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INTERNATIONAL 


* 





PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTQN POST 


The World’s Daily Newspaper 


Paris, Saturday-Sunday, April 12-13, 1997 


Hard Line 



‘No Problems’ as Troops Land to Start Albania Mission 




i pens 

NATO Talks 




Despite Its Demands, 
West Won’t Rule Out 
Eastern Expansion 


By Michael Dobbs 

Wuhingion Post Service 


f 


• WASHINGTON — As negotiations 
-with Russia on the expansion of the North 
. 'Atlantic Treaty Organization enter their 
phase. Western governments 
have been taken aback by new Russian 
calls for tending security guarantees rul- 


ing out any eastward movement in the 
alliance’ * ' 


s's military infrasinicture. 

NATO and U.S. officials described 
the latest Kremlin proposals for a 
N ATO-Russia charter, which were out- 
lined to the French gove rnme nt by £k>t- 
eign Minister Yevgeni Primakov of 
Russia on Wednesday, as unacceptable. 
They said Jower-Jevd Russian officials 
were attempting to “reopen” questions 
that appeared to have been largely 
settled during the Hel sinki meeting last 
month between President Bill Clinton 
and President Boris Yeltsin. 
k*‘- Western concern over the tough line 
Taken by Moscow accounts for the cool 
response from the Clinton administra- 
tion to upbeat public remar ks by Mr. 
Primakov over the prospects for signing 
a N ATO-Russia charter in Paris on May 
27. Western . officials said NATO’s sec- 
retary general, Javier Solana Madari- 
aga. will travel to Moscow next week to 
make clear to the Russians that die West 
cannot make further concessions on the 
security rights of new., member states. 

“We have to be vary clear that the 
new members of NATO wiH be foil 
members of the alliance,” Mr. Solana 
said after a day of talks with senior U.S. 
officials. “This is one of the red lines 
that cannorbe crossed.” 

Mr. Solana has taken die lead .in ne- 
gotiatiu g^ that 

the eastward expansion of the alliance. 
The document, now in its second draft, 
consists of approximately IS angle- 
spaced pages cuing general principles, 
areas of cooperation and establishment 
of a Russia-NATO Council and includ- 
ing a section on miEtary aspects of 



■ > •'S.**..,..., «... .. 


■ Dir? bn Eadbdcrfrbe Auortned Press 

Italian paratroopers, the vanguard of a 6,000-member European force for Albania, arriving Friday in 
Tirana. Italy also put troops ashore at the port of Durres. They were to secure a key route for food 
deliveries to the capital. An Italian commander said there were *no problems’ with the landing. Page 2. 


U.S. Price Data Kindle Inflation Fears 

Reports Send Stock Index Down 148 Points 


The Dollar 


NewYwk Friday O 4 P.M. pravwus close 


By Mitchell Martin 

Iiuemationalfferatd Tribune 


See NATO, Page 5 


NEW YORK — “Two uglier eco- 
nomic reports could handy be ima- 
gined.” Merrill Lynda & Co.’s mac- 
roeconomics specialist told Wall Street 
an Friday after signs of inflation put 
interest-rate fears in the spotlight and 
sent stock aid bond pices tumbling. 
The Dow Jones industrial average 
~fl&,3fi.pamls, .or ‘2.3. percent, to 
6391.69, while the broader Standard & 
Poor’s 500-stock index was down 20.67 
points, or 2,7 percent, at 737.67. 

On the surface, the dam for March 
producer pices and retail sales seemed 
favorable. But digging deeper, investors 
saw worrying signs of inflation, which 
raised concern that U.S. central bankers 
would raise short-term interest rates. 


Producer prices fell 0.1 percent in 
March, the third straight monthly de- 
cline reported by the Labor Department 
But the so-called care rate of inflation at 
the wholesale level, which does not 
include the volatile food and energy 
categories, was 0.4 percent last month, 
led by increased prices for tobacco and 
civilian aircraft 

The Commerce Department said re- 
tail sales rose 0.2 parent in Mach, but 
itrwrc'vtLrc iffota 19 c h'T ,t ' a 1 * 

percent gain, up from an originally re- 
ported 0.8 percent January also was 
revised upward, to 1.7 percent from 1.5 
percent 

The news was negative from an anti- 
inflation point of view, but it did not 
neatly after the economic landscape. 
While the producer price index report 
indicated some inflationary pressures at 


DU 


1.7205 


1.7194 


Pound 


1.6275 


1.623 


Yon 


126.12 


125.85 



5.789 


5.7805 


The Dow 


Friday dose 


previous dose 


-148.36 


639169 


6540.05 


S&P 500 


change 


Friday © 4 PM. previous dose 


- 20.66 


737.67 


758.33 


See PRICES. Page 10 


* 


Hong Kong s Moment of Truth 

Democratic Opposition Is Girding Itself for the Handover 


By Edward A. Gargan 

New York Tima Service 


HONG KONG — As China signals its new vision 
for Hong Kong — a society of shriveled dvil liber- 
ties and an anemic political culture — the opposition 
politicians who nave most relentlessly opposed 
Beijing's plans for the territory now face their 
greatest challenge. 

Two years ago. Democratic Party legislators were 
euphoric as the party crushed all comers in die first 
democratic elections for Hong Kong’s legislature. 

Now, as the return of this British colony to Chinese 
rule on July 1 approaches, die party faces not only 
new restrictions from 1 above but also Assures from 
w ithin, as some politicians scramble to accommod- 
ate themselves to Beijing and others resolve to push 
the limits of Chinese tolerance. 

On Wednesday, China’s appointed leader for Hong 
Kong, the shipping tycoon Tung Chee-hwa, an- 
nounced measures aimed at cutting the political op- 
position that the Democratic Party hopes to foster. 

By restricting rights of assembly and protest, as 


well'as by substantially redrawing die way in which 
future elections are conducted, Mr. Tung 


■inm^ cicvuuua Bis buuuubiMH *•••■ Tung and the 
Chinese are, as they have publicly mid, deliberately 
trying to undermine Hong Kong’s political parties, 
particularly the Democrats. 

[Hong Kong’s incoming government said Friday 
that it may rethink at least one of its proposed 
restrictions on civil liberties, acknowledging^ a 
groan dswell of opposition to the curbs. The As- 


sociated Press reported. 

[Michael Suen, policy coordinator for the gov- 
ernment-in-waiting, singled out a proposed ban on 
political groups baying links with foreigners or ac- 
cepting their donations. 

[“We have heard a lot of comments in this regard, 
and in finalizing our proposal we will take that into 
account,” he said. Mr. Suen, however, gave no clear 
indication that the restriction would be softened.] 

Beijing, which refused to countenance elections at 
all, denounced the 1995 voting as a ploy by Hong 
Kong’s British governor, Chris Patten, to undermine 
the transition to Chinese rule and a threat to political 
and economic stability. 

Since its formal founding in 1991 , the Democratic 
Party has been led by Martin Lee, (me of the ter- 
ritory's leading banisters. 

Although he had joined the committee farmed by 
Beijing to draft Hong Kong's new constitution, the 
Basic Law, be resigned abruptly after the killings of 
student protesters in Beijing in 1989. From dial point, 
Mr, Lee insisted that nothing short of full democracy 
would do for Hong Kong. 

As China's plans for Hong Kong crystallized, 
plans that included an unelected legislature, the 
paring bade of some civil liberties and the imposition 
of a chief executive widely seen as beholden to 
Beijing, Mr. Lee and his party were reduced to little 
more man relentless criticism of the new order. 

In protest against what it sees as foe new order’s 



» •- * 



Andre* Wangfteaien 


Royal Navy Pulls Out 


See HONG KONG, Page 5 


Two sailors folding for the last time Friday the 
Royal Navy ensign at the HMS Tamar naval base 
in Hong Kong, foe Royal Navy’s last shore post in 
foe Far East Hong Kong reverts to China July 1. 



rage 5. 


. Pages. 


.... Page 6. 

Sports ...... 

Pages 18-19. 

International CtusslfM 

Pag* 13. 

iNTho IHT on-line http:/.- 

'■.'•.vv.Mht.com m 

1 


Prophet of a Religion With a Payoff 

Philippine Evangelist Preaches of Rewards in the Here and Now 


By Seth Mydans 

New York Tunes Service 


f. 


Newsstand Prices 


Andorra 10.00 FF Morocco 16 ^ 

Angles,, 1250 FF Qatar lOQORtete 

Cameroon ..1.000 CFA Reunion 1250 FF 

Egypt — EEA50 saud Arabia _10.0QR. 

France 10.00FF seneoaL-^l-lOOCFA 

Gabon 1100 CFA PTAS 

„^2800Ub 


Ivwy Coast.1250 CFA “ 
Jordan ...1J9DJD UAE 


„ 1 .250 Din 

,1000 Dirti 


UbenctaZr. It 2000 US. MIL [B*L-S150 




MANILA — The Hale-Bopp comet 
glowed in foe sky above Manila Bay, 
ten the 50,000 ecstatic Christian fol- 
lowers of Brother Mike paid it no heed. 
Flying saucers were the last thing on 
focir minds. Their reward was here and 
now: good jobs, good health, good mar- 
riages and, best of all, money. 

At the high point of foe rally on a vast 
fairground beside foe bay, thousands of 
people lifted fomropen wallets and bank 
books to foe heavens to receive financial 

blessings from the Philippines’ most 
popular evangelist, Mariano Velarde, 
known as Brother Mike. 

Some raised their passports in hopes 
of a job abroad. ' ' 

“Do you believe that without doc- 


uments you can go to the United States 
with foe beg of Brother Mike?” said a 


worshiper,- Nene Aneliano. “Ido.” 

Evangelical movements are sweep- 
ing this hugely Roman Catholic nation, 
with its undercurrent of pre-Christian 
mysticism and ritual, but never has foe 
Philippines seen a movement grow so 
fast and claim so many followers. 


Founded a decade ago by Mr. Velar- 
developer 


de, 57, a real-estate developer with a 
religious radio program, foe movement 
known as B1 Shaddai — a Hebrew name 
for God — has a following estimated at 
5 million. It is a religion of its time, 
when ti>e Philippines is just beginning to 
join the economic growth spurt of its 
Southeast Asian neighbors. 

’Mike Velarde is a new kind of 


prophet, a prophet of financial capit- 
said Alex Magno, a political 


scientist. ' ‘This is a religion in foe age of 
portfolio investment.” 

Its base, he said, is among foe 700,000 
overseas workers, foe nation's leading 
earners of foreign exchange, sending 
home $8 billion to S10 billion a year. 

It is a solid financial foundation for a 
religious movement that asks its fol- 
lowers not only to donate 1 0 percent of 
their earnings but also to oner addi- 
tional “seed money” that will help 
them reap great financial returns. 

“Remember this: whoever sows 
(gives) sparingly will also reap (receive) 
sparingly, and whoever sows (gives) 
generously will reap (receive) gener- 
ously,” an El Shaddai pamphlet says, 
quoting foe Bible. 

The transactions are straightforward. 



No. 35.494 


EU Unlikely to Hit 
Iran With Sanctions 


Tehran Aide 
Key Witness 
In Germany 


U.S . Happy 
With Recall 
Of Envoys 


By William Drozdiak 

Waihinsuui Post Sen ire 


By Tom Buerkle 

lutcrikitionol Herald Tribune 


BERLIN — Last October, nearly 
three years into foe extraordinary trial 
that would prove that Iran's most power- 
ful leaders gave orders to assassinate 
Kurdish dissidents abroad, foe German 
prosecutor, Bruno Jost, decided the time 
was ripe to play his trump card. 

Mr. Jost introduced into the Berlin 
courtroom a 39-year-old Iranian exile 
who was called “Witness C.” His real 
name was Abol-Hassem Mesbahi, a re- 
cent defector from Tehran who was 
brought to foe prosecution's anention 
by former president Abol-Has&an Ban- 
isadr, who himself had fled to exile in 
France in 1981. 

Until Mr. Mesbahi was interrogated, 
even Mr. Jost did not realize what a 
trove of evidence he would uncover for 
the case. 

Mr. Mesbahi served until 1995 as an 
aide to President Hashemi Rafsanjani. 
He also was ose of Iran’s most senior 
intelligence officials, who supervised 
key foreign intelligence networks 
among Iranians scattered in Europe. 

“He may prove to be the most valu- 
able and well-informed defector from 
Iran in the past decade or more,” said a 
Western diplomat who has monitored the 
case closely. “Nobody else has provided 
that kind of insight into how the top levels 
of Iran's leadership really function.” 

Mr. Mesbaht's testimony was noth- 
ing short of explosive. He described in 
detail how targets for assassination 
abroad were approved by a powerful 
elite council known as the Committee 
for Secret Operations and how the or- 
ders for hit squads required the personal 
signatures of Mr. Rafsanjani and 
Ayatollah Sayed All Khamenei, Iran’s 
. paramount religious leader. 


BRUSSELS — European govern- 
ments struggled Friday to define a new 
policy toward Iran, beginning the for- 
mal recall of ambassadors from Tehran 
but resisting suggestions that Europe 
mimic the U.S. effort to isolate foe Is- 
lamic regime diplomatically and eco- 
nomically. 

That reticence, including a rejection 
by France of economic sanctions, in- 
dicated that the 15-nation European Un- 
ion was unlikely to go beyond the sus- 
pension of its so-called critical dialogue 
with Iran, which was decided fate 
Thursday, officials said. 

But the European response to a Ger- 
man court ruling that Iran engaged in 
stale-sponsored "terrorism by slaying 
three Kurdish dissidents and their trans- 
lator in Berlin in 1992 was firm enough 
to win praise from the White House and 
condemnation from Iran. 

In a scene that recalled images of foe 
siege of the U.S. Embassy in 1979. 
about 3,000 demonstrators marched on 
foe German Embassy in Tehran, pelting 
it with tomatoes and chanting “Death to 
Germany! ” and “Fascist Germany, ser- 
vant of Zionism!" 

President Hashemi Rafsanjani dis- 
missed foe German ruling and the 
European reaction to it as a passing 
storm instigated by the United States 
and Israel. 

He predicted that European countries 
would return their ambassadors to 
Tehran shortly, as they did after protest- 
ing foe death edict against Salman 
Rushdie, foe British author, in 1989. He 
added that Iran was stronger econom- 
ically than eight years ago and could 
stand up to foreign pressure. 


the wholesale level, price increases so 
far do not seem to be working their way 
through to consumers. (Page 1 0) 

Alice Rivlin, vice chairman of the 
Federal Reserve Board, in a speech at 
North Carolina State University, said. 


Mr. Mesbahi also supplied personal 
her ‘ ‘ 


accounts of discussions that heralded 
the attack against three leading Iranian 
Kurdish opposition figures, who were 
gunned down at the Mykonos restaurant 
in Berlin in September 1992. His testi- 
mony was checked by Germany’s for- 


“We should expect them to keep up 
West." Mr. Rafsanjani 


the noise in the 
told worshipers gathered at Tehran Uni- 
versity for Friday prayers. ‘"But this will 
bring them nothing." 

In Washington, foe White House 

S pokesman, Michael McCuny, hailed 
e German court ruling as a confirm- 


See WITNESS, Page 5 


See IRAN, Page 5 


U.S. Warns Pyongyang 
Not to Expect Food Aid 


OmpMbfOwSuffFtrutOiipuiHirj 

SEOUL — Defense Secretary Wil- 
liam Cohen said Friday that large-scale 
food aid to North Korea was highly 
unlikely until Pyongyang began dis- 


umuceiy until Pyongyang Began c 
mantling its military threat to Seoul. 
The American bluntly warned No 


alian,” 


See RELIGION, Page 5 


North 

Korea that any aggression would be a 
grave mistake, resulting in “over- 
whelming damage and defeat” for tine 
Stalinist state. 

“I doubt very much whether there will 
be massive assistance without some kind 
of reciprocal action on the part of the 
North Koreans, ” Mr. Cohen said before 
leaving South Korea at the end of his first 
trip to Asia as defense secretary. 

Mr. Cohen said foe international 
community would not feed a hungry 
nation that was armed with chemical 
weapons and long-range missiles and 
that was pouring its scarce resources 
into a military geared for war. 

“It would be unreasonable to expect 
the world community to subsidize and 
to support a domestic economy that is in 
a state of collapse while the military 
continues to operate at ordinary rates, 
he said. 

In Tokyo, the chairman of the Joint 
Chiefs of Staff, General John Sha- 
tikashvili, said there had been no drop in 
Pyongyang’s military capability despite 
the government's admission this week 
that food shortages had led to foe deaths 
of at least 134 children. 

“On the military side, the North 
Koreans have just completed an ex- 
tensive- winter training cycle," said the 
retiring general, who left South Korea 
on Thursday, adding: “They have ap- 
parently enougb fuel to have conducted 
a fairly robust training that involved 
road marches and movement of units. 
Pilots have been flying at a greater rate 
than the last two years, or three. 

‘ ‘If they are in such great difficulty as 
they claim they are, and if they are in 
need of assistance, why are they spend- 
ing their resources on this kind of mil- 
itary exercising?” 

General Shalikashvili said most of 
North Korea's armed Forces remained 
poised close to foe Demilitarized Zone 
that splits the peninsula. He said that 
wouJa allow foe North to strike ar Seoul 
with “little or no warning,” 

Pyongyang has said it will respond on 
Wednesday to a proposal made last year 
by President Bill Clinton and Resident 
Kan Young Sam of South Korea for 
four-way talks between the Koreas, foe 


United States and China. 

“I don't want to fuel any kind of war 
talk here,” General Shalikashvili said 
“My hope remains that we will be able 
to have foe talks proceed, and we will 
continue to look for ways to lessen 
tensions on foe peninsula.” 

On Friday, U.S. and South Korean 
officials said that Southern border 
guards fired warning shots at a group of 
North Korean soldiers in a restricted 
area. The Northern soldiers replied with 
shots into foe air, before pulling back. 
Pyongyang demanded that South Korea 
apologize. (Reuters. AP, WP) 


AGENDA 


EU and U.S. Strike 
Cuba Trade Deal 


The European Commission said 
Friday that it had struck a deal with 
foe United States settling their dis- 
pute over trade with Cuba, which 
could lead to amendment of the 
Helms-Burton Act. The U.S. gov- 
ernment agreed to seek Congres- 
sional approval to amend foe law if 
the European Union dropped its 
complaint to foe World Trade Or- 
ganization. Page 4. 


Indian Leader Falls 
In Confidence Vote 


The Indian government col- 
lapsed Friday after Prime Minister 
H.D. Deve Gowda lost a vote of 
confidence in Parliament when foe 
Congress (I) Parry withdrew its 
support. Page 5. 


EUROPE Page 2. 

Croatia Celebrates Its Fascist Post 


THE AMERICAS Page 3. 

L'.S. Judge Ban Ume-Item Veto 


INTERNATIONAL Page 4. 

Airis Tells Mobutu to Hold Talks 


ARTS Page 7. 

Picasso, the Last Classicist 


I 











Han las Cell Broken 
With Arafat’s Help 

5 Suspects Held in Cafe Attack 




By Barton Gellman 

rtoU/mg/o/i Post Sen in 

JERUSALEM — Israeli 
and Palestinian security ser- 
vices. working together after 
weeks of bitter arguments, 
have broken up a Hamas mil- 
itary ceU responsible for the 
cate bombing in Tel Aviv last 
month and other attacks that 
killed 1 1 Israelis, according 
to officials from both sides 
and Americans who played a 
brokering role. 

The investigation culmin- 
ated in a heavy convergence 
of Israeli troops on the West 
Bank village of Surif, the 
home of the bomber, which, 
in turn, led to the body of a 
missing Israeli soldier. 

The investigation of the 
Tel Aviv ca te bombing also 
led to Hebron, where Israelis 
hunting down the support net- 
work behind the bomber said 
they had identified two key 
members of the Hamas cell as 
living in a neighborhood that 
had been under Palestinian 
police control since January. 

After meeting his 
Palestinian counterparts last 
Saturday night at the U.S. 
Embassy's CLA station in Tel 
Aviv, the chief of Israel’s 
Shin Bet security se.vtce. 
Ami Ayalon. traveled Tues- 
day night to Gaza City to ask 


the Palestinian leader. Yasser 
Arafat, to place the two 
Hebron men under arrest. 

Palestinian police seized 
the two men Wednesday, and 
Israel made further arrests on 
the basis of information ex- 
tracted from the Palestinians 
in Hebron. 

On Thursday night, the Is- 
raeli military released a 
videotape of a chained Rayed 
Salah Abu Hamadia, 21, who 
is accused of being a member 
of Hamas. On the tape, the 
suspect is show leading in- 
vestigators to an olive grove 
in Surif and describing how 
he had shot Sergeant Sharon 
Edri. 19. who had been miss- 
ing since September. An 
army rabbi supervised dig- 
ging on the spot, and the tape 
ended with the unearthing of a 
human band. 

The authorities said Hamas 
gunmen disguised as Israeli 
Jews had picked up the hitch- 
hiking soldier. 

Prime Minister Benjamin 
Netanyahu acknowledged in 
remarks broadcast from the 
Netherlands that the Palestini- 
an Authority- had provided 
“pinpoint assistance" in un- 
covering the Hamas cell. 

Ahmed Abdul Rahman, a 
close aide to Mr. Arafat, said 
that Mr. Arafat’s meeting 
with Mr. Ayalon had covered 



Croatia’s Good OH Days 

World War II Fascists Being Rehabilitated 


i 


By Chris Hedges 

New York Times Service 


Ttv.\s»icuml 7 -ttm 

Rayed Salah Abu Hamadia, in handcuffs, pointing to where the soldier was buried. 


mainly “the tensions in 
Hebron and how to smooth 
the situation. 1 ' 

New information has per- 
suaded Israel that Mousa Gb- 
neimat. who died in the March 
21 explosion at the Apropo 
Cafe, did not intend to be a 
suicide bomber. The Israeli 
Army said a delayed-action 
fuse had malfunctioned, set- 
ting off die explosion before 
he could leave the cate. Three 
women were killed and 47 
people were wounded. 

Defense Minister Yitzhak 
Mordechai and the army in- 


telligence chief. Major Gen- 
eral Moshe Yaalon, appearing 
at a televised news conference 
Thursday, said six men. in- 
cluding the bomber, had 
formed the core of the cell. 
They said two were in Israeli 
custody and two in Palestini- 
an custody. On Friday, news 
agencies reported that the re- 
maining core member was in 
Palestinian custody. 

Israeli military officials 
have said that ballistic evi- 
dence linked several drive-by 
shooting attacks against cars 
driven by Jews in the West 


Bank and border areas in Is- 
rael. On Thursday, they said 
the Surif cell was responsible 
for all of them. 

■ New Clashes in Hebron 

Hundreds of Palestinians 
clashed Friday with Israeli 
soldiers in Hebron for a fourth 
consecutive day, despite a 
major deployment of 
Palestinian police to control 
the protesters, Agence 
France-Presse reported. 

Seventeen stone-throwers 
were wounded by rubber bul- 
lets fired by Israeli soldiers. 


Head of Serbian Police Is Slain in Belgrade 


Agence France-Presse 

BELGRADE — The head 
of the Serbian police, a top 
aide to President Slobodan 
Milosevic who was heavily 
involved in the war in Bosnia- 
Herzegovina. was shot to 
death in a Belgrade restaurant 
early Friday. 

General Radovan Stojicic. 
46. a deputy interior minisrer. 
was shot repeatedly by a 
masked man with a subma- 
chine gun shortly after mid- 
night in the restaurant in the 
city center, the pro-govern- 
ment newspaper Politika and 


Tanjug, the state news 
agency, reported. 

General Stojicic was din- 
ing with his son and a friend 
when the unidentified man 
burst into the restaurant and 
approached them. The gun- 
man sprayed the general with 
bullets and fled. Tanjug re- 
ported. The general's son was 
not hurt, it said. 

The police blocked off the 
district and began a search, 
but did not find the gunman. 

In a first official reaction to 
the attack, the speaker of the 
Serbian Parliament. Dragon 


Tomic, another of Mr. Mi- 
losevic's allies, called the 
killing “tragic” and said it 
“showed that crime is seri- 
ously harming” Serbian so- 
ciety. 

General Stojicic was head 
of police at the Interior Min- 
istry and was considered to be 
Mr. Milosevic's right-hand 
man. During recent anti-gov- 
ernment protests in Serbia. 
General stojicic was widely 
reported to have ordered po- 
lice attacks on demonstrators 
in which more than 100 
people were wounded and a 


demonstrator was killed. 

■ Slavonian Serbs to Vote 

The Serbs of Eastern 
Slavonia, the last part of 
Croatia held by Serbs, de- 
cided Friday to take part in 
elections Sunday, Agence 
France-Presse reported from 
Belgrade, quoting Tanjug. 

*nie agency said fine de- 
cision was made by the local 


Serbian assembly, which met 
in the town of Beli Man astir 
in the north of the region. 

The local and regional 
ejections, the first since the 
region was captured by the 
Serbs in 1991, will be a major 
step in returning Eastern 
Slavonia to Zagreb's control. 

The region has been ad- 
ministered by the United Na- 
tions since January 1996. 


SPLIT, Croatia — After the singing of old 
fascist marching songs, after a moment of 
silence for all who died defending the fath- 
erland and after a re min der that this was the 
57th anniversary of die founding of Croatia’s 
Nazi-linked wartime government came the 
two most chilling words of the afternoon. 

“For Home!” shouted Anto Dapic, sur- 
rounded by bodyguards in black suits. 
“Ready!” responded the crowd of 500 sup- 
porters, their arms rising in a stiff Nazi salute. 

The call and response — the Croatian, equi- 
valent of “Sieg!” “Heil!” — were the war- 
time greeting used by supporters of the fascist 
Independent State of Croatia, which governed 
during World War n. 

The chant resounded through loudspeakers 
in Split's central Prokurative Square, where the 
Croatian Party of the Right gathered Thursday 
for the final day of campaigning in the coun- 
try’s local elections. It was a disturbing re- 
minder that, following Croatia's independence 
from Yugoslavia in 1991, there has been a 
steady rehabilitation of the fascist regime and 
its wartime dictator. Ante Pavelic. 

Posters of Mr. Pavelic in a military cap were 
plastered on walls in Split before the rally. The 
Party of the Right took 7 percent of the vote in 
the last elections and is the closest ally of the 
governing Croatian Democratic Union. 

Unlike those nations that have renounced 
their fascist legacy, the Croats have reha- 
bilitated their world War II fascist collab- 
orators, known as Ustashes. 

The U stashes, who murdered hundreds of 
thousands of Jews, Gypsies, Serbs and Croa- 
tian resistance fighters, have been trans- 
formed by President Franjo Tudjman’s party 
into patriots and the precursors of the modem 
Croatian state. 

Ustashe veterans receive larger pensions 
than old Partisan fighters, who battled the 
German and Croatian fascist armies. Former 
Ustashe soldiers are invited to state cele- 
brations. such as the annual Army Day, while 
Partisan fighters are ignored. 

And the state authorities have stood by as 


pro-Ustashe groups dismantled or destroy^ 
2 964 of 4,073 monuments to those who died 
in the resistance struggle, according to veteran 
Partisan groups. But the identification with 
the fascist regime does not stop there. 

The Croatian currency is * e kuna, which 
was instituted by the fascists. And the redand 
white checkerboard on tbe flag* 
medieval Croatian emblems, adorned the flag 
of the fascist Independent State of Croatia and 
the Ustashe uniform. - 


ing Mr Pavelic 's remains from Spain, where 
he died in exile in 1 959, for burial in Croatia, a 4 
move rejected by Mr. Pavelic's family. 

This is all the more stunning because of 
widespread participation by many Croats in 
the Partisan guerrilla movement that was led 
by Josip Broz Tito, himself a Croat and the 
leader of postwar Yugoslavia. . 

“A huge number of Croats fought the Nazis 
and the Ustashe,” said a 77 -year-old Partisan 
veteran, Miiivoj Borosa, who defected m his 
bomber in 1942 from the Ustashe Air Force 
and dropped his payload on a German unit 
during his escape to the Soviet Union. “But 
today, those who should hold their beads in 
shame are national heroes." 

The Partisans, who included among their 
ranks a young Franjo Tudjman, went on to 
commit what today has become an unforr 
givable sin: They built a united Yugoslavia. 

And while the Ustashe state may have beep 
a Nazi puppet, it had as its stated aim the 
establishment of - an independent Croatia — f 
although one forced by the Axis to turn over 
large parts of Croatia, including much of the 
Dalmatian coast, to Italy. 

With the current campaign. President Tud- 
jman seems intent on reconciling the bitter 
wartime divirions that linger in Croatia. The 
revision of history is also an arrempt to counter 
the C ommunis ts* demonization of the fascists. 

But many Croats smolder with indignation 
over the glorification of a regime that 
slaughtered opponents with a ferocity that 
often shocked its Italian and German allies. . 

“You cannot reconcile victims and 
butchers.” said Ognjen Kraus, the head of 
Zagreb's snail Jewish community. 


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Italian Force Sets Out 
From Port in Albania 


CmpitrJ Ik Our Staff F mm Dufwhn 

TIRANA, Albania — The 
first group of Italian para- 
troopers arrived Friday in Al- 
bania to secure a key route in 
advance of the 6 , 000 -strong 
multinational force expected 
next week. 

The advance team, which 
disembarked from a naval ves- 
sel in the Western port of 
Dunes, is to secure a 35 -ki- 
lometer ( 22 -mile) key route 
from there to Tirana. The route 
is to be used for food deliveries 
for the impoverished country, 
which has been in the grip of 
civil unrest for three months. 

“Our mission does not rule 
out risks, but we hope Che Al- 
banian people will understand 
that we are here to help 
them,” said Colonel Enrico 
Nandi, commander of the Itali- 
an landing unit in Dunes. 

He said the landing had 
been a textbook operation 
“with no problems." 


People lined the road from 
the harbor at Dunes and 
watched in silence as the red- 
bereted soldiers drove by in 
radio communications jeeps 
equipped with machine guns. 

Four Lockheed C- 130 Her- 
cules aircraft carrying more 
than 50 paratroopers arrived 
at Tirana s airport during the 
morning. The Italian-led mul- 
tinational force, to be fully 
operational in 13 days, aims 
to secure the port of vlore, as 
well as D urres and the Tirana 
airport. 

Other European soldiers 
started their voyages to Al- 
bania on Friday. France, 
which has pledged 1,000 
proops. sent two ships carry- 
ing 400 soldiers from Toulon. 
They were expected to reach 
Albanian waters by Thursday. 
Spain said its 325-merober 
contingent, traveling on two 
ships, would arrive in Dunes 
on Monday. (AP, Reuters ) 


4 Military Commanders 
Are Dismissed by Yeltsin 

MOSCOW — President Boris Yeltsin 
dismissed four senior military commanders 
Friday, including the head of the land 
forces, the Kremlin announced. 

No official reason was given for die 
dismissals, but Russian press agencies 
quoted sources as saying that all four had 
been accused of abusing their positions. 

General Vl adimir Semyonov, command-, 
er in chief of land forces, was dismissed 
after he was suspended in November on 
charges of committing “actions incompat- 
ible with his post" 

The three other officers were Colonel 
General Anton Terentyev, General Semy- 
onov's first deputy in charge of training; 
Admiral Igor Khmelnov, chief of the navy 's 
general staff, and Vice Admiral Viacheslav 
Kharaikov, first deputy commander of die 
northern fleet. (Reuters) 

Top Chechen Guerrilla 
Badly Hurt in Blast 

GROZNY, Russia — Salman Raduyev, a 
Chechen guerrilla commander and one of 
Russia's most warned men, has been crit- 
ically wounded in an assassination attempt, 
an aide said Friday. 

Sultan Miyev, Mr. Raduyev 's military 
consultant, said in the Chechen capital 
Grozny, that the commander's car was 
blown up Wednesday on a road outside the 
city. “He is very seriously injured," Mr. 
Miyev said. “He underwent an operation 
but it was not successful.” 

Mr. Miyev blamed Russian forces for the 


incident and promised revenge attacks. The 
Chechens frequently blame Russian agents 
for trouble in the region. (Reuters) 

Accord in Moldova 

KISHINEV, Moldova — Moldova and 
its breakaway Dniester region have agreed 
to sign an accord to end their long-running -j 
feud and pave the way for the pullout of 
5,000 Russian soldiers from the former 
Soviet republic, Russia's foreign minister 
said Friday. 

* The stalemate in negotiations has been 
broken and this will help move toward a 
final settlement,” Foreign Minister Yev- 
geni Primakov said after all-night talks with 
officials from file Moldovan government 
and the separatist region. 

Dniester, a sliver of land in eastern Mol- 
dova foal is dominated by ethnic Slavs, 
broke away from Moldova in 1990 over 
fears that the country planned to reunite 
with neighboring Romania. Two-thirds of 
Moldova's 4.3 million people are ethnic 
Romanians. (AP) 

Debate Opens in Italy 

ROME — Italian deputies began debate 
Friday ahead of a vote of confidence in the 
government Saturday that Prime Minister 
Romano Prodi is expected to win. 

Mr. Prodi criticized the Refounded Com- 
munist .Party for having precipitated the 
vote after it abandoned the government in a 
vote Wednesday on sending troops to Al- 
bania. 

“Further episodes like this which put the 
international image of the country at risk are 
not acceptable.’ ’ he said in an address to the 
Chamber of Deputies. (AFP) 


lit- 

ft" 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
Evangelical Sunday Samce 10 C 0 am. a 
11:30 a.mj Kids Welcome. De 
Cuserstiaat 3, S. Amsterdam Info. 020- 
641 8812 or 020-5451 663. 

FRANCE/TOULOUSE 

HOPE INTERNATIONAL CHURCH 
(Evangefcal). 4, txl de Ptarac, Cotamer. 
Sunday service. 6:30 p.m.Tel.: 
0562 7411 55. 

FRENCH RIVIERA/COTE D'AZUR 

NICE: HoJy Trinity (Anglican). 11 rue 
Bute, Sun. 11: VENCE: Si Hugtfs, 22. av. 
Resistance. 9 am. Tel 33 04 93 87 19 83. 

MONTE CARLO 

MONACO CHRISTIAN FELLOWSHIP 
Worship Service. Sundays: 11 a.m. 
9, rue Louis Notary, Monte Carlo. 
Td. 377 92 165647. 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH - An 
evangofcal cfxxtfi in ihe western stfxnte, 
all are welcome. 9:45 First Service 
concurrent with Sunday School. 11:00 
Second Service with Children's Church. 
French Service 6:30 pm. 56, rue des 
Bons-Raisms. 92500 Ruell-Malmason. 
Fa Mo. call 01 47512963. 

HOPE INTERNATIONAL CHURCH 
Hotel Onon at Pans-taOdanse. 8 bd. de 
NeuBy Worship Sundays &30 am Rev. 
Douglas Miller. Pastor. Tel.: 
01 43 33 04 06. Metro 1 to la Defense 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
Engflgh-Speaklng non-denomi national. 
Tel. +41 61 302 1674. Sundays 10-.30 
Mttiere Strasse 13. CH405S Bred 

ZURICH- SWITZERLAND 

ENGLISH-SPEAKING CATHOLIC 
MISSION; St. Anton Church, 
Mine/vasJraSe 63 Sunday Mass. 830 
am. & li:30 am. Services heU m the 
crypt of SLAntan Church. 

USA 

ff you would Be a toe Stale couse Iw mat, 
' se contact LTEGLISE de OM5T, P.O. 
313. Staunton. Intfana 47881 USA 


THE EPISCOPAL CHURCHES 
Of EUROPE (Anglican) 


BRUSSELS/WATERLOO 

ALL SAINTS’ CHURCH, 1st Sun. 9 & 
11:15 am. Holy Euchanat wsh CWdnaYs 
Chapel at 11:15. Al other Stndays 11:15 
am. Hdy Euchstst and Sunday School 
563 Chaussge de Louvain. Ohain. 
Bdgom Td 32/2 3BA-3556. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
FamBy Eucharist Frankfurter Strasse 3. 
Wiesbaden. Germany. Tat.: 
43611 -3066.74. 


EUROPEAN 

BAP'nST CONVENTION 


NICE - FRANCE 

LB.C. 13 rue Vemter. English sennee, 
Sunday evening 1 £30, pastor Roy Mter - 
TeL it»93) 3205 96. 

PRAGUE 

LB. FELLOWSHIP, Vmohradska H 66, 
Prague a Sun. 1 1 m TeL: (02) 31 1 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHIP 
Sun. 19350 at Sweden Church, across 
from MadDonate. TeL (02)353 1585. 

ZURICH - SWITZERLAND 

LB.C of Zurich. Ghetstrasse 31. 8803 
Ruschlikon, Worship Services Sunday 
menrngs 1030. TeL f-4810018. 


SAINT JOSEPH'S CHURCH (Roman 
Cathoflc). MASS N BJOJSH Sa. 630 pm: 
Sun. 9:45. 11:00 a m.. 12:15, 6:30 p.m. 
50 . avenue Hocbe, Paris 8fh. TeL: 
014£27KS6.MstBTCtBnesdeGaLl)B-£Mle. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near IkJabashi Sin. TeL: 3261- 

374a Wcr^ Service: 930 am. arefays. 

TOKYO UM0N CHURCH) rwr Qmotesando 


jfey . 830 4 11 W am, SS N ft45 am. 


PARIS and SUBURBS 

THE AMERICAN CATHEDRAL OF THE 
HOLY TRINITY, Sun. 9 & 11 am, 1CMS 
a.m. Sunday School for children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23, avenue George V, 
Paris 75Q08. Tel.: 3301 53 23 84 00. 
Menx Gaaga v v Mma Marceau. 

FLORENCE 

ST. JANES* CHURCH Sun. 9 am. Rte I 
S 11 am Re B. Via Benrardo Ruceflai 9, 
50123, Horence. Italy. TeL 3955 29 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
( Episcopal/ Anglican! Sun. Holy 
Communon 9 8 11 am. Sunday School 
and Nuisery 10:45 am Sebastian F&nz 
St 22. 60323 FranMurt. Gamany. U1. 2 
3 Mquet-Afee. TeL 4969 55 01 84. 

GENEVA 

EMMANUEL CHURCH, 1S&3rtiSuv 
10am. EuchansC 2nd &4tfi Sut Morrang 
Prayer 3 n» de Mcnthaa. 1201 Geneva, 
Switzerland TeL 41/22 732 80 7R 

MUNICH 

THE CHURCH OF THE ASCENSION, 
Sun. 11:45 a.m. Holy Eudianst and 
Sunday School. Nursery Care provided, 
Seybothstrasse 4, 81545 Munich War- 
lasting). Germany. TaL 49*896481 85. 

ROME 

ST. PAUL'S WnWI-THE-WALLS, Sun 
830 am. Holy Eucharist RHa 1 1030 am 
Choral Eucharist Rite II: 10:30 a.m. 
Chun* Sdndkr<*ittan& Ninety cam 
provided: 1 pm. Spanish Eucharist Via 
36 58. 00104 Rome. TeL; 3VB488 
I or 39® 474 3969. 


BERLIN 

I.B.C.. BERLIN. Rothenburg Str. 13. 
(StegHtz). Sunday, B We study 10.45. 
worship Service 12.00 noon. Charles 
wartad, pastor. TeL: 030-774^670 

BREMEN 

LB.G, Hohentahestr. HemrannGosfrSir. 
Worship Siil 17-00. Pastor telephone: 
04791-12877. 

BUCHAREST 

IJ3.G, Strada Papa Rusu 22. 3:00 p-m. 
ConBd Pastor MheKamper.Te). 31 2 3880. 

BUDAPEST 

I.B.C., meets at Modes Zsigmond 
Gimnaziijm. Torokvasz ut 48-54. Sun. 
1000. TeL 25043932. 

BULGARIA 

LaC, World Trade Canter, 36. Drahan 
Tzankov EUvd. Worship 11-00. James 
Dute.Paaor.TeL869 e96. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHIP, B/.-Frafldrchfche Gememde. 
Sodanetaff. 11-18, 83150 Bad Homburg. 
Sunday Worship, Nursery & SS: 
1120 AM. Mid-week ministries. Pastor 
MLevey. CNffSc OBI 7M272B. 
BETHEL I.B.C. Am Dachsderg 92 
Worship Sun. 11:00 sun. and 
600 pm. Tflti 089543559. 

HOLLAND 

-nOffTY INTERNATIONAL irMtas you to 
a Christ centered fetoioNp. Services: 
900 wkI 1030 am Btoemcamptean 54, 
vy aynen aar 070517-8024 nuraety prov. 



BERLIN 

AMERICAN CHURCH M BERLIN, cor. 
of Clay Afea & Potsdamer Sff. SS. 930 
am. Worship 11 am TeL 030-8132021. 

FRANKFURT 

TRINITY LUTHERAN CHURCH. 
Ntaetanganaflee 54, Sui. Worship 1 1 am. 
TeL 06^631066 or 512S5Z 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Van&ra Sutiay rmrshb 930. n Getman 
11-00 in Engfeh.Tet (022] 310S089. 

JERUSALEM 

UJTHERAN CHURCH cl the Redeenar. 
CM C*y. Mxtaton Fid, Engksh imrfiip Sun. 
9 am Al are wstam TeL (02) 6281-049. 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worshp 11:00 am 66, Qua cTQrsay. 
Parts 7 Bus, 63 at door, Metro Alma- 
Marceau or Invades. 

VIENNA 

VIENNA COMMUNITY CHURCH. 
Sunday worship m Engfish 1130 AM.. 
Sunday school, nursery, internation a l, a 
dwnnations wetama Dortfheargasse 
18. wanna 1. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service. Sunday School & Nursery, 
Sundays 1130 am, Sc ha nan oa sse 2S. 
TeL: (011 2825S25. 


TRAVEL UPDATE 


Indian Air Traffic Controllers Strike 

NEW DELHI (AP) — Thousands of passengers were 
stranded across India on Friday as air traffic controllers staged 
a wildcat strike to protest the suspension of a colleague. 

Several international flights were diverted to neighboring 
countries as chaos prevailed at New Delhi, Bombay and 
Madras airports, the United News of India agency reported. 

The Airports Authority of India suspended a controller in 
New Delhi on Wednesday, blaming him for a near collision. 


Two Belgian railroad workers' unions said-Friday dial: 
they would stage a 24-hour strike in some districts Monday to . 


mean job losses. The strike will affect rail traffic in _ 
provinces of Antwerp, Limburg and Henegouwen. A 24-hour 
strike on April 24 will hit the Brussels area. (Reut'ersi 

A strike by cockpit crews halted 60 percent of flights 
Friday at TAT and Air Liberte, French units of British 
Airways. (Reuters’) 


WEATHER 


Europe 


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Asia 



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PAGE 3 


A Power 
Deemed 
Too Vast 

Line-Item Jfeto Violates 
Constitution, Judge Says 

By Toni Locy 

Washington Post Service 


INTERNATIONAL HERALD TRIBUNE, SATURDAi-SUNDAX, APRIL 12-13, 1997 


POLITICAL NOTES 


“ utregauoob or power 

vision of statutory law? - UN Forces a U.S. Retreat in Battle Over Parkins in New York 

to ‘make' the laws of the CD 


h ~ A fc-tersl judge 
*" thc F^sidendaJlii: 

1S ^ cons htutional, calling 
S of sucfa vast powers 

to the president “revolutionary" and 

SI tumed *e divSion of 

SgSS “p**™ branch respon- 
sibilities on its head." ^ 

Because the line-item veto effective- 
ly gives the president the power to re- 
pMi Jaws or portions of laws he does not 
like, « violates the “careful design" of 
^ n 5 onsu ^ion. U.S. District Judge 
Thomas Penfield Jackson ruled 
Thursday. 

Ne ver before has Congress attempt- 
ed to give away the power to shape the 
content of a statute of the United States 
as the act pmports to do.” Judge Jack- 
son wrote in a 37-page opinion. “As 
expansive as its delegations of power 
may have been in the past, none has 
gone so far as to trans 
• _ repealing a provision 

■■ ‘ “The power to ‘ma 

nation is the exclusive, nondelegable 
power of Congress,” he continued. The 
judge added that it could be ‘ ‘recaptured 
if Congress repeals the line-item veto 
act, or suspends it.” 

Until Congress does so, the judge wrote, 
“die president has became a co-maker of 

the nation ’ s la ws. ’’ And that is not allowed 

under the Constitution, he said. 

Judge Jackson's ruling came in a law- 
suit filed by six lawmakers, led by Sen- 
ator Robert Byrd, Democrat of West 
Virginia, who argued that the line-item 
veto, a marquee item in the House Re- 
publicans’ "Contract With America” 
in the last Congress, illegally circum- 
yents the Constitution’s requirement 
' that the president veto whole bills, not 
pieces. 

■ Mr. Byrd called the decision ‘ ‘a great 
victory for the American people, die 
Constitution and our constitutional sys- 
tem of checks and balances and sep- 
aration of powers." 

Representative David Skaggs, 
Democrat of Colorado, another 
plaintiff, said he feh vindicated by the 
ruling. 

Congress passed the legislation al- 
lowing for the line-item veto after years 
of struggle during which it became a 
politically charged focal point in the 
debate over how to curb congressional 
spending. Proponents contended the 
measure would give the president a 



Clinton Plfi\rs iho ffe/nitncr Committee. Democrats immediately denounced the rules, 

Isiuuon nays me nej omier contending that they undermined the prospects for an im- 

WASHINGTON — From family leave to overseas swear- partial inquiry. . .. f 

shops to campaign finance. President Bill Clinton plans to n The committee votes Thursday upheld the awbonty of us 
flex his executive powers to advance his priorities —-in both Re P ubl,can chairman. Representative Dan Burton of In- 
foreign and domestic policy — during a season of inactivity (bna ' “ lssue subpoenas on his own and release confidential 
on Capitol Hill that has been dominoed by the mushrooming mformanon without approval of the full committee. iNYTl 
campaign-finance investigations. • i rrz • i nr T7 J 

In his weekly radio address on Saturday. Mr. Clinton plans to (ringncfl IVeighS JJefenSe JtUim 
announce the extension of new family leave provisions to ^ O J 

federal employees so they can take time off for school con- Newt Gingrich, moving to resolve an issue that could have 

ferences and family members ’ doctor appointments, even as he a significant impact on his political future, may create a legal 
waits for Congress to act on le gislati ng to extend similar rights defense fund to pay off the S300.000 penalty levied earlier by 
to workers in the private sector. On Monday, he plans to unveil the House ethics committee, according to Republican 
an agreement brokered with the U.S, clothing industry to crack 
down on abusive Third World labor practices. 

And in perhaps the most intriguing proposal in the works, 
aides expect Mr. Clinton to petition the Federal Election 
Commission soon to use its regulatory powers to do what 
Congress shows no appetite to do itself: close the loophole 
that allows wealthy benefactors to donate hundreds of thou- 
sands of dollars in so-called soft money to political parties. 

Whether the executive route will accomplish any more 
than the legislative path remains open to debate even within 
the administration. (WP) 


Skewed Fund-Raising Inquiry? n . /TT , 
t j Uuote/ Unquote 

WASHINGTON Thft Rprmhlican-leH Hnme r-nmmit_ ^ M. 


to 

sources. 

