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Heralfc 


INTERNATIONAL 








PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


T^e World’s Dally Newspaper 


Paris, Saturday-Sunday, August 2-3, 1997 


^-No. 35,589 

V* 


Tftot U.S. Economy 
•yjars Stock Market 

Big July Employment Gain 

Triggers Fears of Inflation 




Tip Foiled N. Y. Bombings, Polm 

Suspects, Linked to Hamas, Were ‘a Day’ From Attacking Subway Station 


NBWYpifc 

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Pound 

Van 

FF 


The Dollar 


Friday Q 4 P M. 
I-P63 
1.6315 
116.365 
6.282 


previous daw 
1.6383 
1.6404 
1 16.675 
6.1984 


Fretay O 4 P.M. 
947.14 


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954.31 


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Germans 
Talk Tough: 
A Rate Rise 
In Sight? 

By John Schmid 

International Herald Tribune 

FRANKFURT — With the Deutsche 
mark near eight-year lows against the 
dollar, the Bundesbank abruptly has 
shifted its rhetoric. A series of unusually 
tough comments from German central 
bankers in recent days is pointing to an 
eventual increase in interest rates. 

An “early, subtle but clear” upward 
move in the bank’s main money-market 
benchmark, called die repurchase rale, 
would send an unambiguous message 
that the Bundesbank is prepared to act, 
and not just talk, to defend the mark, 
said Adolf Rosenstock, an economist in 
the Frankfurt office of die Industrial 
Bank of Japan. 

For investors, ' an interest-rate in- 
crease adds to the attractiveness of a 
country's currency by increasing the 
yield available on short-term invest- 
ments such as bank accounts. But bor- 
rowers’ costs rise as rates go up, putting 
pressure on economic growth. 

In Germany, with unemployment at a 
high 11 percent and an already slow 
economy, a significant interest-rate in- 
crease would be unpopular and painful. 
Furthermore, an increase in German 
lending rates would instantly have im- 
plications throughout neighboring 
economies. 

“The Bundesbank is preparing the 
market very', very cautiously that the 
time of record low interest rates is com- 
ing to an end,” said Juergen Pfister, 
head of economic research at Com- 
merzbank AG- 

An increase in those rates would trou- 
ble many of Germany’s neighbors. 

“It would be terribly difficult for the 
French,” said Alison Cottrell, senior 
international economist in London at 
PaineWebber International. 

Because central banks in Austria, 
Belgium and the Netherlands almost 
certainly would match Germany’s in- 
terest rate moves, step for step, the mar- 
kets would expect the same from the 
Bank of France, she said. 

For the newly elected Socialist-led 
government in France, which has made 
job creation its highest priority, tighter 
money could not come at a worse time. 
The French unemployment rate edged 
upward to a postwar record of 12.6 
percent this week. 

But if the Bank of France did not raise 
rates following a German move, econ- 
omists said, the financial markets would 
punish the franc. 

This poses a quandary for the Bundes- 
bank, despite the recent tough talk. 

“I do not believe the Bundesbank 
wants to invite blame,” said Gerhard 
Grebe, economist in Frankfurt at Bank 
Julius Baer, adding that a rate rise now 
could leave the central bank open to 
accusations that it was "trying to 
smash” the European monetary union 
scheduled to start in 1999. 

Memories still linger of the Bundes- 
bank’s jolting discount rate increase in 
July 1992 at a time when Eurooe already 
was slipping into recession, what fol- 
lowed was the explosion of the Euro- 

See BUNDESBANK, Page 5 

i Newsstand Prices 

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Kuwait 700 Fits U.S. Mil. (Eur.) — S12Q| 


By Erik Ipsen 

Internat i onal Herald Tribune 

NEW YORK — Unemployment and 
manufacturing reports showing that 
America’s economic pulse had accel- 
erated in July sent stock and bond mar- 
kets spiraling down Friday on fears of 
higher interest rates and renewed in- 
flationary pressures. 

What triggered the sell-off was the 
Labor Department’s report that the 
American economy began the third 
quarter with a bang, by adding 3 16,000 
jobs in July, nearly twice the gain many 
economists had forecast, and up from 
gain of 228,000 in June. 

“It took our breath away to see an 
employment gain that large,” said Peter 
Kretzmer. economist with NationsBank. 

Despite unemployment rates that 
have now returned to the 24-year low of 
4.8 percent first hit in May, the markets 
briefly took heart in Labor Department 
figures that still showed no sign of up- 
ward pressure on wages last month. The 
Labor Department said that average 
hourly earnings lkeld flat in July, after a 
0.3 percent rise in June and that more 
jobs were created last month than the 
market had expected. 

But what Anally unnerved the mar- 
kets was a report later from the National 
Association of Purchasing Manage- 
ment “That report really was the last 
straw for the markets,” said John Ry- 
der, chief economist for Bear Steams. 
“Unlike the Labor Department report 
everything in the NAPM report pointed 
in the same direction — toward eco- 
nomic strength.” 

Specifically, the purchasing manage- 
ment report clearly flagged not only a 
manufacturing sector stm gaining steam 
butprice pressures on a similar track. Its 
index of prices paid by manufacturers 
jumped to 53.6, from 48.1 in the pre- 
vious month. 

The association’s index of business 
activity rose to 58.6 percent from 55.7 
percent in June, the highest level since 
November 1994. Forecasters had pre- 
dicted the index would be 56.0 percent 

The reports sent bond prices plunging 
more than 2 points, sending die yield on 
the benchmark 30-year Treasury bond 
surging 15 basis points, to 6.45 points. 
The drop in the credit markets sent the 


GisvVW tn Oar Svff From Di^xactn 

NEW YORK — Two men arrested in a Brooklyn 
apartment were probably “less than a day” away 
from attempting a suicide bombing that could have 
devastated a busy subway station nearby, the au- 
thorities asserted Friday. 

The alleged plot was foiled when a roommate or 
co-conspirator tipped off the police, who, according 
to an investigator, descended on the two-story build- 
ing in Brooklyn after a man flagged down an officer 
and indicated there were bombs in the apartment 

The police shot and wounded Gazi Ibrahim Abu 
Mezer, 23, and Lafi Khalil, 22. during a predawn raid 
Thursday after one of them apparently made a lunge 
for an explosive device. Both were arrested, as was a 
third man, and five pipe bombs were found in the 
apartment 

A federal law enforcement official said Friday that 


the FBI had linked Mr. Abu Mezer and Mr. Khalil to 
the militant Muslim group Hamas, die organization 
that claimed responsibility for suicide bombings in 
Jerusalem on Wednesday that killed 15 people, in- 
cluding two bombers. 

CBS News reported that the New York suspects 
and the Jerusalem market bombers were working for 
Mousa Abu Marzook, the Hamas political leader 
who lived in Virginia for 15 years before being 
arrested in 1995, imprisoned as a terrorism suspect 
and then deported this year. 

The New York police commissioner, Howard 
Safir, said each of thefive bombs found waspowerful 
enough to kill someone wi thin a range of 25 feet (7.6 
meters), but he said it was not clear whether they were 
“intended to be separate devices or one device.” 
Reports Friday said the bombs lacked timing devices, 
$0 they could be set off only by a suicide bomber. 




p. 

1 



Waled Ogtori/n* Allocated Poti 

Yasser Arafat pausing during Friday prayers at a Jericho mosque. The Palestinian president is 
under increasing pressure From both the Israeli government and his own Legislative Council. 

Israel Arrests More Palestinians 


Hundreds of Police and Soldiers Deployed in Jerusalem 

level against the Deutsche mark in 


nearly eight years and was quoted in late 
trading at 1.8630 DM. 

Many economists now believe that 
growth in the second half will average 3 
percent, and that it is likely to accelerate 


percent, ana mat 11 is uxeiy to accelerate 
to nearly 4 percent by the final quarter of 
the year. That would stand at nearly 
double die 2.2 percent rate of expansion 
logged in the second quarter and would 
also loom well above the 2.5 


speed limit for noninflationary growth. 

With faster growth now in view, ana- 
lysts and investors were quick to cal- 
culate that the U.S. central bank would do 
what it did in March, notch up interest 
rates by a quarter of a point. “Ithinkthai 
the Fed may well want to go ahead and 

See JOBS, Page 10 


Om^HtrdbyOwSi^FmnDtV^rha 

JERUSALEM — Israel pressed ahead with a crack- 
down Friday on Islamic militant groups it says may 
have carried out the double suicide bombing that 
ripped through Jerusalem’s main Jewish market and 
led to a new suspension of peace talks. 

The Israeli Army said it had rounded up 51 more 
West Bank Palestinians overnight, bringing to 79 the 
total number of alleged militants it has arrested since 
two bombers killed 13 other people, ranging in age 
from 15 to 92, in the attack Wednesday. 

“Since our working assumptions are that Hamas or 
Islamic Jihad stand behind this attack, we are arresting 
whomever in an investigation can help us solve the 
attack," said the army chief, Lieutenant General 
Axnnon Sbahak. 

The militant group Hamas claimed responsibility 
for the attack in Mahane Yehuda market, in which 
more than 150 people were wounded. 

A new leaflet signed by Hamas and distributed 
Friday in the West Bank said the attack “was a 


practical response to the Zionist practices against our 
masses and our people that have escalated since the 
terrorist Beqjamin Netanyahu took over the' gov- 
ernment.” 

The leaflet described posters put up in June by a 
Jewish settler that depicted die Muslim Prophet Mo- 
hammed as a pig as “over the limits.” The incident 
provoked riots in the West Bank and protests in 
Islamic countries worldwide. 

“The whole world condemned such acts, and it is 
not fair to ask our people just to sit silent against these 
provocative crimes mat harmed the feeling of the 
Muslims,’ ’ die leaflet said. 

A senior Palestinian official bit bade at Prime Min- 
ister Netanyahu, insisting that the Palestine Liberation 


rightist government had done its best to scrap peace. 

In Jerusalem, police and paramilitary troops beefed 
up security as a precaution against farther bloodshed. 

See ISRAEL, Page 5 


According to a federal complaint filed late Th iuts- 

dav Mr. Abu Mezer told investigators that he and his 

accomplices had planned 10 use the explosives on the 

subways and elsewhere in New York. 

President Bill Clinton praised the police for foil ing 
the alleged plot bnt said it was too early to draw 
conclusions about the case. 

“We have worked very hard m this country' to 
increase our capacity to deal with terrorism, he 
said. “It is something we take very seriously, and we 
will continue to do that. . 

Apparendy trying to dampen speculation that tne 
suspects might be linked to international terrorism, 
be added: “But I think it’s important not to reach 
conclusions before we have ironclad evidence to 
support them. The main thing we need to do is to 

See NEW YORK, Page 5 


A Triumph 
Over Drudgery 

Tokyo Court Backs Woman 
In Revolt Against Husband 

By Mazy Jordan 

' Washington Post Service 

TOKYO — A Japanese court has ruled in favor 
of a 33-year-old woman who divorced her husband 
after he demanded that every day she cook him 
breakfast, press Ms pants and clean the house. The 
woman worked full-time, but the husband said it 
was her job to do all the housework. 

The husband, a 35-year-old public servant, sued 
his wife, demanding that she pay him about 
$38,000 in damages because she did not live up to 
her end of the marriage arrangements. 

The Tokyo District Court on Thursday rejected 
the husband’s demand for damages, bat did ask die 
woman to return her wedding rings and a cash gift 
of $8,000. 

The case was applauded by women’s groups and 
seen as a sign of the rising resistance among 
women to traditional Japanese men who refuse to 
help with cooking and cleaning, and even expect 
their wives to draw their bathwater. 

“Maybe it will start some kind of union for 
victims of. housework,” said Mariko Kuyama, 
journalist arid commentator. “If she can win this 
suit, it’s going to give all these other women who 
are tortured by housework the idea ro sue. They 
will realize that they can go to court and win.” 

An increasing number of young women are 
delaying or even refusing marriage because of the 
expectations that they alone raise the children and 
take care of the housework. The average age of 
women marrying has risen to 27, with some now 
deciding not to tie the knot at all, leading the 
government to worry about a rapidly dropping 
birthrate. 

In die unusual court case that put common do- 
mestic squabbles on trial, the husband demanded 
that his wife cook him miso soup and rice each 
morning, take care of all house chores and ensure 
that he be given a moodily allowance of $850. In 
Japan, the woman usually takes die man’s paycheck, 
pays bills and then gives her husband a sum he can 
spend on lunch, drinks and entertainment 

“There was a reason for every action that the 
woman took,” Judge Hiroto Wald said in his 
order. The judge said it was reasonable that the 
woman did not want to live with her husband under 
these conditions. 

The names of the couple were not made public. 

Like many Japanese couples, they met through a 

See JAPAN, Page 5 


AGENDA 

Clinton Ends Latin American Arms Ban 




WASHINGTON (AP) — President 
Bill Clinton on Friday lifted a 20-year 
ban on the sale of high-performance 
aircraft and other advanced weapons to 
Latin America. 

Kenya to Cut Budget 
After IMF Halts Aid 

The government of Kenya said Fri- 
day that it would cut spending and raise 
revenues to covera $141 million short- 
fall after the International Monetary 
fund halted a key aid package. The IMF 
turned down Kenya’s request for more 
time to meet IMF concerns about cor- 
ruption and to satisfy requirements for 
reform of the energy sector. Page 4. 


The move gave Chile a green light to 
purchase as many as two dozen Amer- 
ican F- 16s jet fighters. Sales of weapons 
to the region will be made on a case by 
case basis, the White House said. 






THE AMERICAS 

Pago 3. 

Orphans of the Budget Deal 

SPORTS 

Page 18. 

Track and Field Arm-Twisting 

Books 






Sports 

Pages 18 - 19 . 

The Intermerket 

’ Pages. 

| The IHT on-line 

http://ivv.y-Mht.com | 



ThcAMCttKdftM 


CAMBODIAN FIGHTING — Refugees fleeing to Thailand on Friday, 
as Phnom Penh again warned ASEAN not to meddle in its affairs. Page 4. 


Military Buildups Rip at Angola’s Fragile Peace 


By Suzanne Daley 

New York Time* Service 

JOHANNESBURG — With Angolan government 
officials and rebel leaders trading threats and ac- 
cusations, Angola's fragile three-year-old peace pro- 
cess could be headed for a crisis, officials close to the 
negotiations say. 

In recent weeks, peacekeeping officials have noted 
military buildups and movements on both sides. 
Scattered confrontations have occurred mostly in the 
diamond- producing provinces in the northeast, which 
are largely under the control of rebels of the National 
Union for the Total Independence of Angola, or 
UNITA. ^ 


In addition, (he transfer of some rebel-held ter- 
ritories to an administrative authority that had begun 
peacefully in May has come to a halt. 

In response to the increased tensions, the United 
Nations — which was reducing the size of an in- 
ternational peacekeeping force in (he country — has 

n oned removing any more soldiers. 

t is clear we are going through probably the 
roughest patch since the signing of the peace agree- 
ment,” said an official close to the negotiations. 
“What we are seeing is increasing obstinacy from 
UNITA and increasing impatience from the gov-, 
eminent and that is not a good combination.” 

The last 33 months have been Angola’s longest 
period of stability in more than two deendex ’llic 


country, which has enough oil, diamonds and pro- freedom is almost £- ut his 

ductive farmland be one of Africa's riches. c££ 

tries, plunged mto a civil war almost as soon as it won in prison and much of the JSr** are 
independence from Portugal in 1975. retrains conSiSIS * 

For years, the fighting was fueled by Cold War than negotiation.” epress ° n rather 
sponsors. UNITA, which began as an anti-Communist Before his imnri ■ . 
group as well aa a personality cult of followers of the merof 1991 lhe sum ' 

fiery Jonas Sayimbi, was aided by the United States the two most influemS’ ??\' vas ? ne of 

and South Africa. Thi» SnviM hlnc and Chilian fmnnt p*miri ha* _ a 1 ^ triers in |hp 


New Carnage 
Kills Hope for 
Algeria Truce 


By Roger Cohen 

Neie York Times Sen-ie e 

PARIS — Hopes that Algeria’s vi- 
olent impasse might be broken by the 
abrupt release from prison last month of 
a leader of the banned Islamic Salvation 
Front have been quickly buried in rhe 
nibble of renewed carnage. 

Over the past week, a village mas- 
sacre that left more than 50 people dead, 
a car bomb in Algiers and a familiar foe 
of rumors about government military 
operations south of the capital have su«_ 
gested that tbt : release of Abassi Madam 
on July 15 has failed to create any 
momentum toward a settlement 

“The release of Madani showed that 
there is sull a wing of the military- 
backed regime ready to explore the i 
integration of a diminished Islamic Sal- 
vation Front,” said Francois Burgat a 
French researcher on Algeria. * *But his 
^rtainly insufficient 
at this stage as long as other leaders are 
in prison and mucti of the governm™ 
remains committed to rcmiSS;"!? 1 
than negotiation “ Pe5Sl0n rather 




. •MM'unoi, was aiaea dy uic unnea a rates rne two most j uncor 

and South Africa. The Soviet bloc and Cuban troops rapid rise of the lsIaiKl J, ca<i * PS in (he 
supported President Jose Eduardo dos Santos and his whose looming e£rafv X 31101 ? Fr0ni - 
Popular Movement for the Liberation of Angola. 1992 led the armv ^ ,n °arlv 

But after the Cold War. the two sides signed a peace round of voting a Scc °nd 

pact in 1992 and held elections. Mr. Savimbi lost and, vention ushered inr m,Il,ar y inter- 

nve years of un- 

See ANGOLA, Page 5 See ALGERIA, Page 5 


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PAGE 2 


Bomb Is Detonated at Ulster Hotel 


Haulers 

— T* 16 Britis h Anny ear- 
ned our a controlled explosion on Fri- 

^ )mb ^ und since 
Am ?y called a trace in 

i nm ^S e Va ved 10 contain up to 

I£S? 52 d, . W50 ^ograms) of bome- 

< K Ve ’ was planred near a 

lakeside holiday complex by a break- 
away republican group. 

Q r,? 0 ? S u a i! d hotels were evacuated 
Mound the hotel at LisbelJaw in County 
rermanagh, about 100 miles tl60 ki- 
lometers) west of Belfast No one was 
hurt 

There was no immediate claim of 
responsibility for the bomb. The police 


said they were alerted to the device by 
^£*®lephone calls. 

The incident was s imil ar to one in the 
samearea 14 months ago, when a bomb 
rocked another tourist hotel, wounding 
several people. It underlined that while 
Northern Ireland’s key pro-British Prot- 
estant and Roman Catholic guerrilla 
groups have declared cease-fires, a host 
of breakaway organizations have not 

The Continuity Anny Council, re- 
sponsible for the hotel bomb last year, is 
lmked to Republican Sinn Fein, an or- 
ganization that itself broke away from 
Sinn Fein, the political wing of the IRA, 
in the 1970s. 

It is opposed to negotiations with 
Britain ana believes an end to Loudon's 
rule of Northern Ireland will come about 


BRIEFLY 


Court Backs Bavaria 
On Crosses at School 

■ MUNICH — Public schools in 
Bavaria won the right Friday to hang 
crosses in classrooms, despite objec- 
tions by liberal politicians and some 
parents who assert they violate re- 
ligious freedom. 

A court in Munich ruled that the 
practice in the predominantly Roman 
Catholic state did not violate the 
rights of non-Christian students. The 
court said parents who objected on 
religious grounds to the display of 
crosses could still petition to have 
them removed. 

A parent who took part in the suit, 
Dieunar Michalke. said he planned to 
appeal to the Supreme Court. (AP) 

Tories Retain a Seat 
And Hail Voter Trust 

LONDON — The opposition Con- 
servatives won a special parliamentary 
election and said Friday that it showed 
they were on the way back after their 
overwhelming defeat by the Labour 
Party in May. 

“This is a great start,” the party 
leader, William Hague, said when the 
result was declared in the election in 
Uxbridge, IS miles west of London. 

“Trust is remming to the Con- 
servatives," he said. “We are back in 


business.” The seat was vacated by 
the death of a Conservative, Sir Mi- 
chael Shersby. The Conservatives 
have held the seat for 27 years. Sir 
Michael retained it in May by a mar- 
gin of 724 votes. On Thursday, the 
conservative candidate, John Ran- 
dall, won with 5 1 percent, 3 ,76 6 votes 
ahead of his Labour rival. (AP) 

Belarus Court Finds 
14 Journalists Guilty 

MOSCOW — A court in Belarus 
convicted 14 journalists Friday of tak- 
ing part in an unauthorized demon- 
stration outside the president's res- 
idence, where they were protesting the 
detention of two colleagues, news re- 
ports said. The court proceedings ad- 
ded to tensions between President Al- 
exander Lukashenko and the media. 

The journalists were detained 
Thursday while protesting the arrests 
of two Belarussians who work for 
Russian television. They received of- 
ficial warnings and fines, the ITAR- 
Tass news agency reported. The trial 
of another protester, Valeri Shchukin, 
was postponed Friday because he en- 
joys parliamentary immunity. 

Meanwhile, Mr. Lukashenko can- 
celed a visit to the Russian enclave of 
Kaliningrad following protests from 
Moscow over the detention July 26 of 
the two reporters for Russian TV. 
They are accused of violating the bor- 
der while filming a report. (AP) 


only by force of arms: Its extremist “no 
talks" philosophy is shared by the Irish 
National Liberation Army, an IRA 
splinter group that shot at police patrols 
during rioting in Belfast last month over 
Protestant Orange Order parades. 

The attempted bombing came 24 
hours after.a maverick pro-Bri dsb 1 * loy- 
alist" group said it was on the warpath. 
The Loyalist Volunteer Force broke 
away from the main loyalist factions 
after they called a cease-fire in October 
1994 to get their political spokesmen 
involved m peace talks. 

The group issued a statement saying 
the new IRA truce was just a tactic to get 
Sinn Fein invited to the multiparty talks, 
which are scheduled to resume in earn- 
est on Sept. 15. 

Soldiers Patch 
Oder Dike as 
Thousands Flee 

The AstifciJted Press 

FRANKFURT AN DER ODER, 
Germany — Fresh teams of soldiers 
hunied to patch new cracks in the Oder 
River dike early Friday, after sandbags 
and gravel kept the barrier from bursting 
during the night. 

Thousands of residents in the low- 
lying Oderbruch plain, stretching north 
of Fr ankf urt an aer Oder, were evac- 
uated Thursday, and even soldiers were 
forced to retreat temporarily for fear that 
the crumbling dike would break and the 
region's villages would be flooded. 

While the dike held overnight, new, 
lengthwise tears formed in the water- 
logged barrier early Friday, and offi- 
cials said the situation was still critical. 
Rescue workers and villagers were 
building circular dams around at least 
three villages in die Oderbruch region. 

“The situation is argent," Manfred 
Kofferschlager, a spokesman for the 
Brandenburg state Interior Ministry, 
said Friday. 

In Slubice. Poland — just across the 
river from Frankfort an der Oder — 
floodwaters were receding slowly. The 
water dropped about 6 centimeters (about 
2 inches) overnight Thursday, although 
officials said it was 3 meters (.10 feet) 
above emergency levels. Sandbagging 
was under way to reinforce the dike. 


Have you been to 


THE INTERMARKET 


today? 

Don’t miss it. A lot happens there. 


Airline’s Mechanics 
Charged in Smuggling 


The Associated Press 
MIAMI — Federal agents 
have arrested six American 
Airlines mechanics on 
charges they helped to 
smuggle a half-ton of cocaine 
and 22 pounds of heroin into 
the United States — secreted 
on jetliners behind cabin 



TURN IT ON. 


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Getr-ng uo in front of a group of people tust got 
gasie'-Ihanki to m arker-le jding in Focus 
projector^. They’re Ihe easiest to connect. 
The easiest to use. Ana «it- juj.tabie DIP" 
technology. She graphics ere even rhe easiest ra 
see In FOcus projectors The easiest wav Co gel 
vour pom: across. Bi'lIiJn:!,. 


InFocus' 


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walls and ceiling panels and 
in cockpit electronics gear. 

The arrests came a day 
after 12 employees of Delta 
Air Lines in Puerto Rico were 
indicted in an unrelated case 
on charges of helping to 
smuggle nearly $1 billion 
worth of cocaine for the Cali 
cartel of Colombia. 

In the Miami case, heroin 
and cocaine from Colombia 
were hidden in fishnet-type 
material behind panels in 

f (lanes’ cockpits, ceilings, 
avatories and kitchens, said 
Paul Mitchell, head of the 
Drug Enforcement Adminis- 
tration office in Miami. 

The planes would arrive 
from Colombia and continue 
on to other destinations in the 
United States with the drugs 
still aboard. The drugs would 
be sneaked off after the plane 
returned to Miami on a do- 
mestic flight 

The mechanics were arres- 
ted Wednesday night at 
Miami International Airport, 
and a seventh was being 
sought Federal agents pen- 
etrated the ring by using 
listening devices, an inform- 
ant — apparently another 
mechanic — and video cam- 
eras hidden on planes, the FBI 
said Thursday. 

Federal authorities said the 
drugs stored amid the cockpit 
electronics gear posed no 
danger to passengers or crew. 

The six mechanics were 
charged with conspiracy and 
possession with intent to dis- 
tribute cocaine. 


DEATH NOTICE 


KENNEDY 

Terrace Frank (Teddy) 

In London on 20 July in his ‘JOth year 
Requiem Mass will be held at 
die Church of the Imnucuhtc 
Conception . Farm Sucet. London Wl 
at 10.00 am on Tuesday, 

5th AufciuM followed by interment 
in France. Donations in lieu of 
flowers should be sent to the 
Kenned)’ Institute of Rheumatology 
1 Aspcrilca Road. London W> 8LH. 

Sadly missed by his partner 
John Henderson and his family and 
many Iricnds worldwide 



Ed Fagan, a lawyer for the claimants in the suit against the Swiss banks, speaking outside Brooklyn federal court.^ 

N.Y. Judge Weighs Swiss Bank Suit 


By David Rohde 

A>w Kvf Times Sen-ice 


NEW YORK — Batteries of lawyers 
representing Swiss banks and Jewish 
groups have faced off in U.S. District 
Court in Brooklyn ever whether a class- 
action lawsuit accusing the banks of 
retaining the assets of Holocaust victims 
should proceed. 

Judge Edward Korman has made no 
ruling, but his questions and comments 
led lawyers representing more than 
18,000 Jews taking pan in the suit to 
predict that the judge would allow cru- 
cial portions of it to proceed. The banks 
and the Swiss government are urging 
Judge Korman to dismiss the suit, say- 
ing it would complicate continuing, vol- 
untary efforts by the banks to account 
for the missing funds. 

A 12-man commission headed by 
Paul Volcker, former chairman of the 
Federal Reserve Board, is auditing the 
Swiss banking industry’s previously 
secret World War II -era bank records. 
But lawyers for the Holocaust survivors 
or their relatives argue that the suit is 
necessary because the commission's 
mandate and power are too limited. 

During a hearing Thursday, Judge 
Korman repeatedly asked lawyers 
whether a compromise could be reached 
that would allow the lawsuit to go for- 
ward without disrupting the work of Mr. 
Volcker’s commission. In a July 24 
letter to the judge, Mr. Volcker warned 
that if the suit proceeded, the banks 
might be less likely to turn over doc- 
uments to his auditors out of fear they 
would end up in a U.S. courtroom. 


It was not known when Judge Kor- 
man would issue his ruling, but he sug- 
gested at one point that the lawyers 
filin g the suit could be limited in what 
information they sought during the dis- 
covery phase. “Why reject an entire 
case," Judge Korman said at one point, 
“instead of restricting discovery or oth- 
er aspects of the case?” 

The stakes in the suit have steadily 
risen. The Swiss government has 
already been criticized for nor doing 
enough to force the banks to disclose 
whether they held the assets of Holo- 
caust victims. 

Hearings are under way in the Senate 
.and House of Representatives on the is- 


sue, and elected officials are threatening 
to sanction die banks, which do billions 
of dollars in business in the United States; 
if they do not fully cooperate. 

A lawyer for the Volcker commission 
who attended the hearing, Michael 
Bradfield, said he and Mr. Volcker had 
spoken many times with the lawyers 
filin g the lawsuit about a possible com- 
promise. Mr. Bradfield said the com- 
mission was willing to discuss a com- 
promise, but that no serious proposals 
had been made by the lawyers for the 
Holocaust survivors. 

A lawyer for the claimants, Robert 
Swift said Judge Korman could push 
for a court-brokered compromise. 


4 


Swiss Leader Urges ‘Solidarity 5 


Reuters 

ZURICH — President Arnold Koller 
of Switzerland on Friday urged his cit- 
izens, tom by controversy over their 
country’s role in World War IL, to rally 
behind efforts to repair Switzerland’s 
international image. 

Mr. Roller’s speech was one of an 
estimated 3,000 orations by politicians, 
dignitaries and others on Switzerland’s 
national day, which commemorates the 
alliance between the first three Swiss 
cantons in 1291. 

“Solidarity inside and outside die 
country is a duty that over time has 
become part of the concept of the Swiss 
nation, as much as our (Erect democ- 
racy, federalism or right to freedom,” 
Mr. Roller said in his televised speech. 

“We must also renew solidanty in 


order to once again secure Switzer- 
land's humanitarian tradition in the 
world and give it a new shine. We are 
especially in need of this, as a neutral 
small nation. 

The word "solidarity" has carried 
extra resonance in Switzerland since the 
cabinet called in February for the cre- 
ation of a 7 billion franc (S4.63 billion) 
"Solidarity Foundation” to aid the 
needy at home and abroad. The idea 
followed sharp foreign criticism of the 
country’s role in World War H. 

Some Swiss industrialists aided the 
Nazis, while some banks kept accounts 
for Nazis or failed to find assets that 
were deposited by Holocaust victims 
during the war. Criticism of Switzer- 
land’s wartime role has been led by 
international Jewish organizations. 


4 


t i 


,;;s 


TRAVEL UPDATE 


France Warns People Off the Roads Short Delays at Newark Airport 


PARIS (AFP) — The French traffic authorities warned 
holiday drivers Friday to keep off the roads over the weekend 
to avoid spending long hours in traffic jams. 

Drivers were advised to delay their departure until Sunday 
afternoon or Monday. 

The traffic was expected to be the heaviest of the holiday 
season, with people on vacation in July returning home and 
those with August off setting out. The worst tie-ups were 
expected in the Paris region and in the Rhone Valley. 

Hong Kong Prepares for Typhoon 

HONG KONG (AFP) — Hong Kong braced for its first Clarification 
typhoon of 1997, opening temporary shelters and warning 
boat owners as a tropical storm with winds up to 70 kilometers 
an hour 143 miles an hour) headed toward the territory. 

The storm was 500 kilometers away in the South China Sea, 
the Hong Kong Observatory said. 

It was expected to move north at about 12 kilometers an 
hour and to intensify. 


NEWARK, New Jersey (AP) — Travel in and out of 
Newark International Airport moved more quickly Friday, 
thanks to the wind, even though a runway gonged by the fiery 
debris of a cargo-plane crash stayed closed. 

The airport’s two other runways were in nse. Newark 
normally uses two runways at a time, those where the wind 
direction is most favorable. Plane departures and arrivals were 
delayed about 15 minutes Friday and no flights were canceled. 

said BiUCahiU. a spokesman for the airport operator. "As long 
as wind and weather cooperates, we’ll be O.K." 


he said. 


An article about French unemployment in Friday's issue 
noted the current 12.6 percent unemployment rate in June was 
a postwar record. Although previous monthly figures have 
been higher, they were calculated by a different method. 
When the data are compared on the same basis, June's rate was 
the highest since World War IL 




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! DnsaasonaMy 

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North America Europe 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY. AUGUST 2-3, 1997 


Budget Deal’s Orphans: The Political Loners of Generation X 

i By Ren<» j 7 I - 


PAGE 3 


'f % 

. “ ■ — *i«fi ingr„n Pu m Senii'c 

SS-JS..SSB.6” 


sdU call most of the shots 


“Peon)). SL; ^!" 0£s “ American politics, ulation in politics right now than the so-called 
are noli firs ^ nd L 30s wit hom families Generation X.” said Alexander Jutkowitz. 29. 

