 

Some backers of the U.S - British com 
promise arc especially upset by a tinea 
from Third World nations to block separau 
credits for Eastern Europe unless Mr 
Camdessus's $52 billion proposal is agreed 

The credits, known as sysLeraic transfor- 
mation facilities, were invented to help 
countries in Easiem Europe make thi 
transition to market economies from Com 
munism. They feature prominently in loar 
packages for both Russia and Ukraine. 

Without a decision on Sunday. th» 
IMF's ability to offer these credits wU 
expire at the'end of 1994. 

Decisions on the credits for Eastern £u 
rope and the new IMF resources require ; 
majority of 85 percent of the IMF mem 
bership' 


After Gruber’s Departure, 
What Next for Sony Pictures? 


By Bernard Wemraub 

New York Times Service 

LOS ANGELES — Peter Gruber's departure as 
head of Sony Pictures Entertainment, leaves many 
unanswered questions about Sony's huge invest- 
ment in the American entertainment industry. 

While rumors have proliferated in recent 
weeks that Mr. Guber would leave next year, 
the liming of his announcement was still a 
surprise at his troubled studios — Columbia 
and Tri-Star — as well as in the rest of Holly- 
wood. His five-year tenure was marked by sev- 
eral film flops, internal turmoil and lavish 
buyouts of executives. 

Mr. Guber's replacement is his second-in- 
command, Alan J. Levine, who was a leading 
film lawyer before joining Sony with Mr. Guber 
and is relatively inexperienced in filmmaking. 

Sony, the Japanese electronics giam, spent $3.4 
billion to buy Columbia Pictures in 1989. It paid 
an extraordinary $600 million to $700 million to 
buy the company Mr. Guber owned with his 
former producing partner, Jon Peters, as well as 
the team's contract from Warner Brothers. 

Sony also spent an estimated $100 million, and 
perhaps far more, to refurbish and rebuild studios 
in Culver Giy and has spent tens of millions of 
dollars on buyouts of executives including Frank 
Price, former chairman ot Columbia, and Mike 
Medavgy, former chairman of Tri-Star. 

Had Columbia or Tri-Star had a major hit in 
the past year — such as Walt Disney T s “Alad- 
din,” or 20th Century- Fox’s “Speed” (which Tri- 
Star had rejected) — criticisms of Mr. Guber and 
his top executives would have been muted. 

But his departure follows more than a year of 
grindingly slow activity at the studios, coupled 
with the financial drainage of flops like “Last 


Action Hero,” “Til Do Anything," “Geronimo: 
An American Legend," “Lost in Yonkers.” 
“Cops and Robbersons" and “North.” 

Moreover, executives at the studio complained 
that Columbia, under Mark Canton, seemed 
paralyzed at times, with studio executives locked 
m internal competition and bickering. At Tri- 
Star, the studio seemed rudderless, top agents 
and executives said. 

Starting around Jan. 1, Mr. Guber said, he 
would set up a company, heavily financed by 
Sony, to invest in and create films, television 
programs and other entertainment 

Among the successes of his Sony years were 
“Philadelphia.” “Sleepless in Seattle." “Remains 
of the Day” and “Age of Innocence." 

The selection of Mr. Levine to replace Mr. 
Guber came as a surprise. The quiet-spoken Mr. 
Levine is a contrast to the engagingly enthusias- 
tic Mr. Guber. Mr. Levine mil not have die same 
title: He was appointed president and chief oper- 
ating officer of Sony Pictures Entertainment. 
Mr. Guber was chairman and chief operating 
officer. 

Within Hollywood, several studio heads said 
privately that they believed Mr. Levine's job was 
temporary — until Michael P. Schulhof. presi- 
dent and chief executive officer of Sony Corpo- 
ration of America, found a permanent replace- 
ment. Mr. Schulhof and Mr. Levine vigorously 
denied this. 

The new regime at Sony faces a formidable 
task. Its movie business has foundered, and Sony 
Pictures Entertainment now ranks last among 
major studios in market share. With two dozen 
fi lms this year so far, Sony has had only an 1 1 
percent box-office share in the United States. 


OECD Gets 
Temporary 
Leader 

Agence Frmee-Pmsc 

PARIS — Staffan Sohl- 
man. Sweden’s ambassador 
to the Organization for 
Economic Cooperation and 
Development, was appoint- 
ed acting OECD secretary- 
general on Friday until the 
end of November. 

His appointment was a 
compromise after an eight- 
month political dispute that 
mainly pitted the United 
States against France came 
to a head late Thursday. 

The United Slates had 
said it wanted a non-Euro- 
pean as the organization's 
next secretary-general and 
this week confirmed it 
would oppose a third term 
for Jean-Ckude Pave of 
France, who turned 60 last 
month. The United States 
had the support of non-Eu- 
ropean members, including 
Japan, which has neverthe- 
less adopted a low profile 
in the dispute. 

The OECD council said 
the choice of Mr. Sohlman 
would allow the organiza- 
tion to work without inter- 
ruption. 




Page 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 1-2, 1994 


MARKET DIARY 


Computer Orders 
Erode Blue Chips 


Compiled by Our Staff From Dupachet 

NEW YORK — U.S. slocks 
dosed mixed on Friday after 
computer-guided sell orders 
buffeted the Dow Jones indus- 
trial average in the final half 
hour, causing the blue chips to 
register their second straight 
decline. 

The computer-driven orders 
shaved 17 points off the aver- 
age, undercutting a rally in 

U.S- Stocks 

Philip Morris that led the Dow 
to a 20.85-point gain earlier in 
the session. The average closed 
at 3,843.19, down 11.44 points 
for the day, the same amount it 
gained for the week. 

For the third quarter, the av- 
erage advanced 218.23 points, 
or 6 percent. 

“With the quarter ending, 
people unload some of the los- 
ers just to get them off their 
books," said Jeffrey Rubin, an 
analyst at Birinyi Associates. 

Three stocks rose for every 
two that declined on the New 
York Stock Exchange. Trading 
was active, with about 291.93 
milli on shares changing hands 


on the Big Board, down from 
302-14 million on Thursday. 

Stocks took their direction 
Friday from developments in 
trade talks aimed at narrowing 
Japan's $60 billion trade sur- 
plus with the United States, 
traders said. Friday is the dead- 
line for an agreement that 
would avert U.S. sanctions. Re- 
ports that a partial agreement 
was reached helped the dollar 
and bonds rally, bolstering 
stocks for much of the session. 

In over-the-counter trading, 
the Nasdaq composite index 
climbed 5.07 points, to 764.42 . 

Stocks also were buoyed by a 
firm bond market. Bonds also 
got a boost from news that an 
index of prices paid by Chica- 
go- area manufacturers dropped 
this month, suggesting inflation 
may be subdued. The yield on 
the benchmark 30-year bond 
fell to 7.81 percent from 7.84 
percent on Thursday. 

Philip Morris rallied VA to 
61 Vi. The company is expected 
to sell its Kraft food-service 
business and some smaller units 
for as much as $1 billion in an 
effort to bolster returns . 

(Bloomberg, Reuters, AP) 


Hope for Trade Talks 
Keeps Dollar Buoyant 


Compiled by Our Staff From Dupatcha 

NEW YORK — The dollar 
was firm Friday on expecta- 
tions that the United States and 
Japan would reach at least a 
partial agreement in their trade 
talks, dealers said. 

"Judging from the comments 
that have been leaking out of 
Washington, it looks like the 

Foflgii Exchange 

U.S. and Japan will reach a par- 
tial solution," said Win Thin, 
an analyst at MCM Cur- 
rency Watch. 

U.S. and Japanese officials 
held a final round of trade talks 
Friday, the U.S. deadline for 
progress in the talks before the 
United States considers sanc- 
tions. 

The two sides were likely to 
reach an agreement on govern- 
ment procurement for telecom- 
munications and medical equip- 
ment, but Mr. Thin said he saw 
no accord on the auto sector, 
which represents two-thirds of 
the U.S. trade deficit with Japan. 

“The importance of an agree- 
ment without the auto sector 


would be in doubt," Mr. Thin 
said. 

Because of uncertainty sur- 
rounding the outcome of the 
talks, which will not be known 
until Saturday, analysts said 
most traders squared up posi- 
tions before the close. 

The dollar closed at 99. 1 6 yen 
in New Y ork, up from 98.60 yen 
on Thursday, aL 1.5501 Deut- 
sche marks, up from 1.5482 
DM, at 1.2859 Swiss francs, up 
from 1.2855 francs, at 5.2925 
French francs, up from 5.2853 
francs. The pound was at 
$1.5800, up slightly from 
$1.5782. 

“People are still a little cau- 
tious," said Michael Faust, a 
money manager at the San 
Francisco firm Bailard, Biehl Sc 
Kaiser. "You could see a sharp 
reaction over the weekend and 
early Monday.” 

But others said movement on 
the trade news would be limited. 

"You’d be era zy to bet either 
way on the dollar," Mr. Thin 
said. “You don’t know which 
way the talks will finally go." 

( Bloomberg, Knight-Ridder ) 


Wo AHOOOM Press 


Sap,. 30 


The Dow 


Daily dosings of the 
Dow Jones industrial average 

m .. 



m. 


M A M: J J A 

1994 


S 


IHT 

NYSE Most Actives 


vgL High 

Low 

Last 

eng. 

TalA4o«. 

371 73 i218 

6118 

62to 

-to 

UsoirG 

36575 AM 

3’, 

4to 

-to 

EMC* 

3*203 20'., 

l?to 

20 

* to 


34434 61*6 

60to 

61 '-8 

-lto 

GnMotr 

37857 47to 

-Uto 

4618 

-to 


31399 2ST8 



-to 

Compaq s 

31098 33 y* 

32to 

32*, 

* to 

RJR Naa 

27&U) 7 


6 ’* 


Onyw 

26990 45*8 

444 

44to 

-./I 

NMedEnt 

25685 174 

164 

17’A 

-to 

AAorck 

24564 36 

351, 

:t£to 

-V. 



27 to 



AT&T 

2095) SAM 

53V. 

54 

-to 

IBM 

2D1 13 70V, 

ABtt 

69' 8 

mwm 

AlcanH 

20105 1818 

18V, 

18*8 

* to 

NASDAQ Most Actives 


VOL High 

Low 

Lost 

C3ig. 

Cisco* 

116240 27*8 




MQ 

79761 25*6 

Z4to 



IrwtH 

38644 62V, 



—to 

CnrmSh 

29640 8V« 

7VS, 


GlantCmt 

27965 14',. 

14 

14 



27283 14*8 




Welim s 

26102 197i 




SunMic 

25014 30*8 




InMrTTilK 

24765 Z7V, 




Noveo 

24734 14% 

l«to 


-to 

MICE Its 

21421 5718 

56to 

56to 


CalQurtr 

20761 Vi 


\’ A 


Sybase* 

18987 46'8 

45 

45V. 


3Com j 

18914 38'8 

36>i 



PrlcCMS 

16000 1A1> 

15*8 

16<'rt 

*9„ 

AMEX Most Actives 


VoL High 

Low 

Lost 

Che. 

VIoc vrt 

100182 1*8 

IV, 

l'A 


VtacB 

24441 39*j 

39*8 

39 Va 

-1 



Bto 

9 to 


Viacom 

7643 41 V8 

40'-, 

40*8 

-to 


6555 2 to 

1 V1 

Ito 

_l,4 

ivaxCp 

6169 1918 

19'-, 

1918 


Andre- 

5856 1'*., 

V'u 

1 =, 


RovdOe 

5006 4 Mi 

4to 

4to 

—t/u 



13H 



vtacwtc 

4650 3'A, 

2 ^1, 

3Vi, 

- to 


Market Sales 



Today 

Prev. 


Close 

COAL 

NYSE 

291.93 

36730 

Amex 

3X12 

4436 

Nasdoa 

27737 

284X6 

In millions. 




Dow Jones Averages 


Op9n Hrgb Low Last Chg. 
IldUS 3844*™ 387S.6 3 JftJB 81 3W 3 ID _ 1 1.44 

Tram id«a.u I4WJ0 usjxa -BjJS 

Util iflCXf 181.85 179.37 131. AS -1.45 
Comp 1 3BA.D0 1292X1 128136 1285 78 -144 


Standard A Poor's Indexes 


High low Close eft's e 
Industrials 551*40 547.08 54.18 + W6 

Trtutsa. 361.12 358.96 36009 +1.13 

Utilities 15X22 15208 15X50— 004 

Finance 4X36 4006 4012-004 

SP 50) 465 30 461.91 442*9 + 0.45 

SP 100 43103 42401 4jfl.il —0.18 


NYSE Indexes 


Hign low Last Otg. 

Composite J56 4S 754.99 255.52 -007 

Industrials 372 02 3I4XQ 320 63 -007 
Trnnsp. 23X09 230.77 131.44 -0.B9 

Utility 205 88 7TU 60 70S 75 -0X6 

Finance 206.39 J05 64 205 55 —0.08 


NASDAQ Indexes 


High Low Last Che. 

Composite ’*4.«3 759.99 76403 -SO? 

Industrials 777 W 77102 777.09 .5.97 

Banks 771.22 7ti9 19 770.90 — DJ9 

Insurance 9*0 60 93/ J7 939.92 —2.02 

Finance 4J7.BI *35.27 937. ID -1.04 

Tronic. 708.90 7D4.51 703 90 - 318 


AMEX Stock Index 

Hteh 

Low Last 

dig. 

458.81 

455 35 45931 -X34 

Dew Jones Bond Averages 

20 Bonds 

10 utilities 

10 Industrials 

Clew 

96.98 

9X10 

101X6 

Clfge 

— 030 

— 0-53 

— 037 

NYSE Diary 


One 

Prav. 

Advanced 

Declined 

Unchanged 

Total issue* 

New Hign* 

New Law* 

1301 

859 

707 

2867 

61 

77 

874 

1262 

725 

2861 

43 

93 

AMEX Diary 


Advanced 
Dcdinod 
unchanged 
Toko issues 
NcwHigns 
Now Lows 


Close 

Prav. 

340 

254 

242 

299 

227 

2 SS 

80V 

803 

17 

9 

28 

37 


NASDAQ Diary 


Advanced 
Declined 
unc banned 
Total issues 
New Highs 
Now Lows 


Close Prev. 
1974 1478 

1256 103 

18*4 1939 

5094 5090 

407 94 

65 61 


Spot Commodities 


Commodity Today Prev. 

Aluminum. lb 0.723 0724 

Copper electrolytic, lb IJfl 1X2 

Iran FOB, ton 21100 21100 

Lead, lb e.*> 040 

Silver. Irov oz 539 SJ» 

Steel (scrap). Ion 110.17 110.17 

Tin, lb HA. NA 

Zinc, lb 05104 05109 


EUROPEAN FUTURES 


Metals 

Close 

DM Ask 
ALUMINUM (High Grate) 
Dollars pgr metric ton 
5 POt 1 5922)0 159X00 

Forward 16172)0 16182)0 

COPPER CATHODES (High I 
Delian par metric tea 
Spat 247650 24 77 JO 

Forward 2490JJ0 2491.00 

LEAD 

Dalian per metric ton 
Spot 6202)0 621 JX> 

Forward 634X0 625. DO 

NICKEL 

Dalian per metric ton 
Spot 6360 JM 63702)0 

Forward 6460210 6470X0 

TIN 

Dollars pot metric roa 
SdoI 531X00 532X00 

Forward 539X00 5400210 

ZINC (Spedd High Grade) 
Dollars per metric ten 
Spot IffiKJffi HH7.00 

Forward 1029210 10302n 





High 

LOW 

Last 

Settle 

am 

PvewbiiM 

Mar 

16X73 

16130 

162X5 

16X23 

+ 1.50 

BM 

An 

Apr 

161.00 

16030 

16030 

■6030 

+ 1X5 



May 

160X0 

160X0 

160X0 

159X0 

+ 1X0 



Jane 

158J3 

13SXS 

15X30 

15830 

+ 1X3 

159100 

1596X0 

Jgtr 

16030 

16030 

16030 

16030 

+ 1.00 

161930 

1620X0 

Esr. volume: 17X31. 

Open Int. 106351 

i Grade) 








2518.00 

2519.00 

BRENT CRUDE OIL (IPE) 



253030 

2S31X0 

UJLda 

liars per 

barrel-lot* otixoo barrels 



Nov 

17X0 

16B5 

17.14 

17.15 

+ 041 



Dec 

17X0 

16X9 

17.16 

17.17 

+ 0X9 

62400 

625X0 

Jon 

17X0 

1633 

17X0 

17X0 

+ 0X9 

63X00 

637X0 

Fob 

17.15 

1692 

17.15 

17.15 

+ 033 



Mar 

17X8 

1690 

17X8 

17X8 

+ 0X5 



Apr 

17X0 

16X0 

17X0 

17X9 

+ 0X5 

641500 

6425X0 

May 

17X7 

1693 

17X7 

17.09 

+ 025 

6515.00 

6525X0 

Jon 

17X6 

1695 

17X6 

17X9 

+ 025 



Jly 

17X0 

1694 

17X0 

17.11 

+ 0X5 



Aug 

17X0 

1695 

17X0 

17.14 

+ 0X5 

3310X0 

5313X0 

Sen 

17X0 

1695 

17X0 

17.17 

+ 0X5 

3390X0 

5393X0 

Oct 

17X0 

169S 

17X0 

17.19 

+ 0X5 



1 st. volume: 36457. 

Open Int. 1SMU 

100730 

100030 







103000 

1031X0 , 








Financial 


High Low Close Change 
3-MONTH STERLING (UFFE) 

ISML000 - pts of 100 pet 


Deo 

91X6 

9117 

93X0 

-002 

Mar 

9X3A 

92X7 

92X0 

— 002 

Jan 

91.72 

9139 

9137 

+ 0X1 

Sep 

91X7 

91.15 

91X0 

-ox: 

Dec 

90.94 

9034 

90X8 

—002 

Mar 

9078 

9064 

9045 

— 003 

Jan 

mar 

?«30 

9031 

— 0X3 

5*0 

9050 

9043 

9045 

— 0X1 

Dec 

9043 

9038 

1040 

+ 0X2 

Mar 

9042 

9036 

¥0/58 

+ 0X4 

JIKl 

90/40 

9033 

90S 

+ 0X5 

Sea 

9036 

9035 

9036 

+oo* 


Est. volume: 592999. Open Ini.: 488X07. 
3+60 NTH EURODOLLARS (UFFE) 

81 million • pts of TOO pet 


Dec 

94X7 

94X6 

94X5 

— 002 

mar 

9339 

9339 

9348 

— 002 

Jun 

N.T. 

N.T. 

93X7 

— 0X3 

Sea 

N.T. 

N.T. 

9X97 

— 004 


9467 —02)1 

9437 —DOT 

9X84 —02)4 

9X48 —02)6 

9X20 —006 

9X99 — 02K 

9X»0 -0.05 

9X64 — BJM 

9X48 — D.D4 

9X37 — OJM 

9X20 —0-08 

9X12 —OJM 


Est. volume: 28. Open Int.: 1871 
3-MONTH EUROMARKS (LIFFE) 

DM1 m ml on - pts of TOO pet 
Dec 9471 94*4 

Mar 94J0 9412 

Jon 9X90 9X7B 

Sep 9336 9144 

Dee 9X26 9X17 

Mar 932)5 9X97 

Jon 9X86 9X7H 

Sep 9169 9X62 

Dec 9X53 9X47 

Mar 9X37 9X36 

Jim N.T. N.T. 

Sep 9X11 9X11 

Est. volume: 11BXS8. open Inr.: 691368. 
3-MONTH PIBOR (MATIF) 

FFS mflUOB-PtSOf lOOpct 
Dec 9ZB9 94JM 942)8 Unch. 

Mar 9164 9X55 9X62 unch. 

Jea 9X24 9X1 6 9X22 UrtCh. 

Sep 9X9S 9X82 9X90 UncJl. 

Dec 9X64 9X53 9X61 Unch. 

Mar 9X45 9X33 9X40 —02)1 

Jen 9X24 9X16 9X22 unch. 

Sep 9X10 9X03 9X08 — 02)1 

Est. volume: *3A48. Open Int.: 161526. 
LONG GILT (UFFE) 

BUM - pts & 3SMIS Of 109 pa 
Dec 99-30 99-08 99-24 + 0-10 

Mar N.T. N.T. 9904 4-610 

Est. votunta: 7X527. Open Int.; 98354. 
GERMAN GOVERNMENT BUND (UFFE) 
DM 2500*0 - pts Or lM pet 
Dec 8934 8866 8880 —038 

Mar 8840 88.13 BSLoa — O/M 

Est. volume LlMJMl.Ooeft lnL?47.754. 
10-YEAR FRENCH GOV. BONDS (MATIF) 
FF5DOL800 - pts ones 9Ct 
Dec 11156 518.52 11052 —056 

Mar 110.78 10950 11006 —058 

Jen 10938 10938 10932 —0.10 

Sep N.T. N.T. N.T. Unch. 

Est. volume: 158626. Open Int.: 127.196. 


Industrials 


High Low Lost Settle Cb’ge 
GASOIL (IPE) 

115. doilon pot metric ton-lots of 100 tom 
OO 15575 1SX25 15550 15530 +X50 

Nov 158X5 1*373 13773 15730 +175 

Dec 16030 15B30 15975 15975 +130 

J(UI 16X25 16075 16175 16175 +130 

Poll 16275 161 JO 16X75 16275 +175 


FTSE 100 (LIFFE) 
idex point 


Stock Indexes 

High Urn Close Change 


05 pgr Index pol_. 

Dec 3044J 2996X 30410 +«X 

Mar N.T. N.T. 3046X +453 

EST.voiume: 16J79. Opgn Int.; 55.134, * 
CAC 40 (MATIF) 

FF208 per Index point 

Sep 1890X0 18582)0 1H830 -1?* 

Oct 1B982H 18672)0 1BKUM -430 

NOV 1899X0 18782)0 1BB330 —4-50 

Dec 191X00 1880.00 1898X0 -*J0 

Mar 191900 10192)0 )0245D —430 

Jon 19252)0 19172)0 191430 — 4J0 

Est. volume: 58.120L Open Int.: 74X7H 
Sources: Matlf. Associated Press. 
London inn Financial Futures E*cnanue. 

inn Petroleum Excnanoe. 


Dlvhtonds 


Company per Amt Roc Pay 

IRREGULAR 

WPG Grw& Inca - .12 9-29 9-30 

STOCK 

BCB Find - 51b 10-8 10-21 

STOCK SPLIT 
Moson-Dlxnt 3 lor 1 split. 


BCB Find 

c -first cosh payment. 


C JM 1H 10-20 


AGE Hg Inca Fd 
Aetna Llte&Cas 
BlnksMfg 
Delmorva Pw&Lt 
Dreyfus CA Muni 
Drevlus Muni Inca 
Dreyfus NYMunlnca 
Drifts StrtaMnBd 
Draffs smg Gv 
Drevfs StrtgMnlnco 
FkM FedSvss va 
F rankln CA TxFInca 
Frankln CoraQual 
Frankln Fed TxFr 
Frankln Inco Fd 
Frankln lav Ged 
Frank n NYTxFIiwo 
Frankln Prem Ret 
Frankln US Gov 
Horizon Bank 
KCS Energy 
Meridian Insur 
NY Bancorp 
PSB Holdings 
Palmer Tube Mill 
Patriot PI Dtv 
Petrol lie Carp 
Production Oparatr 
Raytheon Co 
Sierra FocResource 
Transmedia Netwrk 
Unit DomlntonRtty 
VkwraCorp 
Wayne Svgs&Ln 


INCREASED 

Q 2)3 10-13 10-31 
REGULAR 

M sm 9-30 10-14 
O 39 10-28 11-15 

8 .10 10-18 11-1 
JB5 10-M 10-31 
M 2M7 10-13 10-27 
M 2)575 10-13 10-27 
M 215 10-13 10-27 
M 2)55 10-13 10-27 
M M75 10-13 10-27 
M 2)61 10-13 10-27 
2)3 10-14 10-28 
X37 MO 10-14 
2)83 
2)65 
2)15 
2)33 
2)63 

2ns 

214 


9-30 10-14 
MO 10-14 
MO 10-14 
9-30 10-14 
M0 10-14 
9-29 ID-14 
_ *08 10-14 

.08 10-12 10-31 
m id- 14 li-is 
M 10-14 10-31 
.20 10-13 10-27 
AS 10-11 10-26 
All 11-1 11-21 
2)96 10-13 10-27 
78 10-10 10-28 
IM 10-14 11-15 
375 10-10 10-31 
78 10-18 IM 
2)2 104 10-30 
.195 10-14 10-31 
.19 10-11 10-27 
.18 10-11 10-26 


d-aporox amount per ADR. 

D-amwal; g-paraMe la Canadian fends; m- 
moatMv; a-auarteflv; i «t nn l c nimm 


Japan Gets Increase in EU Auto Quota 


Compiled by Our Staff From Dispatches 

BRUSSELS — Japanese 
automakers won approval from 
the European Union on Friday 
for an increase of 9,000 in their 
permitted auto exports to the 
Union this year. 

Instead of the original 
984,000 sales, the new quota 
will be 993,000. 

The agreement follows two 
days of talks between the Eu- 


ropean Commission and the 
Japanese Ministry of Interna- 
tional Trade and Industry, un- 
der a 1991 agreement that sets 
annual quotas on auto im- 
ports. 

The two sides estimated EU 
car demand would increase this 
year by 4.4 percent, to 1 2.256 
million units, compared with a 
March estimate of 2.0 percent. 

The Japanese asked for an 


increase in the shipments in the 
light of the brighter market out- 
look. The Commission state- 
ment said the new figure for 
2994 represented a 1.3 percent 
increase from the 980.000 
agreed to for 1993. _ 


The auto arrangement calls 
for meetings early each year to 
set quotas for that year and al- 
lows for additional meetings in 
the fall if market conditions 
warrant 

(AFP, Knight-Ridder, Reuters ) 


U.S./AT THE CI.OSE 

Woolworth CEO Resigns in Dispute 

NEW YORK (Bloomberg) — Woolworth Com. sari Fnda> 
that William Lavin resigned as chief executive off 
chairman because of “differences" with the waiter s £ ant 
The resignation came four months after an accounting scandal 
that resulted in Mr. Lavin’s demotion from chairman- 
Mr. Lavin, a 13-year veteran of .the company, will be replaced 
by John W. Adams, a company director since 19* L M • • 
has been noexecutive chairman and will be interim CE 
company finds a replacement 

Bentsen Reiterates Sanctions Threat 

MADRID (Reuters) — Treasury Secretary Lloyd Bentsen 
stepped up pressure on Japan on Friday, as trade talks remained 
unresolved while negotiators raced toward a midnight deadline. 

Mr. Bentsen told Cable News Network there was much yet to 
be done" to get a deal and affirmed the United States was ready to 
: 3 I~..L1.,.1 „ Minfin r inns taJCin* DU1CC. 


Senate to Vote on GATT on Dec. 1 

WASHINGTON (AP) — The U.S. Senate will return to Wash- 
ington after the Nov. S midtrain election and vote Dec. 1 on the 
trade accord negotiated under the General Agreement on Tanffs 
and Trade, George J. Mitchell the majority leader, said Friday. 

Mr. Mitchell a Democrat from Maine, made the announcement 
after Senator Ernest F. Hollings, Democrat of South Carolina, who 
opposes the agreement, insisted on his prerogative to hold the 
agreement for 45 days in the Commerce Committee. After discuss- 
ing the matter Thursday with Mr. Mitchell, Mr. Hollings said he 
had agreed to permit the Senate to return after an election recess. 

Consumer Spending Rose in August 

WASHINGTON (AP) — Americans’ spending increased more 
than twice as much as (heir incomes' rose in August, the Com- 
merce Department said Friday. 

The department said income rose 0.4 percent, the seventh 
straight increase, while spending jumped 0.9 percent — the largest 
gain since 13 percent in February. 

Consumer spending, the largest force driving economic expai> 
sion, rose for the fourth straight month. While the latest rise was 
more than many analysts expected, they noted it was in line with 
recent data suggesting there was considerable economic strength- . 

Philip Morris Expected to Sell Kraft - 

NEW YORK (Bloomberg) — Philip Moms Cos., following 
through on its new leadership's promise to streamline, is close to' 
selling Kraft Food Service and some smaller units for as much as 
$1 billion, analysis said Friday. 

“A sale is imminent" for the food service business. Ron Morrow 
of Smith Barney said. A different analyst said the price would be 
between $600 milli on and $800 million. 

Sara Lee Adds 1,600 Job Reductions : 

CHICAGO, (Bloomberg) — Sara Lee Corp. will cut 1,600 more 
jobs than it projected when it announced a cost-cutting plan in 
June, according to the company’s annual report released Friday: 

The maker of food, personal care, and household products 
plans to cut 9,900 jobs, the report said. In June, the company 
projected 8,300 job cuts. i 

GM Strikes Accord With Workers 

FLINT, Michigan (AP) — General Motors Corp. and its union 
reached an agreement Friday settling a strike at a local plant that 
was beginning to force GM factories around the country to close, 
the local union president said Friday. 

Issues including excessive overtime demands and staffing levels] 
caused workers to walk out of GMs Buick City complex on 
Tuesday. They are to vote to ratify the agreement on Saturday. 


WORLD STOCK MARKETS 


Vacm France Preue Sept. 30 
date Prev. 


Amsterdam 

VBN Amro Hid 58.10 5830 


*CF Holding 
Vegan 
Vhold 
vxxo Nobel 
VMEV 


38 38J0 
10020 100 
49 48J0 
204.10 207.90 
WTO 7030 


Sois-Wraonen 33.90 3470 
'.SM 6430 6670 

3SM 14730 15X30 

Elsevier 16*40 1MJB 

=okker M 15.90 

Slst-Brocodn 4470 4£2) 
4BG 278 288 

fetnekui 23730 2J9 

Hoooovens 7630 7830 
ftjnttr DouotoS 7730 7630 
HC Coland 4130 4130 
mar Mueller 
nri Nederland 
(LM 


CNP BT 

:pn 

tedlknrd 
XeGrlnten 
’akhoed 
’hiibn 
*Dlvaram 

{Ddamco 
toltnco 
toronk) 
loval Dutch 
•lork 
Jnl lever 
/an Ommeren 

7NU 

VotterVK lower 12330 
|OE lodex : 40X27 
*rrrtom : 48371 


93 9530 
75 7530 
«5ffl 4730 
53 5X20 
5240 5X40 
5630 410 

7330 7X30 
4530 4730 
53.10 5X40 
7530 7X40 
114.10 IK40 
5X10 5X10 
117 11730 
8230 8230 
18770 18630 

43 

19830 199.40 

44 4570 
18870 190-70 

119 


Brussels 


G Fin 
imanll 
rtwd 
arc© 

BL 

efcoert 

VR 

MS 

HP 

Dckerlll 


otruyt 

•mode 

Jeorabei 

fectraflna 

IB 

BL 


nmabal 

radletbank 


Kttcel 
ovale Beige 


2540 2535 
7510 7510 
■JJ60 4900 
2550 2520 
4025 4035 
73525 24000 
17050 12050 
2450 2490 
1900 1900 
JOB 200 
5MO 5340 

7140 7100 
1244 1246 
5390 5300 
2895 2195 
1336 1372 
3980 3950 
9150 BTflO 
4259 4349 
2900 2905 
6180 6210 
1400 1420 
9830 9890 
2790 2770 
482 <90 

4630 4650 


1 C Gen Banaue 7890 7B40 
x Gen Belgique 2065 MBs 


Sllna 

Fw 

HMMerlo 

■ociebel 

CB 

nkjn M inter* 
> Lite 




13325 133® 
[14350 14350 
10200 10250 
9700 9410 
J4000 23VW 
2690 2690 
| 6730 67301 
713X34 H 


Frankfurt 


EG 

<cat t l 5EL 
Ulanz Hold 
tano 
*0 
W 
iver 

nt. Hypo bonk 
iv Verelnssk 
SC 

HP Bonk 
ww 


14X40 153 

281 290 

2250 2350 
636 642 

060 850 
305306-80 
34930 3M 
37037638 
413 42S 

707 735 

37837830 
754 752 


imi ncr ibu nit 30130 308 


mtineidal 
ilmier Benz 
inuraa 
Babcock 
■urcdwBmk 
Mgka 

■MdnerBotHi 
•Wmuebte 
Krugs Hoescfi 


mxei 

child 


■bmann 
•rtert 

'KA 

III Sole 
iretadt 
■utlKrf 
60 

Bocknarwerke 


We 
ntwwa 
AN 

nummann 
ttaiigegHi 
nocn Rueck 
reche 

«i*W 

VA 

ve 

sin melon 


237 236 

74075130 
476 479 

230 23S 
67568730 
504 505 

38837130 
301 301 

196 199 

, 320 334 
545J0 564 

974 985 
331JD 334 
916 915 

212 215 

330 337 
145 141 

600 607 
4933050X50 
1 21 JO 129 

137140.10 


870 889 
181 184 

394 407 
3893038080 
14038 145 
2800 2700 
0393D 648 
44X7044830 
229 239 

45130 463 
28530 293 
95X50 955 



Close Prev. 

Siemens 

63X50632X0 

Thyssen 

282 

289 

Vana 

307 

317 

veta 

514X052130 

VEW 

332 

327 

VI aa 

<7648630 

Volkswagen 

426 

437 

Wei la 

1025 

1030 

DAX index : 20 

1-75 


BSjKijg 

Pravloas : 773-S 

ft 

r 


Helsinki 


Amer-Yhlymo 

106 

106 

Enso-Gutirlt 

ASM 45.90 

Huhlamokl 

144 

144 

OOP. 