Mr. Gingrich, the Republican speaker of the House from 
Georgia, has been counseled by supporters chat he faces a 
firestorm if he fails to pay the money from his own bank 
account. But with his wife. Marianne, firmly opposed to 
using their persona) accounts, the legal defense fund has 
emerged as an attractive option. 

One reason is that President Clinton is using a similar 
device to pay his sizable legal bills from the Whitewater 
investigation. “It's hard for the Democrats to argue that 
whar’s good for President Clinton isn’t good for Newt 
Gingrich, ' * one Republican said Thursday. ( WP ) 


Sc-phra Jaflr/ francr Hw» 

Mr. Clinton downing with an impersonator at a dinner for TV reporters. 


WASHINGTON — The Republican-led House commit- 
tee investigating campaign fund-raising has approved pro- 
cedural rules that restrict the influence of Democrats on the 
panel and increase the likelihood that the inquiry' will focus 
on the Clinton White House and the Democratic National 


Retired General Colin Powell: "I am very', very* happy in 
my private life. I think I am providing a service to the country 
that I love so much. And that's where I intend to remain, for 
the foreseeable future and the unforeseeable future." (AP) 


By David Firestone 

New York Times Service 


NEW YORK — Faced with a storm 
of protest from UN diplomats over a 
plan to force them to pay their parking 
tickets, the State Department has 
backed away from an agreement to re- 
move the license plates of diplomatic 
scofflflws, igniting a verbal hazzle with 
die administration of Mayor Rudolph 
Giuliani over the value of the United 
Nations to New York City. 

In a diplomatic opera that veered be- 
tween high comedy and real furor, a 
matter as banal as an unpaid parking 
ticket escalated into a full-blown in- 
ternational incident. 

A UN committee voted to convene 
the General Assembly later this month 
to consider the parking issue and pos- 
sibly take it to the World Court A 


Russian diplomat accused the city of 
towing away his mission's bus, com- 
plete with passengers and driver, from a 
diplomatic space on the Upper East Side 
of Manhattan. 

Mayor Giuliani began talking half- 
seriously about the fancy hotels and 
apartment buildings that could be built 
cm the site if United Nations members 
carried through on their threats to leave 
New York City over the matter. 

Speaking to a group of reporters in his 
office, he said, "They are making alittle 
bit of a joke out of the UN." 

Instead of settling wars and resolving 
human rights violations, be said, the 
institution was “defining diplomacy 
down” by arguing about paikmg tick- 
ets. 

Mr. Giuliani was no kinder to the 
State Department, which last month 
signed an agreement with die city to 



dangerous new powers of the purse. 

There was also disagreement over 
whether a line-item veto would yield 
more than a trickle of savings. Advo- 
cates said the mere threat of a veto would 
shame Congress into -greater fiscal dis- 
cipline, while critics called it a feel-good 
gesture that detracted from more far- 
reaching measures to limit spending. 

\ But the theories were never tested in 
? practice because the court challenge 
came before the president got a chance 
to exercise his new power. 


Away From Politics 

• Faced with a projected 1998 deficit 

of $13 billion, the Postal Service will 
seekan increase in the price of first-class 
postage to 34 cents, from 32 oents, is 
mid- 1988 sources said, and the post- 
master general, Marvin Runyon, has 
dropped his effort to hold the current 
price until 2000. (WP) 

•Three teenagers accused of hijack- 
ing a Ford Taurus outside a Detroit 
video store probably had no idea they 
were in a 5250,000, handbuilt proto- 
type. An engineer driving the exper- 
imental car was waiting for a friend 
when the youths forced him out of die 
car at gunpoint, the police said. The 
police recovered the car about five hours 
later and arrested the youths. (AP) 

• At least until 1969, cigarettes made 
by the Liggett Group Inc. contained a 
variety of hazardous substances, includ- 


ing arsenic and DDT, newly released 
documents show. (WP) 

• The Immigration and Naturaliza- 

tion Service has granted legal resident 
status to two of the defendants in a 10- 
year effort by the federal government to 
deport eight advocates of Palestinian 
sovereignty. (NYT) 

• The Pentagon is refusing to pay Vi- 
etnamese commandos betrayed by the 
U.S. government, despite die expiration 
March 23 of a six-month deadline set by 
Congress. It says legislators foiled to say 
what part of military funding should be 
tapped for the S40.000 payments. (AP) 

• The Internal Revenue Service is al- 
lowing taxpayers to file returns this year 
using four private delivery services: Air- 
borne Express, DHL, Federal Express 
and United Parcel Service. Previously, 
the agency would recognize only U.S. 
Postal Service postmarks to certify 4 at 
tax returns had been filed on time. (AP) 


REALTOR-SPEAK, By Cathy Millhauser 


ACROSS 
1 Workplace 
oveneer.for 
abort 

S Ptirido domicile 
9 Diamond, e-g. 

13 Beaties hit of 
1965 

17 Popular 

- newspaper 
column 

19 Alma mater 
visitor 

M vindtamor 

22 Water color 

23 JUST LISTED 


‘*0 Hardly 
• Herculean 


17 Have a yen (Tort 
38 Jennifer of 
“Flashdance" 

29 Wtaikersand . 
blinkers 

31 Instrument for a 
mecengue 

34 Award for Eric 
“ Bogosian 

35 Inclined 


38 Address 

3? OPEN FLOOR 
PLAN1 

42 Miniature sd-fi 
vehicles 

43 French 
possessive 

45 Sea dog 

48 Milo of 
-BarbaielUf 

47 Comic Philips 

48 MANY 
UPGRADES! 

54 Two toe * 
million? 

55 Unfortunate 
price to pay 

57 Mideast 
pooh-bah 

58 Blue book filler 

59 • Tu*(W4 

m 

80 Two caliphs 

61 Start to byte 

82 Milanese 
monsieur 

84 Stadium stats 



£st. 1911, Paris 
"Sank Roo Doe Noo’ 


A Space for Thought. 


86 NICE 
MOLDING! 

89 Flat para 

70 They pay for 

quarters 

72 Pervading tone 

73 B o n d man 

74 120-pound 
Australians 

75 Actors McKellen 
and Holm 

78 Art Deco 
designer 

79 Lincoln’s first 
Vice President 

82 Chinese dynasty 

83 COLONIAL 
CHARM! 

88 ThanSp. 

87 Tennhtator 

88 Suffix whb cash 

90 Cat 

91 Holdup 

92 FULL 
BASEMENT! 

98 Rower, e-g. 

100 Some earrings 

101 Dogwood's 
sweetheart 
before Kondie 

102 Sweetheart 

103 Shot glass? 

106 The"tacho“in 
tachometer 

107 Short 
story-writer 

108 Secular 

109 PARKUKE 
SETTING! 

115 Actor Alan 

116 Collar 

117 Bath cooler 

118 Saint 
Catherine's 
birthplace 

119 It's out on a lime 

120 Skates in water 

121 Part of B.P.O.E. 

122 Notown 
DOWN 

1 Mo. when 
oystere *R" In 
season 

2 Qnema 
admonition 

' 3 Laugh syllabic 

4 Fireplace 
receptacles 

5 dicker ' 

8 Cold porter 

7 Water-light 

phenomenon 

g protozoan 

. 9 Makes out In a 
lawsuit 

10 Reformer 
Jessie 

11 Genetic carrier, 
for abort 

12 Bread for ocos 

IS Unfortunate 




w 

T5T 


im 




its 




m 





©New York Times/Edited by Will Shorts. 


14 Latin 
counterpart of 
•’iso-" 

15 Bergman's 

"Casablanca" 

surname 

16 Yields 
18 Words of 

agreement ‘ 

21 Shakespearean 
title start 

24 Reveals, asa 
secret 

25 Web user's woe 

30 Matriculate 

31 Sad son 

32 Subject for a 
wine 

connoisseur 

33 GAS 
INCLUDED] 

35 Glass cookware 
brand 

38 Renowned 
“rcg r et i er* 

39 INDOOR POOL! 

40 Some fishermen 

41 Out 

44 Drum major's 
hat 

48 Bulging 

49 Notorig. 

56 Pop musician 

Lof 


show 


51 


52 Like the Sahara 

53 Brit record label 

56 Diets 

SB Huge, old-style 

83 Gather 
gradually 

64 Oft-grated 
cheese 

65 Hurdle for an 
aoy.-tcKbe 

88 song 

67 Campus military 

- .«*■ 

88 "Awake and 
Sing!" 
playwright 

70 Make new A-line 
Hues 

71 TinTin 

73 Oarer action 

76 Innocents 

77 Ragout 

80 First-generation 
Japanese 

81 The 
Hunchback’s 
“our* 

83 Oldest known 
dty in Belgium 

84 Tramps 


85 Hooks up or lays 
down, eg. 

88 Upright 

91 Holy Roman 
Emperor, 840-55 

93 Hindu ascetics 

94 Kitchen drawer 
hem 

95 Wane allowance 

of old 

96 Crop up 

97 Kind of 
symmetry 


99 Writers Henry 
and Philip 
Z03 Put-down 
1M Bowl 

105 Use a shuttle 

106 Skier Chaffee 
118 Domingo, for 

one 

111 Hunky-dory 

112 Pipe Joint 

113 It's 

accommodating 
124 Pinanendto 
something? 


Solution to Puzzle of April 5-6 


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rtflaaa aaaa aaaa araaHra 
□aari nano unnnnnnn „ 
non finan finnan annuo 
□nnnnn ranrannnn nnocinn 
nrannn nnnnn nnnn nno 
_ nnnnnnnn nnnn nnnn 
gnnaa nann nnnn nnnon 
gnnn rnino nnnn nnnnoo 
nnnn nnn nnnnn nnnn 
nnnn nnnnnn nnnas nnn 
nrannnn nnnn non nnn 
nnnnn nnnannnnnnnnnon 
nnnnn nnnnnnnn nnnnnn 
nnnn nnnnnnnn nonnnn 


force diplomats to pay their parking 
tickets on the threat of removing their 
plates. With State Department officials 
now seeking to remove the teeth from 
that agreement, the mayor accused them 
of cowering to overblown UN threats to 
leave the United States over the parking 
rules, and said the diplomats’ bluff 
should be called, 

* ‘If they’d like to leave New York over 
lg tickets,” be said, “then we can 
1 another use for that area of town.” 

In case anyone thought he was bluff- 
ing. he had city lawyers check the UN 
lease to determine who gets the river- 


front property if the institution leaves 
town. It turns out that the federal gov- 
ernment could use it; if ii did not want it, 
the city would have next crack. 

The issue has been a perennial irritant, 
particularly for residents and businesses 
near the United Nations on the East Side, 
but it flared up anew in December when 
two diplomats from Russia and Belarus 
got into a scuffle with the police after 
parking at a hydrant. 

Under the agreement, the city prom- 
ised to provide 1 1 1 more parking spaces 
to UN missions around the city, and the 
State Department pledged to rescind the 


license plates of diplomatic cars with 
tickets that were not paid within a year. 

Within days, however, ambassadors 
and consuls were complaining that the 
plan violated their diplomatic im- 
munity, and the UN legal office issued 
an opinion that said the agreement broke 
international law. 

On Thursday, Thomas Bums Jr., die 
State Department's deputy assistant 
secretary in the Office of Foreign Mis- 
sions, said that the United Nations might 
have a point, and that the department 
was asking the city’ to consider an ad- 
justment in the signed agreement. 


Hillary Clinton Dismisses Whitewater 


By James Bennet 

Afcv York Times Senict 

WASHINGTON — With 
a note of weary exasperation, 
Hillary Rodham Clinton dis- 
missed Whitewater as a 
“never-ending fictional con- 
spiracy that honesi-to-good- 
ness reminds me of some 
lie's obsession with 
Is and the Hale-Bopp 
comet some days.” 

Mis. Clinton denied that 
White House aides had so- 
licited jobs for Webster Hub- 
bell, her old friend and law 
partner and a central figure in 
the Whitewater investiga- 
tion, to keep him quiet about 
the case. 

“There isn’t anything to 
be hushed up about that.” 
Mrs. Clinton said Thursday 
in the first of two broadcast 
interviews in which she 
sounded tired but philosoph- 
ical — even resigned — 
whenever the conversation 
tumed to the charges that 
have been directed at her and 
President Bill Clinton over 
the last four years. 

Mr. Q in ton said Thursday 
that he accepted Mr. Hub- 
bell 's apology Sunday for de- 
ceiving him and his wife 
about overbilling the Rose 
Law Firm in Little Rock, 
Arkansas. 

Mr. Hubbell, who 
resigned as associate attor- 


ney general in March 1994 to 
fight charges that he had 
overbilled his firm, has said 
he deceived the Clintons 
about his legal troubles. In 
December 1994, Mr. Hub- 
beil pleaded guilty to tax and 
fraud charges on a theft of 
nearly 5400. 000. And in Feb- 
ruary 3 996. he completed an 
18-month prison sentence. 

Mrs. Clinton sounded less 
forgiving Thursday. She ex- 
pressed astonishment that 
her friend of 20 years would 
mislead her. and pointed out 
that he had, in effect, stolen 
from her when he overbilled 
the law firm, where they were 
bothpartners. 

“The money he went to 
prison for having misused 
was partly my money.” she 
said on wAMU. a public ra- 
dio station here. 

“I fed particularly bad 
about this because I believed 
him absolutely — you know. 
I had known him for 20 years. 
I had a lot of confidence and 
trust in him. I felt he would 
not look me in the eye and 
mislead me." 

In the radio interview, 
Mrs. Clinton repeatedly said 
White House aides had acted 
out of compassion for Mr. 
Hubbell ana his family in 
helping him find work after 
he resigned. “I don’t think 
there will be any evidence 
that anyone did anything oth- 


er than trying to help 
someone they thought at the 
time was deserving of help,’ * 
she said. 

When told later of his 
wife’s remark comparing the 
Whitewater case to a fascin- 
ation with extraterrestrial ob- 
jects, Mr. Clinton roared with 
laughter and said: “Did she 
say that? That's pretty 
good.” 

Asked whether he agreed 


with Mrs. Clinton, the pres- 
ident said, “Well, if I didn’t, 
I wouldn’t disagree with her 
in public.” 


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EU Strikes Deal on Cuba 

U.S. Averts Trade Battle Over Anti-Castro Law 


Reuters 

BRUSSELS — The 
European Commission said 
Friday thai it bad struck a deal 
with the United Slates to 
settle their trade dispute over 
Washington's Helms-Burton 
anti-Cuba legislation. 

The European Union trade 
commissioner. Sir Leon Brit- 
tan. said in a statement that 
the deal should allow the Un- 
ion to suspend a panel that has 
been set up at the World 
Trade Organization in Gene- 
va. 

He said the deal would also 
* 'chart a path toward a longer- 
term solution through amend- 
ment of the Heims-Bunon 
Act." which seeks to isolate 
the government of Fidel 
Castro by stopping invest- 
ment. and allow lor talks with 
the EU over the question of 
extraterritorial application of 
trade laws. 

"In particular, the agree- 
ment will enable us to address 
with the U.S. and resolve the 
problems caused by legisla- 
tion that inhibits investment 
in third countries." he said. 

But President Bill Clinton 
said in Washington that he 
saw no prospect of changing 
the U.S. embargo policy 
against Cuba so long as Cuba 
"murdered Americans. 

"The Castro government 
illegally shoe down two 
planes and murdered Amer- 
icans." Mr. Clinton said, re- 


ferring to a 1996 incident in 
which Cuban jets downed 
planes flown by Cuban- 
American demonstrators. 
"Our policy toward Cuba 
today therefore is one that is 
dictated by Cuba, not by the 
United States. And until I see 
some indication of willing- 
ness to change it's going to be 
very difficult to persuade me 
to change our policy.” 

He noted that the fatal epis- 
ode involving Florida-based 
anti-Castro Cubans flying un- 
armed planes near Cuba's 
coast had followed America's 
brief adoption of the so-called 
Cuban Democracy Act. 

The 3ct, which Mr. Clinton 
supported as a presidential 
candidate in 1992. estab- 
lished a "two track" policy 
toward Cuba by barring for- 
eign-based subsidiaries of 
U.S. companies from trading 
with Havana but also promot- 
ing “people to people" con- 
tacts between Americans and 
Cubans. 

Mr. Clinton said the plane 
episode outraged Americans 
and prompted Congress to 
‘ ‘change our policy" by 
passing the Helms-Burton 
law. 

■ Congress Briefed 

Thomas W. Uppman and 
Paul Blustein of The Wash- 
ington Post reported earlier: 

The Clinton administration 
offered to seek modification 


of Helms-Burton in exchange 
for European efforts to dis- 
courage some types of invest- 
ment in Cuba. 

Senior administration offi- 
cials have started briefing key 
members of Congress on the 
offer, under which the EU is 
to suspend for six months its 
complaint against the United 
States in the World Trade Or- 
ganization. according to 
people who heard the brief- 
ings. 

In broad outline, the ad- 
ministration plan calls for the 
Europeans to "establish dis- 
ciplines to deter" private 
companies in Europe from in- 
vesting in property confis- 
cated without compensation, 
not just in Cuba but globally. 

In exchange. Congress 
would be asked to relax some 
provisions of the Helms-Bur- 
ton Act. the U.S. law that im- 
poses sanctions on foreign 
companies that “traffic" m 
confiscated property in 
Cuba. 

But congressional reaction 
to the offer has been cautious. 
One key Republican legislat- 
ive aide said any effort to po- 
lice claims of noncompens- 
ation in countries other than 
Cuba would be so controver- 
sial and contentious that it has 
little chance of adoption. 

“We thought about it." the 
aide said, “till somebody 
asked about Palestinian 
claims against Israel.” 



Adil BiKOwflhe AmwMhI Pren 


A group of Zairians displaced by fighting boarding a UN plane Friday in 
Kisangani to return to eastern Kivu Province. The evacuation was a dry run 
for the repatriation of an estimated 80,000 Rwandan refugees in eastern Zaire. 

Ceremony Marks Angolan Rebirth 


The Associated Press 

LUANDA, Angola — The former foes who 
fought a war that killed a half million people 
established a government of national recon- 
ciliation Friday and now face the enormous 
task of rebuilding Angola. 

The inauguration in the Congress building in 
this seaside capital was the closing chapter in 
die United Nanons-brokered peace process. 

"Behind us lie thousands of dead, a dev- 


Helene Hanff Dies; Writer Noted for Letters to a Bookstore 


By Margalit Fox 

Near York Times Service 

NEW YORK — Helene 
Hanff. 80. whose wittily 
acerbic 20-year correspond- 
ence with a London book- 
seller she never met won her a 
passionate following after it 
was published as the epis- 
tolary memoir "84. Charing 
Cross Road," died Wednes- 
day. 

Up to the book's publica- 
tion in 1970. Ms. Hanff was a 
relatively unheralded free- 
lance writer whose work 
centered mainly on television 
screenplays and children's 
books. But the letters she ad- 
dressed to the antiquarian 


bookshop Marks & Co. from 
1 949 to 1 969. with their 
shared confidences and affec- 
tionate needling along with 
orders for Jane Austen and 
Izaak Walton, brought her a 
small if unanticipated literary 
celebrity. 

Reviewing the book in The 
New York Times. Thomas 
Lask wrote: "Here is a 
charmer: a 19th-century book 
in a 20th-century world. It 
will beguile an hour of your 
time and put you in tune with 
mankind." 

From the beginning of her 
correspondence, Ms. Hanff 
ignored the niceties of busi- 
ness letter writing. "WHAT 
KIND OF A PEPYS' DIARY 


DO YOU CALL THIS?” she 
bellowed in an eccentrically 
capitalized letter of Oct. 15. 
1951. after receiving a Marks 
& Co. shipment, "this is not 
pepys' diary, this is some 
busybody editor’s miser able 
collection of EXCERPTS 
from pepys' diary may he rot. 
i could just spit, where is jan. 
12, 1668, where his wife 
chased him out of bed and 
round the bedroom with a red- 
hot poker?” 

In his replies, frank Doel. 
the shop's chief buyer and 
Ms. Hanff s principal corre- 
spondent. strove at first to 
maintain what she called his 
* 'proper British reserve." But 
little by little, Ms. Hanff wore 


him down, as she did the other 
members of the shop's staff. 
They sent her recipes for 
Yorkshire pudding. She sent 
them food parcels and nylon 
stockings in a one-woman 
crusade to ameliorate Bri- 
tain's postwar shortages. And 
Ms. Hanff often tempered her 
trans-Atlantic crankiness 
with rhapsodic soliloquies 
over the orders that Marks & 
Co. managed to get right. 

“The Newman arrived al- 
most a week ago and I'm just 
beginning to recover," she 
wrote in 1950 after buying a 
first edition of John Henry 
Newman’s “Idea of a Uni- 
versity" (1852) for $6. “I 
feel vaguely guilty about 



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owning it. All that gleaming 
leather and gold stamping and 
beautiful type belongs in the 
pine-paneled library of an 
English country home; it 
wants to be read by die fire in 
a gentleman's leather easy 
chair — not on a secondhand 
studio couch in a one-room 
hovel in a broken-down 
brownstone front." 

A constant undercurrent in 
Ms. Hanff s letters was the 
hand-to-mouth writing life 
she led. working at home in 
“moth-eaten sweaters" with 
an overflowing ashtray at her 
elbow and the gin bottle never 
far from reach. Despite re- 
peated pleas from Marks & 
Co. staff members to visit 
them in England (by the 
1950s Frank Doel was offer- 
ing her the use of his grown 
daughter's bedroom). Ms. 
Hanff s precarious finances 
never allowed her to make the 
crip until 1969, after Mr. 
Doel's sudden death from 
peritonitis. 

When Ms. Hanff decided 
to publish her correspond- 
ence with die shop as a me- 
morial to Mr. DoeL the result 
brought her undreamed-of at- 
tention. “84. Charing Cross 
Road" was hugely popular in 


Britain, where it was adapted 
for the London stage by 
James Roose-Evans. The play 
was less well-received on 
Broadway, where it ran in 
1982 with Ellen Burstyn as 
Ms. Hanff and Joseph Maher 
as Doel. In 1987 the book was 
made into a feature film star- 
ring Anne Bancroft and An- 
thony Hopkins. 

The book's success finally 
gave Ms. Hanff the where- 
withal to travel to England, 
where she visited the 
boarded-up bookshop and 
met Mr. Doel's widow. Nora, 
a journey documented in 
“The Duchess of Blooms- 
bury Street” (1973). “It's un- 
real to me, what the last 10 
years have been like.” Ms. 
Hanff said in 1982. “The fans 
— people all over the world 
who regard me as a friend! 
And in London there is a brass 
plaque on the wall with my 
name on it, to mark the spot 
where the bookshop once 
stood, because I wrote letters 
to iL In your own mind you’re 
still an uneducated writer 
who doesn’t have much tal- 
ent, and yet here you are with 
a pi acme on the wall in Lon- 
don! You don't even dream 
about things like that.’ ’ 



A new weekend programme 
bringing together the week's most 
interesting reports from 
BBC Correspondents around the 
World. 


WATCH ON SUNDAY 19:30 CET 


WORLD' 


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Paris Tells Mobutu , 

It’s Time to Hold , 
Talks With Kabila 


astated country and a semi-paralyzed econ- 
omy.” President Jose Eduardo dos Santos 
told politicians and dignitaries, including 
President Nelson Mandela of South Africa 
and President Jorge Sampaio of Portugal. 

The leader of the rebels. Jonas Savimbi, 
stayed away, saying he feared for his safety. 
Parliament has granted him special status, en- 
titling him to question Mr. dos Santos on polit- 
ical issues, and to a house and bodyguards. 


CoafdMlIrrOtaSidfF'mDIspxrhi* 

PARIS — France called 
for the first time Friday for the 
president of Zaire, Mobutu 
Sese Seko, to meet Laurent 
Kabila, whose rebel forces 
have captured a third of the 
country, to negotiate a peace- 
ful tr ansi tion to democracy. 

The Foreign Ministry 
spokesman. Jacques Rum- 
mri hardt, said such a meeting 
could “facilitate a peaceful 
solution.” 

Marshal Mobutu has re- 
fused Mr. Kabila's demands 
for face-to-face talks. The 
rebels, who have captured 
most of the country's mineral 
resources and its second- 
biggest city, Lubumbashi, 
have said they are only pre- 
pared to negotiate the mar- 
shal’s departure. 

France, which has long 
backed Marshal Mobutu, has 
sought in the last few days to 
distance itself from him. 

With many of Marshal 
Mobutu’s one-time allies ur- 
ging him to stand aside. South 
Africa’s deputy president, 
Thabo Mbeki, said in Wash- 
ington that there was no sug- 
gestion as yet that the Zairian 


ident would seek asy- 


lum. 

“I don't think we would 
respond negatively,” he ad- 
ded after talks with Secretary 
of State Madeleine Albright 
when asked about South 
Africa’s response to any such 
request. 

The rebels have paused in 
their relentless advance andg 
have given Marshal Mobutu 
until fee weekend to signal 
that be is ready to quit. 

Mir. Mbeki said he hoped 
negotiations would resume 
early next week and that he 
expected the question of Mar- 
shaT Mobutu's future to be on 
the agenda. 

‘ ‘What happens to the gov- 
ernance of Zaire is something 
that is on the agenda of the 
negotiations,” he said, “and 
I’m sure that will be included, 
the future of Mobutu. It’s not 
a matter that can be decided 
outside of that process of ne- 
gotiation." 

The governor of fee mining 
province of Shaba, Kyungu 
wa Kumwanza, added Ms * 
voice Friday to those urging f 
Marshal Mobutu to give up 
power. ( Reuters, AP ) 


BRIEFLY 


Japan Gives Boost to U.S. Bases 

TOKYO — The lower house of Parliament over- 
whelmingly passed a bill Friday that will allow the 
Japanese authorities to continue to provide land for U.S. 
bases. 

Hie bill, which is expected to become law after easy 
passage in fee upper house next week, underscores the 
efforts of Prime Minister Ryu taro Hashimoto to bolster j 
the alliance with the United States. The measure will put 
the U.S. military bases in Japan on a stronger legal footing 
and will help put to rest a source of tension between 
Tokyo and Washington. 

Specifically, the bill will assure that American forces 
based on fee southern island of Okinawa will continue to 
be legal occupants after May 14. when leases expire on 
large patches of U.S. bases there. (NYT) 

Lawmaker Took Hanbo Money 

SEOUL — A senior South Korean lawmaker from the 
main opposition party admitted Friday that he bad re- 
ceived money from the stricken Hanbo conglomerate, but 
said it had not been a bribe. 

Kim Sang Hyun of fee National Congress for New 
Politics saidthat he had accepted as much as 50 million 
won ($56,000) in political donations from Hanbo, but that 
fee money bad not come from die founder, Chung Tae 
SOO. V. ate. 

The Hanbo Steel unit collapsed under the weight of 
$5.8 million in debt. 

“I have not given any favors because of the money,” 
he said before being led to a prosecution office for 
questioning. “If fee amount exceeds 50 million won, I 
will retire as a politician.” . (Reuters) 

Tokyo Keen on Foley as Envoy 

TOKYO — Japanese government and business leaders 
on Friday welcomed reports feat Thomas Foley, a former ,<t 
speaker of the U.S. House of Representatives, had been f 
selected as fee American ambassador in Tokyo. 

“He has political clour. He is the best choice.” a 
Foreign Ministry official told Jiji Press. Newspapers cited 
Mr. Foley^s knowledge of this country and his acquaint- 
ance wife influential Japanese politicians. 

Administration officials in Washington said, that bar- 
ring a last-minute snag, Mr. Foley would be named next 
week to replace former Vice President Walter Mondale, 
who left fee Tokyo post in December. (AFP, AP) 

For the Record 

Britain and Singapore signed a memorandum of 
understanding aimed at improving cooperation between 
their two navies. It increases training exchanges, joint 
exercises and visits between personnel. (Reuters) 

An earthquake with a magnitude of 6.6 on fee Richter 
scale hit fee quake-prone northwest Chinese region of 
Xinjiang on Friday, killing at least nine people, an official 
said. It was the sixth quake with a magnitude of at least 6.0 . , 
to hit die county since the beginning of fee year. (AFP) $ 

Vietnam said it had failed to reach agreement during 
three days of talks in Beijing over competing claims to an 
offshore area where China positioned an oil rig lasr 
month. (Reuters) 

The party of former Prune Minister Benazir Bhutto 
of ^tidst an deman d ed fee withdrawal of a murder case 
registered by fee police against her, saying it was an act of 
political victimization. The investigation is based on a 
complaint by a leader, of the ethnic Muhaifr National 
Movement, a rival to Mss Bhutto's Pakistan People’s 
Party m Sind Province. (AFP) 


Why a week 

FOR TWO 

evSpaey 

Look for the IHT/Turespana 


THE WORLD’S DAILY NEWSPAPER 























































PAGE 5 


Indian Leader Loses Confidence Vote 

Government Must Now Pick New Prune Minister or Call Elections 


By Kenneth J. Cooper 

WadmgnwPog Service 


NEW DELHI — The co- 
aJmon government of Prime 
Minister H.D. Deve Gowda 
collapsed Friday after 10 
■ ninths in power, losing a 
late-night vote of confidrace 

- in Parliament without the cm- 

:af^ nof,lKCongrcss 

But the 13-paity govem- 
; ment could survive laredyio- 
,■* ^ *f it can select another 
• prime minister acceptable to 
the Congress Party. 

The 545-member Parlia- 
1 ment was not dissolved im- 

- mediately under a multiparty 
agreement made earlier in the 

- day to pass the budget later 

- this month. 

Leaders of the left-leaning 
and regional coalition mem- 

- wra scheduled a Saturday 

- morning meeting to decide 
whether to compromise with 

. Congress or force a snap elec- 


tion. Coalition leaders men- 
tioned as a possible successor 
included Foreign Minister 
IK. . Gujral and G-K. 
Moopanar, leader of a break- 
away Congress faction in 
Tamil Nadu state. 

4 ‘We did not want to 
change the leader under Con- 
gress s pressure for sake of 
tibe vote of confidence,” said 
Sitaram Yechuri of die Com- 
munist Party -Marxist, a co- 
alition partner. 

An angry Mr. Deve Gowda 
said he favored an election, 
vowing to “go to the people 
with all courage and convic- 
tion." 

‘There is no regret to va- 
cate tins office,” Mr. Deve 
Gowda said, closing a full day 
of debate in Parliament before 
the no-confidence vote. “I 
don’tneed any certificate from 
the Congress president." 

Mr. Deve Gowda hprf dif- 
ficulty bolding together his' 
coalition of market-oriented 


centrists, communists and re- 
gjpnalists. On several occa- 
sions. internal dissent forced 
the government to backtrack 
on announced policies, such 
as reducing fuel subsidies. 

His government achieved 
its biggest successes in for- 
eign policy, reopening bilat- 
eral talks with Pakistan on the 
disputed Himalayan territory 
of Kashmir and reaching a 
long-term agreement to share 
water from the Ganges River 
with neighboring 

Bangladesh. 

But disagreements within 
the coalition stopped Mr. De- 
ve Gowda from moving to 
Open India wider for foreign 
investment and trade. 

• The fall of the government 
marks another phase in an un- 
easy transition in the world’s 
largest democracy from one- 
party domination by Con- 
gress to more competitive na- 
tional politics. The party that 
led India to independence in 


1947 and has dominated its 
government ever since has 
declined to its lowest sirengih 
in Parliament 

President Shankar Dayal 
Sharma ordered ■ Mr. Deve 
Gowda to face the confidence 
vote after Congress withdrew 
its support March 30 and de- 
manded the right to form a 
government. Sitaram Kesri, 
president of Congress, faulted 
Mr. Deve Gowda for not 
blocking die Hindu national- 
ist Bharatiya Janata Party 
from forming a coalition gov- 
ernment in Uttar Pradesh. In- 
dia's most populous state. 

Bharatiya Janata, the 
largest party in Parliament 
and the main opposition, also 
voted to bring down Mr. Deve 
Gowda' s government. The as- 
cendant party, which last May 
formed a minority govern- 
ment that lasted two weeks, 
has been eager for a midterm 
election — a prospect most 
Congress members dread. 


IRAN: EU Is Unlikely to Impose Sanctions , but U.S. Is Pleased 

Continued from Page 1 


ation of U.S. charges that Iran sponsors 
international terrorism. 

“The European Union and the German 
government responded appropriately to 
that court decision,” Mr. McCuny said. 
' We 'll continue our very close consulta- 
tions with our European allies about the 
activities that we deem reprehensible by 
the government of Iran." 

In confrasr with the Western condem- 


ponder what, if any, additional steps to 
take against Iran. The Europeans know 
that many countries, including Russia 
and -Turkey, are eager to step into any 
commercial and diplomatic gap left by a 
European withdrawal 

“Of course it's am unpleasant re- 
gime," said Michael Stuenner, director 
of the Stiftuog Wissenschaft und Politik 
in Cologne. “But in the real world, to 
ignore a country in this geopolitical situ- 
ation — with 65 million people, con- 


nation. President Boris Yeltsin of Russia; trolling a very important piece of real 


promised to strengthen ties with Iran. He 
made the pledge during a meeting in 
Moscow with the leader of the Iranian 
Parliament. Ali Akbar Nateq-Nouri. 

"We have good, positive cooperation 
with Iran, which shows a tendency to 
grow," Mr. Yeltsin said. 

The leader of the Communists in the 
Russian Parliament, - Gennadi 
Seleznyov, criticized the G erman ver- 
dict, saying, "There is no court in the 
world which has the authority to pass 
sentence on a whole nation.” . 

The overture from Russia, which is 
seeking allies -as a counterweight to 
NATO's planned expansion into eastern 
Europe, highlighted one of the problems 
facing European policymakers as they 


estate, with oil and gas — is not very 
realistic." . 

Greece underscored the limits of 
European unity, meanwhile, saying that 
it was not convinced of the neeo to recall 
its ambassador. A spokesman for the 
German Foreign Ministry expressed 
4 ’astonishment and surprise” at the lack 
of solidarity from Athens. 

European officials also showed no 
signs or shedding their traditional dis- 
dain for U.S.-styJe economic sanctions 
or diplomatic isolation, especially given 
the lack of results from Washington's 
hard-line stance. . 

Jacques Rmnmelhardt, a spokesman 
for die French Foreign Ministry, indi- 
cated that France would oppose any at- 


tempt to impose economic sanctions on 
Iran. “In general, embargoes do not 
seem to us to be an appropriate mea- 
sure," he said. 

Still, a senior EU official said that 
some sanctions, perhaps including a ban 
on visas for Iranian officials and re- 
strictions on loans to Tehran, would be 
among the options put to EU foreign 
ministers when they meet April 19 in 
Luxembourg. 

This official also thought European 
governments might agree to closer scru- 
tiny of Iranian diplomats stationed in 
their countries. On Friday. Britain noted 
its expulsion of suspected Iranian in- 
telligence officials in 1992 and 1994. 
and suggested that France and Germany 
had failed to crack down on Iranian 
operatives working from embassies in 
Paris and Bonn. 

European oil companies, meanwhile, 
said they would not refrain from new 
investments in Iran. 

Total, a French company, said it 
would continue with its $600 million 
project to develop the Sirri oil and gas 
fields, while the British-Dutch oil giant 
Royal Dutch/Shell said it would con- 
tinue to talk to Iran about developing its 
huge gas reserves. 



I fc-nm- « JP>L/Ilir ut.il 


The lone survivor of Washington's deer infestation after being tranquilized near the White House on Friday. 

A Romp in Washington Ends Badly for Deer 


The Associated Press 

WASHINGTON — Three deer sur- 
prised Washington commuters and 
White House guards Friday, wander- 
ing busy city streets before being cor- 
ralled near the executive mansion. 

At least two of the animals were 
killed because of injuries suffered, ac- 


cording to officials at the Washington 
Humane Society an.d U.S. Park Police. 
One became stuck in the White House 
fence, and a second was hurt jumping 
into the courtyard at the nearby Treas- 
ury Department. 

Police conailed the third animal at 
the adjacent Old Executive Office 


Building, where it was tranquilized. 

A uniformed Secret Service officer, 
after trying io calm one deer by placing 
a blanket over its head, watched a vet 
give it an injection, then shook his head 
sadly and said: "We lost him." U.S. 
Park Police said the deer might have 
come from nearby Rock Creek Park. 


Arduous Jury Selection for Blast Trial 


WITNESS: Former Tehran Official Decisive in German Trial 


Continued from Page 1 

eign intelligence service, the 
Bundcsnachrichtendienst. or 
BND. 

To the amazed delight of 
the prosecution, Mr. Mes- 
bahi’s bona tides were veri- 
fied every step of the way. A 
photograph of Mr. Rafsanjani 
signing a security treaty with 
President Edouard Shevard- 
nadze of Georgia showed Mr. 
Mesbahi standing behind 
them. 

He also offered unim- 
peachable details about secret 
negotiations with German 
politicians that proved he 
played a prominent role in 
securing the release of Rudolf 
Cordes. a German business 
executive who was taken hos- 
tage in Lebanon in 1987. 

“Even more important, per- 
haps, was the emotional re- 
action in Tehran that greeted 
the news that Mr. Mesbahi had 
defected to turn state's evi- 
dence in the Mykonos trial. 

Tehran's government-con- 
trolled press sought to dis- 
credit him. He was described 
as a washed-up intelligence 


agent who had been rejected 
for a job at the Foreign Min- 
istry when he returned home. 

The newspaper Tehran 
Times said he became em- 
broiled in. several financial 
scams and ran op $30 million 
. in fraudulent debt When an 
arrest warrant was issued 
against him in 1995, he pur- 
portedly fled to Europe. 

Mohammed Javad Zarif. 
Iran’s deputy foreign minis- 
ter, on Friday criticized the 
German court for reaching a 
verdict that "solely relied on 
remarks of terrorists and hi- 
jackers, whose arrest war- 
rants have been issued by the 
Iranian judiciary." 

"These dements are mem- 
bers of counterrevolutionary 
groups whose aim is to mar 
the prestige of Iran,” he said. 

But the three-judge 
tribunal that beard Mr. Mes- 
bahi’s testimony — some of it 
in secret — found it persuas- 
iveenougb to implicate Iran’s 
leadership tin - the first time in 
terrorist actions abroad. 

During several hours of 
reading the court opinion, the 
presiding judge, Frithjof Kub- 


sch, referred repeatedly to de- 
tails furnished by Mr. Mes- 
bahi that left no doubt that the 
highest levels of Iran’s lead- 
ership ordered the killings. 

Many of the supporting 
documents in the court's ver- 
dict — - which sentenced an 
Iranian grocer and a Lebanese 
accomplice to life in prison, 
with two other Lebanese men 
getting jail terms of five to 1 1 


years — were not made pub- 
lic. German officials said 
there was much sensitive in- 
telligence material in the trial 
that required an embargo. 

Sources close to Chancellor 
Helmut Kohl said, meanwhile, 
that the United Stales did not 
convey any useful intelligence 
data despite Washington's 
eagerness to prove that Iran’s 
leaders engage in terrorism. 


By Jo Thomas 

New Yuri Times Service 

DENVER — As jury se- 
lection in the Oklahoma City 
bombing trial neared the 
halfway point, a shy young 
widow told the court she was 
a witch, did not believe in 
violence and would find it ex- 
tremely difficult to impose 
the death penalty. 

In a long session Thursday 
that was typical of the close 
questioning going on in this 
case, the prospective juror 
was asked about matters ran- 
ging from her husband's sui- 
cide four years ago to the 
bumper sticker on her car that 
read "Imagine Schools Get- 
ting $1 Million for Books 
While the Government Has to 
Hold a Bake Sale to Buy a 
Bomber.” As selection con- 
tinued Friday, she was still a 
candidate for the jury. 

So was the pilot who was 
hoping he would not have to 
serve because he is a “stan- 
dards captain.'* who rides in 
tiie cockpit of planes to check 
safety practices. As such, he 
told Judge Richard Matsch of 


federal district court, the air- 
line could not train someone to 
replace him overnight 

“They ought to be looking 
for someone," the judge 
replied. 

Jury selection began 
March 31 in the trial of 
Timothy McVeigh, and al- 
though the numbers have not 
been made public, lawyers 
close to the case say there are 
now about 30 people in what 
will be the final jury pool of at 
least 64, from which the jury 
of 12 with six alternates will 
be drawn. From the pool of 
64. lawyers for both the pros- 
ecution" and Mr. McVeigh 
will each get 20 peremptory 
challenges, to remove jurors 
without giving a reason. 

Another 21 potential jurors 
have been removed from the 
list. One was a woman who 
broke into tears as soon as she 
took the stand and admitted 
she had a nervous condition. 
Another was a policeman’s 
wife who thinks there are too 
many loopholes in the law 
and would insist on dearh as 
the only possible sentence. 

A third had not lived in the 


area long enough. And the 
fourth was a woman who said 
the government has spent too 
much money defending Mr. 
McVeigh. After excusing her, 
the judge explained that he did 
not think she could be fair. 

Some who remain on the 
list include a jet pilot who said 
he forgot to mention on the 
questionnaire all prospective 
jurors filled out that he had 
once been shot in the chest: a 
telecommunications special- 
ist who wept as he recounted 
his son’s child custody battles 
with his former daughter-in- 
law. and a mother of four who 
asked to be excused because 
her husband often travels 
abroad. Judge Matsch sugges- 
ted that the mother invite her 
mother from California to 
help lake care of the children. 

But the question the judge 


Ju 


could 

spective jurors was that of life 
and death. All were asked if 
they could consider the death 
penalty should there be a con- 
viction in the case. So far. 
seven potential jurors have 
said they could not impose the 
death penalty for any reason. 

Others. like the airline pilot, 
seemed to agonize over it. * *In 
general,’ ' he said. ‘ 'I am not in 
favor of the death penalty.” 

Judge Matsch pressed him 
harder, asking if. in the case 
of a conviction, he could put 
aside his personal beliefs and 
follow instructions to con* 
sider death as one of several 
options on a list that would 
also include life in prison 
without possibility of parole. 

After a long silence, the pi- 
lot answered in a voice as soft 
as a whisper “Yes. sir.” 


Pope Tests Shaky Peace 
On a Visit to Sarajevo 


RELIGION: For Philippine Evangelist, Faith Is Transactional 


Continued from Page 1 

Donation envelopes ai the 
rally include a space for the 
reward a worshiper hopes for. 

“I call it transactional spir- 
ituality,” said Randy David, 
a sociologist “You get 
something for your spiritual- 
ity: a visa, a job abroad, or 
maybe you get cured of an 
illness or you win your wife 
or your husband back.” 

It is a transaction that Mr. 
Velarde happily acknowledg- 
es be is engaged in himself. 
His literature tells and retells 


his personal story of real-es- 
tate investments that paid off 
thanks to frith. 

“He used to sell real es- 
tate,” Mr. David said. “I 
think he has found it more 
lucrative to sell religion.” 

Like some American evan- 
gelists. Mr. Velarde has come 
under fire. He has been crit- 
icized by the Philippine Se- 
curities and Exchange Com- 
mission for irregularities in 
stock offerings. A former as- 
sociate has accused him of 
embezzling millions. 

Mr. Velarde turns these 


setbacks into grist for his ser- 
mons. incorporating them in- 
to his central parable of hard- 
ships overcome. It is a pattern 
he teaches to his followers. 
His rallies are punctuated by 
the “testimonies” of believ- 
ers who say El Shaddai has 
changed their lives. 

“I had a heart attack, I lost 
my business and my husband 
left me." said a member of 
the crowd, Cecilia Rene. 
“But the Lord took care of 
that Now I have a good busi- 
ness. my husband is with me 
and 1 have a healthy body.” 


Kate Wiegele, an Americ- 
an anthropologist who has 
studied E! Shaddai. said these 
narratives follow a pattern set 
by Mr. Velarde’s own per- 
sonal story and are at the heart 
of the movement’s appeal. 

“People I earn to re-read 
their lives tn terms of a before 
and an after.” she said. 
“When you analyze their sto- 
ries it is not clear whether 
their lives are actually better 
than before. Sometimes the 
narrative may not completely 
fit but they feel like it fits. It is 
a narrative of hope.” 


C«fi)nl h Stuff f rim* papan-fin 

VATICAN CITY — Un- 
able to visit Sarajevo during 
the Bosnian war. Pope John 
Paul 11 will be testing the 
shaky peace during a week- 
end trip to the Bosnian capital 
to promote reconciliation and 
shore up the Roman Catholic 
Church. 

The 25-hour visit will in- 
clude meetings with Muslim 
and Orthodox leaders as well 
as Roman Catholics and may 
draw the biggest crowds to 
Sarajevo since the 1984 
Winter Olympics. 

Despite a series of recent 
bombings of Catholic targets 
that have caused concern for 
the Pope's safety. John Paul is 
determined to go ahead. He is 


eager to make up for the dis- 
appointment of having to 
scrap a 1994 visit. 

The Pope has referred to 
Sarajevo as a city martyred by 
the fighting. During tiis gen- 
eral audience Wednesday, he 
called it “a sad symbol of the 
tragedies that have struck 
Europe in the 20th century.” 

On Friday, the Pope took a 
firm stand against anti-Semit- 
ism. reminding Christians 
that Jesus Christ was a Jew. 
He said in a speech that if 
Christians faced the fact thai 
Jesus Christ was an "an au- 
thentic son of Israel," they 
would "no longer accept that 
Jews be scorned for being 
Jews, or worse, mistreated.” 

(AP. AFP) 


HONG KONG: For Democratic Opposition, the Moment of Truth 


BOOKS 


Continued from Page 1 

illegitimacy, the party de- 
cided that it would not try to 
be appointed to the Provision- 
al Legislature, which Beijing 
is installing to replace the 
elected legislature. 

“Because we’re not id the 
Provisional Legislature, there 
is a worry that we’U become 
invisible.” said Anthony B.L. 
Cheung, a Democratic legis- 
lator. “My hope is that the 
people of Hong Kong wtil not 
suddenly become quiet. ’ 

Mr. Lee is determined that 
this will not happen. 

“The Democratic 
will go on.” he aid- “We 
will continue to address the 
issues that face Hong Kong. If 
Hong Kong loses our elected 
leHslature. if our rule Of law 
is eroded, it will affect every- 
one, not just members of me 
Legislative Council or people 
who demonstrate. If any one 
ofusinHongKtmgh^esour 
freedoms, we all will ulti- 
mately suffer-’ . 

Fund-raising is ffl full 
swing throughout Hong 
Kong, along wth cariy 
siraiegy sessions forthe lim- 
ned decDons Chicahas 

pnmised in 1998 . There » 
also discussion of 
lawsuits that will he fifed 
against the ChiflWWgMted 
legislature, which the Denm- 
crats and virtually U* enure 
Hong Kong legaleommtHUjy 
contend violates China s con- 
stitution for the territory. 

But suddenly there aremany 


voices democratic speaking 
up. Among the cracks in the 
Democratic Party, none is 
more visible titan that cleaved 
by Emily Lau. 

A former journalist who 
won the most votes of any 
candidate in the 1995 elec- 
tions, she established her own 
political group in August 
1996. Frontier is defiantly un- 
compromising and maintains 
that virtually the entire gov- 
ernmental apparatus to be im- 
posed on Hong Kong by 
Beijing is illegitimate. . 