Than ^ 2 ? SS S?Si lI l 11115 bud get,” said Mr. who works for Global Strategy Group, afum that 


rentalism.” he said. “There's more of a survival 
of the fittest mentality among them.* * 


ird Thau is not Thau wh.-T uu ?S e L saia Mr. who works lor Uiooai otraregy vjiuup, amm mat Another problem is a demographic one: The 

children. His tisan arfvrv*™ * "“Nennium, a nonpar- conducts polling and market research of young baby-boom generation that has reached middle 
■dans to return nm younger voters. “We're adults. “It *s disappointing, but the political real- age d\ 


—VUVJ (J1 

■ , - ,p n senior citizens. — 

agreemem 0 !^ reasons * rhe balanced-budget in tie ISaJh ^ S f 0Undin / «*** a generation 
r^«^ ment ^ swe P l through both chamhercrtf of a budget pact that offers 

s. * arJSs 5 esaasr « 


„ js another stark sign of hiTanettfa^ J n 5? on more affordable for 

profound lack of political muscle « ^ ^“8 investors to pock- 

Amid the- deal* saV wiif" ■ * . et more capital gams. 

V- lax cuts, the firsf frflb yean/** is members of * e generation that 

■: lar Sel} ignoring a sizable but dh* “{ £ l° f ^ °i" fjrsc sta 3 e of careers 

.. organized group: the^tnilliLof wwldiu *t ,n “ ,v * s * blame, given 

- young adults across the nation ^Sed in*! 1 ™’ < e - ec S on tuniout *&dlackof 

f adow or baby7booraTS an ; e y^“: 


segment of the pop- 


i disappointing, 
ity is that if you usually don’t vote in great 
numbers, or don't lobby with any force, no one 
has any reason to pay attention to you.’’ 

By some estimates, the interest of young adults 
in government and politics has sunk to an all-time 
low. Some analysts say the percentage of young 
adults who vote in presidential elections, which 
has never been high, tumbled below 30 percent 
last year. 

Mr. Jutkowitz said one reason for the apparent 
apathy is that youDg voters do not feel gov- 
ernment plays a large role in their lives. In many 
surveys, a majority of young adults expressed 
serious doubt that federal programs such as So- 
cial Security or Medicare will even exist when 
they reach retirement age. 

‘ ‘They aren't expecting much government pa- 


_ dwarfs the generation in its 20s and 30s that 
follows it. There are roughly 50 million Amer- 
icans between the ages of 18 to 30, but more than 
75 million people who were bom in the late 1940s 
and 1950s. Meanwhile, the number of people 
bora since 1980 is nearly as large as the baby- 
boomers. 

Young adults are sandwiched between those 
two groups, and their diffuse interests are hardly 
represented in Washington, al least compared to 
other generational groups such as the American 
Association of Retired Persons, which boasts 33 
million members. 

Several attempts in recent years to start large 
lobbying groups for young adults have fizzled. 
Those mat remain are growing but still quite 
small. 

Chris Cuomo, the 26-year-old son of the 


former Democratic New York governor, Mario 
CuOmo, is a board member of a policy group 
called the 2030 Center, which assesses issues 
from the perspective of young voters. “The 
budget shouldn't be condemned — it does some 
good things," he said, “but it’s mostly about 
making political points with voters now, not 
dealing with the future. ” 

Among some young adults in the Washington 
area, disappointment with the budget agreement 
was palpable. 

"Why should a person get penalized for not 
having children?” asked Matt Peters, 34, a 
banker. ‘ ‘I don't mind tax breaks, but it should be 
equal." 

But Other young adulis professed no anger 
with the budget, saying they believed that it was 
simply a fact of life that the taxes of young 
working adults should be used to provide breaks 
to the elderlyor to families with children. Those 
people, Washington officials could reasonably 
argue, have higher expenses. 


POLITICAL NO! 



. ' PiiiR Fr jn.r-P - .'- -r 

j FACE-OFF — Senator Ted Kennedy expressing his support for William Weld, center, whom President 
{ Bid Clinton lias named as ambassador to Mexico, an appointment Senator Jesse Helms has vowed to block. 


¥ | No Slowdown in Fund-Raising 

. WASHINGTON — Faced with intensive scrutiny and 
i rhountiflg 1 legal bills, the Democratic National Committee 
| raised S 1 9 million in the first six months of. this year but is 
I still S 13.4 million in debt, according ro a campaign-finance 
! report. 

: The Republican National Committee, meanwhile, dis- 

l closed i bar iz has raised $24.6 million ibis year and has 
! lowered its nearly $10- million debt from the 1 996 election 

i campaign to S4 million. 

j The parties’ fund-raising repons were submined to the 
i Federal Election Commission amid inquiries into alte- 
! sations that both panics tapped overseas sources to help pay 
•j fonheir recent campaigns. 

! Bui the controversy over fund-raising abuses and the 
| myriad calls for reform do noi appear to have dampened ihe 
f ■ parties ' aggressive appeals todonors. During the firer half of 
! 1 997 , the Democratic National Committee raised almost S6 
j million more than it did during the first six months of 1993. 
j the most recent post-presidential election period; the Re- 
' publican N ational Committee topped its figure of four years 
; ago by S6.7 million. (LIT) 


Mr. Kim said in a brief written statement, promising to 
continue his work in Congress, where he is the only Korean - 
American. 

The most serious allegations involving the Kims were in 
a felony complaint filed not against the couple but against 
Mr. Kims campaign committee. Although’ Mr. Kim will 
enter a guilts- plea on behalf of the committee, he will not be 
held personally responsible. 

The Kims face rlrcrnam fines of 5635.000 and up to >l\ 
months in jail. 'LIT- 

Witness in Paula Jones Case? 

WASHINGTON — Lawyers for Paula Jones, who is 
suing President Bill Clinton on grounds that he sexually 
harassed her in 1991, have subpoenaed a former While 
House employee who they contend may have been sub- 
jected to sexual advances from Mr. Clinton. 

But a lawyer for the former employee suggested in a 
carefully worded statement that his client had not ex- 
perienced anything that would help Ms. Jones's lawsuit. 

The lawyer, Daniel Gecker of Richmond, Virginia, said 
his client, Virginia Willey, “does not have any information 
that would be relevant" to Ms. Jones’s complaint. Mrs. 
Willey ‘ ‘had and continues to have a very good relationship 
with the president.’' Mr. Gecker said. 

Mrs. Willey was subpoenaed this week and was asked to 
give a deposition in her lawyer’s office Aug. 14. (.NTT J 


Republican Will Plead Guilty 

LOS ANGELES — Afour-year federal investigation that 
snared five multinational corporations has claimed a big 

prize with a California representative. Jay Kim. andjnswife , /tt 4 

agreeing to plead guilty to concealing more than $2 jO.OOO %^UOl€ / UllCnlOie 
in illegal campaign contributions from corporate and for- 
eign donors. 

In a deal with prosecutors, the Republican congressman 
and his wife. June, who helped manage his campaign, will 
be allowed to plead guilty ro the misdemeanor charge of 


- — i 

Donna Shalala. secretary for Health and Human Services, 
announcing a proposal under which the privacy of patients’ 
health records would have new protection: “The fun- 


violating election laws in a federal court here on Monday. 
■ ‘With many lessons learned, it is time to move forward. 


nCdlLll LCLU1UO V»UUJU ua^ uvn a uw amm 

dam e n tal question before us is: Will our health records be 
used lo heal us or to reveal us? The American people want to 
know." (API 


Away From Politics 

• A Conran boxcar leaning off its 
track bit a passing train, derailing 53 
cars — some carrying hazardous ma- 
terials — and causing fires close to a 
gas plant near Salem, Ohio. Two crew 
members and a fire fighter suffered 
minor injuries, officials said. [APi 

• Part of a parking garage under 
construction collapsed at Pomand ln- 

r«*m-itk»iaJ Airport in Oregon, kilting 
three workers. 


: • A judge penalized a treasure-hunt 


ing familv nearly $590,000 — and 
ordered them ro band over cannon 
balls, an anchor and other booty from a 
s unk en Spanish galleon — for ruining 
sea grass off the Florida Keys while 
looking for shipwrecks. The ruling 
against Mel Fisher’s company Salvors 
Inc. and his son Kane was the first 
violation of the Florida Keys National 
Marine Sanctuary to go to trial. <APi 

• None of the 196 black students who 
applied to the medical school of the 
University of California at San Diego 
has been accepted, a sign of the impact 
of a policy banning race and gender 
preferences in admissions. (APi 


• A hazardous chemical called per- 

ch olate, long used in ibe production of 
solid rocket fuel, is being detected for 
the first rime in drinking water at high 
enough levels to cause 18 municipal 
wells to be shut down in Los Angeles, 
San Bernardino and Sacramento 
counties. (LATl 

• Between 10.000 and 75,000 people 

exposed in youth to widespread ra- 
dioactive fallout during nuclear bomb 
tests in the 1950s might get radiation- 
linked thyroid cancer, the National 
Cancer Institute has said. Government 
doctors emphasized that their estimate 
was a worst-case scenario. (APi 




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following, 
well enough 
a subsequent 

it. to be able 


in Ireland, 
itinned to 
burdened 
live titles) 
none o. 
nRvthine 


approximating the fhst 
book's success. 

Say it for Donleavy, though, 
that he keeps on keeping on. 
Now in his early 70s. he has 
embarked on whai is said to be 
a series of short novels about 
New' York City. “The Lady 
Who Liked Dean Rest 
Rooms” is the firsr of these. Its 
precise purpose is exceedingly 
hard to discern. It is not really 
about New York - ns prin- 
cipal settings are Scarsdale 
andYonfcers — and dMgw 
brevity is welcome, it otters 
the reader little more than the 
barest bones of a tale dial begs, 
for further elaboration. 

Its central character is 
burdened with a 
Donleawean name, Jocelyn 
Guenevere Marchanuere 

Jones. She is a native Sou* 

Carolinian, "brought upio^ 

■» ladv ” who is now in her 
“{S’ ios and has just been 

signsofgetringhaldandover 


weight,” in favor of a 25- 
y ear-old associate producer. 
Alone in her Scarsdale man- 
sion, ignored by her spoiled 
and willful children, Jocelyn 
finds solace elsewhere: 

"Now in her long lonely 
attrition of feeling discarded 
she had at least learned ways 
of coping, especially giving 
herself an interest in art nou- 
veau architecture and her cur- 
rent usual twice monthly 
whole day of contentment 
looking ai her favorite paint- 
ings down in the city. And 
except for her distaste in not 
finding, suitably clean rest 
rooms, these forays were sav- 
ing her life, with culture 
providing. the best self-pre- 
servative and refuge." 

Her distaste was instilled 
bv Jocelyn's South Carolina 
pnmdmother, who whispered, 
-My dear, if you really have 
ro, onlv clean, very clean nst 
rooms will do.” In this and in 
other respects, the *«jd is 

slow to accommodate her. 


Poor Jocelyn moves into an 
apartment, tries her hand at a 
menial job or two, and rue- 
fully watches herself slide to- 
ward ruin. 

Like many another Amer- 
ican writer whose first novel 
achieved wide success and 
made is author something of 
a cult figure, J-P- Donleavy 
has spent the rest of his writ- 
ing years trying to live up to, 
if not precisely duplicate, that 
original achievement. Sad to 
say, it has been a long time 
since he got within shouting 
distance of it 

Jonathan Yardley is on the 
staff of The Washington Post. 


NEW AUTHORS 

PUBLISH YOUR WORK 

all subjects considered 

Authors woricLwide invttad 
Wrtta or sand your manuscript to 
MINERVA PRESS 
3OmBflfflffTONB&ia^SW730Q 1 


President Keeps a Pledge on Welfare 

Budget Blunts Some Tough Provisions of a Tar From Perfect 5 Law 


By Peter T. Kilbom 

Nn m Kvfc Times Service 


WASHINGTON — When President 
Bill Clinton signed the welfare bill last 
year, he said it was "far from perfect." 
and pledged to "change what is 
wrong.” 

Slim as the odds seemed then, Mr. 
Clinton largely got his way in the budget 
agreement that both chambers of Con- 
gress have just approved. He paid a price 
in acquiescing to tax cuts for wealthier 
Americans, analysis on the left and right 
say, but he won major concessions in 
blunting some of the welfare law's 
toughest provisions. 

The president also lost some battles. 
For example, he was unable ro raise 
food-stamp allotments to families living 
in high-cost areas like New York City, 
where rent can consume more than half 
their income, and he won only $1.5 
billion of the S4.8 billion he sought for 
all food- stamp spending. 

Moreover, nothing changes the basic 
objective of the welfare law that both 
Mr. Clinton and Congress endorsed. It 
turns over most of the control of the 
welfare system to the states, ends the old 
svstem's’womb-to-tomb entitlement to 
cash assistance, limits welfare payments 
to families to a maximum of five years 
and requires that welfare recipients be 
engaged in work or work-related activity 
within two years. 

Besides tite concessions he gained in 


the budger bill, however, Mr. Clinton has 
won some important battles over how the 
regulations implementing the 1996 wel- 
fare law are applied. For example, the 
Labor Department recently ruled that wel- 
fare recipients who take state jobs must be 
paid the $5. 1 5 an hour minimum wage — 
a ruling that has states in the South brist- 
ling, and that the budget bill lets stand. 

Elaine Ryan, director of government 
affairs for the American Public Welfare 
Association, said Mr. Clinton ‘ ‘certainly 
got what he wanted” for the welfare law 
in the budget deal. 

Douglas Besharov, resident scholar at 
the American Enterprise Institute, said. 
’ ‘The president succeeded in moving the 
bill much closer to his own priorities.” 

Under the 1996 welfare law. noncit- 
izens. including many who had worked 
in the United Stares and paid taxes for up 
to 10 years, lost Supplemental Security 
Income, die welfare program for the aged 
and disabled poor, and Medicaid, the 
health-insurance program for the poor. 

Now, legal immigrants who resided in 
the United States last Aug. 22. when the 
president signed the welfare bill into 
law. remain eligible for the programs. 
Only those arriving in the United States 
after that date remain excluded. 

The budget bill gives the president 
another provision thar he stressed in his 
re-election campaign last fail: a welfare- 
to-work tax credit. 

To encourage more employers to hire 
and retain welfare recipients. Congress 


approved paying employers a 35 percent 
credit on wages up to ' $10,000, or 
$3,500, in the first year that those who 
bad been on welfare remain on the job, 
and even more — 50 percent on the first 
$10,000 of their second year’s wages. 
The Department of Health and Human 
Services said the plan would cost only 
$600 million over six years. 

Congress also approved $3 billion over 
two years in job-hunting assistance for 
mostly single, able-bodied adults. Under 
the welfare law, this group is treated more 
harshly than most. They are allowed food 
stamps only for three months every three 
years unless they are working. 

But the budget bill permits states to 
exempt 15 percent of the adults from this 
requirement, and if allocates the S3 bil- 
lion for job-hunting assistance and train- 
ing, which critics say violates the wel- 
fare law’s overriding objective of 
requiring all recipients to go to work. 

The administration's biggest coup may 
be in the $24 billion that Congress gran- 
ted over five years to extend Medicaid to 
half the nation’s 10 million children who 
lack health-care coverage. Part of the cost 
would be paid with increases in die cig- 
arette tax, from 24 cents a pack now to 34 
cents by 2000 and 39 cents by 2002. 

That and the restoration of Medicaid 
for legal immigrants and for some dis- 
abled children who lost it under the wel- 
fare law mark a big change in the for- 
tunes of the working poor and of indigent 
families, administration officials said. 


Wliite House Will Get 
Subpoena Over Funds 


By Guy Gugiiotca 

/*.■>: Sen u >• 

WASHINGTON — A 
Senate committee has agreed 
unanimously to subpoena the 
White House for records the 
panel has been seeking for its 
investigation of campaign fi- 
nance abuses during the 1996 
election race. 

Michael Madigan. counsel 
for the Republican majority 
on the Governmental Affairs 
Committee, said the 16-raem- 
ber panel, “after a very brief 
discussion,” agreed to issue 
the subpoena ’ ‘for a variety of 
documents’* that had been 
sought for months. 

By ignoring White House 
objections, the panel's Re- 
publicans and Democrats 
showed surprising unity in a 
90- minute closed meeting to 
discuss the future course of 
the investigation. The hear- 
ings, which began in early 
July, adjourned Thursday for 
Congress’s summer recess. 

Mr. Madigan said the sub- 
poena was answerable around 
the middle of August and that 
if information "is not forth- 
coming,” the committee 
chairman, Fred Thompson, 
Republican of Tennessee, 
could unilaterally "order” 
compliance. 

Mr. Thompson has alleged 
several times that the White 
House was stalling in provid- 
ing documents, and be finally 
sought a subpoena after ad- 
ministration aides came up 
with records involving a ma- 


jor figure in the committee's jj 
investigation hours after wit- 
nesses had finished testifying 
about him. 

The committee closed its 
first round of public hearings 
with a flurry of testimony, 
including questioning of Zhi 
Hua Dong, organizer of a re- 
ligious event in New York in 
1996 that produced hundreds 
of thousands of dollars for 
President Bill Clinton’s per- 
sonal legal defense fund. 

The money was delivered to 
the fund by the former Demo- 
cratic National Committee 
fund-raiser. Yah Lin (Charlie) 
Trie, who has become a major 
figure in the panel's investi- 
gation into the movement of 
foreign money to the Demo- 
crats and Mr. Clinton’s re- 
election campaign. 



INDIA AND PAKISTAN: 

SO YEARS OF INDEPENDENCE 

Throughout August BBC World marks 50 years 
or independence for India and Pakistan 
with a season of special programmes, interviews, 
live news coverage and features. 


WORLD' 


JC VAM n a el Simth Sratewg Z ap onao* 



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The United States Government warns your help in stopping terrorism aimed at U S. citizens and is willing to 
pay for that help. If you have information that can bring about the anest or conviction of those responsible for 
the murders of American citizens Richard Welch, George Tsantes, William Nordeen or Ronald Stewart, 
or if you have information about other threats of attacks against Americans, you may be eligible for a reward 
of up to 2 million dollars. 

The U.S- Government may also provide for die protection of identity and the possible relocation of persons wfao 
famish &U ch information and their families. 

Any person with information about these murders should contact the nearest U.S. Embassy or Consulate In 
Greece, call the U.S. Embassy at 720-2490 or 729-4301. In the United Stares, call 1-800*437-6371. 

You can also write to: 

In Greece: 

The Embassy of the United States 
Attention; HEROES 
91 Vas. Sodas Avenue 
101 60 Athens, Greece 


In the U.5.A.: 

HEROES 
P.O. Box 96781 

Washington. DC 20090-6781, USA 


Via the Internet: 

http://www.heroes.nei 






INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 2-3, 1997 


ASEAN Aims to Test 
Balances of Power 


By Michael Richardson 

Intenhitionol Herald Tribute 

SUB ANG JAY A. Malaysia — When 
the nine countries of ASEAN hold their 
first summit meeting with China, Japan 
and South Korea in Malaysia later this 
year, they will take another major step in 
a strategy to shape a balance of power in 
the region in which the United States 
will play a less dominant, though still 
important, role. 

By meeting for the first time without 
the presence of Western nations, the 
Asian heads of government will also 
send a signal to the United States and 
Europe that they cannot afford to take 
the region for granted, Asian officials 
and analysts said Friday. 

“People haven’t yet woken up to the 
fact that the summit in December will be 
a momentous event,’ ’ said an official of 
an ASEAN country. “Neither North 
Ame rica nor Europe has paid enough 
attention to this part of the world. This 
summit is a wake-up call for them to do 
so.’ 1 

There wilt actually be a series of 
summit meetings. The leaders of the 
Association of South East Asian Na- 
tions — Brunei, Burma. Indonesia. 
Laos, Malaysia, the Philippines, Singa- 
pore, Thailand and Vietnam — will 
meet first to commemorate the group's 
30th anniversary. They will then hold 
tallcs with their counterparts from 
China, Japan and South Korea, bilat- 
erally and collectively. 

Whether such region?! meetings be- 
come a regular event — in effect form- 
ing an East Asian “caucus” about 
which the United States, Japan and 
South Korea have long had reservations 
in case it weakens U.S. military and 
economic links with the region — de- 
pends on how the first round of meet- 
ings in Malaysia goes. But ASEAN 
officials appear increasingly confident 
that the reservations in Washington, 
Tokyo and Seoul can be overcome. 

At their annual meeting here last 


week, ASEAN foreign ministers 
"noted with satisfaction” the growing 
cooperation among the potential mem- 
bers of the proposed East Asian Eco- 
nomic Caucus and expressed the hope 
thar it would soon be formally instituted 
for the benefit of its members. 

But Foreign Minister Abdullah 
Ahmad Badawi of Malaysia empha- 
sized that die caucus would not become 
a trade bloc or be used to confront other 
countries or groups. 

Still, die strategic significance of the 
landmark East Asian summit meetings in 
December has not been lost on China. At 
a meeting with bis ASEAN counterparts 
here this week. Foreign Minister Qian 
Q ic hen of China announced that Pres- 
ident Jiang Zemin would attend. 

Noting that it would be the first time 
that a Chinese president had met 
ASEAN leaders, Mr. Qian said their 
talks would be “an event that is of far- 
reaching significance in the history of 
China- ASEAN relations. “ 

ASEAN developed close links with 
the United States, Europe and other 
Western countries, as well as with pro- 
Wes tern nations such as Japan and 
South Korea, years before it put China 
on a par with them in 1996 by upgrading 
formal ties to the same level. 

Now it is moving to engage Beijing in 
shaping a new strategic order in East Asia 
in which the rising power of China will 
help counterbalance the weight of the 
United States and Japan, analysts said. 

At the same time, ASEAN is sending 
a message to the West, particularly to 
the United States, that it will not accept 
moves to isolate or contain C hina . 

“The main worry in East Asia is that 
by default, and because of. misunder- 
standing and faulty domestic debates in 
the U.S. and elsewhere in the West, 
China will be demonized and seen as the 
next ‘enemy No. 1 ’ replacing the Soviet 
Union,' ’ said Jusuf Wanandi, chairman 
of the supervisory board of Indonesia’s 
Center for Strategic and International 
Studies. 



Kenya to Cut Spending 
After IMF Halts Aid 


* 


£ % 


Reuters 

NAIROBI — The government said 
Friday that it would cut spending and 
raise revenues to cover a $141 million - 
shortfall that developed when the In- 
ternational Monetary fund halted a key 
aid package. 

“The government will concurrently 
cut its expenditures for tins year and take 
revenue measures sufficient to address 
the shortfall of $141 millio n in external 
ftmding,” a statement issued by Finance 
Minister Musalia Mudavadi said. 

It said the government had expected 
$213 million from the IMF and other 
donors this fiscal year before the IMF 
halted the aid Thursday. Mr. Mndavadi 
said die government was committed to 
stability and would open talks on an 
IMF * ’shadow” program that would set 
targets for Kenya to meet for aid. 

The Kenyan shilling opened at S9.2S 
to the U.S. dollar but weakened to 61 .25 
in 20 minutes. It later recovered to 
61.50, down 4.4 percent from Thurs- 
day’s close of 58.92. 

Foreign investors sold 250 million 
shillings ($4.1 million) of the fourth 
issue of the Central Bank ofKenya float- 
ing-rate treasury bond Friday, compared 


with a sale of 13_35 million shillings all 
last week. Analysts estimated that the 
Duff's move would cost hundreds of 
milli ons of dollar* in lost investment 
They also said that it also could le^d 
other countries to cut aid to Nigeria. \ 

The IMF turned down a request front 
the government of Daniel amp Moi forv 
more time to meet IMF concerns about V 
corruption and to satisfy IMF require- \ 
merits for reform of the energy sector. 1 

Western donors say corruption is their s 
major complaint against the government ° 
of Mr. Moi, who Is 73 and has been in i 
power for 19 years. They estimate that • 
losses from mismanagement and cor- 
ruption were greater than aid donations 
in 1992 and 1993, which the UN De- 
velopment Program put at 5997 million 
in 1992 and $857 million in 1993. ^ 

The Kenyan attorney general, Amos 
Wako, published on Friday a tough anti- 
corruption draft bill to be debated by 
Pariiament- 

Kenya’s political opposition hailed 
the IMF decision, saying it would harm 
projects and investment but that the 
damage was necessary to pressure the 
government into reforms before a gen- 
eral election this year. 


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New Fighting in Cambodia 

Top Aide Warns Against Asian Interference 




Lan> Qanffiemeni 

FOWLED OUT — A soldier ignoring a member of a group that 
sought Friday to give eggs and live poultry to the headquarters of 
the Hong Kong garrison of the People's Liberation Army. The 
troops politely declined, “We have our rules," an officer said. 



Sviatoslav Richter Dies; Pianist Was 82 


Sviatoslav Richter at the piano. 


The Associated Press 

MOSCOW — The pianist S viatoslav 
Richter. 82, one of the great musicians 
of the Soviet era, died Friday after suf- 
fering a heart attack, the Russian Cul- 
ture Ministry said. 

Mr. Richter was hailed by Russia's 
NTV television network as “a symbol 
of our country, a symbol of European 
culture, and performer No. 1." 

Two years ago. on Mr. Richter’s 80th 
birthday. President Boris Yeltsin called 
his musical interpretations "a source of 
inspiration and love of beauty.” 

Mr. Richter was known for his bril- 
liant technique and wide repertoire that 
included major works from composers 


such as Bach, Debussy, Prokofiev and 
Shostakovich. 

Born March 20, 1915. in Zhitomir, 
Ukraine, Mr. Richter studied music with 
his father, a pianist and organist. He 
began conducting as a teenager at the 
Odessa Opera House. He gave his first 
solo piano concert in 1934 in Odessa. 

From 1937 to 1947, Mr. Richter stud- 
ied at the Moscow Conservatory under 
Heinrich Naygauz. He became the So- 
viet Union's leading pianist in the 1940s 
and toured the world’s stages in the 
1950s. He rarely toured in recent 
years. 

Mr. Richter was named a People’s 
Artist of the U.S.S.R, the highest Soviet 


honor for a performing artist, in 1961. 
He also received the U.S.S.R. State 
Prize in 1950, the Lenin Prize in 1961 
and the title Hero of Socialist Labor in 
1975. 

He lived in Paris in recent years and 
underwent heart surgery eight years ago 
in Zurich. 

A family member toid the Interfax 
news agency that Mr. Richter returned 
to Moscow from Paris on July 5, "as if 
foreseeing his death and wishing to 
spend his final days in his native land.” 
Mr. Richter had been taken to Mos- 
cow’s Central Clinical Hospital after 
complaining of chest pains Thursday, 


the Itar-Tass news agency said. 


Compiled by Our Staff Fmt n Dnptncho 

PHNOM PENH — New fighting 
erupted in northern Cambodia on Friday 
as the leadership in Phnom Penh again 
warned Southeast Asian foreign min- 
isters, who are about to begin a mediation 
initiative, not to meddle in its affairs. 

More than 7,000 Cambodian 
refugees fled the fighting to seek sanc- 
tuary in Thailand after the forces of Hun 
Sen, who led a coup against his co- 
prime minister last month, fired rockets 
on at least two bases controlled bv his 
opponents near the border towns ofPoi- 
pet, Nong Chan and Non Mak Moon. 

About half of the refugees later re- 
turned to Cambodia as fighting eased. 

Mr. Hun Sen’s military forces seized 
Poipet on Wednesday. They are now 
spreading out to pockets held by their 
foes, where thousands of civilians are 
clustered. 

Mr. Hun Sen's larger and better- 
equipped army has extended its control 
through the northwest since smashing 
the forces of his rival. Prince Norodom 
Ranariddh, in a violent coup July 5 and 
6 in die capital. 

Prince Ranariddh's royalists are short 
of ammunition and food and have been 
unable to put up much resistance. They 
have reached a few local cease-fires. 

In Phnom Penh, meanwhile. Foreign 
Minister Ung Hoot warned that a me- 
diating mission representing the Asso- 
ciation of South East Asian Nations 


should not interfere in Cambodia’s in- 
ternal affairs. 

“The role of ASEAN that we have 
welcomed is to find the solutions for 
peace and stability in Cambodia,’’ Mr. 
Ung Huot said. "We invited them to 
come; not one country in the world 
wants another to interfere in its internal 
affairs. We are not different.” 

The foreign ministers of Indonesia, 
the Philippines and Thailand, represent- 
ing ASEAN, are to arrive Saturday to 
present new proposals to Mr. Hun Sen to 
restore stability to Cambodia. 

“We want to see something positive 
come out of these talks," a senior 
ASEAN diplomat said. * ’They have now 
told us we We a role, so we are here to 
mediate and need to listen to Hun Sen to 
find our exactly what his stance is.” 

To protest the coup, ASEAN broke 
with a long-standing policy of not in- 
terfering in the affairs of neighboring 
states by indefinitely postponing Cam- 
bodia's entry into tiie regional alliance. 

The Philippine foreign secretary. 
Domingo Siazon, has said that one sce- 
nario would be to allow Prince Ranar- 
iddh to return to the country in prep- 
aration for new elections in 1998. 

Mr. Hun Sen has threatened to arrest 
the prince if he returns, accusing him of 
treason. But he said in an interview with 
ABC that he might grant die prince 
amnesty if he first submits to a trial. 

I AfP.AP } 


Bao Dai, Last Emperor of Vietnam, Dies at 83 it s a mad mad map mad world b, p, m c~ 


The Associated Press 

PARIS — Bao Dai, 83. the last em- 
peror of Vietnam, who was forced to 
abdicate by the Communists in 1945, 
died Thursday in a Paris hospital after 
living quietly in France for four de- 
cades. 

Bao Dai was emperor of France's 
protectorate of Ann am. now part of Vi- 
etnam’s narrow central strip of land, 
from 1925 to 1945. But he was ma- 
nipulated and cajoled into supporting, in 
rum, Vietnam's French rulers, occupy- 
ing Japanese forces. Ho Chi Minh’s 
conquering Communists, and again the 
French, 

Retreating from his imperial seat of 
power in the ancient city of Hue, he 


sought refuge in the dying days of his 
reign at his home in the isolated hill 
station of DalaL 

He finally abdicated in 1945 under 
pressure from the Viet Minh guerrillas 
fighting the French. 

In 1949, France made him Vietnam's 
chief of state. But he was deposed in 
1955, when Ngo Dinh Diem became 
South Vietnam's president. He spentthe 
rest of his life in France, except fora few 
years in Hong Kong. 

Mohammed Mahdi Jawahri, 
Iraqi Poet Forced Into Exile 

.Vew- York Times Service 

Mohammed Mahdi Jawahri, 97. con- 
sidered the last of the classical Arab 


RELIGIOUS SERVICES 


poets, who was forced to flee Iraq as an 
opponent of the Baghdad regime, died 
in Damascus on Sunday. 

He fled to Syria in 1 979 amid a wave 
of internal strife and a crackdown on 
dissidents by the Iraqi government. 

He was the author of “Between Pas- 
sion and Feeling” (1928). Perhaps his 
best-known work was “Jawahri s Di- 
van," published in 1935 and reissued in 
1949. 

Sir Hepi Te Heuheu. 79. a powerful 
figure in Maori politics, who was para- 
mount chief of the Ngati Tuwhareroa 
people for 55 years, died Thursday in 
Wellington after being hospitalized suf- 
fering complications from diabetes. 