10 

930 

Kvmmene 

133 

135 

Metro 

151 

145 

Nokia 

565 

565 

Pahloki 

68 64X0 

Rena la 

102 

102 

Stockmann 

245 

2*5 


Hong Kong 

Bk East Asia 33 XU0 

Cathay PacHtc 1X25 IX« 
Cheung Kang 37.60 3170 
China Light Pwr 39J0 39A0 
Dairy Farm Inti 1IU0 1075 
Hang Lung Dev 14X5 1430 
Hang Seng Bank 5425 SSJO 
Henderson Land 48 4830 
HK Air Ena 3570 36 

UK China Gas MjSO 
HK Electric 2535 25.95 
HK Land 19.10 19 JO 

HK Realty Trust 19,40 1975 
HSBC Holdings 8630 88 

HK 5nang Mils 1M5 1135 
HKTetecamm 1535 15.70 
HK Ferrv 11 J5 1U5 
Hutch wmampaa 36.40 3730 
HvsanDev 2135 2235 
Jaralne Math. 6UO 67 
jaramoStr Hid 31.30 31 Jn 
Kowloon Motor )5.« 15.70 
Mandarin Orlenl 10 1DJ5 
Mlramor How 1935 1975 
New World Oev 2635 26.05 
5HK Props 5775 59 

Sfaiux 371 323 

Swire Poe A mlso eijs 
Tol Cheung prps iom irbs 

TVE 4JM 4JM 

wharf Hold 31.10 jijo 
W heelack Co 16.95 17^ 
WMa On Co Inti 11J0 11JS 
Wlraor ind. 1025 uwo 

K5lSS*?4!S8Si :wa,J4 



Close Prev. 


2X5 

2X2 

GEC 

X93 

ZBt 


■ '.I 

5L4S 

Glaxo 

mu 

574 

Grand Met 

4X8 

4X2 

GRE 

G uhi ness 

1X2 

IJCi 

436 

4X1 

GUS 

539 

53t 

Hanson 

X31 

2X1 

Hlllsdawn 

1J4 

IXJ 

HSBC Hklgs 

7X4 

7.1! 

ICI 

8X1 

HXV 


4X7 

4X1 

Kingfisher 

4X9 

4/1 

Ladbroke 

133 

134 

Land Sec 

6X6 

6X3 

La corte 

7.18 

7XC 

Lasmo 

133 

131 

Legal Gen Grp 

430 

4X4 


SM 

SM 

Marks 5p 

4X3 

4X2 

MEPC 

AM 

445 

Non Power 

431 

432 

NotWest 

4X7 

4/4 

Nthwsl Water 

530 

532 

Pearson 

5X2 

5X7 

P&Q 

6X2 

421 

Pllklnctan 

1X8 

1X5 


5X7 

5.14 


196 

X91 

Rank Ora 

4X2 

3.9/ 

Reckltt Col 

5AI 

5X5 

Redland 

4.94 

4.V4 

Reed Inti 

736 

734 

Reuters 

4X3 

471 

RAAC Group 

9J8 

9Jt 

Roll* Payee 
Roltunn (unlr) 

1X1 

3X0 

1X1 

X9A 

Rovol Scot 

4.14 

414 

RTZ 

8X9 

8X3 

Solnsbury 

4 

3.9! 

Scot Newcas 

4X5 

4J«| 

Scot Powter 

336 

W* 


1-04 

1 

Severn Trent 

536 

5L41 

Shell 

6.98 

6.94 

Siebe 

540 

535 

Smith Noohew 

143 

13! 

SmithKIIneB 

4X6 

4X4 

Smith IWH) 

4X6 

44i 

Sun Alliance 

3X0 

X14 

Tate & Lyle 

AM 

434 

Tesco 

X36 

225 

Thom EMI 



Tomkftn 

2X2 

114 

tsb Group 

X17 

XU 

Unilever 

11X4 

11.15 

Uld Biscuits 

3X7 


Vodafone 

1.98 


War Loan JVS 

411*8 

4031 


63b 



SM 


Williams Hde* 

140 



1-4 A 

IAS 



Close Prav. 


Montreal 

Alea Lid I 134v 13VS 

Bank Montreal ZM 24 
BCE Mobile Com 38VS 3886 
Cdn Tire A 1139 1144 

can Ulll A 23V, 23’c 

Cascades flv. Bln 

Crownx Inc 1714 I TVS 

CT Fln'l 5vc 1764 17V, 

Gai Metro 1266 12*6 

GIWestLlfeco 20 20U 
Hees Inn Bcp 13 1314 
Hudson's Bay Co 29 2ffte 
imasco Ltd 38 37*V 

Investors Grp Inc 16*6 16*6 
Labatt (John) mvst 2lVa 
Loblaw Cos 22 21*6 

Molson A 21V6 2DVi 

Noll Bk Canada WS 9V. 
Oshawa A 19*i 19’^ 

Poncdn Petrolm 42V» 42 

Power Com 19*4 19*6 

Power Flnl 28)2 28 

Quebecor B 17*6 17*4 
Rogers Comm B SflVi 20*6 
Royal BfcCda 28*6 28*6 
Sears Canada Inc 8 7*» 

Shell Cda A 43 43*4 

Southam Inc 16 1616 

Sldco A 8*4 9 

Triton Flnl A 370 335 

inAHTrlali Index : 194834 
Pravkws : 194577 


Johannesburg 

AECI 

Alteeh 


Z7 25 
121 100 
277 235 

2830 2875 
1175 1175 
SB 59 

100J® 100 

6730 6&2S 
1435 1430 
126 126 
4575 46 

W H 

7175 71 

. 30 DOTS 
5630 56 

118 117 

8330 8330 
49 NA 
36 3575 
219 218 

8SS85??8®566 , J3 


Anglo Amer 

Borlows 

Blyvogr 

Buttels 

Oe Beers 

DrlefonleM 

Gencor 

GFSA 

Harmony 

H ion veld steel 

Kloof 

Nedbank Grn 
Runataniein 
Rinntal 
SA Draws 
St Helena 
SascH 

Western Deep 


Madrid 


London 


Abbev non 
Allied Lyons 
Arto Wiggins 
Arovu Grous 
Ass Brit Foods 
BAA 
OAe 

Bonk Scotland 

Barclays 

Bass 

BAT 

BET 

Blue Circle 
BOC Group 
BOOtS 
Bawdier 
BP 

Brit Airways 
Brit Gas 
Brit Steel 
Brit Telecom 
BTR 

Cable Wire 
Cadbury SCh 
Coradan 
Coots Vlvella 
Comm Union 
CoorfayWs 
ecc Group 
Enterprise Oil 

Eurotunnel 

Pisans 


3J8 

£65 

769 

273 

537 

4.90 

432 

X07 

169 

5.1S 

476 

UH 

278 

6.92 

577 

4.72 

4 

161 

198 

172 

165 

3M 

4JH 

469 

168 

179 

534 

479 

333 

337 

262 

1.17 


330 

566 

XM 

272 

538 

4.75 

467 

l.*9 

563 

5.15 
473 
135 
177 
678 
570 
437 
194 
145 
191 
1.70 
165 
338 

4 

430 

274 

2 

<98 

4.41 

333 

335 

260 

1.15 


BBV 3160 3185 

bcd Central Hlso. 2905 2890 

Banco Santander 4915 5000 

Bonesto m 1035 

CEPSA 3195 3205 

Draoados 1950 19S0 

Endesa 5420 5500 

Ereros 166 166 

Iberdrola 813 819 

Roasoi sm sm 

Tnbacaiero 3180 3120 

Telefonica 1735 1740 

%Z£??m ,nae * :2KS3 


Milan 


Alleanm 

Assffallo 


16S00 17040 

13255 13950 


Autastrode prlv 1833 1870 
BeaAorKofturo 2750 2500 
8 co Comm er Hal 3855 3950 
Bconoz Lavoro 13100 13300 
Bca POP Novara 8050 8050 
Bancs dt Roma 1780 iud 
B cuAmbrostano 4385 43U 
Bca Napoli rtsa 1330 1330 
Benetton 21000 22150 

CredltOltgHciH 2080 2140 
EnknemAug xwo 3050 
Ferlln 1582 1630 

Rottpa 6680 6740 

Flnon: Agrotnd 10680 10850 
Finmeccanica 1519 1579 
Fondtartospo 
Generali Asslc 
IF1L 


Hal ce mentt 

Itaigo a 

Mediobanca 
M o ntedis o n 
Olivetti 
Pirelli soa 
RAS 

Rlnoscenie 


11355 11500 

40000 40750 

5900 5W) 
31510 11900 
5295 5475 
14000 14250 
1363 1392 
2090 2105 
2490 2365 
23500 25700 
9IB5 9250 


San Paolo Torino 92*0 9290 

SIP 4400 4475 

SME 3880 3890 

SnJabPd 25W 2305 

Standa 34900 34500 

Slot 

Torn Asslc 

Ml B Telematics: 10837 
Previous : 10992 


Paris 

Accor 60S 613 

Air UoukJe 717 726 

AlCOtEJ Alstnom 409.39 48870 
AjM 23760 231 

Boncoire (Che) 499 503 

|IC 456 CT3 

BNP 24523930 

Bowoues 585 590 

Danone 724 720 

Carre four 2100 2300 

C.CF. 214 21560 

Cerus 10430 ifi* 

Ctaroeure 1220 1216 

CJmenfs Franc 296 298.90 

Out 1 Med *59 459.40 

Elf-AauiroJne 380380.90 

Euro Disney 8 8j05 

Gen-Eou* 447 46730 

Havas 419 415 

I metal 585 564 

L oforoe Coppee 4)660 477 JO 

Legrand 6810 eeno 

Lyon. Eaux <6960 47) 

Oreol (L’J 1093 1112 

UVALH. 872 BW) 

Motro-HacfiettB 10530 103 

Mlchelln B 215.90 210 

Moailne* 11812030 

Porlbos 324 31770 

Ptchtnev inti 144 146 

Pernod-ftlcard 

Peugeot 
Plnautt Print 
RadlatechnlQue 
Rh- Poulenc A 


Raff. 51. Louis 
Sanofl 

Saint Gobaln 
S.E6. 

S te Generate 

Suez 

Thomson-CSF 

Total 

UJLP. 

Valeo 


303 30360 
784 773 

913 915 

5*5 522 

12130 12X50 
1457 MOO 
23830 235 

437 438 

529 523 

£48 S3i 
25130 249.10 
13913630 
31170 315 

133.90 130 

279.40 37530 


Sembawcnw 
SI me Singapore 
Sing Aerospace 
Sing Airlines torn 
Sing Bus Svc 
Sing Land 
Sing Peflm 
Sing Press tarn 
Sing snieMdg 
Sing Telecomm 
Straits Steam 
Straits Trading 
Tat Lee Bank 
Utd Industrial 
UtdOlea Bk tarn 
UtdOMeas Land 


Close Pro*. 


Close 

Prev. 

11.90 

1X10 

Shlmarv 

716 

720 

1JIS 

1X9 

SlUnetsu Chem 

2030 

2050 

234 

X38 

Sony 

5760 

5800 

14.50 

1450 

Sumllomo Bk 

1880 

1850 

935 

930 

Sumitomo Chem 

561 

564 

8.95 

935 

Suml Uterine 

908 

•iff? 

238 

239 

Sumitomo Metal 

350 

350 

26 25.90 

Tatsei corp 

656 

663 

2-59 

X57 

Takeda Chem 

1160 

11B0 

3X2 

332 

TOK 

4410 

4370 

490 

490 

Tellln 

557 

569 

338 

332. 

Tokyo Marine 

118® 

1190 

436 

438 ' 

Tokyo Elec Pw 

2920 

2900 

1/49 

130 i 

Toopan Printing 

1440 

1440 

1490 

15.10 

Torar Ina. 

770 

772 

233 

177 

Toshiba 

745 

75J 

ex: 233243 

Tovoto 

2030 

2030 

i 


Yamaldil Sec 

775 

759 


Stockholm 


AGA 

69 

68 

Asen A 

529 

539 

Astro A 

17930 

180 

Allas Copco 

9430 

95 

Electrolux B 

354 

355 

Ericsson 

398 

40C 

Esselte-A 

98 

94 

Hanctotsoanken 

89 

8730 

Investor B 

17X50 

173 

Norsk Hydro 

249 

249 

ProcordlaAF 

13330 

132 

SandvIKB 

10930 

111 

SCA-A 

17830 

119 

S-E Banken 

45.30 

4530 

Skcmdlo F 

126 

125 

Skcmska 

148 

147 

SKF 

13030 

130 

Stora 

428 

427 

Trellebaro BF 

100 

102 

Volvo BF 

13630 

137 

AWoysvaertgenj 178739 
Prevloui : T79U3 


>. •; r. i * ! ' • 


a: x IOBl 

NHdcrl 225 : 19564 
Prev toes : 19615 


Toronto 




Sao Paulo 

Banos do Brasil 1830 if 


Banessa 
Bradcsco 
Brtewno 

Cam lg 

Eietrobras 
Itoubeneo 
Llgtit 

Poronaoonema 
p«irobn» 

Scum Cruz 
Tehrbras 
Tomsb 
U siminas 
vale Rio Doc* 

VOrtg 
Bamoa Index : smo 
Previous: 54426 


960 940 
840 E.T5 
86025730 

90 92 

367 366 

290 277 
345 328 

12 1X80 
16839 168 

7400 7300 
534} S3 
485 455 

160 1/C 
17779 176 

175 KA. 


Singapore 

AMg Pgc Brew 1630 17 

Cerebos BUS aiO 

aty Develepmnt 835 8.1} 
CvdeS. Carnage 12JD 13 
DBS 11 10.90 

DBS Lend 464 470 

FE Levlnsstan 660 645 
F mer & Heave 1730 1730 
Gt Easm Life 27 JO 2730 
Hong Leans Rn 442 644 
ineneope 560 STD 

Jurong Shtoyard 1330 14 

KayHlonJ Corel 831 118 
KipmI 12 1X30 

Natsteel 322 320 

^5 _££5( Heptane Ortenr zw X34 
.36900 27500) oCBCtoretan 1430 1430 
ffsees Union BK 630 675 


Sydney 

Amcor 
ANZ 
BHP 
Bora) 

Bougainville 
Catos Myer 
Coma Ico 
CRA 
CSR 

Fosters Brew 
Goodman Field 
ICI Australia 
Magellan 
M1M 

wot Aim Bonk 
News Carp 
Nine Netwgrk 
N Broken Hill 
Poc Dunlop 
Pioneer Inn 
Nmndy PusekJon 
OCT Resources 
Santos 
TNT 

Western Mining 


Woodtide 


8X8 

8.96 

3.91 

195 

1734 

19.70 

331 

140 

UK 

1X2 

417 

4.15 

532 

540 

19 

19 

448 

434 

1.14 

US 

1X8 

1X8 

11 

10X6 

1X2 

1X5 

2XS 

2X9 

1037 

1038 

837 

830 

411 

417 

331 

175 

410 

414 

335 

138 

X60 

X63 

138 

1/40 

190 

3X5 

2J9 

X40 

737 

7X0 

420 

4X3 

5 

4.90 


Tokyo 

Akal Electr 426 425 

Asow aiemlwi 782 787 

AscN Glass 1X9) 1210 

Bmk of Tokyo 1500 1500 

Brktoestane 1550 1540 

Canon i7.« it«) 

Casta 1250 1240 

Dal Nippon Prtnl 1790 1820 

Dal wo House 1390 1390 

Dalwa Securities 1458 1480 

FOWC 4630 4563 

Fuji Bank 2ioo 2130 

Fuji Photo Km 2240 

Fujitsu 10® 1050 

HItocH 956 961 

Hitachi Cable 841 mj 

1650 1650 
5290 5320 
725 723 
747 747 
981 983 

2500 2470 
448 447 
1150 1140 
90S 895 
735 729 

7898 7060 


tto Yokada 
Itochu 

Japan Airlines 
Kaltanc 
Korea I Power 
Kawasaki steel 
Kirin Brewery 
Komatsu 
Kubaia 

Kyocera. 

Matsu Elec inds 1580 1630 
Matsu Elec Wks 1060 1060 
Mitsubishi Bk 
Mitsubishi Kernel 
Mitsubishi Elec 
Mitsubishi Hev 
Mitsubishi Coro 
Mitsui and Co 
Mitsui Marine 
Mltswkoshl 
Mitsumi 
NEC 

NGK Insutotora 
Nlkka Securities 
Nippon Kooakv 
Nippon on 
Nlppan Steel 
Nippon Yuscn 
Nissan 
Nomura Sec 
NTT 


2460 2490 
S5D 550 

2S 704 

770 772 
1230 123) 
844 837 

765 754 

921 932 

1370 1300 
1190 1200 

102 a 1020 

1130 1140 

901 916 

688 686 
390 393 

634 636 
809 794 
.3050 2078 
SMOcffiSOa 


Olympus Optical 10*0 10a 

Pion e e r 2550 2570 

Rieon *89 9H 

jRvwnFlec 563 562 

ware 1760 1760 


Abttibl Price 
Air Canada 
Alberta Energy 
Alcan Aluminum 35*s 
Amer Barrkk 35*n 
Avenor 

Bk Nova Scotia 
BCE 

BC Telecomm 
Bombardier B 

Bra ma Ira 

Brcscan A 
Cameco 
CIBC 

Cdn Natural Res 
CdnOcdd Pet 
Cdn Pacific 
Cascades Paper 
Cominca 
Consumers Gas 
Datasco 
Daman Ind B 
Du Pont Cda A 
Echo Bav Mines 
Empire Co. A 
Felconbrldae 
Fletcher Chal I A 
Franco Nevada 
Guardian Coo A 
Hemto Geld 
Horsham 
Imperial OP 
Inca 

I PL Energy 
Lac Minerals 
Lataiaw a 
L atdlaw B 

Laewen Group 

London Insur Gp 23*6 
Mocmlll Btaedel 
Magna Inti A 
Marne Leaf Fds 
Moore 


20 to 
7*8 
20*i 


27V. 
26*k 
48 V, 
25*6 
22*6 
4.10 
19*8 
26*8 
31*8 
18*8 
29*8 
23VJ 
6V» 
24 
1718 
23*8 

13 
1918 
1818 

14 
21 V, 
199. 

87 

9 

15*8 
21 to 
4218 
40 M, 
2 ffto 
17*8 
io*e 

IOHj 

32*8 


49*8 

live 

24*8 


Newbridge Netw 43 hi 


27 ‘8 
12V* 

46*8 

14*8 

13*i 

11*8 

33*4 


Narando Inc 
Noranda Forest 

Norcen Energy 
Ntnern Telecom 
nova 

Onex 

Petro Canada 

Placer Dame 

Potash Cora Sask 55*8 
Prmrioo S*h 

PWA 030 

Quebecor Print 14*6 
Renaissance Eny 2818 
Rta Algom 26 

Seagram Co 40*6 
Siane ConsoM 1918 
Talisman Eny 
Teleglone 
Telus 
Thomson 
Tor Pom Bank 
Trareolta 
TronsCda Pipe 
Utd Dominion 
Utd Westbume 
Westcoast Eny 
Wtoston 

Xerox Canada B 


29ta 

17*6 

16*8 

15*. 

SOU, 

14V» 

171% 

M*i 

11 

2218 

39 

46*6 


T5E toe Index : 435438 
Previous : 436X10 


20to 
7*6 
20*4 
35V4 
36 
27*8 
26*8 
40Vl 
25*4 
22to 
4.10 
19*8 
26*8 
3118 
17*4 
2W) 
22*8 
6*8 
24*8 
17 
23to 
13 
18*8 
10% 
NA 
21 to 
19*8 
0618 
4 

1518 

21*8 

42*8 

28*8 

I7VJ 

ioto 

io» 

32*« 

22to 

20to 

49V8 

10*8 

25 

43V. 

Z7ta 

1218 

IBVa 

47*8 

14*8 

13*8 

11*4 

3418 

5418 

5*8 

031 

14*6 

20*8 

25*4 

4118 

39V, 

17*8 

17 

15*8 

29*8 

14*8 

17*8 

25*8 

1018 

ai*» 

37V8 

46*8 


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526 

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345 

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1520 

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890 

874 

770 

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398 

1149 

1193 

132 

134 

1510 

1510 

5750 

3950 

10130 

102 

680 

*80 

8000 

<000 

.855 

865 

1960 

1955 

368 

368 

626 

577 

863 

BK 

1200 

1205 

,« 

660 

1187 

1230 


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Danmark 

D.Kr. 

3.400 

■■ aa • 

1X00 

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1 Finland 

F.M 

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■■ .40 

1X00 

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1 Franc# 

F.F. 

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• .40 '.' 

1,070 

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1 Germany* 

DM. 

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Sweden (aemain 

SKr. 

3,100 

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SKr. 

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S.R. 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, OCTOBER 1-2, 1994 


Page xi 

EUROPE 


Debt Reduction 
Helps Ferruzzi 
Back to Profit 


Compiled by Our Staff From Dispatches 

MILAN — Ferruzzi Finaxt- 
ziaria SpA, the Italian agro- 
chemical company that almost 
collapsed last year, said it had 
returned to a profit in the first 
half of 1994 as restructuring 
program helped it reduce debt. 

Ferruzzi said it posted first- 
half pretax profit of 144 billion 
lire ($92 million), compared 
with a loss of 840 billion in the 
same 1993 period. 

Revenue was little chan ged, 
dropping to 11.43 trillion lire 
from 11.49 trillion lire as the 
pomp any sold some non core ac- 
tivities. 

The return to profitability 
was helped by the fall in net 
debt to 1S.77 trillion lire from 
21.95 trillion lire. 

The Ferruzzi concern, which 
has undergone a massi ve re- 
structuring after last year's fi- 
nancial troubles, said it expect- 
ed a buoyant second half. 

But the company said it ex- 
pected to record full-year 
losses, after taxes and minority 
interests. 

In the first half, net assets 
rose to 9.23 trillion lire from 
5.99 trillion. 

Ferruzzi, Italy’s second-larg- 
est private industrial concern, 
after Flat SpA, was the center 


of a publicized corruption scan- 
dal Last year that ended in the 
apparent suicide of Raul Gar- 
dmi, who had resigned as presi- 
dent the year before. 

A bank restructuring and 
several share sales brought the 
company back from the brink, 
while a new management was 
brought in that exposed hidden 
losses and bribes on past bal- 
ance sheets. 

Ferruzzfs return to profit was 
expected after its mgi n subsid- 
iary, Montedison SpA, reported 
two weeks ago that it had earned 
289 billion lire in die first half, 
reversing a year-earlier loss. 

( Bloomberg, Knighl-Ridder) 

■ Fmrnvest Narrows Profit 

Fininvest SpA, the media 
company controlled by Prime 
Minister Silvio Berlusconi of It- 
aly, announced net profit of 
1 1.5 billion lire for 1993, down 
from 21.1 billion a year earlier, 
Agence France- Pr esse reported 
on Friday from Milan. 

Sales rose 10 percent, to 
11.55 trillion fire. 

Net debt at Dec 31, 1993, was 
3.92 trillion lire against 3.33 
trillion a year earlier. 

Investments rose to 221 tril- 
lion from 1.73 trillion. 


Tourists Help 
Trim Ciga Loss 

Bloomberg Business News 

MILAN — Ciga Hotels 
SpA said Friday its net loss 
narrowed to 64 billion lire 
($41 million) in the first 
half from 1 10 billion lire a 
year ago. 

Citing a pick-up in Ital- 
ian tourism, the Italian ho- 
tel company said it had a 
small operating profit of 8 
billion lire in the half, com- 
pared with a loss of 2 bil- 
lion lire a year earlier. 

ITT Coro, has bought 35 
percent of Ciga on the mar- 
ket and is of bidding for 
another 35 percent ITT 
controls three of the seven 
seats on the Ciga board. 


Benetton Profit 
Up Only Slightly 

Bloomberg Business News 

MILAN — Benetton SpA re- 
ported Friday that its sales and 
net profit rose only moderately 
in the first half of 1994 as it cut 
prices to increase volumes. 

Net profit was 100.5 billion 
lire ($65 million), up 1 percent 
from 98.6 billion lire a year ear- 
lier. Revenue rose just 0.4 per- 
cent, to 1367 trillion lire; but 
sales in volume terms rose 10 
percent. 

Benetton said its price cuts 
ranged from 6 percent in Italy 
to 28 percent in Japan. The 
company has been taking ad- 
vantage of the weak lira to cut 
prices in overseas markets. Net 
debt fell to 4803 billion lire 
from 5363 billion lire. 


Auto Recovery Is Uphill 

Recession-Battered Firms Are Leaner 


Bloomberg Business News 

PARIS — Volkswagen’s Polo may turn out 
to be the lead actor at the Paris show, open to 
the public from Ocl 6 to 16. But Volkswagen’s 
relatively safe bet with the Polo, a subcompact 
restyled to resemble its larger best-selling Golf 
model, underscores the industry’s sober prag- 
matism as it emerges from recession. 

Still smarting from a 15 percent fall in 1993 
sales, European carmakers, including Ford 
Motor Co. and General Motors Corp.’s conti- 
nental divisions, can look forward with only 
mild optimism toward 1995, analysts said. 

This year’s European car market may grow 
about 4 percent, to 1 1.9 milli on vehicles, even 
though sales were up 6 percent during the first 
eight months of the year. The reason for the 
latest short-term slide is disconcerting: sales 
in Germany, Europe’s largest market, are 
shrinking after holding their own in the first 
half, and the British market has been virtually 
stagnant since July. 

Nothing on next year’s horizon looks likely 
to brighten the sales outlook, although the 
end of the recession could allow some con- 
sumers to loosen their purse strings. Uncer- 
tainties stemming from rising taxes in Germa- 
ny next year and France’s presidential 
elections in May could dampen spending in 
Europe’s two largest economies. 

“There’s a risk that growth might not even 
be 3 percent next year,” said Arthur Maher, 
an analyst at DRI/ McGraw-Hill in London. 
“Germany still has massive unemployment, 
the heat in the U.K. recovery is about over, 
and the incentives in France and Spain will be 
ending.” 

A popular VW Polo subcompact from Eu- 
rope's largest carmaker would not be wel- 
come news to rivals. It would, however, sym- 
bolize the success the industry has had 


squeezing profit out of a recession, although 
at the cost of some 100,000 lost jobs over the 
past three years. 

The layoffs, tightened production sched- 
ules, improved just-in-time deliveries, and 
falling interest rates have helped Europe's 
carmakers recover from large losses last year. 

PSA Peugeot Citrofcn SA and Fiat SpA 
returned to profit in the first half while VW 
predicted it would break even this year. 


Still smarting from a 15% 
fall in sales in 1993, 
carmakers can look ahead 
with only mild optimism. 


But analysts said competition remained in- 
tense and the market was still fragile. 

Japanese carmakers, which now sell 1 1 per- 
cent of cars in Europe, are expected to hold 1 5 
percent of the market by the end of the 
century as tight import quotas, especially in 
France and Italy, are phased out. South Kore- 
an carmakers have recently begun to sell 
inexpensive cars in Europe, which could un- 
dermine local big-volume producers. 

To top it off, Chrysler Corp. is to launch its 
Neon sedan in Europe this fall, in addition to 
the Voyager and Cherokee already built and 
sold here, while Ford and General Motors are 
looking to complement their European offer- 
ings with U.S. models. 

Growth prospects outside Europe are bet- 
ter, but although European carmakers have 
been quicker than Americans to move into 
Aria, they may not have the financial clout to 
keep their lead. 


Opel Sees a Return to Profit in 1994 


Reuters 

BONN — Adam Opel AG, 
the German unit of General 
Motors Corp_, will return to 
profit in 19&, Chairman Da- 
vid Herman said in an inter- 
view published Friday. The 
company had posted a loss of 
503 million Deutsche marks 
($325 million) in 1993. 

He also said that Opel 
planned to introduce a new 
small car. 

“Our 1994 figures are go- 
ing to be clearly m the black,” 
Mr. Herman said in the Fri- 
day edition of the Handelsb- 
Jatt newspaper. Mr. Herman 
did not say how high the prof- 
it figure might be, but the 
newspaper said that Opel 


sources had said 300 milli on 
DM was realistic. 

Opel said this summer that 
its results would undergo a 
sharp upturn this year but it 
was not sure at that time if it 
would return to profit. The 
company has said recently 
that its sales were surging, 
particularly for its small 
Corsa model and its re- 
vamped Omega model. 

Handelsblatt said Mr. Her- 
man was optimistic Opel 
would reach its sales target 
for 1994 of 26 billion DM 
after recording sales of 23 
million DM in 1993. 

He said that Opel had 
made considerable produc- 


tivity improvements and that 
be was not worried by rival 
Volkswagen’s cl aims for its 
ability to keep prices steady. 

“We have a better cost 
structure than Volkswagen, 
and it’s going to stay that 
way,” he said. “In theory, 
we’re much better placed 
than Volkswagen to keep our 
prices steady." 

Mr. Herman said Opel 
would launch an ultra-small 
car priced at around 13,500 
DM. He said that anyone 
who wanted to create a new 
market segment had to go sig- 
nificantly below current price 
levels and not simply modify 
an existing model 



For investment in f o i mu l i on 

Read THE MONEY REPORT 
every Saturday in the IHT 


Stockholder 
Says UBS 
Voting Plan 
Will Fail 

Bloomberg Business News 

ZURICH — A Swiss invest- 
ment fund that is a major share- 
holder in Union Bank of Swit- 
zerland said Friday it was 
confident UBS’s plan to dilute 
the voting rights of some share- 
holders would be rejected. 

UBS, Switzerland's largest 
bank, said Thursday it would 
simplify its share structure and 
lift voting restrictions on aO 
shares. The move was interpret- 
ed as an effort to block moves by 
BK Vision, which is controlled 
by Martin Ebner, to gain control 
of the bank. BK Vision is a unit 
of Mr. Ebner’s BZ Group. 

In all, Mr. Ebner controls 18 
percent of UBS registered 
shares and 5 percent of the 
bank’s bearer shares. The 
planned changes would de- 
crease the voting rights of the 
bank's registered shares. 

Kurt Schiltknecht, the man- 
aging director of BK Vision, 
said he was “extremely confi- 
dent" that UBS would not gath- 
er the two-thirds majority of 
shareholder votes it needs make 
the change. Mr. Ebner said he 
was considering taking that le- 
gal action. 

Meanwhile, the Zurich prose- 
cutor’s office said it was likely 
to open an investigation into 
possible insider trading after 
the activity in UBS registered 
shares surged before the bank 
announced the changes. 

The bank’s proposal, which 
will be voted on at an extraordi- 
nary shareholders' meeting on 
Nov. 22, would give holders of 
bearer shares more votes while 
talcing them away from regis- 
tered share owners. 

Nikolaus Senn, chairman of 
UBS, said that without the 
change in the share structure, 
there was a “realistic” chance 
that Mr. Ebner could gain con- 
trol over the bank. 


(investor’s Europe | 

Frankfurt 

DAX 


London 

FTSE 100 index 

Paris 

CAC40 


23TO 


3400 


2300 


z\ 

2000 f 

t*\ 

3300 

3300 ■ 

3tooAv^ 

s % 

A 

22Ki* 

2100^-1 

” 

m vy 

\ 

IW1 AMJ 

1994 

J A S 

m A HJ 
1994 

J AS 

18 «a m j 
1994 

J A S 

Exchange 

index 


Friday 

Close 

Prev. 

Close 

% 

Change 

Amsterdam 

AEX 


40227 

403.91 

-0.41 

Brussels 

Slock index 

7,13Z24 

7,189.72 

-0.80 

Frankfurt 

DAX 


2,011.75 

2,043.58 

-1J6 

Frankfurt 

FAZ 


764^2 

773.97 

-1.26 

Helsinki 

HEX 


1.B87J8 

1,682.53 

+0.29 

London 

Financial Timas 30 

2^50.90 

2,323.80 

-6-1.17 

London 

FTSE100 

3.026^0 

2.992.50 

+1.13 

Madrid 

General index 

296-53 

298.50 

•0.66 

Milan 

MlBTEL 

10637 

10992 

-1.41 

Paris 

CAC40 

1,879.25 

1,881.74 

-0.13 

Stockholm 

Affeersvaeriden 

1.7S7J9 

1.798.83 

-0.64 

Vienna 

Stock index 

436.70 

436.97 

-0.06 

Zurich 

SBS 


905-17 

913.22 

-0.88 

Sources: Reuters. AFP 



luwriuii,*u] HnJJ TriNiiw 


Very briefly; 


• Istituto Nazkmale della Assacurazioni SpA said first-half consoli- 
dated premium income rose 13 percent from a year ago, to 2.97 
trillion lire ($1.9 billion), but parent pretax profit fell 9 percent to 
250.3 billion lire. 

• Ifil SpA. a holding company controlled by the Agnelli family, said 
pretax profit rose 18 percent in the first half, to 31 1 billion lire. 

• GflanSm SpA and Magneti Mardh SpA, car-parts makers con- 
trolled by Fiat SpA, said they would merge through a stock swap. 
The combined company would have annual sales of 5 trillion lire. 

• MetallgeseUschaft AG sold its downtown Frankfurt headquar- 
ters for an undisclosed sum to Deutsche Immobilien Foods AG, a 
real estate investment trust. 

• Russian prices rose 7.7 percent in September, nearly twice the 
rate of inflation in August. 

• Deutsche Lufthansa AG is negotiating a cooperation agreement 
with Thai Airways International LttL, a company spokesman said. 

• West German industrial production fell by 3 percent in August 
from July on a seasonally-adjusted basis, the economy ministry 
said, adding that the summer holiday period was largely to blame. 

• The Shepperton film studios, a landmark of Britain's flagging 
film industry, will be bought by the brothers Ridley and Tony 
Scott; British directors who have made it big in Hollywood. 

Bloomberg, AFP. AFX. AP. Reuters 


EU Imposes Duties on Asian TV Makers 


Compiled by Our Staff From Dispatches 

BRUSSELS — The European Commission 
announced Friday that it was imposing anti- 
dumping duties on televisions made m Malaysia, 
China, Korea, Thailand and Singapore, after 
receiving complaints from European makers. 

The levies, which are to take effect Saturday 
and last at least four months, range from nearly 5 
percent to 30 percent 

The commission was responding to a com- 
plaint made two years ago by European televi- 
sion makers, which contended that their busi- 
nesses were suffering from what they felt was 
Asian price-cutting. The European companies 


that lodged the complaint are Bang & Olufsen 
AS, Nokia GmbH, Philips Consumer Electronics 
NV, Thomson SA and Seleco Spa. 