“We don’t necessarily feel 
that tiie democratic camp 
should be represented by only 
one party,” Miss Lau said 
“What does .the frontier 
want? It wants a democratic 
system. We say we are not 
here to subvert the Communist 
Party, but we are hoe to speak 
out We will see if we are given 
the freedom to do it" 

No one has created more 
alarm among the Democrats 
than Dominic Chan. One of 
The party's founders, the le- 
gislator decided in December 


that he would accept Beijing’s 
appointment to the Provisional 
Legislature, breaking with his 
party’s boycott. 

'‘Quite a lot of surveys 
show that people want the 
Democrats to participate in 
the Provisional Legislature,” 
be said. “It was a very hard 
decision for me. But I think 
people are quite interested in 
a stable transition. I don't 
think we should boycott. We 
don't love the colonial gov- 
ernment, but we participate in 
it" 


^ NATO: Wist Is Taken Aback by Russian Demands 


Continued from Page 1 

NATO enlargement. 

According to U.S. and 
NATO officials, it is the final 
section of this document that 
has become the subject of 
heated negotiations with Rus- 
sia. Under the latest Primakov 
proposals, submitted to the 
French on Wednesday, the al- 
liance would make a formal 
commitment not to station nu- 
clear weapons on tbe territory 
of new member states and 
would give formal guarantees 
that new military infrastruc- 
ture would not be moved 
closer to the Russian bonier. 

Over tbe past few weeks, 
NATO has stated it has “no 
intentio n, no plans and no rear 
sot" to station nuclear 
weapons closer to R ussi a n - 
borders- It bas also said thai in 


the absence of a “substan- 
tial" military threat in Cen- 
tral Europe, it sees no need to 
deploy significant new com- 
bat forces in the region and 
will rely instead on a “strat- 
egy of reinforcement.” But it 
has refused to turn these as- 
surances into the land of for- 
mal commitments being 
sought by the Russians. 

The predominant view 
among U.S. and NATO of- 
ficials is that the latest Rus- 
sian proposals probably are a 
last-minute bargaining ploy 
designed to probe for weak- 
nesses in the Western pos- 
, ition and differences among 
NATO members. 

Mr. Solana said be hoped 
for some “new ideas" from 
tbe Russians when they for- 
mally submit their proposals 
in Brussels over the weekend 


before he travels to Moscow. 
He said he submitted a joint 
NATO proposal for the 
chatter to the Russians last 
Monday that incorporated the 
language used m earlier 
NATO communiques. 

For tbe proposed NATO- 
Russia chatter to be signed in 
Paris on May 27, the nego- 
tiations will have to be 
wrapped up over the next two 
or three weeks. This means, 
according to NATO officials, 
that substantive progress on 
settling the dispute over mil- 
itary infrastructure wil I have to 
be made during Mr. Solana’s 
trip to Moscow next week. 

On Thursday. Secretary of 
State Madeleine Albright said 
NATO expansion would go 
ahead whether or not the al- 
liance succeeded in negoti- 
ating a charter with Russia. 


MY RUSSIAN LOVE 
By Dan Franck. Translated 
from French by Jon 
Rothschild. 176 pages. $18.95. 
Nan A. Talesc/Doublcday. 
Reviewed by 
Richard Bernstein 

W E are in the zone of help- 
lessness here; we face 
the inevitability of human iso- 
lation, the impenetrability of 
otherness. “My Russian 
Love.*’ by Dan Franck, a 
slender and yet affecting story, 
re fleers the suspicion among 
the French that human contact 
provides no consolation. 

The theme is a persistent 
one in French fiction from 
Laclos to Flaubert to Mar- 
guerite Duras; it is persistent 
as well in the French cinema. 
It suggests, among a people 
stereotypically given to the 
pleasures of love, a skepti- 
cism, a cynicism even, a sense 
of existential futility lying be- 
neath the surface of apparent 
contentment. 

Franck, a French novelist 
and screenwriter, is too min- 
imalist an author to be seen as 
a major embodiment of this 
French association of isola- 
tion and love. And yet his new 
story — his last was “Sep- 
aration.” a best-seller in 
France and the winner of the 
Prix Renaudot — extends that 
theme of impossible love 
from emotional terrain to a 
geographical and political 
one. Commentators on “Sep- 
aration.” the first of Franck’s 


books lo be translated into 
English, noted the similarity 
of that book to such novels by 
Duras as “The Lover,” es- 
pecially in its almost 
mannered narrative spare- 
ness. 

Franck’s new book is writ- 
ten in a rich, mournful, el- 
liptical style that provides a 
suggestive literary vehicle. 
But “My Russian Love” 
straddles the fence between art 
and melodrama. It has an ap- 
pealing and promising set of 
circumstances — a young 
French film school student 
and a Russian trammeled by 
political tragedy — and yet the 
very absence of elaboration of 
those elements makes the 
whole somewhat unsatisfying. 
Franck’s book ends up one of 
those works — Josephine 
Hart’s commercial block- 
buster. “Damage,” is another 
that comes to mind in this con- 
nection — whose actual de- 
velopment never quite comes 
up to the standard required by 
their literary pretensions. 

Franck’s tale begins on a 
train with his main character, 
Luca, noticing a woman in 
mysterious silhouette ahead 
of him. The woman, wearing 
a long silk shawl, makes a 
gesture that forces Luca, a 
successful, middle-aged film- 
maker who is returning to 
Paris from Moscow, to re- 
member a long-ago lover, one 
whose memory he had 
shrouded “in a veil imper- 
vious to feeling.” Until this 
unexpected moment, she had 


been “a presence nestled 
within him, a localized pain 
he never prodded." 

This is touching, but it is 
also theatrically overwrought 

— the black shawl, the meta- 
phorical veil, the unprodded 
pain, all on the first couple of 
pages — and there is more of 
this kind of emotively syrupy 
writing to come: "Maybe he 
was fooling himself." Franck 
writes of Luca as he later re- 
calls his Russian love, “but 
when he thought about their 
Thursday afternoons in his 
room in The Garden, he felt a 
twinge of melancholy — not 
so much the kind inevitably 
brought by the passage of 
time, but the subtle, fragile 
pain of irrevocable loss." 

The woman in question is a 
Russian named Anna, whom 
Luca. Russian by ancestry 
himself, met in a cafe in the 
suburbs of Paris where he 
used to go to play chess to 
earn money for film school. 
Anna, also a student, lives 
with her aunt in Paris, and we 
soon learn the political cir- 
cumstances of her presence in 
France. Bom in Leningrad on 
the very day that Stalin died 

— ’ ‘The rat is gone. Dead as a 


doornail , ' ' her father declared 
— she is sent from there to 
France by her dissident par- 
ents in the desperate hope that 
she might escape the oppress- 
iveness of Soviet life. 

The political and personal 
blend and clash as the initial 
sketch of Luca and Anna's 
love affair is fleshed out. 
Franck's concern is with the 
intrusions of political convul- 
sions, the way that the mes- 
sianic movements of the 20th 
century have made playthings 
of personal life. This is cer- 
tainly not an original theme, 
but Franck’s development of 
it in this particular form, with 
these particular characters, in 
these particular places, is his 
novel's strongest feature. 

“My Russian Love" is the 
work of a ski lied writer, a man 
of refined sensibility and a 
keen dramatic sense, but it 
needs a less well-worn theme 
and a deeper exploration of 
character than the author 
provides to make it fully real- 
ized. 


Richard Bernstein is on the 
staff of The New York Times. 


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EDITORIALS/OPINION 


Hcralb 


INTERNATIONAL 



n RIIXHtD WITH THE NEW lURk TIMES 4\H THE WASHINGTON POST 


THE WASHINGTON KJ5T The World's Bottom Line: Money Is Everything 


CIA Incompetence 


It was an admission of breathtaking 
incompetence from the United Slates's 
top spy organization. On Wednesday 
the Central Intelligence Agency ac- 
knowledged that it had received in- 
formation more than a decade ago. 
some of it quite solid, indicating that 
chemical weapons were being stored at 
an Iraqi depot later destroyed by Amer- 
ican soldiers who were unaware of the 
dangers they faced. 

The tangle of errors and misjudg- 
ments that led the agency to ignore or 
downplay the evidence further erodes 
the CIA's reputation for professional 
expertise — and raises the troubling 
question of whether the agency has 
been trying for some time to keep these 
miscues hidden from the public. 

The saga as laid out by Robert Wal- 
pole. the official in charge of the CIA's 
investigation of possible chemical ex- 
posure lo American servicemen during 
the Gulf War. started in 1984. Intel- 
ligence information indicated that a 
vehicle normally associated with tac- 
tical chemical defense was at the stor- 
age depot, known as Kamisiyah. 

However, the vehicle's significance 
was missed because the analysts re- 
viewing the information were not 
chemical weapons specialists. This was 
a vivid demonstration of the dangers of 
compartmentalizing information that 
should have received broader review. 

Even stronger evidence emerged in 
1986 when analysts obtained a trans- 
lated copy of an Iraqi production plan 
that mentioned thousands of mustard- 
gas weapons stored at the site. A CIA 
assessment that same year concluded 
that chemical weapons were indeed 
being stored there. 

But shortly thereafter the CIA 
dropped Kamisiyah from its list of 
chemical weapons facilities in Iraq. The 
reason was that agency analysis had 
focused so intently on a new generation 
of "S-shaped bunkers" for storing 
chemical weapons in Iraq that they 
erroneously concluded die absence of 
such bunkers at Kamisiyah meant the 
absence of chemical weapons there. 
This blinkered approach, which drove 
all further analysis within the cloistered 
CIA. was aptly called ‘‘tunnel vision” 
by Mr. Walpole. 

In February' 1991. in the middle of 


the vicinity to toxic nerve agents. 
Even after the war, the CIA. w 


Even after the war, the CIA. whose 
energies were then focused on finding 
any hidden weapons of mass destruc- 
tion sdll in Saddam Hussein's arsenal, 
remained oblivious to possible troop 
exposures. 

Iraqi claims that allied troops had 
destroyed chemical weapons at Kam- 
isiyah were discounted as more lying 
by Iraqi leaders. 

A 1992 paper by an intelligence 
analyst suggesting that American 
troops might have, unwittingly des- 
troyed chemical weapons apparently 
languished in the files, with no action 
taken. Only in the past two years, after 
troops started attributing illnesses to 
service in the Gulf War, did the CIA 
make a more vigorous effort to ferret 
out what it knew. Even so. this past 
week's revelations contradict previous 
agency statements dial it had released 
all relevant data on Kamisiyah and had 
not realized before the depot was des- 
troyed that chemical weapons were 
stored there. 

The shocking failure to identify 
Kamisiyah as a chemical weapons site 
stems from more than ‘‘tunnel vi- 
sion.” In its mea culpa this past week, 
the agency also blamed confusion 
caused by the use of multiple databases 
and multiple names for the depot, a 
failure to share sensitive information 
with everyone who needed to know it. 
and a fail ure to analyze data going back 
far enough into the 1980s. With those 
deep-rooted problems, skeptics might 
wonder how much reliance to put on 
agency estimates across the board. 

— THE NEW YORK TIMES. 


Private Records 


Everyone wants open government 
and quick and easy access to whatever 
records the government has on one’s 
account. Everyone also wants his or her 
personal financial and governmental 
records to be safe from prying eyes. 
Computers make the first of these two 
ideals nearly feasible — so much so 
that the ideal itself stands revealed, like 
so much else, as a two-edged sword. 
The easier it is for you to get your own 
records, it turns out. the easier it is for 
everyone else to get them too. 

The sudden demise this past week of 
a records-by-Internet experiment at the 
U.S. Social Security Administration, 
which had begun providing instant ac- 
cess via the Web to personal earnings 
records and other information tradi- 
tionally available only by mail, sug- 
gests the difficulty of finding a way out 
of this bind. The agency pulled the plug 
after an outcry from privacy advocates 
and a rush of traffic to its site when it 
became known that the information 
needed for someone to gain access to a 
private individual's earnings and sal- 
ary record — Social Security number, 
date and/or place of birth, mother’s 
maiden name — can all be dug out of 
other public databases without undue 
effort or hacker-level expertise. 

The agency evidently thought it had 
addressed privacy concerns, but its ini- 
tial responses to complaints were any- 
thing but reassuring, and shutting down 
the site for further study was the right 
move. Meddling in others' records in 
such a way. spokesmen said, is illegal 
anyway and carries a heavy penalty; 
accessing a single individual's file 
would not give an interloper access to 


much information, only dollar 
amounts, and only for that individual, 
which would make large-scale fraud or 
theft cumbersome. None of this is any 
comfort to a citizen to whom fraud need 
only happen once — and. of course, ro 
whom an agency such as Social Se- 
curity owes at least reasonable assur- 
ance that it won’t happen at all. 

Hie question of how much access to 
give citizens to government information 
is very different for agencies that collect 
information essentially public in nature 
— environmental data, house values. 


court filings, government spending 
than it is for those whose informatior 


than it is for those whose information is 
individual and proprietary. From tax 
records to medical records to motor 
vehicle data banks, agencies and en- 
trepreneurial snooping types have had it 
repeatedly borne m upon them that the 
level of public tolerance for release of 
this kind of information is justifiably 
low. Most people only vaguely suspect 
how much personal information about 
them now floats from medical, credit, 
residential and sometimes even em- 
ployment files out into a shadowy realm 
where it can be bought and sold. 

A government agency should have 
no part in those transactions, even in 
the service of more openness on the 
public-data from. There may well be 
ways to design tighter security on in- 
dividual files, though at some cost — 
by assigning citizens passwords or PIN 
numbers for their records, perhaps. 
Even these, though, are acceptable 
only if they work. Convenience of ac- 
cess is a fine thing, but not at the cost of 
protection. 

— THE WASHINGTON POST. 


Other Comment 


Beatings in Rio 


Millions of Brazilian television 
viewers recently watched a handful of 
police officers beat 1 1 slum dwellers. 
A video shot by a resident and aired on 
the evening news showed the police- 
men attacking a group of people, in- 
cluding two reenaged girls, who had 
been herded together. 

The country was shocked. The gov- 


ernor of Rio de Janeiro stare, Marcelo 
Alencar. Fired the cops but charac- 
terized their behavior as an aberration. 
Hard to imagine him saying that with a 
straight face. In its latest report, issued 
this past week. Human Rights Watch/ 
Americas documents more than 30 
cases of executions, torture and beat- 
ings by Brazilian police. That is a 
partem of conduct, not an aberration. 

— Los Angeles Times. 


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W ASHINGTON — Love once 
made the world go around. Pol- 


By Jim Hoaglaml 


die Gulf War, information provided by 
someone in the Iranian Air Force or 
defense indusny gave the precise geo- 
graphic - coordinates of a presumed 
chemical weapons site. The CIA ac- 
tually alerted American military leaders 
that chemical weapons might be stored 
there. The coordinates turn out to be 
Kamisiyah ’s. But shortly thereafter, a 
CIA analyst confused the location with 
a different depot and the agency told the 
military it could not identify a chemical 
facility at the suspect sire. Two weeks 
later, unaware of the dangers, American 
troops blew up the depot, possibly ex- 
posing thousands of American troops in 


itics had its Cold War day. But today 
money is the overwhelming driving 
force for world leaders and political 
wannabes, as 'romance, revolution, 
high-minded strategy and the rest fade 
into the background. 

Economic self-interest has always 
been central to the organization of so- 
cieties and the advancement of indi- 
viduals. But the defining characteristic 

of the postmodern political era is the 
absolute domination of money as the 
organizing principle of human and in- 
ternational relations. Some days there 
seems to be nothing else. 

Consider these three snapshots from 
one day of headlines tills past week: 

In Hanoi, U.S. Treasury Secretary 
Robert Rubin, fresh from lecturing 
Chinese and Japanese officials about 
buying more American goods, tells Vi- 
etnam's leaders his career as a bond 
salesman on Wall Street makes him an 
expert guide for them on how “to com- 
pete effectively for Vietnam's share of 
global investment." 

The Zairian rebel leader Laurent 
Kabila — once an ideological ally of 
Hanoi and seen in Europe and America 
as a dangerous threat to civilization — 
flies from his base in Goma to the 


captured diamond-producing town 
Mbuji-Mayi on- an aircraft owned by a 
private Western investor. De Beers, die 
South African organizer of the global 
uncut diamonds cartel, confirms that it 
has already held talks with Mr. Kabila 
in Goma. 

Germany’s finance minister. Theo 
Waigel. utters words that the special- 
ists and markets interpret to mean that 
Germany has decided that European 
Monetary Union and the creation of a 
single European currency, the euro, 
will definitely go ahead in 1999. Mr. 
Waigel later explains his comments as 
representing nothing new; but he has 
stirred a heated debate on the only big 
political subject on the European ho- 
rizon today. 

That subject is money — its value, 
its provenance and its control. 

For the sake of brevity and to spare 
the children, 1 pass over the Clinton 
campaign-finance scandals and other 
obvious examples of how the dominant 
business of political leadership around 
the globe has become business, on an 
unprecedented scale. 

Our snapshots result in large part 
from the Soviet collapse and the dis- 


appearance of an alternative economic 
model to capitalism. 

The Vietnamese have no alternative 
to Mr. Rubin — as Mr. Kabila has no 
true alternative to De Beers — as a 
foreign source of economic help and 
advice in the current crisis and of mu- 
tual profitability tomorrow. 

Technology has shrunk labor and 
product markets (once known as coun- 
tries) to a point where the marketing 
plans of multinational corporations 
overwhelm government entities .and 
their boundaries. De Beers's implicit 
blessing of Mr. Kabila to replace the 
kleptocrat Mobutu Sese Seko — instead 
ofhaving the CIA do the job this time — 
cuts out an expensive middleman. 

President Bill Clinton presumably 
will embrace this logical extension of 
his rarnpaign to do away with big gov- 
ernment, close down the spook shop and 
subcontract U.S. covert action in Africa 
to De Beers and associated firms. 

As for the Zairian population — it is 
about to discover the validity of The 
Who's School of Business Manage- 
ment: “Meet the new boss/Same as the 
old boss,” went the song. 

It is in Asia, of course, that the new 
emphasis on trade and opening markets 
as the primary work of government 
abroad surfaces most emphatically. On 


his visit to Hanoi and to Ho ChiMfoh . 
City. Mr. Rubin seemed to .treat the 
savage Vietnam War as a recent un- 
pleasantness that both sides had over- 
come to get on with business. 

More surprisingly, so did the Vi- 
etnamese. They signed an agreement 
with Mr. Rubin to pay SI 45 niilUonra 
.U.S. debts incurred by the South Vi- 
etnamese government- This put Hanoi 
“in the position of retroactively rootmg 
part of the bill for a war against itself, 

& Washington Post reported; 

I feel embarrassed for Mr. Rubin and 
the Vietnamese. This agreement, and 
the concomitant chance for Nike et al to 
turn Vietnamese workers into sweat- 
shop employees, is not why 55.000 
Ameri cans jsvc up their lives ui the nee 
paddies. Mr. Rubin knows it, the Vi- 
etnamese know it But life must go on.. 

It should go on with more attention 
by our leaders to history, ethics, mor- 
ality and the larger purposes of politics 
and public service. Capitalism’s tri- 
umph should not be turned imo a license 
for piracy in the international market- 
place. That outcome would erode and 
then destroy the true entrepreneurial 
spirit that has made America a beacon , 
for the world, a symbol of values far ; 
broader than the value of money. j 

The Washington Post 


Privatized Welfare? Defense Contractors Want a Shot at It 


W ASHINGTON — The 
While House is seriously 


VV While House is seriously 
considering approving a far- 
reaching plan proposed by 
Texas Governor George W. 
Bush to contract out the ad- 
ministration of food stamps, 
Medicaid and income support 
under the new federal welfare 
reform. Among the biggest 
private lobbyists for this ap- 
proach is the Lockheed Martin 
Corp., a huge defense contrac- 
tor that hopes to diversity by 
contracting with states to run 
welfare and other public sys- 
tems. Others hoping for a piece 
of the welfare action include 
Andersen Consulting. Electron- 
ic Data Systems and Unisys. 

The welfare reform legisla- 
tion that President Bill Clinton 
signed last year allows states 
wide latitude in designing in- 
come-support programs, but it 
keeps tight federal controls over 
food stamps and Medicaid. It’s 
not clear that the White House 
can legally allow Texas to con- 
tract out those prog ra ms, but 
adminis tration officials are said 
to be divided on whether to 
grant Texas a waiver. 

There is something unseemly. 


By Robert Kuttner 


if not bizarre, about putting a 
defense contractor in charge of 
welfare. Defense contracting is 
the longest-r unning natural ex- 
periment that casts doubt on the 
superior efficiency of private 
contractors. If you like $100 
hammers and S600 toilet seats, 
not to mention multibiliion-dol- 
Iar cost overruns of weapons 
systems, then you will want a 
defense contractor to take over 
welfare administration. 

(Lockheed certainly under- 
stands welfare; it has been the 
beneficiaiy of federal welfare 
for decades.) 

The Clinton administration 
took office promising to “re- 
invent government’ ’ — make it 
more accountable and efficient 
But reinventing government is a 
far cry from contracting it out 

The most basic trouble with 
privatization is that it requires 
careful supervision by none oth- 
er than government The risk is 
that government loses its capa- 
city to keep the contractor hon- 
est and we simply trade a public 
monopoly for a private one. 

The United Stares, unlike 


many capitalist nations in 
Europe, doesn't have much that 
can be credibly privatized. For 
the most part private commerce 
in the United States has never 
been run by government Even 
the public utilities, so called, are 
mostly private corporations. 

It's one thing for the gov- 
ernment to hire private contrac- 
tors when it builds highways, 
constructs office buildings or 
buys weapons. It’s quite anoth- 
er thing to contract out basic 
public administration itself. 

Today, conservatives want to 
privatize everything from food 
stamps to tax collection. Re- 
cently, the Internal Revenue 
Service bungled a decade-long 
effort to become fully compu- 
terized. So some critics have 
proposed simply contracting 
out the revenue service. 

This approach bas been tried 
and found wanting. In the pre- 
modem era, tax collection was 
substantially privatized. Kings 
deputized tax collectors, ami 
paid them commissions. As late 
as 19th-century America, 
private tax-collectors, known as 


“tax ferrets,” snooped on their 
neighbors and kept a portion of 
the assets they identified for the 


property tax authorities. 

Not surprisingly, this system 
was highly prone to corruption. 

The shift to professionalized 
public administration a century 
ago was a necessary reform. 

In fact, there is wide variety in 
the competence and profession- 
alism of different government 
agencies. If a particular public 
agency, such as the IRS. is not 
doing its job well, the solution is 
to reform it. not turn thejob over 
to private enterprise. For once 
government gives away basic 
public administration to private 
contractors, government may 
never get it back. 

Well-nm public agencies, 
such as the Social Security Ad- 
ministration, do a far better job 


than their private competitors. 
Social Security spends les: 


Social Security spends less 
than two cents on die dollar on 
administration. And unlike 
private pension administrators, 
it has no need or desire to make 
a profit . 

Much of the move to priva- 
tize reflects political pressures 
store than economic ones, . For 


example, the government gives. 
Medicare data-processing con- 
tracts to big private insurers, not 
because this is efficient, but be- 
cause it was politically neces-, 
sary in 1 965 to win their support » 
for Medicare. Far from increas-. 
ing efficiency, this approach- 
represents a redundant layer of' 
private bureaucracy and an un-, 
necessary taxpayer subsidy to- 
the private companies. Ross! 
Perot made his first fortune as a* 
Medicare contractor. j 

It seems especially perverse, 
to put profit-making companies ; 
in charge of welfare. Private- 
companies would be in die po- 
sition of profiting by denying 
public benefits to needy people. 
And welfare, like tax collection, 
involves sensitive issues of due- 
process and confidentiality that, 
cannot properly be delegated to 
a private contractor. 

When the Cold War ended., 
many people hoped that defense- 
contractors would convert their, 
businesses into useful civilian 
production. Few of us imagined.' 
that the military-industrial com- 
plex would trade one kind of 
welfare For another. . • 

•• Washington Post Writers Group.- * 


It’s Time That Japan Acknowledged Its Wartime Atrocities 


L OS ANGELES — The af- 
tershocks of World War II 


J_/tershocks of World War II 
continue to reverberate, affect- 
ing the famous and infamous, 
ever challenging personal as- 
sumptions and cherished na- 
tional myths. 

Recently, headlines focused 
on revelations that Secretary of 
State Madeleine Albright's 
refugee parents had shed and 
suppressed the family's Jewish 
background. For a moment the 
world was reminded of the full 
despair of Holocaust survivors, 
desperate to secure futures for 
their offspring in a world that 
had just allowed the murder of 
1.5 million Jewish children. 

In Switzerland, the Nazi gold 
scandal has spurred many 
young Swiss to challenge the 
central myth that has propped 


By Abraham Cooper 


to historic truth but to a total 


up their society for 60 years. 
The nation’s neutrality may 
have been little more than a 
cover for Swiss economic com- 
plicity with Hitler. 

In the united Germany — 
even in neighboring Austria, 
which elected the ex-Nazi Kurt 
Waldheim as president — there 
is an overwhelming conviction 
that no future can be secured 
without, in some measure, 
openly reflecting and taking ac- 
tion mi the horrific deeds of 
1933-45. 

Sadly, one nation has con- 
sistently failed to come to grips 
with the crimes against human- 
ity during that era: Japan. 
Simply put, there is a virtual 
conspiracy of silence that de- 


prives young Japanese of a full 
sense of their history and keeps 
Japan’s neighbors from full con- 
fidence that the extremism of an 
earlier era can never re-emerge. 

Some ascribe the unwilling- 
ness to look back at the 1930s 
and '40s as the result of Japanese 
stoicism. Ganbaru — which 
translates as “toughing it out" 
— seems to be a powerful cul- 
tural force that discourages 
people from “whining” about 
die past. 

But at what price? Such si- 
lence ensures that the Japanese 
will continue to be hampered by 
a historic blindness and moral 
vacuum bom of dangerous ig- 
norance and bred by an edu- 
cational system committed not 


whitewash of past outrages. 
How else to explain Japan’s 


The Incredible Shortness of Sight 


B OSTON — Dr. EyadSar- 
rai is a Palestinian psv- 


JLJraj is a Palestinian psy- 
chiatrist in Gaza and a cam- 
paigner for human rights. I 
wrote about him last year 
when he criticized the 
Palestinian Authority for mis- 
treatment of prisoners and was 
then himself imprisoned for 
25 days. 

Mr. Sarraj is a longtime ad- 
vocate of peace with Israel. He 
supported the Camp David 
agreement when the PLO re- 
jected it. He took part in the 
post-Madrid peace negoti- 
ations in Washington. Bui 
now he sees belief in the pos- 
sibility of peace fading. So he 
said during a visit to Boston to 
receive an award from Phy- 
sicians for Human Rights. 

“People wanted to believe 
that this peace process would 
lead to something.” he said, 
“that Netanyahu would go 
along with it. that he might 
even be better for it. 

“Then came Har Homo. It 
undermined that thinking. It 
gave the opponents of peace 
the chance lo say. 'We told 
you Israel didn't really want 
peace." 

“Netanyahu's short- 
sightedness is so painful. AH 
he can see is his power. He 
plays on fear to build support. 
The result will be violence, 
repression, more violence. 
Everything will erupt, but Is- 
raelis will cling to him in the 
storm. He will survive — 


By Anthony Lewis 


on the bones of the dead.” 

Mr. Sarraj was talking 
about despair and bitterness in 
his own community in Gaza. 
But the feelings he’ described 
are widespread among 
Palestinians now. In a recent 


"We warn to help,” I was 
told in Washington this past 
week, “but we can’t unless 


the parties give us something 
to work with. Netanyahu wifi 


poll, taken by the Center for 
Palestine Research and Stud- 


Pale stine Research and Stud- 
ies in Nablus on the West 
Bank. 52 percent agreed with 
the statement, “There is no 
possibility of reaching a solu- 
tion acceptable to the two 
parties." It was the first time 
the poll had found a majority 
for that position. 

No realist can doubt that 
Prime Minister Benjamin Net- 
anyahu's recent acts have 
caused on ominous loss of 
hope for peace among 
Palestinians. And not just 
Palestinians. The Financial 
Times of London summed up 
the wider significance: 

“Arab governments have 
lost confidence in the peace 
process. They are themselves 
under varying degrees of chal- 
lenge from Islamic revivalists, 
and every Israeli step back 
from peace undermines 
them." 

The Clinton administra- 
tion's response to this crisis in 
one of its proudest achieve- 
ments. the Middle East peace 
process, seems curiously low- 
key. 


to work with. Netanyahu wifi 
be prime minister for the next 
four years. Criticizing him 
openly would only build sup- 
port for his policy." 

U.S. officials say they still 
hope that gestures from the 
two sides will let talks re- 


How else to explain Japan’s 
outrage at the U.S. Justice De- 
partment’s recent decision to 
bar entry to former members of 
Japan’s infamous Unit 731, 
which conducted medical and 
biological warfare experiments 
on prisoners of war, and otter 
Japanese citizens implicated in 
enmes against humanity? 

How else to explain to a furi- 
ous Asia and a bewildered West 
the continued self-induced 
denial over tire unspeakable 
horrors of Nanjing, 1937-39? 
How can we account for the 
statement of a former Diet 
member, Shintaro Ishihara, 
who said of Nanjing: “People 
say the Japanese people made a 
Holocaust there, but that is not ' 
true. It is a story made up by the 
Chinese. It has tarnished the 
image of Japan, but it is a lie.” 

Why, in the face of over- 
whelming evidence of the 
murder of more than 300.000 
Chinese in and around Nanjing, 
would Shigeto Nagano, then 
justice minister, assert that "the 
so-called rape of Nanjing and 
related atrocities supposedly 
committed by the Japanese mil- 
itary are fabrications”? 

It’s unlikely that war crim- 
inals will break their silence. 
But Japanese citizens seeking 
moral truth need look no further 
than to a member of Emperor 


Hirohito’s own family for spir-, 
itual and historical guidance. 

In a remarkable 1944 speech. 
Prince MBcasa. the emperor’s- 
youngest brother, condemned / 
tide Japanese military’s “policy. 
of aggression” and dared to de- 
tail the barbarities of using live 
Chinese prisoners for bayonet- 
practice. His speech was im-i 
medi a te ly suppressed 

Today. Japan is a vibrant de-. 
mocracy and an economic' 
world power. But on an inch-, 
vidual leveL, people have much, 
to learn from the struggle of a. 
Madeleine Albright, facing un-, 
known and uncomfortable facts 
from a distant past Japan’s 
younger leadership, like its 
counterparts in Europe, should, 
have the ganbaru to frilly face 
the outrages of the past, to fi- 
nally marginalize those who re- 
main proud of the wrong things 
in Japan's history. 

Japan’s Nobel laureate. Ken- . 
zaburo Oe is right when he saysiA . 
that without such -a commit- • 
ment, Japan will never be able 
to eradicate the ambivalence in 
its attitude toward its neighbors. 
Nor, be could have added; in its 
neighbors’ attitudes toward Ja- 
pan. 


Rabbi Abraham Cooper, as- 
sociate dean of the Simon 
Wiesenthai Center, contributed 
this comment to the Interna- 
tional Herald Tribunt. 


sume. 

‘ But only a bold American 
demarche. I fear, can save the 


IN OUR PAGES: 100. 75 ANT) 50 YEARS AGO 


peace process from crumbling 
altogether now for lack of 


trust Only a U.S. president 
can make the dominant party 
in the conflict. America's ally 
Israel, see again the truth that 
security lies not in particular 
bits of territory but in a peace 
that gives Palestinians the dig- 


nity to build a stable society. 
Beniamin Netanyahu is a 


Benjamin Netanyahu is a 
skillful politician. But he 
seems to lack the crucial in- 
gredient for a leader who 
wants to settle an aching con- 
flict. That is the ability to see 
the other side's needs and treat 
it with generosity. 

Compare Nelson Mandela. 
He did not harp on the deaths 
and cruelties inflicted by those 
who imprisoned him. He 
made peace. If be had acted 
like Mr. Netanyahu, playing 
to his own political extrem- 
ists. South Africa would be in 
flames. . 

The New York Tines. 


1897: Flying Machine 

CHICAGO — For four weeks 
past, the towns and cities be- 
tween Omaha and Chicago 
have been thrown into spasms 
of excitement by the occasional 
appearance in the sky of what 
seemed to be a large cigar- 
shaped airship, apparently un- 
der perfect control, sailing 
about in circles and figures at an 
altitude of a quarter to half a 
mile. These apparitions were 
believed to be the outcome of 
diseased, imagination or re- 
garded as a hoax. The only ex- 
planation of all this hubbub is a 
letter received by the Trans- 
Mississippi Exposition from an 
Omaha man, saying that, he is 
the inventor of an air craft and 
will exhibit it next week. 


Norway to preventtbfc giving of 
inappropriate names |o children 
were adopted in all :coun tries! A 
who has not quarrelled with his 

Daren IS rvf 


parents’ choice of histoaptisroal 
name? _ It will never, be- fully 
determined what eXactrpartxhe 
ima §ination plays ixLour con- 
ceptions of reality. Qf course, 
there is reciprocity bf effect. 
Tne name borrows gjjace fro m 
me bearer, or the bearer reaps 
(tension from the nadb. 


1947: Nazi Stamp Ran 


1922: Proper Names 


PARIS — What a boon to the 
world it would be if the le- 
gislative measure proposed in 


BERLIN — The AIHed Control * - 
Council forbade the sale, ex- 
change or display of postage 
stamps issued duriqg' the Nazi . 
regime, all of which .carried 
Hitler s likeness. All .agencies 
engaged in printing,' . stamps 
were directed to destroy- jtil . 
Nazi stamps within two weeks. # 
The law was another 'step- to 
°ut all outward signs of. 
the Nazis and was also intended 
to end stamp -collecting 





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INTERNATIONAL HERALD TRIBUNE, SATCRDAY-SUNDAY, APRIL 12-13, 1997 


PAGE 7 


NEW YORK FASHION 



but a t 


ij in. 


Picasso, the Last Classicist 

From Childhood to Mastery, the Early Influences 


International Herald Tribune 

W ashington - what h 

it that caused Western fig- 
art to disintegrate 
wuam a matter of years 
uueriive^ntunes of unintenupted cre- 
%. question soon comes to 
naunr the visitor as he walks through die 

TheEriy 

f dSf® s &sr “ ^ Na - 

; in the most stunning display ever of a 
modera artist s oeuvre, for which credit 

Nanonal Gallery chief of design, Mark 
Letihauser, a fascinating crescendo 
the viewer from the first artist- 
ic attempt in 1892 by an II- 
year old to the asto nishing 
mastery that Picasso had 
achieved by the time he was 
14, seeking his inspiration 
everywhere, from 16th-centu- 
ry Mannerism to Impression- 
ism. (The show will move to 
the Museum of Rne Arts in 
Boston, Sept. 10- Jan. 4.) 

Indeed, die artist’s preco- 
cious store of visual memor- 
ies is the first revelation in die 

SOUREN MELCKIA N 

» ■ 

’ show. Looking at the portraits 
he painted in 1895 and 1896, 
it is hard to believe that so 
young an artist, having seen 
so much, could recast it so 
thoroughly in his own terms. 

The teenager surely re- 
membered Murillo’s forlorn 
beggars when he painted, 
early in 1895, a young girl 
seated on a high-backed chair. 

She wears a long red dress but 
has no shoes, lire muted dis- 
tress of extreme youth ex- 


that Picasso gives his characters. There is 
no sneer here, only a glowering grimness 
that gets one shade darker still in “The 
Absinthe Drinker," another portrait that 
owes something to Toulouse-Lautrec. 

Already, Picasso began to contribute 
innovations to the modernist movement. 

rarely acknowledged because interest in 
his role as a revolutionary artist has 
focused on his Cubist period. Yet there 
are grounds for arguing that the man who 
‘ first devised the aesthetics of a school 
later to be dubbed Fauve is Picasso. 

The large areas of highly contrasted 
intense colors, the insistent black out- 
lines, the absence of volume and shad- 


only a year later, working his way back 
toward Symbolism in that same palette,’ 
Picasso painted a sentimental scene 
with a whiff of kitsch to it He called it 
“Tragedy.” 

Did the artist plan at that point to 
revert to academic an? “La Celestina' 1 
is a Classical portrait clad in blue. A 
woman in a mantle tightly buttoned 
under her chin, glares out of one eye — 
the other is lost in dead whiteness. A thin 
smile hovers ml her lips, 
jg her more sinister stilL The por- 
trait of this madame graced with a lit- 
erary reference (“La Celestina" is a 
character in a 15th-century play) isclev- 


person as she looks at die 
viewer with her hands crossed 
.and her eyes dilated in fear. The young 
' painter must have had other models at the 
back of his mind, perhaps Rembrandt 
with a touch of the Le Nain brothers, 
when he portrayed shortly afterward an 
“Old Fisherman," eyes cast down with 
an expression of untold weariness. 

Yet neither portrait is a pastiche. The 
red dress of the young girl is handled in 
a modem manner influenced by mid- 
19th -century French art, while the han- 
dling of the fisherman's shirt suggests 
awareness of contemporary Impression- 
ism. Both pictures are palmed in a re- 
strained mood. There are no superfluous 
props, only the essentials of spatial con- 
struction, volume and light 

Picasso cast his net eyer further. In 
1896. he painted an “aca demi c nude" 
executed with a sculptural feel for the 
human body that harks back to Paul* 
Prud’hon and an uncanny understand- 
ing of chiaroscuro. In that same year, he 
also painted two self-portraits, using 
broad brush strokes that point to con- 
tinued interest in Impressionism. The 
1 5-year-old then started traveling down 
the "road of the French avant-garde. 

He was clearly familiar with the Nabi 
works of Emile Bernard when he 
sketched “The End of the Road," 

, around 1899-1900, and he must have 
- been exposed to Toulouse-Lautrec’s 
strident style when he portrayed his 
sister Lola around that tune. But the 
young man transformed everything he 
borrowed almost beyond recognition. 

The downward charcoal strokes that 
slash the background of Lola’s portrait, 
the delicate coloristic effect created by 
the light blue crisscross over the blouse 
contrasting with the dense. blacks all 
around, have no equivalent in Toulouse- 
Lautrec nor do, above afl, die expressions 


Spanish Couple Before an Inn, ” 1900, pastel on paper. 


bnui VfaoortcJ Mucom cl An. Sakwt 


ow are all there in the pastel called 
“Spanish Couple Before an Inn," done 
in Barcelona as early as 1900. 

Not only that. The essential ingredi- 
ents of Goman Expressionism, which 
burst out on the art scene seven years 
later, can be recognized in “Woman in 
Stockings" or “Le Divan Japonais,” 
both dating from 1901. In “Fourteenth 
of July,” colors explode in a quasi- 
amorphous crowd mat blends into die 
background of ramshackle Parisian 
houses. Yet. however promising the av- 
enues that Picasso opened up seemed to 
be, none durably retained his attention. 


W! 


TTH unbelievable versatil- 
ity, the painter to-and- 
froed at will between styles 
so far apart as to seem in- 
compatible. Occasionally, he blended 
them together. One of his masterpieces 
of 1 901, “Woman With a C ape.’ ’ can be 
seen as a great classical European por- 
trait for its composition ana its pen- 
etrating psychological insight or as an 
avant-garde exercise in brushwork di- 
luting detail. 

During die Blue Period, starting in 
1902, thus called b e ca u se blues dom- 
inated, Picasso remained as diverse as 
ever. The slick denomination is decept- 
ive. There was no stylistic unity. 

Possibly influenced by some Tahitian 
Gauguin scene, Picasso painted one of 
his greatest pictures, “Two Women at a 
Bar,” in which die sculptural monu- 
mentally acquired in his early days goes 
together with a subtle use of the sug- 
gestive value of color. The boldness, the 
intelligence of die composition make, 
this scene, on loan from die Hiroshima 
Museum of Art, one of the most sen- 
sational revelations in the show. But 


er. But it does not quite work. “La 
Celestina" is merely a brilliant exercise, 
as if psychological portraiture had 
reached the end of its tether. 

Picasso gave it one last hurrah. His 

1905 “Head of a Woman in Profile" 
done in dxypoint is a remarkable 
homage to 16th-century Mannerism. It 
has a flowing linear perfection. Yet, at 
that point, figuration imploded. Picas- 
so's famous portrait of Gertrude Stein of 

1906 has an exaggerated expressive- 
ness. The simplification of form and a 
composition that is slightly off balance 
give it a weird appearance. 

That same year, Picasso began to 
brutalize the human form. He simplified 
the bodies, twisting them out of shape 
and thickening them. The faces to which 
he had given so much care changed into 
masks. This is where die show stops. 
Four years later, volume, shape, features 
and all in non vanished, leavmg abstract 
geometric patterns. They called it Cu- 
bism. Western figure! art never really 
recovered from the trauma. Picasso, the 
last great classicist, briefly reverted to 
the figural style he had taken to such 
heights. 

His "neoclassical" period was 
primarily an attempt to resuscitate an ait 
to which he had dealt a fatal blow. But it 
soon petered out, bogged down in sterile 
formalism. As if driven by rage, Picasso 
then threw himself into an orgy of im- 
itations of bis earlier avant-garde 
achievements, often with a touch of self- 
derision. These were derivative works at 
best, no matter how fulsome the praise 
poured on them may be. 

A vital spring had snapped in Western 
culture. What came after is referred to as 
Contemporary Art and here an lovers 
must draw tbeir own conclusions. 



GUGGENHEIM MUSEUM 
PRESENTS 


One of the most 
celebrated festivals 


The Salzburg Festival 


IN PARTNERSHIP 
WITH 

HUGO BOSS 

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in the world joins the 

in Newark 

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best in contemporary 
music and theater. 
April 19 - 24 
For information 

call 212 425 3587 


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ENHEIM 


New Breed of Gender Benders 



By Suzy Menkes 

International Herald Tribu ne 

N EW YORK — Pin- 
striped pantsuits 
alongside super- 
short skins and ul- 
tra-high heels mean that 
gender is on the fashion 
agenda. It has become the 
dominant force of the Amer- 
ican fall fashion season. 

Among the plays on mas- 
culine and feminine were 
Ralph Lauren's couple of 
swells: one in a tailcoat, cigar 
in hand (well, tycoon Lauren 
had just decided to make a 
public share offering): her 
partner wore a slither of sarin 
slip dress, while the sound 
track played “La Vie en 
Rose." 

John Barden, a 33-year-old 
Harvard -educated roenswear 
designer, who is new to wom- 
en's fashion, had a sharper 
take. Out on a runway divided 
between gray flannel and 
white sarin came models 
whose clothes determined 
whether they walked on the 
distaff side. The “femme- 
butch" (Bartlett’s phrase) 
shrugged a black leather jack- 
et and a wrap sweater over 
pin-striped pants. She fol- 
lowed the flannel. The 
“femme-femme" had a 
slinky jersey dress, split at the 
side and bisected with ab- 
stract blocks of color. She 
on the satin. 

oth are. of course, aspects 
of the same woman. But it 
took a new-generation de- 
signer to articulate what is dif- 
ferent about fashion andro- 
gyny in the 1990s compared 
to more familiar gender- 
bending. Modern woman is 
used to wearing the pants, and 
when she chooses femininity, 
ruffles, frills and push-up bras are left 
to file drag queens. Bartlett's cool look 
at diversity, from a shapely shirt with 
buckled short sleeves, through laced- 
up pants and cut-away dresses, made 
an assured debut to justify the backing 
he has received from the Italian Genny 
company. 

Cross-dressing in a man’s suit is a 
cinch, but how a designer handles the 
woman thing is the challenge of the 
season. Lauren just played it like a 
pro. His theme was as corny as yup- 
pies on Wall Street — all bankable 
pantsuits, their sharp-shoulders offset 
by wide, soft trousers or a pin-striped 
bathrobe (add satin lapels and jet- 
beaded tassels). For tough executives 
working to a silver standard, there 
were pewter leather jackets, sparkling 
halter tops and gleaming metallic belts 
and bracelets ringing gray cashmere 
sweaters. We have seen it all before 



John Bartlett’s mannish tuxedo versus feminine chijfon. 

from Lauren, but he has a way of 
giving his signature pieces the current 
spin. 

What about designers who dress 
women who define themselves as 
ladies? Oscar de la Renta overcame his 
natural urge for feminine decoration to 
present a' cleaned-up look of sharp 
tailoring in (you guessed it) pinstripes, 
with that familiar game of opposites: 
the maxi coat over very short skirt. De 
la Renta is another pro. so he showed 
glazed leather to give it an upscale 
gloss and replaced glitzy gold with 
silver for evening. He also had his own 
luxe take on current trends, from the 
slender chinoiserie dress (among his 
signarure rich hippie caftansi through 
the sable trims on devore velvet 
dresses. 

Pinstripes? Bill Blass had them go- 
ing every which way: as a diagonally 
smped tunic over vertical-line pants. 


or mixed with reptilian 
prints. You have to admire 
the septuagenarian design- 
er’s ability to absorb cur- 
rent fashion, from his way 
of mixing evening chiffon 
dresses with day wear to 
shake up the show's 
presentation, to the mod- 
ernist prints in abstract 
patterns on velvet jackets. 
Blass is also a master of 
throwaway, all-American 
elegance, like the silver 
cardigan shrugged over 
velvet pants. But he and 
his models stumbled over 
trains. However pretty the 
plum and dusty-pink 
dresses were, modem wo- 
men don’t want to take 
trains in their stride. 

Since classy American 
sportswear owes so much 
to Halston, who died in 
1990, it was interesting to 
see the label revived. The 
designer Randolph Duke 
made a smooth job of re- 
visiting the Halkon clas- 
sics like ultrasuede (even 
as sequins), sarong skins 
and evening sweater 
dressing. The house’s 
problem is Halston ’s 
achievement: Whai he in- 
vented 30 years ago has 
become the familiar cur- 
rency of American fash- 
ion, so that designers who 
have been following that 
modernist and minimalist 
creed are now searching 
for a new way to go. 

But Michael Kors took 
a tricky path forward with 
his trashy look — all tiny 
skirts, teetering high heels 
and flashes of hazard-or- 
ange leather or silver studs 
on black leather. He called 
it aggressive opposites — 
"butch and femme." But 
he was on surer ground with the Y 
chromosome, where the slouchy pant- 
suits, camel coats, patent-leather pea 
jackets and the sexy singlet with deep 
armholes had the right gender blend of 
luxury and modernity. 

Remember die thickly drawn man- 
nish eyebrows that were a fashion fea- 
ture of the androgynous 80s? Anna Sui 
made them part of her back-to-the- 
1980s look that included pinstripes 
and wannabe-Chanel power suits. But 
the designer revisited the decade 
through her favorite haunt: the flea 
market. Different periods from Vic- 
torian gothic onward were the inspir- 
ation for the Sui collection, which had 
Mongolian lamb trims and quirky 
thrift-shop hats above perky plaids. 
For evening, there was a sly take on 
frilly femininity, for the models, in 
their innocent, lacy, little-girl party 
frocks, wore devil's horns. 