ACROSS 

1 Like putty in 
one's hands, 
maybe 
7 Teen's woe 
14 Rum cocktail 

20 RockvilJe 

LL 

21 Musical 
instrument with 
finger holes 

22 Tigers' school 

23 Soup ingredient 

24 Start of a quip by 
67-Actoss 

20 Backgammon 
impossibility 
27 Tab topic 

29 Ring thing 

30 It has a red coat 

31 Quipu maker 
33 It might be sung 

on one’s 
birthday 
37 Skins 
39 Part 2 of the 
quip 


44 Exploits 

45 Hot 

46 Say further 

47 Place, as a bet 

48 Traveller’s 
check 

48 Lucky draw 

50 Drudge 

52 Sharp taste 

53 With 56-Down, 
city near 
Knoxville 

56 See 72- Across 

59 Withdraws 

61 Part 3 of the 
quip 

65 Trouble 

66 Show stoppers 

67 Author of the 
quip 

69 Bumbling beast 

72 With 56-Across. 
like some 
shares 

73 Part 4 of the 
quip 

75 Zones 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational <5 
Evangelical Sunday Service 10:00 
ajn. 6 7 1:30 a.m. - Kids Welcome. De 
Cusarstraai 3. S. Amsterdam info 
020-641 3312 or 020-6451 653. 

FRANKFURT 

English Speaking International 
Catholic Parish. St Leonhard, Alte 
Mainzer Gasse S. 60311 Frankturi. 
Germany. Tel/Fax 069-283177. Mass 
schedule: Saturday 5 p m. Sunday: 10 
am Conteasons: 1-2 hour before Mass. 

FRANCE/TOULOUSE 
HOPE INTERNATIONAL CHURCH 
lEuangetal). Sunday 6-30 cun, Le Grand 
Noble Hotel, 30 av. de Comebarrteu, 
Bagnac. TeL 0562 74 n 55. 

FRENCH RIVIERA/COTE D'AZUR 


MONTE CARLO 

MONACO CHRISTIAN FELLOWSHIP 
Worship Service. Sundays: 11 a m. 
9, rue Louis Notary. Monte Cano. 
TeL 37792 16 56 47. 

PARIS and SUBURBS 
.EMMANUEL BAPTIST CHURCH - 56. 
rue des Bons-Ralsins. 92500 Rueil- 
Malma&on. Summer Schedule: 9:45 
Worship. 1 1 <30 Coffee Hour. For more 
info call 01 47 51 29 63 or check: 
hBptff«Mwfle*cteaLccmPar6Metml3E2. 

HOPE INTERNATIONAL CHURCH 
Hotel Orton at Pans-ta- Defense. 8 bd. de 
NeuBy. Vtosfwp Sundays. 9:30 am Rev. 
Douglas Liter. Pastor. T. 01 43 33 0J 06 
Metro 1 w la Defense Esplanade. 

SAINT JOSEPH'S CHURCH (Roman 
rjihnlr] MASS IN ENGLISH $*. 630 pm: 
Sun. 10 am. 12 midday. 6.30 p.m. 
50. avenue Hoc ha Pans Slh Tel.- 
0142272856 tJen. Chaies de Ga4>e ■ Bate. 

RELIGIOUS SOCIETY OF FRIENDS 
(QUAKERS). Unprogrammed (silent) 
meeting tar worshp Sundays 11 a m. 
Centre Quaker IrrtematjenaL 114 bis. rua 
de Vaugrard. 75006 Parts. All Welcome. 
*33 01 45 48 74 23. 

TOKYO 

ST. PAUL BHSWATONAL Um«AN 
CHURCH, nest bdatasnr an. rat.3261- 
374a Wasty Saws. 9-30 am Sundays. 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
English-Speaking nor -denominational. 
Tel. +41 AT 302 1674. Sundays 1030 
MWen? Strasee 13, 0+40S6 Basel 

ZURICH -SWITZERLAND 

ENGLISH-SPEAKING CATHOLIC 
MISSION; St. Anton Church. 
MinervastraPe 63 Sunday Mass: 9:30 
a.m. & ii:3Q am. Services held m me 
crypt of SL Anton Church. 

THE EPISCOPAL CHURCHES 
OF EUROPE (Angficai) 

PARIS and SUBURBS 

THE AMERICAN CATHEDRAL OF TFE 
HOLY THMTY, Sun. 9 & 11 am.. 10*5 
am. Sunday School tar children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23. avBnue George V. 
Paris 75006. Tel.. 33-01 S3 23 B4 00. 
Metro- George V or Alma Marceau. 

FLORENCE 

ST. JAMES 1 CHURCH. Sun 9 am. Rtte I 
6 1 1 am. Rite IL Vb Bernardo Ruotol 9, 
50123. Ftorencs. Italy. TeL- 3aS5 29 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
(Episcopal'Anghcanl Sun. Holy 
C omm u ni on 9 & 11 am Sunday School 
and Nurs&y iCMS am. Sebasban Rtnz 
SL 22. 60323 Fraikfut. Germany. Ui. 2. 
3 Mkyjet-ABee Tet 4SHS9 55 01 94. 

GENEVA 

EMMANUEL CHURCH. 1st & 3rd Sun. 
10am Euchartst 2nd S 4fri Sun Morrung 
Prayer. 3 rue de Monthoux. 1201 Genwa. 
Swcertand TeL 4U22 732 80 78. 

MUNICH 

THE CHURCH .OF THE ASCENSION. 
Sun. 1 1 :45 a.m. Holy Eucharist and 
Survey School. Nursery Care pranded. 
SeytJOthstrasse 4. 3154 S Mu mch (Har- 
lacNngi. Germany. TbL- 4989 64 61 B5. 


BRUSSELS/WATERLOO 

ALL SAINTS* CHURCH. 1st Sun 9 & 
11:15 am Holy Euchanst wBh Cfwdren’s 
Chapel at ii:15l AS am Sundays; 11:15 
am Holy Euchafet and Sunday Sdioci 
563 Chaussde de Louvain. Ohain. 
Bel^um. TeL 32?2 384-3558. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
Family Eucharist. Frankfurter Strasse 3. 
Wiesbaden. Germany. Tel.: 
4961 13066.74. 


EUROPEAN 

IUUTOST CONVENTION 


ST. PAUL'S WTTHW-TH E-WALLS, Srm 
8:30 am Holy Euchanst R«e 1 1030 am 
Choral Eucharist Rite It; 10:30 am. 
Oumh School tar children & Nursery care 
provided: i p m Spanish Euchanst. Via 
Napofi 58. 00184 Rome. Tel, 336 468 
3339 or 39% 474 3569. 


I.B.C.. BERLIN. Rothenburg Str. 13. 
(Stegtftz). Sunday. Bible study :c.«5. 
worship Service 12.00 noon. Charles 
Warlord, pesttr. TeL 030-774-4670. 

BREMEN 

I-&C, Hohentortssfr. Hermarw-5a»-Str. 
Worship Sun. 17:00. Fhsstar telephone. 
0421-76646. 

BUCHAREST 

LS.C.. Shade Pops Rusu 22. 3:00 pm. 
Contac Pastor MNh Kemper. TeL 312 3860. 

BUDAPEST 

I.B.C.. meets at Mortal, Zsigmond 
Glmnamm Tonskvesz ut 40-54. Sun. 
1000. Tei. 2503332. 

BULGARIA 

LB.CL World Trade Center. 36 Drahan 
Tzankcv 3hrd Worship ii:30 James 
Dute. Pastor. TeL 669666. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHB*. Ev.-fteitanSiBche Gememde. 
Sodeneretr. 11-1 6 83150 5ad Hcmfcijj. 
Sunday Worship. Nursery £t SS: 
11 JO A JJ\ Mid-week rrartstries. = asior 
MLflvey. CafVFaic C61 736272s. 
BETHEL I.B.G- Am Dachsberg 92 
(EngEsh). Worship Sun. 11:00 am and 
600 pm TeL 06&649559. 

HOLLAND 

TRNtY international mites you to 

a Chnst centered teEcvship. July -Aug. 
Service 9:30 a.m. EHcemeamsiaan 54. 
Wassenaar 070-517-SC24 nursery pr ?j. 


NICE - FRANCE 

i.B.C. 13 rue Vernier. English serv>ce. 
Sunday evening i?3C oaslcr Rov Mtter - 
TeL. <04 931220596 


LB. FELLOWSHIP. •> S8. 

Prague 3. Sun. niX TeL .Q2i :-i 1 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHP 

Sun. 19-00 at Swftfck Churcn. across 
from MadDortakJs. Tel : (G& 35J- 1565. 

ZURICH - SWITZERLAND 

I.B.C of Zuncn. Gheelra&se 31. 8803 
Ruschlikon. Worship Ser.-iceS Sunday 
momngslO-saTeL- 1-WiOOIB 

ASSOC OF INTI 
CHURCHES 


AMERICAN CHURCH M BERLIN, ax 
cf Clay AUee & Fotsdamer S3.. S S 930 

am. Vtasnipsiaro T| H. 0904132021. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Verdane. Sundav v. irshc 93C. n Gtaman 
lICOfiEpgteh.Tel I '3220*05069 

JERUSALEM 

LUTHERAN CHURCH of the ^teener 
OU Cry. Munaan Rd English r.crsho Sun. 
9tLm.Alare , .-/£'lcflriaTeL :02i 6281 -049. 


AMERICAN CHURCH IN PARIS. 

Worship 11 -CO a m 65 OuaidOrsav. 
Pans 7. Bus S3 a: door. Meirs Alma- 
Marcaau or Invafictes. 


INTERNATIONAL PROTESTANT 
CHURCH English speaking worship 
service. Sunday School & Nursery. 
Sundays 1130 am, Sdhanzergesse 25 
Tei: I0D262SS25. 


EMBASSY SERVICE 

Furnished / Unfurnished Rentals 


YOUR REAL ESTATE 
AGENT IN PARIS 
Teh +33 tO) 147 20 30 05 


79 Bail girls 

80 Downing and 
others: Abbr. 

81 Some W.B.C. 
outcomes 

82 Briny 

83 Suffers from 

85 Examines, with 
“over" 

86 Prado treasure 

87 Charles, e.g. 

88 Norwegian king 
92 Beet variety 

94 Pan 5 of the 
quip 

lOt 50’sTV 
comedian 

102 Concurred 

103 Pig 

104 humanity 

(crime against 
humanity): Fr. 

105 Historic grp. 

107 Airport line 

109 Alert, for short 

110 End of the quip 
115 Elusive s ubjea, ' 

familiarly 

117 Deep-frying 
need 

118 Ex-con, maybe 

119 Rubber ring 

120 Ticket order 

121 Jacks or better, 
in poker 

122 Blurs 
DOWN 

1 Nova follower 

2 Spelling 

3 What pronouns - 
refer to 

4 Local org. 

5 Skater Heiden 

6 Struck out 

7 Shulika>hvili's 
predecessor 

8 90’sbrew 

9 Warp, say 

10 It comes before 
adolescence 

11 " Dorlin" 

(1957 hit) 

12 Sphinx 

13 Copy to a floppy 

14 Enthusiastic 
exclamation 

15 They're bonng 

16 Inlhcsnmc 
place 

17 Deli option 

18 Composer 
Khachaturian 

19 A keeper may 
keep it 

25 Ties up 
28 Contact, 
perhaps 

32 Hanging dear of 
the bottom 

34 A.M. TV offering 

35 Mythical bird 


V 1* H l« H 


|7 la (• |W III |1* If* Itt ItT 111 l« 


16* I w las^^KaTsT 


la Isa i in 


4 V New York Time,*/ Edited hv Will Short:. 


36 “ 

quesiions ,, ‘ 

38 Relief 

40 Female octopus 

41 'Pillow Talk" 
actress 

42 1993 Kevin Kline 

comedy 

43 Choice beef cuts 

48 Bust so to speak 

49 Bleared 

50 Fugitive's trail 

51 'Jurassic Park" 
girl 

52 Us slogan was 
once 'The things 
we do to make 
you happy* 

53 Wrinkle- 
resistant fabric 

54 Govt, agent’s 
employer 

55 Opera's Te 

Kanawa 

58 See 53-Acrass 

57 Hiring 

58 Pea slabbers 

60 Olympics great 

Janet 

62 He doubted 
God ’s ability to 
bring water out 
of a rock 


63 Wards (off> 

64 Film director 
Bunue] 

68 New York 

69 Popular dessen 

70 “The Dukes of 
HazzanT 
spinoff 

71 Jour, staff 

72 Airline to 
Karachi 

74 Attacks 

75 H might have the 
shakes 

76 Tarinish 

77 TV pa] of Mary 
and Rhoda 

78 Ought to nave, 
informally 

84 Certain look 

85 Accelerator 

87 Map abbr. 

88 Saturn's wife 

89 Fresnas. 

Tex. 

BO Black and tan 
ingredient 

91 Bordeaux 
business owner 

92 Popular cereal 

93 Slashes 

05 Absentee 


96 Where the 
Tagus flows 

97 Cap attachment 

98 Conditions of 
equilibrium 

99 More sill v 

100 Field 

104 British emblem 

106 Snaps fdog 

treats) 


108 Petticoat 
junction 

110 "Name him" 

111 England's Isle >,{ 

1 12 Before, in poetr. 

1 13 Sun follower*’ 

114 Big cheer 
116 Compass dir. 



Solution to Puzzle of Julv 26-27 


□□uua anon luiu ki 
□ nun anon nona ni 
raandfiMnoan nac 
| nnacmno nnc 
| nrrrjnn nii-m ti 
inraa aoa nacH3_ ^ 
lafUjvjLiun ruinfjn nn 
prana anaan nntnn 
pifinra anaonnna o u i KjijE r 
luijr.iciijijuij anon 
nan naa n nn ci non 
anna onnci nno_ 
□ano na Bannnaaa 
anna a orta annsn 
a nraa cra angaa dan 
aijkiiiLVJkin arm 
anaariri naana 
Qa rraari 
rirtan an oana 

m.U'B'in fl Ofnl 

cinnna nnnn naan 



Education 

Ap|x>iir* t.-wrv Mun d:n in Tin- Inli-miarkeL To advertise comacl Sarah WwJiof 
in our Un.Jun offiiv: Tel.: + 44 I 71 420 0326 / Fax; + 44 J 71 420 0338 
or vwvir nouretq 1HT office or repres*;nutive. 

Hcratbl^gribunc 










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b am-: -j: ■ . 

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wish ■ -. 
ina il. 
raaon *zr 
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tmi auHtirsmiu NiisrurH 








INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY. AUGUST 2-3, 1997 





RAGE 5 


to Salvage Mideast Role 


By Alison Miichell 

.Vi" K-rir Tinif\ 


i taiiu 




■ J 


*«• 




I 




Un^i'iHl. i/Tlir V^-ulril IW» 

where the suspects were shot and the bombs found. 


Law enforcement officials outside the Brooklyn building 

NEW YORK: Tip Led to Arrest of Suspected Terrorist Bombe 


rs 


Continued from Page 1 
thank the law enforcement officials for 


•'} The New York Times 


what they did and to continue to heighten 
our vigifcmce." The FBI and the New 
^Vork Police Department issued a stale - 
-mem saying that Mr. Abu Mezer and Mr. 
Khalil were * ‘planning to target U.S. and 
Jewish interests world wide. 4 ’’ 

James Kallsirom. head of the FBI 
office in New York, said in a radio 
interview in Boston that he believed the 
subway attack was “less than a day" 
away from being pulled off. 

In 1993, the same year a bomb ex- 
ploded beneath the World Trade Center, 
•the authorities foiled a conspiracy to 
blow up the United Nations, the Lincoln 
- and Holland tunnels and the FBI's New 
York headquarters, and to assassinate 
prominent political figures, including 
' President Hosni Mubarak of Egypt. 

Mr. Abu Mezer had claimed in an 
application for political asylum in the 
United States that he had been arrested in 
Israel for allegedly “being a membeT of 
a known terrorist organization." the 
complaint said. The police found Mr. 
Abu Mezer’ s asylum forms in the apart- 
ment, along with a Jordanian passport in 
his name, the court papers said. 

Mr. Abu Mezer ana Mr. Khalil were 
recovering from surgery, said Assistant 
U.S. Attorney Gordon Mehler, and were 


listed in serious condition Friday. 

MR Reuters) 


Dan Bariy 
reported: 

Federal law enforcement officials said 
the police had recovered a 9-inch iZ3 
centimeter) pipe packed with aunpowder 
and nails, and a device in which four 
pipes had been wrapped together and 
equipped with toggle-switch detonators. 

The authorities said the bombs uere 
intended to be set off in the busy Atlantic 
Avenue subway station and on a com- 
muter bus. The Atlantic Avenue station 
is a commuter hub that includes 10 sub- 
way lines and a Long Island Rail Road 
terminal 

The events began unfolding with the 
frantic waving of a stranger alone a 
darkened Brooklyn street late Wednes- 
day night. 

Law enforcement officials said the 
man, whom they identified as Mo- 
hammed Chindluri. flagged down a 
Long Island Rail Road police car at 
10:45 P.M. and tried to explain, in .Ar- 
abic, that disaster was imminent. He 
repeatedly screamed “bomba." the of- 
ficials said, as he cupped his hands and 
flung them apart to mimic an explosion. 

Investigators said that Mr. Abu Mezer 
and Mr. Khalil had been in the United 
States for six months, were carrying 
passports from Jordan and had identified 
themselves as Palestinians. The rwo men 
were charged with conspiring to Wow up 
buildings and vehicles. 

City police officials said the ihird man 


arrested was Abdul Rahman Mossabah, 
3 1 . an Egyptian who entered the country 
two weeks ago. He was still in custody, 
but officials would not discuss his 
status. 

The developments disrupted the daily 
routine of Brooklyn and unnerved many 
of its residents. 


16 Still Missing in Australia 


K‘Vt(vbvl^ OurSuffFmii Di sjwln 


THREDBO, Australia — The signs 
of life are gone, bur rescuers hoping 
they still might find survivors of a 
landslide here fomied a human chain 
Friday to pull debris from the nibble of 
rwo ski lodges. 

The police, however, said they did 
not expect to find survivors among the 
16 people who are still missing. By 
late Friday, only four bodies had been 
located. 

Twenty people were swept beneath 
the rubble when the side of a mountain 
in this ski resort in southern New 
South Wales gave way just before 
midnight Wednesday. 

One man's body was recovered 
Thursday night and three other bodies 
were found Friday. But they could not 
be retrieved because rescue workers 
w ere afraid concrete slabs, debris and 


a boulder on a hill above could tumble 
down. 

About 500 emergency service 
workers formed a human chain to lift 
rubble out by hand in subfreezing tem- 
peratures. 

A police investigation of the ac- 
cident began Friday amid public con- 
cern over the disaster in a region prone 
to geological instability. 

A former resident of the ski-resort 
said Friday that she had sought per- 
mission to develop a chalet on the 
disaster site 40 years ago but was 
refused because of the known land- 
slide danger. 

Geologists suspect the landslide 
was caused by underground rain water 
or melting snow. But local authorities 
said they have not been aware of any 
shifnng’of the Alpine Way road that 
snakes through Thredbo. (AP. AFP i 


ALGERIA: New Wave of Carnage After Militant Leaders Release Dashes Hope of Truce 


Continued from Page 1 


declared war in which tens of thousands 
of people have died. 

The other top leader of die Islamic 
Salvation Front was the younger and 
more charismatic Ali Benhadj, whose 
eloquent sermons in mosques throughout 
the country routinely brought people to 
tears. Mr. Benhadj. who has not beat 


gency. That campaign has kept .Algeria's marked b> barbaric acts of mutilation, 
oil and gas flow ing but has been marked This splintering of the Islamic in- 
bv a long trail of shadowy massacres in surgency in .Algeria through five years of 
which it has become increasingly dhiicu!: war now makes it particularly difficult to 
to know precisely who is kiiiina whom. foundations for any reconciliation. 


seen for more than two years, remains in 

S ison. Requests by his family to see him 
ve repeatedly been rejected. 


Because Mr. Benhadj is jailed, and 
because he represents hard-liners in his 
political movement, it appeared unlikely 
-,that the Islamic Salvation Front would 
] --respond to Mr. Madam's release by call- 

• *ing for a cease-fire. The front has cau- 

tiously welcomed Mr. Madam's release, 
but its military wing, the Islamic Sal- 

. vatiou Army, has made it clear that it is 

not about to Jay down its arms, 

•_ “If the Islamic Salvation Front had 
responded to the freeing of Madani with 
- ; a call for a cease-fire, or with some other 
-gesture, a dynamic might have been cre- 
ated," a Western diplomat in Algiers 
said. “Benhadj might have been re- 
leased in the end. But the front’s leaders 

• just don't trust the government, and an 
^opportunity is being squandered. ’ ’ 

Western governments, including the 
-United States, have landed to give cau- 
tious backing to President Li amine Zer- 
' oual, a retired general, and the army in 
iheir rarnpaig-n p gains t Islamic msur- 


The release of Mr. Madani was 
quickly followed by a broad government 
sweep against insurgents south and west 
Of (be capital: Several .Algerian news- 
papers reported that during these raids in 
mountainous and forested areas, the 
most wanted Islamic guerrilla. Aniar 
Zouabri, was killed on July 22. 

However, there has been no govern- 
ment confirmation of his death, and 
Western analysts are skeptical that he 
was killed. Mr, Zouabri is the leader of 
the most extreme of Algeria's insur- 
gency movements, the Armed Islamic 
Group, which has lost several of its 
leaders and proved itself capable of rapid 
reorganization. 

The Islamic Salvation Front has re- 
peatedly distanced itself from the meth- 
ods of the Armed Islamic Group, whose 
attacks on villages have often been 


Even if the Islamic Salvation Front came 
our clearly in favor of a cease-fire, it is 
unclear whether ii could control the 
more extremist factions. 

After the government raids, a brutal 
attack on the small town of Larba, about 
30 kilometers (IS miles) southwest of 
Algiers, occurred in the early morning of 
July 26. Witnesses reported children be- 
ing burned alive, women hacked to 
pieces with axes, and men with their 
throats slit. In ad, 51 people were kided. 

The attack was widely blamed on 
Islamic extremists. But the fact that die 
electricity' had been cut in the town prior 
to the assault and that it occurred, close to 
army barracks led to some spec- 


an 


ulation that it was the work of members 
of the regime determined to show that 
Mr. Madani’ s release had been a mistake 
and that it would only lead to increased 


violence. Most Western diplomats be- 
lieve that Islamic guerrillas were indeed 
responsible for the attack on Larba. but 
the conflicting interpretations show the 
persistent murkiness that shrouds the 
Algerian war and makes any resolution 
more difficult. 

The country's military rulers have 
used secretive’ methods ever since in- 
dependence in 1962, and the war has 
thus served to preserve an atmosphere on 
which they thrive. In June, they com- 
pleted a supposed democratic “open- 
ing" that in fact involved the election of 
a Parliament whose legislation can be 
overruled by the president. 

On his release from prison, Mr. 
Madani said, “All that we hope for is that 
all this violence might cease." But he 
also suggested that the military-backed 
authorities were the “wolf” that had 
greater power to end the war than the 
Islamic insurgents. Since then, events — 
some clear, some murky — have only 
confirmed that Algeria is probably not 
ready for serious dialogue. 


BUNDESBANK: Tough Talk Carries Threat of a Rate Increase 


Continued from Page 1 


i A 


Rover Navigates Solo 
On Mars Surface in 
New Mission Phase 


Los Angeles Tines 

PASADENA, California — The 
rover Sojourner set a land distance 
record on Mars last week, navig- 
ating almost 20 feel over stity, saJ- 

mon-colored sand 
ia-roed rocks without help from con- 
rollers, according 'ojcf 'msK al 
rhe Jet Propulsion Laboratory here. 

ThL Sojourner's solo drive marks 
*e beginning of a more advennm 
ous pLe of e^plorauon for fe 
National AcroMuucsMd^ce 

Administration s one-fooUaMe|>. 
n meter) geologic In ine la- 1 

"n^k or so. -t's been much more 

on its own," one scientist, nry 
S! W d hS»-eded images 

. dec* r ^i sunset dial fanned out in a 
^S^^emoth- 

could comfoo^- ^ The ground- 

the end of its planned . - - j ec , 

sion but can U 

scientist. Matthew Golombek 
ul something break*. 


pean currency grid, inviting speculators 
to batter currencies and forcing the 
pound and lira out of the system. 

Speculation that the Bundesbank was 
readying another increase in rares began 
in earnest July 24, when the Bundesbank 
announced it would fix its market-guid- 
ing 3.0 percent repurchase rate for just 
two weeks — ahead of a traditional four- 
week summer break. 

That meant that the central bankers 
could interrupt their vacations to re- 
assess their policy by Aug. 12. 

“We always expected repo hike by 
November," ’said Holger Schmieding. 
senior economist in Frankfurt at Merrill 
Lvnch & Co., speaking of the repurchase 
rate. “Now we have a big risk that they 
move by August onwards." 

Bringing matters to a head has been 


Similarly, Otmar lssing, the Bundes- 
bank’s chief economist, said he was 
* 'concerned by the pace and extent of the 
weakening of the Deutsche mark. 

“They are on guard," Mr. Rosen- 
stock of Industrial Bank of Japan said. If 
the mark remained weak and inflation 
began to rise, it would confirm the worst 
fears of many Germans, who worry that 
a bandoning the mark will leave them 
with a high-inflation, soft-money sub- 
stitute in me euro. 

Thus it is the dollar's direction that 
will determine when the Bundesbank 
moves, economists said. 

“If the dollar rose another 5 or 10 
pfennig, then we could see some action 
in another fortnight," Mr. Pfister said, 
an increasingly common view in the 
financial markers. • 


But if the dollar settles down, rates are 
likely to remain steady into autumn or 
early next year, the economists said. 
That would allow Germany to take its 
time and carefrilly lay the public-re- 
lations groundwork for an eventual in- 
terest-rate rise, bringing to an end more 
than a year of relatively easy lending 
policies for much of Europe. 

Since August of last year, the Bundes- 
bank’s repurchase rate has been frozen at 
3 percent 

This interest rate is used to guide the 
German money markets, which effec- 
tively fluctuate between the discount 
rate, now 2.5 percent, and the 4.5 percent 
Lombard rate.' The three rates are 
charged on different kinds of loans that 
are collateralized with government se- 
curities. 


f«SijS ANGOLA: Military Buildup on Both Sides 

Continued from Page 1 


WASHINGTON — Eighteen months 
ago in his State of the Union address. 
President Bill Clinton called the United 
States “the world’s very best peace- 
maker, " citing a series of American- 
brokered agreements in the Middle East. 

But with violence leaving the peace 
effort ever more precarious. Mr. Clin- 
ton's senior foreign policy aides are 
searching for a way to salvage a policy 
thar had once held so much promise. One 
possibility is to send Secretary of State 
Madeleine Albright ro the Middle East, a 
move that would resurrect the high-pro- 
file diplomacy Mr. Clinton used during 
his first term, when a Labor government 
was in power in Israel 

Mr. Clinton, however, said Friday that 
any visit by Mrs. Albright to the M’iddle 
East would only take place after a trip to 
the region by the U.S. mediator. Dennis 
Ross. 

U.S. officials had said Mrs. Albright 
was "weighing" a visit soon. But Mr. 
Clinton told reporters at the White 
House that Mr. Ross would first make 
his trip, which had been due to start this 
week but was postponed to allow a peri- 
od of mourning after Wednesday’s 
bombing in a Jerusalem marketplace. 

Mr. Clinton discarded high-profile 
democracy months after the conserva- 
tive Benjamin Netanyahu became prime 
minister and the peace talks collapsed 
this spring, leaving American diplomats 
doing little more than carrying messages 
between the two sides. 


The administration then tried quiet 
bargaining, an approach that officials in 
Washington said left them poised to re- 
sume a public role in the discussions until 
the bombing in Jerusalem Wednesday. 

* Now American officials say they are 
faced with a central conundrum: peace- 
making was much easier when the Labor 
government of Yitzhak Rabin and Shi- 
mon Peres was driving the process. But 
Mr. Netanyahu, leader of the Likud co- 
alition, won last year with a campaign 


NEWS ANALYSIS 


attacking rhe land-for-peace formula 
that was at the heart of the Israeli-Pai- 
estinian peace accord. 

His victory, and developments since 
then, have left U.S. officials saying that a 
ihird country cannot make peace if rhe 
principals themselves are noi certain 
they want it. 

Michael McCurry. the While House 
press secretary, said Thursday: “We 
cannot do for the parties what they must 
do for themselves, which is reconcile 
their differences." 

While American officials say the ten- 
sions between Mr. Netanyahu and Yas- 
ser Arafat, the Palestinian leader, are to 
blame, critics of American policy assert 
that the United Slates must always take a 
prominent public role in the Middle East 
and that it is even more important for the 
president and other top officials to speak 
out when talks are rougher. 

indeed, the United States ’role in peace 
talks has often been heavily symbolic. 

While the famous handshake of peace 


between Mr. Rabin and Mr. Arafat took 
place on the White House lawn, the 
agreement was negotiated in Oslo with- 
out American involvement. And the 
peace between Israel and Jordan was 
more ihe work of King Hussein and Mr. 
Peres than of Mr. Clinton. 

But once Israel and the Palestinians 
were committed to the Oslo accords, the 
United States played a significant public 
role in keeping the peace effon moving, 
providing political support at crucial 
junctures and bridging ideas. 

Even after the Israeli elections. Mr. 
Clinton called Middle Eastern leaders to 
emergency two-day meeting in 


an 


Washington to try to engineer a solution 
to Israel’s overdue promise ro withdraw 
its troops from most of Hebron. The 
meeting got the rwo sides talking, and 
the withdrawal eventually took place. 

By spring, however, after peace talks 
collapsed again, the administration re- 
considered high-profile negotiations. 
Officials say that inside the adminis- 
tration there was a debate about how 
much to push Mr. Netanyahu, with the 
new secretary of state arguing for a 
tougher approach and Vice President Ai 
Gore counseling more caution. 

Administration officials decided that 
public diplomacy was only causing the 
Israelis and Palestinians to become more 
intransigent 

“The more profile we gave, the more 
we found resistance." an official said. 

So Washington began working 
through intermediaries, and Mrs. Albright 
stayed conspicuously absent from the 
Middle East to preserve her leverage. 


ISRAEL: More Palestinians Are Arrested 


Continued from Page 1 


Islamist militants have in the past carried 
out a series of suicide bombings over 
several days. 

“We have deployed several hundred 
additional police, border police and sol- 
diers to secure major centers," said 
Shmulik Ben-Ruby, a police spokes- 
man. "There are roving patrols, we put 
up barricades within die city and in- 
telligence activities are ongoing." 

A leaflet issued Wednesday in the 
name of Hamas's military wing claimed 
responsibility for the attack and gave 
Israel until 9 P.M. on Sunday to free all 
Palestinian prisoners. Israeli officials are 
not sure of its authenticity. 

The Hamas leaflet issued Friday 
praised the attack and hailed resistance 
as the only way to “liberate” the land. 
But if did not claim responsibility or 
repeat the ultimatum. 

Mr. Netanyahu has accused the Pal- 
estinian president, Yasser Arafat, of do- 
ing "damn all” to prevent violence. 

He has suspended peace talks with the 
Palestinians, imposed a total closure on 
the West Bank and Gaza Strip, and aides 
have threatened that Israeli forces would 
re-enter PLO-ruIed areas to seize "ter- 
rorists" if Mr. Arafat failed to do the 
job. 

The Palestinian information minister. 
Yasser Abed Rabbo, said the moves 
were "aimed at weakening Palestinian 
leader Yasser Arafat and bis Authority 
rather than aimed at fighting terror- 
ism." 

“During the recent months and 
weeks, we have prevented many inci- 
dents and terrorist acts to ensure security’ 
and peace," Mr. Abed Rabbo said at a 
news conference in Ramailah. 

“But Netanyahu was exerting max- 


imum effort to demolish Palestinian 
houses, build settlements and undermine 
peace." 

Mr. Arafat convened his cabinet on 
Friday for the first time since the attack 
and since the Palestinian Legislative 
Council vored this week to urge him to 
dissolve his cabinet and appoint a new 
one, with "qualified and experienced 
ministers," by September. 

The council’s recommendation, over 
alleged corruption and mismanagement, 
has added to the pressures on ihe Pal- 
estinian leader. 

Palestinian forces have also made ar- 
rests since the attack Wednesday. In 
Gaza, PLO forces freed two senior 
Hamas political leaders after question- 
ing them for three hours. 