The commission found that the European 
Union market share of the five Asian countries 
increased to 19.6 percent in 1991-1992 from 9.9 
percent in 1989, while the EU industry share 
declined to 28 percent from 36 percent. 

Units of Thomson and Philips are among the 
Asian companies that will have to pay the duties. 
Some of the other companies involved are 
Daewoo Electronics Co.. Hitachi Electronics, 
Goldstar Co., and Telelech Ltd. 

(Knight-Ridder, Bloomberg, AP) 



THE M MIDDLE EAST 
EASTERN 
MEDITERRANEAN 

Economics, BiuiineJJ and Politico 

ASTJR PALACE HOTEL, VOULIAGMENI. NEAR ATHENS. 10-11 OCTOBER. 1994 

T his exceptionally timely conference will highlight the enormous potential for 
business and investment unleashed by the Middle East peace process. The 
focus of discussion will be on business, investment and infrastructure 
opportunities in Jordan, Israel. Lebanon, Egypt. Gaza and the West Bank. 
The impressive group of speakers addressing this major forum includes: 

M Abu Ala'a, Minuter of Economy. Palestine National Authority and Managing Director. PECDAR 
m Yossi Beilin, Deputy AfinLtter o f Foreign Affairs, Israel 

H David R Bock., Managing Director, Lehman Brothers International (Europe), London 

[gg Roger Edde, Chairman. Lebanese National Cangreoo (LNC) and Chairman, HOK Intercontinental 

P HE Dr Ziad Fariz, ADvioor to HRH Crown Prince of Jordan 

H Dr Jacob Frenkel, Governor, Bank of Ioraet, Jerusalem 

ggj Rahmi K 09 , Chairman, Koc Holding 0 AS, Iotanbul 

m Man uel Marin, Vice President, European Commuoion. BriuueL' 

Gi HE She ikh Ahm ed Zaki Yamani, Chairman, Centre for Global Energy Studies, London 


Conference Location 

riR PALACE HOTEL, VOULIAGMENI. NEAR ATHENS 
TEL: <30 J) 896021 1/3 J I FAX. <30 1) 8962582 

red on the coast and surrounded by 80 acres of private land, 
stir Palace Hotel at Vouliagmeni is just 30 minutes by taxi 
central Athens and 10 minutes from the airport.The calm. 

atmosphere of the Hotel creates the ideal climate for 
n£ on the key issues under discussion. 

Co-jponoored by 

Heralb^^Sribunc 



AMERICAN HELLENIC CHAMBER OF COMMERCE 

Corporate Sponsor t 

COMMERCIAL BANK OF GREECE. JOANNOL' ft PARASKEVAIDES (HELLAS) SA 


For further inform anon, or to register for the conference, 
please complete the form below and send or fax to: 

Fiona Cowan, International Herald Tribune, 

65 Long Acre, London WC2E 9JH 

Tel: (+t 71 ) 856 4802 Fax: (-M 71 ) 836 0717 

The conference fee is £650.00+18% FPA 


O Pte/uc /od me further information. D Plauc 


MftHCb 


Title (MIWUisMSOUss) 
Lost name ■ 

Position 


. First name . 


Company 
Address - 


Citv 


.Country. 


Telephone 


Fax. 


U.S. FUTURES 


Vm Auockeed Press 


Seal 30 


Suun Season 
HMi Urn 


Own Hah Law Ctee Cho Op Ini 


Grains 


WHEAT ICBOT) SAOOevmMnunt- eoOorsDerBvanei 
19?'* 10* Dec *4 1*5 445 1*5 403** *0.15 48.734 

40**1 137 Mar*s 443 413 XB2V. 4.11 •0.13*18.935 

173 l'iVSMay»SJ» 194 ISiV; 1*3V> .0-10* 1710 

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Thu's open ini 

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187*1 7Zn*Mar*5 1745. 126*4 124V. Z2SV* » OOOto 47,455 

185 2JI«mAAov 9S 2J2 134*1 132 233 ♦ (LOOVj 1I.8K, 

2A5V: 236Y4 Jul 95 137 23* 137 2X7V. *04056 17.133 

I70‘^r 23* Sep 75 24U4 242’* 241V, 141V, 7,225 

2-63 2J5'iDec95 US 146 IAS 2*5* <041 7334 

153 150 *4 Mar 9* 153 *0004* 47 

148** 15574 Jul *6 157 IS 157 158 -081 *4 

E0. sates 33400 Thu's, saes 233*8 

Thu'S open rr6 27*,B34 vio 18S4 

SOYBEANS ICBOT) S4»lMmlnlnM«.ctone»so«uu*»wl 

7J74 SXJ’^NpvW £41 54?W OTl 536 -0J7fc 77.737 

7.04 5 53V. San 9 5 5J1 5J52W 146 5*6’/.— 047 W 21 .se 

7.05 SA7V4Mar*S 5J9 542'* 5J6’4-047fe 11129 

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6.17 178V4AuQ *5 176 178 172*4 5-7? H— 005 276 

6.15 177 Sea *5 180 IflO 6.7c sJt —0XV, *3 

X50V, 5.78VjNov?3 5-85 5*6*6 183V4 533V.-ONV4 4339 

631 610 Jul 96 4-07 607 107 642 —004*4 8 

Esr. sales 47700 m/i se*es 78490 

Thu’saoeti in* 131774 up 223 
SOYBEAN MEAL ICBOT) tie ror»- Oates per ten 
207-50 1619000 94 16000 16240 1*130 1*1.40 —130 7395 

! W40 16330 Dec *4 162-50 162.90 16130 161.90 — 1.« 45243 

20730 166.60 Jon 95 16430 16460 163.10 1*320 —130 125235 

20730 1*820 Mar 95 16730 148.00 16630 14630 —1.70 11.991 

207.00 ID.® May 75 17030 17030 169 JO 149.90 —170 6370 

70630 17600 Jul *5 17330 17330 172L30 17140 —170 4375 

18230 174. 70 Aug 95 17430 17430 17330 17150 —130 708 

182.70 17530 Sep 95 17580 17530 17530 175.10 -030 568 

13130 17670 DO 95 17830 17800 17730 17730 -020 60 

1*230 1763DDec« 17*30 17930 17830 17830 -030 267 

EB. tales XJBn Thu's, stses 332BS 
Thu'SOPOTiirrt 89317 UP 719 
SOYBEAN OK. ICBOT] MLSaoeu- flcParspw lOOCtt- 
7934 27.1 OOct 94 2533 2535 2534 2538 —0.1* 12457 

2637 27 30 Dec 94 2437 3X34 2435 2436 -038 38.779 

2835 23 35 Jan 95 2432 7438 2U0 2183 -035 9386 

28J0 22.93 MOT 95 23.74 7177 2330 2334 -034 9.113 

2835 27.93 MOV *S 2135 2160 2133 2333 -034 5.907 

2745 23ICIJU9J 73J0 2135 2113 23.14 -031 4.746 

2730 22.9SAua 95 2330 2332 2110 23.10 —030 700 

2435 22.95 See *5 2118 2118 2335 2L0S -0.18 509 

7330 23.1000*5 2110 2110 2330 2100 -0.10 247 

2335 22.30 Dec 95 23.10 2X10 2X93 2X98 —037 696 

Ed. spies 24300 Thu’s. 5c4es 2X085 
Thu's ooenim 87.870 off *7 


Livestock 

Cattle tows*) Jupfe.-amH'* 

74.10 70 OCT *4 60) 68.90 67.90 6850 

7430 6730 Dee 94 0.95 6877 0.90 6850 

7435 4730 Feb 95 040 67.95 67 JO 67.70 

75.10 6850 Apr *5 6875 6895 4830 4845 

49 JO 45J0 JvnV5 6855 «*$ 6850 6865 

6810 6535 Aufl 75 *5-25 C**0 65.10 61* 

67-55 61600(395 6 540 4550 6150 6150 

Esi, sales 14.651 Thu's. SOW 13413 

Thu's wen «t 68253 Bit 771 
FEEDER CATTLE (CMER) sa.«ae»-cen!»i>Bri» 
8135 70350096 72J0 7190 7130 7182 

8830 7J407*7>r« 7X42 7147 71*0 73 42 

80.95 7175 Jw *5 7255 7105 7160 7270 

8035 71.90 Mar *5 77.90 7X« 7130 7X40 

7*50 71 JO Apr *5 7140 7IJ7S 7145 71 JO 

7630 71J0Mav95 7135 71JS 71.12 71.12 

7335 71 40 Aug 95 7140 7143 7130 7130 

Es. sales 2332 Thu's sales 1.161 
TTu’sopenlnt 945* ofl 146 

HOGS l CMER) aawc Sa-cmr, on o. 


36300094 3635 37.05 3633 3642 

367DDee94 36.77 3700 3615 3640 

3755 Fee *5 3740 37.90 3890 37.05 

37.75 Aar 95 3737 37.77 37.10 3732 

42-Si Jun»5 4335 4105 4X33 4X70 

4230 Jul *5 4X75 4100 4X50 4X55 

4230 Aug 95 C-05 4X20 41.70 41.0S 

39300(3 95 3930 3930 39.12 39.15 

40.00 DK 95 40.10 

Ed. safes 8797 Thu's,}** 8811 
Tre/sopeniM 29483 up ioo* 

PORK BELLIES I CMER) OOB tt-eno Beet 
6045 3845 Fee 95 37 JO ODD 3865 3875 

6030 3X50 Mar 95 3942 3940 3845 3895 

61.15 39A5MDV95 4025 40.70 4040 ALtt 

S MO 40J0 AH 95 *C30 4145 405) *.95 

4X00 39 AS Aug 95 3945 

Ed. sales 2475 Thu s, sales 912 
Thu's seen Ini 8,576 aH 176 


OJ5 
5X50 
5080 
4840 
47 JO 
4100 
<X40 
Aim 
41.25 


*0.13 19466 
*04131,005 
*033 14J52 
tOQ5 943 
*0.15 X29 
• 0.13 1,103 
tOJO 14 


*112 1724 
»(L20 4.110 
-427 1456 
— 137 398 
-aio 312 
—Din 2Q7 
—425 18 


-043 6401 
-037 11614 
—45$ 4.747 
— 0JS 2.971 

-422 1380 
-430 309 

-410 165 

-4.15 133 

IS 


-047 7451 
-047 (& 

—045 206 

-413 214 

-045 46 


Food 

COFFEE C (NCSE) 37.50001.- cents pc P. 

2443$ 77. 10 C« 94 1U40 21X50 20730 20845 -745 21485 

24440 78*0 MOT 95 21425 71X00 21140 21X60 -435 9257 

24440 S25DMor«5 21525 21430 71525 21525 -640 340 

245.10 8540 AH <5 21545 217.75 31X75 21X75 —4.00 1.179 

23800 18X91 SeP *5 21x50 21X00 71*30 21530 -f» 3» 

34240 81 40 Dec 95 21X75 21740 11x75 21675 -4.00 745 

ESL safes 9.(36 Tim's. lotos 8.(70 
Tim’s coen W 

SUGAR-WORLD 1 1 (NCSE) 111400 ■H.-eMM'lL __ 

UBS 4J95CTJ94 1X45 1X76 1151 1X61 -UN MOB 

1X70 9. 1 7 Ate 95 1X56 1X59 1226 1240 —81610X775 

1X65 1037 May 95 1237 1237 1X30 1X41 —0.14 17449 


1 Season Season 






Hen 

Law Open 

High 

Low 

OOM 

Chg 

Op.hu 

1157 

11X57 Jul 95 12*3 

12*5 

1X26 

1228 

— 0.15 10,967 

1129 

10*70075 12.17 

1220 

11.90 

11.92 

-023 

8.303 

1142 

1048 Mor 94 11J5 

1175 

11.75 

1143 

-aio 

1.252 

1140 

11.18 May 94 



11*3 

— 0.12 

f 

1148 

11*0 Jul 96 






EsL sales 19J72 Thu's, soles 24.W 




Tiui’s open hit 






cocos 

(NCSE) ilmmiinnwoi 




1580 

104) Dec 94 1337 

1346 

1316 

1350 

—21 37481 

l«5 

1077 Mar »S 13W 

1397 

1367 

1373 

—20 16,111 

1612 

1078 May 95 1415 

1419 

14K 

1403 

-20 

6,112 

1600 

122$ Jul 95 



1-01 

-20 

2*80 

1560 

1447 Sep 95 



1458 

-20 

1X04 

1633 

1290 Dec 95 1495 

1495 

1-S0 

1480 

—25 

6.963 

1676 

1350 Mot 94 



1509 

-25 

3X94 

14(7 

1225 May 94 1480 

1480 

1*0 

1542 

—25 

317 


Jul 96 



1562 

-25 

11 

Est. sales 7JM T*u/i sales 

I960 





Tim’s open M 






ORANGE JUKE (NCTN) iSAOOtx.- 




13440 

8540 Nov 94 97*0 

9740 

7210 

94*0 

-525 

9*51 

13240 

8940 JOT 95 10040 

100*0 

97.70 

77.75 

-X9S 

6*77 

12X25 

9340 MOT 95 102*0 

10325 

100.30 

100*0 

— X90 

4.739 

UX25 

97.00 Moy VS 10740 

10740 

10X30 

10X00 

—*M 

1*66 

11940 

100*0 Jul 95 



10720 

— X30 

618 

11440 

113JDSep95 111.00 

111.00 

11140 

107.75 

— 6J0 

178 

11160 

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— XX 

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11140 

105*0 Jan 94 



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1,758 





[ Thu's open Ini 72.757 up 187 






Metals 




HI GRADE COPPER fNCMX) 




119*0 

7X75 Dec 94 11X90 

11X35 

11240 

112*5 

—3*0 42.914 

118J0 

7X90 Jan 95 113*0 

11X40 

11110 

11X25 

—155 

614 

117*0 

7340 Feb 95 11340 

11X20 

11100 

111.75 

— L« 

480 

117*0 

7X00 Mar 95 1M.10 

11X50 

11120 

111*5 

— 3J0 

5*51 

11540 

7445 May 95 11340 

11X70 

11040 

111.05 

-110 

1*04 

11470 

78.00 An 95 11X00 

11340 

110*0 

110X5 

—340 

1249 

11130 

7».10Sep9J 11110 

11X10 

11140 

109*5 

-100 

851 

122.10 

754000 95 11X95 

115*5 

11110 

111*0 

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11840 

77J5NOV95 11170 

11570 

114*0 

112*5 

-175 

754 

11X75 

8X00 Dec 95 11070 

11X70 

108*0 

10825 

—2.90 

775 

10040 





—2.90 

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10X75 

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200 

11X50 

91.10 Apr 94 



111X5 

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588 

109*0 





—2.90 


11X20 

10X10 Jun 96 11X50 

11X50 

11X50 

110.75 

—140 

287 


Jul 96 



105*5 

~X90 


11205 

111*0 Aug 96 



107.90 


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EsL soles 20400 Thu"s.srfas 11,744 




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6040 

41X5 Mar 95 5764 

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Esi. MBS NA Thu's, soles 

5.644 





Thu's ocen 9Tl 22J81 UP 81 






GOLD 






<17.00 

34X0000 96 39X50 

395*0 

391* 

39X20 

-140 

3.917 


NOV 94 



39540 

-1.10 


<2X50 

34X00 Dec 9J 39X70 

39870 

39X30 

397*0 

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41140 

363J0P8D9S ffll JO 

40240 

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-1.10 19*99 

417.00 

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40X20 

40X20 

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380*0 Al/J 75 411*0 

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431X20 

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—1.10 

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4000 Jun 94 



631*0 

-140 

5*63 

ES. safes 25000 Thu's, sales 28,149 




Thu's span M 







9443 19464 

9420 9-217 

93J3 -Ml L2S4 


Financial 

US T. BILLS (CMER) li rMSen-MM HOMS 
9X10 9425 Dec 94 9442 9463 9440 

9545 93.98 MOT 95 *420 9422 9419 

9424 VU7Jun9S 9343 9343 9341 

Esi. safes HA. mi's, safes 3748 
Thu's open «it 31455 up IBM 

5 YR TREASURY (CBOTJ 1100606 ■**-•»* 6. 32WB *1106*0 
106-20 101-26 DOC <4102-08 102-10 103-025102-065* 01 1BS224 
103-09 101-13 Mar 95101-21 101-21 101-20 101-20 * 02 2404 

Esc. safes 50400 Thu'x safes 5X288 
Tim's open tit 187428 Ofl 1564 

19 TR. TREASURY ICBOT) sisXMOprti- mil 3M* ol 100 ps 
11X41 99-13 S«PM 99-08 * 06 2 

114- 21 100-25 Doc 91 101-12 101-20 101-05 101-15 * 05 268409 

111- 07 100-05 Mar 95100-15 100-21 100-14 100-22 * 05 7481 

105-22 99-19 JUH9S 99-23 100-07 99-23 99*31 * 06 11* 

110-31 99-01 Dec 95 96-73 * 06 1 

Est. sales 87400 Thu's, sales 99425 

Thu's open W 275,909 ON 19924 

US' TREASURY 80105 ICBOT) nea-siflMai-enBSSniMHIOOpen 
110-00 91-19 Dec 94 IB-24 99-06 90-16 98-30 * OB 396307 

116-20 97-23 MOT 95 98-01 98-16 97-27 98-08 * 08 26401 

115- 19 97-03 Jun*5 97-11 97-23 97-07 97-19 • 06 10776 

112- 11 96-18 Sen 95 96-18 97-03 96-11 96-31 + 06 212 

1)3-14 U-00 Doe 95 98-00 98-16 96-00 96-13 ♦ 09 126 

114-06 95-17 Mar 96 95-28 * 09 48 

100-20 93-11 Jwi96 95-13 * 09 25 

Est. safes 500400 Thu's, safes 42X135 

Thu's open W 43X715 all 31920 

M(JN IOP AL BONDS (CBOTl lUm.MH-on&BKUKUOM 

71-17 87-00 Dec W 87-18 87-29 87-12 87-18 18476 

88-09 96-06 Ate- 9516-15 86-17 16-15 06-17 — 01 300 

Esl.safe6 3400 -n«rs.BtB 3745 

Thu's open tu 18784 ua 32a 

EURODOLLARS (CMER) *1 mMon-pto. uMOOici 

75.180 9X710 Dec** 94080 9X000 74040 «4J» -3052X445 

9X5U *0740 Mar 9$ 93/70 93700 9X*40 9X670 -104517*0 

94730 90710 AVI 95 0270 9X300 9UC 93270 —1039X207 

M550 71 710 Sen 95 9X970 91000 9X950 9X970 —16 

96280 91.180 Dec 95 9X660 9X710 9X640 9X670 

9X220 90750 Ate 96 9X600 9X64) 9X510 9X610 150400 


Season Season 
Wan Low 


Ooen Wgh Law Ooso Cho Op.W 


91JB0 9X470 Jun 96 9X480 9X510 9X650 9X490 120440 

9X570 9X3705O1 H 9X380 9X410 92260 9X390 111,97* ' 

Eft. safes HA. Tim's, soles 589,944 

Thu's ooen mt X604J9S up 26829 

DRTT1SH POUND (CMER) snrueuto- leoM~u0mB,O0M 

1-58*1 14500 Dec 94 14770 I -5790 14706 14746 -28 3X674 

14100 1.4640 Mor 95 147*0 14760 14*90 14720 -36 271 

14660 143*8 AVI 95 1.5668 -22 0 

Esi.sdes NA. Thu's, sales 7499 

Thu's open ht 

CANADIAN DOLLAR (CMER) s«crior-1ioimcnue*Minii 
0.7670 0.7038 DOC 94 07*43 0 7466 0 74*1 07419 < 5 43.988 

07605 0.7090 Ate 9S 0.7453 07462 0740 07449 >8 1,166 

0.7522 06990 Jun95 07440 0744$ 07439 0J441 <11 561 

07345 0.69*5 Sep 95 07436 07438 0.7*10 07*29 <1* 391 

07600 07040 Dec 95 0J398 07398 07378 07413 <17 17 

63. sales NA Thu's sales 1.666 
Thu'EOPOnM 4X133 UP 57 

GERMAN MARK (CMER) s wr iron. - 1 uwerauait sawn 

06606 0.5590 Dec 94 06460 06470 06428 06451 -16 71,348 

0-6595 05810MOT95 06474 0*474 0*640 06*» -17 3JS4 

06595 05980 Jun 95 0*649 —17 574 

06525 0*347 Seo 95 3*478 -18 11 

EsL sales NA. Thu's, so es 26*64 

Urn's open ini 7X787 ofl 119 

JAPANESE YEN (CMER) imyn-lninnughiuxcn 

a-010d00009525Dec 94 0 010704001 07770*1012000101 « —5* 44.745 

OOlO56OLOOT60Onte 95 00103080010)080010710001 0230 -5$ 2729 

Oai0b7IXU107776Jun95 001QK4 —54 447 

0 01077 5001 OTOOSep 9$ OOHM2* —a 85 

0J1066C0.01063DDec 95 001051 50*1051 510)051500)0517 —52 J 

Ea soles NA. Thu's, sfees 13*27 

Thu’s open Ini 4W11 up D15 

SWISS FRANC (CMER) torlw 1 wa nmMJHi 

07905 0*885 Dec 94 O7B0T O7B09 0J755 0770 -33 34*29 

07920 07410 Ate 95 07808 07825 07794 07810 —34 667 

07920 07466 Am *5 0JM1 —a 67 

Est. safes NA. Thu's, sales 11.003 

Thu- 6 open Ini 3X30 OR 478 


Industrials 

COTTON 2 (NCTN) 50000 m- ctmwb 
7060 59J10094 4750 4705 47^5 67*0 

7725 59*8 Dec 94 6720 4768 67 JB 67*3 

7815 62*0 Mar 9$ 68.90 6950 48*0 69.43 

78*5 44*0 Mow 95 7030 70*0 70 00 7045 

7X75 69 JO Jul W 71 JO 71*5 71*0 71*0 

74-70 46-30 Oa 95 6X70 6475 6070 6? JO 

7180 6X25 Dec 95 67.90 4040 67.90 60*1 

Mar 96 68*0 6X80 6X80 69*5 

EK.sdes 3,»W Hurt solas 4,130 
Thu'S open kit 50.749 off C 
KEAT1NOOIL rNMER) uol-cwmoe'o* 

SJJO 44.90 Sep 94 49*0 50*0 49.IS 50*0 

58-30 46*0 Nw 94 40*0 51.35 5X00 51.10 

59.00 4X80 Dec 94 51 JO 5X35 51J5 5X20 

62J5 <3-25 Jan 95 52*5 53.15 5X30 5X90 

5X75 47.95 Fel> 95 5X95 5X60 5X75 5160 

S7J0 47*0 Mar 95 53.00 53JD 5X75 SJ.10 

511$ <3.05 Anew 5X10 SX55 5X10 5X55 

54J0 <7*0 May 9$ 53*0 5ID0 5175 51*0 

53.50 46.79 Jim 95 51 JO $1*5 51 JO 51*5 

S4J0 47 *5 All 95 51J0 51*5 51.50 51*5 

55*0 4X70 Aug 9$ 5X10 52-20 5X10 5X20 

5X95 4X45 Sep 95 5X00 5100 5100 5100 

5X55 500500 95 5190 5X95 5X90 5X90 

Est. soles N-A. Thu's, sou* sajwa 
Thu's ope n In) 

UCKT5WEET CRUDE (NMER) Unm-Mnn, 
2069 14X2 Nov 94 1X10 18*2 17J3 1X35 

1X93 Dec 94 1X18 1X49 lBJD 18*2 

15.1 5 Jot 95 1X26 1L47 18.15 18*4 

1X28 Fab 95 1X27 18*7 1X25 18*3 

15*2 Ate 95 1X30 1X50 1X25 1X42 

1 US Apr 95 1X2S 1X43 1X25 18*2 

1569 May 9$ 1X25 1X45 1X25 1X44 

1SJ3 Jun 9$ 1X35 1B*7 1X27 1X47 

1X05 JUI 95 1X34 1X39 1L30 1X39 

1X16 Aug 95 1X34 18*4 1X30 1X44 

17*7 Sep 95 1X31 


30*0 

19.65 

19*0 

2066 

19*8 

19-24 

2030 

vun 

19*7 

1X35 

19.17 

19.06 

3080 

JUS 

1X80 

2X80 


18*4 18*1 1X44 

16*20395 1BJ1 1X45 1831 18*5 

17.15 Nov 95 1X37 1X46 1X37 1X46 


16-50 Dec 95 1X43 1X47 1X37 11*7 

17.05 JanM 1X43 18*6 1X*2 1846 

17.15 Mor 94 18*4 1X44 1X*4 18*4 

17.22 Jun 96 18*4 18*4 1X44 18*4 

Esi. safes NA. Thu's, sales 99J51 
Tim's open ini 

UNLEADED GASOUNE (HMERJ cjJOJgoi- 
57.90 8105 Sen 94 46*0 47 JS 4X95 4X54 

SS*0 4275 Nov 94 4X50 47 JO 4X05 47.18 

4035 5080 Dec 94 54*0 55J0 5X35 5X22 

5X60 SOJOJanOS 5470 5X70 $4*0 5475 

5X85 S110FOO95 54J0 5X10 5X30 5105 

5X40 5X80 Mar 7S 55*5 5X7S 55*5 5X9S 

59*0 5X55 APT 95 59.15 59 JS 59 JB $9.70 

5X00 5X80 MOV 9S 5X23 5X50 5X35 5X15 

5X00 5X30 Jun 75 57.75 5X20 5755 58*0 

5X9$ 5X30 Jul 95 57 JO $775 57 JO 57.95 

5140 5X00 Sop 9S 5X10 5X3$ 5X10 5X55 

5X28 52.5000 95 5400 557$ 11*0 55*5 

53.99 5X15Nov9S 54*5 $4.90 $4*5 SX10 

5379 5295 Dee 95 5X50 1475 5450 SX95 

5X2$ 5X50 Aug 96 5X90 57.15 5X90 57 JS 

Esi. sales NA Tim's, safes 36,961 
Thu's seen M 


— (LHS 237 
•0*7 27 JC 
*X64 10*08 

• 037 xwa 
<030 2987 

• 055 <86 

•045 1763 

• DJ5 


-068 BJK 
•OB 39*0! 

• 187 43*81 
•067 30.771 

♦ 0S7 IXIlf 
-0*3 12425 
•0*2 4J4. 
•037 xnt 
•032 4081 
•027 1.121 
-077 1.711 

♦017 UK 
-017 gr 


•077 06*1- 
•036 72.15* 

• 029 4546- 
•X25 23*£ 

• 071 19J1 
•0.19 16J? 

• 019 1043. 

• 071 25,141 

• OI2 10*4 
•X16 SAS 
-0.15 IMS 
•115 3*7 
•0.15 *17. 
•0.14 1X17 
•111 XU 
•005 670 
-001 1640 


'gel 

♦QJ6 X75 
•1.0S 31 J2 
*198 13,73 
-070 8*9 
•0*0 441 
•0*0 1*4 

• 0*0 3,17 

•0*0 2,14 
•0*0 91 

♦ 0*0 

•0*0 4$ 

•060 36 

• 0*0 
•160 

•140 47 


Slock Indexes 

SAP COMP. INDEX [CMER) sdb.Mk 

487.10 439.70 Dec 94 46X95 4664$ 66110 46195 —00530X51 

48X10 411 *5 Mor 95 4674$ 4704$ 466JU 467,1$ -070 7*5 

Eg.soles NA IhAEM 69436 

Thu'sopenM 316782 UP 3)3 

NYSE COMP. INDEX INYFE) sanisendcm 

26X50 937.15 Dae 96 25X10 257 JO J55J0 2$i*A -nit ln 

764*0 34J0MOT95 257.70 258*5 257 JO 3*S Tl b II 

26SJB 25X50 Jun95 259.10 299.10 259.10 24X10 .0. 5 ! 

EtL safes NA Thu's-sfee* 8,710 * 

Thu' 5 ooenim 4437 ofl 174 


Moody's 
Reuters 
DJ. Futures 
Com. Research 


Commodity Indexes 


NA 

Z090JO 

NA 

229 JS 


Prevta 

yarn 

wax 

154 . 1 c 

230*1 













































































































Sardine Applies to Move 
Operations to Singapore 


SINGAPORE ^ Jardine 
Matheson Holdings Ltd. said 
Friday it was looking to estab- 
lish operational headquarters 
status in Singapore and was 
holding discussions with au- 
thorities. 

Alasdair Morrison, manag- 
ing director of Jardine Mathe- 
son Holdings, said the move 
was in line with the company’s 
intention to make Singapore 
the focal point for business in 
Southeast Asia. He added that 
the company had no plans to 
move its corporate headquar- 
ters out of Hong Kong. 

But analysts said Jardine 
may be preparing to move out 
nearer the time when China 
takes back Hong Kong in 1997. 

Jardine has frequently had 
troubles with the Chinese gov- 


ernment. Of the major Hong 
Kang trading houses, it has been 
the most aloof from Chin a 

Jardine expects to know the 
outcome of us application in 
the next six months. 

Companies with operational 
headquarters status in Singa- 
pore pay a 10 percent conces- 
sionary tax on headquarters-re- 
lated income and axe expected 
to spend a mini mum of 2.0 mil- 
lion Singapore dollars a year in 
operating expenses. But they 
also receive several tax breaks 
under a program designed to 
encourage foreign investment. 

Mr. Morrison said Jardine 
would continue to develop busi- 
ness in Hong Kong and China 
and expected 50 percent to 60 
percent of the company's net 
profit to continue to come from 
these two areas. 


In 1993, 61 percent of Jar- 
dine’s $237 million profit camp 
from Hong Kong and China. 

“We expect a slight accelera- 
tion of growth in business in 
Singapore," Mr. Morrison said. 
He said Jardine would grow in 
areas in which it is already in- 
volved — hotels, supermarkets, 
real estate, trading and finan- 
cial services. 

Jardine Matheson and its af- 
filiate, Jardine Strategic Hold- 
ings Ltd-, are to move their 
main stock listings to Singapore 
from Hong Kong in January. 

Three other Jardine units — 
Hong Kong Land, Mandarin 
Oriental lnternatiooal and 
Dairy Farm International — 
will follow suit after they delist 
from Hong Kong in March. 

( Reuters . Bloomberg ) 


Malaysia Firm to Buy National Steel 


Bloomberg Business Non 

MANILA — Wing Tiek Holdings Bhd. of 
Malaysia has agreed to buy up to 95 percent of 
the financially ailing National Steel Corp. of the 
Philippines, ending the government’s two-year 
search for a suitor. 

Trade and Industry Secretary Rizalino Na- 
varro, chairman of the National Development 
Corp.. would not disclose the terms of the long- 
awaited deal to seD the state-owned company. 

Mr. Navarro said more details would not be 
made available until after the final sale agree- 
ment was signed, which is to be within 30 days. 
But analysts said the government expected to 
generate at least 12 billion pesos ($472 million) 
from the privatization. 

In an earlier attempt to sdl National Steel in 
April, the government set a minimum sale price 
oflO billion pesos for 65 percent of the company. 


But that dosed bidding process failed when none 
of the potential buyers met the floor price. 

National Steel Chairman Luis Mirasoi said the 
offer was better than that of Nippon Denro Ispat 
Ltd. of India, the other serious bidder. 

The government will place 95 percent of Na- 
tional Steel’s stock privately with Wing Tick, 
which handles the steel business for Malaysia’s 
Westmont Group, over a period of two years. 

Mr. Mirasoi said the sale would help reverse 
the financial decline of National Steel, which he 
attributed to a heavy debt burden. The company, 
which has assets worth 29.2 billion pesos, has 
debt of 1 6 billion pesos and lost 90 million pesos 
in the first half of the year. 

“We hope to be back into profitable opera- 
tions by next year if the deal pushes through," 
Mr. Mirasoi said. 


Hong Kong Rates Freed 

Knigtu-Rktder 

HONG KONG — The Hong Kong Association of B anks 
said Friday it would gradually remove interest-rate caps on 
certain bank time deposits. 

The Hong Kong Consumer Council complained this year 
that the system of interest-rate limits was uncompetitive and 
therefore deprived consumers of high interest on deposits. 

The banking association agreed to remove the interest-rate 
cap on deposit rates of more than 1 month by Oct. U of more 
than 7 days by Jan. 3 and of more than 24 hours by April 1. 

The association, which comprises all banks in Hong Kong, 
for years has set all call and deposit rates for banks in the 
colony. Individual banks have then set their own prime 
lending rate accordingly. 


Compaq Business 
Expands in Japan 

Reuters 

TOKYO — Compaq Computer Corp.’s sales in Japan 
already are twice the 1 1.3 billion yen (5115 million) for all of 
1993, Masaiu Murai, the president of the computennaker's 
Japanese operation, said Friday. 

Only three years ago, analysts were predicting that it would 
be a challenge for IBM Japan Inc., Apple Computer Inc. and 
Compaq to achieve even a combined 15 percent share of the 
Japanese market, he said. 

"But today," Mr. Murai said, "probably the three com- 
bined have more than a 30 percent share. It is quite a change.” 

The combined share of the three for 1 993 was 22 percent, of 
which Compaq had only a 1.8 percent share, according with 
International Data Corp. figures. 

Compaq shocked the Japanese computer market in May, 
when it introduced its Presario for only 260.000 yen, less than 
half the price offered by most other personal-computer mak- 


ers. The Presario , based on Intel Corp.’s 80486 processor, 
came with a fax-modem board, a bundle of 
three-year warranty. 


programs and a 


The low price forced other computer-makers to slash prices 
to remain competitive, but sources said that Compaq was 
having the biggest growth. 

Mr. Murai said price alone was not the issue, and be 
attributed much of Compaq’s success to good timin g and 
product creativity. Compaq, which began operations in Japan 
two years ago, came into the market at a time when the 
industry was going into a structural change, he said. 

There has been a general feeling in Japan that a big 
computer is more efficient than a small one, but Mr. Murai 
said that Compaq’s ProLiant model, for example, can outper- 
form some mainframes and is less cosily in price versus 
performance. 