ART EXHIBITIONS 


SOPHIA VARI 

WITTE LSBACH ERPLATZ, MUNICH 

•IE PRIMEMPS FRANCA IS EN BAVIERE" 
April 12-Mav 9, 1997 

Sophia Yari is represented by: 

NOHRA HAIM!- GALLERY 

1 1 East s'Ah Street, .New York 
212-888-3550 - fax: 212-888-7869 


auction sales 


IN FRANCE 


DROUOT RICHELIEU 

9, rue Drxxiot 75009 Paris -TeL: 01 48 00 20 20 


PARIS 


— Monday, April 21, 1997 

Room 1 at 2.15 p.m. WEAPONS and HISTORICAL 
SOUVENIRS. Erode TAJ AN. 37. rue des Maihurins 750GS 
Paris, eel.: 01 53 30 30 30 - fax: 01 53 30 30 31. 


W ed nesday, April 23, 1997 

Room 2 at 2:15 p m. JE\FELS. Etude TAJAN, 37 me des 
Maihurins 75008 Paris, cel.: 01 53 30 30 30 - fax: 
01 53 30 30 3L 


-Friday, April 25, 1997 


Room 5 at 2:15 p.m. OLD MASTER DRAWINGS. Etude 
TAJAN, 37. rue des Marhurins "5008 Paris, tel.: 
01 53 30 30 30 - fax 01 53 30 30 31. 


In NEW YORK please contact Retry MaLsonrouge & Co. 
Inc. 16 East 65tn Street, fifth floor. N.Y. 10021. Phone: 
(212) 7*7 35 97 , 38 13 - Fax: 1.212 > 86] H 3*. 


ARTS 

& AJYIIQIES 

Every Saturday 

Contact: 

Kimbehy 

GUBn/Utt-BClMNCOUKT, 

TeL (33-11 41 43 94 76 
Fax: (33-1) 41 439370 

or your nearest IHT mice 
or representative. 


ANTIQUES 


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Japanese Satoumo, bronzes, 
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PAGE 9 



H KT HC TRADING IN BOMBAY — A Bombay stock trader giving a thumbs-op sign Friday. Bombay's 
oocmnarK^ock index rose 0.98 percent, to 3,633,73, as speculation mounted that the government of Prime 
Mu ster HJX Deve Gowda would fall. The government later lost a confidence vote in Parliament, casting doubt 
ocnbether its budget could be passed. Stock markets will be open Saturday to allow traders to react to the vote. 


KONOMIC SCENE 


Weak Yen Forces Firms to Take Stock 


By Velisarios Kattoulas 

iaiemarional Herald T ribune 

T OKYO — when the yen 
soared to a record high against 
the dollar two years ago, ex- 
ecutives at Japan's leading 
multinationals watched in despair as 
the prices of their products abroad 
soared, undermining their export mar- 
kets and cutting profit margins. 

Now, with the yen hovering near 
55-month lows, it is the executives of 
, the once-sheltered companies depend- 
ent on Japan’s domestic markets who 
tare suffering as 
.goods they buy and sell 
; The yen's weakness, while helping 
Japan's multinational exporters regain 
markets abroad, is hurting these do- 
mestic-oriented manufacturers. It is 
raising the cost of die raw materials 
they import, ranging from oil to wood 
chips used to make paper. 

Nippon Paper Industries Co., far 
one, has seen its profit deteriorate over 
the past two years. The company ex- 
pects to post an operating profit of 
j about 41 billion yen ($323.1 million) 

I for the year that ended March 31, 
which would be a drop of 7 percent 
1 from the previous year. The company 
predicted a profit of only 20 billion yen 
for the current year. 

"The problem for us was that the 
Japanese market for paper was too weak 
for us to pass onto customers the rising 
cost of imported wood chips caused by 
the yen’s fall," Takeshi Kano, a 
spokesman for the company, said. 

But toe weak yen may hold an up- 
side for companies like Nippon Paper, 
at least over toe long term; it is forcing 
them to do what few Japanese or for- 


eigners thought them capable of: re- 
structure aggressively. 

Afraid they might not get another 
chance, domestic-oriented manufac- 
turers are quietly cutting workers and 
costs, consolidating overlapping busi- 
nesses and. along the way. slowly be- 
coming more competitive. 

Nippon Paper held 17.4 percent of 
Japan's paper market when it was 
formed in 1993 by the merger of two 
smaller paper companies. Since then, 
it has cut its work force by about 15 
percent, to 7,700, but seen its share of 
die market slip to 17.1 percent 

To ensure its survival, Mr. Kano said 
Nippon Pape- would shed 2 percent 
mare of its work force by March 1998 
and would unveil another broad re- 
structuring plan in toe next few weeks 
to boost competitiveness further. 

For Japan’s faltering economy as a 
whole, the weak yen, which many 
executives and economists expect to 
edge lower over the coining months, is 
an emphatic pins. Since the dollar fell 
to 80 yen in April 1995, the U.S. 
currency has risen nearly 60 percent, 
to around 127 yen this week. This 
lower yen has sparked an export boom 
that has been instrumental in driving 
Japan out of recession. 

“The yen’s weakness is highlight- 
ing toe Japanese economy’s split per- 
sonality,’ Hisashi Yaxnada, chief 
economist at Japan Research Institute, 
said. "On the one hand, you have 
internationally competitive firms with 
overseas plants and gnat maneuver- 
ability. On toe other, you have do- 
inesuc -oriented -firms that can do little 
to dodge the weak yen.” 

But Japan's top multinationals have 
resisted me temptation to bask in the 


glow of their resurgent exports and 
profitability. Instead, top executives, 
who remember the last recession and 
the yen *s surge only coo well, are using 
stronger export earnings to finance the 
development of Dew products they 
hope will drive future growth — at 
home and abroad. 

After building scores of plants 
across Asia, Europe and North Amer- 
ica following the yen's singe in 1995, 
Japanese multinationals are now reap- 
ing rewards. These days they counter 
currency swings by juggling produc- 
tion between plants in different coun- 
tries. A weak yen, for instance, in- 
creases the competitiveness of plants 
in Japan and prompts multinationals to 
buy more parts and malice more fin- 
ished goods at home. And many top 
multinationals, such as Japanese car 
makers and electronics companies, 
have done precisely that. 

Canon Inc., the computer printer and 
camera maker, is a case in point Over 
die past two years it has juggled pro- 
duction between different countries to 
lower its exposure to currency move- 
ments and in February announced re- 
cord sales and profit. & the year ended 
in December, Canon's consolidated 
operating profits soared 44 percent to 
221 billion yen on sales of 2.6 trillion 
yen. Fujio Mitarai, Canoti’s president, 
atm bo ted toe company's strong per- 
formance to its restructuring following 
the yen 's surge two years ago and to the 
yen s weakness over the past year. But 
he warns against complacency. 

"Now is time to boost toe money we 
spend on research and development,” 
Mr. Mitarai said in a speech this week 
to Canon managers. ‘ 'ft is time to make 
our technological standards leap.” 


Mutual Fund Inflows Drop Sharply 


York Tunes Service 

fHW YORK — After helping toe 
. stock marker get off to one of its 
est starts in history this year, xnutual- 
1 investors have apparently grown 
uy of an increasingly volatile mar- 


las-c. 

bile money continues to pour into 
- mutual funds, the pace of its in- 
slowed sharply in February and 
;h and now is far behind last year’s 
rd-sening rare, according to mo- 
fund tracking services and some 
companies. 

ie Investment Company Institute, a 
lal-fund trade group, said Thursday 
according to its preliminary es- 


timates, stock funds took in about $93 
billion in March, down from $183 bil- 
lion in February, a 49 percent drop. 

Id March 1996, a net $21.3 billion 
came in. toe institute announced, mak- 
ing the year-on -year decline 55 per- 
cent 

Wall Street is starting to wonder 
whether the sharp decline in rnutual- 
fund inflows signals a significant 
change in investor sentiment that could 
further disrupt an already wobbly stock 
market 

"It’s not a pretty picture,” David 
Shulman, chief equity strategist at Sa- 
lomon Brothers, said. ‘ 

"If we’re in a new world of moderate 


mutual-fund flows,” Mr. Shulman said, 
“stocks are going to have a serious 
problem.” 

Also on Friday. Fidelia Investments, 
toe largest U.S. mutual rand company, 
said its net income declined 2 percent 
last year, to $423.1 million from a re- 
cord $431.1 million in 1995. 

Fidelity's revenue increased 19 per- 
cent to $5.08 billion, according to a 
Bloomberg News dispatch. Assets un- 
der management rose 23 percent to 
$496.3 bullion. 

Fidelity released information about 
last year’s financial performance in its 
annual report which was distributed 
Friday. 


CURRENCY & INTEREST RATES 


:ross Rates 
* 

■SWUBB »** 

KIM* 

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ET WM* 

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S. Ur. rand 

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484 

698 

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490 

483 

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172.19 

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450 

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145 

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1*526 14575 14529 


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450 
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125 

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015 

025 

027 

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5.73 


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l Mo ieaffwi rate 3.10 3.10 

QAamw 3VU 

l-wlB fatertwnO 3V» 3M* 

ShbabHi UtwUank 3 1 * 31* 

frOMft interim* 3M 3U 

lO-WorOAT 5A2 080 

Sources: Reuters, Btoorabem, Menitf 
L/ncb, flank ot TekyB-MifiebisU. 
QmmoTbonk. Cma Lymak. 

GoW am. pm. arse 

Zurich NA. 34730 Untft. 

Lawton 34065 347.95 +035 

UewYWft 351 in 349 JO -1 60 

U&Miarsperounce- UmdonoMdo] 
ftOngs; Zurich amf New ““* * — 
asd closing prices; New 
CJuneJ 

Sana: Reuters. 


France and Spain Tame Inflation 

Falling Food Costs Cut Price Rises to 30-Year Lows 


CiCnpi’iJH On- Strff f r;»H t'li/vl, hr- 

France and Spain said Friday that 
their annual inflation rates had reached 
their lowest levels in about three de- 
cades, driven down in both countries by 
a decline in food prices. 

The figures, which put France's in- 
flation rate among toe lowest in Western 
Europe, also indicated that the central 
banks of both countries could keep rates 
steady or even lower them. 

The French consumer price index 
rose a monthly 0. 1 percent in March and 
an annual 1. 1 percent, the lowest rate in 
30 years, confirming that consumer de- 
mand is too weak for companies to raise 
prices, toe national statistics institute. 
INSEE, reponed. 

"The problem is that domestic de- 
mand is slack at toe retail level.” Em- 
manuel Ferry, an economist at Credit 
Commercial de France, said. "Prices 
are falling, which implies a contraction 
of margins." 

"In some sectors — such as cars and 
services — there is a total absence of 
inflation, and even pockets of defla- 


tion."' he said. "Tobacco and energy 
prices are what gets prices rising 
today." 

Prices of tobacco rose 8.2 percent on 
the year, though they were unchanged in 
March. INSEE said. Oil prices rose 6.1 
percent on toe year, though they fell 1 .2 
percent in March. 

What pushed inflation to its 30-year 
low was fresh-food prices, which* fell 
3.5 percent in March and 8.8 percent on 
the year. Those prices rose almost 10 
percent in January after a bitter winter 
cut back supplies.* 

In an economy that is chiefly export- 
driven, companies — including most 
retailers — are relying on foreign ex- 
pansion to beef up their sales. Service 
providers, meanwhile, have been unable 
to raise their prices. 

Spanish inflation, meanwhile, fell to 
its lowest level in 29 years in March, 
raising analysts' expectations of further 
interest-rate cuts and bolstering Spain's 
hopes of joining the countries that are to 
launch toe single European currency in 
1999. The Spanish National Statistics 


Institute reported that the consumer 
price index rose a modest 0. 1 percent in 
March, to give a 2.2 percent nse on the 
year. This compared with a 2.5 percent 
year-on -year rate in February and 2.9 
percent in January. The food sector was 
also toe key to subduing inflation in 
Spain, analysts said. 

"Foods have performed positively 
despite the rise in the price of tobacco in 
March." said Antonio Miguelanez. an 
economist at Banco Bilbao Vizcaya in 
Madrid. "We're in a good position to 
see new falls in the next few months, 
and in principle that leads us to think 
that CPI may break the 2 percent barrier 
in May." 

Alfredo Umitia, chief economist -at 
Soeiete Generate in Madrid, called the 
Spanish figures “very good data." He 
said they showed thar prices in the real 
economy were decelerating and opened 
the way for a rate cui by the Bank of 
Spain this month. 

In addition, the report "helps build 
toe credibility of Spain to make EMU." 
Mr. Umitia said. (Reuters. Bloomberg) 


Time to Experiment on Wages? 

Some Retailers Have Offered Raises Without Bumping Up Prices 


By Louis Uchitelle 

NeM- Yurt Times Sen-ice 

NEW YORK — The 
people who work at the Wal- 
Marts, J.C. Penneys and 
Nordstroms of America are 
doing better lately. They re- 
ceived pay increases over the 
last year averaging more than 
4 parent — the sort of raises 
that have Wall Street ablaze 
with talk of coming inflation. 

Bui rather than increase 
prices, the big American re- 
tailers are finding other ways 
to get the money for those 
wage gains. 

They shifted to less ex- 
pensive suppliers. They 
stockpiled fewer goods and 
developed more efficient 
ways of moving merchandise 
from warehouse to toe selling 
floor. Through mergers, 
some cut back on duplicate 
staffing. Some stores encour- 
aged shoppers to buy higher- 
priced goods, promoting 
brand-name labels that carry 
higher profit margins. 

For all toe fears prompted 
by recent wage increases, 
there are no signs that they 
are going to translate anytime 
soon into toe kind of infla- 
tionary pressures that cause 
U.S. business to raise prices. 

Even as average hourly 
wages have risen, consumer 
inflation, as measured by toe 
consumer price index, has re- 
mained at a fairly steady an- 
nual rate of 3 percent or so. 

More remarkable, toe 
price index, excluding vol- 
atile food and energy prices, 
is trending downward, run- 
ning at an annual rate of 25 
percent this year. And toe 
government reported Friday 
that producer prices slipped 
0.1 percent in March, al- 
though the core rate rose an 
unexpected 0.4 percent. 

American companies are 
driven mainly by fear that 
they win lose customers to 
competitors if they raise 
prices too much. One reason 
that can happen is that in- 
dustry has kept adding ca- 
pacity to meet growing de- 
mand at a much faster pace in 
toe 1990s than it did over toe 
last quarter-century, accord- 


ing to government data. With 
more supply, customers can 
shop for low prices. 

The hold-down on inflation 
has been so effective that 
Patrick Jackman, the head of 
toe Labor Department divi- 
sion that tabulates the con- 
sumer price index, said this 
week that the current situation 
was unprecedented. 

Paradoxically, for toe Fed- 
eral Reserve and for Wall 
Street that is small comfort. 

NEWS ANALYSIS 

By nature wary of the threat 
of inflation, the Federal Re- 
serve and toe markets nor- 
mally react to an economy as 
thriving as this one by push- 
ing up interest rates. 

The idea is to slow toe 
economy enough to force 
companies to restrain wage 
and price increases. In toe 
past they have generally had 
evidence of incipient inflation 
to justify their rate increases, 
which require justification 
because rale increases are de- 
signed to lead not only to 
slower economic growth, but 
also to less job creation. 

The case for raising in- 
terest raies now. ahead of any 
signs of higher inflation, is 
built mainly on toe fear that 
low unemployment will push 
up labor costs. 


The unemployment rate 
has been less than 55 percent 
since last June. The last time 
it was this low for this long, in 
the late 1980s. labor short- 
ages did indeed cause em- 
ployers to bid up wages for 
scarce workers, and business 
raised prices to help meet 
higher payrolls. This time, 
unemployment of less than 
5.5 percent is turning out to be 
much more benign, prompt- 
ing some experts to recom- 
mend that the Fed allow un- 
employment to fall further. 

"If you experiment when 
toe inflation rate is low. if it 
goes up a bit. you have not 
done violence,” said Joel 
Popkin, an economic con- 
sultant. 

The case for experiment- 
ation ties in the character of 
this expansion. The short- 
ages thai bring on inflation 
involve shortages of factory 
and office space, machinery, 
equipment and labor. 

But starting in 1994, pro- 
ductive capacity has been 
growing rapidly, matching a 
relatively brief spurt in toe 
mid-1980s, and exceeding 
any other period since toe 
mid-1960s. High levels of in- 
vestment have contributed to 
this growth. Another govern- 
ment measure, showing how 
much of toe expanded ca- 
pacity is now being used, is 


below toe level that is typical 
so far into an expansion. 

The labor supply — the 
total number of people at 
work or seeking work — has 
also expanded more than ex- 
pected. It typically grows by 
linle more than I percent a 
year, but recently the labor 
supply has been growing at a 
2 percent annual rale. 

The jump reflects several 
factors: immigration, welfare 
recipients moving ro work, 
more older men working and 
more working-age women 
seeking jobs. 

"Family income is grow- 
ing very slowly.” said Alan 
Krueger, an economist at 
Princeton University, "and 
that is drawing more people 
into work.” 

Profits also play a role. By 
most measures, they have 
reached their highest levels 
since toe 1960s. That might 
not last, but right now cor- 
porations have flexibility, 
economists say, to pay for 
some wage increases out of 
these higher profits. 

"There is definitely wiggle 
room," said Robert Reis- 
chauer, a senior fellow at the 
Brookings Institution. "Cor- 
porations have not passed on 
all their savings in health care 
costs. Some has gone to 
profits, and this can be shifted 
to wages if necessary.” 





INTERNATIONAL TELEPHONE COMPANY 

WORLDWIDE CALL BACK SYSTEM 

SAVE UP TO 80% 


Distributors Needed Worldwide 

For Cali Back International, Domestic & Cellular 


International Telephone Company 

290 Pratt Street, Meriden, CT 06450-2118 
1800-638-5558 ext. 91 f 203-238-9794 Fax: 203-929-4906 





IINSTERtO DE ENEHGIA 
Y MINAS 


ji&L 


PETROECUADOR 

£ M » R E E. 4 ES’HUL 
PtT«OL(Ot DEL ECUADOR 


REPUBLIC OF ECUADOR 

MINISTRY OF ENERGY AND MINES 

EMPRESA ESTATAL PETROLEOS DEL ECUADOR 
PETROECUADOR 

SUSPENSION OF INTERNATIONAL TENDER 


Within the process of the “ Special Tender OLSOCO-CEL-97 for the Contracting 
of Transportation Service for Crude Oil, using the Privately Owned Centro - Oriente 
Pipeline System, (SOCO)”, the Special Bidding Committee, CEL, in application 
of its authority, stipulated in Art. 11, numeral 10, of its bylaws for the Contracting 
of Transportation Service for Crude Oil through Privately Owned Pipelines, with 
Resolution Nbr. 497 - CEL - 97 of March 20, 1997, decided to suspend the above 
mentioned bidding process, on the grounds of its inconvenience to the national 
interest . 


Quito, March 24, 1997 


Eng. Raul Baca C. 

Minister of Energy and Mines 
Chairman of the Special Bidding Committee 


Dr. Rafael Almeida M. 

Executive President of Petroecuador 
Secretary of toe CEL 







.\~\ZCZ0£!3 


PAGE 10 


INTERNATIONAL HERALD TRIBUNE, SATUKDAY-SUNDAX APRIL 12-13, 1997 



THE AMERICAS 


i ' LJ 1 yj I Kj'r^ Ti 


Investor’s America 



Finance and Tech Shares Pull Market Down 


CaapSfdtn Our Staff FrrmDr^achn 

NEW YORK — Stocks plummeted Friday, 
with finance and technology sectors leading the 
decline, as signs of faster inflation fueled concern 
that more Federal Reserve Board rate increases 
may reduce company earnings. 

Finance companies, whose profits rise and fall 
with Interest rates, dragged stocks down. 

Salomon declined 314 to 5036, and Advanta 
dropped 1 13/16 to 205/16. . 

Bank stocks fell the most. Citicorp plunged 5 l A 
to 104%, and Chase Manhattan was down 3% at 
90 l A. Rising rates undennine demand for loans and 
tend to make lending less profitable. Investment 
banks and credit -card companies slid as well. 

Hank Herrmann, chief investment officer at 
Waddell & Reed, said: “People are ratting more 
and more focused on whether the Federal Re- 
serve will raise rates in May. Until we get through 
that, I don't think there are many buying op- 
portunities." 

The technology-heavy Nasdaq composite in- 


dex declined 26.82 points to 1.208.95. Intel, 
which fell 634 to 1 30%. was the most active issue 
on U.S. markets, Ming on concern that the com- 
pany will make big cuts in semiconductor prices at 
the end of the month to fend off competitors. The 


U.S. STOCKS 


decline came even though Intel is expected to 
report earnings of S2.07 a share Monday, up from 
51 .02 in the year-earlier period. 

Boston Scientific tumbled 1446 to 45% after the 
medical device maker said first-quarter earnings 
would be “significantly below" analysts' esti- 
mates because of the dollar's rise against other 
major currencies. 

Biogen shares fell amid concerns that sales 
growth for its new multiple sclerosis drug Avonex 
could slow, analysts said. The biopharmaceutical 
company was downgraded to “buy" from 
“strong buy" by an analyst at Cowcn & Co. 

Biomarrix shares rose after the maker of med- 


ical products received approval from China fonts 
Synvisc treatment for osteoarthritis of the knee. 

Ascend Communications and Cascade Com- 
munications dropped after the computer net- 
working companies' first-quarter earnings report 
showed slowing sales growth. 

Shares in America Online rose % to 47% even 
after a study found that die on-line service's 
electronic-mail function contained a security 
flaw related to a version of Microsoft Corp.'s 
Windows 95 operating system. But Microsoft 
shares declined 134 to 95. 

Dallas Semiconductor bucked tbe trend and 
rose after die integrated circuits company said it 
earned 50 cents a share in the first quarter. 


Tyco Plans 
To Acquire 

AT&T{ 

Cable wit 


V*? 


idlts 




■-■*?** 


ijj. .* 


impared with 36 cents a year ago. 

Chrysler declined after the automaker shut 
down assembly lines at four pickup truck plants 
because of a strike at an engine plant in Detroit. 

Loehmann's shares fell after the company 
reported that first-quarter earnings would not 
meet expectations. ( Bloomberg . AP) 


PRICES : Data Show ‘Ugly’ Signs ofU.S. Inflation, Raising Fears of a Rate Rise 


Continued from Page 1 


slumped, raising interest rates. Tbe 


; l Cep^-0«wrS*:.... 054&4Z;-. -O.lfc 


Source: Bloomberg. Reuters 


Very briefly; 

Internet Lists Executives 9 Salaries 


WASHINGTON CAP) — A new Internet site provided by 
the AFL-CIO labor federation is making information available 
on the salaries being paid to U.S. corporate leaders and bow 
they compare with die average worker's earnings. 

The site, called Executive Paywatch. aims to provide salary 
and other compensation information on chief executive of- 
ficers of all the Fortune 500 companies. 

A General Electric worker, for example, would find that 
John Welch, the company's chief executive, earned S39.8 
million in 1996. The average worker would have to toil 1,612 
years to make that much, according to the site. The site's 
Internet address is www.paywatch.org. 


“We are seeing the benefits of what 
economists call tight labor markets," 
Bloomberg News reported from 
Raleigh. “That is basically terrific; 
the contrast with Europe is stark. 
Wages are moving up across the 
scale. Surprisingly, prices are not." 

Part of the explanation for that, 
Mrs. Rivlin suggested after her ad- 
dress, was the strong dollar, which 
holds down prices of imported 


yield on the benchmark 30-year 
Treasury bond issue rose to 7.18 per- 


goods. * ‘The strength of the dollar is 
helping us very much on inflation at 


Compaq Interested in Micron Unit 


helping us very much on inflation at 
the moment," she said. 

With the sharp decline in stocks, 
the averages have given up all erf 
their gains this year. Declining is- 
sues on the New York Stock Ex- 
change outnumbered gainers by an 
unusually large 7-to-l ratio. 

Long-tom bond prices also 


Treasury bond issue rose to 7.18 per- 
cent from 7.1 1 percent Thursday. 

Bruce Steinberg, the manager of 
Merrill Lynch's macroeconomics di- 
vision who wrote the commentary 
that called the Friday data ugly, said 
the news was worse from the fi- 
nancial markets' standpoint than 
from an economist's outlook for in- 
flation. He said investors were wor- 
ried because the figures showed “the 
economy was growing very rapidly 
in the first quarter," but added, "my 
point is that it’s not going to grow that 
rapidly" for the rest of the year. 

Warm winter weather and early 
tax refunds lifted retail -sales results 
in tiie first quarter, he said, while tbe 
producer price increase reflected 
rises in aircraft and tobacco prices 
that were unlikely to recur. 


Carl Bhathena, an investment 
strategist at Everen Capital Carp, in 
Chicago, said: “What we see in the 
inflation side of the equation is, it 
really picked up a little bit, but it is 
nothing substantial. It is not a threat 
to derail the financial markets and 
also not a threat to derail economic 
growth in 1997 and 1998." 

He said the robust retail sales 
numbers for the first quarter indi- 
cated that consumers were confident 
about their prospects but that this 
confidence was “not out of line" 
with the growth of the economy. 

Mr. Bhathena said investors 
could not expect tiie stock market to 
always produce the double-digit re- 
turns prevalent in 1995 and 1996, 
but he said he also did not expect a 
replay of 1994, when the Fed last 
raised interest rates to quell inflation 
and equities were flat for the year. 


The Fed raised its target for the 
federal funds rate, the overnight in- 
terbank loan rate that forms a floor 
for the U.S. money market, on March 
25, to 5 5 percent. 

Tbe central bank, which gave 
neariy three months of warnings that 
it was likely to raise rates, is also 
expected to push the federal funds 
rate to 6 percent in the coming 
months. 

Mr. Bhathena said the sharp de- 
cline in the stock market on Friday 
reflected weakness in bonds, which 
are offering yields near the top of the 
range of 6.25 percept to 7.25 percent 
that he is predicting for the near 
term. With stock prices having been 
beaten down, be said, investors 
could look for companies with good 

dustne^which would bemsfiTfrom 
economic growth. 


Bloonibers News 

EXETER. New Hinpshire 
— TVco International td. said 
Friday it would buy AT&T 
Corp.’s undersea fiOT-°p& c 
cable operation for S8I0 mil- 
lion. gaining a businMSjhat in- 
stalls the cable made byU yco. 

The cable business insists 
mostly of AT&T's Suixiarine 
Systems Inc. unit, whiri buys 
most of tiie undersealcable 
made by Tyco’ s SrniplejUech- 
nologies unit 1 

Submarine Systems j ex- 
pected to have l997 revebe of 
$1 billion. . \ 

Tyco has expanded in spent 
months, unveiling an j tree- 
ment to buy the electroni-se- 
curity concern ADT Ltd land 
making several smaller but- 
chases. \ 

Dennis Koziowki, Tyb’s 
chairman, said the acquision 
would have “an inline date 


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positive Impact” on its . 

He was not more specific. I 

Tyco shares closed 50 cats 
lower at $57.75 in New Ydc 
trading. AT&T stock slippedlS 
cents to $33.75. 1 

Tyco said demand for u- 
dersea cable was “rapidlyotl- 
stripping current capacity" tx 
cause of strong intematiom 
phone, fax and data traffic a 
well as the expanding marks! 
for Internet services. \ 

For. AT&T, the larges) 
American phone company, tha 
sale is tiie latest step in an efforj 
to focus solely on providing 
co mmunicati ons services toi 
businesses and consumers. Last! 
year, AT&T split off its com- 
puter and telecommunications- 1 
equipment units into publicly 
traded companies. 

AT&T's Submarine Systems 
laid the first trans-Atlantic tele- 
phone cable in 1956. It has 


BOISE, Idaho (AP) — Micron Technology Inc. executives 
acknowledged Friday that Compaq Computer Corp. was 
interested in buying its Micron Electronics subsidiary. 

But Micron Technology and Micron Electronics said they 
were not engaged in “active" discussions and that Compaq 
had not made an offer. 

Micron Technology owns about two-thirds of Micron Elec- 
tronics, a $1.8 billion maker of laptops, personal computers 
and other high-technology equipment Compaq is the world's 
largest maker of personal computers. 


Sell-Off in Stocks and Bonds Undercuts Dollar 


• Staples Inc. and Office Depot Inc. will bold off on their 
merger plans until a federal judge rules this spring on the 
Federal Trade Commission’s request for a court order to 
officially block the proposed $4 billion acquisition. 


• Chrysler Corp.'s production of tiie highly profitable Jeep 
Grand Cherokee as well as its Dodge Ram pickup and two other 
truck models was halted by a strike at a Detroit engine plant 


• Hedstrom Corp., a unit of Hicks, Muse, Tate & Furst 
Inc., agreed to buy ERO Inc. for $203 million. Bloomberg. AP 


Caviled bf Our Suff From Dupaicka 

NEW YORK — The dollar was mixed against 
other major currencies Friday as the prospect of 
higher interest rates prompted investors to sell U.S. 
stocks, braids and tbe dollars to pay for them. 

Expectation that the Federal Reserve Board 
will raise interest rates in May increased after 
reports on Friday showed rising consumer spend- 
ing and signs drat inflation may be accelerating. 

“People traded the dollar on the doom and 
gloom right now in the stock and bond markets,” 
said Russ LaScala. manager of spot trading at 
Citibank, as tire currency gave up much of its 
early strong gains. The dollar rallied, particularly 
against the yen, after Treasury Secretary Robert 
Rubin again said a strong dollar was in the U.S. 


interest The U.S. currency was still slightly 
ahead at 126.12 yen in 4 P.M. trading, compared 
with 125.85 yen a day earlier, and at 177205 
Deutsche marks, up from 1.7194 DM. 

But the dollar fell to 1.4610 Swiss francs from 
1.4685 francs, though it gained to 5.7890 French 


FOREIGN EXCHANGE 


francs, up from 5.7805 francs. Tbe pound was at 
$1.6275, up from $1.6230. 

While higher U.S. interest rates typically lift 
the dollar by increasing the allure of deposits and 
bonds denominated in it, the prospect of higher 
rates beat the U.S. currency by prompting in- 
vestors to sell U.S, assets. 


“Higher interest rates in the longer team are a 
positive for tiie dollar," said Roger Chapin, 
manager of foreign exchange at Banc One Corp. 
in Columbus, Ohio. “But in the short term 
they’re a negative." 

Seth Garrett, director of foreign exchange at 
Credit Suisse First Boston, said, “The Fed has 
expressed an interest in watching whether spend- 
ing is leading to inflationary pressures." 

Investors, Mr. Garrett added, were “nervous" 
about what higher rates could do to U.S. assets. 

An analyst at NatWest Markets merchant 
bank, Jeremy Stretch, said that “comments made 
by Robert Rubin suggested that tbe United States 
would not abandon as policy of favoring a strong 
dollar.” (Rinn mherg r AFP) 


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more than 1,000 employees. 
The sale “enables AT&T to 


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Tbe sale “enables AT&T to 
redeploy its assets info new in- 
vestment opportunities, while 
continuing to have access to 
Submarine Systems Inc.'s tech-, 
nologies as a customer," John 
Walter, AT&T's president and 
chief operating officer, said, j 


.u: 


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ILDSTOl k 'JAKkETs 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


‘li&y, Apni 1 ? 


Friday’s 4 PM. Close 

The top 300 most odlve state, 
up to the dosing on Wol Street 
The AssodeOed Press. 


j* # u> um ow Indexes 


Most Actives 


April 11, 1997 


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Trans 241X49 242&2S 23KJ3 2385.13 -077 

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38* 39ft 
53ft 53ft 
61ft 42ft 
131ft 133ft 
71ft 72ft 


Hlaii Low Lata* Chflo OpiiH 


CORNICaan 

X400bu mlntnum- canam butfM 
M0997 309 am* 299ft WAS 

JUI77 310 300ft 301ft —4 119.458 

S«B 97 299 289 2S9ft >4 20471 

Dec 97 29Sft 387 287ft -4ft 94431 

MrN WWW -Aft 9354 
EAsdes HA. Hal's. soles 64JB2 
Thu's open inf 359463 08 4760 



High 

Low 

Latest 

Owe 

Opktr 

ORANGE JUICE {NON) 



1X000 CBL- arts per b. 




Mar 97 

7175 

nm 

71 S 

+165 

11*9 

JUl 97 

7860 

76* 

7115 

+160 

9,122 

SCP 97 

81.10 

79* 

8160 

+165 

4*6 

Nor 97 

8X70 

82.15 

8X65 

+135 

2452 


High Low LflM Ohga Opfctf 


HUh LOW LafcU Chge Opt 


Est.sdes HA. Thu's. scAas 1,953 
Thu* 5 open W 21734 OR ISO 


1 0-YEAR FRENCH GOV. BONDS MATIF} 
FRoaooa - pa onou pd 
Jon 97 12BJ6 12 BA 8 12872—0.1216X957 
Sep 97 126A4 12660 13656 — 0.12 5,162 
DOC 97 9636 9636 9622—0.12 0 

Eat wkane 14&125 . Open ML 169,119 up 
■6879. 


• V lw-*- ■!■*•! 

*www* •; t 
* 'tft .ii * 

- • - V -.7\. 

-•»* 


Industrials 


Tit 7ft 
WVI 10h 
Ft 8 

a am 
IV* nt 
n 24 
t. h 
to 8ft 
im m 
n. nt 
left lfl* 
4ft 4ft 
lift mt 
19ft lift 
lift IT 
Aft 4 
43ft 42ft 
15ft Uft 
20ft 19ft 
1ft Jft 
u n 

13ft Uft 
1ft 3 
19ft 184 
1 1 ft 
17ft Mft 
4ft 1ft 
171* 17ft 
SV. Sft 
8 ft lit 
um im 
in nt 
a 21 ft 

to ai 
44 M> 
1 ft J 
iv. 11 * 
Rl> R 
49. 4ft 
U IM 
9ft «t 
1 V, 
tom Sn 
JDft ID 
I Aft IS* 
114 lift 
» M, 
*ft V. 
5ft ft 
lift lift 
25ft 24ft 
U 12ft 
29ft 20ft 
3 2 ft 
144 154 

6 54 

9 8 ft 
?<*ft 2ft 
2 ft 2 ft 

re* re* 

& £S 

49ft 409. 

an w. 
ret 9 ft 
1 % ft 
IV. Iw 
It. 1 ft 
D lift 
4Yt 4 
90. 94 

394 JTft 
49. «. 

IV, IV. 

IM Uft 
att 2 iu 
nt nt 

3ft 3V. 
191 * a* 
s* 10 
In im 
A ft Aft 
tot 9 
9 8ft 
9ft 8ft 
114 lift 
lift 16ft 

an 2 M 


34 . -v* 

7V, -*. 

Mft 4* 

BY» 4. 

a «4* 

in 
24 


Him Ln LOT Oft. 
39976 389A7 38947 -989 

502-73 49070 490175 -IZ03 

36420 357.11 357.11 -7J19 

254*3 24X69 24B73 6J2 

3AU1 315.15 Mli -HIM 


Nasdaq 


Nasdaq 


im -ft 

84 -V. 

lift -ft 

Aft -ft 

Uft -ft 

it s 

134 -ft 

4 -ft 

<24 -lit 

IS *4 

2BH -ft 

N -T. 

12 *ft 

13ft t Vt 

torn -4 

19 4 

1H -4 

144 -ft 

4 »V» 

rat -tt 

Wm .v. 

■ft 

lift *4 

7ft -ft 

a -it 

3ft *H 

Aft 

2 -ft 

in ft 

IM 

All ft 

14ft ft 

9ft ft 

1 

lift ■*» 

nt 

IM ft 

lift -ft 

m -ft* 

Wo -Vo 

ft 

lift ft 

Hft -1 

124 

29ft -ft 

nt 

14ft -4 

54 -ft 

84 -Vt 

2V. -V» 

27, -V» 

IM ft 

TV, Jn 

73ft 4fti 

4Ft -I 

m »ft 

9ftt 

V. 44 

IV, 4. 


1221314 120758 120878 -2679 

101X12 100165 100X04 -1BS0 

13AU98 134674 134A7A -24.17 

141X32 1*762 141039 -871 


ft* Him U— Lot 

W0I0 441* <2ft «VW 
9273? 734 A9ft 70ft 

-74* 344 32ft 32ft 

“Sf ass 


SOYBEAN MEAL (CMT] 

100 tuns- doUcr. twlui 
Mar 97 2SB50 27400 27610 —970 39759 
MV 28570 27200 27X30 —9 JO 3XE49 
Aon 97 27850 2644)0 26750 -770 9,549 

Sop 97 28050 2514X1 2SU0 -640 6A73 

Od 97 23350 227-90 23030 —170 6,100 

□SC 97 2254X1 221 JO 22300 -460 0604 

EsLsdes HA. Thu's. sales a«3 
Thu's open tat 110648 up 1335 


GOLD (NCMX) 

H10VwO*.-aoBi 

Apr 97 349410 
Mar 97 
JWI97 35150 
Aug 97 SUB 
Od97 35670 
DSC 97 35950 
F*bW 
Apr 98 

Esr.sdv HA. 
WireenM 1 


MptrnwoL 
31X40 3474)0 -U0 440 

30410 —1.50 2 

3484)0 3® JO —LSI 0647 
35010 35X00 -160 T3J07 
3S4JB 35470 —160 6,194 

3S6J0 35768 -1J0 71777 
mm -i.«s 5 an 
36120 -1^! 3,10 
Wuso 10.958 
MX404 Off SB 


ITALI AH COVHRNMEHT BOND QJFFE) 

JwW° "’mOO ^ M4° +0.151001 

S 077 127 60 12738 127.22 *012 AM 
S.ld«t 59357 PiM-SUCK 0355 
PrrtapaotaL 111^78 SUK 


141132 1*762 141X59 
1656* 163239 163X80 
041.43 84934 04961 


If Is SI 


SOYBEAN 08. (CBOD 
4X800 tot-cena peril 

Mar 97 3467 Z3J6 2134 -030 30,9*9 
Jul 97 2468 24.18 2433 -040 34403 

Aug 97 2S4B 2435 2437 -041 8A86 

Sep 97 2490 2450 2152 -043 5474 

Oct 97 2495 2450 2461 -064 5444 

D*C 97 25 H 2480 2485 -0* 14802 

EsL safes HA. Thu's, sides 14657 
flu's open int 79457 0 fi 300 


56119 S5536 556.16 -74D 


Dow Jones Bond 


20 Bonds 10147 

10 mules 9833 

10 Industrials 105451 


6799 Aft 
£1 I6W 

SS 8* 

4610 69. 


5ft 6ft 
Uft 25ft 
15ft 14ft 

S3 52 

S Mt 

5ft 

cn 42ft 


SOYBEAtS(CBOT) 

4000 Im MMmum- onto an- buthN 
May 97 86714 838 KfflVj -2« S84M2 

Jul 97 873 833 OAft -24 72649 

Aug 97 859 823 527 -ffiV. 10,917 

Sep 97 766 750 753 -M 6654 

Now 97 707 TOltt 702 -» 38692 

Ext. sales HA ThuH. salts 52.164 
Thu*scsienH 190651 u) 1772 


H GRADE COPPER (NCNUO 
25600 arts per l\ 

Apr 97 10030 10450 107J5 — 14H 

Mar 97 1035 10Si» 10665 —130 

Jun97 W5J0 1054» 10565 -130 

Jul 97 10530 10190 10UO -135 

Aug 97 103.10 10X00 10330 —US 

Sep 97 WX25 10260 1D2JD -14B 

Od97 102J0 10135 WXOO —US 

Nor 97 10130 — U5 

Dec 97 10030 1004)0 10060 -14)5 

ESL Ides HA Thu’s- sales 4376 
Thu'S OPtn int *675 off 159 


_ Trading Activity 


Nasdaq 


WHEAT (CBOD 

UN Du mMmura- cam oar Auflw 
MOV 97 XFFH 40m 403 *-W 13379 

Jul 97 415 406 40BY. +MW4 47661 

Sep 77 417 404 412 «UV4 9641 

Dec 97 *6 410 421 -MV. 7307 

EM. sole* HA WibW 25,743 
Thu’s open Int 804)74 ofl 1117 


Sa.VBt(HCMX) 

AND NW cents per tw be. 

Apr 97 470J3 -6.10 

MOT 97 490410 46&00 47200 -630 
Jun97 474iO 

Jill 97 4K00 <734)0 4774X1 -6.10 
Sep 97 *5.00 479410 *160 —6.10 
Dec 97 47560 48660 4S930 -6.10 
Jon98 49160 -4.10 

MorlB 9060 47660 49760 -6.10 
Bxsdes HA Thu's. »M* 5.114 
TtiTsepBiH 97327 Off 138 


& sssr 

13 38 NewHltfs 
94 46 New Loud 


1001 17* 

2497 B3A 
2254 l«4 

5757 57* 

2A SO 

Z» 126 


Livestock 
CATTLE (OAHU 


AAarket Sales 


133 226 

40 zm NYSE 

iw i9fl Arne* 

m 7 ^ Nasdaq 

23 72 tomBS 


tomBBans. 




aoj»OB)i.-cert! 

parts. 






Apr 97 

4765 

69.12 

6*62 

*067 

11656 



Jun 97 

6490 

6425 

6467 

+030 

3U» 

Toaar 


Aug 97 

64* 

6410 

M* 

♦067 

aun 

*0i 

com. 

0097 

6117 

062 

atm 


15608 

44466 

49866 

Dec 17 

n.n 

065 

067 

— QJQf 

76* 

1834 

2138 

Feb 98 

70* 

7165 

70* 

+062 

4.4U 

49865 

520.77 

EsLsda 1*679. Ws. sfts 

11357 



PLATNUMOMERJ 

PtwtLFdoletPtrtwB. 

Apr 97 37100 371150 36960 -050 

Mm9 7 39BS3 

Jun97 MET JO 

JW97 377 JB 37730 37290 —057 

Oct 97 VOX 37460 375.10 -031 

Jan 98 37730 —050 

Estsides HA Thir&Kilis 16M 
THYs open fen 16328 off Zll 


Case 

LONDON METALS CLME] 
DoBan per meMc ton 


a (High Grade] 

Spat 15M4J0 153460 1553% 155« 
Kmart 156760 156060 1SB8J0O 1508H 


Thu's open fed 101376 off 1046 


EURODOLLARS (CMBU 
SI mfeSan-ptsatlOOpd. 

Apr 97 M.N 74.15 94.14 -OflZ 3L652 

May 77 74.10 94J0A MflT -063 23608 

Jun*7 M64 9X77 S358 -064 501900 

S«P 97 9X75 7X61 9366 -067 397304 

Dec 97 9364 7331 7334 -668 281386 

Mar 71 1339 9115 9110 -4UJ9 2M344 

Jun98 9117 9363 9367 -009 181375 

Sep 78 9107 9264 9297 -Oil 142631 

DUCTS 9259 9265 9160 -ON 119,275 

•few 97 9299 9265 9187 -Oil 9X255 

Jun 99 9296 9262 9264 -QJO 77,965 

Sep 99 9193 9277 7263 -060 <1,736 

EsLnks HA Thu's. sales 3376 a 
Thu's open nt uaijra up 15796 
BRfINH FOUND (CMBt) 

426B8 Puundfc * per pound 
Jun 97 16294 16192 16270 35,165 

Sep 97 16270 16194 162 * B41 

Dec 97 16M2 101 

Esf.satos NA TTvA-Kte 
Tlura open fed 36,107 up BA 
CANADIAN DOLLAR KMBQ 
l(XUUdrttn,fne-CUiLilr • • 

Am 97 jm J17A 75620 

Spw 22C -72T3 JlH 4625 

fccw rzn jus j 2 as 1.142 

Mgr« ■ • JS% 772 

Bt.scfcs HA Thu's. sotes 6,977 
Wsopenmt 82,111 w 334 
GBHMNMARKtCMER) 

I ISOM mMcb 8 per mark 

oS -32 S ww 

S-w ™ -SH ws? 

Decff M jm jm 387 

J90 7 t 

g.Rdei HA Thu's, safes 20857 

Thu's open fed 8X006 aS 2774 
JAPANBEYBI (CMER) 
lUmmanyen. t pvlOOyan 

J0» J994 60» 81661 

6132 J1W JT17 1JM 

Dec 97 Sm sm 6222 412 

Kt-SO*»* HA Thu's. sides 22692 
Thjrtapoihd 80583 op 27* 

SWISS FRANC (CMB9 
mt rfmc 

IS 43 « 

■® 41 ■ OT5 .i* 

SF2L m. an 


Dividends 

company 


iwi j* 

Mft 4 

aft a 

8ft 
JV» 

2Sft ft 

n ft 

m -ft 


company Per Amt Rec Pay 

IRREGULAR 

Fend Own _ .16 4-21 5-1 

Pnd DfvsSdFd A - 635 4-16 4-21 

Shram CopRnl _ JX 4-25 5-15 

STOCK SPLIT 

BCE lK2«grl sp®. 

Brtnon & Kaantx 4 tor ispm 
Seaway Food 3 fori spBL 
STOCK 

Fd Calanlal Grp - 5% 5-30 6-19 

REVERSE STOCK SPLIT 
Seftwft Brace l tar Amerce. 

INCREASED 

FFD Financial _ 2775 4-30 5-75 

UNUMCacp Q J85 4*28 5-16 


Company 


Bey view Cap 
Bush Must A 
Cape Cod Bk 
Inc 


Per Amt Roc Pay 
REGULAR 

Q .16 4-11 4-25 
O 635 5-9 5-23 

O 31 4-21 4-30 

Q 6725 5-2 6-1 


. Entwpr Q JO 4-30 6-13 


FEEDER CATTLE (CMBU 

SUMO fen.- cravs per b. 

Aw 97 7160 7065 7067 -050 

May 97 7131 70L30 nj» —0.15 

Aug 97 700 7X45 7U0 +0.17 

Sep 97 7460 73255 74JI +0.15 

0097 7465 7X95 7445 *0.17 

Nuv97 76.17 7SJD 7665 -007 

ESC. sales 1450 Thu's, rales 2607 
Thu's open feit 19446 w 94 


g-Mles NA ThTLsahs 14*610 
Thu's op* fed 47696 w 1714 


COTTON! (NCTW 
soma lbs- arts awl). _ 

May 97 7U5 7161 7L49 +4U3 29 J1 

Jul 97 71® 7265 71* +OJ3 22.11 • 

OC297 7460 7460 7440 +034 1JI 

Doc 97 7568 7565 2540 +062 Z2AI . 

Mcr 98 7455 7440 7660 +067 X* . 

May 98 77* TIM 7720 +020 * " 

EsL sales' HA TIU^lldM 11J01 '4 

Thu's open fed 80637 UP 436 
mTWGOLPMBI} 

JJJMiiwl. pmih BapiNd 

May 97 260 5170 5425 -06) 34 X • 

Jun 77 54. W 53.10 5SM -OjO 27631 , 

Jul 77 5460 53.1S 5X70 -<U7 17A3S . 