The Israeli police eliminated suspi- 
cions that the suicide bombers were two 
young men missing for 14 months from 
their homes in the West Bank village of 
Dahariya. Genetic tests on relatives 
showed they were not the attackers, the 
police said. 

Despite a block on Israeli-Palestinian 
peace moves, the Israeli Army chief said 
the two sides were engaged in security 
“coordination of various sorts” to try to 
crack the case. 

A Palestinian official said a meeting 
of Israeli and PLO officers on Thursday 
night had cleared the way for an easing 
oftfte closure thar Israel imposed on the 
West Bank and Gaza Strip, barring 
Arabs from entering the Jewish state. 

The army said entry would be allowed 
in medical emergencies and for medical 
personnel in Arab East Jerusalem. 

The attack Wednesday deepened a 
four-month crisis set off in March when 
Mr. Netanyahu broke ground for a Jew- 
ish settlement in East Jerusalem. 

(Reuters, AP) 


JAPAN: A Woman’s Victory Over Drudgery 


Continued from Page 1 


matchmaker. Not long after their ar- 
ranged meeting, they married in Feb- 
ruary 1995. 

Apparently, the wife had agreed to 
some of the husband's household ar- 
rangements. According to the court pa- 
pers, at the outset she made it clear that if 
she was to take care of the house and of 
her job, also as a public servant, she 
needed to live near work. But an ap- 
propriate home was never found, the 
wire said. 

When the wife moved out, the hus- 
band, charging the breakup was her 
fault, sued for damages. 

Miss Kuyama said that as more Jap- 


anese women enter the work force, more 
young Japanese men have to pitch in 
with children and household chores. 
"They have no choice as women be- 
come more independent. 7 * 

But the traditional evening still exists 
of men laying around sipping sake or 
watching television as their wives pre- 
pare dinner, clean and draw their baths. 

“Many husbands say if you want to 
work outside the house, it's O.K., as long 
as you finish everything that needs to be 
done inside the house,” said Masako 
Yuasa. 32, a working mother in Tokyo. 
“1 have acrually heard a young husband 
say, ‘It’s only natural that working 
mothers sleep less til an working 
men.’ " 


BRIEFLY 


unemployment and rising manufactur- 
ing activity. 

The strength of the \}S. economy, in 
stark contrast to that of Europe, is 
pulling investors into the dollar, whose 
inerrase raises the cost of imported 
goods in Germany. This is a kind of 
mflation, and the Bundesbank's purpose 
is to Fight such a loss of purchasing 
power in the mark. 

The German currency s weakness 
also may reflect the apparent inability- of 


calling the elections unfair, promptly 
went back to war. This time, the battles 
were fiercer and most of the country’s 
cities and infrastructure were destroyed. 

Three years later, when Mr. Savimbi 
was all but beaten, he signed a new peace 
accord — the Lusaka protocol. But it has 
been more of a truce man a peace treaty. 
In recent months, UNTTA has come under 
fire from United Nations peacekeeping 


weaponry elsewhere. ”It is clear that any 
number of countries are allowing their 
territory to be used or cannot control their 
territory and stop it from being used by 
suppliers to UNITA," said a Western 
diplomat. “Every country in the region 
has flights coming here. 

Last month, Mr. Savimbi agreed to a 
series of UN Security Council proposals 


intended to salvage the Lusaka protocol 

handover: 


including continuing with the 
of the vast territories it controls 


c^ouTi^^omic refolds, fire from United Nations peacekeeping of the vast territories it controls and 
^ThnrSiv an opposition-controlled officials for being recalcitrant in respect- providing accurate numbers of its soldiers 
committee rejected Chan- ing the treaty. ... . by Aug. 15. _ „ _ 


parliamentary committee rejected Chan 
cellor Helmut Kohl's plan to overhaul 


^ The Bundesbank will “adhere to its 

. . —r.nnrr nnriH n 


In theory, Mr. Savimbi is supposed to 
have only’ a small number of soldiers 
because a vast demobilization has taken 
place. Thousands of soldiers have turned 


Many diplomats hoped the war in 
Congo, formerly Zaire, would have a 
positive effect on Angola's peace pro- 

.’. r cMhilirv" if import prices nse cess. With a new leader. Laurent Kabila, ™- v“*~ 

u of the central bank's replacing Mobutu Sese Sfiko there, Mr. in weapons and were given aid to start a 

fi* n b e Tj lu i riaen Koebnick. said Savimbi lost a powerful ally and an easy new life. But diplomats say thousands did 

council, n ■ =• • ^ jjj ere h as place to take refuge and rearm his men. not demobilize or deserted the demo- 

Iast week, one - Without such an important ally, the bilizanon camps and that others returned 

ShUl J.w" hmkers have given diplomats hoped. Mr. Savimbi would be 
, ^ fh^Bunde^banl^s thinking as mSre inclined to take pan in the new 
c,u ® Si? pSent Johann Wilhelm coalition government, 
well. V ice ; ^ r ^f^ elc that the central But diplomats now say that Mr. 

~ Th,s Savimbi — who collects about $500 mil- 

lion a year from Angola's diamond areas 
— has been able to buy supplies and 


MCI). » - — 1. 

peon central bank in 1^99* 


to their army umis. 

A few days ago, Mr. Savimbi told UN 
officials that he had 3,000 soldiers. 

But officials close to the negotiations 
say that his numbers are preposterous. 
They estimate he has somewhere between 
15,000 and 35,000 soldiers. 


Arrest Brings Strike 
In an Indian State 


thousands of government troops 
began advancing on the town of Puliy- 
ankulam at dawn. Major I. Dewage, a 
spokesman, said. (AP) 


PATNA, India — Violence, intim- 
idation and mass detentions were re- 
ported Friday as a general strike over 
the arrest of a political leader brought 
an Indian state to a standstill, wit- 
nesses and press agencies said. 

The Press Trust of India said the 
strike, enforced by gangs of weapon- 
wielding activists, crippled normal 
life in most cities in Bihar, India’s 
second most populous state. It said 
supporters of former Chief Minister 
Laloo Prasad Yadav, some with 
sticks, spears and swords, "virtually 
created a reign of terror” in a bid to 
enforce the shutdown. 

Mr. Yadav, the former president of 
the Janata Dal party who enjoys 
strong support in Bihar, was arrested 
Wednesday after being charged with 
embezzling millions of dollars of state 
funds. (AFP) 


India and China 
Resuming Talks 


NEW DELHI — India and China 
will resume talks on a dispute over 
their border on Monday, Indian For- 
eign Ministry sources said. 

They said Friday that the iwo-day 
talks beginning Monday in New Delhi 
would focus on implementing treaties 
signed by the two nations in nego- 
tiations held previously. (AFP) 


For the Record 


Two border guards went on a 
shooting spree in central Vietnam, 
killing seven people and wounding 
five others, the police said. The shoot- 
ing started during an argument. (AP) 


67 Kitted in Battle 
For Sri Lankan Road 


COLOMBO — Sri Lankan troops 
launched a new attack to capture a key 
northern highway Friday, but ran into 
fierce resistance by Tamil Tiger 
rebels, the Defense Ministry said. At 
least 67 people were lulled. 

Seventeen soldiers and 50 guer- 
rillas were killed in the battle after 


Japan's celebrity twins. Kin Nar- 
Ha and Gin Kanie, celebrated their 
1 05ih birthday on Friday by planting 
trees during an outing to publicize a 
forestry conservation group in Yama- 
nashi prefecture, a mountainous area 
just west of Tokyo. (Reuters) 


At least 150 fishermen were miss- 
ing in the Bay of Bengal after a storm 
sank their boats, fishermen said at 
Cox’s Bazaar, Bangladesh. (AP) 





PAGE 2 


TMTiriilWiTIftVtl DCDi J n . 


PAGE 6 


EDITORIALS/OPINION 


Rcralb 


INTERNATIONAL 



(tribune 


FVBIJSilED »ITII Tilt NFW VtMJK TIMM \ND TIIK WASlimcTON PfWT 


Real Asian Values 


Secretary of State Madeleine Al- 
bright clashed this past week on the 
subject of human rights with some of 
her counterparts from Malaysia, China 
and other Asian nations. They objected 
to supposed American arrogance in 
pushing them to allow their people to 
live, think, express themselves and 
worship in freedom. Those are not 
universal values, the Asians argued, 
but Western ones, no more entitled to 
international protection than "Asian 
values" such as consensus, economic 
growth and stability. 

What baloney! When we think of 
Asian values, we don’t think of Singa- 
pore's government banning publica- 
tions it doesn't like and suing opposition 
politicians. We tend to think, rather, of 
the multitudes of Filipinos who rose up 
in 1986 to sweep away the Marcos 
dictatorship and install a "people 
power" democracy led by Corazon 
Aquino. We think of the South Korean 
students and shopkeepers, professors 
and autoworkers who braved tear gas 
and worse in 1987 to set their nation on 
a democratic path. We think of the 
millions of Chinese who risked their 
lives at Tiananmen Square in Beijing 
and in other cities across their nation in 
1 989 in search of greater liberty. 

Throughout Asia, in fact — from 
Taiwan to Hong Kong to Cambodia to 
the world's most populous democracy, 
India — whenever people have been 
given a chance, and often when they 
ha ve had to seize it, they have opted for 
freedom. When the people of Burma 
were allowed to express themselves in 


a 1990 election, an astonishing four- 
fifths voted for the party of Daw Aung 
San Suu Kyi, as eloquent an exponent 
of democracy and human liberty as 
lives today. Yet it is the thuggisb 
army officers who imprisoned her 
who now claim to define Asian values 
to the world. 

Yes, Americans and the American 
government can be arrogant; and yes, 
U.S. society is far from perfect 
China's annual “human rights report" 
on the United States, an angry response 
to the U.S. review of Chinese practices, 
cites many real and shameful prob- 
lems, including abysmal prison con- 
ditions and terrible pockets of poverty. 
One striking difference in the two re- 
ports, though, is that the problems cited 
by China are well known to. and oft- 
debated by, Americans; C hina 's report 
relies almost entirely cm U.S. news- 

K rs for its information. Chinese 
■rs do not allow comparable de- 
bate or reporting. 

Do some societies value consensus 
and stability more than others? Of 
course. Japan, for example, has shaped 
a social and economic system that cele- 
brates group harmony more than Amer- 
ica’s, and individual freedom less. But 
Japan is an Asian democracy; its people 
have freely chosen and shaped their 
system, and they may change it if they 
choose, it's striking that unelected 
rulers in China and Indonesia aren’t 
willing to subject (heir understanding of 
Asian values to a similar test Mrs. 
Albright is right to speak oul 

— THE WASHINGTON POST. 


Message to the Military 


The Pentagon does not yet know 
who bombed an air force compound in 
Saudi Arabia last summer. But it long 
ago identified the officer primarily re- 
sponsible for security lapses that left 
American airmen vulnerable to a ter- 
rorist attack that killed 19 of them and 
wounded 500 others. Secretary of De- 
fense William Cohen, in a gutsy and 
altogether proper decision, has now 
denied a promotion to that officer, over 
the vehement objections of the air 
force brass. 

In effectively ending the career of 
Brigadier General Terryl Schwalier. 
the commander of American forces in 
Dhahran at the time of the bombing, 
Mr. Cohen has delivered a powerful, 
long-overdue message to the military 
services. Senior officers, he has made 
clear, must be accountable for com- 
mand failures. Far too often over the 
years junior officers and enlisted troops 
have absorbed the blame for military 
mistakes while generals and admirals 
have been excused and even promoted, 
shielded by an unspoken code of mu- 
tual protection among senior officers. 

That code figured in two predictable 
air force reviews of the bombing, which 
concluded that reasonable security pre- 
cautions had been taken and that there 
was no basis for disciplinary action 
against Genera] Schwalier or his aides. 
General Ronald Fogieman, the airforce 
chief of staff, maintained that punitive 
action would undermine air force mor- 
ale and sacrifice General Schwalier to 
political pressure to find a scapegoat for 
the bombing. General Fogieman was 
wrong, but at least he had the good 
sense to resign earlier this past week 
when it became clear Secretary Cohen 
would not follow his advice. 

Significantly, Mr. Cohen's decision 
was supported by General John Sha- 


liknshviii, the nation's top military of- 
ficer. The action should actually en- 
hance air force morale because it tells 
the men and women in the service that 
the secretary of defense and chairman 
of the Joint Chiefs will not tolerate 
command mistakes that carelessly ex- 
pose troops to danger. As an exacting 
Pentagon inquiry headed by a retired 
army general established last year. Gen- 
eral Schwalier failed on many levels to 
provide adequate security at the Khobar 
Towers apartment complex. 

He did not. as Mr. Cohen said on 
Thursday, take all reasonable measures 
to protect his troops against an exterior 
bombing. The compound alarm system 
was deficient, and evacuation plans 
and drills were neglected. 

Intelligence warnings about terrorist 
threats were not taken seriously. In- 
expensive plastic film was not placed 
on windows to prevent glass from shat- 
tering in an explosion. 

Most inexcusable was the failure to 
widen the narrow security perimeter 
around the compound. It did not re- 
quire a security expert to see that the 80 
feet separating the apartments from the 
fence was insufficient to shield res- 
idents from a powerful bomb blast set 
off in a truck parked just beyond the 
perimeter. Saudi authorities were not 
eager to move the fence, but General 
Schwalier did not aggressively press 
them to widen the safety zone. 

Mr. Cohen faced fierce pressure 
from the air force to exonerate General 
Schwalier and, more broadly, to go 
along with a military culture that in- 
dulges failure and places career ad- 
vancement above honor and duty. 

Ir is gratifying to find a secretary of 
defense unwilling to settle for those 
lax standards. 

— THE NEW YORK TIMES. 


Games at Work 


Dilemma; Conduct the taxpayers’ 
business or click and play another 
round of solitaire? 

Senator Lauch Faircloth, Republican 
of North Carolina, is leading the charge 
in Congress to ban electronic games 
from civil servants’ computers as a way 
to show the public that *‘we don’t con- 
done the loafing that goes on." He 
points to the existence of the diabolical 
"boss key," a tool included with some 
games that allows a guilty indulger in 
games to quickly shift his screen to a 
convincing-looking spreadsheet the 
moment a supervisor darkens his door. 

But of course nothing in the com- 
puter age is so simple. The main reason 
that decks of cards and minesweeper 
fantasy games come pre-installed by 
software purveyors is that, like a letter 
from an old friend, they help a nervous 
computer newbie grow accustomed to 
the pointing and clicking. There’s also 
the problem of how much it might cost 
a large agency to remove these games 


from thousands of computers — only to 
have others installed on the sly after 
being downloaded from the Internet or 
brought from home. Finally, there's die 
issue of whether enforcing an anti-game 
policy will actually boost productivity. 
Is solitaire merely the most visible form 
of computer-age loafing when the real 
inaction unfolds via e-mail? intimately, 
your view of office computer games 
boils down to your view of human 
nature. Are government employees the 
sort one can trust to work hard through 
intrinsic motivation, or do they require 
an environment of cold discipline dial 
keeps the mosi stem-faced taxpayer 
foremost in mind? Senator Faircloth 
should remember that human nature 
and computers are locked in struggle. 
The ultimate winner is still undeter- 
mined. Until we know, perhaps fiddling 
with a few games on the screen now and 
then is a good way io distract the elec- 
tronic beak and put it off guard. 

— THE WASHINGTON POST 


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Mideast’s Drift Toward Disaster Concerns Vs All 

Qe , - ...... nimilfl clnn Mnu 


W ASHINGTON — The blood was 
not dry on the stones of the Je- 
rusalem marketplace, the chaired flesh 
was not picked off the telephone wires 
overhead, before the attempts to at- 
tenuate and explain away the latest 
Middle East terror atrocity began on 
Wednesday. 

The first such attempt I saw came 
from a pro-Palestinian group in Wash- 
ington, which claimed that the two 
suicide bombings were the fault of 
Prime Minister Benjamin Netanyahu 
of IsraeL Telling us they had told us so. 
the Washington Report on Middle East 
Affairs declared in its fax: 

‘ The bombing was inevitable. Israel 
pushed the Palestinians into a comer 
with the Har Homa settlement on Jabai 
Abu Ghneim and other unilateral 
moves like the Hasmotiean tunnel, and 
now they are paying the price.” 

The killing and maiming at random 
of Israeli civilians who may or may not 
have approved of Mr. Netanyahu's ill- 
advised political choices are neither as 
inevitable nor as rational as this bit of 
sophistry claims. There is, as far as I 
know, no despair meter with a red zone 
on it that tells us when the bombers, and 
those who run them, will decide that 
Mr. Netanyahu's callousness toward 
Palestinian aspirations merits a bloody 
response. 


By Jim Hoagland 

The little the world has learned about 
terrorists like the two Hamas bombers 
who died to kill at least 13 Israelis 
suggests that they act from a shifting 
complex of motives. The motives usu- 
ally feature fear, greed and a blind thirst 
for revenge of some personal tragedy 
the terrorists attribute to the Jews, the 
Americans or both. They do not awake 
one morning and say to themselves; 
“That’s it Netanyahu has gone too far 
this rime." 

Bombers who have told their stories 
on videotape before dying or to police 
authorities when captured have spoken 
of their families living under great 
threat and/or with ibe promise of fab- 
ulous reward for this act of martyrdom. 
The men of Hamas apparently believe 
they enter paradise by killing them- 
selves in the act of killing Jews. The 
difference between them and Timothy 
McVeigh is essentially that the sec- 
ularist McVeigh did not. believe be 
would have anything to gain by blow- 
ing himself up along with his victims. 

But what about the hidden techni- 
cians of terror who manipulate these 
deadly beasts of burden? They choose 
the timing, distribute the rewards and 
presumably make political calculations 


about the effect of such atrocities. 
Aren't they letting their frustrations with 
Mr. Netanyahu boil over in the only way 
they know’ how to communicate? 

I think not, and certainly not in the 
way the pro-Paiestinian side suggests. 

Sure, the Hamas terrorists are out to 
weaken Israeli resolve to stay on the 
West Bank, to undermine Mr. Net- 


which his toughness would stop. Now 
he rails at Mr. Arafat for not stopping 
the bombings, treating die hapless 
PLO leader as an incompetent police 
chief rather than a political partner, or 
as die co-target of the Hamas bombs 
that he is. , 

This is where Mr. Netanyahu s mus- 
cular approach toward the Palestinians 


TTCflL DAJ i Pi , fliiU IXJ UUViwtiiu«*v — a • m _ i \ 

anyahu, Palestinian Authority Chairman . does . S3! 

Yasser Arafat and the U.S.-sponsored 


peace process. But they bombed when 
Shimon Peres and Labor were pursuing 
quire different policies 17 months ago, 
when there was no Har Homa settlement 
to drive up despair. Their political cal- 
culations are not as fine or precise as Mr. 
Netanyahu's critics pretend. 

The masterminds bomb against the 
established order, against the march of 
a history that has left them behind, and 
against a record of cruelty toward the 
Palestinians by other Arabs, many Is- 
raelis and U.S. administrations. This 
record does not justify bombings but it 
cannot be ignored either. And some 
bomb because they are paid hand- 
somely to bomb, perhaps by Iraq’s Sad- 
dam Hussein or Syria's Hafez Assad. 

Mr. Netanyahu ignored the nebu- 
lous, encompassing narure of Hamas 
' terrorism in his demagogic campaign 
last year. He suggested that Labor’s 
conciliatory policies caused bombings. 


Israel. His strategy is to bring the Pal- 
estinians to heel, to force them to 
choose between continued occupation 
or a truncated, fragmented and power- 
less entity they can call a state and 
Israel will control. 

The effect has been to separate his. 
dealings with the Palestinians from the 
internationally supported process that 
Mr. Peres and Mr. Arafat led. Mr. Net- 
nnyahu is on his own, and the Clinton 
administration has done little recently 
to change that. 

The ultimate horror of these suicide 
bombings — beyond the human tragedy 
— would be for the world to respond to 
them as Mr. Netanyahu’s problem 
alone, or to make them simply a matter 
of Mr. Arafat catching the culprits. The 
world's interest in stability in the 
Middle East is too great to allow the 
deadly drift toward ever larger disasters 
that now prevails to continue. 

The Washington Post. 


To Prevent Further Bloodshed, Create a Palestinian State 


J ERUSALEM — This past 
week's terrorist attack by 
Hamas in Jerusalem may 
prompt the Israeli government 
to finally end the Oslo peace 
process with the Palestinians, 
and to adopt more severe mea- 
sures against them. This would 
be a critical mistake, playing 
into the hands of the militant 
Palestinians (and Israelis 1 who 
are determined to destroy Is- 
raeli- Palestinian coexistence. 

Despite deep feelings of 
pain and frustration, this is per- 
haps the proper occasion for 
Israeli leaders from Likud and 
Labor to join forces and initiate 
a bold, imaginative policy that 
may prevent or minimize fur- 
ther bloodshed, while revital- 
izing the dying peace process. 

Besides demanding that 
Yasser Arafat work to more 
effectively combat Hamas ter- 
rorism. Prime Minister Ben- 
jamin Netanyahu should make 


By Moshe Ma’oz 


the following declaration of in- 
tention; that the final outcome 
of the negotiations for a per- 
manent settlement with the Pal- 
estinians (which he recently 
advocated) will be the creation 
of a Palestinian stale on the 
West Bank and Gaza Strip. 

The boundaries and powers 
of this state and its links to East 
Jerusalem would be deter- 
mined during the negotiations. 
Such a proclamation would 
certainly encourage Mr. Arafat 
and the majority of Palestin- 
ians. who have almost lost 
hope in making peace with Is- 
raeL 

Would Mr. Netanyahu ven- 
ture to make such a move as a 
strategic option, not as a ploy, 
and would he have domestic 
support for such a strategy? 

Since he became prime min- 
ister, Mr. Netanyahu has made 


several moves that indicate he 
may have abandoned Likud’s 
ideology of “Greater Israel’’ 
and instead accepted the prin- 
ciple of partition of historic 
Israel between Israel and the 
Palestinians. For example, he 
endorsed the Oslo accords, 
signed the Hebron protocol in 
January 1997 and has met and 
negotiated with Mr. Arafat. 

Furthermore, on a few oc- 
casions Mr. Netanyahu has 
mentioned the possibility of a 
Palestinian entity with limited 
sovereignty. 

Yet it may be presumed that 
in Mr. Netanyahu's vision, a 
Palestinian entity or even a 
state would be devoid of full 
sovereignty and of any status 
in Jerusalem. It would be. in 
fact, made up of three regions 
or enclaves: the Gaza Strip 
and the West Bank areas of 


Hebron-Bethlebem and Nab- 
lus-Jenin. These enclaves 
would be encircled and sep- 
arated by Israeli -controlled 
territories* and roads, and en- 
croached upon by Jewish set- 
tlements. ’ 

This would be totally un- 
acceptable not only to Mr. Ara- 
fat but to all Maslim states and 
most other nations, as well as 
to many Israelis. A far more 
equitable solution would be 
the creation of a demilitarized 
but independent Palestinian 
state in the Gaza Strip and 
most of the West Bank with 
border adjustments and ex- 
change of territories, as well 
as a Palestinian capital. Al 
Quds. oq the outskirts of East 
Jerusalem. 

More and more Israelis be- 
lieve this is a realistic solution, 
even though many do. not em- 
pathize with the Palestinians 
and are critical of terrorism. 


corruption and human rights 
violations by the Palestinian 
Authority. They recognize that 
it is in Israel’s interest to have 
as a neighbor a content and 
stable Palestinian nation that 
can help safeguard Israel’s se- 
curity while contributing to 
improved relations with other 
Arab nations. Many Israelis 
also acknowledge that a Pal- 
estinian state is in the making 
and sooner or later will folly 
emerge. 

The alternative is the re- 
sumption of a century-old con- 
flict and mutual bloodshed. 


The writer is a professor of 
Middle Eastern studies and di- 
rector of the Harry S Truman 
Research Institute for the Ad- 
vancement of Peace at the 
Hebrew University of Jerusa- 
lem. He contributed this com- 
ment io the International 
Herald Tribune. 


Jesse Helms, a One-Man Enemy of American Foreign Policy 


P ARIS — Jesse Helms, chair- 
man of the Senate Foreign 
Relations committee, was re- 
cently photographed in a T-shirt 
with a big red heart and the 
words "Someone at the Slate 
Department Loves Me ! ’ ' It must 
have been one of Secretary of 
State Madeleine Albright’s little 
jokes, for everyone in Wash- 
ington knows Mr. Helms as the 
terror of American diplomacy. 

They were both attending a 
softball game between their 
staffs. For years now, Mrs. Al- 
bright has been going out of her 
way to court the senator. It paid 
off with her own easy confirm- 
ation to the top cabinet job. 

But it doesn't always work. 


By Flora Lewis 


Mr. Helms is determined to 
block the appointment of Mas- 
sachusetts ex-Govemor William 
Weld as ambassador to Mexico. 
With Bill Clinton’s support, Mr. 
Weld has decided to fight for the 
sl It will be a battle royaL the 
real challenge to the sen- 
ator’s arbitrary, eccentrically 
wielded power, and a test of how 
Washington's policy works. 

It is impossible to explain to 
any non-American official why 
Mr. Helms wields so much 
weight, and as ridiculous a pro- 
position as the T-shirt. But he 
does, and he makes it unnec- 
essary for nostalgic Cold War- 


riors to mourn the loss of the 
Soviet Union or whoop up a 
China threat, because he is a 
one-man, single-handed enemy 
of U.S. foreign policy. 

If the all-important START - 
2 treaty sharply cutting Russian 
and American nuclear arsenals 
and preparing further big re- 
ductions is lost, Mr. Helms will 
carry a large part of the blame. 

He didn’t even oppose the 
treaty. He just held it hostage for 
several years, refusing to let it 
go to the Senate for ratification, 
in order to force through a 
private plan to reorganize the 
State Department. By the time 


NATO Expansion: Not a Done Deal 


W ASHINGTON — The 
lesson Joe Biden, then a 
young senator from Delaware, 
took from Vietnam was that for- 
eign policy needs informed 
public and congressional con- 
sent. Now a quarter-century 
later as the minority Demo- 
crats' ranking member on the 
Foreign Relations Committee, 
he is crackling with worry that 
NATO enlargement — Presi- 
dent Bill Clinton’s chief claim 
to an international legacy — 
isn't going to make it through 
ratification. 

Not that the idea lacks merit. 
In a conversation the other day, 
Mr. Biden spoke out strongly 
for an enlargement that extends 
the stability the alliance bestows 
eastward upon the historical 
Germany-to-Russia rumble 
zone where war upon war has 
been bora. Russia's interests, he 
thinks, can be tucked in. 

But he looks down the Senate 
road and sees plenty of bumps. 
In the end it will be very dif- 
ficult for most senators ro vote 
against admitting the Poles, 
Czechs and Hungarians, he be- 
lieves. But unless the United 
States comes to a satisfactory 
burden-sharing understanding 
in all of its facets with the Euro- 
pean allies and Canada, he 
fears the future of NATO in 
the next century will be very 
much in doubL 

Burden-sharing: Are the 

Europeans freeloading? This 
question nagged the alliance 
severely but 'was kepi just this 
side of explosion through ihe 
Cold War years. Now, with the 
discipline of confrontation re- 
moved. it is breaking through to 
a degree that has been obscured 
so far by the rattier abstract for- 
eign-policy quality of the de- 
bate over enlargement, and by 
the summer hiatus. 

Mr. Biden has taken on a role 
as the Clinton administration's 


By Stephen S. Roseofeld 


point person for the NATO rat- 
ification debate due in the fail. 
Necessarily the name of the 
game is looking for Republi- 
cans to build the requisite 
supermajority of 67 votes. In 
other circumstances. Senator 
Richard Lugar’s knowledge, in- 
terest and stature would make 
him the obvious leader of this 
campaign. But Chairman Jesse 
Helms has seen to the appoint- 
ment of freshman Gordon 
Smith of Oregon to chair the 
European subcommittee that 
will hold the NATO hearings. 

The ratification debate, when 
it comes, w ill burst upon a Sen- 
ate that mirrors the full range of 
American post-Cold War dis- 
tractions. Mr. Biden ’s take: One 
group of senators. Republicans 
as well as Democrats, is essen- 
tially still hung up on Vietnam, 
leery of quagmire, wary ofplay- 
ing the world cop. resentful of 
the Europeans. A second group 
including the younger Western 
senators would follow new pri- 
orities and shift the American 
focus from across the Atlantic io 
across the Pacific. Mr. Biden po- 
sitions himself in a third group 
that respects the second's logic 
but feds the United States can- 
not rum safely to the Pacific 
without ensuring stability in 
Europe. This is a mission no 
other country can perform and 
one now best served by alliance 
enlargement, for all ihe hassles 

10 come over burden-sharing. 

Mr. Biden sees these hassles 

unfolding on three levels: 

Costs NATO's assessment 
Of 50 percent Of direct enlarge- 
ment costs for the Western 
European allies runs up against 
the painful budget cutting that 

1 1 of them face to meet agreed 
criteria for European economic 
and monetary union. Further. 


the allies must "significantly 
upgrade" their militaries to 
head off a strategic disconnect 
wirh superior American forces. 
These demands fall upon a 
Europe whose parsimonious 
ways have already convinced 
many senators that’the allies are 
not pulling their weight. 

Bosnia. Next spring, just as 
the Senate may be voting on 
enlargement. American ground 
forces are scheduled to be with- 
drawing from Bosnia. Despite 
die Europeans' rhetorical de- 
votion to a stronger “European 
pillar" of NATO and despite 
American readiness to make 
other forces available in Bos- 
nia. the Europeans look to be 
pulling their troops out. too. 
The spectacle of European re- 
trenchment. coming at a mo- 
ment of NATO enlargement, is 
bound to strike the Senate as a 
burden-sharing cop-out. 

Eum/van Union Senators 
suspect the EU is yielding io 
domestic pressure groups like 
the farmers, and using NATO 
enlargement to postpone EU en- 
largement. This makes NATO in 
effect a “poor man’s EU.” 

Mr. Biden summed it all up 
for ihe Atlantic Council: 
Europe's “likely attempts al un- 
equal cosr-sharing of NATO en- 
largement. unwillingness for a 
rational division of tabor in Bos- 
nia after mid-togs and a go- 
slow policy on EL 1 expansion, 
which would greatly benefit 
Eastern Europe: All’ seem w\ 
many senators to be variants of 
taking the United States for 
suckers." 

Some opponents of NATO 
enlargement warned that the 
process would break die alli- 
ance. it falls to supporters of 
enlargement, starting with the 
administration, to pjv heed to 
Mr. Biden s friendly realism 
and manage the strains. 

Tl., llll'.fl.'K 


he got his deal and the treaty was 
approved, politics in Moscow 
had changed so much that the 
Duma is currently not even con- 
sidering putting it into effect. 

Mr. Helms insisted on nego- 
tiating personally with the new 
United Nations secretary-gener- 
al, Kofi Annan, before accept- 
ing a plan ro pay even a part of 
the huge U.S. debt ro the world 
organization. And he bad a ma- 
jor role in blocking re-election 
of the previous secretary-gen- 
eral, Boutros Boutros Ghali. He 
has written that the United 
States ought to quit the UN. 

State Department appointees 
quake at his name. He is one 
reason so many top posts re- 
main empty for so long, as elab- 
orate personal checks are made 
to be sure there isn't some kind 
of peccadillo in the person's 
past that he might decide to use 
as a bludgeon. 

Confirmation of Felix Ro- 
hatyn. the superbly equipped 
nominee as ambassador to 
France, has gone through with- 
out a hitch. Mr. Helms had a 
funeral to attend when Mr. Ro- 
haryn was scheduled to appear. 

the late Pamela Harriman. 
who prepared meticulously for 
her confirmation ordeal to be 
ambassador iD Paris, was 
startled and dismayed when the 
senator suddenly asked if it was 
true she had donated money 
to "that left-wing Monnet 
group." Thinking hard, she re- 
called thar she had made a gift 
toward restoring the showplace 
garden of the impressionist 
painter Claude Monet. 