He also said that many Japanese people still have the idea 
that personal computers should work as a terminal linked to a 
mainframe, instead of operating by itself to take advantage of 
all its performance capabilities. 

Sales of personal computers for the home in Japan are tiny 
in comparison to those in the United States, he said. As a 
result, Mr. Murai said, he sees huge growth in sales to replace 
mainframes and believes the consumer market is virtually 
untapped. 

"Japan is so behind on computers,” he said. "To us it is a 
golden opportunity." 

As of last year, NEC Corp. dominated personal computer 
sales in the Japanese market with a 49 percent share, accord- 
ing to International Data Corp. figures. Apple was second 
with a 13.4 percent share and IBM Japan a 6.8 percent share. 


Japan Firms 
Plan Video 
Assistants 

Compiled fry Our Staff From Dispatches 

TOKYO — More than 10 
Japanese electronics companies 
are discussing a venture to dev- 
elop a wireless personal digital 
assistant that could transmit vid- 
eo images, a spokesman for Mat- 
sushita Communication Indus- 
trial Co. said Friday. 

The companies, including So- 
ny Corp., NEC Corp. and Mat- 
sushita Communication, plan to 
develop wireless technology ca- 
pable of transmitting 2 to 10 
megabits of information every 
second to the handheld devices, 
the spokesman said. Eight mega- 
bits per second would be 1,000 
times the 8 kilobits per second 
that can be transmitted now. 

Total development costs over 
seven years would be about six 
billion yen, the spokesman said 

Nihon Keizai Shimbun. a fi- 
nancial daily, reported that the 
companies plan to ask the gov- 
ernment to cover 70 percent of 
the development costs. 

Personal digital assistants are 
hand-held computers, such as 
Apple Computer lnt’s Newton, 
use to organize information. 

The Japanese project would 
be different from Sony’s Per- 
sonal Intelligent Communica- 
tor, launched Wednesday in the 
United States, which uses 
AT&T Corp.’s PersonaLink 
communications service. 

The Japanese system would 
be able to transfer video im- 
ages, while Sony’s personal 
communicator incorporates 
electronic mail, faxing, tele- 
phone and paging. AT&T’s Per- 
sonaLink Services links mil- 
lions of people on public and 
private messaging services. 

(AP, Reuters) 


Japan Relaxes Ban on Stock Buybacks 


Reuters 


TOKYO — Japan will allow compc 

stock i 


james 

to purchase their shares in the stock mar- 
ket beginning next week, but analysts said 
they doubted the change would encourage 
many companies to make purchases or 
help revitalize the sluggish exchange. 

"This change is not bad news," said 
Michio Sugita, the head of stock trading at 
Deutsche Bank Capital Markets (Asia), 
“but I do not believe companies will rush 
to buy bade their shares, because they have 
to obey too many rules to take the step.” 

Companies have been prohibited from 


buying 'their shares mainly to deter price 
manipulation, but the new commercial 
code, which is to take effect Saturday, al- 
lows them to buy their publicly traded 
shares to write them off or sell them to 
employees. The shares must be written off 
immediately after the purchase or sold to 
employees within six months. Only 3 per- 
cent of a company's total shares may be sold 
to employees. 

Many securities houses and business 
groups asked the government to allow such 
repurchases. Retiring shares would im- 
prove eanrings-per-share and increase the 
value of the remaining shares. 


But share repurchases will have a major 
tax disadvantage for investors, which may 
discourage companies, analysts and bro- 
kers said. The additional value created for 
outstanding shares after other shares are 
retired should be regarded as an invisible 
dividend to remaining shareholders and 
will be taxable accordingly, a Finance 
Ministry official said. 

Akihiro Naemura, analyst at Okas an 
Securities, said, “The tax might not be a 
big problem for individual investors, but 
institutional investors will bear a large new 
burden.” 


NYSE 

Friday’s Closing 

Tables include the nationwide prices up to 
the closing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 




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India Enlists Underwriters 
To Back Telecom Stock Sale 


Bloomberg Business Hews 

NEW DELHI — India’s 
overseas telecommunications 
monopoly, Videsh Sancfaar Ni- 
gam Ltd ? has ensured the suc- 
cess of its second attempt to 
raise money abroad by securing 
underwriters for a $750 million 
global stock issue. Suhk Ram, 
the communications minister, 
said Friday. 

Mr. Ram announced the 
news was just hours after it 
emerged that the company's 
chairman, Brijendra Kumar 
Syngai, had quit in a dispute 
over pay for engineers. Mr. 
Ram said the resignation would 
not affect the stock issue. 

He said the three global coor- 
dinators of the VSNL sale — 
Salomon Brothers Inc., Klein- 


wort Benson Ltd. and Jardine 
Fleming & Co. — agreed to fully 
underwrite the issue of 20 mil- 
lion global depositary receipts at 
1,150 rupees ($36.71) each. 

Global depositary receipts are 
tradeable certificates represent- 
ing a company’s common stock 
that are held by overseas custo- 
dian banks on behalf of inves- 
tors. 

The GDR issue, the first by a 
government-owned company in 
India, was shelved in May after 
investors said they would not 
pay the 1,400 to 1.600 rupees the 
company was then seeking. 

VSNL is expected to raise 
about $750 mfllion from the 
GDRs, which will be offered to 
investors for between 1,150 and 
1.250 rupees each. 


Save on Int'l 
Phone Calls 


Save on international phone calls compared to 
local phone companies and calling card plans. Call 
from home, office or hotels and avoid surcharges. 
Call for rates and see how to start saving today! 
Lines open 24 hours. 




419 Second Avenue West. Seattle. WA 98119 USA 


Don't miss the upcoming 
Special Report on . 

Global Banking 
& Finance 

in the October 4th : : 
issue of the new^aper,. 


i mu « '*■»*» TM ray nntMiMitu ww «m*r 


I Investor’s Asia f 

Hong Kong 
Hang Seng 

Singapore Tokyo 

Straits Times Nikkei 225 


UK® 

2400 

23X30 


10090 

j\ 

jVV 210QQ A 


9000 

* -r\ 

f 20000 A/ 

A 

8000 

2100/ 

19000* 


m A MJJAS ^AMJ 
1994 1994 

J A S 15000 A M J 

1994 

J A S 

Exchange 

Index 

Friday Prev. 

Close Close 

% 

Change 

Hong Kong 

HahgSeng 

9,521.24 9,70021 

-1.35 

Singapore 

Straits Times 

2,332.63 2,346.90 

-0.69 

Sydney 

AH Ordinaries 

2,028.70 2,030.60 

-0.09 

Tokyo 

Nikkei 225 

19,563.81 19.615.12 

•0.26 

Kuala Lumpur Composite 

1,129.76 1,133.68 

-0.35 

Bangkok 

SET 

1,485.71 1.482.12 

+0.24 

Seoul 

Composite Stock 

1,05050 1.037.95 

+1.21 

Taipei 

Weighted Price 

7,191.13 7.101.13 

+1.27 

Manila 

PSE 

2£0B.24 2,697.96 

+0.35 

Jakarta 

Stock Index 

497.97 497.24 

+0.15 

New Zealand 

NZSE-40 

2,066.30 2,072.55 

-0.30 

Bombay 

National Index 

2,038.45 2,071.75 

-1.61 


Sources: Reuters. AFP 


InlriiulHmjl HciJJ Tnhuth' 


Very briefly: 


• Singapore Broadcasting Corp. is reorganizing under a new- 
holding company, a change from its current status as a govern- 
ment statutory authority. 

• Japan’s unemployment rate remained around 3 percent in 
August, although the number of people out of work edged up to 
two million, die Management and Coordination Agency reported. 

• Chiyoda Corp., a Tokyo-based real estate developer, was de- 
clared bankrupt by the Tokyo District Court, with 65.0S4 billion 
yen ($660 million! in liabilities. 

• Cheung Kong (Holdings) Ltd. has set lowcr-ihan -expected prices 
for apartments in the new Bayshore Tower in the New Territories, 
signaling a slide in the Hong Kong real estate market. 

• Insas Bhd, the Malaysian real estatet concern controlled by 
Thong Kid* Kbee, is believed to have bought a 30 percent stake in 
Ayer Molek Rubber Co. for 160 million ringgit ($62.5 million), 
brokerage sources said. Ayer, a plantation company, is trying to 
buy Bank Bumiptitra Malaysia Bhd. from the government. 

• Malaysia’s long-standing plan to have foreign banks incoi poraie 
locally was completed Friday when Deutsche Bank AG became 
the last bank to meet the SepL 30 deadline; Deutsche Bank is the 
only German bank among the 16 foreign h anks in Malaysia. 

• Burma will gradually privatize state-owned enterprises as pari of 
economic reforms, the official New Light of Myanmar Daily said. 

AFP, Reuters. Bloomberg, AP 


Taiwan to Sell Bank Shares 

The ministry hit a bumpy 

« « *. a* _l_ J “1 


.fjCTcr France-Prase 

TAIPEI — The Taiwan gov- 
ernment will sell 42 million 
shares in three public banks, 
totaling 8 billion Taiwan dol- 
lars ($306 million), as pail of its 
privatization program, officials 
said Friday. 

The three listed banks — First 
Commercial Bank LtiL, Chang 
Hwa Commercial Bank Ltd. and 
Hua Nan Commercial Bank — 
are jointly held by the Finance 
Ministry and the Taiwan provin- 
cial government. Each of the 
banks had about 63 billion Tai- 
wan dollars in pretax profit in 
the year ending m June. 


road when it discharged 22 mil- 
lion shares in the banks in 1990, 
when the local stock exchange 
had an 80 percent slump. 

Since the stock market has 
now recovered, reaching a four- 
year high, the ministry will sell 
22 million shares by June 1995 
and 20 million shares in 1996. 

The phased sale will help to 
cushion the absorption of capi- 
tal incurred by the govern- 
ment’s issue of more than 1 tril- 
lion dollars’ worth of bonds in 
the past few years. 


REPUBLIC OF SENEGAL 
MINISTRY OF AGRICULTURE 

SOCIETE DE DEVELOPPEMENT AGRICOLE 
ET INDUSTRIEL DU SENEGAL (SODAGRI) 

ANAMBE RIVER BASIN WATER AND 

AGRICULTURAL DEVELOPMENT PHASE II 
+*+**•+ 

NOTICE OF INTERNATIONAL PREQUALIFICATION 

1. The Government ol (he Republic of Senegal has obtained various loans 
agreements from the SAUDI FUND FOR DEVELOPMENT, the ARAB 
BANK FOR ECONOMIC DEVELOPMENT IN AFRICA, the OPEP FUND 
FOR INTERNATIONAL DEVELOPMENT, the ISLAMIC DEVELOPMENT 
BANK, the WEST AFRICAN DEVELOPMENT BANK, in order (o finance 
the cost of the phase II of the Anambe river Basin water and agricultural 
development, located in the Holds region ot Senegal. 

2. SODAGRI on behalf of the Government of Senegal (Ministry of 
Agriculture) and its quality ot project sponsor wtshas to invite potential 
bidders to prequality tor the following works: 

* 1st package: AL BASSAM Dam of Niandouba 

* 2nd package: Pumping Stations 

* 3rd package: Agricultural Land Developments 

3. The interested firms may submit their qualification for one, two or three 
of the above mentioned packages. 

4. This notice ot Intemattcnal prequalification Is opened to firms eligible to 
the financing of the Saudi Fund for development, of the Arab Bank (or 
Economic Development of Africa, of the Islamic Development Bank, of the 
OPEP FUND lor International Development and ot the West African 
Development Bank. 

5. The prequalifi cation documents will be available from September 20th 
1994 and may be obtained by paying the sum of FIVE HUNDRED 
THOUSAND (500.000) FCFA which Is not refundable and by writting to: 

Monsieur le Di recta iff G6n6rs! de la SODAGRI 

9e 6tage, Immeubfe Fondatfon Kina FAHD 

Bid dJILY MBA YE & Macodou NDIAYE 

DAKAR-S ENEGAL- BP 222 

FAX: 00 (221) 2254.06 

TEL: 00 (221) 22.1 6-21(21.04^6 

6. The prequalifi cation statements written In French, win not be accepted 
and shipped back to (he owner if received at lhe above address, after 
November 20th 1994 at 10:00 AM. 


International 

Classified 

Marketplace 

■ Monday 

international Conferences and Seminars 

■ Tuesday 
Education Directory 

I Wednesday 
Business Message Center 
R Thursday 

International Recruitment 

■ Friday 

Real Estate Marketplace, Holidays and Travel 
I Saturday 
Arts and Antiques 

Plus over 300 headings In International Classified 
Monday through Saturday 

For further information, contact Philip Oma in Paris: 
Tel: (33-1) 46 S7 94 74- Fax: (33-1) 46 37 52 12 

international i 


' mal « km 




















Page 14 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, OCTOBER 1-2, 1994 


NASDAQ 


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“ 28 157 25ft 24ft WA * ’A 
J2 .9 18 93 25 XV* 24 ‘A .. 
S IJ 15 298 23ft 73 23V, -M 
J2 2J B 106 23V. Bft 23% 

■ > 17 244 25% Xft 25% - M 
Z 39 1441 av. 21% B* -M 
_ 2026102 19V, t9 19M — V. 
.10 J IB 779 25M 1SH 25% - V* 


34ft BftWltcof 1 
14% 12%We5iarted 


.» 14 14 6:5 


fessaa 

mEg ? Me 


33 ff 3J 

Z 41 469 

73 ::: fS 


14* 16% — % 
27% 27W — ft 
I IV. 12% •% 


20®, 9MWsmPb 
Xft 17 WsiWatr 
i9% iiftvvasys. 

10V. 7V.W«vrTXn 
3/Vi 39 Whtfwvi 

Kraau 

24ft 1 2ft WfcfcLu 
XVtaiftWWamf 


_ 2036102 19% 19 19% —ft 

.10 J IB 779 25V, XM 25% - V* 

27 2J IB 1535 28% 27% 2B -ft 

_ X 1S3B 13ft 13% I3i%* i Vu 
,10c J _ 144 14 13% 13'%* t»u 

_ _ 1S7 12% I2M 12% ■% 

„ 44 474 28 % 26ft 77% _ 

_ 137 14% 14ft 14% _ 

_ m. 4576(111% 10% 11% 'ft 

Z ii 37B4 1$ 14% IS Z 

„ 68 962 14ft 13ft Mft I ft 

- _ «7' 13% I3M Mft —'A 
.96 1.9 25 1317 52% 51M 51ft —ft 


36 12ft I'/* 12ft •% 

i B Ri*St 


21 3»”.20<Vu I *u 

IB* 13% 13”: _ 


70 ft’.Okcnm 

If ZfW 

lOft i'.uncor 
45”, 18 DneO/ti 

re 9 ontdDt 

S ftllV.OptlcR 

76* ] 14 OrbSc, 
27% 17 OmdO 


Bft IVtS'S': 

9«u 9". 94. 

77% 74ft 77*. ' ft 
22ft 

19’ . 18’* 19'. * i ft 


&.3^l« X 

14”. 9”'< SlicnVI 


fift 3 ? 050 


B®. SSiS 

2?%2Xu >'*S 

17ft lift .V. . 


B yi46%wwcptir .96 i.T zs i«/ sn siv, si% — w 

% tUWmSoni „ X 2723 Mft 33%34«W.'Vu 

X%a%W%tlTr MM 4J 11 517 XV, 26 -% * 

B% 2% Wins! Or - - 1636 7n% 7Vh 7ft— V u . 

45 SZMWtaeCTi _ a 253- 41 ’ 40% 41, ' M , 

! % 12 WondMtV _ 46 1015 21% 70% 21 A - % 

16V* Wortfros M X,9 a 1534 37 71% 21% — M 
MXftXRile .14 jn igg» 34% 34%-% 

% iftXoHNel _ _ 243 15 14% IS I % 

%29 XlUnx — — 

78% 12% Xircom 
22% 12 xp«*«e 

26% 13V*XVtoa>c 
a% llftXVPtor 


9", 111 Sadah 

3. IIM* Soli desk 


. 31 317 23‘V U Ti'f, 73' , — Vu 
_ 41 17475 44ft 43 43 — % 
_ _ 387 lift 16”. 16% 

. 17 (3X1 lift 15ft 165. 


= :OT 


72V. 2>%27»u >*u 
13ft 13ft 13V* > V. 
27ft 25ft 25ft — lft 

18% TS 

171* 17% 17% ■% 


59% 79 XlUnx _ 77 S200 50% 48% X MM 

TS'A 12% Xircom ». 24 3126 Jj%6 SO 20% l % 

22% 12 XP«ttf _ 42 J»5 779, B 22 -% 

26%U’«XVktoc „ « ?«08 Mft 

aftllftXvPto. 20 05 270% 271427% 

XV* tiVkYedowCo .94 5J .'IM 18% 18% IBM — M 
78% UV.Yownker - 7 323 19 .18% 19 •% 

17% s ZdHCo _ 20 loiiu 12% 11M 12% i% 


... 33 189 
2J IB 2765 
44 _ 139 


,!?S :5 
KS 


I7%J ZataCp 

60% a% Zebra _. — - 

2BM13 ZenLoDS .. M 3143 Z3M 23ft UV, 1% 

40%36ViZlloa - 31 37 33% Xft 33% ■ % _ 

45% 36 EtonBcp Ut U 9 ID 39% 38ft 39% I M 

43ft <%ZbBMed - M »«' P» W I* 


23 371 36% 35% 36% _ 

36 3143 Z3% Oft DM 1% 


AMEX 


12 Month 
HWlLOW SIDdt 


D« rid PE lOOs Hwh LnwLQtoiOi'ae 


12 MonBi 
High Low SIOC, 


Dry YM PE 1HX Han LowLdUslCrtpe 


13 Month 
KghLow Skx> 


as I i2 Monih 

Ov rid PE lOOs wan Low Lai esv Or tie I HW Low Sloe* 


SIS j 12 Month 

Dir YM PE 100s Utah Low Latest Oi'ge Ugh Law Slock 


Div YM PE lOOs Ugh LowLntesICh'ge 


Friday’s dosing 

Tables include the nationwide prices up to 
the dosing on Wail Street and do not reflec 
Hate trades elsewhere. Via The Associated Press 


On YM PE lOOs High LowLJwlCh-ve 


9'.- R AIM Sir JI £J ._ 11 

3’ JJ’.ALC ... 21 799 

17', R’jAP.Unlin _ ... I 

14ft 9-.AMC „ 17 X 

78' * 2*3 ' . AMT. pi 1 75 7.2 _. 29 

S 7' .ARC 6 535 

.; • ’iAjP .180 03 ... 135 

7:.'.blftATTFd 2.770 Al .. 77 

Pft Jft Ac* Com _ 73 51 

5 ?ftA..-miHJ _ .. 10 

r.i. 4 Ajmi’u .. 14 199 

5ft 1'iAgvFdi _ 75 

1*' : TOftAd.Mog „ 54 7J 

?*. ’■ AdvMcdT _. » 1347 

5ft I’.AduPhrt ... X 

lift 6' , A. rival XI 

5ft 7 .Air-Cure - 313 110 

V* 6 Airmen In U 

17ft S' : AlboW „ 13 5 


e Art Com _ 23 51 

* ArmrU _ .. 10 

AdmPK .. 14 199 

■ AgvFdl _ ._ 75 

.Aa.Moa _ 56 24 

.AdvMcdT 6 1347 

1 jAduPnet ... X 

, A. rival XI 

.A.rCure - 313 110 

-Mom tr .. In a 

: AlboW „ 13 5 

ftAicrtCtn ,. _. r? 

AHdsgn n I 44 8.5 . . B9 

i* Alim ._ .. 40 

.ATkjRsn _U S 

■AiiniH .11 x 

A [chain _ _ 145 

. orcnGr .. .. 414 

i*Ama>Gwt . .. 70 

. Amahl . . 1785 

.Amniftl . 3677 

.AFilPT 1.55 13.2 . 8 

. AF'.IRT I J<1 96 , 47 

■AB*CT IB 58 B I 

a AmlliH 5 .15 .6 lo 4 

..AmEcn ", . . 6 

«AF'Pl . 19J 

AH .pi pi 7J6 8.5 .. 101 

„AlA18J 1.42C4IJ 8 54 

.AIM 85 1.5* 1 1 JI 9 25 

i AIM R* n 1.70 100 10 178 
: AIM 38 1 9&a B J II 45 

lAirLiil JOB 4.7 I A 2 
. Ar.vvA J4 2.9 13 77 

aAmPogn . ... 151 

lABCInvn 81 11 4 .. 4 

n APc-.tr 64 7.9 5 77 


8ft 8% 
32'. XM 
lift lift 
12”. 12 
24% 24’.* 
3% 2ft 
2”. 2'ft 
67”, 66ft 
5ft S'* 
3ft 3M 
HP* 7V* 
2 I”, 

16”, 16ft 

,Vu 

7ft 4’. 
3'u 3'. 

6ft 6”l 
10”* 10ft 
3*i» 3'. 

17ft 16’. 


S'. — % 

x». 

lift -V, 

12 —ft 
24' * 

2Vu— Xu 
2'/u - 

67ft -ft 
J'. —ft 
3ft 

8”. — ' ”, 
H* —ft 
lift - 
IV,. _ 
2 -ft 
7ft -ft 
3”. —ft 
6ft _ 
igft - ft 
Xu — 


24t. 191. Comer* JO .7 
25”. 16 CdnOCQ .40 _. 

13”. lOftCopRlvT .96 8J 
12M 9 r '.COBRI2 .96 9J 
13V. lOVaCapRO 1.68 156 
14% • Coringtn 
lift aftCcrertoA S JJ 2J 

27fta%CasFd 1.(0 □ 6-6 
17ft 7”, CaialLI 

17 lOftCovrtH* .08 A 
9>, 4ftCcntTcn 

pm "uCeniTc wt 
71’ , WftOnrPrn 1.50 7J 
6 4”,CFCdaa .01 J 

18 14ftCentSe IjSe 94 
13”. 7 CtvCm Jif 3.8 

9M 5ft Chad A _ 

5% l'VuChOavA 
5ft 2” M QtDevB 
39ft15'*ChpEn 
Mft 21 ChrtMetj 
15ft 9»*OltPlvr .It J 
30ft 6 CherSrts 
Mft26ftChiRv 1J0D3.B 

18ft 13'uCmel _ 

XM 24 Chflntp, I JI 7J 

15”. 7'uClrcoPh 
reft lliCltadol 
ID iftCUFsl .180 1.9 
8”* A'.CiliIlnc _ 

52 27”*ClearC, 


3”. v E ainiciJ 
8”. 6 CaavID 


’ ■ Ai.vvA 84 2.9 13 

ftAmPagn 

•lABCInvn 81 114 .. 

’n APc-.tr 64 7.9 5 

.AJcE _ , . 

> > Amoa! . 41 

'.Ampalnl _. .. 

Andr.-a _ 713 

• * ■'■mUiq 34 

nAraPor l4J0c _ 1 

.Anunco _ gi 

■ Aar cun n .. .. 

-jArIPci _ 36 

Ar-awA .. || 

■.Arhylh _ 13 

A'-lrcKc . 31 

'.Alan . 

Ananir. .10 1.7 11 

1 lAIHCM „ .. 

Allas -1 

1 *ALldV0a .. v 

•■Audro 

ftArrprEl . 12 

ATCOn . ... 


15-.dlSft 

a 1 -* «>. 
26”. 26‘. 
2’. 2'Vii 
1ft 1ft 
34ft 36 
3".. 3".. 

14’. 14". 
I3”« lift 
lift lift 
19’. 19% 
aft a 
a*. a>* 


15ft —ft 
72 ft -ft 
76’ * * ft 
rv„ -Vu 
IM -ft 


3",. _ 

14ft —ft 
13 

lift _ 
19’. ... 

a% 

8>* — 1 ft 


7ft l’.Caanmi 
ID’. 9”*CohmSlr 
7ft l”„ColOata 
A”. 4 Cal Lb 
10V. PiCrfuEng 
IB”: lOftCommc 
7ft AftCmdAU 
25”i ll' .Comptek 
1 /it ”'i, empire 
106. AftConcdF 
1DM iftConcFB 
ISM13"*CnsTom 
Mft 2‘ViiCOnvrvi 
9 S'.jCnvifE 
lift 9 Captov 
3% lWCorNGn 
l7M17ftCros5 
12”. 3%CrowlMi 
34'*14ftCmCP 
33”. 13 CrnCP B 

31 ft 14’* Corner 
SV, iftCruftAm 
aft 17ft Cun-: 
Mft 13ft Curia? 
4”, 7”*Cu5lmd 
4% 'jCyeomiYi 


4 u 5 

IS 13u37”. 

52 493 77 

35 72 lift 

34 18 10". 

19 10 10” * 

53 58 10ft 

15 10 14”* 

... 18 14% 

15 »i 13 

12 99 13”, 

40 49 ■>., 

125 1ft 
48 20 

... 508 5ft 
_ 10 17M 

_ 429 9”. 

73 14 8”* 

45 776 3'. 

48 6 I-'-:. 

16 186 39 ' I 
. 318 ZB 

11 117 14% 

1119775 10 
10 ,3 3lft 

_ 74 Mft 

- 37 25”. 

X 34J2ulSft 
_ 1J7 4”. 

14 2978 9ft 

24 43 8”. 

58 9 51'. 

_ 530 %? 

10 15 7”, 

.. 18 21,. 

_. 12 9ft 

38 91 4ft 

- 453 4Vi, 

10 2 9’* 

_ 11 18ft 

_ 57 6”i 

_ 10 141. 

399 ft 
B 60 8ft 
6 5 8% 

33 10 12ft 

.. 174 3. 

27 33 6% 

43 13 10% 

8 2% 
X 49 16% 
5 2 ift 

35 13 17*. 

16 » 16% 

15 74 14'* 

1 3H* 

126 1 18’. 
IS 388 18ft 

13 57 3ft 

1011 I'M* 


5 5 ’ft 

26ft 77”. • % 
21”. 21”. — ', 
II lift 
10 ' ■ 10 % 

1DM 10ft * ”, 
10ft 10% -. 


ift 4% FrkRE n JO 10J 14 3 4% 4ft 4ft , 

5ft 3 FrkSeln M 10 J 44 3 4 3>V« 3n/„ — 'ft 

5”. I ft FrkSup n _ _ 93 2ft 2ft Ift — V. 

9 S”*Fresenius _ X 174 8% 8ft 8% > % 

15ft 1 1 ft FriSCtlS J4b 1.9 16 41 13 12V. 12ft .. 

3ft 2%FrenlAdi .11 3.7 14 91 3 Jft 3 iM 


iwu IWU ,. 

14', 14V* • ”, 

24 ft 24V. 
lift 11”. ’ft 
T3 13ft ’ ', 

8ft 8”: — ”1 
1ft I ft -■/• 
19ft re . v. 
5ft 5ft _ 
17ft 17% — 
8”, 9ft -V* 
Bft 8”. — 
Ift 3”. _ 

2% 2ft _ 
39ft 39”. — ' ft 
27ft 27ft • ' . 
14'., 14ft 
8*. 9”« — 
31ft 31ft -ft 
14% 14% _ 

25 25 • ft 

14*. ISft -ft 
3'Vr| 4". -Vu 

9ft 9ft -ft 
8 8 — ”, 
51ft 51V. — % 
”. % _ 
7 7”. .. 

I'. Ift. — ”'u 
9J. 9ft — % 
4% 4ft -ft 
4'. 4 [■'■* 

9l. 9”, _ 

18”. 18"* 

Aft ift _ 
14”. 14ft _ 
'V„ '« * ft 

Bft 8% - % 
8' 1 — % 
13ft 12M —ft 
3T. 2<ki* *'•« 

6ft ift — % 

I0’b 10% -ft 

r.'„ 2”: - 

lift 16% - 
6”, <ft - 'A 
17ft 17ft —ft 
16% Ii": —ft 
14 I,’* —ft 

»u 3*u — 

18”. IB", —ft 
18% 18”, - 
3”, Vu — Vu 
1ft IUI.* — Um_ 


11% 7V,Gaimce 
18% 9ft Go!'. an 
7”, 3 Gamaa 
33ft 1 5ft Goran 


Bft I'/iiGoyiCn 
7ft lftGoylCwt 
15". 7 Gel ms s 


15". 7 Gelmss 
l'Vi, V.GnAuto 
5V. IftGnEmp 
13ft 9WGenvDr 
26M 19WChantFo 
9 6%G8KnCR 
17% 12”,GlcWair 
19 % 14HGknflt 
4ft 3”uGWOcn 


17%ll%GtabSml 
16% 7%Gtabllnfc _ 

3ft 1”. Go Video 
6*. 5”,GaldcpAn .lOe ... 
ift 5**GoiacpBn .10* — 
17'* 8%Gld5lorR 
% ftGMFld 
13”* 5*.Gktwsam 
X 22%GorRuop .72 3.1 
3% lftGranga 
7%4i”uGiwti 
7 3”*GmTel n 

^i; v '*gs& z 

«s %sag£. - 

5”. XiiGuOLb _ 

12% 4”,Gundle 
8* . 5", HAAG Dot 
13% 4% HAAG 
9 6 M Halifax J6 3J 

9 AftHctfEP JOalJJ 

f: z 

7 1 , SftHanaOr _ 

r ■ SMHmvDir _ 

"ft MKanwtB 
7% <v H Harken _ 

14”. S”-.htar5S J7t BA 
16”i % Harvard _ 

1 'uHorvey _ 

40ft 28”, Hasbro J8 .9 
]®ft 11 i.AHMhAAor S X 2J 
1% fthUthPra 
3% 1 HlthAm 
14% 1 1 ftHewMid _ 

l, *' ^ 

2?$ s ! 5B»4 'i 


711 

571 

H'* 

30V. 


:m 





1 

A 

1 










Bft 

8”. 


JA 


7”, 

7M 


11 

J 

M* 

7% 




3'ft 



31 







7 1 ■ 

6"« 



50 





IKI 

% 



... 

HU 










5856 

l'Vu 

r/>. 

1ft » Vu 





5ft ~. 


4% 2MDRCA 
3”. I MDaxo’aAA 
7 MDtoOfWt 
9»* 6 DartHO 
4% 7%Datami 
10”* i'.Daioram 
.”*7’VuDnvslr 
4 I'.,Davs(wt 
1'. si.Daxor 
12% 7 ’,Dootui 
81. S' lDelElc 
34’ ,31 D-HLOtii 
27 V* 17ft DamE 
5’.*I',i,&agA 
S’* 2ftDiap B 


4 2".., 2"/„ 2”-i. — 'A* 
8 2'\ 2V„ 2'/,,— Vu 
20 I”. 1ft Ift—”. 

52 ® 8ft 9 - V. 

208 4Vi* 3’, 4 *»u 

85 4ft 4'/ : 4% — 

94 4”, 4 4 _ 

32 Ul, Mft 1*1, +'/» 


Bft 8% 
17% 17 
4ft 4% 
'6. 

7 7 

14M 14% 
% Vj 
,5M 5% 

11% I Oft 

2 Y<1 

\St 

2Vi. 2Vu 
12% 12% 
16% 16 
2% I'Vu 
6 % 6 % 
6M 6% 
13% 13”. 
Vu % 
4 % 6 % 

aft a% 

2ft 2Vi* 


8% — % 
17% _ 

4ft ■ ”, 
16 •% 
8M _ 


7 6% 

4’V|. 4'Vu 
2% d i% 

re re 


7 6% 

9ft 9* 


14V* 

5^ >V “ 
11 »% 
21 ft —l, 
7% +% 
17 *”* 

17% ♦% 
2Vu *Vu 
12% — % 
16 — % 
I'M,— Vu 
6% — % 
6% — % 
13M *"* 
Vu *'% 
6V] *% 
»% -% 
21% 

6% _ 
4'Vu -Vu 
1% — % 
28 —ft 
1% —V* 
3% ♦% 
5% — % 
6 — % 


7% TV. 
4ft 6% 


7’Vj, hHrtnRi _ 

lift aftHermgg .200 „ 
a’/*14'.,HrtgiMd _ 


3”. 'VuD^jcon 
1 % Dtocn wl 

9”. 7i „ Dinner 
12ft 10 DIAAAC 
19ft bV.DrfTTor, s 
10 3'/., Dikies 

9>* ftDvCom 
10% 5”':Dl.xnTlC 


49 lift I, ll — 

X 6*. 6ft 6M 

9u3b% 26% 26ft -M 
a 30'. 20”, 20’. -% 

5 4 4 J - ft 

43 4ft 3". 4”. -M 

X »■»* 1ft Ift ._ 


15% 12, Hfgtuncn 1.39 11 J 

22^ 5% Hondo 

14% 7MHOOOHI 30 17 

18% /'oHovnEn _ 

a'/*a%How<ln 1.00 16 

lift 6 Howup* 


2ft jv,, 
2% 2V, 

3T[u 3>V„ 
4”» 4Vi| 

2% l'V„ 

4% 4"/|, 

10% 10 Vi 

> % 
— *?• % 

29ft 29% 
13% 13% 
% ’ft. 
1% 1ft 
12% 12% 
S% 5 % 
6M 6M 
I’Vu 3’Vu 
ft % 
11% MM 
72, 21% 

I2M 12% 
M. 24% 
13% 13% 
15% 14% 

8% Bft 
7H a 7ft 
28 20 
10”* 10 


9ft —V. 
7ft -ft 
6M _ 
Jft _ 
Me — v, 
3Wi* 

4*,| -ft 


2ft -ft 
4i"u — Vu 
10% _ 
•6, - 
ft — "u 
29M -ft 
13M +”u 

V/l. _ 

IV. —ft 
72% _ 

5% —ft 
6M -ft 
2>Vi* -ft 
ft - 
11% ._ 
21ft —ft 
12% —ft 
24% - 

13M +% 
14% —ft 
8ft —ft 
7M -ft 
28 

ID — ft_ 


i. BAM Mr . 

•-BAT-. ;flp s.* . 