Man 5475 5115 5110 — 0LS7 10,724 

Sep 77 55* 5470 55JB -0132 7,189 ' 

Oct 97 5660' 5570 55» — H* 6,973 

7tov97 5670 5620 56* -0* fcS2S - 

Dec 97 57* 5170 57.10 -032 11*1 e 

Jon 79 BJS 5Z35 SM -412 6JM . 

Feb* 57* 5730 57* -0.17 2.779 . 

E&jnfas HA nw'j.ndes 42725 . 

Thu's open fed 137*5 up 29 ‘ 

LKHTSWEETaHJDE (NhER) 

ITTITTlWlli Ifellm r.l 144 

Mary 1974 iv* t-aai 70 , 71 ? » 

Mi $7 19 J5 19* 19* +mn 81397 + 

MT7 1764 19J3 HJT 37*4 * 

AagW 17J5 1965 1964 -068 25JZ4 . 

Sb»97 1961 1966- 1974 —062 17.722 

00 97 1778 1972 1976 -061 15336 

NW» |»7S 1974 1974 -0.03 U92? * 

12-“ -2-n ■ 

Jto 90 1973 1973 1933 —064 14600 ■ 

FebM 19 J4 1974 1974 ~im 7 S - 

MirW 1976 1773 1776 -061 3,947 - 

Art* 1974 1976 1976 -001 3*8 . 

™fN 1*77 ug 

Btsalei HA Thu's. seto 127680 * 

Thu'scpenfed 419356 up 7753 
NATURAL GAS NMER) 

JS*"™! 1 “jrfc * g«r mm Mu 
Mar97 17H 1*1 1*0 2BJ7? * 

Ain97 1785 7565 W70 S«8 - 

■WW 26H 2600 2625 

Aw 77 2035 2615 26* . ifcUO W 
So» 97 26* 2620 2JM5 JiVn " 

Oct 77 2660 26* 2670 i£2S ' 

J&E 2-Tg IW 2T90 ’fcS - 

Dec 77 2620 2210 2635 9*4 ■ 

*n70 2265 2252 Z2S5 TOOT 

f»» 2JDS 2200 2210 £M ' 

3W 2202 d Tie 

Exudes ha Tlu's.safes 24741 
Thu's open fetf 171730 up 930 
WfLEADEDCASOIJNE (NMBO 9 

«*0uaLcwntii>erBel 

Mav97 6150 64L60 4060 —HIT vn - 

■*|W 4165 Ada £53 Ia» Sm 

Jul 97 60.10 5925 SHI Ha2 

Aug 77 57.10 IS S3 law 7 KS: 

Sgw 5760 nS S3 la* 2 

Oct 77 5620 55* S75 la u r 

Est.scfes ha. -nm*. ,l74g w 


■' a: . 

V.-t 

• * *' '•* "mT- - * 

* ,<- 

; 4m 1 


- * ' 
.«•* Ae 
h 4> 
ft 

r* m 


t' 8 

^ ?* •- 




Hi***®** 


■ - A 


• »■ mb' 

■'••• -t- 




** ^ = V>, „ 
; ff T1r*r-. ;• 


v V : ■*-, 


, ' ’ • v. 

'I,-- » mr 


, . " e.a- 1 4 

r - T. w fc-t* 


232160 ’rrnrd) 234460 tld J.m 
227760 227860 230160 230460 


Spat £1960 <2160 <4360 &4460 

rpnwid <2960 0060 <6760 <6000 


Spot 714560 715560 731 060 732060 
Forward 725060 720060 742060 743060 


WAONTHSTBUJHC [UTO 

smgoa-ireefieojKt 

Jun97 9X40 9335 7X37 —061 11040 

SW97 B.13 9107 7X08 -062 94332 

Dec97 9261 9262 9263 — 0.05 71m 

Ma9e 9X75 9246 92£7 —OH 49J79 

JuilH 9X43 KL55 RS-MS 

&9B 9X54 92* n* -006 SSI 

Dec9B 92* 7226 7236 — 067 2UKI 


a.Pto HA. TrS^s 3 'J* w 

Thu'scpenfed 77,111 vatu™ 

GASOIL a PE} ■■■ 

LLS.**ini per meJrtc ton -lots of 100 tans »* 


5 ■ 


1 ■ -*1 r. 

Vdft 


Art 97 16L75 10360 10X50 +360 25600 
May 97 16460 164.50 16560 +3ijl 96M 
■J 1 * 1 J7 16460 144J5 +2M 5MB 

S JdW 149,25 14075 148J5 +225 L1W ’ 
,97 17125 17025 17025 +225 IMS " 

'J? 1SS IS 75 135LSS r2Jxl 2J27 J 
<n I 73 - 50 l rXS0 +1 JS 986 - 
17 5^? 1 74-25 17450, +123 7666 e 
ur H-J- 17555 +1J0 1,145, 
-NW98 H.T. N.T. 17X50. +1J3 141 . 


Spat . 558560 559560 567060 568060 
Fflnrort 56256Q 563000 570560 571060 


exellm 

Eastman Kodak 
E Incam AT&T, 
FfepnamasterCorp 

JAltchen Energy 
Readers Digest 
TEPPCO Partners 
Votera Energy 


Q 22 4-22 5* 

Q M 6-2 7-1 

M 233 4-15 5-1 

O 635 5-15 6-1B 
O 535 4-23 4-30 
O .12 6-9 7-1 

Q AS 4-24 5-6 

0 JS 4-30 5-9 

O .13 5-5 6-10 


Bftnpob b-appradmerte naoHl per 
stHnYAORTg-payabto to candm funds; 
aMnantuy; q^wterty; s-seMMeraual 


KOG5-Leau (CUES) 

*600 tos.- cents per to. 

Apr 97 7455 7432 7457 +135 

Jun 97 82J5 81.® 82* -ass 

Jul 97 B35 8139 82X +U0 

AU0 97 79* 7X75 77J5 -012 

Od77 73* 72* 7X92 -027 

Dec 97 7150 TOLAS 7DJ7 -025 

EARNS MM Thu's. soles 9*6 
Thu's open feif 32J85 oB 394 


Forward 562560 543000 570560 571060 
ZkcOpecM HU Grade) 

Spat 1206% 1207H 123060 123100 

Forward 123214 123360 125560 125760 


7136 7236 —067 2L2B2 

JBSOT 9231 wl 9234 -O* ^ 

B a ns sss 

MnOO 9116 9111 9110 —065 1616 


High Low Oose Chgv Opfeit 


EeLsofte: 44637. Pnv.trtesr 47653 
Prm.reenlaL-49L7H up 1*7 




**• ■- 

-Vr.U ii' 




Financial 


■¥* 

+ «» 
ft 

♦VI 
■ft 
ft 
+ 16 
ft 
*h 
♦ft 

+5 ffiBSng 


M Ml Hi 

w re* int 

on m st 
B W Hi 

» “ft 
188 V* V> 
■96 IM 160 
O ltft 16ft 
« 27ft toft 
34! ft Vi 
101 A 40 
in 3ft 30 
242 IH 1ft 
7* Mft 10W 
n at a 
11 A A 
214 10ft 10ft 
473 DM Tift 
4M aat 310 
3 rv. 1V» 

541 1 5 

77 ft Hi 

303 17 1« 

ID ft M 


W» *V| 

S Z 

lift ->• 

I 6 ft 

20 M -tt 

4ft -ft 

28ft 
10 ft 

6 ft +H 

16ft 

lift -ft 

ft 

* 7 - 

16ft -ft 

16ft - 

26ft * 

» +Vft 

A -ft 


Stock Tables Explained 


Sates figures are unofficial Yearty highs and laws rafted me previous 52 weeks plus the 

cwtcrtYre c fchul ik 4 the latest IrodinB day. Wheranspia or stoefe dividend nm ounllnc to 25 
percent ormora has been paid, the years t«lgt»low range nnddMdend ora stwurnforthe new 
stocks only. Urtessothefwtse noted, rates ol tfivWendsora omuoi disbwsements based on 
the latest dedmottan. 


PWW BE3JJE (OVER) 
40600 fen.- mts Hr 8h 
Mar 97 82* H57 8167 

Jul 97 8165 79 JO 79J2 

Aug 97 7080 7725 77* 
Feb IS 7170 71 JD n.)0 
jUferTS TUB 7120 7160 

M0V9B 7260 

Ed. ides 1472 Thu' t sains 
Thu's epen felt ajta up 144 


U5T. BILLS (CMBO 
simMen-MseiiMacx _ „ 

Jun 97 94* 9455 94B -OB 7.1B 

Sec 97 9431 9423 9423 -086 3530 

Dec 97 91* _ .147 

Estsdn HA Thu'S. sales 712 
TlersapraH 10131 UP 412 


a-dMdendaf&a extra ts). 
b - annual rate at dividend plus stoA A- 

vldontf, 

c-DquMattigeMemL 

cc- PE exceeds w. 

dd- coded. 

d-newyearfylow. 

dd • loss hi tin lost 12 months. 


p - Wtkri rflvidend annual rate unknown. 

P/E - price-earnings ratio. 

q - Owed -end muiuot fund. 

r- dMdend dedored or paid In pmcedtastf 

raonthi, pHn stock dvttend. 

s - slock split Dividend begins wMi date at 

spflt. 

sis -sates. 


5YR. TREASURY (C80T) 

fiaUMMBfln. Bis V 6*0401 IM pcf 
JUD 97 104-32 103-9 UN-91 —17 231*4 

SAP 97 193-47 103-47 HD-47 -ID 1.190 
Dec 97 103-54 10 

EsLSdH HA TTuTl SdK 2U8S 
Thrsopenint 237*4 up Sim 


COCOA (NCSEJ 


e-addend declrawl or pattllnprecerang 12 t - dMdend paid in stock in pnxsSng 12 


10 mtene tans- sperm 
Urn’ll 1429 UM 

1417 

+T 

1X577 

Jut 97 

w9 

m 

1451 

+7 

25621 

Sep 97 

1«4 

14® 

1 m 

+U 

11,994 

Dec 77 

1»S 

141 

1491 

+3 


MV 90 



I5U 

+3 

19,121 


MYR. TREASURY (CBCm 

S1D0600 nrln-pfe mussel 100 ad 

Jul 77 105-25 TQW32 105-OS -13 329472 

5CP97 106-25 106-22 106-24 —13 20*3 

Dec 97 IM-Tfl W-» tM-10 —17 13W 

Estjdes na Thu'isdes 57*4 

m/s open inf 351645 UP 6B29 


WJBNTH EUROMAKK CLIFPR) 
DMirtHon-ptsoMoopa 

L 7435 9635 —061 10291 

HT. HT. 9635 — 061 XSSg 
7073 7633 — OOI 

SS? 

96.13 9013 —063 

*§? 32 i§ 

95.17 HU 95.12 —06] 3 Um 
HR 9464 — am 20413 
94* 9460—063 30014 

94* 9433 — DJE Mia 
™ —.73 9413 9411 —063 UM 

SfflW W* J3J3 93JI -aS 2JW 

DMJ 7X7S 9335 . 9033 —OR Uu 

MmOl 7357 8157 TUB —063 Iw 

p«m. span lot: L30UB? op iua 


ENL sates 0872. Open HL6ai26 off U 46 . K 

brewqilope) . ^ 

£Z2?°7J* ta, r« - Wi rt t*» banets 

16-60 1BJ53 IB* 40.1J 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDA 1 ', APRIL 12 - 1 $. 1997 


PAGE 11 


. lit; i Havas to Alter Stakes 

$ :T\* ^ CLT Operation 

tie t'nj, Its Travel Unit 


EUROPE 


Will EBRD Need New Faces? 

Possible Vacancy at Top Hangs Over Bank’s Meeting 


s/^iH^^ Chairman ^ Havas 
SA said Fndaythat the media com- 

^ would change its 10 percent 
stake in Compagoie Luxembourg 
|geoise to TeJedifWon SA and in 
fiavas Vmjages but he did not in- 
dicate whether the company would 
be a buyer or a seller. 

Kerne Dauzier, the chairman, told 
aMlysts that Havas “cannot be sat- 
isfied with its 10 percent stake in 
the recently merged CLT-UFA tele- 
vision business. 

‘‘We are minority shareholders 
and are not the leading sharehold- 
er, he said. “We cannot remain 

France Favors 
Alcatel Link 
For Framatome 

C^aptledbyOirSitrffFirwitDbfxacIta 

PARIS — The French gov- 
ernment favors an alliance be- 
tween the state-controlled nu- 
clear company Framatome SA 
and the industrial company 
Alcatel Alsthom SA, the in- 
dustry minister said Friday. 

In an interview with Le 
Monde, the minister, Franck 
Borotra, said that General Elec- 
tric Co. of Britain could join the 
group later. “It is in the in- 
terests of Framatome to be 
privatized and linked to a strong 
company,' 1 he said. 

; His comments came after 
Framatome said Monday that a 
merger with the British-French 
joint venture GEC-Alsthom 
was unlikely. Mr. Borotra said 
the merger fell through because 
General Electric refused to be a 
minority shareholder. 

He said that Paris favored an 
alliance between Framatome 
and Alcatel Alsthom, “with 
GEC joining up afterwards,” 
but that die government 
“would not abandon its desire 
to keep its control of the nuclear 
domain.” (Reuters, AFX) 


erore tne end or 

1997 and the first part ~W • /^f| n jrrf f 

sms.*'*- Lyonnaise Clears Suez lakeover 

need to define our •/ 


long at this level” Havas could 
"perhaps strengthen, perhaps dis- 
pose of’ its CLT-UFA sharehold- 
ing, he said. Mr. Dauzier also said 
the Havas Voyages travel company 
was a “historic” part of the com- 
pany and had been profitable for 
several years. 

• “lain not shutting die door to an 
opening of the capita]” to another 
shareholder, he saio, ‘ ‘but hcan only 
be done in a calm and timely way.” 

He added that he would be * ‘very, 
very satisfied” if he could reduce 
Havas’s stake in the digital-televi- 
sion network TPS to “zero or 1 
percent" from about 2 percent ar 
present. The company plans to re- 
main a shareholder in the rival net- 
work Canal Satellite, he said. 

Mr. Dauzier also said Havas was 
u nlike ly to make any major new 
investments before the end of 1 998. 
“I do not see 1997 and the first part 
of 1998 as a strong period for in- 
vestment at Havas,” he said. 

“Hist we need to define our 
strategy with our partners, then, at 
the end of 1998, move on the in- 
vestments we will have considered 
carefully.” 

He also said in reply to a question 
that Havas was unlikely to invest 
substantial amounts of money in mul- 
timedia ventures in the near future. 

Such a prospect “seems to me to 
be out of proportion to profitab- 
ility," he said. 

Mir. Dauzier also told a meeting of 
stock analysts that there was no po- 
tential partner for Havas Advert- 
ising waiting in the wings. 

If Havas were to cut its stake in its 
advertising unit to allow a partner- 
ship, it would be with a view to 
building it up again later, he said. 

Mr. Dauzier, seeking to quash ru- 
mors over what Havas might do with 
its subsidiaries in the afterm ath of the 
accord it reached in February with 
Compagnie Generale des Eaux, said, 
“We will not separate from Havas 
Advertising.’ * He said the advertising 
unit provided vital information to 
Havas about consumer and business 
preferences: But he said a g ain that 
Havas would be prepared to reduce 
its stake in Havas Advertising to al- 
low the unit to take on a partner that 
could help its international develop- 
ment (AFX, Reuters) 


Agence France-Prrsse 
LONDON — The question of 
who will run die European Bank 
for Reconstruction and Develop- 
ment is likely to dominate debate 
at die bank's annual meeting next 
week in London. 

The bank, set up in 1991 to 
assist the transition to capitalism in 
the former Soviet bloc, must find a 
successor to its vice president, Ron 
Freeman, and perhaps to its pres- 
ident, Jacques de Larosiere, whose 
term expires in September and 
who is still considering whether to 
seek a second term. 

Mr. Freeman, an American 
banker, and Mr. de Larosiere, a 
former governor of the Bank of 
France, worked well together in 
overcoming a scandal that in 1993 
led to the resignation of the bank’s 
first president, Jacques Attali, who 


was criticized for lavish spending. 

The issue of the future of Mr. de 
Larosiere, whom the bank's gov- 
ernment shareholders want to stay 
on, is not formally on the agenda, 
but it will be a hot topic of dis- 
cussion on die sidelines of the 
meeting Monday and Tuesday. 

"This is the burning issue: It is 
important to produce a good suc- 
cession to these two men." John 
Coleman, Canadian representative 
at the .bank, said. 

The bank makes a modest op- 
erating profit and has been build- 
ing up solid financial reserves. 

Last year, at its annual meeting 
in Sofia, the bank's 60 government 
and institutional shareholders ap- 
proved a doubling of the bank's 
capita] to 20 billion European cur- 
rency units (S22.8 billion). 

But tiie running of the bank still 


creates some friction. Some 
European countries have asked 
why Mr. Freeman, who resigned 
this week to join Salomon Brothers, 
should be succeeded by another 
American. But the matter has not 
been pursued, because the United 
States is the largest shareholder in 
the bank, with a 10 percent stake. 

Last April in Sofia, the United 
States and Canada put forward the 
concept of “graduation." or the 
gradual withdrawal of the bank 
from the more economically ad- 
vanced countries of Eastern Europe 
such as Hungary and the Czech 
Republic. Many Europeans re- 
sponded that such a step would be 
premature and that the bank was 
helping those countries prepare for 
membership in the European Un- 
ion. Since then, the bank has sought 
to bridge that gap. 


GmgriM by Oar SugFnm Dapurhcs 

PARIS — The utility company 
Lyonnaise des Eanx S A said Friday it 
would take over the bolding company 
Compagnie de Suez SA with the aim 
of creating a world heavyweight in 
the utility and service industries. 

Lyonnaise ’s chairman, Jerome 
Monod, said the larger company 
would absorb Suez, a financial-ser- 
vices and utilities concern, through a 
friendly “merger-takeover.” 

The combined company is to fo- 
cus on four core businesses — en- 
ergy, water distribution, waste man- 


agement and communications. 

The announcement by the compa- 
nies, two of France's largest, had 
been expected The agreement ends 
the independence of Suez, which 
was set up in the 19th century to 
build the Suez Canal- 

Trading in the two companies' 
shares was suspended on the Bourse 
on Friday. 

The combined concern, to be 
called Suez Lyonnaise des Eaux, 
will be “a very big world actor that 
will be a leader in its activities and 
enjoy high visibility,” Mr. Monod 


Bundesbank Airs Doubts on EMU 


Compiled by OwSvffFtrm Dispatches 

FRANKFURT — A Bundesbank directorate mem- 
ber cast doubt Friday on whether Germany would meet 
the criteria for a single European currency in time for its 
scheduled Jan. 1 , 1 999, launch, but Chancellor Helmut 
Kohl said he was sure Germany would meet the goals. 

Edgar Meister of the central bank said it was not 
certain that Germany would meet the single-currency 
target of a budget deficit of 3 percent of gross domestic 
product or less. “ Many countries are having difficulties 
reducing their annual debt to the 3 percent mark as laid 
down in the Maastricht treaty,” Mb'. Meister said, and 


Investor’s Europe 

Frankfurt 

London 

Paris 

DAX 

FTSE 100 Index 

CAC40 

33E 

4650 

2850 

3*20 

At 4500 A 

270D 

m 

1350 /A. 

2550 

3030 F 

* 420C / ■ 

2400 

j| A 

2B0QyA / 

4053 

2250 

DJ 

FMA DJ FMA 

2100 N □ 


Exchange 

Amsterdam 

Brussels 

FraUcfurf 

Copenhagen 

Helsinki 

Oslo 

London 

Madrid 


Paris 

Stockholm 
Vienna 
Zurich 

Source: Telekurs 


AEX 

BEL-20 

PAX 

Stock Market 
HEX General 
OBX 

FTSE100 
Stock Exchange 
MIBTEL 
CAC-W 
SX 16 

ATX 

SPI 


1997 

199B 

1997 

Friday 

Close 

Prev. 

Close ( 

% 

Jhange 

724.38 

733.47 

-1^4 

2,114.52 

2,120-fiB 

-0.29 


3,340.05 3,351.49 -0.34 
537.47 532.79 +0.B8 

2,811. S3 2,649.16 -1.31 
588.67 593.36 -0.79 

4^70.70 4.306.50 -0.83 
475.46 480.04 -0.95 

12079 12002 +0.64 

2,574456 2.607-97 -1.28 
2310-90 2.83636 -030 
1,16335 1,176.79 -1.09 

2,91735 2,926.88 -0.31 

Ini- mjiuinjl Hcnkl Tnhmc 


2,649.16 -1.31 


said. He said the company would 
have annual revenue of 200 billion 
francs {$34.66 billion) and a stock- 
market capitalization of 75 billion 
francs. It would have the resources 
to invest around 17 billion francs in 
its first year of operation, he said. 
Under terms of the accord, analysts 
expect Suez shareholders to get 20 
Lyonnaise shares for every 41 Suez 
shares held plus a special dividend 
of about 3.8 billion francs, or 24 
francs a share. Mr. Monod has said 
that the merger will increase profit 
and cash flow. (Reuters, AFP) 


“there is no absolute certainty that Germany will 
succeed in achieving this." 

Separately, the Bundesbank's presidenL Hans Tiet- 
meyer, said Germany still had much to do to ensure that 
it qualified for the currency union. 

Mr. Meister said he was “confident” the euro would 
begin on time, but he said ensuring that countries met 
the entry rules for EMU was more important than 
launching the euro at a specific time. 

But Mr. Kohl said, “Without question, we will keep 
to the timetable and the criteria-’' 

( Reuters , AFX, Bloomberg} 


Very brieflys 

• IG Metall, the German metalworkers union, canceled salary 
talks with the employer federation Gesamtmetall scheduled 
for Sunday, saying there were “insurmountable differences" 
between the two sides. 

• Volkswagen AG's shares closed at a record 1,072 JO 
Deutsche marks {$625.07), up 76 JO DM. or 7.7 percent, on its 
upbeat outlook for 1997 and a series of analysts' upgrades. 

• Aon Corp. of the United States agreed to buy Minet Group, 
a British insurance broker, from Sl Paul Cos. as part of Aon's 
bid for leadership in the world's rapidly consolidating in- 
surance-broking and consulting market. 

• Grand Metropolitan PLC, a British food and liquor com- 
pany, said it was close to selling two of its European dessert 
businesses to Sara Lee Corp. of the United States. 

• Portugal's government deficit in the first quarter was 272 
billion escudos (Si JS billion), about 20 billion escudos less 
than budgeted, the Finance Ministry said. 

• Sweden's unemployment rate fell to 8.4 percent in March 

from 8.8 percent in February but was up from 7.4 percent in 
March 1996. AFX. Reuters.. \FP. Bloomberg 


Labour Vows Privatizations 

Reuters 

LONDON — Britain's Labour Party presented a business 
manifesto Friday and said that if elected, it would review all 
government assets to determine which would be privatized. 

The party's leader. Tony Blair, said it was now “the party 
for business — the entrepreneurs' champion,” adding that 
Labour wanted “business to succeed and deliver healthy 
growth, good profits, rising living standards and more jobs." 

National elections are scheduled for May 1. 


WORLD STOCK MARKETS 


Mgft Low Ck» Pi**. 


Low Ora# Pm. 


High Low dose Pin 


Friday, April ft' 

Prices in local cunentiu. 

Tetekurs 

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Amsterdam 

. ABN-AMRO 125J 
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NWdronogroTel 
Reliance rod 
S»e U India 
Med Authority 
Tata Eng Loco 

Brussels 

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830 JIM 0 32420 
070 8730 9130 
151 157 1SL60 

230 7120 74.10 
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47 4730 48.10 
130 28130 285 

237 239 

5J90 8630 88 

230 9230 95/® 

160 16130 16230 
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9.60 59.70 59.90 
163 143 14330 

830 10630 10660 
130 33130 33030 
170 3S2J0 35480 
930 9040 8930 

9.10 3930 3M0 

231 23130 23230 


SET tadec 71162 
Previous: 713X9 

2H 224 230 224 

2B2 276 282 276 

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7740 7800 77B0 

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TeWnnAM 
Tenaaa 
Ittdtngtneere 
YTL 

London 


Anns 634 

Aj3o Group 1.12 
AstncBiradi £29 
BAA £21 

Bandars 1035 

Bass 939 

BAT Ind 5.18 

Bar* Scotland 323 
Blue Clicto 411 

BOC Group 939 

Baals 690 

BPBInd 330 

BlVAomp 1347 
Brit AkwoyB 439 
BG 134 

Brit Land 534 

Brit PeOn 697 

BSkjB iM 

BrtTSM 1^9 

BittTetacnu 431 
BTR . 237 

BmnahCntnd 1020 
Barton Go 132 

Cable WIrelHi 497 
CwBwrySdiw 537 
CBrikroComn 3.11 
Carnml Union 682 
GoaipessGp 687 
CaurtauHs 333 

Dferons 527 

Etodmounhonenfe 401 
EMI Group 1165 
Energy Group 5 
Enterprise O# 616 
nroi&MW 132 
Gerrl Accident 826 
GEC 378 

GKN 9.90 

GtamWeBaroie 1125 
Granada Gp 9X9 
Grand Met 5JJ7 
GRE 279 

GreenafisGp £20 
Gubmess 5-10 

GU5 639 

laicHkfBS 1470 

ia 7.12 

KT -9 

Land Sec 736 

Ssi® i 

LucmVoity 2 M 

ME PC 473 

Mercury Asset 1278 
Moral Grid 2.19 
Nall Pay er £28 

Nod 646 

PUT £8 

S-l 

RdBrockPP 456 

aa fs 

ReodhiB 1135 

Reuters Htfgs &» 

Raoro 327 

RMC Group 927 
RoUsRoyca 247 


PiHtoM 114736 

M 1870 19.10 
14.90 1430 
25 27 2725 

DO 0X0 £90 

85 895 9.10 

20 1540 1560 
00 0X0 450 

74 378 378 

75 935 10 

23 MM 2330 
8 820 840 

90 1810 I860 
80 1110 11-90 
80 20.40 2040 
90 12 12 



ET-SE 101:427078 


PnvfMR 431320 

787 

7.70 

779 

7.75 

4J9 

480 

432 

436 

6X1 

6X0 

652 

6X0 

6X4 

6X2 

6X2 

0X6 

1.12 

1.10 

1.11 

1.11 

£29 

522 

524 

£28 

521 

£05 

5.10 

£09 


B0IMW 
C.G. Smith 

DrtrintWn 

FstNfiiBk 

Gator 

m 

IngMtCOOl 

bar 

seitf 

3S£ 

Minorca 

Motnpak 

OTU 


=» PmtatK 784536 

29 29J5 2M0 
2 BS 287 m 
278 278 Z7BJ3 

30430 30430 304 

178 178 17&25 

1840 1840 U3D 
4730 4730 4828 
2590 2390 2603 
16425 165 16525 

42 42 4230 

29 29 2960 

1830 1930 1855 
110 11030 
55 S 
2835 2623 JMO 
340 342 

332 33US 332 
12275 122.75 .124 
15.15 15.15 1125 
100 100 10075 

1730 1630 I860 
BC75 8475 >530 
44 4430 . 4525 
57 5730 5775 
67 69 6675 


RMC Group 977 

RoUsRoyce 247 

RnancSal ua 

RTZrog 932 

DowdCSnoAl] 448 

SoHMay 543 

sSroSSs liS 

Seal Newosrie 669 

Scot Power 3.90 

seewter 237 

Sa®m Trent isi 

SfaeBTnnspR 1877 

Sfche 935 

Smlfli Nephew 130 

SoffliKBne 972 

SaOhsM 7.92 

sthemEtec 425 

Stogeooocn 650 

Stand Onter 863 

Tate 8. Lyle 447 

Teeoo 346 

UMrtMWJtar . 606 
a Group 530 

Tl Group - 538 
Tunddat 230 

UnBewr 1570 

md Anumnce 475 

Lia New 732 

UtdUtSWes 685 


1033 1039 
E.BS 607 
5 5.M 

117 119 

339 432 

9.1 B 930 
682 688 
330 330 

1335 1338 

630 654 

130 132 

545 547 

686 690 

590 594 

144 145 

441 443 

249 251 

9.99 1035 
130 131 

483 488 

531 £32 

533 536 

644 657 

6X0 684 

343 345 

£20 533 

197 4 

1143 1147 
486 430 

605 609 

130 131 

603 606 

338 170 

937 9J0 

1033 11 

878 885 

486 5 

270 272 

523 526 

498 5X9 

625 628 

526 529 

1448 1448 
733 735 

610 414 

660 662 
2 J0 231 

772 775 

22S 228 

187 188 
533 538 

1.98 2 

492 495 

473 473 

1235 1232 
214 217 

523 526 

688 695 

631 634 

2X8 210 

594 6X4 

773 779 

1.19 170 

615 65) 

4X5 491 

535 571 

432 444 

475 478 
732 770 

843 3M 

11X2 1X37 

493 405 

SJ8 571 
370 372 
933 9 39 

242 243 

528 533 

972 976 
423 435 
152 255 

379 372 

1140 1548 
ISO 655 
175 3JB 
283 187 
778 774 

1054 1032 
MS 930 
1J4 176 
9 9X4 

7X2 7X4 

415 474 
635 640 

876 548 

442 444 

336 338 

671 677 

54a 505 

571 576 

236 271 

1531 1537 
471 471 

7.18 770 
668 678 


Madrid 

Acrotnoc 

ACE5A 

Aguas Barceton 

Afumtarig 

BOV 

Braieslo 

BaikHer 

Bco Centre Ifep 

Beo Exterior 

Bco Popular 

BooSatdundar 

CEPSA 

Conanerde 

CgpMoptre 

FECSA 

GasNotUnl 

tbcrtrnia 

Piycn 

Repaol 

SwOtamElec 
TirtocateBi 
TeManko 
Union Fenosa 
Vatenc Cement 


Manila 


Ayala Land 

BkPMphd 

C&P Homes 

Marla Else A 

MeiraBank 

Petron 

PQBank 

PhD Lang Hd 
Son Miguel B 
5M Prime Hdg 


Mexico 

AHA 
Banned B 
CemnCPO 
CHraC 

EmpModerno 

GpoCoooAl 

Gpo FBcarner 

GpoRn Intnirsa 

NUiOaikMex 

TetavfesCPO 

TelMexL 


18.15 1831 1616 


Batei index; 47536 
Prratora: 47936 

9900 20000 20000 
1615 1625 1635 
5280 5300 5350 

6100 6120 6170 
8560 8590 8620 

1075 1075 1080 
9000 1 9130 19200 
3755 3765 3795 
SS 2780 2800 
<170 26180 26200 
9630 9630 9739 

4290 4300 4350 

2445 2450 2490 

6900 6990 7020 

9200 9200 9280 

1175 1175 1195 
0500 30650 31570 
1605 1625 1630 
2535 2540 2590 
<050 6070 6150 

1265 1265 1280 
6910 6920 7000 

3410 3415 3425 
lie 1175 1175 
1710 1730 1730 


P5E tadae 2974L7B 
Previous 2949X2 

24 2450 24 

25 26 26 

156 163 156 

1®J0 1075 11 

110 120 119 

640 645 630 

9-80 10 9.90 

34730 350 350 

1555 1575 1555 

7930 81 80 

7 JO 7 JO 7 JO 


aba bdac 3761 J6 
Piwtara: 3821.75 

180 4480 46X5 
M 17.48 17j66 

m moo mas 

36 1132 1136 
LID 38J5 39.10 
JD 47.40 4835 
JS 1J5 1.78 

.85 27X5 28X0 

35 2HXS 2 9M 
30 10030 101X0 

36 1596 16J0 


MIB TeteeHON U079X8 
Prtttas: 12882X8 


Accor 

AGF 

AirLkiukte 

Ateata Atstti 

AnhUAP 

Bancnbe 

BIC 

BNP 

Coral Plus 
Conefeur 
Costna 
CCF 
Cetefem 
ChrisBon Dior 
CLF-Deria Fran 
Credl Agtlcote 

Danone 

Bf-AquBobie 

Eridonta 35 

Eunxttwy 

Eurotunmi 

Gen. Eaux 

Ham 

tecta 

Lflforge 

Lgpaid 

Lftetd 

LVMH 

LnilEoux 

MkheOnB 

PfoSwaA 

Penrod RJcart 

Peugeot at 

PlnooB-Print 

Promode6 

Renault 

Read 

Rh-PratlencA 

Sanofi 

Schnadei 

SEB 

SGSThomsai 
Ste Generale 
Sodeaio 
StGabain 
Suez 

SynHutabo 
Thomson CSF 


851 825 

200 19550 
855 

ar« 658 
36570 358 

837 
241 23530 
1135 1103 
3510 3455 
26130 250.90 
25930 25030 
669 653 

834 823 

583 575 

1255 1255 

809 876 

543 521 

S*i B66 
10.18 930 

£M 630 
772 759 

42430 405 

838 820 

378 369 

1024 994 

2035 1969 
1336 1304 

N.7. N.T. 
33530 323 

373 363.10 
315 30630 
643 
2420 2346 

1979 1911 
148.40 14120 
1605 1610 

178X0 17230 
564 540 

315 
1055 1011 
401.90 38630 
645 
2800 2776 

782 751 

28460 281-30 
673 661 

19330 190-50 
475 46630 
9030 B9J0 
370 


846 825 

197 197X0 
870 880 

664 674 

360-30 36450 
742 739 

837 B49 

237 2« 

1116 1110 
3455 3498 
25830 249 

25190 25130 
656 663 

833 
575 582 

1255 1280 
876 885 

527 542 

867 900 

10 9.90 

630 635 

765 770 

40630 

374 378 

1015 1017 
1975 1995 
1310 1329 
N.T. 540 
325 336 

36460 370 

306.90 315 

634 626 

2348 2388 

1927 1975 

14430 14630 
1676 1620 

17420 17530 
544 549 

31570 317X0 
1035 1035 
392X0 34630 
649 653 

2000 2790 

757 781 

281X0 281 JO 
670 672 

191 JO 191.90 
46830 <76 

89 JO 9030 
369 


Electrolux B 
Ericsson B 
Hemes B 
Incentive A 
Investor B 
MoDoB 
Nardbanken 
Pharm/UpWin 
SandHftB 
Scania B 
SCAB 

S-E Barken A 
SkmHfia Fcrs 
SkanskaB 
5KFB 

Spartronken A 
SudshypnekA 
StoroA 
Sv Handles A 
Volvo B 


Sydney 

Amcor 

ANZBklng 

BHP 

Bond 

BrombhH Ind. 
CBA 

CCAmatS 
Qde&Myer 
Co mo loo 
CRA 
CSR 

Fasten Brw 
G oodman Rd 
I Cl AusbiA) 
Lend Lease 
MIM hdgs 
Nat Aust Bm* 
Not Mutual 

Hdg 

News Corp 
Padflc Dunlop 
Pioneer Inti 
Pub Broadcast 
SI George Bank 
WMC 

Westpoc Bklng 
WoacEsidePat 
WookNrihs 


High 

Law 

ciom 


457 

458 

253 

247 

248X0 

1074 

1048 

1054 

506 

500 

503 

348 

341 

345 

218 

211 

212X0 

245X0 

242 

245 

W 

268X0 

27650 

IMX0 

I9T 

rwso 

185 

182 

182X0 

164 

160X0 

163 

81 

79 

79 

219 

214 

717 

332 

323 

324 

188X0 

183X0 

IBS 

13a 

134 

135X0 

ire 

190 

190 

102 

W 

WJ0 

224 

ZI/XO 

219 


ABOidkuries: 238030 
Pravtaaa 239230 

7.90 7X1 8.04 

7X9 734 7.80 

1637 1639 16.04 
3X4 3X7 16* 

2141 21X5 2135 
12-95 13 1104 

13X9 1192 1406 
595 596 596 

630 632 535 

18J9 18.45 18X0 
464 4X6 4.70 

254 2X5 238 

1X5 1X7 1x7 

11.15 11 J5 11X5 
22X8 22X0 22.75 
1X5 1X5 1X0 

16J2 16X4 16.10 
L90 1.91 154 

5.77 577 5X2 

114 116 119 

418 423 419 

630 632 6X9 

7.72 7.74 752 

7X5 7X5 8X2 

6X1 6X5 6X6 

939 9X5 935 

3X2 3X2 167 


ABeamt As&fc 
Bat Comm hoi 
BoaFUeuram 

Ban* Rama 

Benetton 

CredBo ItaBmo 

Edison 

ENI 

FW 

Generafl Asst 

I Ml 

INA 


MaSoboncii 

PJtotiksflaon 

Oftrofll 

Parmalat 

PM 

RAS 

Roto Banco 

Spools Torino 
Star 

Telecom IMfa 
TIM 


Montreal 


Bee Midi Can 

can tie a 

CdnUUA 
CTFMISvc 
Gaz Metro 
Gt-Wes l LUecn 
ImuBca 
InwjitursGm 
UditawCas 
Mafl BkCanado 
Power Otra 
Power FW 
OuebecorB 


uses 1)645 
3S10 34X 

4600 4425 

1224 nre 
21000 21250 
2400 2360 
9200 9000 

8400 8275 

5675 5485 

30100 29600 
U2B5 14900 
2340 2305 

5930 5770 
7100 7010 
10300 10075 
1146 1131 
586 sm 
2565 2510 

3735 3685 
14895 14750 
16120 15B00 
11645 11310 
7880 7720 
4485 4340 

4950 4830 


11970 11695 
3450 3450 

4475 4495 
1210 1209 
21800 21300 
2375 2380 
9180 8930 

8388 8270 

s® 5465 
25700 29700 
15080 15BD0 
2325 2340 

5875 5770 
7070 7075 

10200 10125 
1135 1125 
560 569 

2565 2525 

33W 3670 

14820 14700 
16100 15710 
11540 11325 
ms 7795 
4420 4405 

4885 4840 


BradesooPfd 
Brahms PM 
CamtaPtt 
CESPPM 
Cope! 
EHnritras 
ItouboncoPfd 
Uawsenddn* 

isfep* 

PoutfetaUiz 

SM Notional 

Souza Cruz 

TefcbrosPW 

Tetandg 

T«H| 

TetoEp Pfd 
UtiBnnco 

K PM 
Hit 


BXD 599 

708.00 710X0 

47.90 48.40 
5680 57X0 

15.90 16X0 

466.00 475X0 
575X1 mm 
441X0 447.00 
326X0 yicwi 
21080 21680 
156X0 159-50 

37X0 38X8 
8 x0 8.70 

11B4D 120-50’ 
162X1 106.10 
17470 17BX0 

301.00 304X0 
38X0 38-75 

1.17 1.18 

win >4 Ac 


CmnpuOe Mac 693X4 
PlHlMI* <88X4 


Doeom 

Daewoo Heavy 

HjumtoiEmi 

HoMcton 

Koran El Pwr 

Korea Esch Bk 

Korea Mob Tel 

LGSeraicon 

PnimglranSi 

Samong Dtekty 

Samung.Bee 

SMnhanBonk 


1(0000 100000 

46«0 4410 

19600 mw 

15300 14800 
27000 26500 
5590 5250 

460000 455000 
29900 28600 
52BB8 509GB 
41900 41CU0 
63500 62100 
10600 10400 


Sinaaoore stra/BTtoesizaoaxe 

Pmtons;2M7J7 


ItaNhMtoc 2730X7 
Pn ti* Uto 2771J0 


42 42 

Mi 24V, 
3060 30X5 
32* 32*4 

16X5 16X5 
m 22X5 
33X5 33X0 
24X5 24X5 
16X5 16X5 
14 13X0 
27X5 2714 

25H 25 

2485 24X5 
TVi 7X5 
5170 50X0 


42 41 jo 
2414 2445 
3045 3W- 

3H 33X5 

16.75 17 

m 22.95 
jjm 3170 
2435 24X5 

16X5 17 

1370 1475 
2716 27U 
25X5 2 S* 
24X5 26W 
7X5 7.70 
50l90 5270 


Ada Poc Brew 
CerebosPoc 
Oty Dovbs 
CydeCairi 
Oaky Farm Ini 
DBS foreign 
DBS Land 
Frosw&Neow 
HKLjnd* 
JardMolhesn 
Jard Strategic 
Keppel 
KepAdBank 
KeppelFeb 
Kepod Loral 


DMnoiskeBk 

Bken 

Hnfstond A 
KmernerAa 
Hook Hydra 
Nooks Stag A 


onto Asa A" 
PuttmBeo5« 


TnmoceanOff 

StaefaraadAsa 


OBXtadve 518X7 
PnytetssnJM 

173 174 176X0 

142 143 143 

2470 2420 24X0 
27X0 27X0 27X0 

mm 124 

46.70 46^ g 
338 339 339X0 

325 327 328X0 

221X0 222X0 223 

103 103 10UD 

542 546 553 

275 275 278 

111 111 IS 

128 128 129 

420 420 425 

45X0 46 46J9 


OS Unto! BkF 
Partway Hdgs 
Sembawong 
Sing Air foreign 
Sing Land 
Sing Press F 

Stag Tofli Ind 

ffiVi Tela w t 


Bonk 
Utd Industrial 
UtdOSaaBkF 
WtagToiHdgs 
•cbiUSdoBors. 


7 6X5 

935 9 JO 

117D 12 

1530 14X0 
073 072 

N.T. N.T. 

5J5 474 

11X0 11X0 
224 218 

5X5 5J5 

3X2 158 

9JS 9.15 
404 198 

4X2 4X8 
472 4X6 
18X0 17X0 

ioxo taio 
620 6 

7.10 7 

0X0 (LOO 
725 US 
N.T. N.T. 
376 174 

187 2X6 
3X4 34! 

1.15 1.13 

RT, RT. 


Oritroy Life Ins 
ChangHvro Bv 
Chinn Tung Bk 
OdnaDewpmt 
Chkro Steel 
First Bank 
Formosa Plastic 
Hun Non Bk 
IntlQmun Bk 
Nan Yb Plastics 
SMnKongLHe 
Taiwan Semi 
Tatung 
llld Micro Elec 
Utd Wdrld Chbi 


101000 102500 
4580 4550 

19700 19500 
15300 15000 
27000 26700 
5TO0 5530 
458000 457W 
29000 29200 
57300 51 S® 
41900 42000 
62900 62900 
10500 18600 


6.95 7 

9J5 9X0 

12X0 1120 
15.10 1&J0 
073 0.72 

N.T. USB 
4X0 5J5 

11X0 nxo 
121 221 
5XS 5X5 
358 3X2 

9.15 9.15 

4X4 408 

4X8 460 

446 462 

17.90 18J0 

lain ioxo 
6X5 620 
7 7.15 
0X0 11J0 

m 7 jo 

RT. 27 
374 176 

2X9 197 
142 144 
1.14 1.15 
rt. lira 

196 4X0 


Tokyo 

a ruHiwta 

Nippon Air 

Alimov 
Asahi Bank 

AsahIChem 
Asatt Gtao 
Bi. Tokyo MItea 
Bk YMsbanro 
Bri d gestone 
Canon 
QiubuEtac 
□uigaku Elec 
Dal Nlpp Print 
Dole! 

DaHchiKnng 
Dohw Bonk 
Datwo House 
Dahm Sec 
DOi 
Denso 

East Japan Ry 
Etod 
Fanuc 
Fun Bonk 
FuB Photo 


Stockholm 

AGAB 107X0 10450 105X0 10550 

ABBA 062 845 849 B70 

AntDaroan 193 188 IBS 192 

MtraA 350X0 3« 343 347X0 

Atlas Copco A 191X0 188X0 189X0 191 

Autoflv^ 304 299X0 301X0 301X0 


Hachltunl Bk 

HBpctd 

Honda Motor 

1BJ 

IHI 

Itochu 

ho-Vakada 

JAL 

Japan Ttducca 

Jusco 

Kaproc 

KtmsalElec 

Kao 

KmwsftlHvv 
Kawa Steel 
OrkJPttopRy 

Kirin Brewery 

K obe Sle d 

Komatsu 

Kuban 

Kyocera 

Kyushu Elec 

L.TC8 

Marubeni 

Mend 

Matsu Comm 

Matsu Elec Ind 

MafeuBeeWk 

MRnbbhl 

MltauUMOi 

MBsubWUEl 

MBsublsMEst 

kUsobtsHHvy 

MOsubWUTr 

MBsul 


999 956 

715 695 

3450 3420 

696 650 

663 646 

1090 1000 

1800 1720 

510 4SO 
2580 2500 

2900 2800 

2020 1990 

1970 1930 

2190 2130 

556 540 

1200 1100 
368 339 

1380 1330 

723 702 

8480a 8300a 
2560 1*0 
5190a 4950a 
2210 2160 
4190 4050 
1260 1100 
4210 41® 
1290 1270 
1120 1070 

1150 1130 

3790 3700 

1110 1050 
469 454 

568 
5820 5660 
465 451 

8170a 7950a 
3730 3640 
494 484 

2170 2050 
1310 1290 


504 

496 

502 

358 

352 

357 

718 

710 

718 

989 

962 

975 

217 

209 

215 

875 

851 

875 

525 

JQ5 

530 

7430 

7330 

7420 

1980 

1940 

1960 

340 

325 

338 

460 

451 

457 

1740 

1700 

1740 

3249 

3180 

3210 

1990 

1940 

1970 


1180 1160 
1070 1030 
352 337 

720 697 

1440 1380 
006 797 

913 906 

1120 1000 
919 900 


1100 1160 
1070 1050 
352 350 

710 690 

1430 1370 
80S 811 

.907 917 

1100 1030 

915 901 


Laval 

Change 

■fc change 

year to data 
% change 

151. 70 

+1.15 

+0.76 

+15.04 

110.77 

-0.19 

-0.17 

-17.50 

160.79 

*226 

+1.43 

+ 15.53 

175.96 

+1.42 

+0.81 

+37.17 

138.61 

-0.90 

-0.65 

+85.67 

175.76 

+2 94 

+1.70 

+32.27 

170.28 

+1.06 

+0.63 

+23.33 

18106 

+2.94 

+1.63 

+34.98 

112.93 

+0.31 

+0.28 

-11.24 

156.63 

+1.06 

+0.68 

+15.33 

182.19 

+1.28 

+0.71 

+28.48 

142.74 

+081 

+0.57 

+18.95 

132.97 

-0.42 

-0.31 

+4.59 


1350 

1280 

TWI 

lire 

Uettumex 

11x5 

nv» 

11X5 

11X5 

577 

557 

574 

520 

Moore 

26.90 

26 Vy 

TAW 

24.90 

am 

4670 

4730 

4700 

Newbridge Net 
Noranda Inc 

41.10 

39.70 

40K 

41.10 

1520 

1480 

1510 

1510 

2BJ5 

27.95 

7U.I5 

van 

1B3D 

1770 

1B10 

1830 

Norren Energy 

2820 

27 

28.10 

2845 

604 

.4/4 

592 

610 

Nthem Telecom 

92 

8V V, 

90 

91 JO 

9340 

9150 

9250 

9230 

NOVO 

10X5 

10W 

10X5 

10X5 

841) 

823 

832 

830 

One* 

23X5 

23 

23 

23X0 

519 

48V 

515 

490 

PanafnPeltm 

56 

55X0 

55V* 

55KM 

360 

356 

J60 

359 

Petra uta 

19X0 

lBXfl 

19.10 

IV JO 

748 

m 

731 

7S4 

Placer Dome 

74X5 

24.10 

24J0 

2485 


2S7 

281 

265 

PoroPettm 

1130 

1110 

Ufa 

1135 

1200 

1150 

lire 

1100 

Potash SoA 

10510 

ion 

104X0 

10520 


B540a B690a 
3460b 3530b 


Sao Paulo Taipei 


163 165 

118X0 125 

76 77 

121 122X0 
30X0 29.70 
12050 126-50 
69X0 69 

10050 115 

74 75X0 
67 66 

101 102X0 
BS 79X0 
5550 S5S8 
72X0 60 

72X0 7150 


NOtoH 225: 17846.98 
PimbmE 1748575 


965 956 

702 696 

3430 3430 

489 689 

663 644 

lore 1078 
1790 1766 

503 50) 

2570 2520 

2» 2820 
2000 2000 
1960 1920 

2180 2110 
549 545 

1170 1140 
368 3S3 

1380 1340 

719 724 

B47M 8300a 
2560 2480 

5110a 5000a 
2710 2190 

4160 4080 

1230 1220 

421» 4170 

1290 1290 

1100 1070 

1150 1120 

3770 3780 

1090 lONl 
466 451 

584 577 

5700 5680 
460 4SD 
8170a 7940a 
3670 3680 
489 490 

2080 2040 
1310 13)0 


605 

290 

1480 

9680 

627 

580 

281 

1450 

WOO 

585 

601 

zre 

1470 

mo 

610 

588 

283 

1470 

9720 

605 

3340 

3220 

3200 

3250 

1210 

1100 

1190 

1150 

456 

446 

456 

44B 

7350 

7120 

7230 

7100 

5680 

5320 

5640 

5330 

1070 

1040 

1069 

1050 

1110 

1090 

1110 

iix 

7B30 

7730 

7830 

7730 

ISM 

1480 

1500 

1540 

1910 

1850 

7910 

1890 

559 

533 

550 

550 

2510 

2460 

2500 

2480 

1590 

1560 

1570 

1560 

1080 

1030 

ion 

1040 

7640 

7500 

7560 

77(ffl 

■S150 

8890 

9050 

*3850 

850 

796 

643 

791 

1248 

1160 

1220 

1190 

495 

482 

494 

478 

1730 

1710 

1720 

1710 

295 

289 

293 

286 

BSb 

BIS 

&50 

B46 

3140 

mo 

3140 

3110 

2010 

2770 

2810 

2000 

0990 

0050 

8930 

9040 

1960 

1910 

1940 

1930 

835 

789 

832 

830 

1200 

1160 

lire 

1160 

2120 

20BB 

2100 

2120 

4690 

250 

4630 

2B1 

4660 

290 

-1718 

285 

609 

594 

6oa 

593 


Renaissance 
RIoAlgom 
Rogers Can lei B 
SPogram Co 
SheuCda A 
Slone Consoid 
Suncor 
TnnsmonEny 
TeckB 

Tetegtofce 

Telus 
Thomson 
TorDom Bank 
Transalta 
TronsCdaPIpe 
Trimark Foil 
Trtrec Harm 
TVXGold 
Westerns! Eny 
Weston 


Vienna 

Boehler-Uddeti 
Cietflnnsl PM 

EA-Generull 

EVN 

Ruphaten Wien 
OMV 


37X0 38X0 
31-HE 31X0 
Mil; nits 
51X5 51.90 


1^0 Tf ib Index PRCBS a sot 3 .V 0 P.M Maw Yt* k 1 taw. 