Perhaps Moner was confused 


with the founder of the Euro- 
pean Community, Jean Monnet 
(a hardheaded businessman, not 
leftist at all)? The obvious staff 
blooper provoked a roar of 
laughter, so Mrs. Harriman got 
through without further ado. 

The Weld appointment is 
something different, not just a 
pet Helms peeve. Mr. Weld is a 
moderate Republican, the low- 
est kind of lowlife, worse even 
than a radical in the Helms bes- 
tiary. So if the Clinton admin- 
istration does insist, it will be a 
first, and could be a break- 
through on several fronts, 
including the controversial 
Helms-Burtoo law, which in- 
furiates U.S. trading partners. 

There is nothing in American 
law to make Mr. Helms so 
mighty. It is just the rules of foe 
Senate, which give a committee 
chairman power to schedule 
hearings or not, and foe tra- 
dition of senatorial comity. 

Mr. Helms is a master of be- 
hind- scenes trades, which is 
how Senate business really gets 
done. Other senators could 
force the agenda against his 
will, but so far they" have not 
dared, no matter how important 
the issue. He picks his fights 
and his methods, and he "has 
done a great deal of damage to 
U.S. international relations. 

This. then, is President Clin- 
ton’s "imperial America" that 
other countries complain so 
much about. Not only Mr. Clin- 
ton and Mr. Weld but all who 
deal with America have a stake 
in how the showdown with 
Jesse Helms develops. 

£> FLv.i Leu n 


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


1897: Gold Fever 

NEW YORK — Scores of gam- 
blers. equipped for gold mining, 
with faro tables and other 
devices, are starring for the 
North-West, as the winter season 
will shortly stop land and water 
(ravel. Two aeronauts are arrang- 
ing for balloon expeditions to the 
Klondike. During the past week 
ihe gold fever has raged in Wall 
Street. and a score of new gold 
companies have been formed. 
Several banking houses are 
tending expeditions to the gold 
district to report on chances for 
investors. A new land district is 
ahoul io be formed in Alaska, 
and there is question of rein- 
forcing ihe North-Western po- 
lice force on the frontier. 

1922: Bell Dies at 76 

NEW YORK — Dr. Alexander 
Graham Bell, inventor of the 
telephone and one of America's 
foremost scientists and inven- 


tors, died at his summer home in 
Nova Scotia late >e»terd.iy 
[Aug. 2], in his seventy-sixth 
year. Although Dr. Bell had 
been failing in health for some 
time, the end. which is attrib- 
uted ro progressive antenna, 
came rather unexpectedly. 

1947: Fascist Revival 

ROME — A member of ihe 
Italian Parliament who admits 
his admiration for Mussolini 
gave a duel challenge to an ann- 
Fascist Parliament member 
whose father once dueled Mus- 
solini. The incident indicated 
the extent to w hich an almost 
Fascist nationalism has re- 
vived in some quarters of (tali an 
political life. The challenscd 
Deputy is a Right-wing Social- 
ist. who gave anti -Fascist 
speeches in Italian twice daily 

in IM4.s and IO 44 f rom R ad| [, 
London. His challenger ac- 
cused h im ot comm in me 
“high treason" in doing so. ~ 



ART 



INTERNATIONAL HERALD TRIBUNE 
SATURDAY-SUNDAY, AUGUST 2-3, 1997 

RAGE 7 


Hiroshige, the Creator: Debunking a Myth 


awnna. 


"Ceres Tabletop byAkomena, on exhibii in R 

Mosaics Move 
Off the Wall and 

Onto the Table 


By Roderick Conway Morris 

Inrernuih'/ul Herat J Tribune 



AVENNA. Italy — Laborious, meticulous, sump- 
tuous in its effects and well-nigh indestructible, 
mosaic is the antithesis of the mass-produced, util- 
itarian. ephemeral, throw-away trends of 2 Oih -cen- 
tury design. Yet the medium has been enjoying a notable 
revival over the past few years. 

; This is confirmed by two exhibitions in northeastern Italy 
this summer: “Objects of Desire: Mosaic and Design’* at the 
Fine .Arts Academy in Ravenna (until Sept. 28), and “Mo- 
saic' ’ at the San Francesco Church in Udine (until Oct. 5). The 
emphasis of the former show is on mosaic in contemporary 
design, and the latter on its fine an and sculptural potential. 

• Ravenna, with its dazzling Roman and Byzantine Church 
mosaics, has been the epicenter of the renaissance of mosaic. 
but.Viceiua and Spilimbergo (near Udine) have also played a 
significant role. Ravenna's Fine Arts Academy, founded in 
1 827. has taught mosaic-making since the last century, and has 
given rise to mo other institutions offering specialist courses 
in the city. Although originally directed at training artists and 
craftsmen to maintain and restore historic mosaics, these 
Colleges, along with the School of Mosaicisrs (founded in 
Spilimbergo in 1922), have created a substantia! pool of 
artistic understanding and practical know-how that has given 
rise to numerous independent studios and cooperatives. 

• The earliest known mosaics date from the eighth century 
B.C. in Asia Minor, and were used to pave floors imitating the 
carpet designs of the times. The Romans developed a passion 
for them as floor coverings — sometimes proriding ihe floors 
of the triclinium, or timing room, with trompe 1’oeil bits of 
d iscarded f ood and even furtive mice nibbling at them — and as 
wail mosaics! which reached their apogee in the late Roman and 
Byzantine era. La recent years, however, as the shows demon- 
strate. mosaic has rieddafly come off the floor and wall. 

Mosaic-dad fountains, chairs. benches^ tables, shelves, cup- 
boards. screens, coatracks. mirrors, docks, stoves and lamps 
abound in a variety of styles. Hie most astonishing piece of 
furniture tat the Ravenna showj is a large box. breac hr aki n gly 
encrusted with scenes of water fowl and plants in greens and 
blues, (hat was inspired by the teeming ancient mosaics at the 
Galla Placidia Mausoleum and St. Apollinare in Classe Church 
and that rums out to be a chest of drawers. (Its designer, Giorgio 
Gregori. was, alas, killed in a car accident two years ago.) 

A MONG the most striking objects are several made 
by Akomena, a studio founded in 1988 by Francesca 
Fabbri. a graduate of Ravenna's Fine Arts 
Academy, with the aim of extending the appli- 
cations of mosaic in contemporary design and architecture. 
Two \ ears later Fabbri recruited a former teacher, painter and 
mosaic master. Giuliano Babini. as the srudio’s artistic di- 
rector. and .Akomena is now one of the most innovative and 
enercetic players in this burgeoning field. 

List year .Akomena won the commission to make Rudoli 
Nurevev's tomb at the Saime Genevieve Russian Orthodox 
cemetery in Paris. Designed by Ezio Frigerio. titis extraor- 
dinarv sarcophagus is in the form of a draped, richly woven 
Oriental carpeL It not only evokes the dancer’s Central Asian 
origins and his love of fine carpets (which he coUected*. but 
also creates a wonderful effect of frozen motion, as though the 
carpei — whose colors in glass mosaic will, of course, remain 
ever pristine and bright — has jusrbeen cast over his pre- 
maturely stilled body, the folds of the enveloping material 
resting casually as they happened to fall. 

The construction of the monument, which was done at 
Akomena 's studio opposite the Fine Arts Academy, was the 
'most elaborate the workshop has undertaken. e ™P °>^ n | fl ^ 
mo-aicists for four months to complete the project for its 

nnvei'ina in May last vear. , 

■\Ve cut very’ small’ squares of mosaic ~ to give the carpet 
the *.tftesr possible appearance — most of which were so imy 
ihev had to be positioned using pincers, said Babrni. 

: ■ u rh e curvature of the folds, we used many shades of 
each color — something like 20 shades of gold, for example. 

r i-i i vimize the undulating effect. 

Th- ISsSm or posrage stamp-sized glass squares thai are 
. . : nto smaller shapes and arranged to achieve the 

Lh ^ n " . luminescence, come, as they have for centimes, from 

in d« Venetian lagoon. 

A k' OMEN A has contacts with a wide range of artists. 

d sometimes initiating d>e smdio's own 


jeers. . , . -,u intricate tops, like those in their 

.imited-edttion tah - d 3 ^llion lire ($1,700) — • 

nblcmata series .ostarou numbef of skilled hours 

i of the cost representing with dreaiTls of traits- 

led TO nuke each *e curorot cost of 

Tina their flow mosaics from Rnvenna s 

.missioning hand-laia lire per square meter.) 
t-crafwnen is about a ^ been experimenting 

„ er the Iasi >^ s ;^d u cehiahquaUt>-.st>lish. bui 
,,«»■ Techniques to ^ to proa 3 f i owe r cost in tor 

resolutely h “ d ™S^name from a bas.c. no-titils 
tinini" line, wnun 

i of Roman floor designs was connived by 

, nc of the most su^ces*™ 1 ^ ist _ His Sienuu black 
a, Bibbta. an of concentric, emerald 

top has a strong but subtie moro ^ achieved 

RcSde.- whose mH S^osaic <«W & tesserae 
ac artisiN plac.«*S f^J^upside down, with the side 

3£SE the poster up^Jj^ Iire . on ly sligbilv less 

ft hand-working .n 

ibor in the end. 


imnnm.Mui H, rJ,j Tribune 

L ondon __ The 

myth of Japan as a 
nation of imitators is 
sodeepH entrenched 
in the West that it will take 
more than one exhibition to 
debunk it. Yet. the question 
the visitor feels compelled to 
3sk himself after seeing the 
admirable retrospective of 
Hiroshige's work, on view at 
the Royal Academy until 
S e P ! - 28. is whether Japan’s 
artistic personality was not so 
vigorous that it was effective- 
ly incapable of imitating. 

Bom in Edo. as present-day 
Tokyo was called, probably in 
1797. Hiroshige lived at a 
time when Western influence 
had long since reached Japan. 
Barely perceptible in paint- 
ing. which formed parr of 

SOURBJV MEUKIAN 

high culture, it was far deeper 
in rhe relatively new art form 
of w oodblock priming aimed 
at the new urban class. 

Although this is never men- 
tioned. woodblock designers 
such as Hiroshige appear to 
have been acutely aware of the 
foreign currents’ at work. In 
the brief but riveting section 
coiled “Flowers and Insects.” 
these are virtually absent. The 
subjects are drawn from the 
Chinese heritage and neither 
the Western-style perspective, 
nor the compositional tricks 
borrowed from Europe, have 
been allowed to intrude. 

Yet. far from being a pop- 
ularized version of the schol- 
arly legacy, these works are 
uite revolutionary. “Blue 
_ ird on a HoUvhock.” prin- 
ted around 18^5, has an in- 
tensity in its minimalist col- 
oring — the buttercup yellow 
of the petals, the deep blue of 
the bird perched on the blos- 
som — alien to the Mandarin 
tradition. Hie overall hand- 
ling is unique. 

S O is. and more admir- 
ably so. that of “King- 
fisher and Iris.” done 
around the same time. 
The coloring o: the spiky iris 
leaves ir. shades of greer.. al- 
ternately dark and :;zht. the 
bird that seems ro he dropping 
in a free fall from high aoo\ e 
the flowers against a toned 
background, and. no: leas'- the 
conceptual link provided by a 
single' vertical tine of wispy 
ideograms ai left, make it one 
of the great masterpieces of 
Japanese prm trunking. 

“Bind on a Camelia 
Branch/' in which, as Mam 
Forrer. the Dutch curator of 
the show remarks, one detects 
the intentional suggestion of a 
brush stroke, is equally novel 
for the sharpness of the out- 
line and the marked contrasts 



Hom-lulu /wadenij i4 An- 

"Seba — No. 32." from “ The Sixty-Nine Stations of the Kisokaido Road." on view at the Royal Academy. 


in the sparsely applied color. 

If one reproach could be 
leveled ai the wonderful show, 
it is that there are not more of 
these remarkable bird and 
flower prints, virtually un- 
known to the Western public. 

The contrast they foim with 
the landscapes, mostly con- 
sisting of views of famous 
sites that earned Hiroshige his 
reputation in 19th-century Ja- 
pan. is striking. These are pre- 
dominately in Western-type 
rectangular formats. The com- 
positional schemes also bear 
witness to the Western impact. 
In "The First Cuckoo at 
Tsukudajima Island" from the 
series "Famous Views in the 
Eastern Capital." published 
about 1831-32. one can detect 
an echo of the oval compos- 
ition of English landscape 
painting in the ISth century. 

And vet. the print does "not 
remotely resemble any West- 
ern painting, watereolor or 
engraving. What marrers is 
the vertical rhythm of the 1 
masts springing up from the ' 
lower edge of the* print and I 
cutting across the horizon • 
iir.e. The linear rhythm is m 
turr. sustained by a chromatic 
counterpoint of blues and , 
rusty pinks. 

“Snow at Akabane in the 
Shiba District,” in principle 
very Western with its single 
vanishing point in the center 
of the rectangle, is trans- 
formed out of recognition by 
the graphic handling of the 
detail and the coloring. It is a 
study in whites and off- 
whites enhanced by the blue 
wedge of the river. 


MUSEUMS 


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AUCTIONS 


MAITRE MARC- ARTHUR KOHN H 

CANNES - FRANCE 


6 DAYS OF EXCEPTIONAL AUCTIONS 

^THURSDAY. 7 - AUGUST, at 7.30 p.m. 

OLD MASTERS AND XIX* CENTURY PAINTINGS 

I R8DAY. 8? AUGUST, x 7 JO pm 

modern and contemporary paintings, 

SCULPTURES 

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ART NOUVEAU. ART DECO 


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INFORMATION AND CATALOGUE; 33 4 93 43 11 00 


The more he “borrowed,” 
the more Hiroshige appeared 
to become inventive. “Shono 
— Sudden Rain." from “The 
Fifty-Three Stations of the 
Tokaido Road." which also 
dates from the early 1830s, is 
perhaps the most famous of 
Hiroshige's prims. Trees 
bend in the gale, like brown 
shadows in a lurid light. The 
tree lops are suggestive of 
snarling monsters screaming 
in unison. This is Surrealism. 
Eastern fashion. 

"Ashida — No. 27" from 
another series, “The Sixty- 
Nine Stations of the Kisokaido 
Road," must have some dis- 
tant European prototype. The 


continuous undulating green 
band in the foreground, stand- 
ing for hills , has no Eastern 
equivalent, nor do the trees 
with oval tops, let alone the 
solid pink mountain in the dis- 
tance. But one would be hard 
put ro pinpoint the European 
source. Nothing remotely as 
avant-garde was to be created 
in the West before the Nabis. 
This heralds Emile Bernard in 
the 1890s. 

Here and there, attempts at 
emulating contemporary nat- 
uralistic ” landscapes from 
France, such as “Seba — No. 
32" from ihe Kisokaido Road 
series, seem to have been 
made. Done about 1842 at the 


latest, the view has a pink 
sunset that could have been 
inspired by Jules Dupre. Bur 
the linear rendition of the 
reeds, the foliage of the trees 
in the distance reduced to jux- 
taposed dabs are not Western, 
nor are the flat colors. 


B 


UT Hiroshige ’s pref- 
erence went toward 
graphic boldness 
with ultramodemist- 
ic touches. In “The Yoro Wa- 
terfall in Mino Province” 
from “Famous Views in the 
Sixty-Odd Provinces,” a deep 
vertical blue band hemmed by 
turquoise on either side, sup- 
posed to be the water cascad- 


ing down, cuts through the 
predominantly gray rocky 
mountain sides, the latter 
handled in an Eastern style. A 
would-be Western-type cloud 
defined by an irregular scal- 
loped line has a touch of car- 
mine red in the lower area and 
of grayish blue at the top, as if 
inspired by the Dutch flag. 
Rather than influence, this is 
more like a reminiscence. 

The deeper one penetrates 
the. oeuvre of Hiroshige, the 
more intriguing he becomes. 
His diversity is bewildering. 
From one print to the next, the 
aesthetic distance often 
seems unbridgeable. “Trav- 
eling at Night in the Moun- 
tains at Hakone” has a fairy- 
tale atmosphere, created by 
the dark mountainsides with 
torches throwing red flames 
turning into white billowing 
smoke. * ‘A View of the Sea ai 
Kisarazu in Kazusa Prov- 
ince” is tersely evocative and 
ultramodern although pub- 
lished around the same time, 
in the early 1 840s. 

The most innovative of all 
is perhaps “Plum Garden at 
Kameido” from the series 
“One Hundred Famous 
Views in Edo." A landscape is 
seen through the openings be- 
tween the thick black branches 
of a plum tree. Green in the 
lower half, red in the upper 
half, it has a quasi-Fauve reel, 
half a century before Fauvism 
emerged in France. 

Looking at his preliminary 
sketches such as “Descending 
Geese at Katala." one begins 
to realize that Hiroshige rarely 
depicted a landscape: he de- 
ciphered it like an ideogram of 
nature, retaining the strokes 
and dots of the structure and 
using color for its expressive 
value. He was an ever-chan- 
ging creator about whom little 
is understood as yet. 


ARTS 


□ 


FI AC 

1-6 October 97 
Espace Eiffel Branly 
Paris, 

.n:erna:io' , al Contemporary 
Art Fa-r 

CoiiTTy c f honour Switzerland 


1 



-iSetegaut 
motibsetting 
displays of Fitte 
Art and Furniture 


Internet Preview: www.antiqnet-com/shador 


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to please the moss dtscnnumong ooUecior ..mcredble 
diversity with ouusandirg quainy in all categories. . . 
iumiture.sihier. porcelains, bronzes, tunps. prints, texdes, 
onentaiia.art nouveau, deco. modeme.Victonan and 
much, much more. 

450 SELECT DEALERS PLUS 
ANTIQUARIAN BOOK FAIR 

Admission: S 8 ( S’" uith ad) Good all 3 days 
During sbou -HO 6*9- ’396 (other 301738 - 1966 ) 


Sbador. Inc.. P.O. Box 1400, RochvtUe. MD 20849-1 -tOO 


VP* BIENNALE DE SCULPTURE 
DE MONTE-CARLO 

May 24 - October 31 1997 

,7 exhibition of man irrnetital sculptures 
in the public gardens 
and the Monte-Carlo Casino... 

...40 artists shoutt 
Arman, Botero , Colder ; Indiana, 
Mauz.it, Martini, Mirb... 




L'mlcr the High Pattwwge 
of HS.H. the Suvivigii Prince of Monaco 



MBtMML 

BflMLE 


OF 


ANTIQUE DEALERS 


AND ART 



MONTE CARLO 

International Spoiling Club 
Place dn Casino 

From August 1st 
to the 17tll, 1997 included 

(from 4.00 p.m. to 9.00 p.m.) 


ARTS&AiVnQUES 

Appears every SatunUiy- 
To advertise cum a ft 
Sarah Wemhof 
in our London uffirv*.- 
1>i,: + 44 1 71 420 0326 
Fax: + 44 1 71420 0338 
nr your nearest IHT nffir 
or representative. 


ANTIQUES f 


ANTIQUITIES 

Finest Classical, 

Egyptian, Near Eastern. 

Rh£a Gallery 

-by appoiutmem- 
Zurichbergstr. 26 
CH-8032 Zurich 
gf41.1) 2520620 Fax 


PAGE 8 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 2-3,3997 


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HT, 63 Long Acre, Londm WG E 9JH 


MEETING 

POINT 

Meeting Point 


SULTRY VENETIAN BLOND seeks 
tiefaen fa b mutual rewanfina te 
Cal Brussels: 02-646 6522 


WEEKEND IN KONTE CARLO alone- 

M il you cal me - charmra 

LOSS wtshos u join you. Verfi- 
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^flsisiastssss" 

Td: 44 171 355 5006 
Foe 44 171 355 5007 . 


Monboe Nannies 

KNOIN NIBWrattUT FOR THE VHY BEST. 
NANNfES/HATERNITY NURSES 
GOVBMESSESMOTHEirS HELPS 
Afl staff are My experienced In (he ws 
of tafante 8 young cMdnen & m prodde 
a very proreasionai & caring service 

Please contact: Enily van Eyesen 
7EL‘{44 171) 4090910 FA)t (44 171)629 41K 
34 BROOK ST.. IIATFAIH. LONDON. Wt„ 


Nannies & Nurses 

CoCcnuuail suB Vw n 

WE SPECLUJSE LM THE PLACEMENT 
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• NANNIES * GOVERNESSES 

• BABY MATERNITY NURSES 
EX CELLEN T CAREASSlltED 
PLEASE TELj -m 171 589 57R9 

OX FAX: 44 171 838 0740 
20 BEAUCRAMP PtACL LONDON. SW3 


Domestic Positions Available 


HOUSEKEEPER* AHNY/COOK FOR 
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caretaker coopfe Fax paniciiiars 
1-4OM05625T USA 


are here to sohe ywrr et^i #«*. 

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COUPLES • HIXlSEXjEEPERS 
HJL/NANNES • CHEF5/C00KS 
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Fax: +44 171 589 0095 
MTtwri«waww-U3NtX>WSW7 2UriflOVT 


( BSTTTSH NANNIES GOVERNESSES) 
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AVAILABLE NOW 
Open Monday - Saturday 
Pieaste tetepboa* Sarajtme trAbofi on 

© Tel: +44 171 509 6132 
Fcuc +44 171 589 0092 
2S Tta*» Sftew. UWKW SW7 HR UOVI , 


Domestic Positions Wanted 


COUPLE, experienced. ctaufinirtjijUer, 
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En^sfi Tet Parts *33 (0)1 4353 4596 


OCCASIONAL AND PERMANENT 
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Fax UK 171 589 4958 


UK 8 OVERSEAS AU PAIR AGENCY 
NANNIES. MOTHERS HELPS, all tort 
staff. 97 Regsnf SL London WiF mf. 
Tet 171 49+2929 Fax 1 71 494 2322 


n v:' 

JP- ' 


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FAHRENKROG 

The ImxNtnnvu. PutTMusHtp Atomy In Europe 

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O A FANTASTIC CHARMING DUTCH BEAUTY . . . 

X BRIGHT AND ENCHANTING LADY IN HER YOLNG WS. 1 7J A SMART. 
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pi^ecaixHH^HII^S^HHP 


Frankfurt 


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LxUTYtM. AL 
CimmuN-ivu 


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y\ wn 

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DINING OUT 




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G cj tronc wfcd manu atam u tn ii kana. 
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me W Ar. dt Wagram. 

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To advertise contact derail Wershof 
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A GRE.AT DEAL HAPPENS 
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YACHTING 

COWES WEEK 

Entertain n sMe atuad tie dassc 1935 
Camper S IWtosnoluoixy 70T 
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Phone fcrdetafc of avatotoy 
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Hrral b^^Cribimc 

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SUBSCRIBER CUSTOMER SERVICE; 
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icn, ptease can the Miming mutton. 
EUROPE, UDOLE EAST AND AFRICA: 
TOLL FREE ■ Austria 0560 Bl20 Bei- 
aim 0800 17538 France 0830 437437 
Germany 013Q 848585 8a (y 167 780040 
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tand 155 5757 UK 0800 895965 Hse- 
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Hong Kong 2922 117T Indonesia 809 
1328 Japan (toll-free) 0120 464 027 
Korea 3672 0044 Malaysia 221 7055 
Philippmes 895 4946 Singapore 325 
0834 Taiwan 7753456 Thailand 277 
4485 Bswhare (*852) 29221171 


THE EDUCATION & WELFARE of sent- 
na runs S priests. If you unufef fike to 
kne-v more abmJl but writ & how you 
can help write Father Mathew Btoddey. 
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emai mattfocfcaiecnmccm 


FEELING low? • Having problems? SOS 
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Auto Rentals 


REWT AUTO DERQ FRANCE: Wse&i 
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Do YOU LIVE IN 

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For a hand-delivered .*ubscrmtinn on the dav 
of publiration in major Danish cities, 
rail 00 33 1 4143 9.361 


THF WUKIJlN | HI 1.1 XKW^HVl+R 



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saturday-sundai; august 2 - 3, 1997 



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page 9 


Apple Widens Its Talent Search 

Insiders Say Steve Jobs Is Now Trying to Lure Chief of Kodak 


By John Markoff 

New York Times Service 


SAN FRANCISCO — Steve Jobs 
who returned to Apple Computer Inc. as 
an adviser three weeks ago, has been 
tiying — unsuccessfully so far — 10 
persuade Eastman Kodak Co.'s chief 
executive, George Fisher, to come to 
Apple, according to an executive who 
knows both men. 

Two weeks ago, Mr. Fisher said pub- 
licly that he had no desire to leave 
Kodak, after reports that he had been 
approached about taking the top spot at 
AT&T Corp. 

But Mr. Jobs and Mr. Fisher have bad 
a long and friendly relationship, and 
when Mr. Fisher was at Motorola Inc., 
that company came close to making a 
major investment in Mr. Jobs’ software 
company. Next Inc. 

Neither Mr. Fisher nor Mr. Jobs 
would comment 

[Larry Ellison, chief executive of the 
computer software company Oracle 
Corp., said he would join the board of 
Apple, a French financial newspaper 
reported Friday, The Associated Press 
reported from Paris. 


™Pfru EIHson toId U Tribune he 
would be on Mr. Apple’s new man- 
agement team at the MacWorld trade 
show next week in Boston. 

nje report adds to speculation over 
the future leadership of the troubled 
computer company, which began 
searching for a new chief executive and 
chairman after ousting Gil Amelio three 
weeks ago. 

[The newspaper quoted Mr. Ellison 
as saying he intended to invest his own 
money in Apple, but declined to name 
an amount. Three months ago, the soft- 
ware executive retreated from plans to 
invest m Apple, saying he would not 
seek to rake control of die company for 
the time being.] 

Mr. Jobs, a c»>-founder of Apple who 
was later ousted from the company, once 
successfully wooed an initially skeptical 
John Sculley away from PepsiCo Inc. to 
lead Apple. Mr. Jobs reportedly asked 
Mr. Sculley, who has left Apple, wheth- 
er he warned to * ‘sell sugar water’ * for 
the rest of his life. 

Apple recently retained the execu- 
tive-search Firm of Heidrick & Struggles 
to look for a new chief executive. 
However, Mr. Jobs has rapidly and vis- 


ibly pul his imprint back on Apple, and 
even without a formal position appears 
to be, in effect, leading the company 
after the recent ousier of Mr. Amelio. 

Mr. Jobs reportedly is also attempting 
to recruit former board members of 
Apple and Next Inc., including John 
Warnock. chairman of Adobe Corp., 
and Daniel Case, an investment banker 
at Hambrecht & Quisr, to fill open po- 
sitions on the Apple board. 

Mr. Jobs has privately told friends 
and associates that he does not want to 
be Apple's chairman or its chief ex- 
ecutive. But while the search for a chief 
executive is under way, he has pushed 
the computer maker swiftly toward a 
strategy that he believes will allow the 
company to revive itself in a computer 
industry dominated by machines based 
on Microsoft software and Intel chips. 

The change in Apple's direction ap- 
parently includes a dramatic rollback of 
the company’s willingness to license its 
Macintosh operating system. 

Apple’s board told executives at sev- 
eral companies earlier this week that 
licensing its operating system was “no 
longer consistent" with Apple’s 
strategy, according to officials at two 



1 rif KU«tpTh> i hi a'* >il 

Steve Jobs, co-founder of Apple, is again playing a key role in the firm. 


companies that have licensing agree- 
ments with Apple. 

So far, on the inside at least, Mr. Jobs 
has had a positive impact, according to 
current ana former Apple employees. 


“Marketing has been galvanized in a 
way they haven’t been for many, many 
years,” said one former Apple employ- 
ee who stays in close contact with the 
company. 


Endesa Pays 
$1.5 Billion 
To Purchase 
Chile Firm 


Btitomherg News 

MADRID — In a bid to tap into 
Latin America's fast-growing mar- 
ket for electric power, Empresa 
Nacional.de Efectricidad SA (En- 
desa) of Spain agreed Friday to pay 
$1.5 billion to take control of 
Chile's Enersis SA. 

Endesa, Spain’s largest electric 
utility, wfll pay 51:23 billion for 
control of five Chilean investment 
companies, known collectively as 
Chispas, which have indirect con- 
trol over Enersis. The Spanish com- 
pany will bay the rest of Chispas 
over the next five years, bringing 
the total purchase price to SI .5 bil- 
lion. • 

“Endesa has long talked about 
how they want to expand in Latin 
America." said Colin Curvey, a 
utility analyst at Celfin SA in San- 
tiago. “If you buy the Chispas, you 
buy control of power companies all 
over Latin America-” 

The agreement would be the 
second major acquisition in Latin 
America by a Spanish power com- 
pany in as many days. A group led 
bv Iberdrola S A agreed Thursday to 
pay SI. 6 billion for a controlling 
stake in Brazil’s Cia. de Eletricid- 
ade de Bahia. 

The Ctulean agreement would 
allow Endesa, which has billions in 
capital to invest, to help fund En- 
ersis’ strategy of taking overpower 
companies across Latin America. 

“They'll be coming to the table 
with billions of dollars for acqui- 
sitions instead of millions,” said 
David Hurd, head of research in 
Chile for Merrill Lynch & Co. 

Endesa will pay a premium for 
Enersis. The five companies com- 
prising Chispas had a market value 
of about 5770 million. Mr. Curvey 
said- 

It was unclear what changes En- 
desa, which is controlled by the 
Spanish government, planned for 
Enersis management. 

Jose Yuraszeck, general man- 
ager of Enersis. is known for main- 
lining control over the companies 
•hat he runs, and it was unlikely that 
he would give that up. analysts 
said. 

As pan of the agreement, an in- 
vestment group of Enersis employ- 
ed would use some proceeds from 
the takeover of Chispas to buy up to 
5 percent of Endesa. 


Small Business Bears Brunt of German Taxes 


By Alan Cowell 

New York Times Sen-ice 


NEUSTADT-WIED. Germany — 
The timing was a coincidence, but no 
less telling for that: Just as U.S. law- 
makers were preening over legislation to 
balance the budget arid cut raxes. Ger- 
man politicians acknowledged failure 
this week in negotiations to streamline 
their country’s burdensome system of 
taxation. 

For people like Ralf Riba, who runs a 
small design company here that has 
taken an American cue — not only by 
marketing miniature steel representa- 
tions of the Empire State Building, but 
also by downsizing its staff and” out- 
sourcing work — the implications w ere 
obvious. 

“Medium-sized companies are still 
the motor of the German economy. '” he 
said. “And this has put the brakes on.” 
Across a wide spectrum, from in- 
dustry representatives to government 
ministers, the assessment was gloomy. 
“The chance to make Germany more 
attractive in the international race fer 
investment was frittered away.” said 
Economics Minister Guenter RexrodL 
Not was the comparison with Wash- 
ington lost cm commentators. 


“Two worlds,” said the Frankfurter 
Allgemeine. a conservative daily. 
“With pragmatic common sense, the 
Americans presented themselves with a 
reduction of capital taxes to keep their 
economy on the upswing; in Germany, a 
tax reform that would have offered a 
realistic chance to' the unemployed has 
collapsed on ideological divisions.” 

The German rax reform effort, which 
Chancellor Helmut Kohl labeled “the 
reform of the century.” centered on a 
government proposal to cut 30 billion 
Deutsche marks t S 1 6.3 billion i worth of 
raxes, in pan by lowering the top-end 
income tax rate’ from 53 percent to 39 
percent and the starting rate from 25.9 
percent to 15 percent. The government 
proposal also foresaw a reduction of an 
income tax surcharge for the staggering 
costs of German reunification from 7.5 
percent to 5.5 percent 

The airr. w as to encourage investment 
and thus stimulate jobs in an economy 
w here unem?lo> men: exceeds 1 million 
people, -r ‘ ‘ percent of the work 
■tore'e. 

The opposition Social Democrats. 
with a majority both in the upper house 
of Parliament and on the mediation 
committee that met for 15 hours on 
Wednesday, blocked the package, say- 


ing its terms favored the rich. Moreover, 
the opposition’s own counterproposal 
to lower Germany’s prohibitive labor 
costs in return for increases in the value- 
added tax and the fuel tax now seems 
certain to be voted down by the gov- 
ernment majority in the lower house. 