'-.BMC 77 

. BotfnrM .73 2.8 17 


-BonFd 1.91c 86 IB 
• Bonjlrg ... g 

iBTcvr'; l .88 8.6 .. 
•Bi cv7 4 1 90 9 0 _ 


- FdnvHl 
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i ' .■ Borr.l 

I'.BarrLb 
, Bcr.'.tr 
1 iDcr-PG, 


- JOT 
15c 8 lb 

.. 90 


U I’-. 1”. i% 

53 13". IT, MM 
J5 80' • 79'* wv„ 

7 26ft 76 76 

117® 4ft Jlu 3ft 
IX S’.j S'* ift 
lb at. 23', 

7 ID”, 104 10”: 
87 71 A* 21 M 71V* 
17 214021 21 • 

119 ’% V;, 


— J 20”, U'iDoncIty 
10% 7’.DrvOJ 


x i v* r, ii. ._ 

1® 3 * 2',u 2»ii —ft 

5 12ft 12V. 12ft 
121 lift 164 16% —ft 
19 SM 5% S’; 

10 ift iv, . ift -ft 

11 9% 9ft 9ft — % 

3 17V. 17V. 17V. ♦ *4 


r, J ICN Bw .15 3.0 

12% 7V.IG1 

JV U IMidonthc 
ii”’ 7M |m PHtv J8 S3 

W%29. impGKig i.n _ 
4% 1% incstor _ 


-Do Moo JO IJ 26 

5 3 Edvru . 103 

■’’» ?’*B'iMKpun „ _. 

5-. 7' .D'jJpn wt .. _ 

1ft l'.B3 .T>n pvtl .. . 

3a‘ - 27' . BiMRK n J.OI 5 J _ 
2‘, 'uBcImx _ _ 

24'. M'.DmchE « 

■i' : bftdmEvc . 58 


.BcreCa , 7.00e 3J .. 


ftEtattawoii 

1 ibr-moo 
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32c 1 S 32 

... 29 


.lUkDIlN 105 103 .. 


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.e-‘;viQ 79 J.fl .. 

: GJarCb 205c 4.9 11 
’.Dic-.^ng ,m J.I IS 

ft blouniA Jt 1 3 19 

iBoddic 1.24 U 17 


-Bo" 1 "' .36 8 

*Brcf!RE M 11 16 

■ibtf-jndn .20 1.7 16 

«0ronj/«v 5?cl36 1 

* . UrNCn a 1.04 7.2 45 

, Dm-:! CP . 79 

ft BuKlon 


9 19 19 19 

39 a*u 73% 23% 
•0 Vu Vu ”’u 

107 22 21”, 21ft 

27 16% 14’’i Ift”; 

46 4ft 4>i Jft 

45 3”, 3V; Jft 

X 2"i t d2* u 2”r, • 

X TMi. 2'*,. Vk,. 

1*0 35% 35 3S . 
630 1 ft ft , 

6 25". 35 IS 
289 7 6”, 7 

3 931 i 92% 93 !i 

160 6 5ft 6 

SI 11 

10 21% 21”: 21% . 

78 74 71ft 34 

603 ft ni u >v« 

62 (J 7% 7% Jft 

15 3'-: 2'>i JVj 

44 lO'-.OID 10”. 
52 lift M lift 

8 ll”l 11”, 11% 

4 lift IK, lift 

J52 42 41”. 42 

IS 33% UV. 33"* 

63 44 43'ij 44 

12 |4% 14ft Mft , 
186 J'l 3M IM . 

284 18 17% 18 

9?9 0 7% 7ft 

■ 7 14% 1 6 Vj U", 

» 4lf*i 4r„ 01 „ 

W ti% 14ft |4ft . 


184 1% 


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3ft •-.iCSTEnt 

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5’e I’.CVDFrfi 
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?; 37 CdWirtn 

y. 3.»cohpn>n 
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•s » •; -CcWn 


.Wb49 14 V 
6 705 


■BJc 10.9 ... 107 
7 147 
.. .. 135 
32D2 7 II M 


ll”. 8M DrvfAAu 
11*. B’.DrvINY 
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Fl* ?',Ducom 
ii”, bv.dupicx 

6 3 ft Dv com n 

2ft 1V.ECI ini 
5% I’.EZScrv 
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48” i X’.* EchBF Dt 
15ft Vft FOB Bay 
16'.* OftEcalEn 
4'u I’-iEaiilawt 

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5% IMEtttefc 
tr » X A Elan 
37ft 15’-, Elan wl 
36'jEF.EIanun 

17": iftElaorod 
8% Z’ftElsinor 
9', BMElswlh 

6ft SMEmpCar 

19”* Il'.iENSCOs 
13ft 7”jEnge* 

4ft 2V«EnvrTc 
31ft .'MErenBi 
24”. 13”jEoi(ooc 
lift U' .EgGlhl 
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FIRST COLUMN E 

It’s Hardly 
A Victimless 
Offense 


I N the long and endlessly variegated 
catalog of weak-minded nonsense, 
(he idea that insider trading is a vic- 
timless crime has a special position. 
The argument runs that the insiders 
win, but nobody loses. In other words, yes. 
there is effortless enrichment for those 
» passing their knowledge to each other, but 
nobody is made the poorer. 

Such an argument is usually espoused 
by convicted criminals and those awaiting 
trial for theft and fraud. This, however, 
does Dot of itself relegate contentions of 
victimlessness to the intellectual waste 
basket It takes a brief look at the evidence 
. to do that 

First of ah, there are victims, real vic- 
tims, of insider trading, they fall into 
three main categories: shareholders, in- 
dustry, and society at large. 

It is a gross and obvious breach of duty 
to the shareholders when the officers of a 
company enrich themselves because of 
' knowledge gleaned when acting as manag- 
ers of a business run by shareholder capi- 
tal. The shareholders dearly lose out 

F requently, so does industry. 

Look at the scandals of the 1980s. 
The insider ring associated with 
junk-bond funded takeovers be- 
gan to dismantle corporate America just 
for greed — and fun. Industry suffered 
and thousands upon thousands of jobs 
were lost 

And then there is society at large to 
consider. For better or worse, the idea of 
‘the market* has prevailed toward die end 
of this century. Central planning and Lbe 
idea of an economy as a system of social 
relations have been sidelined by the irre- 
sistible force of that market Theories of 
I market economics cover more than two 
thirds of the world. They are more perva- 
sive than the oceans. 

So it is important, surety, that the mar- 
ket be a genuine thing, seeking to find true 
prices, not some cheap, elitist game. 


Insider Trading: Impossible or Inevitable Amid New Takeover Fever? 


By Philip Crawford 

I T’S A FAMILIAR scenario. A take- 
over announcement hits the news 
and the stock price of the target 
company shouts skyward. 
Sometimes the strong move is based on 
a high price being paid by the acquiring 
company. Other times it might be based 
on the target's future earnings prospects 
due to new management, fresh strategies, 
or cash infusions into certain products. 
The list of possible factors is long and 
diverse. 

Also myriad, however, are the ways in 
which information regarding an immin ent 
acquisition can leak to traders, brokers 
and to institutional and retail investors, 
lending them the opportunity to trade on 
insider knowledge. Analysis say that up- 
ward share-price movements just prior to 
takeover announcements can be an indi- 
cator of such goings on. 

These phenomena, moreover, raise a 
fundamental question: Is some degree of 
insider trading inevitable? Analysts hold 
varying views. 

‘There has always been unusual share- 
price activity prior tu a transaction,” said 
Charles Ron son, publisher of The Spin- 
Off Report, a New York-based insiru- 
tionai research service that focuses on 
companies planning to sell parts of their 
business. “And it is seldom adequately 
explained. Share prices tend to flutter up- 
ward. I atuibute it to trading on insider 
information. That's my perception.” 

One recent high-profile deal was Via- 
com Inc.'s acquisition of Paramount 
Communications Inc. The initially-pro- 
posed merger, in which Viacom was to 
buy Paramount for a total of $8.28 billion 
is cash and stock, was first trumpeted as a 
fait accompli by the media on Monday, 
September 13, 1993. But a look at Para- 
mount’s share price in the week prior to 
that reveals an updraft already in pro- 
gress. 

From Tuesday, September 7. through 
Friday, September 10th. Paramount 
shares rose from 55% to 61%. Following 
die takeover announcement, which was 
made over the weekend, they then jumped 
to 641k on Monday. Could news of the 
acquisition have leaked, causing a cau- 
tious rush on Paramount shares that drove 
the price up? 

“With Paramount, you're talking about 
an industry that has been rife with deals.” 
said David Leibowitz, managing director 
of Burnham Securities in New York 
“And in the weeks leading up to the an- 


nouncement, there was a lot of talk sur- 
rounding the company. I'm not surprised 
the shares moved up prior to the an- 
nouncement.'' 

Mr. Leibowitz added: “Port of the 
problem in looking at takeovers in general 
terms versus specific terms, is that many 
are rumored for a long time. As a result, to 
say that something is a total surprise when 
it actually happens is becoming more and 
more difficult.” 

Ultimately, Viacom had lo fighL off a 
competing bid from QVC Network Inc. 
before Paramount shareholders in Febru- 
ary tendered 74.6 percent of their hold- 
ings, well above the 50.1 percent that Via- 
com needed to close the deal. The bidding 
war added between $1.5 billion and $2 
billion to Paramount's sticker price. 

Regarding takeovers in general. Mr. 
Leibowitz also noted that "there is a lot of 
paper generated at every stage of the pro- 
cess. And not everybody knows how to 
keep their mouth shut.” 

Another recent deal was AT&T Corp.’s 
$1 1.5 billion acquisition of McCaw Cellu- 
lar Comm uni cations Inc., which was final- 


The quest for insider 
information is just as 
fervent today as it was 
during the 1980s. 


ly approved by the U.S. Federal Commu- 
nications Commission earlier this month. 
While the first bid came way back in 
November 1992, a major announcement 
on Lhe deal didn't come until Monday, 
August 16, 1993. McCaw’s share price had 
risen about $2 a share in the two weeks 
prior to that date, and then jumped more 
than $5 on the announcement. Had some 
investors known the deal would be dosed? 

George Dellinger, who covers McCaw 
for NatWest Securities in Washington, 
said it would be difficult to prove that 
some investors had prior knowledge that 
AT&T-McCaw was a done deal. He add- 
ed, however, that "you’ll have nu trouble 
finding people who’ll tell you that this 
kind of stuff leaks. And 1 don't argue that 
it doesn’t.” 

Indeed, the quest for insider informa- 
tion. whether it is eventually used to trade 


illegally or not. is just as fervent today as it 
was during the takeover frenzy that char- 
acterized much of the 1980s, say observ- 
ers. 


U.S., Britain Spur Asia Toward Reform 


By Rupert Brace 

L egislation to fight insider 

trading is being introduced and 
enforced in more and more coun- 
tries during recent years. The 
roots of the new aggressiveness lie in the 
United States and, to a lesser extern, in 
Britain. 

Indeed, insider trading — broadly de- 
fined as when people in a privileged posi- 
tion use information they have gained by 
virtue of that position to deal on financial 
markets — has prompted disquiet in An- 
glo-Saxon culture for many centuries. 
There is a reference to it being discussed in 
the House of Commons as early as 16%. 

In countries outside the United States 
and Britain, however, it has only con- 
cerned policy makers relatively recently. 
Some analysts even see the adoption of 
insider trading legislation by many coun- 
tries — particularly emerging economies 
— as no more than a cynical ploy to give 
their stock markets badges of respectabil- 
ity- 

“In the securities markets you are not 
respectable unless you have an insider 
dealing law,” said Barry Rider, dean of 
Jesus College at Cambridge University 
and the author of several books on insider 
trading. 

Insider trading was first outlawed in 
securities legislation passed in the United 
States in the early 1930s. Subsequently, a 
number of rivil actions in the 1960s built 
up U.S. case law. And in the last decade, 
more legislation has been passed. 

According to Mr. Rider, however, the 
U.S. legislation of the 1930s was not very 
substantive. The first truly effective laws, 
he said, are those that have come into 
existence within the last 10 years. 

Curiously, while inrider trading is theo- 
retically a criminal offense in the United 
States, it is normally tried, at least initial- 
ly, under civil law. Some regulators 


around the world who pursue insider trad- 
ers say this is the case because it is more 
practical. In other words, it is easier to 
prove insider dealing under civil law than 
it is under criminal law. 

Japan has had insider trading legisla- 
tion almosi as long as the United Stales. 
The country's securities legislation was 
passed during the U.S. occupation after 
World War II. But it was not until very 
recently that insider dealing laws were 
actually enforced, say observers. 

The first real case in Japan began last 
June and is still in progress- The Japanese 
Securities and Exchange Surveillance 
Commission, which was not created until 
1992, is investigating 175 officers and em- 
ployees of Nippon Shoji Kaisha Ltd., an 
Osaka-based drug manufacturer, wbo al- 
legedly sold their shares in Nippon Shoji 
shortly before the public announcement 
that a drug recently marketed by the com- 
pany had caused 'fatal side effects. The 
announcement caused the shares to plum- 
met 

Charles Stevens, a Tokyo-based partner 
in Freshfidds. an international law firm, 
suggested that enforcement of insider 
trading laws in Japan has been less than 
FervcnL “A Japanese sociologist used to 
say that the Japanese law is like a family 
that has an ancient samurai sword,” he 
said. “They take it out of the closet every 
now and again, but they would never 
dream of using it on anyone.” 

Other experts concur that there has 
been little enforcement of insider dealing 
or any other securities legislation in Japan 
until recently. This has been due in pan, 
some add, to' (he discreet ways of Japanese 
executives which have provided tittle if 
any evidence of wrongdoing even when 
laws may have actually been broken. 

Some observers add that Japanese au- 
thorities have been galvanized into action 
by securities scandals that rocked the 
country in the late 1980s. 

Hong Kong U another place where in- 


sider dealing legislation has only recently 
been enforced aggressively, say some ana- 
lysts. One joke going around town quotes 
a company director who. upon learning 
that the Securities and Futures Commis- 
sion, Hong Kong's financial regulator, 
was serious about hounding insider deal- 
ers. said that he would not be able to get 
anyone to sit on his board anymore. 

Gerard McMahon, the director of en- 
forcement at the Securities and Futures 
Commission, defends the territory’s repu- 
tation, however, and says he does not 
think insider dealing is any more common 
in Hong Kong than elsewhere in the 
world. Hong Kong's Securities and Fu- 
tures Commission was set up in 1989. Mr. 
McMahon says the first three years were 
absorbed with policy making and that the 
regulator only “shifted into higher gear” 
in 1992. 

Mr. Rider of Jesus College reckons that 
much of the insider trading legislation 
around the world has been passed as a 
result of pressure from the United States. 
He said the U.S. Securities and Exchange 
Commission has forced insider dealing 
legislation on Germany, Switzerland and 
Japan. 

Michael Mann, director of the office of 
international affairs at the U.S. Securities 
and Exchange Commission, said that its 
insider trading cases have had an impact 
on countries that are developing their se- 
curities markets. In this regard, he added, 
insider dealing legislation has become 
viewed as a benchmark for how markets 
treat investors. 

As for putting pressure on other coun- 
tries to introduce insider- trading legisla- 
tion, he said: “Our approach and our 
centra] concern has not been lex ameri- 
cana, but mutual respect for law ” 

He explained that this means countries 
should assist each other in enforcing the 
laws of the marketplace no matter where a 
trade originates. Thus, he said, anyone 
trading in the U.S. market should be’s ab- 
ject to U.S. laws. 


The Mysteries of Derivatives Lend Opportunity 


** *. 


=• ■' . 
SW*" 1 


5 * 


By Martin Baker 

I NSIDER dealing is rife in one in- 
creasingly popular category of the 
international management industry. 
Or maybe not. The truth is that no 
one really knows whether many of the 
managers who trade derivatives are cheat- 
ing the market or noL 
Given that we live in relatively heavily 
regulated times, this lack or certainty may 
seem odd. But it is, say industry analysts, 
inevitable. Our lack of awareness of what 
managers may be doing arises from the 
the extremely complex nature of much of 
derivatives trading. This may seem para- 
doxical, since the contracts themselves are 
fairly easy to understand. 

The simplest kinds of derivatives con- 
tracts. such as options and futures, derive 
their price from the movement of an un- 
derlying asset or financial instrument. 
They are almosi invariably much cheaper 
to buy than buying the actual product or 


instrument itself, and tend to flutcuate in 
value much more sharply than the entity 
on which they are based. 

An example would be if one bought the 
right to purchase a share or an index of 
shares priced at $100. The call option in 
question might cost $2 if the shares were 
priced at $98. But should the share price 
rise to Si 10, each contract bought (costing 
$2) would be worth $10 — a gain of five 
times the initial outlay. 

It is when these contracts are deployed 
in sophisticated combinations, often in 
computer-driven programs of forty or 
more contracts, that the problems occur. 
Not only is the net effect of the program 
hard lo understand, but the managers of 
the program typically claim that the com- 
bination of contracts is a proprietary se- 
cret — something that should not be dis- 
closed to the market, nor to the regulators' 
auditors. 

One well-known suggestion for a way in 
which derivatives might he used for insid- 
er trading in an almost undetectable man- 


ner involves the use of options on indexes 
composed of a small number of stocks. 

London’s FT- 30 or Paris' C AC-40 in- 
dexes lend themselves easily to this. 
Would-be insiders could buy contracts 
that benefit from an upward move in the 
whole index, and then hedge (buy con- 
tracts that benefit from a downward 
move) every other share in the index ex- 
cept for the one that they expect to go up. 

Viewed in such a light, this week's rec- 
ommendation from the Securities and Ex- 
change Commission, or SEC. on deriva- 
tives management is hardly surprising. 
The SEC wants mainstream mutual funds 
to better disclose what derivatives securi- 
ties they are holding The cause of the 
SECs concern is that derivatives can be 
“illiquid,” in that the market in them may 
be made by relatively few traders. 

Be the reason For the SECs move “illi- 
quidity," risk, or the difficulty of regulat- 
ing derivatives trades, analysts say that 
regulators have a lot of catching up to do 
to keep pace with the market. 


Insider Trading 


Page 17 

U.S. problems resurface 
Germany's initiative 
Pan-European reforms 
One case close-out 

“I know for a fact that people are hiring 
detectives to do things like follow CEO's 
around to see who they eat lunch with and 
who they meet with,” said a New York- 
based trader wbo spoke on the condition 
of anonymity. “They even have people 
who go to airports to try to find out where 
corporate jets are going. With technology 
getting more advanced and access to in- 
formation getting wider, you have intensi- 
fied efforts at espionage. People are trying 
to confirm logical corporate get-to- 
gethers.” 

But other analysts say that wider access 
to information can prove to be a double- 
edged sword for would-be insider traders. 
“Irs very easy to tap into information." 
said E Lee Hennessee, a hedge-fund con- 
sultant and senior vice-president at Re- 
public New York Securities. "Wall Street 
is one of the last bastions of free enterprise 
where people do things verbally. But the 
same technology that makes information 
more accessible also greatly increases the 
odds that anyone involved in that sort of 
activity will get caught.” 

On May 23, the Swiss pharmaceuticals 
company Sandoz AG announced that it 
would acquire the U.S.-based Gerber 
Products Co., a developer and marketer of 
baby food and care products, for $3.7 
billion in cash. A look at Gerber's share 
price in the weeks leading up to the an- 
nouncement reveals a $4 move upward — 
from 30% to 34% — between May 2 and 
May 20. The buyout announcement on 
Monday the 23rd, moreover, sent Gerber 
shares soaring almost $16 a share, to 50%. 

Were tbere insider profiteers on this 
deal? “That one did look suspicious,” said 
a London-based Sandoz analyst who in- 
sisted on anonymity. “There were rumors 
that Gerber was on the block, and Nestle 
had been speculated as a potential buyer. 
That sort of thing does happen, but I think 
it’s happening less that it used to. due to 
regulatory tightening" 

Experts stress that understanding what 
insider trading is — and isn’t — is of 
paramount importance. The main point is 
that speculation, as protected by freedom- 
of-speech legislation in major markets, 
dearly does not constitute insider trading. 
Indeed, anyone can call anyone and say: 



Source' Bloomberg 

“Hey. I hear company X is buying compa- 
ny Y.” If shares are bought on rumor, so 
be it. 

On the other hand, when someone in a 
position to have factual knowledge passes 
that on to others or acts on it himself, 
resulting in trades that are based on infor- 
mation not available lo the investing pub- 
lic. that is insider trading in its purest 
form. 

On July II, Eli Lilly & Co., the huge 
pharmaceuticals concern, announced ihai 
it would buy PC'S Health Systems Inc., a 
pharmacy benefit-management company, 
from drug and toiletries distributor 
McKesson Corp. McKesson's stock. 


which had already moved up about $20 a 
share since the beginning of the year, 
leaped nearly $25 a share on the an- 
nouncement. 

Mr. Ronson. who tracks McKesson for 
the Spin-Off Report, said he couldn’t say 
for sure whether some investors hud hail 
prior knowledge of the acquisition. 

But he gave a firm opinion on the origin 
of insider knowledge that finds its way 
into the market: 

“When you're talking about insider in- 
formation. it has nothing to do with the 
increasing availahility of data along the 
information superhighway. It has a lot to 
do with having a friend who knows.” 


T he managers «»l Kolvco NV consider the world 
economy to he beginning a period of sustained 
non -i nl I. it ionary growth. Around the world, 
corporate profits are rising; and main equities are 
attractively priced: The long-term outlook has seldom 
been better; but choosing the right investment will 
take expertise, timing and up-to-date information. 
Access to global investment mana g ement 
Robeco NV is the flagship international equity 
company of the Robcco Group. It aims to achieve a 
balance between dividend income and capital growth 
by investing in blue-chip companies with a proven 
record of success;. To date, assets under management 
exceed $5.5 billion. Not surprisingly, Robeco NV is 
often seen as the standard by which investment 
managers are judged. 



With corporate profits on the rise, now’s the time 
to move into blue-chip equities with Robeco NV. 


Over the past ten years, Robeco NV has achieved 
an annual average return in US dollars of 16.4%. 
So if you had invested $10,000 in June P*84, today it 
would be $45,560. 

This underlines the validity of the Group s long- 
term, globally-diversified investment philosophy. 

For over 60 years, the Robeco Group has given 
investors the flexibility to profit from the world’s 
equity, property, bond and money markets. To take 
advantage of growth and investment performance, 
wherever it is strongest. 


The service that reflects your own values 

A Personal Investment Account with Robeco Bank 
gives you access to this wealth of investment expertise 
and to a reliable, confidential personal sen ice. 

Now is tile time ui open one. 

Tu invest in Robeco NY in particular, or fur more 
information on managed investments from Robeco 
B,uik, fill in the coupon. Or callus in Luxembourg on 
[352) 44 50 44; or Geneva mi (41) 22-939 0139; or fax 
its oj send m vunr business card. 


Tm The Manager, Robeco Bank (Luxembourg! S-A- 3 rue Thom. is Edison. L-H45 Luxembourg. Fax: (352) 44 58 hb. 

Or. The Manager, Robeco Bank (Switzerland) S.A.. 16 chemin dcs Coquelicots. Case Postale 114, CH -121 5 Geneva 15. Switzerland. 
Fax: (41) 22-341 !5*i 

D I would like m invest in Rubcco NV. Pk\v<v send me an aecou nr -opening package. 2M2S 

O Plea.se send me more information about managed investment* from K« -bevo Hank. 


M r ! M r.i/MiW Ms (Dcli'li; ,:s Jpptvpri.iU ) 


Surname and initials 
Pmlwiuii 


Postcode 


Teleplmne 


ROBEC 


% 


BANK 


LUXEMBOURG ■ SWITZERLAND 
















Page 16 


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CAPITAL INTERNATIONAL 

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... BANK (LUXEMBOURG) SJL 
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0 OHnvest Global Bond S 

0 C I Invest FGP USD s 

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CITIBANK (PARIS) SA 28/19/M 

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COMEN ASSET MANAGEMENT 
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CREDIS INVESTMENT FUNDS 

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0 CS Money Marke) Fd DM DM 

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0 CredlsSmlHMldCapSwitziSF 
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d CS Eo Fd Lot America s 

0 CS EQ FO Small Cap Eur DM 

0 CS Ea Fd Small Cop Got — DM 
0 CS Eq Fd Small Cap Jan — Y 
d CS Ea Fd Small Cop USA— s 

0 Credit Sutoe Fds InH SF 

0 CS Euro Blue CMOS A DM 

0 CS Euro Blue Chins B DM 

0 CS France Fund A FF 

0 CS Franca Fund B FF 

0 5 Germany Fund a DM 

0 CS Germany Fund B_ DM 

0 CS Gold Mines A S 

0 CS Gold Mines B S 

0 CS Gold valor J 

d CS Hbrnno Iberia Fd A — Pta 

0CSHtaano Iberia FdB Pta 

0 CS Italy Fund A Ut 

0 CS lialv Fund B LH 

0 CS Japan Megatrend sfr_sf 
d CS Jaoon Megatrend Yon — Y 

d CS Netherlands Fd A FL 

0 CS Netherlands Fd B FL 

0 CS North- American A $ 

0 CS North-Amer kan B 1 

0 cs Oefco-Protec A DM 

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cs Tiger Fund S 


d Poclflc ■ Volor- SF 

0 Schwetarokllen . SF 

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0 Band Valor (Sterling — — t 
0 Convert Valor Swf _ __5F 
0 Convert Valor US- Dollar „s 
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0 Credit Swiss FCS Bds SF 

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0 CS Bond Fd Uro A/B Ul 

0 CS Bond Fd Pesetas A/B — Ptm 
0 C» Capital DM 1997— —DM 

0 CS Capital DM 2000 DM 

0 CS Capital Ecu 2000 Ecu 

d CS Capital FF 2000 FF 

0 CS capital SFR 2000 SF 

0 CS Ecu Bond A Ecu 

0 CS Ecu Bond B Ecu 

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0 CS Eurapa Band B DM 

0 CS Fixed I DM 8% 1/96. DM 

d CS Fixed I Ecu 8 3/4% l/94_Ecu 

0CS Fixed ISFTJk 1/94 SF 

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0 CS FF Bond B FF 

0 CS Gulden Bond A FI 

0 cs Guidon Bond B FI 

0 CS Prime Bond A SF 

0 CS Prime Band B SF 

d CS Short-T. Bond DM A DM 

0 CS Short-T. Band DM B DM 

0 CS Short-T. Band I A S 

0CS Short-T. Bondi B— S 

0 CS Swiss Franc Bona a SF 

0 cs Swiss Franc Bond B SF 

0 CS Euroreol . . ..DM 
REI 










INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 1-2, 1994 


S' 


ADVERTISEMENT 

INTERNATIONAL FUNDS 


Sept. 30, 1994 


Quabrtkm NGPfi*d by find* fated, and transmitted by MICROPAL PARIS {TaL 3W *0 38 0B 09J. 

Nat nset vahie quetatbra aro suppBod by the Fonda dated wfth Hte excopCton of w« quot« bnadi an tana pnero. 
marginsl tymbolc Imflcate frequency of ffiotatlon* auppEpdi (d) • daOy; [w) - weeUn (b) - H-montHy; (f) fottnisMly l#vety two wroki); (rj . ragotartyi (t) - twie* wrokly; |m) . monthly. 


INTERNATIONAL INCOME FUND 

0 Lono Term 

d Long Term - OMK —DM 


d Long Term - OMK —DM idsjzm 

ERMITAGE LUX (352-407338) 
ir ErtnUoge Infer Rote 5trotJM 10.12 

w Ermltoge Seh Fund — — -J M-g 

w Ermltoge Aslan Hedge FU 8^ 

w Ernitim Euro ned pe JH? 

wErmlWBoCrasbv AstoFd-5 19.74 

w Ermltoge Amer Hdg Fd- — J ||| 

iv Ermltoge Emer Mkts Fd — S 17JS 

EUROPA FUNDS LIMITED 

0 American Eawty Fung S 264.92 

0 American Option Fund 5 169.01 

iv Aslan E<wty Fd J J470 

w Eur apron Eauitv Fd—— -3 1IUI 

EVEREST CAPITAL (W) 298 2» 
m Everesi Comrai mil L M -JS 135.77 

FIDELITY INTLIKV. SERVICES (Lux) 

0 Discovery Funa J 20 ai 

0 Far Easf Funo — * ,BS.IS 

d Fkt Amer. Assets s 

0 Fla. Amer. Values itf s 1 HBiDilO 

0 Frontier Fund. —5 37.9! 

d Global ind Fund J 1973 

0 Global Setedion Fund S 23J0 

0 New Europe Fund J 14.1$ 

d onerir Fund -J 134B 

d Soectal Growth Fund S 092 

3 World Fund—— S 11184 

RNMANAGEMENT SA-UmnofflJl/HTJU) 

w Delta Premium Coro s 121100 

FOKUS BANK AJ. 472 42S S55 


wScmrfands Inn Growth FdJ .... 

FOREIGN A COLONIAL EMERG MKTS LTD 
Tei : London (fin oS 134. 


J Argenllnun Invest CaSlcavS 
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FUND MARKETING GROUP (BID) 
P.0 Box 3001. Hamilton. Bermuda 
mFMG Global 131 Aug) 5 


niFMG N. Amer. 101 Aug>- 

mFMG Europe (31 Aug) S 

mFMG EMG MKT (31 Aug)_S 


mFMGQUl Aua). 

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FX CONCEPTS (BERMUDA) LTD 

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GAIA CURRENCY FUNDS 

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w Gala Hedge III S 

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mGo(a Guaranteed CL I S 

m Gala Guaranteed Cl. II S 


GARTMORE 1NDOSUEZ FUNDS 39/t9/M 
Tel: (152 ) 46 M 24 470 
Fax : 1352) 46 54 23 
BOND PORTFOLIOS 

0 DEM Bend Db 5J0 DM 6JS 

0 Dlverbond— DS1S2 SF 2J9 

0 Dollar Bond— Di, 2. M S 2-45 

0 European Bd Db i ll Ecu 177 

0 French Franc—Dis 979 FF 1244 

d Gtobed Bond — .Dta 1U7 S 24S 

EQUITY PORTFOLIOS 

0 ASEAN 5 4 JO 

0 A 3 la Poclflc S 5.M 

0 Continental Europe .Ecu 1 j*7 

0 Deveioohie Markets — 4.45 
0 France --FF I0A3 

0 Germany—— DM 5J7 

0 intemcrtlonai 1 2iS 

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RESERVE FUNDS 

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GEFIMOR FUNDS 

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vr State SI. American 5 348.97 

GENESEE FUND Ltd 

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w IB) Genesee Short S 67^4 

w Icj Genesee DpporturUly — S 171.» 

nr IF) Genesee Non-Eaulty_5 139.98 

GEO LOGOS 

wii strarant Bands Ecu 10SBJ» 

wll PacScBondB SF 116168 


GLOBAL AS5ET MANAGEMENT 
OFFSHORE FUNDS 

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w GAM Fnrnoe FF 

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w GAM High Yield 5 

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m GAM Trodlrsg DM DM 12*41 

w GAM Trading USS S I7D.47 

wGAM Overseas S 16193 

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w gam Relative Value 5 1B8JP 

wGAM Median S 64UV 

wGAMSineapore/MaiavsIa-S 79045 

w GAM SF Special Band SF 12888 

wGAMTvche S 359.15 

WGAM Ui. 5 211.75 

tvGAMul Investments S 870iu 

wGAM Value S 12475 

wGAM Whitethorn s 19052 

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wGAM Band USS Ord J 14473 

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WGAM Bond SF ■ SF HttlS 

WGAM Band Yen y 1464460 

wGAM Band DM DM 11741 

wGAM Bond l— £ 155JD 

w GAM cSoedol Band I 14065 

w GAM Universal USS S 14863 


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0 GAM (CHI Europe 

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SEC REGISTERED FUN. 
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FUNDS 4I.U2Z2626 
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IRISH REGISTERED UCIT5 
6S66 Lower Mount St, Dublin 235! 