Jan. 1. 1932- tOO Level Change % change year to date 

% change 

Work! Index 151.70 +1.15 +0.76 +15.04 

Regional indexes 

Astu’PadTic 110.77 -0.19 -0.17 -17.50 

Europe 160.79 *S2R +1.43 +15.53 

N. America 175.96 +1.42 +0.81 +37.17 

S. America 138.61 -0.90 -0.65 +55.67 

industrial Indexes 

Capita] goods 175.76 +2 94 +1.70 +32.27 

Consumer goods 170.28 +1.06 +0.B3 +23.33 

Energy 18106 +2.94 +1.63 +34.98 

Finance 112.93 +0.31 +0.2B -11.24 

Miscellaneous 156.63 +1.06 +0.68 +15.33 

Raw Materials 182.19 +1.28 +0.71 +28.48 

Service 14Z74 +0 81 +0.57 +18.95 

Utilities 132.97 -0.42 -0.31 +4.59 

The International Herald Trtouno World Slot* Index 4? racks the U.S. dollar values at 
ZOO mtemorionaty (nveswMe stocks from 2S countries. For more information, a free 
booklet is avertable by mting to The Tnb Index. 181 Avenue Charles da Gaulle. 

3Z521 Neudly Cede*. France Compiled by Bloomberg Wewo. 


Mitsui Fudasn 
Mitsui Trust 
MuratoMfg 
NEC 
Nikon 
NHoro Sec 
Nintendo 
Nipp Express 
Nippon OS 
Nippon Sled 
Nissan Motor 
NICK 

Nomura 5ec 
NTT E 

NTT Data I 

Ofi Paper 
Osaka Gas 
Ricoh 
Rohm 

SakuraBk • 
Sonfcyo 
Samoa Bank 
Sanyo Elec 
Seam 
Seibu Rwy 
SeUsulCheffl 
SeWsui House 
Seven-eleven 
Shaip 

StiAaku El Pwr 

Shirnbu 

Shh-etsu Cn 

Shlsekto 

Shizuoka Bk 

Softbank 

Sony 

Sumitomo 
Sumitomo Bk 
5unHtChem 
Sumitomo Elec 
Sumtt Metal 
5umfl Trust 
Toisho Pnarm 
Takedo Diem 
TDK 

Tohoku EJ Pv»r 
Total Bank 
TotJa Marine 
Tokyo EJ Pwr 
Tokyo Electron 
Tokyo Gas 
TakyuCap. 

Tonen 

Toppan Print 
Torav Ind 
Tnstltn 
Tostern 
Toyo Trust 
Toyota Motor 
Yantanoudtl 

kx lOtt tr i IJUO 


Toronto 

AbimH Price 
Alberai Energy 
Akan Ahim 
Anderson Expi 
BkMonbHil 
Bk Nova Seal la 
BnrrictGpW 


BCTetacamm 
Biocnetn Phorm 
Bombanfif “ 
Bra scan A 
Bre-sMtaeniK 
Cornea) 

QbiHatl Ral 
CdnNoiRes 
CdnOedd Pet 
Cdn PrscJfic 
Comma 
Dofauco 
Dam tor 
Donohue A 
Du PoMCdaA 
Edpor Group 
EuroNev Mng 
FoitaRnl 
Fakonbridge 
HetdiefOkrtA 
From Nevada 
Gun Cdn Res 
imperial Ofl 
Inco 

IPL Energy 
LoMowb 

Loewen Group 
MaanUBIdl 
MagnalnriA 


54,70 

2005 

595i 

S3 

20 

58Vy 

53 

20 

58X0 

54X5 

2020 

5915 

39 JO 

37X5 

38X0 

39X0 

28VS 

2 Hxn 

2fL® 

28x4) 

39X0 

3*W* 

391* 

39X6 

20J5 

20X5 

20X5 

20X5 

27 JO 

26-70 

26H 

27X0 

3570 

35-20 

3540 

3t>jn 

157 

1£15 

1530 

I5J0 

25J0 

24X0 

25X5 

T6J6 

41.70 

41U0 

4QJ0 

41X5 

30.90 

30X5 

3046 

30.96 

9X5 

9J0 

915 

9X6 

24’u 

TJMI 

23.90 

24.10 

68b 

68X5 

68W 

6815 


ATX todOE 116325 


Pretoaos 1176J9 

820 803.95 805X0 

B14 

459 JO 456.10 

459 

468.90 

3165 

3isn 

3150 

3150 

1614 

is/o 

15/8 

1608 

525 

510 51520 

525 


13151282.101290801311X0 


1090 1150 
1480 1510 
732 744 


OestEiektriz 

843 

B39X0 B41X0 042 

VA Stahl 

459 

455 

45510 460.10 

VA Teen 

171590 

1640 

1662 1710X0 

Wlenerberp Bau 

2165 

2120 

2135 2164 


Wellington NzsE-qroaec 2232J8 

3 Previous: 2233JB 


715 

697 

711 

703 

2610 

2590 

2590 

2600 

665 

620 

660 

<19 

3410 

3350 

3400 

3370 

2560 

2560 

2570 

2570 


TSE iodustrials: 5694.14 
Prwioui: 5790.11 
15 20 mas 20u 

2? 23'-. Wv 28.95 

40 42.00 43.10 43.40 

fy 151S 1515 1535 
20 45X0 45.70 47 JO 
48 4565 50.15 

30 32.40 32X0 33J0 

60 62.10 62X0 62.90 
^ 29 JO 29X0 29k 
33 32X5 3214 32J* 

26 253: 2595 2615 

95 29X0 2914 30 

any 2JU 2X2 2.67 

95 4585 46X5 49.95 
10 29X5 19 JO 30.90 
85 48’i 4 fl'.y 48.90 

31 m 30X0 3114 

Hi 2535 SS'5 3685 
IW 32-05 35L20 32*» 

IU 3505 35>a 3SVj 

95 22'* 2240 2280 

10 1020 
60 24X0 24X0 24.70 
31 JO* 30 : ? 31 

20 21.60 21.90 22J5 

lie 41X5 41X0 42JD 
9B 2«7 298 

70 27 JO TTr. 27X0 

21 20JQ 2OB0 31 

70 Oh 6780 «V5 

10 9.9S 10 10.13 

64 62J0 62X5 63 

35 42.70 42.70 43J0 
40 39X0 39X0 40.10 
05 1785 17.90 1510 
40 39X5 40 39.90 

70 1BJ0 UL30 1190 
20 <8^1 69 70 


Ah N Zeaid B 

4JH 

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4X2 

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108 

Fletob Ch Bldg 

422 

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422 

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194 

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1.90 

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2X9 

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3J9 

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Telecom NZ 

6X0 

£46 

6X8 

6X4 

Wilson Horton 


11X0 

11X0 

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Zurich 


SPI faMtau 2917X5 



Prevtaos 2V26XI 

ABB B 

1779 

1710 

1717 

1724 

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4/6 

468 

475 460XQ 

AlufUiauR 

1191 

11/9 

1181 

1172 

Ares-SeianoB 

1870 

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1840 

1850 


AMP 

Boer Hdg B 

BabbeHdgR 

BKVhion 

DariamR 

Cnl Suisse Go?. 

ElekimretlB 

Ems-Chemle 

E SEC Hdg 

HotaertronkB 

Uechiena Lfl B 

Nestle R 

NavaridR 

OeriftnBuenP 

PargesaHUB 

PhotmVbnB 

RkhemaniA 

PlroliPC 

Roche Hdg PC 

SBC R 

SdilndierPC 

SCSB 

SMHB 

Sutler R 
Suite Reins R 
Swissair R 
UBS0 

WimerihurR 
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ore ere are 905 

1703 1 693 1702 1701 

2M5 TO 2910 2870 

865 Bffi 360 860 

7B4 7So 772 770 

148 161.75 161.75 166X0 
534 532 534 SU 

9*40 5860 5920 5905 

3900 3860 3890 3700 

1124 ItOl 1121 1102 

474 471 474 474 

1722 1699 1700 1707 

1770 1747 1757 77J9 

151J5 1<3X0 147J5 144 

1690 1670 1690 1669 

745 730 735 738 

1907 1880 1907 1908 

326 253 226 223 

13430 12250 12250 12340 
297X0 292 293X0 296 

1720 1704 1715 1709 

3090 3040 3080 3070 

807 796 799 797 

985 961 967 960 

1553 1523 1523 1538 

1307 1298 1301 1M 

1320 1302 1307 1287 

1033 1013 1017 1033 

457 450X0 45050 454 




PAGE 12 


INTERNATIONAL 


TRIBUNE, SATURDAT-SUNDAx, APRIL 15-13, 1997 


Friday’s 4 P.M. 

The 1,000 mosTtraded National Martcet securities 
in ferns of daflanata, updated Mce a fear. 
The Assodaled Press. 


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INTERNATIONAL HERALD TRIBUNE, SATUKDAY-SUNDAY, APRIL 12-13, 1997 



PAGE 13 


ASIA/PACIFIC 


South Korea, 
Battling Japan, 
Cuts Prices on 
Auto Exports 

Agence France-Pmse 

SEOUL — Automakers said Fridav 
tfKywere^ seeking to combar their Ja* 
panese rivals overseas by cutting export 
pnces to try to reduce mounting stock- 
piles of unsold cars, e 

Kia Motois Corp., South Korea’s 
soond-logea automaker, said it had 
^uced the export prices of its compact 
ScP*" 3 ^ Pnde models shippedto 
Einppe by 5 percent 

“The price cut is aimed primarily at 
countermg similar actions by Japanese 
nyals, a company spokesman, Min Jae 
Ki, said. He said the move had been 
made possible by the depreciation of the 
won, which has fallen almost 6 percent 
against the dollar this year. 

The yen has declined 9 percent 
against the dollar this year, enab ling 
Japanese automakers them to cut prices 
in the international market 

A spokesman for Ssangyong Motor 
Co. said it had decided to reduce export 
pnces on its Musso utility vehicles by 
about 3 percent It said it was working 
out details such as where and when to 
implement the cuts. 

South Korea's biggest automaker, 
Hyundai Motor Co., said it would not 
cut prices but was considering other 
steps to stimulate exports, including 
lower-cost financing and mr-pp^sed 
funding for overseas advertising. 

South Korean automakers’ domestic 
sales plunged 21 percent from a year 
earlier, to 305,435 vehicles, in the first 
three months of 1997. Total exports of 
seven automakers fell 13.4 percent, to. 
233,933 units, in the same period, the 
Korea Automobile Manufacturers* As- 
sociation said. 


Ajinomoto Chief Quits Over Mob Links 


Ca^AJbf Our SsiffFrzxu Dapatthn 

TOKYO — Ajinomoto Co. said Friday that 
Shunsuke Inamori would step down as its 
president to take responsibility far a «^nHai 
m which two company executives were ar- 
rested and indicted on suspicion of making 
*? corporate racketeers. 

Mr. Inamori will become the company’s 
chairman, although he will have no voting 
rights on the board of directors regarding 
company business, Ajinomoto said. 

The m a n agi n g director. Kunio Egashira. 
will replace Mr. Inamori as president, the 
company said, adding that the changes would 
be formally approved at a board meeting at the 

end of June. 


Ajinomoto, Japan’s leading producer of 
seasonings and processed foods, said in 


ing _ 

_ foods, said _ 

March that two of its executives — Ynkio 
Noguchi, 60, and Takao Ishigami, 48, — had 
been arrested on suspicion of paying 6 million 
yen ($48,000) in company funds to six 
sokaha , or racketeers, in return for their 
agreeing not to disrupt shareholder meetings. 
The two executives later were indicted. 

Ajinomoto conducted an in-house inves- 


tigation after the scandal was disclosed, but 
the company said Friday that it had found no 
evidence that other top officials had been 
involved in wrongdoing. 

The company found, however, that checks 
and controls over activities of its employees 
were insufficient. Mr. Egashira said. 

The company will soon set up an in-house 
committee to improve its management, 
Ajinomoto said. 

Sokaiya, who are often linked to yahtza 
crime syndicates, typically try to exton 
money from companies by threatening to 
expose dubious business practices or cause 
disturbances at shareholders' meetings. 

Analysts said the management shake-up 
was unlikely to have a negative impact on 
Ajinomoto's earnings. Its shares rose 9 yen to 
close at 965. 

The ousted Ajinomoto executives join a 
growing group of Japanese board members 
who have lost jobs over charges that their 
companies illegally paid hush money to gang- 
sters to keep shareholder meetings quiet. 

Nomura Securities Co_ the world's largest 
brokerage concern, last month purged its se- 


nior management amid charges that directors 
had made unauthorized trades and tunneled 
profits to gangsters. 

Takashimaya Co., the department store 
where Japan’s imperial family shops. lost its 
chairman and president last June over a sim- 
ilar scandal. 

Sokaiya. once common at shareholder meet- 
ings. have seen their ranks rhinrwri by tougher 
police tactics and harsher penalties against im- 
plicated executives. In 1982 — the year police 
estimate the ranks of the sokaiya peaked at 
6,800 — Parliament made it illegal for compa- 
nies to make blackmail payments to them. 

To make it more difficult for sokaiya to 
exton money from companies, the govern- 
ment has encouraged as many corporations as 
possible to bold shareholder meetings at the 
same time — on a single day in June — and has 
designated as many as 10,000 police officers 
to be posted as guards at meetings then. 

Ajinomoto has said it expects to post a 3.1 
percent gain in current, or pretax, profit to 28 
billion yen for the year ended March 31 on 
sales of 305 billion yen. 

( Bloomberg . Reuters . AFP) 




Hong Kong 
Hang Seng 

Singapore Tokyo 

Straits Times Nikkei 225 


14000 

i 2250 A 

| 22000 


13500 ftiA 

N 22“ V ' 

Jl 21000/4 


130W nj 

l 2150 / 

\ 20000 


12500^1 

2100] 

19000 \ 

Am. 

im 

* 2050 

1 1B000 


™N DJ FMA DJ 

1996 1997 199B 

FMA 17000 N D J 
1997 1996 

FMA 

1997 

Exchange 

index 

Friday 

Close 

Prev.’ 

CtoSB 

% 

Change 

Hong Kong 

Hang Seng 

12,516-60 12.358,70 +1-2B; 

Singapore 

Straits Tunes 

.2,068.48 

2.0B7JZ7 

-OiMJ 

Sydney 

AB Ort&iaries 

2.380.48 

2.392^0 

-0.52 

Tokyo 

Nikkei 225 

17^47^8 

17.485.75 +2.07 

Kuafe Lumpur Cwrq>osfte 

1,138^8 

1,14756 

-0.84 

Bangkok 

SET 

713.62 

713.89 

•0.04 

Seoul 

Compoate index 

693JM 

688.04 

+0^6 

Ta4»i 

Stock Market Index 6,5834)8 

8,584.12 

+0.10 

Manffa 

PSE 

2^76.78 

2.949X12 

+0.34 

Jakarta 

Corr^oate index 

637.16 

635.56 

+0.25 

WefHngton 

N2SE-40 

2^23298 

2J233JS5 

-0.04 

Bombay 

Sensitive Index 

3^33.73 

3J5BB37 

+0.98 


Source: Teiekurs 


IniL-numwi-jl TnhaiK* 


A $14 Billion Taiwan Chip Plan very briefly; 


Ctm^Hed by Our Sajf Fran Ditpxchn 

TAIPEI — Taiwan Semiconductor 
Manufacturing Co. said Friday that it 
would invest 400 billion Taiwan dollars 
($14.51 billion) to build six advanced 
wafer plants here in the next 10 years. 

The project would be the largest ever 
undertaken by a private company in 
Taiwan and would create more than 
5,000 jobs, the company said. 

The ' company, Taiwan’s biggest 
semiconductor maker, said the pro- 
posed plants for eight-inch (20-centi- 
meter) and 12-inch wafers would be 
built at the Tainan Science Industrial 
Park in southern Taiwan. The company 
said die worldwide market for integrat- 
ed circuits was expected to grow to $300 


billion by 2000, and it said it needed to 
expand manufacturing facilities to meet 
increasing demand. 

The company, which is capitalized at 
2654 billion dollars, operates two six- 
inch- and two eight-inch-wafer factories 
producing a total of 2 million micro- 
chips a month. It had after-tax profit of 
1 9.4 billion dollars last year, an increase 
of 29 percent from the previous year, on 
sales of 39.4 billion dollars. The com- 
pany’s shares rose 550 dollars, or 6.9 
percent, to close at 85. 

Analysts said the investment would 
allow the company to retain its position 
as Taiwan's leading chipraaker and help 
it face increasing international compe- 
tition. {AFP. Reuters) 


• Vietnam said no common ground had been found in talks 
with China over competing claims to an offshore area where 
China positioned an oil rig last month. 

• ABB Asea Brown Boveri Ltd., the Swiss-Swedish in- 
dustrial-engineering conglomerate, said it planned to invest 
as much as $750 million in core industries in the Philippines 
over the next four years. 

• India’s 1 0-day truckers’ strike caused a loss of at least S250 
million in exports, exporters said in Bombay. 

• China's Communist Party issued anti-corruption rules for 
its members, the news agency Xinhua said. 

• PT Timor Putra Nasional, an Indonesian automaking joint 
venture with Kia Motors Corp. of South Korea, said it had 
introduced a sedan with a more powerful engine to its line of 
automobiles to try to improve sales. 

• New Zealand’s dollar is overvalued and could face a severe 
correction soon, Jim O'Neill, chief currency economist at 


Goldman. Sachs & Co., said. The currency dosed at 69.3 U.S. 
cents in Wellington. 

• The World Bank said the sluggish pace of economic reform 
in Bangladesh was likely to lead to a reduction in aid and to 
criticism from donor countries at a conference this year. 

• Japan and the United States are likely to settle a port dispute 
"in a couple of days." ahead of a U.S.-imposed deadline for 
sanctions Monday. Japan's transport minister said. 

• Central Japan Railway Co. applied to be listed on stock 
exchanges in Tokyo. Osaka and Nagoya and expects to become 
the third of the former state-owned Japan National Railways 
companies to go public with a share sale in October. 

• Toyota Motor Corp. lost a verdict as an American woman 
paralyzed in a traffic accident was awarded $7.6 million after 
a jury ruled that a Toyota sport-utility vehicle she was driving 
was prone to rolt over because of faulty design. 

R rulers. AFP. Bloomberg. AP 


GOING ONCE, 
TWICE, SOLD!!! 

INTERNATIONAL 

ART 

EXHIBITIONS . 
AUCTION SALES' 
COLLECTOR'S 
GLIDES 

IN SATURDAY’S 

INTERNATIONAL 
HERALD TRIBUNE 

TODAY PAGE 7 


Personals 


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June 1S81, 1997 tor bearan/te 

BHfetei Cal Bostau 61 7.492J055, 
tax 617832.7533 or Parts 45.722775, 
tax 45725271 Rife t 
vfctattsOtaiJiBvaBLadu 

BRKW. The finest hand-marto suL 
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dog needs OgU Euope to US ota Jui A 

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- t 



































































































































































k\ 


Equity Mutual Funds 


Total return in U.S. dollars on equity funds and 
indexes ' for the quarter ended March 31. 

Investment U.5. Offshore Locallv stork 
objective mutuals funds domlclfed index** 


U.S. . ‘..-2.0% 
Europe 4.5% 
LaL America 13.7%' 
Asia ex-Japan -2.7% 


-0.7% n/a 

3.9% n/a 

17£% ■ rVa . . 

-1.6% n/a 

Germ any n/a 8.1% i&TBb-'* 

France n/a 3.6% 4.3% 

U.K. n/a i.o% ' i. t% 

Switzerland n/a 6.0% 6.5% 

Japan -*>.?% ^10%% * n& - llC . 

r ***' cuTOne y uk. w 

«SC< wdwaasr PAX ate 40: FTSe IQQ; SPI: NMteL 


27% 

5.0% 

152% 

■4.4% 

5.6% 
■ 02 % 
8.5% 
-12.9% 


American Heritage Fd 4 $.21 
Hudson Investors Fcf 11.30 
Grandview Inv RHy Gro 9.67 
Unreal Fait SM-CAP 6.89 
Longleaf Part Realty 6.73 
Ptonix'Ehdb^^ 8.32 

Oakmark Select Fund 6.30 
CatdweH&CWdnMldOp &28 
Prudential Ostrs Sec B 5.96 
CuferTr Equity Income 5.88 

Sources: Upper Analytical Services; 


Sanpaoto Nouv Marefid 
€chiquier Junior 
Sanpaolo Ad Compt 
Entreprisas Avenir 
CIC Croiss Opport 


Midland Perspectives 
Leven Nouv Marche 
GDC M6dianes 
Marseillaise Opport 


32.16 
27J01 
19.42 
18.86 
1821 
18.00 
16.82 
.me 3 

15.48 

18.13 


Hill Samuel Spec Sit 923 
Exeter Caprtal Growth 9.19 
BWD UK Smaller Go's 3.95 
Wavertey Penny Stare 8.82 
Gartmore UK Cap Gr 8.75 
CM Hartley Growth 7.53 
Quiiter UK Smaller Cos 7.45 
Smith & WJfliaroson Sm 7.25 
Mayflower Higher Inc 7.21 
NafWest UK Small Cos 7.14 


Provesta 13.34 

Adisetekt 1252 

DIT Wachstumsfonds 12.48 

HYPO-lnv Kapital 1227 

Concentra 12.17 

Rusfonds 11.85 

ADIG Aktien Deutsch 11 .82 

DIT Aktn Deutsch AF 11.73 

Delbruck Aktien U ni F 11. 70 

UnNDeutschfend 11 .35 


Piclet Valsuisse ' 12.30 
Credis Sm&MdCap Swz 9.87 
Action Suisses 9.67 

BSS Swiesfund 9.60 

Swissac 9.23 

UBS E^nv-Swftz 8.74 

SBC 1 00 Index Switz 8.68 
Swiss Valor 8.65 

Swiss bar 7.64 

Rothsch8d Swiss Eq 6. 88 


HSW (Britain). EuroperfOrmance (France) 


Offshore 

Europe-Invested 

Credis Eq-Sm Cap Eur 16.98 
Fiem Front-Eur Dtscv 13.47 
Scot Value Euro Grth 13.09 
Hansard Europe Grth 11 .36 
IT European Fd (USD) 1 1 .02 
Midland iC-Euro Opps 10.40 
Midland IC-Euro Grth 10.07 
SwLife Prot-HdCur Grth 9.47 
Pieiade-Europe Eqty 9.09 
Thread GAF-Eur Eqty 9.06 

IHT 


Stumbling American Bull Hobbles Funds in World’s Developed Markets 


By Conrad de Aenlie 



| HE SELL-OFF in U.S. stocks at 
the end of. March, which 
• brought a two-year bull run to a 
halt, also left most categories of 
U.S.-invested mutual funds with losses 
in the first quarter. Ute decline dragged 
down other many stock markets around 
the world, leaving funds invested in-Asia 
with losses and those .targeting Europe 
with much smaller returns than they had 
shown just two Weeks earlier. Emerging 
markets Were little affected, however, 
and funds specializing in them, par- 
ticularly those in Latin America, were 
the most rewarding. 

The Standard & Poor's 300 index of 
large American stocks had been 
ahead by about 10 percent at its 
peak in mid-March and ended 
the quarter with a total return — 
price appreciation pins di- 
vidend payments — of 2,7 per- 
cent. Other U.S. indexes, es- 
pecially of smaller stocks, did 
much worse, which explains the 2 per- 
cent loss in the average general equity 
fund reported by Upper Analytical Ser- 
vices. a research company that com- 
piled the data for this article. 

The stock market was pulled lower by 
a slide in U.S. Treasury .bondprices that 
began more than a year ago: Apparently 
the weakness in bonds could no longer 
be ignored, not after the Federal Reserve 
Board announced that it was raising its 
target for a key short-term rate. 

The average U;S.-dpmiriIed bond 
mutual fund fell by 022 percent in the 
quarter. Bond funds domiciled in the 
European offshore territories of Lux- 
embourg and the Channel Islands fell by 
3.8 percent when expressed in dollars. 

These funds tend to invest in 
European bonds, which rallied last year 
but began to retreat as signs of an eco- 
nomic recovery became clearer.. 
European equity funds fared much bet- 
* ter. though, as investors focused more 
$ on the prospect that economic recovery 
would lift corporate earnings than on the 
higher interest rates that usually ac- 
company a recovery. 

Fund owners may be disappointed by 
their returns all die same. Key Con- 
tinental bourses were up 20 percent 
through mid-March, but the baa jpatch 
on Wall Street took its toll, as did the 
sharp appreciation in the dollar against 



major European currencies. When share 
prices and returns on equity funds are 
translated into dollars — for the sake of 
comparison with funds domiciled else- 
where — the results are diminished. 

The average European-invested off- 
shore equity fund reuse 3.9 percent. Do- 
mestically invested stock funds rose 43 
percent in France, 10.7 percent in Ger- 
many, 6.5 percept in Switzerland and 
1.1 percent in Britain. 

Japan was the worst performer 
among major stock markets; the Nikkei 
225 index fell 7 percent Because the 
yen also was weak, funds investing in 
Japan showed abysmal results, with the 
average offshore fund falling 10 percent 
and the average Japan-oriented Amer- 
ican fund losing 6.7 percent. 

The best funds to own were 
■ those thai invested in emerging 
markets. The reason, said Jean 
De Bolle. head of strategy at 
Foreign & Colonial Emerging 
Markets, is that “valuations are 
still much cheaper than those of 
growth stocks in the U.S.'* 

“If something goes wrong in the 
States," he added, “emerging markets 
will suffer, but that can be short-lived 
because they have room to recover.” 

Something did go wrong in the 
United States last month, and the emerg- 
ing markets were the beneficiaries. Per- 
formance, Mr. De Bolle said, “was ob- 
viously helped by American funds 
reallocating away from the U.S. and into 
emerging markets. In particular Latin 
American and European markets." 

“Asian markets in general haven't 
done so weli,” he added. 

Offshore funds targeting Latin Amer- 
ica rose on average 17.6 percent, while 
those ii vesting in Asia fell by 1.6 per- 
cent. U.S.-domiciled funds showed 
slightly worse results for each type. 
StiJJ, among the 20 best-performing 
eddied 


stock funds, emerging 
iveof 


am 

U3.-domi' 

markets are the investment objective 
all but one; of those, 12 specialize in 
Latin America. 

One curiosity is that the leading 
American equity fund in the quarter, the 
American Heritage Fund, is die only one 
of the top 20 whose manager did not 
have to look overseas to achieve su- 
perior results. The fund, which was up 
48.2 percent, falls under the domestic 
capital-appredatiou category in Lip- 
per’s nomenclature. 

Another curious thing about the fund 


is that it lost 2.4 percent annually in the 
10 years through 1996, a remarkable 
feat considering that stock-market av- 
erages tripled during that time. 

Heiko Thieme, the fund's manager, 
credited the gains in the quarter to run- 
ups in some of the tiny medical-tech- 
nology companies the fund owns, in- 
cluding one mat more than doubled, and 
to more modest increases in big stocks, 
such as Philip Morris Cos. 

As for the miserable years that came 
before, that was blamed on heavy share 
redemptions. This lack of “shareholder 
loyalty" can be explained by the hind's 
exorbitant expense ratio of 6.23 percent 
of assets annually, about four times that 
of the typical stock fund. This, the man- 
ager said, results from high overhead — 
die fund has just $ 1 8 million in assets — 
and from legal fees incurred in a lawsuit 
brought against it by one of those dis- 
loyal shareholders. 

The fund's high turnover rate also 
drives up the cost of doing business; a 
staggering 10 percent of the portfolio is 
traded daily. 

“When I come into the office every 
morning. I feel obliged to do 
something," Mr. Thieme said. *‘I want 
to get in and get a feel for the market* ’ 

American Heritage would be a good 
subject of a cautionary tale for investors 
tempted to leap into hot funds without 
investigating the hinds' performance 
before their three months of fame. Pro- 
spective buyers should use this review 
only as a snapshot of market and fund 
returns and not as a guide to the relative 
worthiness of the funds mentioned; v 

One multiyear trend that may have 
ended is the love affair with" American 
growth stocks. The leg of the bull market 
mat began after the Gulf War lias been led 
by so-called momentum stocks, which 
trade at high valuations on the public's 
faith in the companies' ability to increase 
earnings at a rate much higher than the 
average corporation can achieve. 

It is like sitring at arculette table where 
red keeps coming up and betting in- 
creasing amounts that h will happen 
again, even when logic dictates that soon- 
er or later the ball wall land on black. 

For momentum investors in die first 
quarter, the ball landed on Hack. Funds 
owning technology shares, among the 
biggest momentum plays of the last two 
years, lost 8.6 percent; funds investing in 
small companies were down 6.9 percent 
and micro-cap funds — owning even 


Tax Strategies to Make April Less Cruel 


A T THIS TIME of year, re- 
member thai. with loony U.S. 
tax laws, picking the right tax 
strategy can be far more im- 
portant than picking the right stocks. 

Consider two investors — call diem 
%Bill and NewL Each puts 52,000 into a 
stock portfolio that produces an average 
return of 12 percent annually, including 


This year, allows both spouses to add up 
to 52,000 to their IRA accounts annually 
— even if one does not work. 

To understand this key concept of tax 
deferral, go back to Bill, who started 
with $ 2,000 in his taxable stock account 
In the first year, he earned $60 in interest, 
and, figuring that he is in a 28 percent 
bracket, had to pay roughly $17 in taxes. 


return of 1 2 percent annually, including bracket, had to pay roughly 517 in taxes, 
dividends of 3 percent. Assume also that Thai meant that he had $ 17 less than 

«... , m.i : i t a -in an. Txlmvf nn wmrn tn pam dividends (and 


Bill and Newi hold each stock an av- 
erage of five years, then sell and replace 
it w iih another stock. 

At the end of 20 years. Bill and Newt 
cash out their stocks and pay the taxes. 
According to William Reichen- 
srein of Bay lor University, who 

devised this scenario for an ar- 

tide in the A All Journal, Bill 
ends up with $12,528: Newi has 
SI 4.450. What gives? . 

Simple. Bill owned his stocks w a 
taxable account. He did not pay much zn 
taxes- each year, but he paid enough to 
deplete his account over nme. Newt 
owned his stocks in an Individual Re- 
tirement Account. He had too high an 
h income, to earn a deduction when he 
'made his IRA contributions, but the 
profits on his stocks accumutoted tax 
free until be sold his shares and retired. 
This tax deferral becomes valuable in 
the long run . ,. c — in- 


Newt on which to earn dividends (and 
capital gains) in the next year. That does 
not sound like much, but it mounts up. 

The advantage of Newt’s nondeduct- 
ible IRA “is usually small when the 


JAMES GLASSMAM ON INVESTING 


investment horizon is less than 10 
years,' ' writes Mr. Reichenstein, but for 
a 30-year-old who plans to retire at 65 , it 
can be enormous. For such a person, a 
one-time investment of $ 2,000 in a tax- 
able account becomes S43.626. But in a 
nondeductible IRA account, it becomes 
$77,592 — or 78 percent more. Both 
cases include all taxes, including those 
paid when the IRA is cashed in. 

The huge difference is the result of 
the miracle of compounding — interest 
mi interest, profits on profits. Even with 
more modest annual returns, a tax-de- 
ferred IRA grows remarkably overtime. 

• . .... C*l —...nil.. 



me. you probaW v set ^ average for stocks), you will have 

F-FjsSISSSSS 

couples makmg mwo troy ^ * or 30s. you have robe nuts to ignore the 

another non-profit tax advantages of an IRA. 

401(k) or ns govenUMm ^ non ^ You ^ need a401 ^ plan, too. Say 

equivalent So you sfo StSL- S * that you and your spouse are each 40 and 

S2 .000 investment «^cny^- ^ have nQt a penny for a retirement 

Thai was a ^000 you hope will start at age 65. If you can 

n« immediacy toi £ 5 ^ j»t away SS00 a month each in IRAs 
contribution off > v 0 u’re and401 00 plans.even at a return of just 
thereby reducing > our mb g -^ 5 ^ .you' will accumulate 

'soEm' 

net the benefits or na s rRAs have 

grow without being e^en awa>- 

And a new law. which goes into effect 


IRAs have drawbacks, however. 
There are strict rules about when yens can 


start withdrawing your money and pen- 
alties for taking it out before age 5916, 
for taking too much out after that and for 
leaving too much for your heirs. 

But one way to avoid the IRA hassles 
is to sec up what E call a Low-Tax Re- 
tirement Account (or LIRA), which is 
based on die best loophole in the tax code: 
You don't pay capital gains taxes on 
something unless you sell it Stocks that 
you buy and hold are die ultimate tax- 
deferred investments. You can pur off 
paying taxes until you are dead — and, 
even men, your heirs can avoid them. 

In your LTRA (which, of course, you 

don't have to set up in any of- 

ficial sense; it’s just a simple 

brokerage account), you wall 

• want io own stocks that pay little 
or no dividends. Good examples are 
high-tech companies like Microsoft 
Inc., or retailers like Wal-Mart Stores. 

You can also own mutual funds, but be 
careful Funds don’t incur tax liabilities; 
the bQI gets passed on to shareholders. 

Low-tax funds are those with low 
dividend yields and low turnover. Man- 
agers who sell their stock holdings often 
can produce hefty capital-gains taxes 
for their investors. That's why index 
funds, which put money only in stocks 
in the S&P 5 (a) and similar indexes, are 
especially attractive in an LTRA. 
Turnover for Vanguard 500, the most 
popular index fund, averages just 5 per- 
cent — since, in most years, stocks are 
sold only when the components of the 
index change. 

Owning individual stocks is the best 
way to manage taxes with certainty. 

LTRAs and IRAs simply defer taxes, 
but investments in municipal bonds can 
avoid them altogether. Munis, which are 
issued by state and local agencies, pay 
interest that is free from federal (and 
often stare) taxes. 

: It's tricky to buy individual munis, 
especially as a small investor, but you 
can also purchase them through con- 
ventional mutual funds, closed-end 
funds that trade on the New York Stock 
Exchange or unit trusts offered by 
brokerage firms. 

The Washington Post. 


smaller enterprises — losi 4.9 percent. 

“The word ‘momentum’ is rapidly 
becoming a Wall Street expletive." said 
James Stack, editor of the newsletter 
InvesTech Mutual Fund Advisor. “In 
the mindless bull market of the recent 
past, momentum funds had a Midas 
touch. Almost every stock they bought 
turned to gold, simply because every 
other momentum follower was doing 
the same. Now, suddenly, they're find- 
ing the stocks they own are turning to 
stone and dropping like rocks." 

Funds in the income and growth-and- 
mcome categories, where managers take 
a more cautious approach by looking for 
companies dial pay fat dividends, were 
up 1.7 percent and 1.1 percent, respect- 
ively. The best domestic-equity funds, 
however, were S&P 500 index funds, 
where the manager takes no approach at 
all other than to buy index components 
to try to match its performance; that 
group was up 2.5 percent. 

Offshore equity funds did better in the 
year through March, mainly because of 
their emphasis on emerging markets and 
Europe; die average fund rose 2 percent. 

Small companies went seriously our 
of fashion in the United States, but they 
were the rage in Europe, where belief in 
economic rebirth helped place several 
small-cap funds among the offshore 
leaders targeting Europe. 

“Small-caps normally do well in a 
good economic environment" said 
Joseph Baumeier. who manages the 


Credis European Small-Cap Fund for 
Credit Suisse Asset Management in 
Zurich. “They normally do better than 
large-caps because small-caps are gen- 
erally domestically oriented. We 
thought thar we should be overweight in 
countries where the economies are do- 
ing reasonably well.” 

The Credis fund, which was up 17 
percent became the best European off- 
shore fund by taking a big gamble on a 
small country. 

“We took quite large bets in Nor- 
way." Mr. Baumeier said. “We had 
more than 20 percent in very small 
Norwegian stocks. Some were recovery 
stocks, some were high-tech. They did 
especially well, and the currency did 
well. too. We found Norway really in- 
teresting. There are a lot of companies 
thai are nor very well understood or well 
known." 

As was true of American mutuals, 
almost all of the 20 best offshore funds 
invested in emerging markets, with Rus- 
sia. Eastern Europe, Brazil and Taiwan 
well represented. The average emetg- 
ing-market stock fund rose 6.6 percent 

Isabel Knight who manages Foreign 
& Colonial’s Russian Investment Co., 
which gained 48. 1 percent in the quarter, 
ranking it third, attributed the strength to 
a decision in mid-quarter to switch out 
of large, liquid blue chips like Lukoil 
and into less familiar and. therefore, less 
expensive, smaller companies. 

One problem with having such a phe- 


nomenal quarter is thar shareholders may 
stan to expect it next time. Ms. Knight 
said this was unlikely with her fund, as it 
has a 525,000 minimum investment and 
tends to attract professionals. 

"Investors have a good idea what 
they’re getting into,” she said. “It's a 
volatile market and most investors have 
approached it with a long-term outlook. 
They bought the Russian story. '* 

Anyway, she added, “They might be 
in shock from the first quarter." 

Shareholders in Mercury Asset Man- 
agement’s Eastern European Fund 
could be forgiven for any complacency; 
the fund, which was up 28.7 percent, has 
been among the offshore leaders in three 
of the last five quarters. 

Throughout the last year, however, its 
manager. Jurgen Kirseh. has displayed 
an admirable incredulity, continually 
warning against excessive optimism. 

“We remain positive on the region 
over the medium to long term, ” he said, 
“but people should not have too-high 
expectations. Price-to-eamings and 
pnee-to-cash-flow ratios are still at- 
tractive. but there will be short-term 
volatility and corrections." 

Offshore bond funds had a worse peri- 
od than stock funds, but, again, the best 
targeted emerging markets. Of the top 20. 
14 invested in developing markets, es- 
pecially Latin America. The best of diem, 
though, with atotal return of 14.6 percent, 
was the SFM Rand fund, which spe- 
cializes in debt issued in South Africa. 



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■■.; -V6W 


PAGE 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, APRIL 12-13,1997 


THE FUND PERFORMANCE FOCUS 


The LH.T. would like to remind its readers that past performance is no gu 


■ ABNAMRO ALRENTA 


STANDARD PACIFIC OFFSHORE FUND, LTD. 



ABN AMRO Asset Management: 

• USD 67bn under management; 

• More than 200 asset management professionals; 

• Asset Management centres located in Amsterdam, Hong Kong and 
Chicago (supported by affiliates). 

We offer yen: 

• Atacntt (NLG/DEM-based global bond fund, net asset value NLG 
1.7bn (USD 0.9bn), annual average return in USD over tbe last 10 
years: 9.7%); 

• ABN AMRO Global Bond Fund (USD-based); 

• And other funds from the ABN AMRO family of funds. 

Advantages to you: 

• Solid name; 

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• Good performance; 

• Easy to follow (prices are published daily in the International Herald 
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Interested? 

Contact Ms. Anne Baumgardner, ABN AMRO Asset Management, 

PAC AP OS 10. Hoognorddreef 66-68, P.O. Box 283. 1000 EA 

Amsterdam, the Netherlands. TeL: 3 1 -20-6293256, Fax: 3 1-20-6294736. | 



The VoLitilirv Fund, a loulk diftcrv-ni concept in hedge 
hind*, kurtnl trading on Im August lu objective is to 

take advantage ot market mi-priunK- through vobdHtv based 
trading technique-. Its trading Mile is similar to an 
institutional arbitnipe and proprietary trading desk funded bv 
inv-esror, rather than hank ,apiul. 

The operation is joinili nunagt-J and promoted bv Credit 
Lvomuis R,mse LtJ and Equitable House Investment Ltd. 
EH1 is the sole investment adviser whilst CLR is responsible 
for administration, distribution, clearing, settlement and 
global custodv. 

The Fund uses inictfment techniques des-elopcd at Equitable 
House Investment- bv Dr M. Desmond Fitzgerald. The 
investments managed bv Dr Fitzgerald have shown a 
compound annualise J rate nf return since inception in 
September 1W ol about 17"-. 

For Further information please contact Bruce Thatcher: 

Credit Lvixuuis Rouse Ltd 
Brcudualk House 
5 Appnld Struct 
London 

ec:a :pa 

Telephone: 1441 171 Z14 6t»20 
Fa\i I44> 171 63s 0373 

CrcJa Lsumuu Rntw Lid and EqwnuUr Hctuc buettmenb Ltd 


J.B. GERMAN EQUITY FUND 


In 199b the German equity 
market yieldcil a return or 2S* 
measured in D-Marks. This 
venr the whim has reached 
1534%. We And that 
investment in German 
equities is still attractive 
because: 

■ German company earnings 

are expected to nse 
significantly over the next 
years. Faster economic / 

growth in 1997 and is 
expected to cause major 1 1 

price rises on the German \l 

equity mark rt. which is by 1 
tradition very cyclic 1 1 

■ Recent years' recession 
has forced German 
companies to rationalise 
which will also fend to 
boost earning. 


• Interest inequity 
investment is growing because 
German interest rales are hisioricaliv 
low 

J.B. German Equity Fund invests 
exclusively in large weQrestablished 
quoted German companies and is one 
of the equity and bond funds offered 
by lysk Invest. 



Jysh Invest 

• is a mutual fund group 
which is fully owned by its 
investors; 

■ was established in 1988 at 
the initiative of jyske Bank. 
*. with whom Jvsk Invest 
| cooperates closely; 
r •offers a hide range ot 

V investment possibilities 
designed to meet our 
”■ irwesiras' different 


KA 


Ml nsk and time horizon. 

U I If you wish to know more 
7 j about the IJ5. Gentian 
I I Equity Fund and other 
J t investment solutions 
offered by lysk Invest, 
please complete the coupon 
and write or phone direct 
to. 


}vtk*Bank 

Private Broking (bdrenationalJ 
V Btet b i o ga de9.DK -1780 Copenhagen V 
TeL +4SSJ78J80I. f*c *45337878 tL 

Internet bttpj/wmt. )pke-Banhdk/ 
Jysk Invest 


JYSK INVEST 


- active mvestr wit the easy wa v 


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Andrew Midler formed Standard Pacific in 1995 after recording 
market leading returns with Fidelity Investments and Odyssey 
Partners. Standard Pacific currently manages in excess of 5300 
milli on and employs a team of 9 investment jxufcsstoaals. Andrew 
Midler, widely recognized as one of die emerging sms in tbe hedge 
fund world, manages a hedged portfolio of global equities. 


Mr.DcmFaaar 
Alpha FjmdMaiogemmt Ltd. 