The result is political paralysis and. 
according ro Arnold Willemsen. a 
spokesman for the Federal Association 
of Germany Industry, “catastrophic im- 
plications” for Germany’s record-level 
unemployment and “a signal to German 
investors ic rake their money abroad and 
to foreign investors to avoid Germany 
even more.” 

For Mr. Riba. 29. in his design office 
here 40 kilometers {25 miles) south of 
Bonn, the tribulations seemed ominous- 
ly familiar: It was a combination of high 
costs and global pressures that turned 
his family’s business from a substantial 
manufacturer of clothing- industry’ ma- 
chinery employing 70 workers ro a 
modest studio with just two full-time 
employees — a parable of German costs 
and complacency at a time of global 
economic change. 

“As Germans, we had been so ar- 
rogant.” Mr. Riba said. “We ranked 
No. 2 in the world as exporters. But we 
lost sight of the world marker and real- 


ized too late that our competitors had 
not been sitting still.” 

Although Mr. Riba has never visited 
the United States, his formula seems a 
microcosm of American economic re- 
structuring. In a land where social con- 
tributions devour 40 percent of gross 
salaries, he employs a designer and 
technical staff as freelancers so that he 
does not have to pay those outlays. 
Rather than maintain costly work space, 
he subcontracts labor to four independ- 
ent shops. 

The future, he said, is in high-tech 
innovation. 

Such thinking might be profitable in 
the United States. But in Germany, 
steep raxes and the w orld’s highest labor 
costs inhibit companies like Mr. Riba’s 
that simply are not big enough to trans- 
fer production plants abroad, as many 
bigger German companies have. 

“It’s worse for small companies than 
big ones.” said Mr. Willemsen of the 
Federal Association of German In- 
dustry. “The big firms have made their 
investments abroad and even the bigger 
medium-sized firms have begun ro 
move abroad. The smaller firms find 
this difficult. The}' stay here and remain 
under the tax yoke. For them, there's no 
relief.” 


Airbus Wins 
$4 Billion in 
Plane Orders 

Virgin and Air Canada 
Opt to Snub Boeing 

Ci-mpled b r Oar SuffFnun Dcjwhr. 

PARIS — Airbus Industrie won or- 
ders Friday from Air Canada and Virgin 
Atlantic Airways for 26 planes worth $4 
billion, scoring a victory over Boeing 
Co. on the very day the Seattle-based 
company completed its acquisition of 
McDonnell Douglas Corp. 

Virgin Atlantic said it would order 1 S 
aircraft worth $2.6 billion, nearly doub- 
ling the size of its fleet and tipping its 
balance in favor of the European aircraft 
maker. Air Canada announced its in- 
tention to order eight planes in the 
A330/A340 family worth $1.4 billion, 
based on catalogue prices, and took 
options on 20 more planes. 

The orders indicated that Boeing’s 
acquisition of McDonnell Douglas, 
which will create the world's largest 
aircraft manufacturer, could work in 
Airbus's favor . "Boeing makes excel- 
lent aircraft, but it is in the interest of 
both the aircraft industry and the con- 
sumer for them to have strong com- 
petition,” Richard Branson, chairman 
of Virgin Group, said Friday. 

Boeing shares were at $58.50. down 
1 8.7 cents, late Friday on the New York 
Stock Exchange. McDonnell Douglas 
stock ceased to be traded at the end of 
business Thursday. 

Boeing filed documents to complete 
its $16.3 billion acquisition in Mary- 
land, where McDonnell Douglas is in- 
corporated and where the merged entity 
was incorporated. The all-stock deal 
was completed seven months after it 
was announced and one day after the 
European Commission formally ap- 
proved iL (Bloomberg, Reuters. AFPi 

■ Boeing in Talks Willi China 

Boeing Co., stung by its sliding for- 
tunes in the key China market, may set up 
its first manufacturing joint venture there, 
Bloomberg News reported from Beijing, 
quoting a Chinese aviation official. 

Tang Hua, deputy director of the for- 
eign trade bureau at Aviation Industries 
of China, said talks between his com- 
pany and Boeing to produce aircraft 
components were underway. He did nor 
provide further details. 

In the past 15 months Airbus has 
landed about S3 billion in new aircraft 
orders from China, compared with 
than S2 billion for Boeing. In that time. 
China also chose Airbus over Boeing as 
its partner to make 1 00- scat aircraft in 
China. 


It’s Musical Chairs at GE 
On the Eve of a New Era 


Blovmhen: Sews 

FAIRFIELD, Connecticut — Gen- 
eral Electric Co. shuffled its top man- 
agement on Friday in a move that re- 
newed speculation about who would 
succeed John Welch as chairman of the 
United States' most valuable company. 

Among those promoted were W. 
James McNemey Jr. , 47. who runs GE‘s 
lighting business. He will replace Eu- 
gene Murphy as head of GE's aircraft 
engines unit, a larger business. Mr. 
McNemey has been touted among in- 
vestors and securities analysis as a con- 
tender in the race for Mr. Welch’s job. 

The value of GE’s stock has in- 
creased more than 17-fold since Mr. 
Welch took over in 1 981 . 

“It’s hard to replace someone like 
Jack Welch, but if anyone’s got a lot of 
bench strength, it’s GE,” said Bud 
Duffy-, an analyst at STI Capital Man- 
agement, an Orlando, Florida-based 
company that owned 10.3 million GE 
shares at the end of March. “It's not just 
Jack running a company that size and 
delivering profits.” 

Mr. Welch, 61, has said he will retire 
at the end of 2000. GE, with a market 
capitalization of S224 billion, makes 


products from light bulbs to jet engines 
to television programs. 

Mr. McNemey has the breadth of GE 
experience to vault him up the candidate 
lists, analysts said. At 47. Mr. McNer- 
ney is also young enough ro be a serious 
contender given GE’s mandatory re- 
tirement age of 65 for executives. 

“McNemey 's got the broadest back- 
ground” of all of the contenders, said 
Craig Fanning, an analyst at Brown 
Brothers Hamman. “He's got terrific 
international experience. GE Capital 
experience." 

Mr. Murphy, 61. will become the 
fourth member of GE’s executive of- 
fice. with Mr. Welch, Paolo Fresco and 
John Opie who are vice chairmen. 

David Calhoun. 40. ihe head of GE’s 
transportation systems business, will re- 
place Mr. McNemey as head of GE 
Lighting. John Rice, also 40. will re- 
place Mr. Calhoun. 

Paul McBride, 41. who runs a GE 
Plastics unit, will replace Mr. Rice as 
head of GE Plastics- Pacific. 

“Change is coming,” Mr. Fanning 
said. “There’s a race to the- end.” 

GE shares fell SI. 25 to close al 
S68.875. 



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ECONOMIC SCENE 


Bangkok Ignored IMF’s Warnings 


By Paul Lewis 

New York Times Service 


N EW YORK — The plunge in 
the Thai baht, followed by a 
wave of currency' depreci- 
ations through South and 
Southeast Asia, illustrates rhe short- 
comings of the international early 
warning system set up after the Mex- 
ican peso crisis of 1994-95 to head off 
currency upheavals in emerging econ- 
omies. 

Over the last year, officials say, 
Thailand steadfastly resisted pressure 
from the International Monetary Fund 
and Western governments to take new 
steps to curb its current-account def- 
icit, raise productivity, reduce short- 
term foreign borrowing and strengthen 
a creaky banking industry weighed 
down by speculative property loans. 

Meanwhile, foreign bankers and in- 
vestors continued to pour money into 
the country, even though they knew 
Thailand had an estimated $60 billion 
of foreign debt Tailing due, but only 
$40 billion in reserves. 

Even after speculative pressure 
started building against the baht 
around February, Thailand refused to 
apply new economic measures or to 
seek IMF assistance, saying that it 


could weather the storm with help 
from Asian neighbors. 

And even after it was forced to 
effectively devalue the baht on July 2 
— by allowing it to float to market 
levels — Bangkok waired until this 
past Monday before reluctantly ac- 
cepting that the only way to restore 
confidence in its currency was to ask 
for an IMF loon and accept whatever 
economic disciplines were imposed. 

"Frankly, the early-warning system 
failed,” said Fred Bergsten. a former 
undersecretary of the Treasury, who 
heads the Institute for International 
Economics in Washington. “The 
Thais did not listen to the fund, and the 
markets were very slow to send 
Bangkok warning signals, even 
though they knew there was trouble 
coming. The IMF and the Group of 
Seven countries should have really put 
the heat on rhe Thais.” 

While pleased that Thailand has fi- 
nally agreed to pur irs economy under 
their supervision, senior officials of the 
monetary fund remain angry that their 
warnings went unheeded so long and 
that officials in Bangkok refused to 
cooperate with the elaborate procedures 
put in place after the Mexican debacle. 

In a speech in Jakarta in November, 
the IMF’s managing director. Michel 


Camdessus, warned that despite high 
growth rates. Southeast Asian countries 
faced “new challenges and risks" to 
their economic and financial stability. 

“It had no effect beyond making the 
Asians angry." said a senior IMF of- 
ficial, who spoke on condition of an- 
onymity. “They thought they could 
manage on their own. 

Then in June, after a highly critical 
review of its economic policies by the 
IMF executive board. Thailand re- 
fused to allow publication of an ac- 
count of the discussion under a pro- 
cedure instituted the previous month 
intended to let financial markets know 
more quickly where the fund saw trou- 
ble brewing. 

“That should tell you something: 
The Thais thumbed their nose at us all 
along.” the IMF official added, noting 
that the Thai delegation sent to Tokyo 
after the devaluation returned empty- 
handed because Japan refused to help 
unless the Thais culled in the fund. 

Under rhe early-warning system, 
emerging economies were urged to 
provide markets with much more in- 
formation than in the past about their 
economic performance. At the first hint 
of trouble, the reasoning went, well 

See IMF, Page 13 


Thailand to Privatize Customs Department 


By Thomas Crampton 

Speciu l in the tlerphl Ti ihmic 

BANGKOK — When exporters fry 
to get their goods past the notoriously 
slow inspectors at the Thai Customs 
Department, tea money — a small 
bribe — often appears to help. 

But now. in art effort to become 
more competitive and remove an an- 
noying impediment lo trade, the Thai 
government will turn over customs op- 
erations to a private company. 

“There are too muny tables in cus- 
toms offices and at sonic, only some, 
you have to pay tea money. We will 
create an on-line system lo eliminate 
that problem," said Thailand's deputy 
director general of Customs. Prcecha 
Chavalilfunirong. 

“A transaction dial once took five 
hours will just lake five minutes once it 
is working.” he said. 

Alter a decade of last economic 
growth. Thailand is in the throes of a 
financial crisis that has the government 
looking to the IMF for help. 

Companies have complained that 


Thai customs procedures are a costly 
hindrance to economic development. 

Throughout the developing world, 
officials on small salaries using out- 
moded procedures have made customs 
an impediment to trade in their coun- 
Irics. 

But within two weeks, a company 
called Trade Siam, which will be 5 1 
percent privately owned, will be cre- 
ated to streamline the clearing of goods 
in and out of Thailand. Mr. Prcecha 
said. 

Foreign expertise managing cus- 
toms inspection and valuation would 
be welcome in Thailand, said Virachai 
Techavichit. an adviser to Prime Min- 
ister Chuovalil Yongchuiyut. 

Mr. Virachai said die deal with 
Trade Siam, which has received cab- 
inet approval, was just one part of an 
overhaul of the Customs Department’s 
procedures. 

“We have lo lei an experienced for- 
eign company come in and do like they 
did with our neighboring countries. 
Then we can transfer that technology to 
Thailand.” Mr, Virachai said. 


One likely foreign candidate to help 
operate Thailand’s customs could be 
Socieie Generale de Surveillance 
Holding SA, a Swiss company that has 
run customs operations in Indonesia 
and the Philippine* since the mid- 
1980s, The company’s contract with 
Indonesia ended on April I. 

A spokesman for Soeicre Generale 
lie Surveillance in Geneva refused to 
say if negotiations were under way 
with Thailand, but said the company, 
which handles customs in about 30 
countries, has made such proposals in 
the past. 

“With the International Monetary 
Fund coming in to support the econ- 
omy on one side, speeding up customs 
with private-sector help will he a way 
to increase our competitiveness. " Mr. 
Virachai said. 

The problems with the Customs De- 
partment were outlined by the Foreign 
Chambers of Commerce in a position 
paper released in January 1 . 

“The Customs Depanmem and its 

Sec THAI. Page 13 





PACK 10 



THE AMERICAS 


Investor’s America 



The Dow 


30-Year T-Bond Yield I 


9000 

■ri* 



*A, jJ 




6400 



6.40 






1J0 

/ 


130 


1.70 "Vx/V* 





150 M A 

M J J A 


1,0 M A M J j A 


1997 



1997 

Exchange 

index 


Friday • Prev. % • 

@4 PM Close Change 

NYSE 

The Dow 


819W 8222.61 - -0,35 

HYSE 

S&P 500 


m.Vl 954-31 ' -0.75. 

NYSE 

S&P 100 ■ " 


Q23J* ais.Sff- .-4J.Yi' 

NYSE 

coirejorito • 


.48&9» 4S4.S& ’ -0.71 

ILSo. 

' ftoaj^cbmporite .tfiSAsat tsaa&i 

AMEX 

Market Value 


■644.19 ■ 646430.^^33- 

Tbtowto 

t^E index / 


.6657*36. ^34" 

S&oPaulo 

Scwesjie 



Btexlco City 

Botea - •• 


■&6SM ?. 


< 


S8h ting* 

PSA^enerar 


573538 t 

Coemm'. 

Cafiitai<3en^ai 


MJL-; ■ : 

Source- Bloomberg. Reuters 


InkntMnuul licrakl Tribune 

Very briefly: 


Return of the Corporate Raider 

Edelman’s Bid for Crillon’s Owner Is His First in ’90s 


liltMimherf: Newt 

NEW YORK — Asher Edel- 
man is back. 

The 1980s corporate raider is 
making His first attempt this de- 
cade to buy a company. 

On Wednesday, Mr. Edelman 
made a 3.9 biilion franc ($630 mil- 
lion} offer for the hotel company 
Societe du Louvre, which owns Le 
Criiion. overlooking Paris's Place 
de la Concorde, as well as the 
crystal-maker Baccarat and An- 
nick CoutaJ, a perfume maker. 

This is Mr. Edelman’s first at- 
tempt ar buying a company since 
he returned to the ILS. investment 
business in 1995. Mr. Edelman, 
57, a well-known collector of 
modem art, quit buying companies 
in 1988, when he moved to 
Lausanne, Switzerland, to run the 
Contemporary Art Museum there. 

If Mr. Edelman has returned to 
his former modus operandi, he will 
sell off bits of Louvre, as be did 
with other companies he acquired 
in the 1980s. 


Mr. Edelman refused to com- 
ment on what steps he will take if 
his bid is successful, saying only, 
**I won’t try to run it, that’s not 
what I do." Another option could 
be having a partner manage the 
business. 

Mr. Edelman never quite made 
it into the league of top corporate 
raiders, such as T. Boone Pickens 
Jr. and Carl Icahn. He managed to 
make money, though, earning an 
average annual return for his in- 
vestors of 39.5 percent from 1980 
to 1988. with no losing years, he 
said. Even though some of his bids 
were not successful, he made 
money on the jump in stock price - 
that occurred when the news of his 
raid was announced. 

His reputation suffered in the 
late ’80s, when he was unable to 
sell off two computer companies 
he had bought, Mohawk Data Sci- 
ences Carp, and Datapoint Corp., 
both of whose shares plummeted. 

It did not help his name when he 
taught a class at Columbia Uni- 


versity's business school called 
•’Corporate Raiding: The An of 
War.” in 1987. Mr. Edelman pro- 
posed a $100,000 award to any 
student who uncovered a takeover 
target. Columbia made him with- 
draw the offer, angry that he would 
get the students to do his home- 
work for him. 

in his new incarnation, Mr. 
Edelman is positioning himself as 
an activist shareholder, pushing 
for the management of companies 
in the United States, France, 
Switzerland and Canada to take 
steps to bolster their share prices. 
He was an in vestor. for example, in 
Chicago Dock & Canal Trust, a 
real estate investment trust that 
was bought by CrtyFrom Center 
LLC for $175 million this year. 

Mr. Edelman quit the- Swiss mu- 
seum to return to investing in the 
United States because he "missed 
the business and excitement," he 
said. Nonetheless, he expects that 
most of his activities will be as 
shareholder, rather than as raider. 


Plunge in Bond Prices 
Drags Down Stocks 


* . ( 0 * 

W f \' Hi 

V r '“' 


r mfitnl tn Oar SaflJ 7 7bV*P‘' ftr ' 

NEW YORK — Bond prices 
posted their biggest loss in more 
than a year on Friday, sending 
stocks lower, after reports on man- 
ufacturing and jobs revived concern 
that a robust economy will speed 
inflation and lead the Federal Re- 
serve to raise interest rates. 

"The slowdown that we had in 
the second quarter is over," said 
David Shulraan. chief equities 
strategist at Salomon Brothers. That 
is bad news for stocks because in- 
vestors have bet that the economy is 
cooling enough to keep wages from 
rising, he said. '‘The market hasn’t 
priced in anything bad for the past 
two months." 

The benchmark 30-year Treas- 
ury bond fell 2 4/32 points, to 102 
8/32, the biggest slump since July 5. 
1996. Its yield rose 15 basis points 


to 6.45. 

'op 

in a week for bonds, which on 


The 


i percent, 
mop marks the first setback 


GM Sales Overtake Expectations TT G Tnlrpn Aim at TTn«nit£ll PYaiirl 

DETROIT (Bloomberg) - General Motors Corp. said ACO Jr%All± dl llUSUllal J. Id UU 

IUJ ,1 - : I I C r J I A. c • A 


DETROIT (Bloomberg) — General Motors Corp. said 
Friday that its U.S. sales of cars and trucks rose 6.5 percent in 
July, well above expectations, as combined minivan, pickup 
truck and sport utility vehicle sales set a record for any month 
in company history. 

GM said car sales rose 3 percent to 237,267 units from the 
year-ago month, while strong demand bolstered truck sales 1 2 
percent to 1 8 1 ,835. The automaker was expected to post a gain 
of up to 2 percent, analysrs said. 

Earlier, Chrysler Corp. reported that its July sales fell 9.3 
percent, a bigger decline than the 7 percent analysts bad 
projected. Car sales fell 12 percent compared with July of last 
year, to 64,804 units, while minivan, sport utility vehicle and 
pickup truck sales fell 7.6 percent to 134,858 units. 

Chrysler Corp.'s shares fell 75 cents to $36.44. 

Cost-Cutting Lifts Kellogg Earnings 

BATTLE CREEK. Michigan (AP) — Kellogg Co. said 
Friday that its earnings more than doubled in the second 
quarter, citing increases in cereal sales and savings from cost- 
cutting efforts. 

Kellogg said profit rose to $163.6 million, compared with 
$78. 1 million in the comparable period a year earlier, as sales 
rose 4 percent, to $1.7 1 billion. 

• Wheeling-Pittsburgb Steel Corp. and the United Steel- 
workers union reached a tentative agreement on a contract that 
would end a 10-month strike by 4,500 steel workers. 

• Ford Motor Co. will cut prices on Us 1998 cars by an 
average of 1 . 1 percent and will raise truck prices an average of 
05 percent. 

• Travelers Group's consumer finance subsidiary. Com- 
mercial Credit Co., paid $1.6 billion for Security Pacific 
Financial Services, a BankAmerica Corp. uni L (Bloomberg) 


By Kurt Eichenwald 

New York Times Service 

NEW YORK — With the indict- 
ment of three executives of 
Columbia/HCA Healthcare Corp., 
law enforcement officials are sending 
a powerful message to administrators 
and financial executives in the hos- 
pital industry: Be very afraid. 

The executives are charged with 
falsifying cost reports that are used 
to determine billions of dollars of 
reimbursements from the govern- 
ment annually. 

Over the years, cheating on a fed- 
eral cost report became viewed by 
some hospital administrators as 


something akin to jaywalking. While 
everyone knew it was illegal, lots of 
people did it The result, according to 
a 1993 report by the General Ac- 
counting Office, was hospital ex- 
pense maud run amok. The report 
said government investigators had 
found widespread misrepresentation 
in hospitals around the United States, 
exceeding $50 million in fraud in 
one year alone. But except in die 
most egregious cases, rarely was any 
hospital administrator prosecuted 
The unsealing Wednesday of fed- 
eral indictments in Florida against 
tiie three executives has drastically 
changed the landscape — and the 
risks. Federal prosecutors said they 


were prepared to pursue more in- 
dictments against hospital adminis- 
trators who knowingly obtain money 
their hospitals do not deserve. 

*‘I think we will see more of this 
kind of case as the Justice Depart- 
ment's focus on health-care fraud 
continues," said Michael Seigel, 
first assistant U.S. attorney for the 
Middle District of Florida. 

While this is likely creating some 
sleepless nights for hospital finan- 
cial officers at Columbia, it does not 
mean that others in the industry can 
rest easy. The indictment shows that 
the government is prepared to apply 
exacting standards that have been 
relatively unheard of in the past. 


'Hiursday finished their best month 
since May 1995. 

The Dow Jones industrial aver- 
age fell initially more than 100 
points, but it closed down 28.57 
points at 8,194.04. 

The Standard & Poor’s 500 Index 
drqjped 7.15 to 947.14, and the 
Nasdaq Composite Index declined 
0.52 to 1594.33. 

Financial and insurance compa- 
nies such as J. P. Morgan and All- 
state led the drop as yields rose in 
the bond market. Higher rates re- 
duce the value of the bonds these 
companies own. 

JP. Morgan fell 1 7/16 to 114 
7/16 to lead the decline in the Dow 
and Allstate dropped I-Vfe to 77%. 

"The economy's going to con- 
tinue to surprise on the upside," 
said Peter' Keane, a chief invest- 
ment officer at Sovereign Advisers 
in Charlotte, North Carolina. “The 
silver lining is that inflation will not 
prove to be a byproduct of con- 
tinued better-than-expected eco- 
nomic growth.” 

"Inflation’s the bogeyman that 


JOBS: New Indications of U.S . Economic Surge Jar Stock and. Bond Markets 


Continued from Page 1 

take out a second insurance policy 
against inflation," said Mr. Ryder. 

According to the Labor Depart- 
ment’s figures, the U.S. economy, 
which in the first seven months of 
1996 created an average of 216,000 
jobs a month, has been adding them 
at an average monthly rate of 


246,000 this year. The gains have 
been heavily concentrated in ser- 
vices such as retailing, health care 
and computers. 

■ Dollar Falls Against Yen 

The dollar fell against the yen amid 
concern that Japan would act to sup- 
port its currency, news agencies re- 
ported. 


A spokesman for Japan's Min- 
istry of Finance said Friday that 
officials would take "decisive ac- 
tion" above 120 yen. Some traders 
took that as a threat the Bank of 
Japan might sell dollars for yen. 

“It's been rumored that if the 
dollar pierces the 120 level. we'U 
see intervention to take some luster 
or some speed off its rise,” said 


Robert Houck of Norwest Bank in 
Minneapolis. 

The dollar was at 1 1 8.385 yen, in 4 
P.M. trading, down from 118.675 
yen. The U.S. currency was at 1.5267 
Swiss francs, up from 15 1 15 francs 
and at 6.2820 French francs, up from 
6.1984 francs. The pound was at 
$ 1 .6315, down from $ 1 .6404. 

( Bloomberg , Bridge News l 


would bring to a halt the rally in the 
bond and stock markets." he said. 

Insurance stocks turned in the 
worst performance in the S&P 500,' 
amid expectations that higher rates, 
will cut into the value of their bond 
holdings. American International' 
Group fell and Travelers Group 
dropped. 

Financial stocks of every type 
fell. Merrill Lynch, the nation’s - 
largest brokerage, fell; personal fi- 
nance company Household Inter 

US. STOCKS 

national declined; mortgage finan- 
cier and holder Fannie Mae' 
dropped, and charge-card issuer 
American Express edged down. 

Among banks. Banc One, Na- 
tionsBank and Bankers Trust New 
York dropped. 

International oil stocks sank after- 
the UN said it may approve an Iraqi 
aid plan Monday, paving the way for 
oil exports from fraqfor tJbe first time 
since early June. The country has 
been prohibited from selling oil since' 
hs invasion of Kuwait in 1990. 

"We anticipate the large volumes 
of Iraqi oil coming on line will rig-, 
nificantiy depress crude prices," 
Lehman Brothers analyst William L. 
Randol said in a report to investors. 
Exxon and Texaco dropped. 

Texas Instruments led a surge in 
semiconductor shares, helping the 
market pare losses in late trading. 

Intel, the world's largest semi- 
conductor maker, also rose 1 13/16 
to 93%, and software company Or- 
acle gained. Computer stocks have 
been rallying this summer amid ex- 
pectations for robust profit growth. 1 

In rotating money into computer- 
related stocks, investors stuck to 
semiconductor companies and 
shunned personal computer 
makers, which had soared this year. 
International Business Machines 
and Dell Computer dropped. 

Caterpillar, which does best 
when the economy is expanding, 
climbed to post tire best perfor- 
mance in the Dow. 

Kellogg rose 5 9/16 to 97 7/ 

1 6after reporting earnings surged as 
global cereal sales surged. The 
company also split its stock 2-for-l. 
and raised its dividend. Other food 
companies, including Quaker Oats, . 
gained. 

Donna Karan International fell 
after the apparel maker said its 
second-quarter loss widened to 68 
cents a share from 19 cents in the 
year-ago period, and 1997 results 
will not meet expectations. 

( Bbomfierg.APi 


a' 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday’s 4 P.M. Close 

The top 300 mod odjw shores, 
up io fhe dosing on Well Street. 
The Associated Press. 


SOB Mgl Ua UM Ol* IlKfeXeS 


Most Actives 

NYSE 



Aug. 1, 1997 

HJflh Low Latest Oyjv Optra 

Grains 

com (Cbot) 

MOO tai i^nftnwn- onita oer taioNM 


HU) Low latest Chge Optra 


Sen 77 

770 

J41te 

a»v> 

-I 

S»JW 

Dec 71 

mvi 

O&Vi 

aw 

♦ IW ISM31 

Nte« 

277 

vn> 

27M4 

+1 

30.136 

MovW 281 Li 

w» 

201 

-k, 

6.542 

JW98 

2B4V6 

281 U 

284 

*n* 

11J10 

Sep 70 

WYl 

2Mte 

M7te 

+ IV1 

1-.T5J 

pec 78 

270V. 

Mte 

W* 

-M4 

0.100 


Ea.K*x NA IQ4J81 

Thu's open ira 2*5*40 up 3715 

SOYBEAN MEAL COOT! 
lOOtanx- donors pm ton 

AUB97 25X00 755-50 25X00 -HO M3 9 

.SWW 23X20 73270 23100 —US 19.787 

0077 22Z50 21X50 22070 -AM 15.527 

D« 97 71 7 JO 21 240 21X60 *1.40 3X547 

Jon9l 715.00 211.00 2UM -1.70 5794 

M raW 212J0 308-00 2II70 *ZU 0.059 

Est.Sflies HA. Thu’S. SOWS 38.740 
Thu's open int 108.555 off 738 

SOYBEAN OH. (CBOT) 

80 , no tom ow ib 

Auff97 72J1 2191 22JH —077 4.448 

S«09? 22.40 22.07 2230 —028 23.134 

00*7 USA 22.22 22/2 -0.31 16.134 

Dec 97 23.K &45 2174 -XJ3 4X506 

Jon 90 23.15 nn ZL«Q -028 4JM 

AW 98 7145 2110 Z3J3 -A24 4.175 

Era. soles na. Thu-isdes 33jss 
Thu’s open inr 99.146 up 1704 

SOYBEANS (CBCm 

SOOO te> rrwWnjm- ceres «n bushel 

Aug 97 TT1 75B 7*2 -4 13.938 

Sop 97 688 679 687V> -IV, 173114 

Nov 97 660 V) 651 655V, ~^Vi 7X733 

Jan 90 663 654V) 6S7U 15.909 

Mor 98 MW. 663V) 667*. —Hi SJM 

Em. sates NA Thu’s, soles 69.700 

Thu's open int ill AM pH 15TO 

WHEAT (CBOT] 

SJW0 tei irenraium- cent) per metier 


SWW 

303V, 

358 

MTV: 

~'h 

40.7W 

Dec 77 

376 

W 

J76”i 



fttaTO 

SB 

SB 

337 v. 

• IV. 

11.770 

»ov« 

30? 

304 

300*i 

-4V, 

1.245 


ORANGE JUICE (NCTNI 
1X000 IM.- canfspar to. 

Su»97 7630 7X50 7X55 -030 16.715 

No* 97 38.00 77.50 77J0 -440 4416 

Jon 98 8470 0445 8450 -030 3.703 

Mar98 H 05 0X45 0X45 — <U5 2.510 

BMoies HA. Thu's, sate SJ7t 
Tfw's open int 32345 off Ml 


Metals 

GOLD (NCMX) 

lOOrrov at- dailarx per k-oyec. 

AU|97 326JM 3Z3J0 JKJO -0L« 1561 

Sep 97 32150 3253)0 32530 +0J0 4 

OaW 32400 J2SJ0 32XSO -0J0 R880 

Dec 97 33410 377 JO 320.90 *QJ0 100.102 

Fee 90 331 JO 33480 JJ1J0 -AM 12JW7 

Apr»0 33120 33280 33X20 -<U) 5.177 

Jw»90 335.50 '050 7.675 

Am • 31700 -0SJ 3,111 

OcfW 340.10 -050 IDS 

ES. sales HA. Tho's.sntes 35*64 

Thu’s open W 184.713 off 3677. 

HI GRADE COPPER (NCMX) 

2 MW tbs. - ceres per W. 

Aug 97 10705 HKJO 106.95 -105 3AM 

S6P 97 10000 10X00 10725 -1.65 20.421 

0O V 10625 I06J0 10*25 -125 1074 

Nov 97 10500 I Oita 10X73 -1.75 U33 

Dec 97 10X30 10160 10X1S -1.0S 7,512 

Jon «0 10670 10425 10165 -145 642 

FebfS 10305 10X10 10305 -005 Ml 

Mor 98 103 ID 10X65 10305 -0.65 2J99 

Apr* 10320 10X06 10X20 -060 3V 

Est. sales HA. Hu's, sates 7J4> 

Thu's open ira 0223 off 717 

SILVER {NCMX) 

5000 novH - cents per bnvai 
Aug 97 44490 -200 

Sep 97 45000 44200 447M -XM 58073 

Oct 97 450J9 —200 

Dec 97 45650 44X50 451SB —190 17046 

-Ion 91 45520 4SX20 45X31 -1.90 20 

MffN 461.00 45400 4JS.90 -1.10 10.296 

McyTO 464 JO 46398 46190 -1.70 3.960 

JlilXB 467.M7 -1J0 7.090 

Est. sales HA. Thu’s, sates 2i«7 
Tlhi 's open int 97.043 off 817 


Hkjfl Lop Latest Qige Optnt 
LONG GH.T (UFFS 

rsaooo pis 8. 32nds at 100 pa 

5*0 97 US-15 114.11 114-29 -0-17 184649 
Doc 97 114-20 114-10 114-17 -0-16 0020 
EA latex: 95041. piw. Sates: 79000 
Prav. often Wj 193269 off 24733 
10-YEAR FRENCH CQV. BONDS (MATIFJ 
FFSOftOOO -phot IDO pa 
Sup 97 13190 13006 13020 — 0OO 196094 
Dec 97 99.68 9906 99.12 -040 a SIS 

EsL sates: 1 77,761 
Open int.: 20X129 off SOW. 