6566 Lower Mount St, Dublin 2J53-1-6760M 

w GAM Eurooa ACC DM 12871 

wGAM Orient ACC DM 158J0 

wGAM Tokyo Acc DM 17477 

wGAM Total Bond DM Acc — DM IMXf 

w GAM Universal DM ACC ■ DM 17429 
GLOBAL CAPITAL MANAGEMENT LTD 
Bermuao:l809) 29540W Fax:(B09) 295-6180 
JWH GLOBAL STRATEGI ES LTD 
w (A) Original investment — S 9734 

w (Cl Financial & Metals S 14670 

w(Dl Global Dlverilfled S 1I5J6 

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GLOBAL FUTURE5 & OPTIONS 5ICAV 


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GOTTEX FUND MANAGEMENT 

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GRANITE CAPITAL INTL GROUP 

w Granite Capital Eauitv S 

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GT ASSET MANAGEMENT (IRELAND) LTD 
Tel! (441 71 -710 45 67 

0 GTAseonFd A Shares-— S 8830 

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0 GT Aslan small Comp A Sh6 1965 

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0 GT Australia Fd B Shares— S 33J7 

d GT Ausir. Small Co A Sh 1 2*93 

0 GT Austr.Sawll La B sn — 5 27-1'' 

0 GT Berry Japan Fd A Sh_3 2361 

0 GT Berry Japan Fd B Sh S 7179 

0 GT Bond Fd a Shares 5 18.1/ 

0 GT Band Fd B Shares i 1875 

d GT BIO fc AP sciences a Sh-5 211.17 


0 GT Dollar Fund A 91 

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0 GT Em IWil Small Co ASh-5 
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w GT Joo Small Co fd A 571—J 
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r GT Tetfmatagv Fund A5h_S 6069 

r GTTechnotagyFundBShJ 6074 

GT MANAGEMENT PLC (44 77 711 45 47) 

0 G.T. BkoiectVHeoith Fund-* 2069 

0 G.T. DeutscMand Fund S iM 

0 G.T. Europe Fund t 4975 

wG.T. Global Small Ca Fd— s 30.19 

0 G.T. Investment Fund— s ztm 

w G.T. Korea Fund S 4.17 

w G.T. Newly ind Covntr Fd -Ji 4M1 

WG.T. US SmaflComocnleS—S 2665 

GUERNSEY CAPITAL MAMAGEMENT LTD 
t GCM Global SeL Ea s ie?69 


GUINNESS FLIGHT FD MHGR9 1 Base, I Lid 
GUINNE5S FLIGHT GLBL STRATEGY FD 

0 Monaart Currency s 38.97 

d Global Band S 3357 

d Global High Income Bond _s 2177 

d GUI A [Bond— — - ,L 1075 

d Euro High Inc Bond 1 23.43 

0 Global Equity 5 9464 

d American Blue Chip 1 2874 

d japan and pacific 5 13361 

0 UK— ( 26.11 

0 European — — 7_. 12077 

GUINNESS FLIGHT INTL ACCUMFD 

0 Deutsdwmark Money DM 90708 

0 US Dollar Money 5 38.95) 

0 US Dollar High Yd Bgnd — 5 I4J3 

d Inn Balanced Grtti__ 5 3663 

HA5ENB1CKLER ASSET MANGTCcwnbH. 
wHssenblcmerCom AG— 5 651880 

w HBsefialchler Cam Inc . 1 12075 

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WAFFT. S 1*7800 


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MERRILL LYNCH 

0 Dollar Assets Portfolio— 

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MERRILL LYNCH 5HORT-TERM 
WORLD INCOME PORTFOLIO 

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GLOBAL CURRENCY BOND SERIES 
AUSTRALIAN DOLLAR PORTFOLIO 
0 Calegorr ft AS 


0 US Dollar Hleti Yd Band S 2*83 CAH aSKK DOLLAR PORTFOLIO 

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HE H R r ME5 D is5ET MANAGEMENT LTD EUBOP^N BOND POUTFOUO IU: 

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SKSSSSISS^S SS ?<SKfeLii«™5TEo , uo 

mHennea EWJ MkteFunoJ 1BJ7 \ 

m Hermes Sfrotroies Fund — s 68263 dJMtmrr _B __ ___ — i 

m Hermes Neutral Fimd S II4J4 US DOLLAR PORTFOLIO 

mHermet Global Fund— — 8 66170 d Category A 5 

m Hermes Bond Fund — Ecu 123675 dCaiegvyB—^ & 


0 Category A DM 1380 

0 Category B DM I26S 

EUROPEAN BOND PORTFOLIO (DMl 

0 Chris A-l S 1 369 

dCtaHA-2 5 1523 

0 Class EH 5 1369 

0CIOMB-2 5 1588 

EUROPEAN BOND PORTFOLIO IUSS) 


0 Class A-T DM 

0 Class Ar2 DM 

0 Class B-l 5 

0 0055 0-2 J 

POUND STERLING PORTFOLIO 

0 Category A 1 

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m Hermes Starting Fd 

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HUTZLER BROKERAGE 
m Proasus JkP. phi , - — - — 


0 Coteamr B 

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IFDC SJL GROUP. Londoa/BX (44-71 105 VT72 


MUL??a/RRENCY BOND PTFL 
0 rum a 5 

d Ctass B S 

US FEDERAL SECURITIES PTFL 

0 Clan A S 

0 Class B — S 

MERRILL LYNCH 

EQUITY / CONVERTIBLE SERIES 

BASIC VALUE PORTFOLIO 

0 Class A S 

5 Class 6 s 

CONVERTIBLE SECURITIES PTFL 

0 Class A S 

0 Class B — S 


w IFDC Japan Fund — — 

w Inlertand Fund 

w Korea Dynamic Fund — 
w Malacca Dynamic Fund. 


wMaroc Investment Fund — FF *566-54 

INCOME PARTNERS (ASIA) LIMITED 
w Aslan Fixed Income Fd — -8 18637 

INTER INVEST (BERMUDA) LTD u 

C/o Bank of Bermuda Tel : 609 295 4800 
m Hedge Hog A Conserve Fd-S 964 

INTERNATIONAL AS5ETS FUND 


2. Bd Royal. L-2449 Luxembourg 

w Europe SudE. F ra 9167 

INVE5CO INTL LTD. FOB Z71, Jerm 
Tel: 44 534 731 VI 

0 Maximum income Fund i 0.9200 

0 Sterling Mngd PHI C 2.12M 

d Pioneer Markets ■ .0 6.7620 

d Global xuu th * 

d Okatan Global Stralegy S 176900 

0 Asia Suner Growth 5 277200 

d Nippon warrant Fund. . 9 l.«w 

d AilaTloer Warrant 1 5650) 

d European Warrant Fund S 2J400 

0 Gtd N-W. 1994 S 96400 

PREMIER SELECT FUNDS 
0 American Growth.. . . 6 66400 

0 American Enterprise I LB5S33 

d Asia Tiger Growth 5 13JOOO 

d Doflar Reserve 7 S J1M 

0 European Growth _S iJBOO 

0 B — MM ft w wx lM ■ ■ X 47400 

tf Global Emerging Markets _s 10.1300 

0 Global Growth. S 56300 

0 Nbman Enterprise S 86800 

0 NIdpoo Growth™ S 57400 

0 UK Growth 1 L2200 

d Sterling Reserve 1 

d North American Warrant 5 4J400 

d Greater China Opps s 8.1600 

ITALFORTUNE INTL FUNDS 
w Class A { Asgr. Growth ItaUS B12J760 

w Class B (Global Eauttv) S 1262 

w Class C [Global Band) 5 11.15 

w Class D (Ecu Band) Ecu __ 1060 

JARDINE FLEMING. GPO Bax 1H48 Hg Kg 
0 JF ASEAN Trust— S 0166 

0 JF Far East Wrnt Tr S 2166 

0JFGtaOalConv.Tr S 1*77 

0 JF Hang Kong Trim S 1633 

0 JF JOPWI 5m. CO TV Y 4677660 

0 JF Jaoon Trust Y 1174*60 

0 JF Motorola Trust S 3060 

d JF Pacific I DC. Tr. s 126* 

d JF Thailand Trust - S 4136 

JOHN GOVETT MANT (1.0 .MJ LTD 
Tel: 44624- 02 94 20 

w Gave ft Man. Futures c 1171 

■vGoveNMon.Ful.USS S 763 

w Goveti 5 Gear. Curt j 1177 

w Gavetl I GSsJ BaL Hdee S 106314 

JULIUS BAER GROUP 
0 Boerbond— _SF 


GLOBAL ALLOCATION PTFL (U5SI 

0 Ckns A S 1061 

d Class B S 1832 

89200 " GLOBAL EQUITY PORTFOLIO 

2.1200 dClassA J 1064 

4.7420 0 Class B S 965 

EURO EQUITY PORTFOLIO 

76900 2 gW £ S 1465 

77200 0 Class B _S 1370 

1 9800 LATIN AMERICA PORTFOLIO 

56500 0 Class A 3 1829 

19400 tf Class U S 1768 

96400 PACIFIC EQUITY PORTFOLIO 

0 Clara A S J J9 

46400 0 Ores B J 9 J9 

bS WORLD NATURAL RESOURCES PTFL 

16100 w rin« a . _ j 1LZ7 

5JIOO 0 Class B --.3 11u4 

5JBOO DRAGON PORTFOLIO 

47400 0 Class A S 17a 

81300 0 Clasi B - - * 1768 

58380 MERRILL LYNCH EMERGING MARKETS 

loan 0 Class A — . ... I 1267 

53400 0 aass B S 1264 

56200 MERRILL LYNCH INC 5 PORTFOLIO 

d Class A., - —8 870 

4-3400 0 0055 B 1 869 

81680 0 CIOSS r % 870 

MERRILL LYNCH MEXICAN INC PORT 

21760 0 (Mexican Inc S Ptfl Cl A 5 9J7 

1262 0 Mexican Incl Ptfl Cl B _S 9.77 

11.15 0 Mexican Inc Peso Ptfl CJ A J 3.99 

1060 d Mexican Inc Peso Ptfl OB5 899 

tg Ks MOMENTUM ASSET MANAGEMENT 

4166 wMomentanNaveinarPerf-F 9812 

2168 m Momentum Rainbow Fd— JS 11564 

1*27 m Momentum HxR R.U S 7927 

i« -n mMomenlum Moduno M er l 199.92 

77460 MORVAL VONWILLER A5SET MGT Co 

74400 w Wilier Janmi Y 21760 

3060 w Winer South Easr Asia. 1 1839 

1264 w Wilier Telecom S 1867 

4336 w WllleffundfeWlllerband Cans 1540 

wWIUerfunds-WIDertiand Eur Ecu 1230 
w winerfunds-winereq Eur— Ecu 1137 
11-2 w WiUerfunds-WIBerea Italy -Lit 12^160 

763 w Wlllerfunds-WinerN N A S 1166 

1177 MULTIMANAGER N.V. 

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m European Equities Ecu 1469 

m Japanese Equities V 881 

m Emerolna (Markets s rui 

mCasn Enhancement 1 ?J? 

niArbHraae ■ S 943 


0 Conbar SF 

0 Eautaaer America —7 

0 Eauibaw Europe. ■ . . SF 

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0 Stockbar SF 

0 Swissbor.,,. If 

0 Uauttaer —6 

0 Europe Bond Fund- ...Feu 

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0 Austro Band Fund AS 

0 Swiss Band Fund SF 

0 DM Bond Fund dm 

d Convert Band Fund SF 

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0 Euro Stock Fond Ecu 

O US Stack Fund S 

0 Poclflc Slock Fund 1 

0 Swiss Stock Fund SF 

0 Special Swiss stack sf 

a Japan Stack Fund Y 

d German Slock Fund DM 

0 Korean Stack Fund S 

0 Swiss Franc Cash SF 

0 DM Cast Fund DM 

3 ECU Cash Fund™ — —Ecu 

Sterling Cash Fund C 

a Dollar Cash Funa S 

d French Franc Cash ff 

KEY ASSET MANAGEMENT INC 
inKay Asia Hokhnas S 


NICHOLASAPPLEGATE CAPITAL M6T _ 

wNA Flexible Growth Fd s 14&J3 

w NA HxdoeFuret S 12965 

NOMURA INTL. MONO KONG) LTD 

0 Nomura Jakarta Fund S TOTS 

NOR IT CURRENCY FUND 

mBCLUSD S 81026 

mBCLDEM DM B4461 

mBCLCHF SF 92479 

mBCL FRF FF 434558 

aiBCL JPY V 82*9560 

mBCL BEF BF 2447460 

ODEY ASSET MANAGEMENT LTD 
21 GrosvW»or5t.LanW1X9FE64-71-4792*M 


0 Odev European DM 

wOdev European S 

wOdeyEuroo Growth Inc DM 

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iv Odev Eure Grth sier Inc c 

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m Key Asia HoJdtnos. s 10364 

mKev Global Hedge™ — i 253JB 

at Kev Hedge Fund Inc— 1 15064 

K1 PACIFIC ASSET MANAGEMENT INC 


mKl Asia PacHtcFd Ltd S 

KIDDER, PEABODY 

{ Chesapeake Fund Ltd— — J 

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O Inn Guaranteed Fund —5 

b Stonehenge Ltd & 

LEHMAN BROTHERS 29/01/94 

0 Aslan Drogrei Port NV A S 

0 Aslan Dragon Part NV B S 

0 Global Advisors 11 NV A. — 5 
0 Global Advisors II NV B_1 


0 Global Advisors Pori NVAJS 
0 Global Advisers Port NV B_5 

0 LatimanCur Adv. A/B S 

0 Natural Resources NV A — 5 
0 Natural Resources NV B — S 
0 Premier Futures Adv A/B-l 
LIPPO INVESTMENTS _ 



WF Uodo Tower Centre. 89 QvcentwavJiK 
Tel (852)867 6888 Fax [8521 5960380 
w Java Fund S 9X 


OPTIGEST LUXEMBOURG 
b OoIHksI GW Pd-FIxed mc-DM W 
ft Ootlgcst Gib! Fd-Gen Sub FJ3M HO* 
OPTIMA FUND MAMAGEMENT 
73 Ftwif SI. HarnWf«L8er»mido 809 29S64S8 


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w IDR Money Market Fd S 1265 

w USD Money Market Fd S 1076 

w Indonesian Growth Fd S 23J2 

w Aslan Growth Futd 5 1025 

w Aslan Warrant Fund S 571 

LLOYD GEORGE MMGMT (152) MS 4(19 

w Antenna Fund 5 1889 

w LG Aslan Smaller Cos Fd— s 196932 

w LG India Fund LM_ s 1897 

w LG Jaoon Fd™ — 5 IBJB 

w LG Koreo Fd Pic 1 1897 

LLOYDS BANK INTL (BAHAMAS) Ltd 
wLlovds Americas PortallD_S 968 

LOMBARD. ODIEH & CIE - GROUP 
OBUnEX LTD (Cl) 

d Multicurrency 8 3260 

d Dollar Medtan Term J 2460 

0 Dollar Long Term 5 19.4) 

0 Japanese Yen Y 498560 

0 Pound Sterling C 2(67 

0 Deutsche Mark DM 1765 

0 Dutch Florin FI 1825 

0 HY Eurocurrencies Ecu 1565 

0 Swiss Franc SF 1360 

0 US Dollar Short Term % 1360 

0 HY Eura CurrDtvld Pay — Ecu 1063 

d Swiss Multicurrency SF 1U9 

0 Eurooean Currency Ear 2169 

0 Belotat Frcxtc BF 134.94 

0 Convertible S 14.93 

0 French Franc FF 154.13 

0 Swiss Muffl-Dhrldeqd SF 9S2 

0 Swiss Franc Short- Term SF leafltf 


w Optima Fu 

IV Optima Fultxes Fund 5 

w Optima Globed Fund 5 

w Optima Periaita Fd Li d S 


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wThe Platinum Fd Ltd — — J 
ORB1TEX GROUP OF FUNDS 

0 Orttttex Asia Poc Fd S 

0 Orbtiex Growth Fd — — J 
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0 Orbl tex Japan Small Cap FdS 
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FACTUAL 

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d infinity Funo Ltd. 
d Nnvasnr Fund— 


0 Star Htah Yield Fd Ud. 
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w Luxor 

d Parvcsl USA B. 


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0 Porvesl AM) Radi B— — — 5 

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0 Parvest Holland B FI 

0 Parvest Fnxtce B FF 

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0 Parvesi CtaiFDoflar B _ — 1 
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0 Parvest Obi F Yen B Y 

0 Parvest Obll-Gulden b Fi 

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0 Parvest OWFSterB c 

0 Parvest Otrii-Ecu B Ecu 

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0 Parvesi 5-T Dot tar B 5 

a Parvest S-T Europe B . . —Feu 

0 Porvest S-T DEM B DM 

0 Parvest 5-T frf b ff 

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0 Porvesl Global B — ..-IF 

0 Parvest im Bonds s 

0 Parvesi OWMJro B Lit 

0 Furvesf Int Eaulttas B 5 

d Parvest UK B. — C 

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0 Parvesi S-T CHFB SF 

a Parvest ObU-Cmxta B. ■ -CS 

0 Parvesi Oblt-DKK B DKK 

PERMAL GROUP 

1 Emerging Mkts Hldgs * 

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f Growth N.V * 

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w PJ1F UK Val (Lux) 1 

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w P.CF VOJfDer (Lux) Ptos 

w P.CF Volltollo (Lux) Lll 

w P.CF Val IroncefLux) FF 

w PALF. Vottmnd SFR (Lux) JF 
w P.U.F. VolBond USD (Lux) J 
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wP.Uf.WMMFRF (Lux) 
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d Canadian Donor-— — - — CS 
0 Dutch Florin Multi Jl 

0 Swiss Franc Dlvld Pay — SF 

0 CAD Multi cur. Dhr C5 

0 MediterioneanCurr. JF 

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0 Deutschmark Short Term —DM 
MAGNUM FUNDS I tie 0< Mill 
T*l 44424 488 320 Fax 4+434 4M 334 

w Magnum Fund s 

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m Athena GM Currencies 5 9ji 

m Athena Gtd Financials Con 7 1069 

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,TD 

(809)2929789 
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m Class A S 11863 

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0 Clo» B 9 9804 

MAVERICK (CaramMMI WWW 

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MCKINLEY CAPITAL PARTNERS, LTD 

mThe Corsair Fund Ltd S 77.70 

mThe Dauntless Fd Ltd S HI 70 

MCE5PIERSQN 

Rakta 55. lDISik. Amsterdam (20-5211188) 

w Asia Poc Growth Fd N.V S 4071 

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0 Eauitv Mediterranean S 168 

0 Equity North America 5 265 

0 Equity Far East S 5J4 

tf inri Emerging Markets — S 1-5 

0 Bond Int-I ACC S 1269 

0 Bond inll Inc 1 763 

0 Bond Europe ACC— —3 1-65 

0 Bond Europe Inc — S 162 

0 Band Sweden Acc Sek 1*21 

d Band Sweden inc —Sek 10.17 

d Bond DEM Acc DM 125 

0 Bond DEM Inc DM 063 

0 Bond Doflar U5 Acc S 1 J8 

0 Bond Dollar US Inc -7 164 

0 Curr. US Dollar — 5 IJB 

d Curr. Swedish Kronor Sek IZ59 

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iv SF Bonds H world Wide i 1E11 

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wSF Ea.P World Wide, S 15.92 

v> SF Short Term S France— FF 174.1497 

w SF Short Term T Eur Era 1440 

5001 TIC ASSET MANAGEMENT INC. 

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w SAM Diversified — — 3 13251 

wSAM/McGarr Hedge 1 1ZL71 

w SAM Opportunity 7 13814 

w SAM OrtKle S 1I7J1 

w SAM Strategy J 11573 

m Alpha SAM S 1064 

w GSAM Composite—— S mi9 

SR GLOBAL BOND ACCUMULATOR INC. 
m Chm A S 10060 

mCtassB -J '0060 

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m Clara A 8 M860 

m Clara B S 10060 

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w Svenska SeL Fd Germany _J I8M 

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SWISS BANK CORP. 

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d SBC Band PITI-Yen A Y 

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0 SBC Glbl-Ptfl Ecu Yld A ECU 

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>ti- S> J 



EMTERIV ATI ON AL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 1-2, 1994 


Page 1 ’ 


THE MONEY REPORT 


SEC Fights Rise in Suspect U.S. Trading 


: By Jndflh Rehak 

\ JL fTER a period of rei- 
i f\ ative calm, a resur- 
} gence fn mergers and 

■ f*- ■A-acquisitions activity 
; • in the United States is fueling a 
leap in unusual or unexplained 

• stock trading. 

. ; In 1 993, the National Assocd- 
; ntion of Securities Dealers re- 
ferred 71 incidents of such ac- 
gvto to the U.S. Securities & 
Exchange Commission, an in- 
' crease of 144 percent over 1992. 
And the upward momentum is 

• continuing this year. As of July 
31, the NASD had sent 50 re- 
ports to the SEC, compared 

• with 35 in the corresponding 
period a year ago. 

. ■ “Right now, there are a lot of 
investigations going on,” said 
Thomas Newkirk, associate di- 
rector of the SECs enforcement 
: division. “It remains to be seen 
if they’ll become real cases." 

P ‘ Under section 10-B of the Se- 
.. eurities Exchange Act of 1934, 
Ibc Commission can pursue 
'• those it suspects of wrongfully 
using non-public information 
to either profit or avoid losses 
involving stock trading. And 
- {he Commission has plenty of 
clout: unlimited subpoena pow- 
: er, the authority to sock insider 
v traders with civil penalties of up 
to three times the profits made 


or losses avoided, and the abili- 
ty to hand over cases to the U.S. 
Department of Justice for crim- 
inal prosecution if H sees fit- 
But what has really put teeth 
in these regulations, analysts 
say, is the growing use of tech- 


and detect unusual trading ac- 
tivity. At the New York and 
American stock exchanges, and 
at NASDAQ, the electronic ex- 
change, banks of computers 
track the trading in listed 
stocks. Each one Has its own 
history of transaction volume 
and price fluctuations. 

When those parameters are 
exceeded, warning beeps sound 
and messages flash across the 
screens, signalin g technicians. 

If the trading looks suspi- 
cious, “we can automatically re- 
construct our member-firm 
transactions and fax them for 
detailed information, such as 
customer identification, social 
security numbers, addresses, 
mid the branch where transac- 
tions took place," explained 
Robert McSweeney, senior vice 
president of market surveil- 
lance at the New York Stock 
Exchange. 

Equally sophisticated pro- 
grams are in force at the Ameri- 
can Stock Exchange and NAS- 
DAQ. Each exchange has 
jurisdiction over its member 


firms and their employees, and 
any unusual incidents of trad- 
ing activity by individuals and 
company executives are report- 
ed to the SEC. 

But technology is by no 
means the only force at work in 
the battle against insider trad- 
ing. Preventative measures, es- 
pecially at Wall Street firms, 
play a far more significant role 
w discouraging such activity 
that they once did. 

After the insider trading 
scandals of the 1980s that re- 
sulted in millions of dollars in 
Fines and, in some cases, jail 
sentences, brokerages and in- 
vestment banks beefed up their 
in-house surveillance of person- 
al trading by employees. The 
biggest deterrent, say some ob- 
servers, was the spectacle of 
some senior executives of Wall 
Street firms being led from their 
offices in handcuffs. 

“The SEC and the District 
Attorney’s offices have been 
very aggressive in bringing 
criminal actions, much more so 
than in the past,” acknowl- 
edged Mr. McSweeney. 

The result, claim "exchange 
officials, is that 80 to 90 percent 
of insider trading today is being 
perpetrated by individuals out- 
side financial institutions. 

There are numerous exam- 
ples, like the plumber who was 
recently fined $27,620 to settle 


Federal allegations of insider 
trading based cm confidential 
information about a pending 
acquisition that he received 
from his wife, who worked for a 
senior executive at GTE Corpo- 
ration, the telecommunications 
concern. Or the case of employ- 
ees at the printing company 
used by Business Week maga- 
zine, who traded on informa- 
tion they garnered from reading 
issues before publication. 

There have also been a num- 
ber of cases involving individ- 
uals at law firms who had access 
to confidential information on 
mergers and acquisitions deals, 
not only paralegals and office 
managers, but lawyers them- 
selves. 

Moreover, anyone looking to 
make a quick killing in the 
United States and then flee 
abroad should note that the 
SEC is now better equipped to 
pursue them and tbeir ill-gotten 
gains, warned Mr. Newkirk. He 
cited a high-profile case in 
which Eddie An tar, the owner 
of Crazy Eddie’s, a U.S. elec- 
tronics retailer, sold off his 
shares just before the company 
collapsed. Although Mr. Antar 
fled to Israel he is now in jaD in 
the United States. 

“Fifteen years ago we had no 
ability to get information over- 
seas, and no ability to recover 
money,” said Mr. Newkirk. 


Strangetioings-Oh 

toet&tces of unusual trading 
rapo 


Need for Foreign Capital Prods European Reforms 


By Aline Suflrran 

W HERE arguments 
based on ethics 
have failed, argu- 
ments backed by 
? cash may be succeeding. Insider 
i trading is at last being taken 
: seriously by continental Euro- 
■ peam anxious to attract foreign 
investment. 

■ While many professional in- 
vestors are reluctant to com- 
ment publicly on the subject, 

: many say in private that insider 
trading remains widespread in 
Europe although recent regula- 
(ary reforms have helped to 
combat it 

‘ “1 get a strong feeling that 
insider trading is just the way 
i business is done in much of the 
j continent,” said a British man- 
i ager of a pan-European fund. 


who insisted on anonymity. 
“But people are paying a lot 
more attention now to all forms 
of conniption. They are starting 
to open Pandora’s box." 

International capital Hows 
are forcing changes in the Euro- 
pean stock markets, according 
to a fund manager at a major 
U.S. firm in London. “Big in- 
vestors won’t put up with not 
being on the made track." he 
said. “They amply won’t buy 
the shares if they suspect insider 
dealing.” 

Change is slow in coming, 
however. In contrast to the Unit- 
ed States, which has had laws on 
insider dealing for over 50 years, 
the countries of the European 
Union had to wait until 1989 
before an EU directive on the 
subject came into force. But en- 
forcement of the directive by 
some member states remains 


patchy, say observers. Germany, 
however, has recently tightened 
its regulatory vise. 

At the same time, much of 
corporate Europe is undergoing 
a catharsis. Grassroots political 
change, together with a new ag- 
gressiveness by the press and 
the effects of prolonged eco- 
nomic recession, have redefined 
many longstanding business 
practices as unacceptable, say 
observers. 

“There is a lot of concern 
about corruption in the corpo- 
rate sector " said Richard Tay- 
lor, head of European research 
at County NatWest in London. 
“Insider dealing is a big part of 
that.” 

In Italy, for example, as in 
many other European coun- 
tries. insider dealing has long 
been widely regarded as a vic- 
timless crime. That attitude is 


changing fast, however, thanks 
partly to the influence of for- 
eign investors. 

“The idea that insider trading 
is a victimless crime is non- 
sense," said the U.S. fund man- 
ager based in London. “There 
will always be losers when it 
happens. It may be hard to iden- 
tify the victims, but that doesn't 
mean they are not there." 

Some recent big cases have 
helped generate awareness of 
the problem. In the same month 
that Germany outlawed insider 
dealing, the German stock ex- 
change began investigations 
into press allegations that a 
group of stock brokers had 
traded on privileged informa- 
tion. 

Also in July, a Paris appeals 
court upheld Alain BoubhTs 
prison sentence for insider trad- 


ing. Mr. Boublil who is making 
a further appeal is alleged to 
have been involved in an insid- 
er-dealing scheme Involving the 
1988 takeover of the U.S. firm 
Triangle Industries Inc. by the 
French, state-owned aluminum 
concern Penchiney SA. 

But insider trading is notori- 
ously difficult to prove and 
prosecutions to date have been 
rare. 

In the interim, many people 
continue to regard insider trad- 
ing as a way to beat the system 
without causing any barm say 
many market watchers. And the 
new" bourses of Eastern and 
Central Europe have only be- 
gun to tackle the problem. 

“These countries do not yet 
take insider trading seriously," 
said a fund manager in New 
York. 


Downe Settlement Closes Out One Case of an Insider’s Fall 


By Seena Simon 


M ANY market ana- 
lysts agree that 
while legislative ef- 
forts to crack 
I down on insider trading are dis- 
co imaging the practice, a good 
deal of illegal trading based on 
privileged information still oo- 
1 curs. Many add that the best 
deterrent can be the weH-pobli- 
| dzed fall of a powerful profes- 
sional or private investor. 

A chapter of just such a sce- 
nario was completed earlier this 
month when Ed Downe Jr., a 
former director of the New 
York-based brokerage Bear, 
Stearns & Co., agreed to pay 
SI 1.2 million to settle Securities 
land Exchange Commission in- 
sider-trading allegations. 

1 Mr. Downe, 65, was the 
fourth person in the “Society 
Seven” insider-trading ring to 
settle a 1992 SEC suit alleging 
that he and six other investors 
illegally profited from stock 


tips they exchanged at their 
Long Island, New York, vaca- 
tion homes from 1987 to 1989. 

In order to come up with the 
money, Mr. Downe, the former 
husband of automobile heiress 
Charlotte Ford, wflj sell virtual- 
ly all his assets, including art, 
antiques and a condominium 
near Sl Petersburg, Florida. He 
will turn over the proceeds to 
the SEC. The money represents 
illegal trading profits of S5.7 
million plus interest, but in- 
dudes no penalties, the SEC 
has said. 

Mr. Downe, a one-time pub- 
lisher of Ladies Home Journal 
magazine, was sentenced to 
probation in a related criminal 
case last year. 

The SEC accuses Mr. Downe 
of making illegal trades in the 
securities of several companies, 
including the investment bank 
Bear Steams and the security- 
systems company Kidde Inc., 
after learning confidential in- 
formation as a board member 
of both firms. Kidde was ao 


Shares prices in dollars 

21 

, yil Hanson 


8 



izzm 




Midland Offshore 
Opens New Service 

- Midland Offshore, an arm of 
the HSBC group, is offering a 
managed investment service for 
investors with a minimum of 
$10,000 or £5,000 ($7,849). The 
bank offers a choice of three 
investment portfolios — Cau- 
tious, Balanced or Adventurous 
—each of which has the objec- 
tive of achieving long-term cap- 
ital growth. 

■ Investors can choose bewteen 
dollar- and sterling-denominat- 
ed accounts, and will find their 
money committed to a selection 
of Midland’s 13 sub-funds in 
the Midland Internationa] Cir- 
cuit Fund. The fund is domi- 
ciled in Luxembourg with all 
the attendant tax advantages. 

. The Adventurous Portfolio 
will invest primarily in shares, 
including small company 


stocks. Balanced Portfolio in- 
vestors will be committed to a 
mix of shares, bonds and fixed 
interest securities, while Cau- 
tious Portfolio investors will 
chiefly gain exposure to bonds 
and fixed-interest securities, 
with relatively little investment 
in equities. 

“By launching our Managed 
Investment Service, we are pro- 
viding a simple and hassle-free 
way for people to benefit from a 

So," said David Fyle^head of 
marketing at Offshore Mid- 
land. “We have also kept the 
entry level to an unusually low 
$10,000 or £5,000 to appeal to 
smaller investors who cannot 
normally benefit from such a 
service.” 

Investments arc subject to an 
initial charge of 5.25 percent, 
with annual fees ranging from 
0.5 to 15 percent. 


| duty August Sopt- 

Source: Bloomberg 

quired by Hanson PLC. the 
British industrial management 
company, in 1987. 

The agency also says Mr. 
Downe made illegal trades in 
Bally Manufacturing Corp„ the 
U.S. gaming concern, using tips 
he got from Bally’s outside pub- 
licist, Steven Greenberg, who 
settled SEC allegations in June. 

Mr. Downe settled the SEC 
rivfl suit without admitting or 
denying wrongdoing and plans 


For more information, write 
Midland Offshore at P.O. Box 
26, Sl Helier, Jersey JER4 
8NR, Channel Islands, or call 
Jersey (44.534) 60600. 

Jersey Bank Will 
Offer Visa Account 

Standard Chartered Bank 
(C.I) limited, Jersey has intro- 
duced a Visa debit card at- 
tached to its offshore deposit 
account, available to customers 
of the Extra Value Deposit Ac- 
count with balances of at least 
$5,000 or £2^00. A gold version 
of the card is available for those 
with balances of at least 
5100,000 or £50,000. 

“The card offets easier access 
to offshore funds and can be 
used to pay for goods and ser- 
vices anywhere in the world," 
said Beverley Le CuirroL head 
of Marketing at Standard Char- 


■BJ L-Zgg-J 

July Aogu#t Sap t 

Internal kxul Herald Tribune 

to focus on his ongoing business 
pursuits, said his attorney, 
Thomas Pucrio. The agreement 
bars him from serving as an 
officer or director of a public 
company. 

Mr. Downe pleaded guilty to 
the Bear Stearns and Kidde 
trades in criminal proceedings, 
however. “You can't get blood 
from a stone,” said Richard 
Walker, head of the SECs New 
York office, in explaining why 


tered in Jersey. “Withdrawals 
will be debited directly to a cus- 
tomer’s account, so, unlike a 
credit card facility, there is no 
monthly biH” 

For more information, write 
Standard Chartered Bank (C.I) 
Limited, P.O. Box 830, Conway 
Street, Sl Helier, Jersey, Chan- 
nel Islands, or call Jersey 
(44.534) 507001. 

Hambros Is Bullish 
On Aslan Small-Caps 

Hambros Bank has launched 
a new mutual fund investing in 
small Asian companies with a* 
market capitalization of less 
than $500 million. 

“We believe that the .Asia re- 
gion will continue to provide 
exciting opportunities for long- 
term investment which Ham- 
bros is well placed to take ad- 
vantage of with on-the-gxound 


Mr. Downe won’t have to pay 
penalties. “We have taken vir- 
tually all of his assets." Mr. 
Downe is being permitted to 
keep his Manhattan apartment, 
a 1969 Mercedes 280SE auto- 
mobile, furniture and other be- 
longings of "modest value.'* 

Although the case exposed 
one of the largest insider-trad- 
ing networks of the 1980s, the 
only person to receive a prison 
term was Milton Weingcr. a for- 
mer Oppenheimer & Co. stock- 
broker who served 10 months 
for carrying out trades for Mr. 
Downe. 

Two other defendants, Mar- 
tin Revson, a co-founder of 
Revlon Inc., and Fred Sullivan, 
former chairman of Kidde, pre- 
viously settled SEC civil 
charges. The SEC case against 
Mr. Weinger, David Salamone, 
a business partner of Mr. 
Downe, and Thomas Warde, a 
Los Angeles real estate inves- 
tor, is pending. 

Bloomberg Business Nm 


presence in the area,'” said An- 
drew Martin Smith, executive 
director of Hambros Bank. 

For more information, call 
Hambros at London (44.71) 
480 5000. 

In next week’s Money Report: 
a comprehensive mutual fund 
survey. 


The Money Report 
is edited by 
Martin Baker 


f INTEGRA 1 
CAPITAL 
CORPORATION 
<ICC) 

UXS $.00 - S 5.50 

k faf te fa nait l on orOy A 


New Legislation Fuels Up 
German Regulatory Arsenal 


By Baie Netzer 


L ATE this past August 
shares in German in- 
dustrial giant Daim- 
ler-Benz AG jumped 
within minutes of the compa- 
ny’s announcement that earn- 
ings in the first half of the year 
had markedly improved. 

But rather than celebrating 
their stock’s rise, Daimler exec- 
utives quickly pronounced 
themselves “baffled and embar- 
rassed." 

The problem? The company 
had accidentally enabled two 
news agencies to transmit their 
earnings 30 minutes before oth- 
er news services laid their bands 
on the figures, thus giving some 
investors an inside (rack on 
share gains. 

Observers of the German 
market find the Daimler case 
especially worrisome because 
Daimler is widely considered to 
be the most progressive Ger- 
man company in disclosing in- 
formation. Since listing its 
shares in New York, Daimler 
has complied with the stringent 
rules set down by the U.S. Secu- 
rities and Exchange Commis- 
sion, or SEC. 