48 Pa-La VUU Rood. Suae 464. HmoUtm. HM II Bermuda 
TeL (441) 295-9620 Fas (441) 295-96J7 


GLOBAL ASSET MANAGEMENT 



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For further information please contact: 

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Seven Magnum Funds Ranked 
in MAR/Hedge Top-10 
Performance List for Jan 97 

Two in Top Four for Previous 12 Months 

Magnum funds dominated the list of top-10 performing funds 
of funds for January 1997, published In the March issue of 
Mar/Hedge journal. On the list were: 

Gain for Jan 1997 

1. Magnum Russia Fund 27.45% 

2. Gems Russia Fund (8) 26.66% 

3. Magnum Russia Equity Fund . . . 18.13% 

4. Gems Russia Fund (A) 16.64% 

5. Magnum Edge Fund 1441% 

6. Magnum Aggressive Growth Fund 12J4% 

7. Magnum Opportunity Fund 12 l37% 

8 .Magnum Fund 12J29% 

9. Magnum Global Equity Fund .... 1Z27% 

10. Gam Trading Fund foe. (DM) 10.12% 

Magnum specializes in identifying the world's leading hedge 
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For more information on arty of the Magnum Funds, 
fax Magnum at 242-356-6640 or visit . 
www.magnumfund.com M 



R 1 ( : 1 1 ( O l ■ R T 


RJCHCOURT FUTURES INC 
valued $ I million invested since April 1st. 1992 



JUCHCOURT FUTURES INC Is tbe 
very successful futures com p onent of 
the Riiheoun Managed Account Pro- 
gram The Program which (abased on a 
multi manager concept with assets 
over 200 million. K designed to give 
access to some of the best money 
managers m the world. The other hmds 
of the Program are Ridicoutt America 
Inc. Rxhcourt S Strategies Inc and 
Rtchcoun Variable Opportunities Inc. 
Since Its Inception on April. 1st IW1 
Rlchcoun Futures Inc has achieved a 
total return of This return was tea- 
ftzed thanks ro the careful selection and 
monitoring of the best Commodity 


Trading Advisors located throughout 
the world. Rtchrouit Ftnures tnc is well 
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the International financial futures, com- 
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The Fund is quoted In US dollars and 
opens tor subsedpoon and redemption 
at the end of each month 
Farther Wre-Mtaa can be obmtoed 


C3TCD FUND SERVICES (EUROPE) B.V. 

Tol: SI-2Q) 67696H Fan (31-201 67S MS I 


-I GLOBAL EQUITY FUND 


Since launch perfor m ance 

■ T-w-ho FtjV c-u X. 1 , Fv-d 

Vi f<*lm A»*l 

‘ 'VwCVi'M li>, -W. |T* 



z 

z 


The Guinness Flight Global Equity Fund, a 
Guernsey-based distributing fund, aims to achieve 
capital growth through investing in an international 
portfolio of equities. 

Our well-defined and consistently applied investment 
approach aims to provide superior long-term 
performance at below-average levels of risk. 

For further information, please contact our 
Investor Services Department in Guernsey on: 


+ 44 (0)1481 712176 


Internet; httpVAvww.guinness-filght.com 

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The fund seeks consistent and superior capital 
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US equity markets, individual investments are 
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. The fund is quoted in US dollars and 
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- >«aopai OKAoct fa re p ra n Eanfo Food Intox 


* t \ i 


ORBITEX 


C»ri)upiit I ur.dv — — “ 


ORBITEX Natural Resources Fund 


fc nn ti — i d OBfreU vo i 

and Strategy 

The Furtfi oOjec.’iwc n to contiiwe iL 
piBt perfarnidhCT of pro-.idmc Ibc 
rcuCUOr with .< ropcireji ion-] 1-n-i 
reont on inttumm in n^‘.ur.,i 
re»our :« sealer wi'Se 

Tin Outrank lor GtoM RnsoaicB 

Stocks bOutehuuflng 

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INTERNATIONAL HERALD TRIBUNE, S ATURDAY-S UNDAY. APRIL 12-13, 1997 


PAGE 17 




THE MONEY REPORT 


This Time, No U.S. Clouds 
Over Emerging Markets 


By Iain Jenkins 


HBSBHB 



m 


A PTHR AN excellent first 
quarter for many emerging- 
market funds, the outlook is 
uncertain in the short term fol- 
lowing the recent rise in U.S. interest 
rates. But many emerging-market firad 
managers and analysts said they did not 
expect a repeat of early 1994, the last 
tune the Federal Reserve Board 
raised rates, sparking a long 
bear marker in eroergin g-mar- 
k« equities. 

Nigel Rendel, global 
strategist at HBSC James 
Capel, said any volatility 
should be seen by bold in- 
vestors as a buying opportunity 
emerging markets. 

“This time it is different," he said. 

* ‘In 1994, emerging markets were over- 
valued in relation to Wall Street Today, 

Wall Street is overvalued in relation to 
emerging markets.” 

His contention is that a Wall Street 
correction should benefit emerging mar- 
kets as the ‘ ‘marginal dollar' ’ from the big 
U.S. institutions will start to move abroad 
in search of markets that are likely to 
deliver high returns. He said he saw con- 
siderable value in Hungary and Russia. 

Marc Faber, bead of Marc Faber Asset 

Management s Hong Kong, is skeptical but Dominic Bokor-Ingram, manager 
about Argentina, Hong Kong, Malaysia, of the Red Tiger Russian fond run by 
and Mexico. While agreeing that emerg- Regent from London, said: “Russia is 
me marker 5 m*v nnt a* hbaiw « about to become an economic growth 


Germany and France at 19 times. Eastern 
Europe at lli, Latin America 14. and 
Asia 18. 

‘ ‘Emerging-market equity has been 
the worst-performing asset class for a 
number of years,” said Matthew Mer- 
ritt, strategist at ING Barings, “They 
have lagged developed-world equities. 
What I tlunk we will see is the recycling 
of assets away flora fully valued, de- 
veloped markets io undervalued emerg- 
ing markets.” 

But Ik warned against com- 
placency about U.S. interest 
rates. 

“Although the outlook is fa- 
vorable, if the U.S. raises rales 
by another 100 . basis points, 
emerging markets will have a 
difficult time," he spirt 

He also likes Russia, which appears to 
be many analysts' favorite, although it 
has already had a spectacular run this 
year. Fleming Russia Securities Rind was 
up 55 percent for the year as of April 7. 

Low valuations and political stability 
following Boris Yeltsin's return to health 
after his heart surgery have driven the 
Russian market this year. Valuations are 
still low, with companies like Yukos, the 
third-largest oil company in the world, 
trading at 26 cents per barrel of crude 
reserves, while Western energy con- 
cerns are valued at about $6 a barrel. 
But Dominic Bokor-Ingram, manager 


Leading Emerging-Market 
Funds in 1997 

Offshore-domiciled funds. Total return 
in U.S. dollars through March 31. 


Hercnltage'Fi^ 
Opport-Braal Value 
F?i.G Russia Invest Co . 
Eastern Capital 
Hemftrim-Russia 
Opport-Brazil Agg Eq 
>JF TaiwanTmst . 
C1BC-GEF Pacif Ventr 
IrnPacAIVTahwan 
Paciuaf Eternity 
Factual Infinity 
Opport-Brazil Equity 
€^>.SumrmOB 
Lucky Dragon 


GTF-Indonesia 
Uoyds Braz-Brazfl Eq 
Taiwan Opportunities 
JF-iaper. ... 
Mercury Se 1-East Eur 


81.59% 

68.27 

48.07 

47.21 

' 41.57 
40.23 

39.22 
38.88 

35.47 
35.04 
32.12 
31.94 
31.58. 

30.65 

30.48 
30.17 
30.16 
29.92 
29.54 . 

28.65 


in g markets may not fare as badly as m 
1994, he sai± “If you assume that the 
Fed tightens further, then there is no 
hurry to buy the main emerging markets. 
While they may not fall, I don’t see them 
rising sharply.” 

Nevertheless, valuation arguments 
look compelling. In London, ING Bar- 
ings, the brokerage house that specializes 
in emerging markets, said the new mar- 
kets were considerably cheaper than 
those in developed countries. Using 12- 
month profit forecasts. Wall Street stocks 
trading at 17 times expected earnings. 


are 


story. You could get growth of 6 to 8 
percent a year, which would drive the 
market a long way further up. However, 
it will probably happen in the second half 
of the year. In die meantime, the market 
may come off 15 to 20 percent in the short 
term. After all, we've had a good run.” 

He predicted that funds with a high 
weighting of small-capitalization stocks 
would do well. 

Mr. Faber said investors should focus 
mi markets not closely linked to the 
United States, such as India or Sri Lanka. 


Or watch countries that had a correction 
and are looking like good value, such as 
India, South Korea and Thailand. 

The Indian market was trp 14 percent 
in the first quarter and would have risen 
further if political uncertainty had not 
ambushed otherwise positive economic 
news. Investors could look at the Lon- 
don-listed Himalaya Fund, which Sarah 
Chess is, an ING Barings closed-end 
funds specialist, described as “well 
managed, with an excellent long-term 
performance record' * despite a negative 
rerurn so far this year. The fund lost 3.8 
percent for the year until April 7, but that 
reflected its 10 percent stake in the 
Bangladesh market, which was down 
sharply after good results in 1996. 

Another candidate is the New York- 
listed Jardine Fleming India Fund, which 
is attractive because it is trading at a 13 
percent discount to net-asset value. 

For further information call: 

•FLEMING RUSSIA SECURITIES FUND. 44 |7| 382 8869 
■ RED TIGER RUSSIAN FUND. 44 I7| 3160007 

• HIMALAYA FUND. 852 2521 423) 

• JARDINE FLEMING INDIA FUND. 852 2843 8888 


Russia Funds for Russians and Others 


By Peter S. Green 


S MALL INVESTORS seeking a 
piece of die profits as Russia’s 
economy grows now have sev- 
eral opportunities to get in on the 
ground floor. Several open-ended mu- 
tual funds are peddling their wares in 
Moscow, open to Russians and, under 
most conditions, to foreigners, as well. 

After months of wony over the health of 
President Boris Yeltsin nd thus the Russian 
market, tire Moscow exchanges are re- 
covering. Mr. Yeltsin appeared hale at his 
meeting in Finland last, .month with Pres- 
ident Bill Gintorcof the .United Slates. 

Mr. Yeltsin plans to reform the tax code 
and thus increase collections. That could 
permit the government to pay workers 
months of overdue wages and begin to 
build political support for more reform 
Plans to force companies u> start paying 
their bills, especially for gas and electricity, 
could shake up the dormant energy sector. 
But trouble still lies ahead: Russia has 
widespread poverty, an abysmal infrastruc- 
ture and a barely functioning economy. 

Plenty of Russia funds already exist 
outside of the country, but this other 
breed of funds allows investors to mix ir 
up with locals and take an inside risk. If 
you know the Russian market, these 
can also be a way ro own siocks 


you k 
funds 


that are otherwise hard to come by. 

Credit Suisse Asset Management of- 
fers a debt fund and an equity fund, 
allowing investors to hedge their bets. 

“The good news is that the bad news 
is going to be gotten rid of, and in the 
short term there will be more bad news,’ ’ 
said Charles Mallory of Credit Suisse. 

In other words, demand from the 
cash-strapped Russian government will 
raise interest rates in the short term, 
making debt attractive, but equities are 
HKely to outperform debt in tire future. 

Fbr bears, there is the Credit Suisse 
Fund for Short Team Equity Investments, 
a debt fund investing in Russian treasury 
bills, floating-rate notes and regional mu- 
nicipal bonds. It is up 36 percent in ruble 
terms so far this year, or roughly 23 per- 
cent in dollar terms, Mr. Mallory said 

More bullish, investors can try the Cred- 
it Suisse Large Cap Equity Fund, investing 
in Russian blue chips, companies with a 
market capitalization of over $100 mil- 
lion. That means mainly energy compa- 
nies and utilities, like Rostelekom. Credit 
Suisse is hoping to complete acquisition 
this month of a bloc of Gazprom shares, 
which would give investors easier access 
to the world's largest energy company. 
Gazprom’s restrictive Russian shares 
trade at a significant discount to the com- 
pany’s American Depository Receipts. 

Troika Dialog offers force funds, named 


for three celebrated knights of Russian 
folklore: The Ilya Muramets fund, named 
for a wise and cautious knight, invests in 
government debt; the forthcoming 
Dobrinya Nikitich fund, named for a 
strong knight, mixes equity and debt, and 
the Alyosha Popovich fund, named for a 
brave knight, will be a high-risk equity 
fund. There is a minimum required in- 
vestment of 2J> million rubles ($4351. 

Pioneer, a Boston-based fund man- 
ager. offers Pioneer First, a short-term 
government-debt fund that was the 
country’s first, beginning in November 
19%. Small investors can buy into this 
fund, which has a minimum purchase 
requirement of only 500.000 rubles. 

Palada Assest Management, a Rus- 
sian-based concern founded by Eliza- 
betherh Hebert, a former fund manager 
for Robert Fleming & Co. in London 
offers a government bond fund with a 
minimum investment of about $100 and 
a Russian stock-oriented fund with an 
$18,000 entry requirement 

For further information: 

• CREDIT SUISSE. Rimian weata* can caH 7 095 «87 
Engteh-Bpeakcni am call 7 D9S 967 8732. 

• PIONEER. PIwdc: 7 ow 9S0 2995: ftuc: 7 0*5 *«0 2905: 
webme. •-ww^Monccr m 

•PAIXADA INVESTMENT MANAGEMENT. Pfwne 7 Ml 
721 1350: tail 501 721 1358: website. www^^atafUii-jwlliKh. 

• TROIKA DIALOG. Conttci Nancy Kcrrinc by idcpbooe. T 
501 258 0535, In: 7 OSl 258 053ft « e-raafl: nherrmggtro- 

djiLm&jD 


Asia Yields Its Own Asset Strategies 


By Philip Sega] 


W HO SAYS equities always 
outperform bonds and the 
money market? lit the 
United States and Europe 
that might be true, but the jury is still out 
for Asia, excluding Japan. 

In recent years. Asia has offered some 
mouth-watering equity returns. Hong 
Kong returned 31.8 percent last year. In 
1 9 93. South Korea rose 24 percent and m 
1994, i 6.8 percent. China is hot, with the 

n i.n nAnvnf 



, UIWIUUJL^ ^ - -- — - 

roblem is that to make money m 
ocks an investor has to be in 
! the right market at the right 
;ause stocks are driven as much 
lily as by fundamentals. Asian 
pagers call it “market weighr- 
jt it is really market tuning, 
eriaJists say does not work most 
me. For example. Hong Kong 
ar last year, but in 1 994 it fell 32 


percent After its two great years. South 
Korea was Asia’s second-worst market 
last year, falling 27 percem. Before 
China got hot it had fallen 3 1 percent in 
1995 and 23.5 percent the year before. 

Unlike America, where investors are 
increasingly drawn to the idea of buying 
index funds, trying to mimic pan-Asian 
weightings will do stock buyers no good. 
Despite the great year in Hong Kong and 
China in 1996, the average pan-Asia mu- 
tual fund listed in Hong Kong returned 
just 32 percent in the last year and 13.88 
percent for the last three years, according 
to the fund-rating company MicropaL 

Compare this picture with money-mar- 
ket investments in the region. From the 
end of 1993 to the end of last year, a 
relatively worry-free investment in four 
Asian money markets (Indonesia. Malay- 
sia, the Philippines and Thailand], as 
tracked byJJP. Morgan, rose for an annual 
yield of 9-5 percent The volatility of this 
short-term debt is negligible, compared 
with the gyrating Asian equity markets. 

Into this environment steps Merrill 


Lynch & Co., which since January has 
been marketing the Asian Tiger Op- 
portunity Portfolio, dedicated to invest- 
ing in Asian stocks, bonds, convertible 
bonds and money-market debt. The 
Dutch fund manager MeesPierson is get- 
ting ready to launch a similar product 

with the ever-growing needs for cap- 
ital in Asia, analysts said the Asian bond 
market, now estimated at $400 billion to 
$500 billion, was bound to grow, al- 
though it is dwarfed by the 55 trillion 
market in U.S. Treasury securities. 

A rebuttal to this enthusiasm over fixed- 
income investments comes from the 
Franklin Templeton Group. Bonds and 
money markets are fine, according to the 
firm’s Stewart Aldcnoft but investors in 
these instruments run a big currency risk. 

Templeton does not reject fixed in- 
come, since it offers a global emerging- 
markets txmvertible-bond fund. It has re- 
■ turned 26.2 percem over three years, but 
given the poor liquidity of many Asian 
bond markets, the fund is only one-third 
invested in Asia. 


Investment Spotlight Falls on Romania 


By Peter S. Green and Justin Keay 

S OME OF EASTERN Europe’s 
stock markets have produced 
stunning returns in the past two 
years, forcing investors to look 
beyond Budapest and Warsaw for high- 
growth opportunities. One widely men- 
tioned alternative is Romania, where a 
slew of new listings is expected to hit the 
exchange, offering a smorgasbord of op- 
portunities for foreign investors. 

A reform-minded government led by 
President Emil Coosiantinescu and 
Prime Minister Victor Ciorbea has put in 
place an impressive and far-reaching 
program of structural reforms that has 
many portfolio and equity investors 
thinking Romania is the next place to 
make big money. 

“This country is about to take off." 
Heinz Pecina. a managing director of 
Austria's Creditanstalt Securities, said 
of Romania. “It is where Poland was 
five years ago. and I think some things 
will happen even faster here.” 

Unlike its Central European neigh- 
bors, Romania is a market that is only 
beginning to emerge. Per capita income 
is less than SI 00 per month, and many 
Romanians are wary of capitalism. But 
in November, voters resoundingly re- 
jected the previous president. Ion Ili- 
escu, and his party of convened Com- 
munists. Five months later, a new reform 
program is in place, designed to spur the 
market. 

Romania is now running a trade def- 
icit. state coffers are nearly empty and 
government industrial holdings are 
draining off millions of dollars a day 
from the treasury. This has prompted a 
privatization program that should move 
at least 50 companies a week into private 
hands once legislation passes the Na- 
tional Assembly. 

The new government says capiiaj 
markets will be the key to Romania's 
reform, and is promising favorable terms 
for repatriating portfolio profits. In- 
vestors now must register with the Ro- 
manian Development Agency before 
trading and must produce relevant doc- 
umentation for the national bank before 
repatriating profits. Finance Minister 
Mjrcea Ciumara has promised to reform 
the law within two months. 

Investors have two options for trad- 
ing: the main Bucharest Stock Exchange 
and the Romanian Association of Se- 
curities Dealers Automated Quotation 
System, an over-the-counter system de- 
veloped with the help of the U.S. gov- 
ernment and modeled on the American 
NASDAQ. 

There is also a vast pool of shares 
available from previous privatization 
plans. About 16 million Romanians 
were issued shares in 4.000 companies, 
but only 200.000 new shareholders have 
sold their stock. 

That means tremendous opportunities 
for brokers who can buy up stocks from 
citizens, but also tremendous demand 
for foreign cash to subsequently pur- 
chase those shares. That, in turn, could 
mean good value for the first investors 
into the market. 

It also could mean a roller-coaster ride, 
as millions of shareholders enter the mar- 
ket at once. As in most emerging mar- 
kets. investors may face risks that they 
would not encounter in a mature market, 
where managers, banks and regulators 
have been functioning for decades. 

“It’s a veiy ambitious plan, and I am 
confident progress can be made.” said 
Fritz Schweiger. head of equity research 
at In vestment bank Austria, “but there 
are several main questions that have to 
be answered for any investment here: 
access to financing, access to manage- 
ment capacity and access to know-how. 
And you must ask. ‘Is there the will- 
ingness to share risk and profit with 
portfolio and strategic investors?’ " 
Stere Farm ache, chairman of the stock 


exchange, estimated that about half the 
bourse's current trading reflected activ- 
ity by foreign investors. 

Mr, Faimache cited the slow but steady 
pick-up in turnover Today's average 3 
billion iei (5434,8001 per four-hour trad- 
ing session is already considerably higher 
than last year’s average, and there was a 
record 6 billion lei session in March. 
Although the chemical companies 
Azornures and Oltchim together account 
for 98 percenr of the exchange ' s turnover. 
two other companies, the antibiotics 
firms Terapia and Antibiotics Iasi are 
expected to soon share their dominance. 

As with the bourse, the RASDAQ 
market is also dominated by two stocks, 
the cement companies Romcim and 
Moldocim. Although there are plenty of 
other listed companies, there is little, if 
any, market information on them. 

“Romania is a tremendous starring 
point, " said Margot Olcay. head of re- 
search at Global Valori Mobiliare. a 
Turidsh-American brokerage with a 
strong presence in Romania. “They 
have industry in every field, they have 
oil, they are on the Black Sea. they have 
a large population and a large market. It 
just needs to pull up its socks.” 

Romania has negotiated an aid pack- 
age with the International Monetary Fund 
and other financial organizations to help 
it avoid collapse as the privatization plan 
kicks in. By foil, it should be clear wheth- 
er Romania's reforms are on track. 

So what should sawy investors look 
for in Romania? 

“You’ve got to look beyond six 


months for good investments: building 
materials, glass, cement, ceramics, 
wood will be in demand when the econ- 
omy takes off.” Ms. Olcay said. 

Investors know that Romania will not 
offer the geometric profit progression 
available in Russia, but they say the risks 
are far lower. 

Romania has a large chemical in- 
dustry and a vast agricultural base, and is 
unable to afford many imports, so Ms. 
Olcay recommends firms like Oltchim. 
the largest fertilizer producer the ce- 
ment-makers Romcim. with 50 percent 
of domestic production capacity, and the 
smaller Moldocim: the steelmaker 
Sidex; glass companies, and breweries, 
such as Berc Griviti. 

Besides existing stocks, investors are 
looking at utilities that have yet to be 
privatized. Romtelecom. the country's 
monopoly domestic land-line phone 
company, is scheduled ro take in a for- 
eign strategic investor this vear, and no 
decision has yet been made on offering 
stakes to equity investors. RENEL. the 
country 's main electric producer, is to be 
chopped up inro regional generating 
companies, with only a national grid 
remaining in state hands. 

Isabel Knight, who manages the For- 
eign & Colonial Emerging Markets Hypo 
Ost-Europe Fund, said she was waiting 
for the profu repatriation laws io pass so 
that she could invest in Romania. 

“I would be buying now.” she said. 
“The opportunities are now, when there's 
a lot of uncertainty. When the uncer- 
tainty's gone, the market goes up." 


Romania^ Growing Pains 



Bucharest stock market, — 

Bucharest Investment Group index _ , 





Thousands of lei 
per dollar — 

(inverted scale) 


,1996 

Source ktueetmentbaak Austria 


*97 


1996 



Yet to Emerge in Europe 


G IVEN THAT much of Central 
Europe has been discovered 
by emerging-markets in- 
vestors. try looking at sectors 
that do not. at first glance, have great 
appeal. 

An example is the capital-goods sec- 
tor. In the East European context, this 
sector once looked like a bad ber; Heavy 
industry not only had a reputation of 
being a product of Soviet-inspired gj- 
eanocism. but was renowned for under- 
investment and. following the collapse 
of the Communist bloc, for having lost 
its market. 

But substantial restructuring has been 
taking place within key companies in 
this sector, suggesting that a re-eval- 
uation is worthwhile, particularly be- 
cause a large number of initial public 
offerings are expected through 1998. 

“Some of these companies have been 
star performers, " said Sean Murphey of 
Nomura Internationa]. 

Last year, he noted, prices of metal 
and mining stocks in Central Europe 
rose by about 50 percem. machinery 
shares rose even more and electrical 
shares nearly tripled. 

“The key is management and the 
companies which have managed to find 
new markets for their products." he 
said, acknowledging that marketing re- 
mained this sector's Achilles' heel. 

Those tiiat have overcome this, Mr. 
Murphey said, have rewarded investors: 
Skoda Praha, a Czech machinery com- 
pany; Slovakia's VSZ. a huge concern 
that dominates the eastern town of Kos- 
cice and tiiar remains rhe main producer 


of flat steel in the region, and Eleklrim. 
one of Poland’s leading industrial con- 
glomerates are examples. 

One to watch is Raba. a Hungarian 
producer of heavy-duty vehicles and 
parts that has managed to reorient its 
trade from the East bloc to key Western 
markets. It is to be sold later this vear. 

“These are all what 1 would call bor- 
ing but good, solid companies," Mr. 
Murphey said. 

.Another option is to consider markets 
in the region that investors have hitherto 
avoided. 

L AST MONTH. Regent Pacific 
began its Balkan Fund, which 
concentrates investment activity 
in the lesser-known Balkan markets 
such as Romania. Bulgaria and bits of 
former Yugoslavia other than Slovenia. 

It is by no means alone: Targeting 
institutional investors. Societe Generate 
has just closed a fund exclusively 
centered on Romania, while Daiwa 
Europe is putting together a $50 million 
fund — comprising U.S. and European 
institutional investors — ro invest ex- 
clusively in both listed and non-listed 
Romanian companies. 

“Although there is inflation and cur- 
rency risk, as well as unresolved 
obstacles to short-term profit repatri- 
ation. this is a good rime to he gening 
involved." said Sonja Shechter. a 
Daiwa strategist. She added. “Upside 
potential is huge." 

— JUSTIN KEAY 

FOR INFORM VTION jN«! Rtfem Fj£ilL v Bidkjn Fund, 
cocuci Julian kb>u U 44 ! 71 3lMlfl07 


BRIEFCASE 


Apartment Market 
Booms in New York 

Manhattan's apartment 
market, a barometer of Wall 
Street's fortunes Hast year’s, 
anyway) and more positive 
attitudes toward urban living, 
is booming, according to a 
flurry of recent reports from 
the city’s real-estate agents. 

With vacancies in rental 
apartments down to a tiny I 
percent and rents soaring — a 
one-bedroom apartment goes 
for about $2,000 a month on 
average — many renters have 
concluded that they would 
rather be owners. Corcoran 
Group, one of the city's most 
active residential brokerages, 
reported that 31 percent of its 
co-operative apartment and 
condominium buyers last year 


were former renters, up from 
only 23 percem in 1995. 

Luxury condominiums, 
favored by European and Asi- 
an buyers, have also seen sub- 
stantial price rises, especially 
in prime neighborhoods. 
Condo prices on Park and 
Fifth Avenues between 79th 
and 96th Streets jumped to 
$684 a square foot from $530 
a square foot in 1 995, accord- 
ing to a survey by The Hal- 
stead Property Co. 

But the clearest sign of 
Manhattan's residential 

renaissance, real estate agents 
agreed, is the recovery of stu- 
dios and one-bedroom apart- 
ments thar had nor moved in 
five years. Sales of one-bed- 
room units rose 13 percent, 
while studios were up 8.3 per- 
cent. (IHT ) 


The Money Report 
Goes On-Line 

The Money Report now 
has an email address. Readers 
are invited to send their ques- 
tions and comments to 
moneyre p@ iht.com. 


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Hcralb l^L Sribune 

Sports 


PAGE 18 


Hi 


SATURDAY-SUNDAY, APRIL 12-13, 199 1 


World Roundup 


Huston Lands Wild Eagle to Lead 


Sri Lanka Wins Cup 


Only 3 Players Break 70 in Madcap First Round 


CRICKET Aravin da de Silva 
made 87 not out Friday as Sri 
Lanka made 21S for six to beat 
Pakistan in the final of the Shatjah 
Cup. Pakistan batted first and was 
all out for 214 with four balls left in 
its 50 overs. (Reuters) 


By Larry Dorman 

New York Tunes Service 


“I was pretty hot at the way I played 
the front,’’ he said. ‘ ‘I couldn’t keep the 


scores of triple bogey or Judier. the 


FIFA Investigates Referee 








soccer FIFA, the governing 
body of world soccer, said Friday 
that it would investigate retired 
Swiss referee Kurt Roethlisberger, 
who lost his appeal Thursday to 
UEFA, the governing body of 
European soccer, against a life ban 
for attempted bribery. UEFA found 
that he had solicited a bribe to fix a 
European Champions' League 
match between Grasshopper 
Zurich and Auxerre. (Reuters) 





rkv^fL 




Daly Faces Divorce 




OOLF Paulette Daly filed for di- 
vorce from John Daly less than two 
weeks after the golf star’s drinking 
spree at The Players Championship 
ended with him entering an alcohol 
rehabilitation program. (AP) 


V. f 

_ ___ _ 


rsAWSi* 






*<• § * 




Double Victory for Swede 


'lb* AmkwmI IW 

Azinger celebrating after saving par on the 16th in the first round. 


AUGUSTA, Georgia — The Masters 
opened Thursday with a madcap, up- 
side-down, two-days-in-one first round. 

In the cold breeze of the morning there 
were chip shots sliding into water; in the 
fading light of afternoon there was a 5- 
iron shot holed for eagle on No. 18. 

John Huston, playing in the penul- 
timate pairing, capped one of the Mas- 
ters’ wildest first rounds when be found 
a unique way to play the final hole at the 
Augusta. He sliced his drive way right, 
then holed his approach shot for an 
eagle and a round of 5-under-par 67. 

“What a finish,” Huston said. 

And what a start. On a golf course that 
was firm and fast and unforgiving, only 
the patient and the lucky survived. 
Among them were Paul Stankowski. 
who had four birdies, an eagle and two 
bogeys en route to a 68, and Paul 
Azmger, whose 69 was the only other 
round in the 60s Thursday. 

Tiger Woods shot a front-nine 40, but 
played the back in 6-under-par 30, for a 
70. Woods put on a formidable display of 
power and finesse on the back, chipping 
in for birdie from ***inri the 12th green 
and playing the par-5 15th with a driver, 
a wedge to 4 feet and an eagle putt 


the front, he said. I couldn t keep toe 
ball in the fairway, and I was struggling. 


scores or uipre i oqn 

most since the second round m K WL 


Dali in me fairway, ana i was struggling. 
It was a tough-day initially, but I got 
through it.” 

There were plenty who didn’t. Play- 
ers who had«aiiy tee times arrived at an 


The average score was 


Mastiii Can 


Augusta National thai was as cold and 
hard as New York City in the winter. 
Horror stories abounded. Among them: 
• Loren Roberts, regarded as the best 


putter in golf, four-putted the first hole 
and shot a round of 85 that included three 
7’s. He had a total of 40 putts. He also 
considered doing something else he'd 
never done — breaking his putter over 
his knee. “Then I thought, ‘Don’t do 
any thing stupid. Take it idee a man.* ” 

• Ken Green had a five-pun green (at 
the 16th) and four-putted No.2. He shot 
87, his highest round as a pro. “It's 
probably the most embarrassing round 
I’ve ever played because X was actually 
trying,” Green said. 

• Nick Faldo, who shot 75, had three 
three-putts in die first six holes, which is 
exactly three times as many as he had 
during the entire tournament last year. 

Devilish pin placements and gusty 
winds led to lo “others,” meaning 


ers made their way to die ciuanau^. 

“I have nothing to say about the golf 
course." said Raymond Floyd, whose 

79 said it all. , 1 n r 

Jack Nicklaus added this for perspec- 
tive after his 77: “I’ve never seen the 
greens this hard, and I’ve never seen 
them this fast.*’ 

■ Norman and Faldo Struggle 
Some of the fastest greens were eased 
Friday by pin placements, and more 

birdies — even eagles — were available 
The Associated Press reported. 

Even so, Arnold Palmer shot a 15- 
over-par second round of 87 to go with 
his opening 89. 

Greg Norman made three consecutive 
bogeys on the back nine and shot a 74 for 
a two-round total of 151 and was m 
da n ger of missing the cut as was Nick 
Faldo who took a 9 on the par-5 I3th to 
go to 13 over par for die tournament. 

Nicklaus made a 2-under-par 70 for 
147. If he made the cut. Nicklaus would 
break Sam Snead’s record of 147 rounds 
at the Masters. Ian Woosnam shot a 68 
for 145. 


TENNIS Thomas Johansson 
reached the semifinals of the Hong 
Kong Open on Friday with two vic- 
tories in five hours. Johansson beat 
Jim Grabb. 6-1 , 6-2. in his second- 
round match and then Justin Gimel- 
stob, 6-4, 6-4, in the quarter-finals. 

• Jana Novotna, the top seed, 
lost to Amanda Coetzer. 6-2, 1-6, 
6-1, in the Bausch & Lomb cham- 
pionship at Amelia Island. Flor- 
ida. (AP) 


A Year After His First Meal, Andrea Tafi Is Really Hungry 



Arantxa Sanchez-Vicario on 
her way to beating Ruxandra 
Dragomir at Amelia Island. 


International Herald Tribune 

PARIS — Appetite comes with eating, the 
French say, and Andrea Tafi, though Italian, 
agrees. A year ago this weekend, at the Paris- 
Roubaix bicycle race, his appetite was whetted for 
the first time in his professional career, and now he 
is hungry, very hungry indeed. 

“I learned last year that I could win races too,” 
Tafi said this winter during Le Tourde Langkawi in 
Malaysia, where he won two daily stages. He has a 
big smile and a Tuscan zest, and his words widened 
it. “This year," he said, “I have ambitions.” 

A year ago, Tafi was just another strong support 
rider for the Mapei-GB powerhouse, ranked first 
among the world’s teams. In 1996 Mapei needed 
support riders because it had so many stars: Ab- 
raham Olano, then the world road race champion; 
Johan Museeuw, the World Cup champion; Tony 
Rominger, winner of the Giro d'ltalia and die 
Vuelta a Espana; Franco Ballerini, winner of Paris- 
Roubaix in 1995; Gianluca Bortoiami, World Cup 
champion in 1994. 

Tan, who will turn 32 in May, had no such 


Cycling l SamuilAit 


credentials. He was a typical support rider. He rode 
for his leaders. Did Olano need a rider to shelter 
him from the wind? Tafi. Did Museeuw need a 
rider to set a fast pace and bum off rivals? Tafi. Did 
Rominger need another rider’s wheel if he had a 
puncture? Tafi. Did Ballerini or Bortoiami need a 
water bottle or somebody to set a pace? Tafi. 

All that changed a year ago at the Paris-Roubaix 
race when, with 85 of the 263 kilometers (164 
miles) still to go, Mapei suddenly had three riders 
well to die front of a splintered pack. There were 
Museeuw and Bortoiami, as expected, and not 
Ballerini, the defending champion in the one-day 
race, but Tafi. 

Team needs, not individual desires, dictated the 
outcome. Museeuw was die defending World Cup 
champion but was in fifth place overall in the 
standings, so he needed the points he would get for 
a victory. 

In the Mapei team car, Patrick Lefevere, the 


directeur sportif, was on the phone with Giorgio 
Squinzi, die sponsor. Lefevere conveyed the mes- 
sage to the riders: Museeuw, die team leader, 
should win, with Bortoiami second and the jour- 
neyman Tafi third. 

They swung into die velodrome in Roubaix in 
that order, nearly three minutes ahead of the pack. 
Photographs of the finish showed a serene 


Museeuw, a glum Bortoiami and a beaming Tafi. 
“Twenty kilometers from the finish.” Lefevere 


“Twenty kilometers from the finish,” Lefevere 
said, “I spoke to Tafi and explained the simafion to 
him over again. 

“He said he thought he’d never have another 
chance like this to win. I told him to be patient, his 
time would come.” 

In September, it did. He was first in die de- 
manding Paris-Brussels race, the Tour of Tjtiwm 
and the Coppa Placet. In October, he was sixth in 
die world championship road race — won by 
Museeuw, who also retained his World Cup cham- 


pionship — second in the Tour of Piedmont and 
then first in die esteemed Tour of Lombardy. 

"Andrea has learned to ride more intelli- 
gently,” Lefevere said then. “He’s learned not to 
waste himself, to be patient It’s not always easy to 
ride just for others.’ 

Suddenly, Tafi was a star, moving up to 1 1th 
place in the rider standings. He is especially proud 
of a T-shirt that was turned out after his victory , in 
Lombardy: “fo Tifo Tap.” it says — “I’m a Tafi 
fen.’ ’ Support riders rarely have fen clubs. 

Over the winter, to con fo rm to new rules in the 
sport, Mapei had to reduce its roster from more 
man 30 riders to two dozen. Bortoiami left for the 
Festina team, Olano for Banesto, Rominger for 
Cofidis. Museeuw stayed but has not scored a point 
yet in the -first two World Cup races. 

Neither has Tafi. He will try again Sunday over 
the 266.5 kilometers, 49 of them on cobblestones, 
of Paris-Roubaix, a race he now feels he can ride 
for himself. Museeuw will be there too, and so will 
. Ballerini, and all three of them will wear die Mapei 
jersey. 


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Liverpool’s Bad Case of ‘the Yips’ Lifts PSG 


By Peter Berlin 

International Herald Tribune 


PARIS — Golfers call it “the 
yips." It’s the erosion of self-belief 


that turns an apparently simple 
physical task — for golfers, putting 
a ball a few feet into a hole — into a 
tortured trip through the dark side of 
the subconscious. 

Thursday marked the start of die 
yips season. The pressure scraped 
up a notch for the world’s oest 
golfers as they played the first round 
of the year’s first major, the Mas- 
ters. But the worst case of the yips 
Thursday was not on die glass-fast 
greens of Augusta but at die Parc des 
Princes in Paris. 

David James, goalkeeper for Liv- 
erpool and England, has the yips. 
They may well have cost his team its 
chance of beating Paris St Germain 
in the semifinals of the European 
Cup Winners Cup. PSG won the first 
leg. 3-0, after James dropped two 
goals into the French team’s lap. 

If scientists ever get round to 
cloning Dolly the perfect goalkeep- 
er, they may well start with James’s 
genes. He is 6 foot 5 inches (1.95 
meters), a good height for a goal- 
keeper. It should make it easy for 
him to outleap opponents and pluck 
balls from the air. 


keeper needs, but over the last year 
he has made more and more mis- 
takes when dealing with balls 
crossed high in his penalty area. The 
harder he tries, the worse it aets. The 
add of doubt is corroding his game 
and destroying his talent 

On Thursday, his eirors trans- 
formed the game. PSG started with 
typical torpor and caution. Liver- 
pool, as so often, looked stylish but 
was largely harmless. Robbie Fowl- 
er, Liverpool’s dazzling young goal 
scorer, has papered over a lot of 
faults wife his ability to score from 
nothing. 

Liverpool had three dangerous 
moments in the first half: Fowler’s 
header, acrobatically saved by Bern- 
ard Lama; Fowler’s fierce low shot 
blocked by Lama, and Fowler's drive 
just over the crossbar. On another 
day . or against a lesser goalkeeper, be 
might have scored once, twice, even 
three times, and fee whole mood of 
the match would have changed. 

PSG, as usual, seemed happy to 
let the other team get on with it 
Playing at home in front of 35,000 
fans the team often seemed devoid of 
energy or attacking ambition. At one 
point in fee first half as Didier Domi, 
a PSG defender, took a free-kick 
barely inside his own half — usually 
a good way to launch an assault — 


ins. Over the course of fee game, 
PSG managed 17 shots, a high num- 
ber. James saved many of them well; 
hisproblems came wife attacks of a 
different sort 

Both reams often simply lobbed 
the ball into the opposing penalty 
area. Lama grabbed cross after cross 


rTfn'H.TJTTT-.crnn.i.n 


wife ease, making Liverpool look 
unimaginative andtoothless. But for 
James, every floating ball was a 
terrifying adventure. 

In fee life minute he leapt for a 
cross by Benoit Canet James 
reached the ball wife both hands but 
somehow could only flap it back to 
Cauet who drove the bau across fee 
goal to Leonardo, who scored from 
close range. In die 42d minute, 
Jerome Leroy crossed. James again 
jumped, again got both hands to fee 
ball, again dropped it This time Le- 
onardo retrieved and Cauet scored. 

James ’s yips transformed fee soc- 
cer ability of 21 other men. In fee 
second half the whole Liverpool 
team seemed drained of confidence 
while fee PSGplayers were sud- 
denly infused with energy and pur- 
pose. Of course, PSG is rar happier 
when the otter team has to attack, as 
Liverpool surely did. The French 


out a crucial third goaL CyriUe Pou- 
get, on the field for less than 30 
seconds, wriggled free in fee Liv- 
erpool penalty area and passed to 
Leroy, who scored from close 
range. 

Afterfee game, Ricardo, the PSG 
trainer, was asked if, having seen 
videos of James, he expected to be 
given two goals. 

A broad smile spread across his 
mouth and danced in his eyes. ’ ‘Liv- 
erpool is a great team,” he 
answered. “Liverpool is a great 
team.” 

But while his voice said “no 


mV 


comment,” his free looked like feu 
erf a child who hoped for a bicycle on 
his birthday and woke up to find he 
was given two. 

Roy Evans, fee Liverpool man- 
ager, also refused to criticize James. 
“You were there,” he said. “You 
saw what happened.” 

Both men agreed that PSG had 
played far bettor than either expec- 
ted. Ricardo, still grinning, said he 
was delighted at his team’s “level of 
performance.” Again his eyes gave 
a different message: ‘ ‘Even Ym as- 
tonished” they seemed to say. 

“We’ve had them watched.” 
said Evans. ‘ ‘That’s the best they’ve 
played.” 

PSG was inspired. David Janies 



Ccur Raotd/Tte Asodaed Pnu 

Gabriel Batistuta signaling to 
Barcelona fans after be scored. 


I Fiorentma Gains Draw 


• ■ iT-.ra.T7 ;—-. it; itt... 


He is brave, quick-witted and fairly also in their half of the field, 
astute. He has every attribute a goal- Yet appearances can be deceiv- 


A moment of inspiration from 
Gabriel Batistuta earned Harentina a ? 
well-deserved 1-2 at Barcelona in the 
other Cup Winners Cup semifinal, 
Reuters reported. Miguel Angel 
Nadal headed Barcelona on top just 
before the freak. In fee 62d minu t e. 


could not mount a serious 
In fee 84th minute, PSG carved 


tve fee French a scent of victory, and beat Barcelona’s keeper, VitOT 
is yips fueled their self-belief. Baia, wife a fiercely strucksboL 


South African Olympic Champ Off and Running Again 


By Ian Thomsen 

International Herald Tribune 


turn to his new five-bedroom home tionai hero’s foot and jaw and ers’ cafeteria. He was earning S330 
in a traditionally white neighborhood loosening his teeth. a month before fee Olympics. 


the Olympics, sleeping more than 


L ONDON — No Olympic 
gold medal has ever been so 
valuable, perhaps, as the 
one won by Josia Thug- 
wane last summer in Atlanta. 


and begin another kind of training. 
He is going to spend three months 
learning to speak and read English 
for five hours a day, every day. 

“I guarantee you. the next time 
you see him you will be talking to 


Thugwane is the only black South himjust as lam talking to you, “said 
African to have won an Olympic his manager and coach, Jacques 


loosening his teem. a monte before fee Olympics. half of each day a5d Spending fee 

Thugwane, at 5 feet 2 mches and He returned home to parades and restof fee time traininB^d^i^ 
97 pounds the smallest man to ever death threats, angry demands. The They have been ahersinfn® 
win an Olympic gold medal in track South African athletics federation re- a practice they 
and field, was treated at a hospitaL. fixsed to let him sign wife an agent ‘Tguarani«thevwimiSSU a u'j 
“I believe he did know who Josia until it decided what was best for him. hours 10 minutes “ Mabri 
was,” said ObertNtullalawyer who After several months be was allowed Thugwane and Pen 
accompanied Thugwane to London, to hire Luis Felipe Posso of Tampa, 27th at fee OlvmSlU 
“He worked at fee same mine as Honda. wi»fr3been hewing Thig: 

Josia. Surely after fee Olympics he wane since before fee Olymmcs. hours 11 mmutes46 

should have known him.' Die long wait prevented Thug- One of Thugwane’s ™mk i* 

wane from signing endorsement fine house ^ 

A film of Thugwane 's life sto- contracts worth more than 

ry will begin shooting in $300,000, Malan estimated, though more fern an 
South AfriSfthis year. He he predicted feat most of fede bunT J!” 


title. When he sat on a stage to begin 
a news conference this week to pro- 
mote his coming appearance in the 
London Marathon, the Olympic 
gold medal was lowered over his 
head like a crown. 

Just like that, a common man be- 
came a king. Though his expression 


stage to begin Malan. “He is so determined.” 
s week to pro- Everyone knows that Thugwane 
sarance in the was shot by a carj acker in South 
the Olympic Africa five months before he won 
ered over his the Olympics. The scar across his 
chin has become a universal symbol 
iraon man be- of all that he has overcome. 


reooal best is 2 hours 1 1 minutes 46 
roods. 

One of TTmgwane’s rewards is fee 


A film of Thugwane s lire sto- 
ry will begin shooting in 
South Africa this - year. He 
was bom Awil 15, 1971. His parents 


Ime house he has bought in fee tra- 
amonally white town of Middleburc. 


After the Olympics his circum 


did not change at all. He sat back in stances were turned upside down; 
his chair and commanded respect but fee world around him did not 


was bom April 15. 1971. ms parents losses will be recouped. 

- abandoned nim immediately torola- Just last weekend Thugwane 


fives. Thugwane tracked down his signed a one-year contract to wear 
mother and then his father, though Nike shoes and other equip ment. 


from all around him, this man who change. From black South Africans he began the search without know- including the dark glasses he wore 


can neither read nor write. 

“This is the only thing that’s 
bothering me a lot, is fee way I’m 


in his township he received death 
threats and demands for money he 
did not yet have; from a white South 


ing their names. ro me news conxerence. 

He started running nine years ago. The London Marathon win 
He bought bis first running shoes, a Thugwane’s first competitive ef 
used pair, for $40, paying for them since the Olympics. He dropped 
bit by bit wife whatever money be of the Fukuoka Marathon m Ja 
won from racing in the shoes. last December at 28 kOometers a 

Thugwane’s moderate athletic warning organizers that he had 
success earned him a job at a mine, been training. 

The South African mines sponsor For fee lasttwo months he and] 
athletics teams, and be started by have been training in Albuquere 
working in the kitchen of the work- New Mexico, just as they fed bd 


communicating now.” be said later African truck driver he allegedly 
in his native Ndebele, which his received a beating. 


to fee news conference. 

The London Marathon win be 
Thugwane’s first competitive effort 
since the Olympics. He dropped out 


fellow South African marathoner. The truck driver, a large man 


Lawrence Peu, then translated into backed by three friends, claimed 
English. “I am communicating that Thugwane had cut him off on 
through interpreters. I hate that.” the road. He also claimed that he 
After he finishes fee race in Lon- didn't know who Thugwane was as 


don on Sunday, Thugwane will re- he was allegedly injuring the na- 


uraonaiiy white town of MukDebuns. 
more than an hour from Johannes- 
burg- The cruelty is that he is trapped 
mhisnew life of elegance, Hehas 
stopped visiting his township a half- 
aid, becanahe cannot 
go feere without security guards. 

campion Michael Johnson and 
lhugwane, whose contract includes 


of fee Fukuoka Marathon m Japan vdofrn*** ^ °n de- 
last December at 28 kOometers^ 

WMnin^m^nizers feat he had itot buflda^umi^J^'L?. 


been training. 

For fee lasttwo months he and Pen. 


have been training in Albuquerque, shin ” he “r 0 “”* u- 

New Mexico, just as they (fid before staSum^rhSeT r L Want tt !,P ut ** 


where I can use it,’ 






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SPORTS 





The Associated Press 

Stephen Marbury had 29 

• points, seven rebounds and 
: eight assists as- the Minnesota 

Timberw dives clinched the 
first playoff berth, in their 
eight-year history with a 108- 
9G victory over the Clippers 
m Los Angeles. 

.‘‘Finally, baby, finally 

* shouted Doug West, the only 
v player remaining from the 

team’s inaugural 1989-90 
season. 

Tom Gugliotta liad 23 
points and 15 rebounds for 
Minnesota, which has never 
finished higher than 1 1th in 
the Western Conference. 
Rodney Rogers scored 30 
points for the Clippers, who 
despite the loss Thursday 
night maintained their three- 
game lead over Sacramento 
for the last playoff spot in the 
West 

Heat 93, Pistons 83 

Miami 's victory over visiting 
Detroit combined with Chica- 
go's victory over New York 
gave the Heat the Atlantic Di- 
vision championship. 