ITALIAN GOVERNMENT BOND OJFFE) 

I7L 200 mWan - pts o! 100 pd 
Sep 97 137-30 13X41 13M5 -000 102027 
Dec 97 109.06 !QBJ> 10046 -020 1945 
Ext. sofas: 572581 Prev. sale*: 64.198 
Ptw. open tat ; 10X773 off 2,72* 
EUROOOULAR5 (CMB11 
f 1 mWonurt M I DO net 
Agfl 97 9433 9*27 



Wgh 

Lb* 

Latest 

Chge 

i a Dint 



Industrials 



COTTON 10ICTN) 




504100 tox.- eervs par e. 




OOV7 

7125 

74J0 

7XW 

-0J1 

11724 

Dec 97 

7i.1V 

7451 

7X12 

-0317 

43.106 

Mor 79 

74JD 

7X75 

7430 

-405 

14461 

Mov W 

7470 

7445 

7470 

-405 

2.771 

JlHW 

7735 

77315 

7735 


1-538 


ESI. sates MA. Tlw's.sraes 743S 


Sep 97 9431 
1X207 9436 
Dec 97 9423 
Mor 98 9110 
junlB 94.11 
Sep 90 M03 
Dec% 9193 

Mar 99 n94 

JW199 9309 
S4P 00 93 86 
DOC99 9179 


W25 

M.17 

94.W 

9401 

9191 

9102 

7171 

9171 

916? 

9165 

9338 


94.28 —0.02 21616 
9436 -AM 523.254 
94.18 -00? 1805 
94.11 -0 10 470-540 

94.02 -015 321.494 

93.92 -air 357339 
9103 -0 ID 207.349 

9173 -AH 167.054 
9172 -410 124J97 

9308 -419 96086 
9305 -419 82092 
9159 -410 71,390 


5X90 -00* 3.175 

54.73 -OW 1.895 


Apr 98 
Mav98 

Est. sates n.a. Thu'S, sales 52054 
Thu’s open tat U 6 .W off 4239 

LIGHT SWEET CRUDE (NMER) 
F .000 bBl - ekjnarx ote 

Seo 97 2432 1«M 20.28 


Est. sates NA TTv'S sales 555474 
Thu's open ini 2.719.796 w 4990 

BRiTlSH POUND (CMER) 

UJDOcauntte, tpgr pound 
SeP 97 1.6400 1.6270 16284 46056 

QOC 97 1.6210 16200 10224 842 

Mor 98 16706 10100 10166 201 

Era. sates NA Thus sales 


Oa97 20J5 
NOv 97 3431 
Dec 97 7020 
Jon 98 30J2 
Feh9B 2026 
fAorW 2025 
Aar 2045 
MOV98 !a2i 
Jun9B 20 23 


19 96 
19.98 
2001 
2002 
2413 
3413 
2004 
2406 
30.03 


30JI 
20 JO 
34?» 
2427 
24 J6 
30 J5 
3425 
2025 
2423 


Era. sales NA. Ttws. sates ua.WB 
Thu'sapenmJ m.m up l&j? 

NATURAL GAS fNMERI 
lfl.OWmmbM vtna 


-0.14 97.128 
-0.13 51.917 
-013 33041 
-411 

-012 25007 
-417 1X440 

-an 60 ie 
-an 50ii 
-an 7.667 
-on 2X9(0 


- J2S ft-79 9-15 

- J)7 8-20 O-S 

.165 8-15 9-2 

- 08 8-H a-p 


JS 919 9-30 
.18 B-l 1 «j 
00 10-10 10-30 
.11 9 15 107 
O J45 B-ll 8-25 
JO B>H 8-21 


Allen Organ 0, 

Aid Filtrona 
Arnold Indus 
Aatocam Corp 
Avan Pdctr 
BC Gas q 
Blnnmanern Sti 
C nwntAi n RUy 
Drtchamps Inc 
F4M Bnqitnlnc 
Fanners cop flk 
RdeHyBnqiPA. 

FvntmostCorp 
German Amcr 
Gold Banc, 

GoWenWFln 
INA Inv Sccur 
JormochUdq 
Lukens Inc 
Nova Corp 0 
PonCdn PeircJ g 

•ran* teapprextealB omnmtper 
sMte/AOR: 9-payabte in ComScM tads: 
m-wnntMii; R-qwirtMiy: s- a te wl aun— l 


.14 8-22 9-5 

SB 8-8 6-25 
,11 8-15 9-3 

03 8-11 8-25 
J15 8-18 9-2 

JS 8-15 Ml 
.10 8-1 1 8-73 
SO 8-29 9-12 
M 8-U 8-27 
JO 8-15 0.; 

J1 9-1 10-1 
09 8-1S 
J7 8-1S 9-15 
32 S-IQ 8-10 
.03 8-79 9-1J 
.11 B-1S 9.10 
J1 828 9-10 
.125 9 5 10 1 
35 011 M2 
.1010-31 11-15 
.ID 9-IS 9-JO 


Era soles na Tiers soles 26.216 
Thu's open mi 103.000 up 20059 


Livestock 

CATTLE {CMEH) 

4UOO(trs- car's bit lb 

AubU OJ» 67 61 6J52 -430 20057 

Oct 97 N«3 70 35 70J3 — 0.ID 49.175 

Dec 97 7202 72.77 72J7 *4» 2000? 

Feb 98 7347 7347 71 S5 -002 9.732 

Apr* 7SJ5 74.9J 75.15 -0.05 36*9 

JUH95 72 OJ 71^7 H02 -IDS 76M 

Est. sates 11.907 Thu s, sates 1404? 
Tlw'sopenBii >06.527 up 357 

FESTER CATTLE (CMER) 

SOflOO'ln - can* ocr Rj 

Aug 97 0235 0135 61 52 -410 0.533 

5ep97 B2J3 0130 8145 -447 3.63 

00 97 R47 01.35 Stifl -045 S.7V8 

NOT?: 8X70 S2.S0 82.62 -440 J.S26 

Jen 90 03» 02.50 81 tO -40 1047 

Mor 98 82.97 0225 8730 -040 0S2 

Era. sates 1W THU S sales 1500 
m/i open tel 74.573 off 86 

HOGS-Lran (CMER) 

JUDO fc-x - cpnrx Bf» re 

Ana *7 0245 1145 8217 -025 9.140 

OCT97 7570 74® ?5B 16X45 

Dee 97 71.45 TOW 71 JO 5.962 

Feb 90 *975 020 070 -D02 7J46 

Apr 96 6X23 6U0 64.77 -462 1009 

Est soles 8.113 Thu’s. Mtes^’.jw 
Ttxi’soaennt 36.942 uo 743 

FORK B06JES (CMER) 

«)0(Vibs -rwmn'ti 
Alia f! 0075 0UO 

Feb 98 7820 7600 

WCT90 7765 7635 

Era sates 3 79s rnu’s sates 3J6t 
Ttw’s open Ml 5836 in 127 


PLATINUM (NMER) 

X itp» ut- dMarspernavw, 

0a97 439 00 42840 43X50 »UOO 1JJ7J 

Jon 98 477 jo 4I6JOO 427.50 -1500 2.5U 

Apr 98 4T9J0 40000 419J8 '17.00 34) 

Era sates NA. Thu’s, sates LT40 
Thu’s open ml 1X447 up MW 

Oom Pro»luux 

LONDON METALS OMB 
DoOarsiw rnrtlc ten 
MUM* (Hnb Grade) 

Spot 1740 00 174140 1702 00 
Forward 1736>‘ 173700 1AWJO 
cupper Cathodes iHM Grade) 

Spot 2329 00 734280 2353* .■ 

Fanranf 
Lead 


Thu's open ire 

47.677 off 87 


5ep97 

1250 

t:a 

7.145 

:j3d 

CANADIAN DOLLAR f CAVER) 


Novo; 




1003)00 ooMrs.x Per Can air 






SepTr 7770 

-725J 7N2 

41.469 


2-500 



DBC77 JJ15 

7271 JM 

33107 

Feb TO 

Z~7?5 

2450 

2-3*5 

Mar 98 







Era.saes NA 

Tito's. SOWS 6.162 



1155 

Its 5 

J,TO> 

TtW sooennH 



Me .ff 

JI1(J 

23*5 

.*m 

GERMAN MARK (CMERJ 


Jun90 

2055 

:om 



231400 231100 2324 00 


nn oo 

170000 


23569, 

3171 00 


pSwans 

Ntcfcsl 

Spat 

Forward 

nu 

Spat 

Fanwid 


62400 

6381'." 


62780 
629 00 


62280 

63500 


740080 7J0580 732080 
74UOQ 749080 741080 


473.00 

4J5’X 


733080 

742000 


was DO 
553080 


1X380 

146000 


0X30 

(BOO 

* 1 00 

2705 

7600 

77 15 

•1J0 

2.947 

7444 

7745 

-140 

77 


Stock Tables Explained 

Sates figures ora unoffioldL Vcart)r Wgts end laws retted the prrsujus 52 weeks plus ttte nmrrt 
xucetb but nffffteMeratanSnaitay.Whcieas{0i«arraDckdMdeMamaj ntlng 1025 proem or more 
Ms been paid, the years Mgh-kMr renRe and rSvdend are shewn tor Bie new stocks anfif. Untess 
alheiwisc ndert rates a) rihndcriils ora annual disbursenieals based on the latest Dectarotion. 
a - aWdcnii also tntn> (s). b - annual rote pt tfindend plus slock 6r*t6enCt. c - hqumaimg 
tfwKjenrt cc - PE excccbs W.eJd - called d - new yearly low. dd- lass in Hk last 12 months 
e - dividend declared or paid in preceding 12 months. I - annual mtr. increased an test 
declaration, g - dividend in Canadian funds, subicct to t5‘\ nan-restacncc tan ■ - dtwdcnd 
dedared alter spin -up arstact" divUKud. i - drvtdond paid tins year, omitted, defanrd. or no 
on bon taken at tatest dmdend meelmg. k - dividend Hectored or paid mis year, an 
accumulative issue with dmdends at arrears. 01 - annual rate, reduced on last decMratan. 
it - new issue in the past 5? weeks. The high -tow range begins wiin the start of trading, 
nd ■ new day delivery, p • initial dividend annual rate unknown. P/E- pace -earnings ratio, 
q - dosed -end mutual fund, r - dividend declared or paid in preceding 1 2 months, plus stock 
ahndena. a - stock sold. Dividend begms with dale of split, sli - Mies, t - tSrMrmS paid in 
stack in preceding 1 3 months, estimated anii whn>«if«-divtaena ore«-dislri»uiion date, 
u- new yearly high »• trading halted, n- at bankruptcvoriecewersfiiparberngrirocgonired 
under the Bonhiuptey Atl. nr raxuiltiesossumedby such contpantes-vid - when distributed 
wl ■ when issued’ ww - with urarronb. i - rx-tirvrdefid dr ex fights, ttfis . ex-rfistnbvlion. 
kh - wllhoul urarronis. y- ex -dividend ond sales In fuB. yld - yteid. z - soles in lolL 


1515 

1511 

• X 


153* 

1564 

-4 

24424 

ISO? 

1S« 

-3 

W.!49 

1613 

UIB 

■3 

10 9TO 

1636 

WTO 

-3 

1.390 

1453 

1456 

•J 

3.743 


Food 

COCOA (NC5E1 
lomiwvwm- Suer Ion 
See 97 1ST 
Dec 97 1507 
morn 16TO 

Morn 1637 
JO "9 1630 

Sep 98 1656 

Ea sates 6.924 mi *, saws &vw 
Thu's open 4ii Nil 016 off 351 

OOfFEEC (MCSEJ 
J V90 n - ««ws » 

Sep 97 107 JB 16125 1 61 95 -04S 

tXrte 16350 16280 Ul» -0 25 
Mar 90 14450 14700 U-’JO -0 TO 
MovW I43J0 14125 MIJS -ICO 

A<m 139® 1 37 JO U.’W -105 

ESI sales 3.636 Ihu’s <4*‘S 6J® 
Ttarxcaemra 21.79 1 ufi J® 

SUGAR- WOPLO II INCSE) 

117890 DM - ■> 

fVryr ll » II M) (I4» BBl 

r.torn 11 W 1117 "6* »M 

•Jtev98 (If II W II in i'«r 

jut 9S Ills |1 «D ll*» 002 

Era sem 2i.v6t I im - jA-i isj%« 
Thustwn-m tmv «4* .‘*11 


10J6 7 

6.314 

3.247 

099 

56* 


14 V| 
■4.K" 
17*4’ 
7d6B 


5*8500 561580 5475 W 
50JD80 565400 5520 00 
Zinc tSptcM High Gndtl 
Spot 154980 I SHOO 151580 
Forward 146500 146600 1*5600 


High Low Omr Otge Quint 

nnanciai 

UST. BK-L5 (CMER) 

XI mu nor*- tfior lira pci 

Sen 97 9496 9440 94 09 -0 p4 ».w 

Oar 9? 94.04 9J7» 94® -0 10 777 

Mar 90 9469 -0 13 4] 

Era. votes M.A, Thu’s, sales TOI 

Tito'S deen HI 7.TO1 Off 17 

SYR. TREASURY 1CBOT1 
tim.»n pr*. a»%8.MRn«r UH act 
5eo97 100-01 107.14 ID 7 -15 — 40 =5-167 

Dec 97 Utr-49 106-63 W7-0B -4« «.10J 

Esr setes NA Thu ’i. sates 49847 
Thu'vapentftt 7R565 no I5J9 

UYR. TREASURE (CUT) 

Xioo 000 or in- Ml A JMOJ <4 IW pa 
Seo97 111-04 109-27 109-28 -104 37013) 

Der97fto-77 im-19 I09-P« — l as y J36 
MOT 98110-07 109-09 109-09 —105 T7J 

Est. sdes 61 A Thu’s, sotes 90815 
Ttei's open 402 447 uu Mia 

Ut TREASURf BONDS (CBOIT 
II Bel- XIOO oao-V) & jTna-.ar litoocrt 

5PP97 llt-JI 714-23 1M-M — 1» 515827 
Dec 97 116-20 11-1-1? 114-15 —130 44.973 

Mar «8 1 tvO? 1(1-05 11485 — 1 x jjogt 

Am 99 71J-25 _| JO 7.137 

Evl N A TIto ssaws L01.6TJ 
Thin com iif 604.440 ijp 2RK7 

UBOR 1-MONTH (CMER) 

XTm.MM. ,11)44 ion cc< 

Out *- 94 n 94 J4 94.36 —001 71010 

See 9- 94 Jt 94 J4 94 it -oai 9J93 

0et97 «4 y 94 32 94 J7 -004 A 433 

Era sates A.A iitos-vaies y.iw 
i Vs open m oo«m on 1100 

nwKliK.* 0 ? Bu,,n 'Liffei 

DVItoODo rtsn IPOr<i 

S3 

••!.•» MiHTt.nl JSiBlOoff f,Mi> 


1 25.000 mar* s. 1 err mark 
Sea 97 J4S7 5369 53W 122.093 

Ore 97 5449 5405 5412 3.235 

Wait 5443 Si8 5443 545 

Era. Miles NA Tnu’s. sates 17.476 
Ttto'soeenM 115.970 Off 337 

JAPANESE C£H (CMER) 

17 5 manan yert. t per in ven 
Seo97 AS* 5U3 JMM 77812 

Dec 97 8»M 0557 fta* l.W 

Mar 98 0721 413 

Era sale* NA TTw's rotes 70,059 
Thu’Sdpennt 79.600 off 140 

SWISS FRANC (CMER) 

1JS.0M francs. 1 nor hone 
SWOT 0648 ASM 6501 

Dec. 97 4485 6640 6649 

Mar 98 4710 

Era. sales NA Tito's, sates U.tw 
TT w’s open nil 62.069 off 1760 
MEXICAN PESO (OMBl) 

SffJUiMtai. IHTPru 

s«p 97 .12590 .12407 .12523 

D« 97 72140 .12072 110(0 

Mcr9t .11710 .)I6B5 1)615 

Ext sates NA Thu’s.sam 7.947 
Tito’s opened 41041 ua Ml 
3-MONTH STERLING (LIFFEI 
csmuxn-pisof 100 pa 

5*p97 91 TT 9167 VJM —004 137.W 

Dec 97 V3.S8 9250 9751 -006 123-MS 

Mat 98 92259 92-SO 9751 -08i 99878 

JW1O0 92.64 97-57 92JJ -0 05 71.306 

StpV* 92 >1 92 63 97 63 — OOS 5151a 

Dec 98 97.75 9J60 9160 -OOS 41780 

Mar 99 9700 97 T7 97 77 —OOS 40.365 

Jrm99 92 87 97.74 9274 -084 37.675 

Eil sofas I7I.S5J Prev sales ?X3I3 
Pm open M 631480 up 7.797 
3-MONTH EURCMARK (UFFE) 

OM1 MlHon atsanOOpct 
Alig 97 9675 94 75 96.74 —0 07 7.053 

Sets 97 96W 9666 9*66 -0 04 277.856 

Del 97 9681 9640 96 60 — 0.0? 1.670 

(tec 97 9t8S 96.41 96 48 -a 06 302.265 

Mar 95 9642 96 35 9« J6 -0 06 250.015 

Jun*8 96.24 9615 96.17 -dot 191J*| 

Sep *0 96 05 9S9J 95 97 -007 SM/m 

Oec« 95 79 95 71 9S7J -88M19053 

Mar «9 9SJ9 9551 0557 -407 10ASJ5 

Jim 9* 


50872 

2.108 

96 r 


30J24 
13.510 
5 712 


37.10* 

:xm 

12.737 
15.750 
17.115 
11.507 
’.Ml 

3J99 

i ?S8 

XUj 

Era sates 7ii. Thu’s scles 3S*23 
Thu i^wneif I02.(<? aF l« 

UNLEADED GASOLINE (NMER1 
47800001. 4entXDeroa' 

SeP 9’ 45 » 42 41 450' -2-77 3».73l 

Oa97 HJ0 56« MX -112 13.409 

Na»97 10T r-SJ 5ax - 0 79 7.210 

D« 97 17 4’ 5*90 57 6? -0 M 3 570 

Jon 95 51 ST ?«90 T5* -052 734.’ 

F«>9S S7 3J -iijii l.*W 

McjH iWi -DM X'C' 

AprJS 6)94 -0 6] 9J0 

Era latex n o Thu s sales 55. SW 
Triu icpeiwir Si j '9 a“ 414; 

GASOIL (IPE) 

U 5 aanors per n»oMi ign ■ bis of 100 Ions 
Aug 97 I72J5 16930 17150 „j;S 18.34S 

Sen 97 773 JO 1T0U t73(M -JJfl le,!7i 

04197 174 75 1 72 00 t.M *5 -JJ0 C.T*9 

Nov 97 17580 173 75 175 JO .175 '4)1 

D« »7 17675 174 75 1 74 JO .r cj i's;g 

Jan «S 17700 17500 ITT 00 - 1 75 7.o9r 

Feb« l.'4.« ITS 50 I’e.a .1J(J ;,04i 

Mar 90 IT4S0 l?4 0ti 174 50 -l?s 3iit 

E*-» sates, HJaS. Pre, sajej . 1-07* 

Prer. aunt Ini. 8154) vc 1.6(5 
BRENT OIL (fPE) 

U S daBan a« banei ■ Lots cr 1^X0 earret. 


S#P« 

19Q0 

16*2 

1095 -001 


OC19J 

|9« 

19.68 



NUV07 

>404 

1080 

>4 03 



Dec97 

19 00 

1BB{, 

14 05 



JanTO 

1906 

1SJ9 



FotTTO 

1905 

1S94 

WOJ 



MdiTO 

N T 

NT 

l«C0 

•0 02 



Est sales T6.50S . Prev sates 44 '’5 
Prev open mi 174.1 (9aif6?5 

Slock Indexes 

SAP COMP. INDEX (CMER) 

500 • ,n*> 

5cp9- *1025 »4»>1 95337 - :-|7»;;-i 
Dee 97 971 » 950 53 955 J? -1; a SA45 
Mor 9! 975 M — i ;» I on 

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TlW’xcwninr 1.194. no ut 


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Est sates 2*01352 Prev sates TH9.74 " 

prev DPMI M 7.61V.9S? off 379 
3-MONTH PI BOB IMATIF) 

FFS illHten. pH <B 100 pet 
Sep 97 96J1 9*46 «tL *1 -004 »13« 

Dec 97 «6JI 9*36 963/ -004 JI<*4 

Mor 98 9A.TJ 9636 «r.28— 0A1 27.21v 
Jim 98 »6.?o 9* 14 96 t«—0as 74101 

Sep 90 WOO 9601 ■WOJ-0O6 7449s 
0*90 9507 «« vSSJ -OOS. 77.509 

Mar 9? 95*0 05*5 9545 - 0 06 l».6M 

Jutl »» 9557 9SJS 95 49 - 0 04 8.709 

Ed sates SI JS2 
Open tat Taa.727 up 3 KV 

J-MONTH EUROURA (LIFFEI 
lit I nUHten tAsanODpcl 
5ert97 9133 9370 93 Jl -0 01 109 175 

D* 97 9167 93.50 9366 - 001 09.640 

Morn 9400 93 9 J 9397 -O03 53 'M 

Jufl TO MIS M » 94 20 -0,0? 4l^J> 

Sm 90 94,45 94J7 94 37 -0 O' 1U37 

Dee TO *4.56 9J40 94 40 - 0 09 O’t 

Era WIML 43,708. Ptev. sates 47 
Pm open W- 771 J/6 if Jr* 


5fp97 4«S)0 4VJ*0 'isi- 

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Commodity indexes 


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Sep 97 5X85 5X55 

5X56 

-137 

43.130 

•- 

Oct 77 57.20 

5X25 

57, OB 

-IL» 

24.154 


Nov 77 57,75 

5X95 

57 73 

-024 

17.243 


Dec 77 58.40 

-57 JO 

50 J8 

-0.19 

14 542 


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S.1S 

5X48 

-aw 

15.130 


Feb 70 5X53 

5X00 

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8.507 


Mor 78 57 S3 

9.00 

953 

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Mi e.'-oiK-e! fv.'.i t';.- . 




INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDA1, AUGUST 2-3, 1997 


PAGE 11 


EUROPE 


Unilever’s Cost Cuts 
Help Lift Profit 30% 


. ComiMleJkr Our Stff Firm P isjvnH-, 

LONDON — Unilever, the Brit- 
ish-Dutch maker of consumer 
products ranging from Magnum ice 
cream to Calvin Klein perfume, said 
. Friday that second-quarter profit 
rose 30 percent as cost-cutting ef- 
forts offset sluggish sales growth. 

Unilever also said h was pl anning 
a 4-for-l share split in light ofthe 
“continued strong performance of 
the share price.” 

Unilever shares have risen 55 per- 
cent in Amsterdam and 28 percent in 
London this year, bolstered by ex- 
pectations of an acquisition, a share 
V buyback or a large dividend after the 
company in May sold its specialty 
chemicals businesses to Imperial 
Chemical Industries PLC. 

Net income for the three months 
ended June 30 rose to £473 million 
C$775.7 million) from £363 milli on 
in the year-earlier period. Analysts 
had widely expected profit between 
£407 million and £471 million 

Revenue rose 1.3 percent, to 
£8.83 billion. 

Measured in guilders, Unilever’s 
second-quarter profit rise was even 
sharper. It jumped 57 percent, to 
1.48 billion guilders ($714.6 mil- 
lion). The Dutch currency has fallen 
aga in st both the dollar and the 
pound in the past year. 

The latest figures bring Uni- 
,, lever’s net profit from ordinary op- 
erations in the first half to 2.38 bil- 
lion guilders, up from 1.75 billion 
guilders a year earlier. 

Unilever NV of the Netherlands 
and Unilever PLC of Britain to- 
gether form the Unilever Group, 
which has about $50 billion in an- 
nual sales. They operate as a single 
entity, share the same management 
board and report one set of financial 
figures, in both guilders and 
pounds. 

Co-Chairman Niall FitzGerald, 
said he did not expect sales to pick 
up soon and warned that profit 
growth would be “less buoyant” in 
the second half, although he said he 
still expected a “satisfactory” im- 
provement for the full year. 

Mr. FitzGerald has enticed in- 
vestors since he became British co- 
chairman last autumn, pledging to 
sell lower-margin businesses to re- 
'■ shape Unilever's product line, to 
invest more in emerging markets 
and to cut costs, in slower-growing 
Europe. 

The effort paid dividends in the 
second quarto-. Operating profit in 
Europe, which accounts for half of 


’ S 1 ^ les *jh m P e d 26 percent, 
to £484 million. The operating mar- 
gin in Enrope rose to 12 percent, the 
highest of any region. 

One-time restructuring costs ab- 
sorbed a year ago to close factories 
and cut jobs, were lower. Unilever 
also began reaping the benefits of 
cost-cutting measures, such as its 
decision last October to cut 70 jobs 
as it combined two Dutch food busi- 
nesses. 

Unilever said it posted a £2.58 
billion one-time gain on the sale of 
ks specialty chemicals business to 
ICL which was completed July 8 
and left it with net cash of £2.8 
billion. It gave no indication of how 
it will spend the money. 

There has been speculation that 
Unilever might bid for companies 
ranging from HJ. Heinz & Co. to 
Kellogg Co. to CPC International 
Inc., the maker of Skippy peanut 
butter; Other analysts say a share 
buyback or a “superdividend” is 
more likely. 

In the meantime, Unilever said it 
would ask shareholders to approve 
the stock split on Sept 22. 

The split, which is scheduled to 
take effect on Ocl 13. would apply 
to the shares of Unilever PLC and 
Unilever NV, as well as the Amer- 
ican Depositary Receipts of Uni- 
lever PLC and the New York shares 
of Unilever NV. 

The better- than- e xpected profit 
increase indicares that the world's 
No. 2 maker of packaged consumer 
goods, behind Procter & Gamble 
Co., is beginning to reap the benefits 
of a reorganization of its European 
food business, analysts said. 

“We started to see some signif- 
icant improvements coming 
through at long last. ’ ’ Richard New- 
boult, an analyst said. 

Unilever shares closed Friday in 
London at 1 ,819 pence, up 50 pence, 
while in Amsterdam they closed at 
467.4 guilders, up- 12.4 guilders. 

(AP. Bloomberg ) 


Europe’s PC Sales Rise 10.5 % 

Market Growth Is Expected to Accelerate in 2d Half 


Reuters 

LONDON — Sales of personal compui 
Western Europe grew in the first half of 1997, and are 
likely to accelerate in the second half, a report pub- 
lished Friday said. 

West European personal-computer sales totaled 
8.58 million units in die first half, up 105 percent 
from the year-earlier period. Sales grew 14 percent in 
the second quarter, up substantially from die rise of 
7.5 percent posted in the first quarter, according to 
Context, a marker-research firm. 

“This is the result of the partial recovery of some 
of the biggest European markets like France, Italy, 
Spain and Sweden,” said Emmanuel LaUoz, senior 
personal-computer research analyst at Context 

“If. as is likely, the consumer market grows stronger 
again in the last quarter of this year. Context expects 
the second half of 1997 to be even better, with growth 
approaching 15 to 16 percent,” Mr. Lalloz said. 

This contrasts with market conditions at the end of 
the first quarter, when Context said consumers were 
worried about their economic prospects. Sales also 
slowed ahead of the introduction of Intel Coip. ' s new 
Pentium 2 chip, which was launched in early May. 

Compaq Computer Coip. of the United States 
improved its position as market leader, with 14.6 
percent of European sales, Context said. 

International Business Machines Corp retained its 
second place with 9.3 percent of sales, while Hewlett- 
Packard Co. placed third with 6.2 percent. 

Siemens Nixdorf Inf orma ti ons sy s teme AG of Ger- 
many was die top European performer, with a fourth- 
place showing and 5.8 percent of sales. 

Germany, Europe’s biggest market, experienced 


moderate growth with sales hitting 965,100 units in 
the second quarter, an increase of 7.8 percent from the 
first quarter. Sales in Germany were hampered by the 
country's economic recession, Mr. Lalloz said. 

Sales in Britain, Europe's second-biggest market, 
grew by 12.1 percent in the first half. 

Mr. Lalloz said Compaq's powerful performance 
was due to its increasingly aggressive pricing and its 
improved distribution. 

* L EBM had problems with managing its inventory 
in Europe, overstocking desktop computers while not 
being able to supply in the notebook market,” Mr. 
Lalloz said. 

“Siemens Nixdorf outperformed all its compet- 
itors in the second quarter by achieving the highest 
year-on-year growth of 59.3 percent, with 248524 
PCs shipped.” he added. 

Apple Computer Inc. of the United States held on 
to ninth place, with a 3 percent market share. 

“This is partly a result of high sales in the edu- 
cation sector, and of the success of the company's 
refocus on the high-end market, and partly a con- 
sequence of improved logistics, and stock control,” 
Mr. Lalloz said. 

The rapid pace of technological change in personal 
computers has been a serious constraint on sales, as 
individual consumers and small businesses hold back 
from buying a machine to avoid being saddled with 
obsolete technology. 

According ro Mr. Lalloz, companies like Compaq 
and Hewlett-Packard, and particularly IBM, are try- 
ing to woo new customers with leasing-type deals, 
which include service and guarantees that computers 
will be updated to incorporate the latest technology. 



Source: Tdekurs 


InlciMlittu! HcnWTfBmnc 


Very briefly: 


Daimler Executive Will Pay Fine 


Reuters 

BONN — Eckhard Cordes, a 
Daimler-Benz AG board member, 
will pay a fine for revealing a rough 
estimate of the company's 1996 fi- 
nancial results, but maintains that he 
did not break securities trading reg- 
ulations, Daimler said Friday. 

Stuttgart prosecutors had been in- 
vestigating Mr. Cordes for allegedly 
breaking insider-trading laws when 


in March he provided a small group 
of journalists with a prediction of 
1996 profit figures that had not yei 
been made public. 

But prosecutors said Friday that 
they would drop their investigation 
if Mr. Cordes paid a fine, an offer he 
accepted. “He has accepted a pro- 
posal to pay a fine ana have the 
investigation dropped.” a Daimler 
spokesman said. “But he is con- 


vinced he did not break any laws.” 
The profit forecast of more than 2 
billion Deutsche marks ($1.09 bil- 
lion), which he made a month before 
the company's press conference on 
the 1996 results, was well above 
analysts' expectations. Daimler's 
share price rose by more than 3.5 
percent the next day. The company 
went on to report group net income 
of 2.8 billion marks. 


Solid Rise in Income Lifts Lloyds TSB Profit by 57 % 


COnf/tied try Oar Satf from Dupuctes 

LONDON — Lloyds TSB PLC 
said Friday that first-half net profit 
rose 57 percent, to £1.09 billion (5 as 
it continued to increase income and 
slash costs associated with two ma- 
jor acquisitions in 1995. 

The bank said first-half profit at- 


tributable to shareholders rose to 
£1.09 billion (S1.79 billion) from 
£690 million. Pretax profit rose 33 
percent, to £15 billion. 

The share price rose 45 pence to 
720 pence in London. 

.Analysts said the results showed 
that British banks were continuing 


to benefit from the solid economic 
growth, low inflation and a rising 
property market 

Lloyds TSB, which is exceeded 
among British banks in capitalization 
only by HSBC Holdings PLC, is 
often viewed by analysts as a model 
for British banks. Under Sir Brian 


Pitman, the chairman, it has sold for- 
eign units and has fboised on mort- 
gages, life insurance and lending. 

The bonk said that it was seeking 
suitable acquisitions but that a share 
buyback would be possible if no 
desirable candidates could be 
found. (Bloomberg, AFX, Reuters} 


• Britain has asked antitrust authorities to review the bid for 
Energy Group PLC by PacifiCorp of the United States, 
which could endanger the deal 

• Channel One, the cable television channel owned by Daily 
Mail & General Trust PLC, plans to dismiss 64 employees, 
or a quarter of its staff, in a bid to reduce its cost base. The cost 
of thelayoffs will result in a full -year loss s imilar to that posted 
last year. Daily Mail said. 