Thus, few expected the com- 
pany to have difficulty comply- 
ing with a new German law that 
bans insider trading and re- 
quires fair and timely disclosure 
of relevant information. With 
the pressure on to rout insider 
trading out of Germany's $530 
billion stock market, the Daim- 
ler case points to the heightened 
awareness German companies 
must now learn to exercise. 

Indeed, the very concept of 
insider trading as a crime is new 
to Germany. Until this past 
summer, when the German par- 
liament passed a securities- 
irading law, insider trading was 
not punishable as a criminal of- 
fense. Authorities counted on a 
voluntary agreement, signed by 
approximately 95 percent of all 
those considered to be insiders, 
to prevent the practice. While 
the agreement allowed officials 
to view trading records of those 
who signed, experts acknowl- 
edge that, in practice, a number 
of instances of insider trading 
likely went undetected. 

“There was a time when in- 
sider trading certainly played a 
role in the market," admitted 
Lothar Klemm, the minister of 
economics in the German stale 
of Hesse, home of the Frankfurt 
stock exchange. “But the fact 
that a person can now go to 
prison for five years because of 
insider trading definitely gives 
more bite to market supervi- 
sion.” 

When ft lakes effect at the 
beginning of next year, the new 
German law wall create a three- 
tiered level of market supervi- 
sion. A federal supervisory au- 
thority located in Frankfurt, 
where nearly 70 percent of ail 
stock trades occur, will gain the 
authority to pursue insider- 
trading cases. The regional, 
state economic ministries that 
previously oversaw Germany's 
eight stock exchanges will also 
continue to exercise their gener- 
al legal and market supervision. 

In addition, each stock ex- 
change will be responsible for 
monitoring electronic and floor 
trading. Evidence or signs of 
insider trading that are noticed 
by a stock exchange or state 




nnrff E -fr gsl m wm f 

■; NafrAagnic. of focaritfe . 

“Now we have a network of 
treaties and memoranda of un- 
derstanding with other coun- 
tries and stock exchanges.” 

In light of such develop- 
ments, why do people continue 
to think they can get away with 
insider trading? Mr. 
McSweeney, for one, thinks 
that many fail to realize bow 
sophisticated surveillance sys- 
tems have become. 

But more than anything, all 
agree, greed simply overwhelms 
reality. “They think they’re 
snail fish in a big sea and that 
no one will catch them,” said 
one surveillance officer. “It 
looks like it's just such easy 
money. They just can’t resist." 


ministry will be forwarded to 
the federal ministry for further 
action. 

For investors who might have 
assumed that the fourth largest 
market in the world was also 
one of the most modem, the 
recent passage of an insider 
trading law may seem late in 
coming. Indeed, as the future 
home of the European Mone- 
tary Institute, Germany has 
been under increasing pressure 
to set the European standard 
for financial markets. 

Moreover, international in- 
vestors have long criticized the 
German market, asserting that 
corporate disclosure is slow and 
inadequate and that the large 
number of shares held by major 
corporations has created an un- 
fathomable sea of interlocking 
directorates. In response, legis- 
lators have increased the 
amount of information that a 
listed company must disclose to 
the public. 

Under the new law, German 
companies will be required to 
disclose relevant corporate in- 
formation without delay 
through widely-distributed fi- 
nancial newspapers or wire ser- 
vices. In addition, companies 
will have to disclose purchases 
of shares in other companies 
when their holdings top the 5, 
10, 25, 50 or 75 percent level of 
total shares outstanding. 

“Right now a great number 
of shares are held permanently 
by large corporations and this 
can be very decisive,” said Au- 
gust Schafer, the Hesse com- 
missioner for stock-exchange 
supervision. “For instance, if a 
company has a very large mar- 
ket capitalization but only a 
fourth of its shares are actually 
available for trading, then this 
will influence the movement of 
the DAX index." 

Yet despite increased disclo- 
sure and supervision, many ob- 
servers say that insider trading 
will remain difficult to detect. 
“We might notice irregularities 
in trading data, but most cases, 
whether in Germany or abroad, 
are discovered through tips,” 
said Stefan Lutz, a spokesman 
for the stock exchange in 
Frankfurt 

Other German officials argue 
that tips will become less neces- 
sary as more and more trades 
become visible through on-line 
trading. 

“In the past we had to rely on 
random spot checks," said Mr. 
Schafer. “But in the future, the 
net will be cast so wide that it 
will be virtually impossible for 
insider trades to escape atten- 
tion." 

But to cast that net, the Hesse 
state government has found it- 
self scrambling for money. 
Technology must be upgraded 
and more than ten new employ- ' 
ees with the financial know- 
how to spot irregularities must 
be employed. To help in financ- 
ing the initial costs, the stock 
exchange in Frankfurt has 
agreed to contribute approxi- 
mately $2 million. 

At the very least, authorities 
say, the spirit of the law will 
improve the fairness of Germa- 
nys markets. “We fought for I 
five consecutive years to get this 
law passed, and now it should 
bring about a real change in 
culture,” said Mr. Lutz. “It 
should make our markets a lot 
fairer than they have been." 


Jan. 94 - Aug. 94 + 32.73% 

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The widespread hope is that 
this change of culture will make 
German financial markets more 
attractive both to international 
investors as well as to German 
individuals who prefer to shun 
stocks in favor of bonds. But 
according to Rolf Passow, chief 
executive at the mutual fund 
subsidiary of Dresdner Bank, 
the new German law remains 
too restrictive to succeed in at- 
tracting a great many investor*. 

In order to introduce conser- 
vative German investors to eq- 
uities. Mr. Passow’s company 
recently created a Risk Protec- 
tion fund that uses options to 
hedge against a fall in stock 
prices. 

“We can't buy over-the- 
counter options so we had to 
close the fund when we ran out 
of options to buy,” said Mr. 
Passow. “The law here is still 
restrictive compared to a place 
like Luxembourg.” 

But while the financial com- 
munity continues to lobby for 
liberalization, government offi- 
cials claim giant strides have at 
least been made in the area of 
supervision. “In the course of 
the past decade, the German 
stock market has grown into 
one of the world’s largest," in- 
sisted Mr. KJemm. "Now, we 
can assure a ievei of supervision 
that meets international stan- 
dards.” 


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Page 18 



SPORTS 


Break for Villa 
In Cup Draw 

The Associated Press 

GENEVA — Aston Villa was rewarded Friday for elimi- 
nating Inter Milan, the defending till is i, from the UEFA Cup 
with a comparatively easier second-round game — against 
Trabzonspor of Turkey. 

Trabzonspor, which will host the first leg. eliminated Din- 
amo Bucharest after a 3-3 tie on the road to gain the second 
round but lacks European soccer experience. Inter won the 
UEFA Cup twice in the last four seasons. 

In the draw Friday for the UEFA and Cup Winners’ Cups, 
Trelleborgs, the team of Swedish part-timers who eliminated 
star-studded En glish club Blackburn Rovers, got another 
giant- killin g opportunity by taking on Italy’s Lazio in the 
second round. The first leg is in Rome. (See Scoreboard) 

Arsenal, the Cup Winners' Cup holder, has a second round 
game against Brand by. The standout game of the Cup Win- 
ners’ draw, however, is Feyenoord of Rotterdam against Ger- 
many’s Werder Bremen. Feyenoord has made a modest start in 
the Dutch league, while Bremen is atop the Bundesliga. 

Sampdoria, titUst in 1990 and runner-up the season before, 
hosts Switzerland’s Grasshopper in the first leg, played OcL 
20. The second leg games are Nov. 3. 

Among the favorites to win the UEFA Cup, mighty Real 
Madrid goes to Dynamo Moscow in the first leg Oct. IS, 
having sneaked past Sporting Lisbon on the away goals rule, 
w hil e Italy’s Juventus hosts Maritimo of Portugal 

Napoli, another Italian club still in the competition, goes to 
Boavista of Portugal while Parma, the 1993 Cup Winners’ Cup 
dtlist and runner-up last season, hosts AIK Solna of Sweden. 

Newcastle, which heads England’s Premier League, meets 
Athletic Bilbao, which is near the foot of Spam’s first division. 

Olympique Marseille of France visits Sion of Switzerland, 
Cannes goes to Austrian club Admira Wacfcer and Names 
hosts Russian club Tekstilchik Kamychine and Bordeaux 
heads for GKS Katowice or Poland. 

Germany’s Kaiserlautern hosts Odense but countrymen 
Bayer Leverkusen visit Kispet Honved, Eintracht Frankfurt 
travels to Rapid Bucharest and Borussia Dortmund goes to 
Slovakia to face Slovan Bratislava. 


NBA Said to Back Tarpley’s Return 

DALLAS (AP) — Roy Tarpley, suspended by the National 
Basketball Association since 1901 for substance abuse problems, 
has reportedly been reinstated by the league and will be with the 
Dallas Mavericks for the start of training camp next week. 

The Dallas Morning News, quoting sources involved in the 
process, reported Friday that the NBA commissioner, David 
Stem, had approved Tarpley’s return once an after-care program 
is in place. Tarpley drew a lifetime suspension on Oct. 16. 1991. 
after he refused to take a drug test, his third violation of the NBA’s 
drug policy. The league later changed the terminology to ’’indefi- 
nite suspension.” 

The Mavericks are expected to sign Tarpley to a 52.6 million 
contract. Tarpley, who plays center and forward, averaged 12.6 
points and 10 .5 rebounds for Dallas over a five-season span. The 
7-foot (2.13 meters), 245-pound (1 1 1-kilogram) Tarpley played in 
Greece the past two years. 

Singapore Seeks to Arrest Czech Star 

SINGAPORE (Combined Dispatches) — A Singapore district 
court judge on Friday issued an arrest warrant for the Czech 
soccer star Michal Vana, charged in a Singapore match-fixing 
scandal, after he failed to appear in court. 

The judge also ordered that Vana. 31, not be allowed any 
further bail if arrested. 

Vana, a midfielder on the Singapore national team for the last 
three years, was charged with six counts of taking bribes allegedly 
to fix match results in the Malaysia Cup tournament earlier this 
year. (AFP. Reuters ) 

For the Record 

Ernie Els of South Africa shot a nine-under-par 63 to take a 
one-shot lead over Russell Claydon of England in the opening 
round of the German Masters on Friday in Berlin. (A P) 



Skins See Cowboys Coming . 
But Will They Stop Them? 


yew York Times Service 

COWBOYS (.2-1) at RED- 
SKINS (1-3): Key stats: Henry 
Ell aid is the NFL’s leading re- 
ceiver with 536 yards and four 
TDs on 26 receptions. The Cow- 
boys have allowed just two first- 
half touchdowns in the last eight 
games and are 7- 1 in that span. 

Comment: After its first loss 
and a weds off, Dallas will be 
out to inflict some heavy dam- 
age. Not a good week for quar- 
terback Heath Shuler to be mak- 
ing his first NFL start Even 
though Norv Turner, the Red- 
skins coach and the former Cow- 
boys offensive coordinator, 
knows what’s coming, Washing- 
ton won’t be able to stop it 

JETS (2-2) at BROWNS (3- 
1): Key stats: Browns defense 
has allowed 51 points — the 
fewest in American Football 
Conference. The Jets offense 
has scored 69 points — second 
fewest in AFC. 

Comment: Jack Trudeau will 
make his Erst start for the Jets, 
subbing for the injured Boomer 
Esiason at quarterback. It won’t 
matter unless the Jets can get 
some production from their 
rushing attack. The Browns de- 
fense could stand in the way of 
that happening. They held Mar- 
shall Faulk to 54 yards rushing 
last week. 


Ja* SajJmvTle Associated Press 


HONS (2-2) at BUCCA- 

ON A ROLL — The quarterback Danayure Craig scrambled to escape a trio of Kentucky NEERS (1-3): Key stats: In 
defenders, but No. 9 Auburn cruised to its 16th straight college football victory, 41-14. nine games against the Bucs, 

45 Years Later, Patemo Still Dreams On 


Quotable 


Mick Jagger, appearing in concert with the Rolling Stones a! 
Giants Stadium, on the baseball strike: “We’re the only stadium 
act that’s not on strike." 


By J. A. Adande 

Washington Post Service 

STATE COLLEGE Pennsylvania — 
It’s one of the trade-offs of college foot- 
ball. If you want a glamorous job. you 
probably won’t live in a glamorous city. 
South Bend, Indiana; Tuscaloosa, Ala- 
bama; Lincoln. Nebraska, are dream loca- 
tions only if you're a coach. 

This town is one of those places. By car. 
you have to drive two hours just to be two 
hours away from somewhere. Air travel 
isn’t for the faint of heart, since the airport 
can barely accommodate anything larger 
than a Cessna. 

The social life? “What we do for fun up 
here is leave,” said the Penn State quarter- 
back Kerry Collins. . 

This is the last place one would think a 
native of Brooklyn would choose to spend 
his entire adult life, but Joe Patemo has 
been here for 45 years and he isn't about to 
leave. After 16 years as an assistant and the 
past 29 as a head coach, with national 
championships in 1982 and 1986 and 15 
bowl victories, Patemo is Stale College. 
His name has brought top recruits here, 
brought television networks here, even 
brought the Big Ten Conference here. 

He turned down other jobs, including 
the post at Michigan in 1969. and stayed. 
In a field in which unemployment can be 
just a 5-6 season away. Patemo has stayed 
so long that he has become an institution, 
compiling a record of 261-69-3. for a win- 
ning percentage of 78.8. Since Patemo ar- 
rived. Penn State has moved Beaver Stadi- 
um and made three additions to keep up 
with fan interest, and with a capacity of 
93,967 it is the second-largest on-campus 
stadium in the country, behind Michi- 


gan's. In the past 29 years the dimensions 
of the ball have changed, the width of the 
uprights has been reduced, and scholar- 
ship numbers have shrunk, but Patemo's 
job title is the same. 

“I never wanted to go as long as Tve 
gone," he said. “1 probably was looking 
around for the first 8 or 10 years, but after 
I was here 10 years I wasn't going any- 
where else.” 

Paterae is 67. He used to say he'd coach 
until he was 70, but that was when the date 
was five years away. He keeps pushing his 
retirement back, and for now his commit- 
ment is five more years, enough to see the 
current recruiting class through. He could 
tell the next recruiting class the same thing. 

Penn State and its basic offense have 
also been a traditional haven for running 
backs — Lenny Moore, Lydcll Mitchell. 
Franco Harris, John Cappellelti. Curt 
Warner. But this season the No. 4 Nitiany 
Lions have turned into an offensive force, 
outscoring opponents 210-65 through the 
first four games, all victories. Penn Stale is 
second only to Florida in scoring average 
this season. 52.5 points a game to 58.0. 

The Nittany Lions strike often and they 
strike quickly; 10 of their drives have taken 
less than a minute, 16 less than two. 

Collins has completed 56-of-79 passes 
for 934 yards and eight touchdowns. He 
has two of the best receivers in the nation 
in Bobby Engrain (18 catches. 378 yards, 
three touchdowns) and Freddie Scott ( 17 
catches, 384 yards, three touchdowns). 
And he has a top running back to hand off 
to in Ki-Jana Carter, who is averaging 8.6 
yards a rush (540 yards on 63 carries). 

“It’s hard to play one aspect of our 
game,” Engrain said. “The running game's 


always going to be tough, and since we 
stepped the passing game up to that next 
level, we do have a complete balance." 

Still, this is Patemo and Penn State, the 
tandem with the basic offense and basic 
uniforms. It’s the school that tried to ram 
the ball in at the goal line four times and 
couldn’t score in the turning point of a loss 
to Michigan last year. 

“I think a lot of people have a precon- 
ceived notion that Joe's conservative and 
strict and likes to run up the middle — 
which he does," Collins said. “But at the 
same time I think he realizes that to be 
competitive in college football you have to 
have a good passing game. The things he's 
done so far have been evidence of that." 

After an ofr week, the Niuany Lions 
travel to Michigan on OcL 15, then have 
another off week to prepare for the second 
part of the two-game set that could decide 
their Big Ten finish. Ohio State at home 
OcL 29. A conference championship is 
within theirgraspand they have an outside 
shot at the national championship, al- 
though the Rose Bowl's exclusion from the 
bowl coalition means the only way the 
Lions could play a title game would be if 
they and current No. 6 Arizona of the 
Pacific- 10 occupy the lop two rankings 
going into the game. 

The Rose Bowl is the only New Year* s 
Day game Patemo has not won. and a 6-2 
conference record last year in Penn Slate’s 
first season in the Big Ten left him just 
short of a trip to Pasadena. His new quest 
has given him a renewed enthusiasm and 
he is clearly willing to make whatever ad- 
justments he feels are necessary. 

Retirement will just have to waiL 


Barry Sanders has averaged 113 
yards rushing (5.2 yards per 
carry) and one touchdown. 

Comment: Linebacker Har- 
dy Nickerson is out with an 
ankle injury and with Sanders 
lined up in the lions backfield 
that spells trouble for Tampa 
Bay. Tampa Bay’s offensive line 

NFL MATCHUPS 

has allowed nine sacks in the 
last two games and quarterback 
Craig Erickson hasn t been very 
effective. 

PACKERS (2-2) at PATRI- 
OTS (2-2): Key stats: Tight end 
Ben Coates leads AFC in recep- 
tions with 29. Green Bay aver- 
ages just 66 yards rushing per 
game. 

Comment: Packers quarter- 
back Brett Favre hit on 30-of- 
39 pass attempts last week 
against Tampa Bay. The Patri- 
ots pass defense is ranked 
No. 27 in the league. But be- 
cause Favre is so inconsistent, 
there’s noway to tdl whether he 
can exploit New England the 
way Dan Marino and Jim Kelly 
did. Patriots quarterback Drew 
Bledsoe should have a much 
better day, even with Reggie 
White breathing down his neck. 

SEA HAWKS (3-1) at 
COLTS (1-3): Key stats: Seat- 
tle's defense is second against 
the run in the AFC, yielding 
89.9 yards. The Colts average 
141 yards rushing per game — 
first in the AFG 

Comment: After getting off 
to a quick start, Colts rookie 
Marshall Faulk has been held 
under 60 yards rushing the last 
two weeks. It probably won’t 
get any easier this week, be- 
cause Seattle knows how to 
stuff the run. Plus, the Sea- 
hawks have a punishing runner 
of their own in Chris Warren, 
who leads the AFC in scoring 
with six touchdowns. 

FALCONS (2-2) RAMS (2- 
2): Key stats: Jerome Bettis av- 
erages under 55 yards rushing 
against the Falcons. Jeff 
George’s 70.3 completion per- 
centage leads the NFL. 

Comment: This is a rematch 
of a Week Two meeting that the 
Falcons won convincingly (31- 
13). The Rams are inconsistent, 
so you never know what you’re 
getting when they line up. The 
Falcons are still a dangerous 
passing team, but the Rams sec- 
ondary intercepted three Joe 
Montana passes last week. 

BILLS (3-1) at BEARS (2-2): 
Key slats: Erik Kramer's 837 
yards per play is second in the 
NFC. The Bills pass defense 
ranks No. 23 in yards allowed 
per pass (7J7 yards). 

Comment: Thurman Thomas 
is out with a sprained knee, but 
Kenneth Davis is a capable 
backup and the mshing attack 
won’t suffer. That’s good news, 
because the Bears have one of 
the worst run defenses in the 
league. 

VIKINGS (3-1) at CARDI- 
NALS (6-3): Key stats: Terry 
Allen’s 5.8 yards per carry leads 
all running backs with 200 


yards rushing or more. Arizona^ 
defense is holding teams to a 
29.4 third-down conversion 

pe Comment: Jay Schroeder 
gets the nod at starting quarter- 
back for an Arizona offense 
that is completely clueless. 
They won’t get any helpful 
hin ts from Minnesota s tie-' 
fensc, which is smarting after 

g tting strafed by quarterback 
ah Marino last week. 

EAGLES (2-1) at 49ERS (3- 
1): Key Stats: Ricky Watters is 
averaging just 50.3 yards a 
Philadelphia’s 12 sacks 
are third best in the NFL. 

Comment: Center Bart Oates 
is the only healthy starter on the 
49ers offensive line, making it 
tough for quarterback Steve 
Young and the San Francisco' 
rushing attack to be very effec- 
tiveTrhe Eagles re-energized; 
defense had six sacks in its last! 
game. This is a measuring stick; 
game for Philadelphia. 

GIANTS (34)) at SAINTS; 
(1-3): Key stats: Darion Conner, 
leads NIL with six sacks. The 
Giants have outscored oppo-1 
nents 30-6 in the first quarter. .. 

Comment: The Saints have; 
no running game, but quarter- 
back Jim Everett has been a 
very capable passer, throwing; 
for 1,101 yards, five touch- 
downs and five interceptions. If 
the Chants can get good pres- 
sure on Everett they stand a; 
chance of shutting down the! 
Saints offense. The Saints de- 
fense isn’t what it used to be.; 
So, Dave Brown shouldn't have, 
many problems. 

DOLPHINS (3-1) at BEN- 
GALS (0-4): Key stats: The 
Dolphins have scored 126 
points to lead the NFL. The 
Ben gals offensive line has given 
up seven sacks in each of the 
last two games. 

Comment: The Ben gals are 
going nowhere fast and the Dol- 
phins are one of the hottest 
teams in the AFC. Quarterback < 
Dan Marino made mincemeat 1 *' 
out of a Vikings defense that is 
one of the toughest in the 
league. What’s he going to do 
against a team that didn’t get a 
sack until four games into the 
season? Don Shula, the father, 
should teach son. Dave; a pairh- 
ful football lesson. 

OILERS (1-3F at STEEL- 
ERS (2-2): Key slats: Oilers de^ 
fensehas not allowed a TD in 
the last nine quarters. Safety 
Darren Percy leads the league iij 
interceptions with five. 

Comment: The Oilers wot) 
their first game last week 
against Cincinnati — barely. 
Meanwhile, the Steders were 
humbled by Seattle. Oilers run- 
ning bad: Gary Brown has a 
sprained ankle and may not 
play. That means the Oilers will 
nave to rdy on quarterback 
Cody Carlson, who has a bro- 
ken nose, to guide them. 

Open Date: Broncos, Chiefs, 
Raiders, Chargers. 

These National Football 
League matchups were compiled 
by Timothy Wi Smith. 



Christ 


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INTERNATIONAL HERALD TRIBUNE, SATUBPAY-SUNDAY, OCTOBER 1-2, 1994 

. SPOUTS 

7' i— ~ — - 

f China Pursues Taipei Protest 

; But Beijing to Attend Opening Despite Official’s Visit 


Page 19 


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CaepUed ty Our Staff From Dapauha 

HIROSHIMA, Japan — 
China was still trying Friday 
to have a senior Taiwan offi- 
cial banned from the opening 
ceremonies of the Asian 
Games, contending that he 
was trying to inject political 
disturbances into sports. 

Bui Yuan Weumn, head of 
China’s delegation, said the 
Chinese would not boycott 
Sunday’s ceremonies or the 
competition among nearly 
5,000 athletes from 42 na- 
tions and territories. 

Taiwan’s delegation re- 
plied that it was China that 
was injecting politics into the 
Games, wrecking sports ex- 
changes that haa been devel- 
oping between the two sides. 

“Contacts stQl are going 
on,” Yuan said of efforts to 
have Taiwan's vice prime 
minister, Hsu Li-teh, banned 
from the ceremonies. 

He said, however, that Chi- 
na wanted to contribute to a 
successful Games, attached 
great importance to the cere- 
monies and would attend and 
“display the high spirits of 
the Chinese people.” 

In response, Chang Feng- 
shu, president of Taiwan's 
Olympic Committee, said he 
regarded the sporting ex- 
changes that had been pro- 
gressing between China mid 
Taiwan over the last few 
years as ended. 

China earner had threat- 


ened to boycott the Oct- 2-16 
Games if President tee Teng- 
hui of Taiwan attended as a 
guest of the Olympic Council 
of Asia. Tlxe council in effect 
withdrew Lee’s invitation, 
saying no political figures 
would be invited. 

Hsu’s arrival in Okinawa m 
southern Japan on Friday 
made him the most senior 
Taiwanese official to set foot 
in Japan since Tokyo 
switched ties to Beijing from 
Taipei in 1972. 

Japan is allowing Hsu to 
come because he is the head 
of Taipei’s committee bid- 
ding to stage the 2002 Games. 
On Friday, Taiwan again em- 
phasized that Hsu was com- 
ing to observe how the Hiro- 
shima Games were being 


tions Security Council and a 
Tokyo paper reported Friday 
that the affair could effect Jap- 
anese loans to China. 

Meanwhile, China’s top 
women swimmers were tested 
for drugs Friday when inter- 
national swimming officials 
surprised them after a prac- 
tice session. 

Shuzo Nomura, director of 
the Games medical division, 
said he had been tipped off 
about a test but that the Chi- 
nese team had received no 
warning. China’s women 
swimmers have been accused 
of using drugs to fuel their 
rise to world domination in 
the sport. At the World 
Championships in Rome in 


■ra "i 

at* -- « - 1 : s , 

. . l 


At a press conference in 
Hiroshima, the head of the 
Chinese Olympic Committee 
made dear that even though 
Beijing could not stop Hsu’s 
attendance, h would not for- 
get the dispute. 

“As you can see, Sino-Ja- 
pan relations have been dam- 
aged,” said Wei Jizhone, sec- 
retary-general of the Chinese 
committee. “We have no re- 
sponsibility for this. This is 
not a sport issue, this is a 
political issue.” 

China has hintwl that the 
dispute could effect Beijing’s 
position on a Japanese appli- 
cation to become a permanent 
member of the United Na- 


eariy September, they won 12 
of the 16 titles. 

China is seeking to win the 
overall medals race for the 
fourth consecutive Games. At 
the 1990 Games, in Beijing, 
China won 183 gold medals, 
far ahead of the 54 for South 
Korea and 38 for Japan. 

In Tokyo, the police on Fri- 
day seized weapons, including 
parts for a home-made rocket, 
from Japanese leftists, who 
have vowed to disrupt a visit 
by the emperor and empress to 
the op ening cerem on ies . 

A police spokesman said 
that in raids on several “ware- 
houses” north of Tokyo they 
had seized 3 kilograms (6 
pounds) of gunpowder, parts 
for several projectiles and 
tools. (AP, Reuters, AFP) 



NHL Postpones 
Season’s Start 
Until Oct. 15 


The Associated Preu association back to the bargain- 

NEWYORK — The Nation- tog table immediately." Beli- 
al Hockey League delayed the man sdd at a news conference, 
start of its season on Friday and “I am hoping the players meant 
invited the players association what they said yesterday, that 
back to the bargaining table. It they want to negotiate in good 
said games probably would be faith and help make a deal." 
lost if progress toward a con- On Thursday, the union had 
tract was not made in the next pledged to plav the season with- 


twoweeks. out 'striking’, provided the 

The players said they would league dropped its lockout 
keep talking but stop skating, threat and restored contract per 


Out striking. 


The NHL Players Association diems and other provisions re- 
said its members would not duced or eliminated before the 
practice until an agreement was start of training camp, 
reached. 

“It’s an owners’ lockout, pure 
and simple,” said the executive ^ rom 

director of the players associa- 
don. Bob Goodenow. particularly seductive 

The actions, one day before “ ■*■*“'* S 
the season was set to begin, left ”°- r 6! e 10 **** 

the NHL in much the same po- cn ' ironmenL 
si tion as major-league baseball Said Jeremy Jacobs 

— no contract and no play be- Bruins' owner “It woul 


“Everyone wants a full sea- 
son. and from that standpoint, 
the players association's offer is 
particularly seductive." Bett- 
man said. But he said it was 
“not acceptable in the current 
environment.” 

Said Jeremy Jacobs, Boston 
Bruins' owner “It would be easy 


cause of a contract dispute in- for me to say, 'Let’s play hockey 


Karufcriro Nop'Afcncc Fiare PiMf 

Performers rehearsing Friday for Sunday’s opening ceremonies of die Asian Games. 


volving a salary cap. 

On Friday, the NHL com- 
missioner, Gary Betunan. said 
the league wanted to play a full 
84-game schedule with Stanley 
Cup playoffs. He said the own- 
ers wanted to start the season 
with a new contract but would 
consider beginning the season 
on Oct 15 if substantial pro- 
gress had been made at the bar- 
gaining table. 


tomorrow.' We're not losing 
money. But 1 cannot ignore the 
well-being of my partners.” 

Bellman and some owners 
said it was imperative for the 
league and Lhe players to reach 
agreement on major financial is- 
sues before starting the season. 

But some players were angry. 


For Christie and Jackson, Soaring by With a Little Help from a Friend 


Wiii.- 


* L ? k 1 '- 

-- ffc- : ; » 




By Ian Thomsen 

- International Herald Tribune 

PARIS — “I would say yes,” Cohn Jack- 
son was saying by telephone from London. 

Could he ana Linford Christie have 
~ -'“achieved as much without each other? 

“I think we’d be as good,” he said, “but 
maybe we wouldn't be as consistently suc- 
cessful as we are sow. We might hit it off six 

- of 10 times, rather than the nine of 10 times 

• we hit it now.” 

In fact, Jackson can’t say for sure. He is the 
■ • best in the world at what he does — the 1 IO- 
meter hurdles — and has been undoubtedly 
*i?t the best for two years. But he cannot break 
down his influences any more than a fighter 
. ” can explain why he likes to figfau 

What if he hadn’t fallen in with the right 
- coaching as a youngster in Cardiff, Wales? 

If his family had been less supportive? If 
. something rise had snatched his interest? 

* And after all of that, what if he hadn’t 

• come up alongside of Christie? 

• • They met in 1984 and began training to- 


gether three years later in the Canary islands. Jackson helped spur Christie on to becoming them in major races over the last two years 
^Then we both went out and broke our an Olympic and world c hamp ion in his 30s, and then beating his chest in front of them, 
personal bests, Jackson remembered- We just as there can be no doubting that Jackson . He definitely has appreciated it. 


ess had been made at the bar- “This union is going to stick 
ining table. together,” Wayne Gretzky of 

“We have invited the players the Los Angeles Kings said’ in a 
’ Los Angeles television inter- 
view. “Right now, there are 
huge differences and 1 just 
J don’t see hockey being played 

HI I lf this year. If they can’t get some- 

thing done in 16 months, how 
can they expect to get some- 
and determination and griL thing done in two weeks?" 


have a very hi gh level of training together. 
Linford knows he has to run pretty hard to go 


discouraged when a second-round injury held But friendship has more to do with sensi- 
him to seventh place in the Barcelona final, tivity, and Christie understands that Jackson 


away. But it’s also the closeness — people realized that his teammate had survived a is nothina like him 

OAtHMA «CaU» A* *La I • » < • D 


saying the right thing at the right time. 

You’ve got to have respect for that person 

Wh 4^lEg h ^ y iSLl, he knows that I any crises of attitude or courage in Ms career, .oq,i«s.«sc aU m S mm a 

?$£ 

a rtStaoi of «« *<= 1990 

British atUeticsfir, thrae days ofdrug reveta- d ^ OTe told few funny lines of things ihlt had 

toons especially) that Christie, 34. should be defeat wouldn t break him, m a kin g him more ^ happening.” 

dominating the 100 meters while Jackson, 27, determined instead. But then that’s how he He madethmgs quiet for his friend — 
is falling in step with him over the high «*n brought up. although after Jackson had won the title in a 


decade of such feelings. 


Bui when asked whether he bad suffered I ? er Stuttgart, Jacksor 
ly crises of attitude or courage in his career " n ^ lca ? nv “» * ony Dees, 


Still seeking his first major title last sum- 
mer in Stuttgart, Jackson heard that an 
American rival, Tony Dees, was calling him a 
choker.” 

“Before the race, Linford didn't say any- 


h urdles. Christie is the elder, but he peaked As much as they enjoy and have profited 
only in 1992 with his Olympic gold medal. from each other, the public idea of Jackson 
That breakthrough victory of Christie’s in and Christie is of two opposites. Whenever 


been happening.” 

He made things quiet for his friend — 
although after Jackson had won the title in a 


jurat Dicaiunougu vieimy ui mmuciiu ana mnsue is oi two opposites, whenever 
Barcelona leaves one with the i m age of Jack- the American sprinters Carl Lewis or Leroy 
son drafting him from behind. It’s hard to BurrcBbavetriodtodistractChristiebybeln- 
prove teamwork in this most individual sport, ding him, he has listened and responded 
but they are a team. There’s no doubting that sincerely — barking back insults, beating 


As much as they enjoy and have profited world record 12.91 seconds, Christie enjoyed 
from each other, the public idea of Jackson pointing out that Dees had finished last, 
and Christie is of two opposites. Whenever Jackson is so quiet and poised that it is 
the American sprinters Carl Lewis or Leroy hard to imagine the causes of his ignition. 
Burrell have tried to distract Christie by belit- “The way I run the high hurdles, 2 try to be 

ding him, he has listened and responded as fluent and as relaxed as I can,” Jackson 
sincerely — barking back insults, beating said. “The way Linford sprints — he runs 


with aggression and determination and griL thing done in two weeks?" 

And that really is our personalities in a wav” 0 _ . 

_ ...... Stu Grunsom of the Anaheim 

They recendy finished their quiei«t season Mighty Ducks said: “It's plain 

“ w C < S ly r? ar “ f °v ° -.If andsimply a lockout You can 

or World Championship — with each win- ^ j t £ two-week Dosroone- 

nmg the European and Commonwealth menl if you . d iit e P< PIavers 
championships, with Cbrisue smothering the aren ’ t paid « ' * 

Americans in Zurich and with Jackson 6 w 

sweeping the lucradve “Golden Four” Grand Bettman had said last week 
Prix meets. that be would postpone the start 

Jackson was 17 when he first met his future of the season if there was no 
business partner, “and 1 remember the coach settlement by Friday. He said he 
telling my father that if 1 train bard and didn’t want to risk a strike dur- 
things work well, I should be able to make our ing the season or in the playoffs, 
Olympic team.” as happened two years ago. 