,f Tim Hardaway scored 30 
points and Alonzo Mourning 
poured in 26 as the Heal 
clinched the No. 2 seed in the 
Eastern Conference. 

That means Miami will 
have the home-court advan- 
tage through the first two 


rounds of the playoffs and 
won’t have to play the Bulls 
until the conference finals, as- 
suming Chicago makes it that 
far.. 

Baa* 103, K nick, 103 Mi- 
chael Jordan scored 20 of his 
34 points in die final 7J6 
minutes and Luc Longley 
made two free throws with 
5.4 seconds left to complete 

NBA Roundup . 


Chicago's comeback victory 
at Madison Square Garden in 
New York. Scottie Pippen 
scored 33 points for the Bulls. 
Patrick Ewing had 20 points 
for the slumping K n i ck s. who 
lost their third straight home 
game. 

n«u 83, Bucks 88 In East 
Rutherford, New Jersey, 
Jimmy Jackson had 24 points, 
1 1 rebounds and 10 assists for 
his first career triple-double 
as the Nets snapped a five- 
game losing streak. 

Magic 105, Raptors 89 In 

Toronto, the Raptors were 
held to the lowest point total 
in the history of their fran- 
chise. Dennis Scott scored 20 
points for Orlando, which 
tightened its hold on the sev- 
enth playoff spot in the East- 
ern Conference. 

SuperSomca 90, M aw i id ka 

32 Seattle won at Dallas de- 


spite a dismal shooting per- 
formance from its star, Shawn 
Kemp- Kemp was 0-for-4 
from die field, scoring aO of 
his six points from die free- 
throw line. 

Rockets 1 02, QrczxDws 94 In 

Houston, Charles Barkley 
had 21 points and 12 re- 
bounds in tus first home game 
in six weeks after suffering a 
hip injury. The Rockets re- 
gistered their fourth -straight 
triumph to keep pace with 
Seattle for die second-best re- 
cord in die Western Confer- 
ence. 

BbtmsSSp Spurs 81 In San 

Antonio, Portland’s starters 
outscored the Spurs’ starters 
75-27. All five of the Trail 
Blazers’ starters scored in 
double figures, while no San 
Antonio starter scored more 
than seven points. 

Warrior* 108, Nueflot* 107 

Joe Smith scored 25 points for 
Golden State, including two 
free throws with nine seconds 
left in overtime. Latrell 
Sprewell had 22 points and 
Chris Multin added 21 for the 
Warriors, who have won 14 
of their last 16 games at home 
against Denver. 

Sun* 101 , tongs 99 In Sac- 
ramento, Kevin Johnson's 
lay-up with 4.7 seconds left 
gave Phoenix its 1 1th straight 
victory. 



Wm&nLTV *WCUtll PlCii 


The Knicks’ Buck Williams, left, defending as Michael 
Jordan of the Bulls drove to the basket in New York. 


Jays Freeze Out White Sox 


The Associated Press 

Albert Belle and Frank 
Thomas, the Chicago White 
Sox’s dynamic duo. contin- 
ued to struggle against the 
Blue Jays at freezing Com- 
iskey Park. 

J dan Guzman combined 
with three other Toronto 
pitchers Thursday to shut out 
the White Sox for the second 
consecutive day. 4-0. 

Guzman gave up only three 
hits in seven innings despite 
being limited to two different 
pitches because his hands 
were so cold. 

Belle, Thomas and Harold 
Baines, the bean of the White 
Sox's order, were a combined 


1 -for-2 1 in the two games. 

’’The fans were on me a 
little bit, the few that did show 
up." said Belle. 

“I was having trouble grip 


Baseball Roundup 


ping the ball.’’ Guzman said. 
“I couldn’t throw my 
slider." 

Martina 1, Cub* O Alex 
Fernandez, the former White 
Sox pitcher, returned to 
Chicago and kept the Cubs 
winless this season. 

Astro* 5, Brawt 3 Jeff Bag- 
well went 3-for-3, including a 
solo homer, and drove in tw o 
runs as Houston stopped At- 


lanta's winning streak at six. 

TWtns 7, Ttgsrs 3 Paul 
Molitor drove in two runs, 
and Ron Coomer homered in 
front of another tiny crowd at 
Tiger Stadium where the tem- 
perature was just above freez- 
ing. 

Rangers 2, Brewers O 

Bobby Wirt scattered three 
hits in eight innings at County 
Stadium in his first start of the 
season where the temperature 
was also just above freezing 
and only about 1.000 fans 
came oul 

• Two games were post- 
poned because of snow; 
Montreal at St. Louis and 
Cincinnati ai Colorado. 


Capitals Beat Canadiens, 3-2 


The Axspiww J Press 

The Washington Capitals 
beat visiting Montreal. 3-2. to 
maintain a tenuous chance at 
a postseason berth. 

“It’s really down and dirty, 
and teams really want to 
win." said Joe Juneau, who 
scored for Washington. 

Bill Ranford had 21 saves 
for the Capitals, who trail 
Hartford and Ottawa by two 
points in the race for the eighth 
and last playoff spot in the 
Eastern Conference. All three 
teams have two games to play, 
none against each other. 


Montreal needed a win to 
clinch seventh place in the 
East. 

Biuss 5, Maple Leafs 1 

Hany York, a fringe player 
most of the season for the 
Blues, figured Thursday’s 


NHL Roundup 


game against Toronto might 
be his last of the season. So he 
made the most of it with two 
goals and an assist. 

Ranger* 6, Flyers 3 Ryan 
Vandenbussche. a rookie en- 
forcer. was in the New York 


lineup in Philadelphia in case 
of any mischief by the Flyers. 
Five minutes into the game, 
he was celebrating his first 
NHL goal. 

Sabra* 5, Bruins 1 Miroslav 
Satan, scored twice and 
Dominik Hasek recorded his 
37th win of the season as Buf- 
falo won at Boston to capture 
the Northeast Division. 

Lightning 4, Penguin* 3 In 
Tampa. Dino Ciccarelli 
bounced the puck off the goal 
post in the thud period to keep 
the Lightning in the race with 
a victory over Pittsburgh. 


Scoreboard 


BASEBALL 


Major League Standings 


f 


JUMUONIUMI 

EAST D1VHUOH 



w 

L 

Pet 

GB 

Bartlnwre 

5 

2 

.714 



Toronto 

4 

3 

J71 

1 

Boston 

4 

4 

J00 

1% 

New York 

4 

4 

500 

Itt 

Detroit 

4 

5 

444 

2 


CENTRAL DnmON 



Minnesota 

5 

4 

556 



Cleveland 

4 

4 

500 

'A 

Milwaukee 

3 

3 

500 

W 

Kansas Chy 

3 

4 

429 

1 

Chicago 

2 

5 

.286 

2 


WEST DIVISION 



Oakland 

5 

3 

425 



Seattle 

4 

4 

500 

1 

Texas 

3 

3 

500 

1 

Anaheim 

3 

5 

575 

2 

■UnONAIIUMH 



EAST OTVtSlON 




W 

L 

Pet 

68 

Florida 

7 

1 

JS75 

_ 

Atlanta 

6 


567 

1*5 

Man heal 

3 

4 

529 

3*A 

New York 

3 

6 

-333 

416 

Pf-JUtofeMO 

3 

6 

333 

4J6 


CENTRAL DWttoON 



Houston 

6 

3 

567 

__ 

Pittsburgh 

4 

4 

500 

m 

Cincinnati 

3 

5 

J7S 

2*5 

SL Louis 

1 

6 

.143 

4 

Chicago 

0 

B 

500 

5H 


WEBTaVWQN 



Colorado 

6 

2 

-750 

— 

Los Angeles 

6 

3 

567 

W 

San Francisco 5 

3 

525 

1. 

San Diego 

S 

4 

556 

116 


TwnsMor 1 * um scons 


AMERICAN LEAGUE 

Mtaecsota rn Hi BQ2-7 14 1 

Detroit MS OOt 988— J 6 0 

. AtdrecL Trembler Agofiwo (91 and G. 
. Blair, Baultsto (4L 4. Cummings on, 

j- Mtoeft (9) and M. Myera 19). w— Akkad, 1-0. 
TV- L,— Blair. 1-2. HRs— Minnesota, Owner a). 
’# Q«ro«. TremmeK (It. 

V Text* DM 020 BOO-2 7 • 

Mflwrartee ON ON KM J 1 

WOt Wedekind (9) am) t. Rodrttnet KmV 
Ftorie (7) and Moflwny. Lev* (9). W— Wm, 
T-fl. L-*art 0-Z Sv-pUMBOrf 
Tanto 010 BOO 003— « S 1 

Chicago 080 000 000-0 4 1 

Guzman, Ptaac IB). Cmbtrae 18), Tlmfln 
Wand Santiago: BnldwtavT.Ci*ffllof9)and 
Kartavtae Rena m. W—Oozmon 241. 
L— BaMnrtrv 0-1. 

NATIONAL LEAGUE 

Florida 100 «0 000-1 7 4 


CMcoga dob tot dot— a j o 

AJ=emandtt and Zaun; F.CostWa Rojas 
(9) and Servab-W— A. Fernanda, 2-0. L-F. 
Castfll&0-2. 

Houston 020 010 200-5 0 0 

A Naum Oil ago 100-2 14 1 

Holt; R. Garda (B), Hudek (9) and Alamos 
Smofe, Oontz (7), Embree (7), BorowsM (8), 
BynJ (9) and J. Lopez, w— Han. 1-0. 
L— Smoltz, 1-2. Sv— HDdefc 0). 

HRs— Houston, Bagwell (1). Spiers 0). 
Atlanta. McGrtff CQ. 


Japanese Leagues 



' W LT PCt. 

GB 

Yakut) 5 2 — JU — 

Honstotn 3 3 —5 00 l J 

Mrestilmo 3 3 — .500 1-5 

Yokohama 3 A — jC9 2J> 

awricbl 3 4 — jOS 25 

Yomtori 3 4 — .429 2.0 

rmar'SHMAtt 
YamhKt 3. Hansb* 2 
KkDshhna & Yokohama! 

Yakub ZChunlcM 11 

NCMIUBN 
W LT W. 

GB 

Kintetsu 3 0 1 1X00 — 

DaM 4 10 X00- — 

Seflni ' 3 2 0 -600 IX 

OH* ' 2 2 0 J00 1J 

Lotte 2 3 I JSOO US 

Nippon Ham 0 6 0 X00 45 

nMMcrsnmtn 

KHetsu 4. Nippon Ham 3 ■ ■ 

SelbuALnttal 

OrfxZDalefl 


BASKETBALL 


NBA Stahdukos 


UITtncONHMNCI 

ATLANTIC DCVJSJON 



w 

L 

Pef 

* GB 

rMtomi 

S9 

16 

.766 

— 

x- New York 

S3 

24 

588 

6 

Ortondo . 

43 

34 

558 

16 

WasUngtoa 

39 

37 

513 

19*6 

Mew Jersey 

34 

52 

516 

3414 

PhBocMphla 

21 

55 

-276 

37V6 

Boston 

13 

64 

.169 

46 

camuu. divwon 



z-Odcogo 

68 

10 

572 

— 

NrArtanto 

52 

34 

584 

15 

x-Drfrott 

. 51 

25 

571 

16 

x-OKototte 

50 

26 

5a 

.17 

Oevetood 

39 

37 

513 

28 


Indtono 

37 

39 

.486 

30 

Milwaukee 

29 

47 

582 

a 

Taranto 

2B 

49 

564 

39*6 

wnrUHcomma 



NOWEST DIWON 




w 

L 

Pet 

GB 

z-Ulot) 

» 

17 

.776 

— 

K-Houstan 

53 

24 

588 

616 

x-Mtofiesato 

38 

39 

594 

21* 

Doias 

23 

54 

599 

36'.‘> 

Denver 

20 

57 

560 

39* 

San Antonio 

20 

57 

560 

39* 

Vancouver 

12 

67 

.153 

a* 

PAX3F1C DIVttKM 



x- Seattle 

53 

24 

5a 

— 

x-LA. Lakers 

52 

25 

575 

1 

*- Portland 

46 

33 

582 

8 

x- Phoenix 

a 

39 

-494 

15 

LA.C*ppers 

34 

43 

542 

19 

Sacramento 

31 

46 

503 

22 

GaWen State 

29 

a 

577 

24 


(z-c&ictied conference I me) 
(y-cfached dMslan Kite) 
(x-efinehed playoff berth) 

THU WAY'S RUOU1 

Vancouver 20 34 30 30 — 94 

Houston 24 20 23 25-102 

V: Abdur-Rahtm 9-1 B 1-1 2ft WHBams 6-92- 
2 1« K- Bander B-l4 5-8 21. El* 7-9 1-T 
ltmebo aad* V anc ou ver 49 {Rogers 9), 
Houston 46 (BorkJev, Oiajuwon 12). 
Ass**—' Vancouver 25 (Abdur-Ratitm 5), 
Houston 29 (Braider 8). 

Portland 22 24 22 27— 98 

San Antonio 25 11 22 23— 01 

P: Wallace 8-12 34 19, Sabonls 7-1 1 ^4 18i 
SA: Fek* 5-9 36 IS. Perdue 5-9 3-6 11. 
Rebounds— Portland 49 (Sabords 10). Son 
Antonia 50 (PentuelS). Assists— Portland 2B 
(tCAndereon 11), San Antonio 19 (Johnson 
4>. 

Mtomsofa 25 17 22 13—108 

ULCBppcn 12 29 23 21— 96 

' NfcMatbuiy 10-1 7 6-729. Gugttano 9-1836 
33s LA4 Rages 11-15 4-6 30, Vaught 6-13 «- 
7 16Jtsbmmd>— Mlnnesata 56 (GugBetta 
15), Las Angelas 46 (Wright 72). 
Assists— Minnesota 22 (Martawy 8). Los 
Angolas 15 CRogets, Bony 3). 

Dower 25 27 28 II >-107 

GoUen state 29 27 22 20 11—109 

& McDyess 16-32 35 3& D-BIOt 3-23 34 
2< G54 JJSmBb 11-2333 25.SpreweQ 7-1 A 7- 
1022,MuUn8-ll 1-221Jteboowto-Danver 
64 (Johnson 19), Golden State 65 (DeCtercq 
IS). Assists— Denver 33 {GakMre 12). 
Golden Slate 27 (SprweH 7). 

Pboeak 27 23 28 23-101 

Sneramato 25 25 26 23- 99 

P: bdateWOl-5 19, WOBams 7-9 1-2 15; S: 
Richmond 9-21 1-2 21 AbcM-Rairt 7-14 04) 
)7, PohmleB 6-11 5-10 17. 

Rabaaads— Phoenix 47 (WnBoms 13). 
Saaamento 53 (Potynlra 12). 
As si sts Pimento 30 (Johnson 16), 


Sc emmento 29 (Hurley 14). 

Onoodo 29 33 21 23-105 

Toreato 20 13 21 15— 69 

0: Soon 6-11 >3 2ft wains 5-8 B-8 1ft T: 
Wright 6-14 5-6 17, Outstle 4-17 1-2 
!2jte&ouwfs— Ortando 67 (Hardamry. 
Sdwyes 9). Taranto 59 (Jones 12). 
Assists— Orion Bo 32 (Hartmvny 13), Ttxoruo 
IB (Stoudamlre 5). 

adcoge 38 17 24 34-105 

New York 23 IS 33 24-103 

O Jordan 12-26 9-10 34, Pippen 11-1964 
31 N.Yl Ewing 7-14 6-7 20Johnsan 6-11 4-9 
19. R eb ounds Chicago 49 (Jordan, Coffey 
(0. New York 54 (OoUey 12). 
Assists— Chicago 1 9 (Jordon 6), New York 29 
(CHUS72). 

MlwasfeM 29 21 10 20-88 

New Jersey 27 22 24 20—93 

M: Baker 1 1-23 2-5 2* Douglas 7-9 5-6 21 1 
Njj Jackson >-16 2-4 24. GB 10-19 35 23. 
Rebeends— Milwaukee 42 [Baker 15). New 
Jersey 61 (Massenberg 12). 
Assists— Milwaukee 23 (Douglas B). New 
Jersey 23 (Jocksan 10). 

Detroit 20 2B 20 22- 83 

MkUBl 32 14 16 Tl— 93 

MSts 11-19 0-024. HDI M3 M2 21; M: 
Hardaway 11-21 >3 3a Moumtog 12-15 2-2 
26.Rebewds— Detroit 41 (HID 9). Miami 45 
(Brawn 10). Assists— Defied 16 (Hill 8). 
Miami 26 (Hardaway 9). 

Seattle 10 26 18 28— 98 

Dalas 10 32 25 17— 62 

S: Payton 6-15 34 16 Hawkins 4-11 7-717; 
D: Finley 10-202-2 25, DanOovfc B-16 2-222. 
RmouBds— Seattle 48 (Kemp 9). Do Bos 38 
(Bradley 8). Assists— Sealtte 20 (Paytoa 
Kemp 41 Danas 17 (ftock 5). 


HOCKEY 


NHL Standinos 


EASTON COWUKNCI 

ATLANTIC WVtSKJN 



W 

L T 

Ph 

GF 

OA 

x-New Jersey 

44 

22 14 

1(0 

225 

177 

x-PtotadeipMa 

44 

24 12 

in 

266 

210 

x- Florida 

34 

» 19 

87 

217 

199 

x-N.Y. Rangers 

a 

33 10 

B6 

256 

227 

Tampa Bay 

31 

» 10 

72 

212 

243 

Washington 

31 

40 9 

71 

200 

226 

MY. (Slanders 

28 

40 12 

a 

232 

240 

■ NONTHEABT DIVISION 




W 

L T 

PI* 

GF 

GA 

z- Buffalo 

40 

a 12 

92 

234 

199 

v-PfKs6urgh 

38 

34 8 

84 

280 

769 

Montreal 

31 

36 14 

76 

246 

273 

Hartford 

31 

a n 

73 

220 

24? 


Ottawa 

» 36 15 

73 

222 

332 

Boston 

25 46 9 

59 

227 

as 

WISTUN COMFUIMC1 



CENTRAL DIVISION 




W L T 

Pt» 

GF 

GA 

z-Oatkn 

48 24 B 

104 

249 

191 

x- Detroit 

a 24 ib 

94 

250 

191 

x- Phoenix 

37 37 7 

81 

234 

241 

x-St. Louis 

35 35 11 

81 

233 

238 

Chicago 

32 35 13 

77 

211 

205 

Toronto 

29 44 8 

66 

226 

272 


PACIFIC OnnStON 




W L T 

Pts 

GF 

GA 

x-Colarado 

48 a 9 

105 

273 

200 

x- Anaheim 

35 33 13 

83 

24t 

230 

x-Edmantan 

36 35 9 

81 

246 

236 

Vancouver 

34 40 7 

75 

252 

269 

Calgary 

32 39 9 

73 210 

2a 

LofiAngetes 

26 43 11 

63 

206 

265 

San Jose 

37 45 8 

62 

207 

270 


(Z-cBndied <fiyrston title) 
(x-c4nched pfayaff Oernu 

THURSDAY’S USUUs 


Buffalo 1 3 I— 5 

Boston 0 0 1—1 

First Period; B-Soton 24 (McKee. Ward) 
(pp). Second Period: B-Pianfe 2 7 (Auderte) 
3. B-. Shannon 4 (Peca Ward) 4. B-Satan 25 
(Hotzlnger. Bunfdae) Third Period; B- 
AUlson B (Sweeney. Carter) t, B-Bunidge 10. 
Shots oa goat; B- 7-9-8-24. B- 6-12-10-28. 
Geaflat; B-Haseh. B- Carey. 

N.Y. Raagers 2 3 1-6 

PMHaipkto 0 2 1—3 

First Period: New York Vandenbussche 1 
(Eastwood. Driven 2. Mm York. Ratley 9 
(Eaetwood, Langdon) Second Period: New 
York. Graves 28 (Laetch. Courtnaiu (pp). A 
P-B rind Am our 25 iTherlen. Zubnnl (pp). 5. 
New York Ratley 10 (Gretzky, Sundsirom! 4. 
New York, Langdon X 7, P-Klott 22 
(NDnlmoa Prespa?) (pp). Third Period: New 
York. Sundsirom 24 (Gretzky, Graves) (pp>.9, 
P-Praspol 4 (Coffey) Shots oe gaa): Near York 
9-9-9-27. P- 11-9-11—31. GooBes: New 
York. RJcnter. P-HodulL Snow. 

Mailrecd 1 a t—2 

Wash ingle* I 2 0-3 

First Pe riod: W-Konowalclwk 17 [Bandra, 
Gonchar) Z M-Conon 8 (Brtsebois, RecchD 
Secaad Period; W-Ootes 22 (HouWey, 
Bondre) (pp). A W- Juneau 15, (pa). Third 
Period; M-flure M (Malakhov, Koivvi (pp). 
Shots on goat: M- 10-9-4-23. W- 13-14- 
6—31 Goalies: M-Thlbault. W- Ranford. 
Pmsbor^i 1 2 0-3 

Tampa Bay 2 0 2—4 

Fbst Period: T-Yseba« 5 lUccmOL 
Bra (Bey) (pp). 2. P-Woolley 6 fLetnJeuw 
Oloussonj (pp). 31 T-Gretlon 29 (Brad. 
HamrtOO (pp). Second Period: P- Medved 31 
(Olczyk. Woolley) 5. P-Nedved 32 (do 
Hatcher) Third Period: T-Zamuner 1 6 (Nort- 
on, Oration) 7. T-OocnreUI 33 (U Ionov) Shots 
HI go*: P- 12-9-17—38. T- 14.15-11-40. 
Goalies: P-Lnllme. T-Puppc, Schwab. 


Toreato 0 0 1—1 

SL Louts 0 3 2-6 

First Period: Mane. Second Period: S.L- 
Yortc 13 (Pederin. KnivaiuM 2, S.L-Mcrrteau 
15 (Turgean. Maelnnts) 3. S.L-. York 14 
(Kravchuk. Pmngeri Third Period: 5.L- 
Murptw 19 (Maiteou. Turgean) 5, S.L.- 
PeHerin 8 (York. Conroy) 6. T-Berezin 24 
(Sundtn. Marlin) Shots on goal: T- 7-2-8—17. 
S.U- 9-8-9—26 Gaafies; T-Pohrtn, 
Couslneau. S.L-Casey. 


CRICKET 


SHARIAH CUP fMAL 

SRl LANKA VS. PANETAN 
FRIOAY. M SHARJAH. UAE 
Pakistan innings: 214 all out (492 overs) 
Sri Lanka Innings: 7TS-6 149-21 
Sri Lanka def. PaUstan by 4 wickets 
S1XTN CM8 DAY INTERMAIKMIAL 
SOUTH AFRICA VS. AUSTRALIA 
THURSO AV. IN PRETORIA 
South Africa fnnfngs: 284-7 (50 overs) 
Australia Innings: 287-5 (49 ovcb) 
Australia dM. South Africa by 5 wickets 
Australia lead 7 match series 4-2 
ICC TROPHY 
SCOTLAND VS. IRELAND 
FJCDAY, M KUALA LUMPUR 
Scanand Innings: 1874 (45 wets) 

Ireland innings: 141 all out (39 aveis) 
Scotland def. Ireland by 46 runs. 



Loodtog ecoree Thuredoy nllar the tint 
round ettha Ussrere an the a,a25-yard, par- 
72 Auguste Norton* Get! Club: 


John Huston 
Pouf StonkowsM 
Pout Azlnger 
Tiger Woods 
Jose Marfa Otarabal 
CostaaOno Rocca 
Nick Price 
Conn AAantgocnerie 
Davis Love, ill 
Tommy Tolies 
Per- U Irik Johansson 
LeeJonzen 
Stuart Appleby 
David Bergenia. Jr. 
Fred Couples 
Bern herd Longer 
WlffleWood 
Clarence Rase 
Jesper Pamevih 
Kenny Perry 


36-31—67 

35-33-68 

33-36-69 

40-30—70 

35- 36—71 
38-33—71 

36- 35-71 
38-34-72 
36-36-72 

36- 36-72 
35-37-72 

37- 35-72 

35- 37-72 
37-35-72 
37-35-72 
37-35 — 72 

36- 36-72 

37- 36—73 

37- 36-73 

38- 35-73 


Sandy Lyle 38-35—73 

Tom Lehman 38-35—73 

Ernie Els 35-38-73 

Fred Funk 37-36—73 


■UROPIAN CUP WDHORS' CUR 

—WHALEN— TUB 


Barcelona 1, Fiorentfna 1 
Paris St Germain 3, Liverpool 0 


RUGBY UNION 


Super 12 


IN AUCKLAML NEW ZEALAND 
Nffiol 33. Waikato Chiefs 1 5 


TRANSITIONS 


MAJOR LEAGUE BASEBALL 
AWRICAN LEAGUE 

anahEim —Put RHP Trpy Perdwrt on 15- 
day disabled fist, retroactive to April 7. Re- 
called LHP Darren May from Vancouver. 
PCL 


The Week Ahead 


Saturday, April 1 2 


cricket, various sites. Malaysia — ICC 
Trophy (22 countries), through April 13. 

tennis, Estoril Portugal — ATP Tour. 
Estoril Open, through April H Hong Kong 
— ATP Tour. Salem Open, Through April li 
New Delhi India— ATP Tout Gold Flake 
Open, m rough April 13; Amelia Island, 
Florida — women, WTA Tour, Bousch and 
Lamb aiampion5Nps, through Aprfl 11 
soccer. Bahrain — FIFA AFC World Cup 
qualifying. Asia, first round, Group a ffeto- 
holl Bahrain. Jordon. UnBed Arab Emirates, 
through April 14. 

golf. Augusta. Georgia — ORlAMoa (J-S. 
Masters, through April 1 a Matsuyama 
Japan— women, Japan LPGA, Kenshoen 
Uxfles. through April 11 
ice hockey. Tychy and 5asnow!ecz, 
Potand — IIHF. Pool B World 
Championship, through April 22- 
football. London — NFL, World League 
of Americon Football starts. 

rugby UNION, vattous sites — Super 12. 
Auchiand vs. ACT; New South Wales vs. 
Free Slate; Queensland vs. Weflm grots 
Gauteng (Transvaal) vs. Northern 
Transvaal; Otago vs. Canterbury. 


Sunday, April 13 


auto racing, Buenos Aires, Argentina — 
FI A. Form u la On* Aigenttne Grand Pitx. 
athletics. London — London Marathon. 
cycling. Parts- Rouba be Fiance— UCI. 
World Cup, Parts-Raiibobi Classic. 

CRICKET. BioemtonWrL South Africa — 
ane-doy tnternaftonaL South Africa vs. 
Austral) a. 

soccer, London — FA Cup semifinals, 
Wimbledon vs. Cheteea; Middlesbrough vs. 
Chelsea; various sites — World Cup 
quatflyln^ Asia first round. Group 7. 
Lebanon vs. Singapore; Group 5, Indonesia 
vs. Yemen; CONCACAF, World Cup 
qualifying, CONCACAF finds. Mexico vs. 
Jamaica. 

Monday, April 1 4 


tennis Tokyo — women. ATp Tour, 
WTA Tour, Japan Open through April 2a 
Barcelona Spain — ATP Tour. Swn-Godo 
Open through April 20; 

Tuesday, April 1 5 

ICC HOCKEY. New York— Hockey, NHL 
Stanley Cup playoffs begin. 

soccer, various sites — CONMEBOL 
Capa Uberiodores, first round. Group A 
Gremfo vs. Sporting Crista! ; Gimps. 

Nad anal vs. DaporthroCall ; Penarol vs. 
DeportfvoCnn. 

Wednesday, April 1 6 


soccer Sheffield, England— League 
Cup final replay, MkMIe&braugn vs. 
Leteesterr Guatemala Qty — CONCACAF. 
Capa UNCAF, through Aprfl 27. 

Thursday, April 1 7 

soccer. Geneva— UEFA executive 
committee heats rival German, English 
World Cup 2006 bids. 

swimming. Gateborg, Sweden — men. 
women, FINA. World Short Course 
Championships, through April 20. 

bolf. Carnes. Fiance — PGA European 
Tour, Cannes Open, through April 20; Palm 
Beadi Goldens. Florida— PGA Seniors' 
Championship, through Apr* 24 Murrell 
Inlet, South Carolina — women. UJS. LPGA, 
Myrtle Beach LPGA Oassic, through April 
20c KawanlsM. Japan — Japan PGA. 
Tsurvya Open, through April 20c Nil hart, 
Japan — women. Japan LPGA. MHsukoeM 
Cup Ladies Open, through April 20. 

cricket. Geoigerown. Guyana — ICC W. 
Indies vs. India, fifth test through April 21. 
Friday, AprilI 8 


RUGBY UNION. irvereorgnL New Zealand 
— rugby union. Super 12. Otago vs. ACT. 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 





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PAGE 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, APRIL 12-13, 1997 


DAVE BARRY 


Mr . American Cheese 


The Chef Who Renounced the Star System 


M IAMI — I admit that I don't have 
a sophisticated lifestyle. I don't 


JLVla sophisticated lifestyle. I don't 
party all night in trendy clubs with 
people whose hair is the color of Jell-O. 
My idea of an exciting evening is to go 
out at 7:45 P-M. and get a medium dish 
of frozen yogurt with — sometimes you 
have to walk on the wild side, dam it — 
low-fat chocolate topping. 

I live on a peaceful street where there's 
haidly any noise except for a neighbor's 
pet parrot' which has been Hying for years 
to make some kind of important an- 
nouncement. but unfortunately cannot get 
past the first syllable, which is 
"GRAAK!" I've worn the same style of 
clothes since 1967. when 
I made the breakthrough 
fashion discovery that Boutique 

you can't make TOO . n 

much of a fool of your- comically 

self if everything' you tractive, 
own. except vour under- 
wear. is blue. tively pla 

I would no more have 

my body tattooed or 
pierced than T would stick a live scor- 
pion up my nose. 

In other words. I am. culturally, Mr. 
American Cheese on White Bread With 
Mayonnaise. So i experienced quite an 
awakening recently when my wife and I 
spent a weekend in New York City's 
fashionable SoHo district. SoHo is lo- 
cated south of Houston Street: hence the 
name “SoHo." which stands for: "So. 
How Do You Eat With Those Rings 
Through Your Tongue?" 

We~stayed in a very nice loft be- 
longing to some friends of ours, who 
sent us pages of derailed instructions 
about how to get past the elaborate 
system of locks and entry codes and 
burglar alarms. I have never personally 
launched nuclear missiles against Mos- 
cow but I bet it would be less com- 
plicated than gaining access to this loft. 
People are very security-conscious in 
New York: at one point, we encountered 
a woman in the lobby, and although we 
tried to appear friendly and harmless, 
she had that expression that you see on 
many New Yorkers in such situations, 
whereby they strain ro look as polite as 
possible considering that they strongly 
suspect you're about to whip out a ma- 
chete and a vial of hydrochloric acid. 

(I'm not saying it's a lot better in 
Miami. I'm just saying that in Miami we 
don't go around WORRYING that 
everybody else is armed, because we 
KNOW everybody else is armed.) 


Boutiques feature 
comically unat- 
tractive, radioac- 
tively plaid outfits. 


But gening back to my cultural 
wakening: SoHo is full of clothing 


awakening: SoHo is full of clothing 
boutiques selling fashions that are ex- 
tremely "avant-garde." which is 
French for "visible from space." Do 
you remember when hip people wore 


black, and un-hip people wore polyester 
clothes in clashing, retina-damaging 


clothes in clashing, retina-damagin, 
colors? Well, things have changec 


There are many boutiques in SoHo fea- 
turing comically unattractive, mdioact- 
ivelv plaid outfits — and these are not 
cheap outfits — that would be barred 
from Clown School for being too loud. 

(Meanwhile, in some variety store in 
rural Kentucky, the first shipment of 
black clothing is just now arriving.) 

Do you want to know what else is 
fashionable in SoHo? Cruddy old fur- 
niture. By "cruddy old furniture." I 
don't mean "furniture that, underneath 
the surface crud. is actually beautiful." I 
mean " ‘furniture that, underneath the sur- 
face crud. is crud." Some SoHo stores 
are proudly selling metal yard furniture 
from which all the metal 

content rusted away de- 
feature cades ago. so what 

you're actually purchas- 
una *“ mg a furniture-shaped 

adioac- shell of hardened din. 

_ One store was selling 

d OUttltS. a beat-up “seed cabin - 

et“ that had many 

drawers broken or miss- 
ing and that looked as though it had 
served as a latrine for generations of 
diseased bats: the price was S4.00U. 

Nearby, in the store's clothing sec- 
don. people were admiring a female 
mannequin dressed in a color scheme 
that had to be distorting the Earth's 
magnetic field: bright-blue-plaid pants, 
a lime -green blouse, and of course a 
purple scarf. In a situation like thau you 
find yourself thinking: “Am I THAT 
unsophisticated? Or are all these people 
insane?" 

This is what we were asking ourselves 
as we returned to the loft and sealed 
down for a restful night of sitting bolt 
uprighr in bed every two minutes until 
dawn. Because it turns out that, at night. 
SoHo can compete, decibel for decibel, 
with World War D. There are people 
whose social lives apparently consist of 
standing on the sidewalk directly under 
loft windows all night shouting curse 
words at each other. SoHo is also the site 
of the nightly meeting of the Orga- 
nization of Easily Irritated Motorists 
Wich Very Loud Homs. 

My theory is that nobody in SoHo ever 
gets any sleep, so that after’a w hile people 
become delirious and encourage each 
other to engage in erratic behavior: 

“I know"! Let's pierce our bodies and 
wear polyester down outfits!" 

“Yes!* And then let's buy a cruddy 
old seed cabinet for $4,000!" 

"Great idea! Even though the closest 
we ever come to engaging In agriculture 
is when we steam asparagus!" 

That's what I think is going on. Al- 
though I admit it could be that I'm just 
too unsophisticated to understand the 
SoHo scene. But I doubt it. I’m not some 
yokel who thinks that “fine art" is a 
portrait of Elvis on a beach towel. Mine 
is on genuine velveteen. 

t /W’ I /if Miami Her jl J 

Disti United In Tribune Media Sen-ices Inc. 


Iniernaiit'ikil Herald Tribune 

N ICE — Each year with the Michelin and rival 
restaurant guides, new stars appear, meteors 
fizzle and constellations emerge in different con- 
figurations. but it is rare that a chef chooses to leave 
the solar system altogether. This is what Dominique 
Le Stanc did this past winter when he quit as chef of 
the two-star Chantecler restaurant of the flossy hotel 
Negresco in Nice. 

"I don't want any more stars. I r ve turned that 
page. I had a lot of success but here I see my 
customers every’ day and I am happy.’ ’ By ‘ ‘here’ ' he 
means the Merenda in old Nice, which measures 35 


MARY BLUME 


square meters, including the kitchen and toilets, 
holds 24 customers on stools, not chairs, has no 
telephone and which in Michelin is given only one 
crossed spoon and fork ("assez vonfonaMe ." which 
meansil isn't comfortable at alii. 

At the Negresco his refrigerator was bigger than his 
entire work space at the Merenda ("even my fridge at 
home is" ). There is so little room that in order to roll 
out his minipizzas Le Stanc has to open a drawer 
which serves as his pastry board. "Being crowded is 
part of the fun. It's worked like this for 30 years. It’s 
the world's most uncommercial restaurant — no 
checks, no credit cards, no telephone, no wine List." 

Founded in 1966 by Christiane and Jean Giusti, the 
Merenda became the test small restaurant in Nice, 
spec ializin g in local dishes such as daube and stock- 
fish and paies an piston, the traditional cuisine des 
pau\Tcs or poor man’s cooking. Only one red wine 
was on offer, and prices were low. Christiane, a 
majestic blonde, waited on tables. Jean cooked and 
when irritated would briefly take the air while cus- 
tomers awaited his return, knowing it was worth it. 
The decor was plain, the entrance marked by Jean's 
bicycle, a gift from his wine merchanL five previous 
bikes having been pinched. The bicycle is still there 
and the restaurant's decor, menu and cheerful dis- 
comfort are intact. 

Le Stanc often ate at the Merenda on his nights off. 
and the Giustis dined at the Negresco. so when the 
Giusds decided to retire it seemed normal for Le 
Stanc to take over. Or normal to a degree — why 
would a 36-year-old who had trained with Haeberlin, 
Le Notre. Senderens and Chapel before opening his 
own one-star restaurant in Monte Carlo and then 
moved on to the Negresco and. in short order, two 
stars want to give it all up for an irredeemably no-star 
hole in the wall? "I left because l wanted to leave the 
system, the milieu gastronomique." Le Stanc says. 
He is friendly and open in a checked shirt which still 
feds to him like a disguise after years of wearing a 
strict white jacket 

"Times have changed. In the '80s there was a lot 
of new money and people needed guidebooks to 
know where to spend it Today, the people who have 
money know where to go and’the others want decent 
home cooking at prices they can afford. So guides are 
less important than they were 15 years ago." 

He says the most talked about' guides these days 
are arbitrary and self-promoting. “Why did Michetin 
take a star away from Ducasse in Monte Carlo? 
Because they didn't want him to have three stars both 
there and in Paris? Either a restaurant is worth three 
stars or not. whether the chef himself is in the kitchen 
is not a criterion. You eat as well in Ducasse’ s 
restaurant in Monte Carlo as you did before he 
opened in Paris as well." 

At the Negresco he hadateam of 25 working under 



wjj.Hvxm* 


Dominique and Danielle Le Stanc in the tiny kitchen of their restaurant La Merenda in Nice. 


him and rarely had a chance to cook. “I was an 
administrator," he says. The marketing was on a 
grand scale while now he hops on Jean's bike and 
sees what the farmers at the open-air market at the 
nearby Cours Saleya have to show. He can spend 
time with his small son and his wife, Danielle, who 
works part time in the salle. along with a .waiter who 
was a mat tie d'hdtel at the Negresco but doesn't mind 
sweeping the floor just as Danielle pitches in to dry 
the glasses. 

"Physically, it’s much barter but I am much 
happier," Le Stanc said. "I've known lots of glory in 
the gastronomic world. Now I'm doing family cook- 
ing, which is what I’ve always liked to ear.' ' 

Because the Negresco is a bit worn and a third 
Michelin star depends very much on a gleaming 
setting, Le Stanc says he knows he would never have 
won a third star there but that this has nothing to do 
with his depamire.The decision was not sour grapes 
but, so to speak, a taste for new wine. 

“I’d had all die satisfaction, a third star wouldn’t 
have brought more. I've worked with three-star 
chefs, I think some of the dishes at the Negresco were 
worthy of three stars, not all, but since I am honest 
with myself I knew if a dish was worth one or two or 
three stars. I don't need a guide to tell me so. I know 
wbar I know how to do and I'm happy with that." 

What he didn't know how to do, after the rich 
complications of a rati de cepes auxfigues et foie 
gras and filets de rougets a la puree d' olives at the 
Negresco, were the Giustis’ simple recipes. The Le 
Stancs and the Giustis spent two often hilarious 
weeks going through the menu while their dish- 
washer received tuition from his predecessor, who 
was also retiring, on where to put each pot and which 
wooden spoon was for the daube and which for the 
compote because everything had had its place for 30 


replied with cheerful menace, "We don t change our 
menu, we change our customers." The menu is on a 
blackboard andLe Stanc, the week before, had called 
Giusti for help on a stuffed cabbage recipe. He will 
add the occasional dish and more local wines but 
does not intend to install a telephone. 

"Jean always said this is the only restaurant one 
must come to twice, once to reserve and once to 
ear.' ' 

An Alsatian by birth. Le Stanc said he learned 
creativity from working with Senderens, and from 
Chapel respect for the ingredients. His own style 
developed when he went to the south and discovered 
olive ou (he gets his from Imperia, over the bolder in 
Italy) anrf fresh vegetables. He can hardly watt until 


the small courgettes known as courgettes beurre 
come to the Cours Saleya (they are found only m 
Nice) in late May and intends, when the season for 
fried courgene flowers arrives, to call again on Giusti 
whose result was ambrosial. Le Stanc also says he 
has a way to go to equal Giusti 's ratatoutile but that 
he will learn. 

That morning Le Stanc, seeing oxtail and local 
oranges when he pedaled over to the market, had 
made a queue de boeuf a /’ orange to his satisfaction 
and had successfully attempted a ricottatart with bits 
of local lemon by using the exiguous space near the 
oven door. 

“Of course there are things I can’t do because of 
the lack of space but still there is lots to do. I have to 
ask as much of myself as I did at the Negresco. lt‘s 
simple cooking, but if it's not well done it becomes 
banal.'! 

The Giustis, for. all their hard work, were free 
people who enjoyed -life, closing Saturday. Sunday 
and Monday and going offduring the winter to ski. 
Le Stanc 's future may be starless but he sees it as 
heavenly nonetheless. “I've been skiing and as soon 
as I’ve paid off my banker I’m going to close 
Mondays too," he said. - 


years and there wasn't an inch to spare. 

Except for seasonal ephemera. Jean Giusti never 
tanged his menu and when there 


changed his menu and when there were complaints 




two-month 


trial 


i H 






I-,. .J|g* 

§fji subscription. 


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Save up to 60 


PEOPLE 


A N 8-year-old in Calgary, Alberta, 
wanted the slippers off Mikhail 


xY. wanted the slippers off Mikhail 
Baryshnikov's feet for an auction to 
help her ballet troupe stage a benefit for 
a hospital. So she wrote him a letter. 
This week. Renee Crous, got a special 
delivery from New York City. “He 
actually answered me,” gasped Renee, 
fingering a pair of rather tattered, flesh- 
colored ballet slippers autographed by 
the dancer. Inside the shoes was the 
nickname “Misha” printed in faded 
letters. Baryshnikov also sent a signed 
photo and Renee's letter, cm which the 
dancer’s 4-year-old daughter had 
scribbled apicture. Bidding on the shoes 
will start at 51,000. 


One of Britain’s most distinguished 
mathematicians is suing Kimberly- 
Clark. claiming that the company is 
using his copyright design on its 
Kleenex quilted toilet paper. The suit 
brought by Sir Roger Penrose of Ox- 
ford University alleges that the com- 
pany is using a pattern that has the same 
overall appearance as “the Penrose Pat- 
tern.” a complex design he devised in 
the 1970s. He is best known for his work 
with Stephen Hawking of Cambridge 
University on relativity, black holes and 
the question of w better time has a be- 
ginning. The suit asks for the return of 
all copies of the pattern and the sur- 
render or destruction of all articles and 
documents using the design and seeks 
unspecified damages. 



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A sprig of artificial holly used by the 
explorer Robert Scott 10 celebrate 
Christmas at the South Pole in 1 902 was 
auctioned off for £4,000 (56.500) in 
London. And a tattered Union Jack flag 
used to stake out the southernmost point 
that Scott and his expedition partner, 
Ernest Shackleton, reached on a later 
expedition fetched £25,000 at 
Christie's. The holly sprig was used to 
top a pudding Shadueton had stashed in 
the toe of a sock. 


A TOAST — The Israeli writer Amos Oz, right, winner of the German 
booksellers’ Peace Prize literature award, at a reception in Wiesbaden 
hosted by Hans Eichel, the minister president of the state of. Hesse. 

listed by the weekly Se & Hor (.See and the Hollywood Walk of Fame moved 
Hear), which attached the head of the Rod Steiger to tears. “I want to thank ■" 
19-year-old princess to shots of a swim- my wife, Paula, who took me through 10 
wear model under the headline “Vic- years of clinical depression treatment,” ~ 
tona — How We Want toSee You This Steiger-said. “I also warn to thank my 
Summer. Although Swedish newspa- doctor, who is here with me.’ ' About 300 ' : 
pers have a tradition of respecting the relatives, friends and fans cheered as the ' 
privacy of King Carl XVI Gustaf and star was unveiled. Steiger his : 

the royal family, the tabloids Afton- fans and family, especially his 4-year- 
bladet and E^ressen took the oppor- old son Michael. Steiger won an Oscar 
rumty to reprint Se & Hor’s pictures for his performance as a sheriff trying to 
over double-page spreads. solve araurderamidradal tensions in tbe 

_ 1 067 film “In rho Uoa» .ui VT: -u. '• ■ 


--.ucafl;,. j. , 




pers have a tradition of respecting the 
privacy of King Carl XVI Gustaf and 
the royal family, the tabloids Afton- 
bladet and Expressen took the oppor- 
tunity to reprint Se & Hor’s pictures 
over double-page spreads. 


years of clinical depression treatment” 
Steiger-said, “I also want to thank my 
doctor, who is here with me.’ ' About 3ti0 


- r 

8jSs^ •: 


The si^ht of his star being unveiled on 


I 




Crty/Ccde:_ 
Country:——, 
Home lei No-'. 


A few days after winning a Pulitzer 
Prize. Wynton Marsalis is getting an- 
other award — this one from Southern 
Methodist University in Dallas. The 
jazz musician and composer was named 
the 1997 recipient of the Algur H. 
Meadows Award for Excellence in die 
Arts. At 35, he is the youngest recipient. 
The award carries a 550,000 prize. Pre- 
vious recipients include Ingmar Berg- 
man. Martha Graham. Mstislav 
Rostropovich. Arthur Miller, Le- 
ontyne Price and Stephen Sondheim. 


ainessHNc. 


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Composite photographs showing 
what Crown Princess Victoria might 


look like in a bikini were splashed 
across Sweden’s tabloid press, breaking 
a long taboo. “It is unstnical and taste- 
less." the royal palace’s -information 
secretary, Cecilia Wilmhardt, said. 
“Our solicitors are looking into this and 
will decide if or when anything will be 
done about it.” The pictures were pub- 



1967 film "In the Heal of the Night." . . 

□ 

ttadre Langaney. a professor of ge- 
petics, has posed naked far a special 
issue of a science magazine on sex to > 
prote a pla ns to move the Museum. of 
Man from Trocadero square in central tc 
Paris. 1 ‘Better naked than without the 
museum," the caption to the full-page^ i. 
photo said, showing the researcher com- 
pletely nude with a skull in his hand and • 
a monkey on his shoulder. The Museum . 
of Man and its neighbor, the Marine,-, 
Museum, are housed in the Palais de ' 








Chaiiiot at Trocadero overlooking the 
Seine river and the Eiffel tower. They . 
are to make way for a museum ‘of eariy 
art. 




^ "lx 




Kid. Utfftr AancwetPicn 

Steiger and son at the ceremony. 


Grand Duchess Leonida. a descen-- 
dant of the Romanov family.- will ask ; =_• 
President Boris Yeltsin for peririission 

remains of Czar Nicholas H • h 
and his family at the Cathedral of Christ .. 
the Savior in Moscow, Itar-Tass" news • ’ 
agency said Friday. The remains ; af ite . . : 
ranuly were discovered, in 1991 
i ejratennburg, where they were slain in Ul 
191$ it has been proposed that the "l 

Sl^eP 1 . 300 “ **Kwr-and-Paul - 

foitress m Saint Peterehmg, butifae dtf - 
has been postponed several' 


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