Ten years later and they are Britain's two Af . . . 

fastest men, partners in a promotional firm -wrn,,- 

devoted to thdr mutual proCL revmue splua to Mp small-mar- 

. Let tea m s, a rookie salary cap. 
He’s off doing one thmg and I’m doing salary arbitration and free agen- 
another, so we don’t see each other so much cy. Both sides have offered tax 
now.” Jackson said. But soon Jackson will be proposals to provide money for 
on his way to Florida for vacation and then small markets, although the 


At issue are four main points: 
revenue splits to help small-mar- 
ket teams, a rookie salary cap, 
salary arbitration and free agen- 
cy. Both sides have offered tax 
proposals to provide money for 
small markets, although the 


the resumption of training with Christie — players say the league's version 


the work that helps a good friend. 


would constitute a salary cap. 


ABOUT FRANKLIN'S LIGHTNING by Frances Hansen 


SCOREBOARD 


ACROSS 
t Hercules’ feats 
7 Alphonse’s 
friend, in the 
comics 

13 Legendary 
name in bridge 

19 Turkish hospice 
* 20 Merlin’s 

A stock-in-trade 
.^21 European 
jirlbe 

*22 Stan of a verse 

25 Informer, 
informally 

26 * live and 

breathe!' 

27 Cars with 
Teletouch 
transmission 

28 Meins of 
enlightenment 

29 Specifically 

31 Undergrad 
degrees 

32 Baking potatoes 

36 Greenland air 
base. 

37 Of city govt. 

38 Gasp of delight 

41 All good of 

stage and screen 


42 Husband of 
Ruth 

43 Shape 

44 Domini 

45 More of the 
verse 

■ 51 Kind of dye 

52 Site of the first 
Olympics 

53 Clearance 

54 Symbol of 
hardness 

55 Thin white 
linen fabric 

57 Old Blood and 
Guts 

59 Sportscaster 
Vin 

60 Greenhorns 

b2 Moil and toil 

64 Shipping route 

67 Enlivened 

69 Trollope’s “The 

Diamonds” 

73 Presses 

74 Colorful fish 

75 First name in 
folk music 

76 Mimi's dissent 

77 More of the 




JAL 

now flies non-stop 
to Osaka from 
London and Paris. 


; >• 



japan AhOM* 


’ 83 Arms recipient, 
maybe 

84 On with 

85 Architect Mies 

van der 

86 jet 

87 Madrigal 

88 Women’s grp. 
since IS90 

89 Repeat oneself, 
in a way 

91 “Tristam 

Shandy" author 

93 Hangout 

94 Piqued 

95 Scandinavian 
actress Aulin 

96 In res 

99 Untried 

100 Neighbor of 
Oakland 

104 End of the verse 

109 Verdi opera, 
1887 

110 Apportion 

111 Football unit 

112 Facade 

113 Goes all out 

114 Forwarded 

DOWN 

1 French flower 

2 Conjugation bit 

3 Switch’s partner 

4 Church 
calendar 

5 Senora’s long 
scarf 

6 Stone pillars 

7 Maudlin 

sentimentality 

8 Usher’s 
offering 

9 Write badly 

10 Comedienne 
O’Shea 

11 Circle 

12 Comic author 
Bill 

13 Hunky-dory 

14 1989 underwater 
thriller, with 
“The" 

. 15 Grant 

16 City south of 
Moscow 

17 It's not fair! 

18 Maneuverable, 
as a ship 

20 Jeanne or 

Bernadette, e.g,: 
Abbr. 

23 "A Spy in the 
House of Love" 
author 

24 Mount Palomar 
Sighting 

29 said,..." 

30 Anise-flavored 
liqueur 

32 Shorthand 
inventor 
Pitman 


n iz 13 i« is • 


17 8 S ho 111 III Mil III II III III III! 


‘y . •-*' 




[X 133 M 35 


r»l ise 


I 1 


ee 

w 

98 
















_ 



O New York Times/Edited by Will Shorts. 


33 Tony of “Who’s 
the Boss?" 

54 Woolfs"— 
of One’s Own" 

35 Beaver, for one 

36 Eighty-six 

37 Pavarotti’s 
birthplace 

38 Newsman 
Roger 

39 Stare for fours 
or sides 

40 Heavy and 
awkward 
looking 

42 Third little pig’s 

material 

43 Old servant's 
phrase of 
address 

44 To r 

(excessively) 

46 Valor 

47 “The Cocktail 
Party” poet 

48 Alphabet trio 

49 Paint choice 

50 Canine’s 

neighbor 

56 Snifter’s 

contents, maybe 


57 Bombard 

58 Flu type 

59 Waterfall 
61 From line? 

63 Prophetic writei 

64 Cordage fiber 

65 Skipping 
syllables 

66 Turbulent 
68 Windy City, 

breezily 

70 Displease 

71 “Twenty Years 
on Broadway" 
autobiographer 

72 Among: Fr. 

75 Wimbledon 

winner, 1975 

78 Heater 

79 Scattered 

80 Hanover Stake, 

e-g. 

SI “Last Days of 
Pompeii'* girl 
82 Seine sight 

89 Father 

90 Person with 
unwashable 
briefs 

91 Pitchman _ 

92 Steamed dish 


93 Bride’s beat 

94 The Dow, e.g. 

95 Draper’s 
measure 

96 Speck 

97 Gershwin 
biographer 
David 

48 Hill’s opposite 

100 Back 

101 Makes do. with 
“out" 


102 Bathyspheric 

mission 

103 Ancient sun 
disk 

104 “Mazel !’ 

105 1952 hit 

“Botch " 

106 Caught 

107 Suffix with 
rigor or vigor 

108 Tolkien 
tree-man 


European Cups Draw 


First M Oct 16 wcoad Ms Nov. 1 
Newcastle Utd vs. Athletic Cl US BIISoo 
GKS Kotowtce vs. Glrontsns Bordeaux 
KisMsf Honved vs. T3V Bayer Leverkusen 
Juventus FCvs.es Marltirno 
Parma AC vs. AIK Solna 
FC Kalsertoutern vs. Odense BK 
FC BoumH Admlra Wocker vs. AS Cannes 
Dynamo Moscow vs. Real Madrid 
ROOM Bucharest vs. Etntract Fronkfurt 
Trabzonspor vs. Aston Villa FC 
SS LazJa Rome vs. Trene&orss 
Sion vs. oiymolaue Marseille 
Slovan Bratislava vs. Borussla Dort mu nd 
PC Monies vs. Tekstlktilk KamvchHw 
Tirol Innsbruck vs. Denorllvo 
Boovfsta vs. Napoli 

Cop Wieners' Cup 
jocnntl Roend 

First let Oct 2ft s e cond tea Nov. 3 
FC Porto vs. Ferencvorosl 
Chib Brume vs. Panothtnolkos Athens 
Sompdarla vs. Grasshoppers Zurich 
Baslktas vs. Auxerre 

r evenoord Rotterdam vs. Werder Bremen 

Chetseo vs. Memplrts 

Arsenal vs. Brondbv 

Totran Presov vs. Real Zarosaxo 


Donatos Vencevidus tttfh). Feyenoord won 
32 on aso repute. 

Auxerre X Croatia zovreto t 
Scorers: Bernard Diomede (40th). Ste- 
Phane Mahe (76th). Setorl Lamouchi (90th). 
Auxerre wen *3 on aeoresata 
Fcreacvares Z CSKA Moscow 1 
Scorers: Feroncvams— Mihail Stnev town 
aool.3tttt), Euaen Neaooe (45th) ; CSKA Mos- 
cow— Vtaflslov Radlmov (15tn). Aweoate 
score W. Ferencvaros won 7-6 an penalties. 
Arsenal & Omonlo NICDsia • 

Scorers: Ian WrlsM (9th. 70th), stetan 
Schwarz (31st). Arsenal won 4- 1 on uvwreuute. 
werder Bremen l Maccotd Tel Aviv 0 
Scorers: 8ode tKRD.Basier 181st). werder 
Bremen win JM on oooreaate 
at* Bnm X 5 Boo Rovers 1 
Scorers: Club Bruape — Lorenzo Stoutens 
[2rdmlnute.penafly«7ffi) , Rene EllkelkamP 
(57th): SI loo Rovers — AldOn Rooney tAttl). 
aub Bruooe won 5-2 on oaoregate. 

Real ZaraBazo 4, Gtorta Bbhita 0 
Scorers: NUauet Pardeza (llthl. Javier 
Anuado (X2rxO, Gustavo Povet (48th. 56th). 
Real Zaraoeao won 5-2 on oeveaate. 
Sampaortn Z Bodoe GUmt 0 
Scorers: David Platt (13th). Attlllo Lom- 
bardo (34th). Sampdorla won 4-3 on ooore- 
flOlfc 


Hartbeast DWtskm 


Hartford 

5 

1 

1 

11 

31 

19 

Boston 

4 

4 

1 

9 

33 

25 

Quebec 

4 

4 

0 

B 

27 

2S 

Montreal 

3 

5 

t 

7 

30 

34 

Pittsburgh 

3 

5 

1 

7 

35 

43 

Ottawa 

3 

6 

0 

6 

33 

41 

Buffalo 2 4is 

WESTERN CONFERENCE 
Central Division 

24 

28 


W 

L 

T PIS GF GA 

Detroll 

5 

2 

2 

12 

34 

26 

Dallas 

4 

1 

4 

12 

30 

23 

St. Louis 

4 

1 

4 

12 

34 

22 

Toronto 

5 

3 

1 

11 

26 

30 

Winnipeg 

2 

- 

2 

6 

IB 

23 

Qilcogo 

1 5 1 

Padflc Division 

3 

16 

22 

Vancouver 

5 

3 

0 

ID 

31 

27 

Calgary 

4 

2 

2 

10 

3B 

25 

Los Angeles 

4 

4 

1 

9 

25 

35 

San Jose 

3 

3 

2 

B 

29 

2« 

Anaheim 

2 

4 

7 

6 

22 

22 

Edmonton 

1 

5 

2 

4 

26 

38 

NOTE: Gomes OBQfrx5tnon-NHLteoms do not 
count in sJontftovs 


European Cups 


THURSDAY’S RESULTS 
UEFA CUP 

Aden VBto h lotemozloaote ■ 

Scorer: Roy Hooehton UT«). Aaoreoate 
score M. Aston Villa wan A3 on penalties. 
CUP WINNERS' CUP 
First rauBH, secood lea 
Feyenoanl Rotlerdaai Z ZhaMUrtt VHaies i 
Scorers: Feyenoord — Henrik Larsson 
154th). Ruud Hews (46th, penalty); Vllrdus — 


ESCORTS & GUIDES 


BELGRAVIA 

ORCHIDS 

UM)0N PAHS 68CVA ZtBBCH 
Ewort Ajmcy CrtdB Cink Welnvne 

UK 071 589 5237 


t GUmt 0 j T* '■ T? ?.£*?■ 

>IOtt (13th). Attlllo Lom- ws.-::-: 3=r---:.v. 'i : 

dorlo won 4-3 on oagre- F.RST TEST 

Australia vs. Paklstaa, 3d day 
, . ,-r _ , ...mr Friday. In Karachi 

Australia 1st innlnas: 337 
Pakistan 1st inMnas: 256 
Australia 2d iminea: )Bi-5 

NHL Preseason Standings 

EASTERN CONFERENCE v’ ? g .‘i ' 

Atlantic rnvtsioa ■ Mart a i -g . - ^ 

W L T Pte GF GA MALAYSIAN OPEN 

Washington 6 3 0 12 36 24 Men, Qu ar ter fin als 

New Jersey 5 2 2 12 27 22 Jocco Elilnoh (2). Netheriands. dot. Adam 

N.Y. I slenders 5 4 0 10 27 25 Malik, MoJoysla 6-3 6-2; Todd WoodbrMoe. 

N.Y. Ranaers 4 4 1 9 30 22 Australia, detueondor Poes. India. 6-1; 

PMiaderpMa 4 5 0 B 23 34 Andrei DUwnkly, Russia, dot. Glanlucca 

TomPa Bay 3 2 1 7 H 1) PobL I taly, 6-1 6-3; Alexander Mronz.Gemx>- 

1 B 0 2 16 36 nv. Oat. Shuro Motsuoka Japan. <M S-7 6-3. 




12 36 24 
12 27 22 
10 27 25 
9 30 22 

B 23 36 
7 IB 17 


INTERNATIONAL CLASSIFIED 


(Continued From Page 5) 


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LEIPZIG GRAND PRIX 
Women, Quarterfinals 

Jana Novotna (2), Czech ReputHlc del. San- 
dra Cecchtnl, Italy, 6-3. 6-2; Anke Huber (3). 
Germany, del. Barbara Rlttner, Germany. 3- 
1 r » , “ Judith Wehner 16), Austria, del. Iva 
Mown ( 4 ), Croatia. 7-5. 6-4. 

SICILIAN OPEN 
Men, Quartern note 

Emilio Sanchez, Spalrvdtf. Gilbert ScftaUef 
(B), Austria 7-560; Alex Correda (61, Spain, 
del Jord! Arrese, Spain 6-3 6< 

SWISS INDOOR TOURNAMENT 
Men. Qoarte moats 

Patrick McEnroe. Ui, det. Lionel Roux, 
France. 7-6 (7-4) 6-2; Gw Foraet, France.det 
Jared Palmer. U.5. 7-5 5-7 7-6 (S-6J. 


BASEBALL 
Amerian Leaeue 

SEATTLE — Stoned Malt Soehse. Pttcher. 
Notional Leaaee 

COLORADO— Dwight Evans, battho 

coach, resigned. 

MONTREAL— Renewed contracts at Tom 
BouriM. Rene Merchand. Mike Murptiv ond 
Pot Sullivan, scouts. 

SAN DIEGO— Named Eddie Dixon scout 
lor Florida panhandle, Georgia and South 
Carolina. 

BASKETBALL 

National Basketball Association 

CHICAGO — Signed Gras Faster and Jud 
Buechler, forwards, la l-voor contracts. 

DENVER— Signed Joien Rose, auard, to 
multiyear contract 

DETROIT— Signed Grant Hill, forward, to 
multiyear contract. 

MINNESOTA— -Slenad Chorles SnacMe- 
lam. forward. 

NEW YORK— H o m e d Phil Hubbard scout- 
ing coordinator. 


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Page 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 1-2, 1994 


Mr. Straw’s House: A Cluttered Trip Down Memory Lane 


International Herald Tribune 

W ORKSOP, England — The National 
Trust administers many stately 
homes with fine tapestries, gleaming silver 
and broad parterres. One of its latest offer- 
ings is about as unstately as one can get: 
the home of a Worksop grocer and the 
Trust's first semi-detached house. 

Since Mr. Straw's House, as the Trust 
calls it, opened to the public in April 1993, 
it has received some 16,000 visitors.“Han- 



MARYBLUME 


dling a largish amount of people in a very 
confined space has been our biggest prob- 
lem," says Simon Murray, historic build 
ings representative of the Trust's East 
Midlands region. So great is the demand 
that visitors must first book appointments 
with the Trust’s office in Worksop. 

Mr. Straw's House is what is called a 
lime-capsule, the latest wrinkle in the heri- 
tage industry: a perfectly preserved exam- 
ple of bygone days. Rather than be 
stunned by the grandeur of great houses, 
visitors experience the comfort of the fa- 
miliar. 

"Especially for people of 45-plus it's a 



the public. Perhaps he dreamed of a more 
exciting life: there is a letter from Arthur 
Murrays in New York indicating that he 
had signed up for a dance course in the 
1 920s and he enjoyed lecturing in the local 
college on cocoa. The cocoa bean he used 
for demonstrations is in a vi trine. 

William, bom in 1898 and a year older 
than Walter, did the cooking, using his 
mother's recipes, and baked eight loaves of 
bread a week. Walter paid him a salary 
when he moved back from London to grow 
fruit and vegetables for the shop, and he 
also canned and made preserves. He was 
an extremely testy man who liked to sit by 
his bedroom window and see if neighbor- 


DAVE BARRY 

A Male Goah 

The Big Boom ^ 


soulsr has-a on in-depth 

The best answer — oasea « ^ 

analysis of the compl« J 

of SeS in their 

want ""g 1 

When I was abo ji" founds heavy 

friend NeilThompson £ 

old industrial washing macnmc in 

ssafarKj *** 

laboriously rolling it back up the hOl agam. 
Wewould NEVER have «P***JK 
kind of effort on anything useful, such as 

mowing a lawn. 

□ 


hood boys were stealing fruit f romms trees 
(in 1929 one did and on William’s insis- 


% 




great trip down memory lane," says Bruce 
Griffin, whose wife is the custodian of the 
house and who gives guided tours. “We all 
had a grandparent or an uncle who lived 
with the same furniture in the same sort of 
house.” 

William Straw, having married the 
daughter of a well-to-do butcher and hav- 
ing prospered, moved his family from 
above the shop to a Victorian semi-de- 
tached at 7 Blythe Grove in 1923. Mrs. 
Straw had the house copiously decorated 
by Sanderson, replaced the sash window of 
her parlor with French doors and a hy- 
drangea so she could make gracious en- 
trances. and gave the house the genteel 
name of Endcliffe Villa. 

In 1932 William Straw died suddenly 
while gardening, followed seven years later 
by his wi/e. Two bachelor sons were left, 
w illiam Jr., who had gone to London to 
study and leach literature, and Walter, 
who took over the shop. A curious em- 
balming process began. The Boys, as Grif- 
fin calls them, preserved the house in every 
detail as it had been in their parents’ lime 
and, natural hoarders, kept everything 
from their own lifetimes as welL 

The stifling result ranges from a repro- 
duction of Gainsborough's “Blue Boy ' to 
a Queen Anne chest to a vacuum cleaner 








* 

Jk 






called a Baby Daisy which had to be oper- 
ated by two people. A cupboard contains 
canned goods presumably shifted from the 
shop during World War II food rationing 
— “It was totally illegal but if you’re in the 
food trade and you can't do a little bit, 
then you’re in a sad and sorry way, aren't 
you*?” says Griffin — and among the im- 
mense piles of newspapers there is an issue 
of the local paper from 1933 that was 
forwarded to William on his annual holi- 
day in Scarborough. He thriftily brought it 






i <■> 






back home to be krot. 

Conservators had to touch up the dark 
painted graining on the woodwork and 
replace bits of wallpaper. It is harder. Mur- 
ray says, to restore thin cheap wallpaper 


than the heavy costly kind found in great 
houses and Griffin remembers patient ex- 
perts scraping at a damp patch with scal- 
pels. 

Every drawer was bursting with clothes 
from the parents' time, calendars and 
greeting cards had been kept for decades, 
the parents' clothes were laid out on a bed 
ana covered with newspaper against 
moths. From November to April, when the 
house is closed to the public it has to be 


throughly cleaned and each sock, old 
newspaper and greeting card put back in 
place. On a daily basis, the problem is to 
keep the house clean but not too clean. 

“To make it too dean would take awav 


“To make it too dean would take away 
the atmosphere," Griffin says. “From 
1939, when Mrs. Straw died, you had two 
bachelors who didn't fight one another to 
run for the duster.” 

Of the two brothers, Walter was the 
more outgoing since he had to deal with 


(In 1929 one did and on William’s insis- 
tence was fined 10 shillings). He had no 
time for idle chitchat, particularly from 
ladies, says Griffin, and when a female 
relation came to call he refused to let her in 
and would only speak to her through the 
letter box. 

Together, The Boys were happy in their 
crowded shrine. When they carried a mul- 
berry tree from town and planted it in their 
front yard on New Year’s Eve, 1942, Wil- 
liam wrote in his diary that they drank a 
toast to the tree. When the local vicar said 
something in his sermon that they found 
offensive, they rose as one in mid-service 
and prayed in their mother's parlor for two 
years until the vicar moved on. When a 
lightbulb fell from the chandelier into Wil- 
liam's lunch he refused to replace it and 
the socket is empty to this day. 

Walter died in 1976 and William stayed 
in the house until 1985 when he he had to 
be hospitalized after a fall, dying in 1990. 
To everyone’s surprise he left a vast estate 
of more than £1.5 million, bequeathing 
almost all of it to the National Trust 

It was the size of William's estate that 
enabled the National Trust to take on the 
modest house, Murray says, since all their 
properties must have an endowment Ev- 
ery item in the time capsule had been 
catalogued by William and remains as he 
left it but it is not certain that he would 
liked to have people tramp through his 
house. 

“I think he jolly well wouldn’t” Griffin 
says, “he was too private." 

W illiam was known to be interested in 
history but he never joined the National 
Trust He once explained that it was a 
choice between the Trust and a local his- 
torical society. He chose the local society 
because the membership cost less. 


... *S m 


t .'ll®* ^ 

, - *N*S 


WEATHER 


PEOPLE 


Of course as males mature and become 
responsible members of society, they 
lessUkely to spend their time pushing 
washing machines off cliffs, ^eyare more 
lDfSyto pursue an activity such as Caj*y 
Bowing. This is an exciting new sport that- 
I found out about from an alert reader 
named Robert Grimm. He referred me to a 
friend of his named Mark Luman. a pilot 
in Michigan, who informed roe that what 
he and his pilot friends sometimes do, for 
recreation, is go up in airplanes and drop 
bowling balls on cars. 

I have to admit that the idea of Car 
Bowling appealed to me, although 1 did 
have a couple of concerns, the main ones 

h^LAre there MOTORISTS in these cars? 

2. Do the pilots wear rental shoes? 

I am pleased to report that the answer lo 
both questions is “no.” Luman told me that 
in Car Bowling, you use an unoccupiedjimk 
car, which you place on the runway of a 
private air port. Then you fly over in a small 
plane, going 80 to 90 miles per hour at an 
altitude of 20 to 50 feet, and attempt to hit 
the car with a bowling ball. If you succeed, 
you gel the sense of inner spiritual gratifica- 
tion that comes from seeing what happens 
to a car that has been hit by a bowling ball 
But the beauty of Car Bowling is that even if 
you MISS, you get a very positive result, 
from the mal e perspective. 

“You cannot imagine.” said Luman, 
“how far a bowling ball will bounce when 
it hits a hard surface at that speed. It's 
AMAZING.” 


nmuI 


i to N* nn 

feu ’* 11 

UTll/«' lnMt 


Europe 


Forecast for Sunday through Tuesday, as provided by Accu-Weather. 


CoaUtMSai 

Dirtn 

EtMbuyh 


Si Pmo-Mmoi 
S tecUidffl 
SMfbawg 
Tafc* 

V«*» 

Vann* 

WO/90* 

Zurch 


Today 
Nlfltl Low 
OF OF 
21/70 16*1 
18*4 14*7 
7*m SMB 
29*4 21/70 
24/75 21/70 
26/70 1 7*2 
19*8 B'43 

18*4 12*3 
23/73 13*5 
16*1 4*8 

73/73 10*8 
16*1 11*2 
14*7 13*5 
23/73 16*4 
16*8 8/43 

18*4 IJ*5 
11*2 5/41 

28/79 17*2 
28/77 19*8 
21/70 14*9 
16*4 14*7 
23/73 13*5 
M/71 1B.B4 
16*1 7/44 

16*4 12*3 
23/73 19*8 
11*2 307 
23/73 22/71 
19*8 13*3 
19*8 9/48 
11*2 307 

24.74 16*4 
12*3 3/37 

10*0 4*9 

17,82 11*2 
10*0 SMI 
24/75 20,88 
16*4 12*3 
19*6 2*6 
19*8 14*7 



Today 

Hgh Low W 
C/F OF 


T HE U. S. Postal Service is sticking to 
its plan to issue a Richard Nixon stamp 


Baida* 
B/tfng 
Hang Kong 
Uinta 
Not. 

Sad 

Shanghai 

Stagapo™ 

Tup* 

Tokyo 


31*8 ?4/T5 sti 
20*6 7/44 ih 

30*8 24/75 9 
31*6 26/79 I 
38*7 23/73 a 
23/73 12*3 a 
27*0 19*4 ■ 
32*9 24/75 ■ 
31*8 19*8 6 
29/64 22/71 lh 


JMrfmani 


i UmoaaonM* 
Cota 


I Unaeaonibty 
HOI 


North America 
The GreBi Lakes through 
New England will be chilly 
early next weak. Heavy rams 
along the Gulf Coast thla 
weekend will spread north- 
eastward toward ths south- 
ern Appalachians ee/ty next 
week. A cold Canadian air 
mass win plunge southward, 
reaching Denver Monday 
n>ghi 


Europe 

Spain and Portugal wia be 
dry and pleasant early next 
week A very cold air mass 
from Greenland wiu plunge 
Into northwestern Europe 
Monday and Tuesday. Very 
strong winds of 40-70 knots 
are possible in the North Sea 
by Tuesday. Sunny, warm 
weather will stretch from 
Rome to Athens. 


Asia 

Chilly wealher at Bei[mg 
Sunday kilo Monday wiH give 
way to sunny, milder weath- 
er Tuesday. Much of Japan 
wilt be damp Into early ne*t 
weBk. Tokyo will havo fre- 
quent showers. Manila will 
be warm wHh a few after- 
noon showers. Hong Kong 
will have mainly dry, warm 
weather. 


AJpcn Km 

CapaToxn 1 6*4 
Casablanca 19*6 
Harare 21/70 
Logon 28*7 

MnVol* 23/73 
Tie* 31*8 


SS/TI pc 26/79 23*8 • 
10*0 9 21/70 11*2 pe 
14*7 pc 23/73 17/S? pc 
8M3 pc 21/70 9/48 « 

23/73 eh 29*4 24/75 pc 
SMB pc 24/75 1 '<52 » 
21/70 I 32*8 1**8 • 


A its plan to issue a Richard Nixon stamp 
next year despite a protest by Representa- 
tive William L. Clay, a Missouri Democrat 
and chairman of the House Post Office 
and Civil Service Committee. “The logic of 
honoring this disgraced president escapes 
me.” Clay wrote to Marvin T. Runyon, the 
postmaster general. But the Postal Service 
says it will continue its “long-standing 
tradition" of issuing stamps to honor de- 
ceased presidents within a year of death. 
(Nixon died April 22.) 


his discovery of surfactant, a lubricating 
molecule in the lung, and using it to create 
a treatment that can save premature babies 
from dying of respiratory distress syn- 
drome, ana Dr. Stanley B. Prusiner for his 
work on prions, a kind of protein. 

□ 


North America 


Middle East 


Latin America 


Today Twnoirsw 

High Low W Wgh Low W 


Boom 28*2 23/73 • 30*6 22/71 • BuonaiMm 19*6 12/53 pc 20*8 BM6 pa 

C4ku 20/84 70*6 ■ 31*8 18*4 4 Cmcw 29*4 20*8 pc 27*0 21/70 Ml 

Damascus 28/79 14*7 s 29*2 12*3 • Lima _ 17*2 15*8 pc 18*4 15*9 pc 

JraMi 24/78 17*2 ■ 27*0 16*8 8 MoxtooCly 28/77 12*3 pc 24/78 13*6 pc 

Luxor 33/91 18*4 s 38*7 18*1 9 WodoJanahj 28/78 19*8 pc 20/79 21/70 pc 

Riyadh 37*8 25/77 * 38/10024/78 9 6010000 18*1 5/41 pc 17*2 4139 pc 

Legend: t- sunny, pc-o/ww cloudy, c-cwucy. stvMwwsw. Mhund miw in o . r-nto. M-anow Buuieo. 
pn-onow. H ot, w-WWKhPr. All mapd, lortcoato and drta provhlpd by Aocu-Woothnr, Inc. Cl 994 


28/79 14*7 9 29*2 12*3 • 
24/78 17*2 9 27*0 16*8 ( 


Oceania 


I&ei 0/48 r 18/84 9/46 pc 

21/70 11*2 pc 18*8 9/48 Ml 


33*1 18*4 9 38*7 18*1 ■ 
37*8 25/77 9 35/10024/78 9 


Today Tsmowow 

High Low W High Law W 
C/F OF OF OF 

BuanaoMm 19*6 12*3 pc 20*8 8M8 pa 

Canes* 29*4 20*6 pc 27*0 21/70 Ml 

Una 17*2 ;sse pc 18*4 15*9 pc 

MntooCky 28/77 12*3 pc 24/78 13*6 pc 

RtodoJanatn 28/79 19*8 pc 20/79 21/70 pc 

6O1M0O 18*1 5/41 pc 17*2 4/39 pc 


Anchaago 

Admin 

Boston 

Chicago 

Dwwer 

Dotoi 

HonokAj 

Houston 

LuAn0«fc* 

Mtoml 


W. S. Merwin has won the Academy of 
American Poets’ first annual Tanning 
Prize, a $100,000 award. Merwin says he 
was led lo poetry by the hymns he heard as 
a child in church. “1 heard hymns, and 1 
was fascinated by hymns, so I tried lo write 
hymns,” said Merwin. who turned 67 on 
Friday. 


Three scientists have received $25,000 
awards from the Albert and Mary Lasker 
Foundation. They are: Dr. Maclyn 
McCarty for his role 50 years ago in dis- 
covering DNA; Dr. John A. dements for 


Elvis Presley is still dead. The Tennessee 
health department found no evidence of 
lying on his death certificate and no reason 
to dispute the coroner's conclusion that he 
died of heart disease. But that’s not likely 
to satisfy suspicious minds, says Jerry 
Francisco, the coroner who presided over 
Presley's autopsy in 1977. “We haven’t 
buried John F. Kennedy yeL Haven’t bur- 
ied Martin Luther Kinj^ Why should we 
bury Elvis?” he asked. 

□ 

NBC's television miniseries based on the 
life of actress EBzabeth Taylor is back on 
trade after Los Angeles Superior Court 
Judge Dianne Wayne said it would be a 
violation of free speech to slop the project. 
The actress had sued the network in an 
effort to block the production, saying it 
would sully her name. Taylor reportedly 
may file a second suit if she objects to 
anything portrayed in the miniseries. 


Speaking of high-speed bowling balls, 
here’s a . . . . £ 

TREBUCHET UPDATE: You may re- 
call that some months ago I wrote a col- 
umn about three Texas guys who want to 
build a trebuchet — ; a medieval weapon 
similar to, but more advanced than, a cata- 
pult — capable of hurling a Buick 200 
yards. I’m pleased to report that they've • 

made important progress in the form of 

producing hats, T-shirts and'tifficlal statio- 
nery that says “International Hurling Soci- * 

«y ” in i 

Also they made a video. It opens with an ill I 
airly shot of their prototype trebuchet sil- 
houetted against the sky: dramatic music o 


ncry mat says intcmauonai nun mg 

Also they made a video. It opens with an In { 1 lit I * It- 

airly shot of their prototype trebuchet sil- 
houetted against the sky: dramatic music -'m 

is playing in the background. A somber i J | i | If X 

voice says: “We have created a weapon of -kit I * I * 

war that the world has not seen in more I 


than 500 years. Why?" 

Then another voice says: “I have no 
idea.” 

This is followed by scenes of the proto- 


type hurling bowling balls an astounding 
distance, watching it, I couldn’t help but *" 
think: This thing could DEFINITELY 
bring down a small plane. 

Not that 1 am suggesting anything. 

Knight-Ridder Newspapers 



Your stomach's growling. 


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ASIA /PACIFIC 

NEW ZEALAND 

000-511 

AUSTRIA tTi 

. 022-903-011 

HUNGARY' . . . 

.000-100-01111 

NORWAY .. 

... .800-190-11 

MIDDLE EAST 

AMERICAS 

PANAMA... . 

100 

AUSTRALIA 

iua-ui-oii 

PHILIPPINES' 

105-11 

BELGIUM’ 

.5-000-100.10 

ICELAND*., 

990-001 

POLAND**’. 

00010-400-0111 

BAKRAM 

. 800-001 

ARGENTINA* . 

. 001-000-200-1111 

P0WT* 

191 

CHINA. PRC*** 

loan 

RUSSIA -i(HOSCOW) UHW 

BULGARIA. 

00-1900-0010 

IRELAND . . 

1-000-330-000 

PORTUGAL* . 

. 05S17-1-2U 

Cyprus* 

ooo-snio 

BOLIVIA*. . 

. .0-000-1113 

VENEZUELA’. 

80-011420 

HONGKONG 

floo-tm 

SAIPANt 

235-2172 

CR0AT1AT* . 

.. . 99-36 '001 1 

ITALY*. 

172-1611 

ROMANIA . 

. .BI-HU-4268 

EGYPT* (CAfflO) 1 

.510-0200 

BRAZIL 

oM-mo 

AFRICA 

INDIA* 

MM17 

SlMiAPWE 

600-01I1-1U 

CZECH REPUBLIC 

00-420-00101 

UECHTENSTBr 

155-00-11 

SLOVAK REP. .. 

. 00-420-00101 

ISRAEL... 

177-100 -2727 

CANADA 

1-800-575-2222 

GABON* 

003-001 

INDONESIA* 

OBI'lin-IB 

SHIIANW, 

130-430 

DENMARK- 

own -0010 

LITHUANIA* ... . 

07180 

SPAIN- 

90MM8-11 

KUWAIT. .. 

000-288 

CHILE. 

000-0312 

GAMBIA* 

00111 

JAPAN'. 

0030-111 

TAIWAN' 

0000-10200-0 

FINLAND* . . . 

. 9300-100-10 

LuxBieourc . 

. . 0-800-0111 

SWEDEN’ 

- 020-795-611 

LEBANON (BaHUT)' 420-881 

COLOMBIA 

. . UD-11-0010 

WORY COAST 


KOHEA 

009-11 

IHJILAND* 

ooiq-ni-mt 

FRANCE 

193 - noil 

MALTA 

0308-090-110 

SWITZERLAND' 

. 133-00-11 

SAUDI ARABIA 

. .1-800-10 

B. SALVADOR' 

0 . 190 

KENYA' 

0800-10 

IttCAO 

QSQO 111 

EUROPE 

GERMANY 

. 0130-0010 

MONACO'* 

100-0011 

UKRAINE!. . 

80100-11 

TURKEY* 

n-BOQ-12277 

HONDURAS?!, 

125 

LIBERIA 

... . 797-797 

MALAYSIA' 

000-0011 

ARMENIA'^ 

BC14111 

GREECE* 

00-000,1711 

NETHERLANDS* . 

. 0B -022- 91 11 

U.k ... 

esoo-n-osn 

U. ARAB EMHATES* 

800-121 

MEXK0MA . 

. . 55-000-462-4240 

SOUTH AFRICA 

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