■ Arjo Wiggins Appleton PLC’s second-quarter sales fell 8 
percent, to £826 million ($1.35 billion), as the strengthening 
pound eroded overseas income. At constant exchange rates, the 
paper company said, sales would have increased 4 percent 

• The European Commission has received a revised recovery 
plan for Credit Lyonnais, but it declined to comment on the 
substance of the aid for the state-controlled French bank. 

• RAO Almazy-Rosii -Sakha still has not delivered $165 
milli on worth of Russian diamonds that De Beers Centenary 
AG paid for this year, the South African mining company said, 
adding that it had not been able to renew its five-year 
marketing contract for Russian diamonds. 

• Bank of Moscow has bought nearly 20 percent of Troika 
Dialog, the largest stock trader in Russia, from Dialog Bank 
Group and employee shareholders of the brokerage. 

• Fila SpA's sales in the quarter ended June fell 42 percent in 
dollar terms, to $15 million, but rose 18 percent in lira terms. 

• SAP AG’s wholly-owned U.S. subsidiary, SAP America 
Inc, has agreed to a joint venture with Intel Corp. to develop 
products to support business applications over the Internet 

• Bayer AG's Agfa film and graphics unit has agreed to buy 
DuPont Co.’s graphic film and offset printing businesses for 
an undisclosed price. 

• Metro AG will ask shareholders to allow the retail giant to 
issue up to 70 million new shares to raise as much as 6.86 
billion Deutsche marks (S3.74 billion) to fund acquisitions. 

• Royal Packaging Industries Van Leer NV has bought 

Uniflex Packaging Co~, a Thailand-based consumer packaging 
company, for an undisclosed price. Bloomberg. Reuters, afx 


WORLD STOCK MARKETS 


High Lear Ons* Pm. 


Hlgb Law Owe Prey. 


High Law awe Prey. 


High Low Qom Pm. 


Friday, Aug. 1 

Prices In toed currencies. 
TeTeturs 

High Law Owa Pm. 


High Law Close Pm 


Amsterdam 


ASK- AMRO 
Aegm 
AhaU 
Afcjotobel 
Bonn Co. 
BSsWkscvg 
CS nSCHI „ . 
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FariisAmev 
Getraws 
G- Brecon 

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KLM 

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60*0 
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271 JO 
3A-B0 
94.90 
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114*0 

135 
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101-50 
74*0 
48 
85.10 
7110 
357 
263.10 
170 
112-20 
91 JO 

209 
6160 

210 
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11150 
473 
112-50 
45 U0 
275 


100 

114 

215 

36.10 

91 

7050 

7£70 


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48.10 4830 ,4030 
156 15630 1573 

5040 5040 W.M 
323 340*0 
137 14DS0 14X60 
42-70 43.90 4330 
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217 21838 
36-50 3630 
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10930 111.90 114 

31 830 32430 ,318 
12530 134£0 125.50 
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4590 4730 
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6930 69-40 

352.10 353.50 
239-50 2bX50 

165 16580. 

109.50 132 110-60 

8928 91 JO 8568 
208 209 309 

65 6540 6590 
209.70 209.70 2BM0 
119 119.50 11&60 
11130 114 116.10 

45*50 46740 455 

10680 11030 10630 
AIM AM 49 JO 
271 SO 272-90 27230 


47 J0 
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352 

259 

168 


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CDBWZfaOnh . 6235 
OaktfarBenz 14940 
DefJWsn MOJO 
Deutsche Bank 12150 
Deut Telekom 4175 
DrasdnerBcmk H430 
Fmeniw 347 

Fresentas Med 15650 

Fried. K/vpp 32650 
Geh* 11530 

HadetogZm* 158 

KenfcripM 10X® 

HEW 455 

HacMIef 81*0 

Hoechd 06.10 

KoBhnft 713 

Lnhmeyrr 93 

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wvetro 9830 

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Vaq 7B9 

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42-50 ' 6165 63 

147-20 148JQ U43Q 
102-50 HUBS 10370 
12150 122.15 17450 
43J5 4330 4348 
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345 346 346 

15350 15350 157 

324 32650 325-70 
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443 455 443 

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8530 35^0 8635 
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92 9220 8950 
1327 1335 1360 

3630 3630 37.05 
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850 88550 85850 
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6920 6930 6910 

555 55525 558 

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CAC-W: 3*49.44 
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a?0 JJO J65 
32 32.10 32 

1.145 1*40 V5.15 
86 87J5 86 

2630 2680 2680 
44 44J0 4*40 
AJ0 48J0 49.10 

* "-I2 

9JO 9 JO 9-25 

ills 15^ 1WS 

112 112-50 113 

8.95 9 9.10 

7*50 75 KS) 

I860 16® 
31J0 31 JO 31 JO 
i9jo 19J5 mis 
*60 *85 4J3 

266 268 271 

7515 77J5 7X50 
2*65 25.15 2665 
ai 20-05 2X65 

18.95 19 1X95 

5X75 St SS2S 

3.95 XJDB 105 

US 1^ !■« 
% 1BL50 W 

4*0 *65 468 

8 8JS no 

7 JO 7JS 8 
73JS 7X50 73J5 
32J0 3X10 3260 
18J0 19.10 1870 


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Abbey Naff 
Affied Donees] 

Anglkm Wow 
Aipos 
AsdaGRW 
Assoc Br Foods 
BAA 
Btndays 
Bass 

BATInd 

BankSaAnd 
BtoeGrete 
BOC Group 
Booh 
BPBIrd 
EritAerosp 
Brit Airways 
BG 

BfltLflntl 

Bsft Petto 

X 

Brit Tetecm 
BTR 

Bonnoii Castrol lO-W 
cSTwretess 6.15 

Cnmnil Uoion 690 
GanoaaGp 6.15 
Cocrtaukls 114 

Dfeaea 616 

E l a liurnmpuu mta 4J2 
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652 
696 
US 
9J6 
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FT-SElWfc 419990 
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8J8 

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799 

633 

531 

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5J0 

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11-26 

7JZ 

337 

1167 

666 

2J1 

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837 

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166 

430 

192 


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Geol Accdeoi 
GEC 

GKN 

Gtasj wdfcoctc tiro 

(panada Go B*5 
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Gaenafis Gp 
Gwnm=»- 
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bnpl Tabacaj 


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Ijgol (MGtp 
MacurrAsael 

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OX 35® 3975 


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PwS^Biefl 




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425 

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450 

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£ XM ;a» 

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12J5 as jo 59-50 

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39.3? 3j-» 10 

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— 93.9 Ti'lS iRTfl 


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BIRa 

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Sonsbury 

sebrodwa - 

Serf Newcastle 
Serf Power 

Seerf^. 

SjKDTronspR 

SaifitiNeiiltew 

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Teas 


8-35 
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7J8 
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1M 
515 
560 

UJ3 
532 
507 
*40 
407 
10.12 
7JI 
327 
1132 
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au 

*58 
161 
378 
1J5 
1037 
1-26 
594 
583 
*23 
675 
510 
108 
6J3* 
4*8 
551 
612 
690 
174 
9.11 
3*8 
70*5 
1288 

H 

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10,05 

9 

273 
J33 
574 
187 
587 
*87 
1362 
2-56 
587 
857 
7J8 
XT? 
ZDS 
6 . 1 * 

— 660 
U5 Ul 
750 7-18 

IM sS 

S H 

970 966 

292 282 

4U 605 

ts a 

a h 

652 638 
995 980 

587 5 

391 183 

*32 *25 
1835 18.12 
754 7Ji 
*34 4-20 

2J9 276 

892 aa 

*54 *38 
II 1085 
178 U* 

"■H US 

885 r.92 
*67 

*85 675 

law wg 

*13 *02 
436 *11 


604 

295 

*50 

690 

*34 

£70 

2UZ 

1021 

3J5 

7-27 

2*8 

932 

284 

*61 

7*5 

1.98 

STB 

493 

1394 

259 

sja 

877 

7J7 

3J3 


8*3 038 

*67 *35 

7.V2 092 

627 631 

1*1 1*3 

524 531 

565 57* 
13 1286 

634 034 

509 517 

*47 *45 

*1* 4-14 

11.13 11J3 
777 774 

3Jfl 336 
1368 1334 

636 664 

2*0 260 
590 537 

8.16 035 

*63 *6* 
161 166 
*26 *27 
199 190 

10*1 1054 

128 127 

6JJ4 513 
586 £91 

487 497 
680 697 

513 512 

1M 3.12 

507 508 

*51 *51 

566 £59 

626 551 

690 693 

17* ITS 
9.15 9.19 

3J0 353 

last 1072 
13 1292 
836 839 
£92 £99 

291 291 

4*3 4*8 

£78 595 

516 528 

165 569 
21.18 2im 
10.W 10-02 
379 390 

7.13 7 JO 

24 2*6 
9J4 9.3) 

291 279 

*35 *35 

771 67 1 

1.92 183 

£95 589 
489 *» 

1363 139* 

236 237 

5*2 5*1 

839 £66 

765 760 

219 120 
298 XU 
4.1* 

665 681 

IJ8 132 
723 731 
£09 £12 
598 584 

7J9 794 

261 3*5 

967 9*8 
290 284 

508 6.12 
11 S 218 

637 5J| 

262 3*7 

9.95 991 

237 235 

6*5 6*1 
981 989 
501 502 

383 381 
438 *26 
IB-12 1125 
774 728 

*20 *31 
276 177 

868 965 
4*0 *51 

1095 1097 
174 177 

1172 1190 
7.98 804 
4*0 4*7 

579 693 
9.97 1605 
*04 *T? 
*2 *12 


Madrid 

Aceriow 

ACE5A 

Agios BaiaAn 
AraenJaria 
BBV 
Bauesto 

BOTiMiUH 

Ben cenba Htap 

BcoPcpotar 

Ben Santander 

CEPSA 

Cnoltneirti 

Coip Mapfre 

Etweso 

fBCSA . 

GasMatotsS 

tbefdnria 

PrvcD, 

Repsoi 

SevfDanaBK 
Tabacrfero 
Tefcfontcc 
Union Fcnosa 
VUencGement 


28250 

1915 

5940 

8560 

4080 

1*80 

7990 

5980 

’SS 

4710 


3315 

I29S 

7710 

178S 

3050 

6240 

1440 

8220 

4130 

1240 

ran 


Baba Mac S9261 
Previaas: 59870 

2790 27880 28280 
1775 1775 IBIS 

5840 5930 5960 

8380 ftfifiB 8580 
3970 4000 4055 

1*40 1450 1470 

7750 7800 8000 

5860 5900 5950 

34000 34400 MOO 
4315 4340 4340 

4650 4700 4©8 

3200 3290 3350 

8410 8500 8690 

3150 31 BO 3200 
1240 1260 1345 

7150 7250 7600 

1715 1755 1725 

25HMI 2905 3000 

6170 6210 6220 

1*05 1410 1420 

8060 8100 8290 

*045 4060 4165 
1220 1225 1235 
2475 2520 2520' 


Accor 938 920 925 

AGP 222.90 215-50 219 

AirUCUWe 999 955 970 

AfcntelAbffl 585 938 B» 

Ata-UAP 409 JO 401.10 40530 

Bancnke 787 760 773 

BtC 533 519 532 

BMP 296.90 281-20 285 

Canal Plus 1193 1155 1161 

Correfaur 4210 4054 4118 

Cadno 294*0 286 _ 288 

CCF 328 31110 31740 

OtUtm ng 716 m 

Christian Dior 1009 990 990 

CLF-Dosa Fian 617 595 600 

Credit Agricale 126X20126120126270 
“ 989 WO 965 

71* m 
890 871 


Erittania BS 
Einadsney 

Eirmturoel 


Gen-Eanx 

Haras 

knetal 

Lafarge 


Manila 


AniioB 
' ■ i Land 


PSE Mac 3635*4 
PiMbaW 2616*0 


CAP Hoard 
Mania Bee A 
Metro Back 
Petron 
PCfflaak 
Phi Long Did 
5anMtouriB 

SM Prime Hdg 


18J5 

18 

18 

1835 

22 

21*0 

2175 

21*0 

152 

151 

152 

151 

9.70 

9*» 

9-5D 

930 

85 

83 

84*0 

83 

570 

550 

565 

560 


6 

225 

£10 

230 

6 

230 

960 

950 

955 

970 

62 

61 

61*0 

63 

7J0 

7*0 

770 

7*0 


782 

433 

886 

47? 


L< 

LVMH 
MkheSnB 
Porftxa A 
Penrod Rtand 30970 
Peugeot CD 725 
PtaauB-PiW 

nwiiKjaEs 

Henaidt 
Rod 


9J5 8-95 

7*5 7*0 


693 

882 

9 

7JS5 

766 

420 

870 


Mexico 

Aba A 
BaaoadB 
Cemex CPO 
CBraC 

EmpModenta 
CpoGaanAl 
GpoFBcmner 
Goo Rn bifaursa 

iS* Clark ftoc 

TdcvecCPO 

TetttoL 


6110 
2125 
39 JO 
1352 
4X50 

&tm 
122 
37 JO 
37 JO 
1193) 
21 JO 


Baba tadec 583*61 
PrmtoBBSW7J3 

6170 6110 6*00 
22*0 23L3S 2100 
3870 39,65 3970 
1378 13*4 1350 
4170 4X10 4335 
41-00 61.70 6X40 

112 in ii7 

37.15 37 JO 27*0 
3630 3690 37.00 
11830 118*) 119.6® 
2135 25-50 21*0 


757 
4T7 
B50 

423 42150 
1259 1221 1237 

2510 2418 2*55 

1605 1559 1564 

393 384 388 

449 440*0 447 

306 307-80 
696 698 

2849 2720 27ft® 

2500 2313 2430 

175 170 173 

1699 1670 1670 

Rh- Poulenc A 271 JO 26330 267.90 

Sanafi 651 616 616 

samdder 363 3« ISO 

SEB 1064 HMO 1041 

SGSThomsai SM 551 564 

SteGensfidn 832 810 822 

Scutate 31 SO 3370 31W 

StGotato 902 877 893 

Suez KM 16J0 16*5 1650 

SuezLwnEoox 685 673 680 

Syidhenra 767 741 757 

TtmOMaaCSF 146 162 163 

Total B 628 995 610 

Uslnor 12*50 11X10 11930 

Vrfea 397 382 384 


932 
22X50 
986 
80 9 
40110 
771 
511 
295 
1198 
4185 

*¥! 

723 

996 

614 

rm 

97B 
707 
881 
9J5 
7*0 
7B3 
429 JO 
883 
43610 
1249 
2500 
1590 
38570 
445 
307 
716 

SS2 

17X40 

1696 

261 

651 

359.10 

last 

561 

818 

3159 

888 

1635 

676 

765 

164*0 

622 

12150 

390 


AGAB 
ABBA 
AssIDnroan 
Astra A 
Altos Copco A 
AutoOr 
EJecbnkfltB 
EricaanB 
Hermes B 
Incentive A 
Investor B 
NtoDoB 
Nontosnken 
PtwrmAJptonn 
Sondvfk B 
Santa B 
SCAB 

S-E BcmkenA 
SkmtrtaRn 
SkmaJco B 
SKf B 

SmtxnkaiiA 

SfemiA 

SvHatiteA 

VbtvoB 


112 

10750 

237 

145 

234 

284J0 

623 

364 

339-50 

651 

422 

281 

265 

310 

245 

22750 

190.50 

92 

328 

345 

219 

178 

132 

256 

21750 


111 

10450 

234 

140 

229 

277 

610 

359 

33450 

642 

41550 

277 

262 

299 

240l» 

225 

185 

91 

324 

341 

212 

175 

13850 

24750 

21350 


11150 11150 
10550 10650 
237 234 

142 143 

232-50 229 

28X50 280 

615 616 

36150 35950 
337 33550 
6S8 642 

417 420 

27750 _ 280 
264 26350 
304 29850 
24150 241.50 
225 227 

186 191 

91 9150 
325 324 

34350 347 

214 213 

175 17S 

13150 131 

255 247 

214 21350 


The Trib Index 

P'.xsasoiS'OOP.M. Nw York tuna. 

J an r 1933 - ICS 

Level 

CTiange 

^.change 

year to data 

World Index 

178.7 4 

-3.46 

-130 

* 19.85 

Regional Indexes 





AsiarPacibc 

131.04 

■131 

-1.36 

+ 6.17 

Europe 

188.03 

-335 

-1.60 

+16.64 

N. America 

21031 

-4.48 

-2.09 

+2939 

S. America 

173.73 

-7.34 

-4.05 

+51.82 

Industrial Indexes 





Capital goods 

230.17 

-3.70 

-138 

+34.67 

Consumer goods 

197.49 

-3.06 

- 1.53 

+2234 

Energy 

198.00 

-6.57 

- 02 1 

+15.99 

Finance 

134.62 

-2.58 

-1.88 

+15.59 

MsceBaneous 

18835 

-0.49 

-0-26 

+16.79 

Raw Materials 

193.47 

-3.02 

-1.54 

+1031 

Service 

168.67 

-3.70 

-i15 

+2233 

Utilities 

167-88 

-431 

-2.79 

+17.02 

The Inramatrona/ HaraW Tribune WOtta Stock Index O trades the U.S. donor values ot 


booster is airadawe by wnflno to 17w Trto mdax .181 Avgrtue Chariee do tSouUe. 

92521 NeuttyCedax. Franca. 


Compeea by Bioanwaig Nem. | 


High Law Close Pm. 


High LM Close Pnv. 


Sydney 

Amcor 

ANZBtdng 

BHP 

Bond 

Brambles ton 
<3A 

(XAmoS 
Cotea Myer 
ComotCD 
CSR 

Fasten Brow 
Goodman Hd 
tCiAusbafia 
Lend Lease 
MIMHdro 
HafAusTBar* 
NatMatuatHdg 
News Corp 
Fotiflc Dunlop 
Pioneer trtfl 
Pub Broadcast 
RtoTlnlO _ 
SlGeorpe Bank 
WMC 


AS OnSwfles: »27J» 
Prwtoes: 2735.10 


Sao Paulo 


.... sPet 
Vtaotworihs 


8*5 

8*3 

8*9 

B*7 

10-75 

10*5 

10J0 

10.73 

M71 

17.90 

I8JT 

1874 

418 

410 

413 

419 

28 

2776 

28 

27 JO 

1670 

16*7 

16*5 

1665 

143® 

14.10 

1675 

1430 

672 

£85 

6J5 

£9Z 

7.13 

7J7 

7.07 

7.12 

573 

£16 

£16 

575 

X65 

X60 

X61 

2*3 

Xll 

2-05 

XI0 

2-06 

13*4 

13*1 

13*5 

13*0 

30*5 

29.90 

30.10 

30*8 

1J6 

1J2 

1J4 

1J6 

79*9 

19*7 

19*1 

19*6 

276 

Z20 

275 

274 

415 

£12 

6.13 

£17 

3*7 

3*2 

3*4 

170 

485 

480 

482 

487 

8*2 

£24 

8*0 

£30 

20.90 

20*5 

2079 

20 JS 

£95 

£74 

875 

874 

778 

7.60 

7*4 

779 

£77 

aAo 

8*2 

£74 

1175 

11-W 

1172 

1178 

477 

41B 

426 

419 


Milan 



RAS 
Roto Boom. 
SPnotoTorte 
TetemDflSl 
TIM 


mibtmwhb»14(kh 

PmimsiAMo 

15550 15000 15300 IBM 

413) 4090 4105 

MOO sm 5865 5825 

1615 1550 [595 1543 

27«B 2SSS0 274» 26»0 
3530 341 5 3530 3570 

8470 8185 8470 *22 

waas 70380 jmo ims 

6020 58®t 5970 5925 

36500 35350 3BM 36N0 
17330 16715 14895 17300 
2650 2585 2610 2600 
5555 5430 H78 5496 

B205 8050 H2M 8ia 

11990 11710 11?W 
1166 1136 1W2 

636 642 675 

2500 2550 2500 

vw 4790 4K5 

15600 JS050 152M ISOM 
22550 21550 2T550 OfX 
13820 1 3560 13770 138M 
11400 HOW 113M 11*» 
6160 6030 6125 605D 


665 

2550 

4900 


BndUooPM 
Brahma PW 

gSobros 

ItaJtMncnPfd 

UgMSenkJos 

PoaBstsLuz 
SldHadRKd 
s/vjim Cruz 
TefcbrasPH 
Trierrfg 

?fe™ 

Unrtaxs 
UttaihwPfd 
CVRD PH 


IIJO 
81 £00 
60.50 
8X00 
19.10 
587 JO 
641.10 
57£00 
447-90 
TOm 
2Z1.M 
•won 
10*2 
160 
■SS-U-QO 
171» 
37000 
40X0 
1X45 
28*0 


11J0 

810-00 

5799 

7X00 

1877 

55600 

630.00 

555.00 
460 JO 

311.99 
209 JO 

35JJ0 

1036 

15002 

17£10 

16501 

357.99 
39.01 
I2J0 
28-00 


11*0 17750 
81*01 81979 

58.00 61.00 

78.00 B1J0 
1£97 1930 

55500 5897? 

630.00 641 JO 

555.00 575J1 
4fiaoo mM 
31177 330 JO 
209*0 221 JO 

35-50 3551 
1042 1036 
15X50 WM 
17539 18X50 

166.00 17X50 
35BJD> 37000 

39.10 39.990 
1X21 12*4 

28.00 28*0 


Taioei stack Mabt mb iim*6 

PreWoes: 1186*35 

CottinyLHetns 
OuMHMMBk 
□dm Tung Bk 
Chkat Dewlpnit 
China Steel 
FWBtmk _ 

Foramfl Plasfc 
HuaNonBk 
bdl Cornm Bk 
NanYa Ptasta 
SWl Kong Ute 
TohrailSemi 
Tatung „ 

UtdMtaoEJec 
IMMbridCbln 


157 

154 

154 

157 

123 

120 

12050 

123 

85 

82 

84 

83 

1**0 

138 

138*0 

1*1 

3X30 

3170 

31*0 

32*0 

123 

120 

120*0 

123 

68 

66 

66 

66*0 

134 

130 

130*0 

133 

67 

65*0 

66 

6450 

78 

75 

7S*0 

76 

115*0 

11! 

113 

mm 

156 

152 

153 

155 

4160 

A 

48*0 

4B.9Q 

135 

131*0 

133 

136 

66*0 

63*0 

63*0 

65 


Montreal 


Seoul 

Dam 

4 Eng. 
_l Motors 

KomePwr 
Kona Each Bk 
LGSemlcDn 
Pahang bon St 
Sansung Dtolay 
SarmonaElec 
ShfatenBcu* 
SKTetacom 


ConpotRf Mete 731*5 
PrarttoE 72612 

99000 94500 95DW 94500 
7830 7650 7830 7720 

20900 20300 2DS00 28300 
16300 16000 16300 15100 
26300 25500 25801 26000 
5260 5150 5220 5150 
64200 43600 44000 43600 
58000 56500 56700 56500 
£000 44100 46100 44000 
£6000 65000 65500 64900 
97W 95» 9S50 9600 
450000 642500 450000 441000 


Tokyo 


Union Air 


Asdtii 
AHthldMOl 
AsaNGfKs 
BklnivoMSsu 
BkYoknhraiKi 
Bridgestone 
Canon 
Chuba Qec 


Bee Mob Cam 
CdnTtoA 
CttolWA 
CT f&it S« 

GazMekn 
O-West Ufna 

(trwstacGrp 
LobtawOos 
NoSBk Canada 
Power Coip 

□uebemcB 

in 

RoydBkCda fi£B 


27*0 

39M 

4*15 

’S 

41 

3711 

20.15 

18 

39*0 

3BW 

2735 


49 *9 48J5 

2610 2M 27*0 
39*0 39*5 3930 
44 44 4*15 

1035 1% 1W® 
3314 34 

40V4 40*5 4M 
3716 37U ai|5 
1970 20.15 1«|5 
17v 17^ 1775 
3X70 38.90 38H 

37J5 38 3830 

27.10 ■ 27 JO 27 JD 
10*0 10*0 10J0 
6*70 65*5 66-20 


Singapore 


A5taPocBrew 
CetebaePoc 
Oy Derts 


Oslo 

AkerA 


OannoRtaBk 

EDo*« 
Halshjnd A 
KiawnreAsa 
Monk Hydro 


0B*totat697J2 
PnnlOCB: 69U1 

149*9 146 146 148 

195 19150 1« 1«50 

2730 2670 27.10 2670 
32*0 3030 3X30 32-10 
?53 iso ig ia 

47*0 4*80 47 a 

445 441*0 641*0 643 

400 395*0 398 397*0 



R.T. 

575 


£89 


Sing Air t 
Sing laid 
SnePrttsF 
SbigTedilnd 
SJngTetecorMn 


7.15 

376 

*35 

3J0 


675 


N.T. 

N.T. 

570 

5*0 

5*0 

MS 

12*8 

1X40 

1150 

I2-B0 

1X90 

1290 

077 

0J9 

090 

1830 

18.90 

19.10 

4*0 

460 

4*8 

1X10 

10.10 

10 

3 

2*5 

2X9 

7.10 

£90 

346 

370 

3*6 

675 

675 

670 

a 

330 

496 

378 

490 

414 

434 

420 

1440 

14*0 

UJO 

9*0 

9*0 

9*5 

6*5 

6*0 

£75 

670 

£70 

£75 

1X50 

13*0 

13J0 

770 

7*0 

7J5 

zua 

27 JO 

27.90 

UB 

370 

3J0 

273 

276 

772 


DaiNipU I 
Daid 
Prf-kMKorig 
DrfwaBank 
DateaHaow 
Dawn Sec 
DDI 
Denso 

BBW 

Fanuc 
I Bonk 
LPItota 

iBk 


Hod^Uni 

Hlhirhf 

moan 


Honda Malar 

IBJ 

IHI 

Itadtu 

Ua-YoKodo 

JAL 

Japan Tabacaj 
Jusco 


Kaatf Etec 
Kan 

SECT 

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NBfed 225: 198S438 


Pravtoas; 26371*3 

1150 

1090 

1100 

1140 

/37 

361(1 

710 

m 

3300 

36411 


no 

857 

857 

888 

674 

613 

616 

645 

1070 


1050 

1070 

mi 

2130 

2200 

587 

573 

573 

599 

7830 

2720 

2720 

2840 

3760 

3610 

•urn 

3780 

3040 

2020 

2030 

2 m 

1990 

I960 

I960 

IVHU 

2780 

2720 

2730 

2710 

904 

m 

885 

901 

1480 

1450 

use 

1470 

too 

580 

580 

599 

1330 

1300 

1310 

1340 

871 

m 

813 

B13 

tnnoi 

7710a 

7/llta 

8140a 

7950 

2900 


7930 

5140a 

5IOOn 

6100a 

5090a 

3570 

2480 

7500 

3460 

5600 

5330 

5390 

5540 

15611 

1680 

14» 

1540 

S170 

4900 

4900 

4980 

1780 

IBS 

1/60 

1740 

1130 

10W 

1170 

1390 

1350 

1360 

1348 

3960 

E31 

3830 

3960 

1660 

1590 

1600 

1650 

607 

391 

391 

400 

552 

57? 

522 

9U 

6660 

6470 

6470 

6750 

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517 

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9220a 

3150 

9190a 

3300 

K71 

560 

560 

613 

■ 

2180 

1760 

2220 

1760 

2280 

1780 

689 

471 

475 

485 

336 

317 

330 

336 

m 

670 

670 

676 

1100 

1070 

1070 

1100 


Kobe Sled 

Komatsu 

Kubota 

Kyocera 

Kyushu Elec 

LTCB 

Mantoenr 

Man* 

Matsu Comm 
Matsu Elec tad 
Matsu Elec Wk 
Mitsubishi 
Mitsubishi Ch 
MSsubishtB 
MDsubbiUEd 
AMfsabtaWHwr 

MOsunsraTr 

MBsui 

MBsutFudnsn 
Mttrai Trust 
Manta Mlg 
NEC 

«Ssec 

NWendn 

BSSff* 

Iflppon Stent 
Nissan Motor 
NKK 

Narura Sec 
NTT 

MTTDflto 

Qi Paper 

OsataGas 

Ricoh 

Rohm 

Stem BJr 

Sankya 

SamwBcnk 

Sonya Elec 

Sscara 

SeSruRwy 

SddsalChefli 

Setter! Haase 

Seven-Eleven 

Shaip __ 

Shikoku 9 Pw 

Sfitateu 

SWrrttsoCh 

Shbrfdo 

ShiritokaBk 

SoltoanK 

Sony 

SuraBuma 

SurottoanSk 

SumilOwn 
SumHanto Dec 
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Tabho Phann 
Tote* Chem 


Total Bank 
lotto Marine 
Tokyo E)F*wr 
Tokyo Electron 
Tokyo Gas 
Tokyo Corp. 
Taneti 

Toppan Print 
Totaylnd 
Tartte 

Test era 
Taya Trust 
Toyota Motor 
Yomanouchl 

uxmkxUM 


196 

185 

185 

195 

HO 7 

770 

780 

000 

499 

474 

47V 

510 

10200 

9960 

9990 

11QO0 

I960 

1920 

1970 

1950 

573 

SI4 

570 

510 


470 

480 

494 

1960 

1900 

1910 

2000 

•awn 

4900 

4920 

4940 

25M 

2460 

2470 

2470 

14711 

1420 

1440 

I4V0 

1280 

1200 

172(1 

12/0 

313 

301 

301 

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649 

619 

627 

650 

1670 

1610 

1670 

1690 

834 

814 

872 

8X5 

703 

670 

685 

666 

1720 

1650 

1660 

1730 

1140 

1100 

1IUI 

1130 

1490 

1440 

1460 

1570 

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702 

702 

737 

5310 

5210 

5210 

5700 

1750 

1710 

1710 

1730 

2170 

7040 

2060 

2090 

i/7 

646 

647 

651 

12000 

11/00 

11900 

I1VUU 

777 

742 

742 

191 

531 

519 

520 

536 

334 

320 

320 

332 

812 

785 

785 

812 

217 

212 

212 

216 

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1800 

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735 

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4210 

4230 

1650 

1580 

15W 

1660 

500 

484 

486 

496 


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Hi/O 

5460 

5420 

5420 

5460 

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975 

994 

1000 

1150 

1130 

1140 

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9400 

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15111 

1510 

1520 

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1930 

19S0 

1940 

607 

584 

589 

610 

3410 

3370 

3320 

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19/0 

19/0 

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1730 

1730 

1780 

6210 

5940 

5900 

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1820 

1840 

1900 

474 

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655 

478 

2070 

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1970 

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2/9 

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1130 

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1090 

1120 

3170 

3080 

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3640 

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9900 

1940 

9900 

1940 

1021X1 

1970 

1090 

1040 

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1520 

1480 

1480 

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2770 

2230 

2240 

7230 

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7160 

7350 

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1740 

1210 

1240 

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1900 

1900 

1900 

797 

771 

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77ft 

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770 

770 

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2490 

2610 

2610 

2660 

911 

901 

904 

925 

3650 

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3510 

3630 

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3120 

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Hotnnitalnc 


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Westosasl Eny 

Weston 


Vienna atx us 1471*4 

PrertoHsimw 

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610 605 605*5 606 

3497 3439 3495 3500 
1635 16051620*0 1635 
i Wien 56350 S44S 553*5 561 

179B7017M) 1790 1790 
OesfEUMz 98275 875 979 882 

VA5W 611 600.10 608 60*85 

VATech 2717 7653 26652)0151 

WtenedrergBaa 2670 2635 2664 2662 


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Atom Atom 
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Bk Montreal 
Bk Now Salta 
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31.95 31 *0 
5*10 5110 
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57*5 5670 
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27*0 27-90 
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31*5 31)6 
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WBsaiHflrtn 11 JO li Jo 11 JO 11.90 


Market Closed 

Hie Zurich stock market 
was closed Friday for a hol- 
iday. 




PAGE 12 


INTERNATIONAL HERALD TRIBUNE. SATURDAY-SUNDA1', AUGUST 2-3, 1997 


Friday's 4 P.M. Close 

Nationwide pitas not reflecting tale trades elsewhere. 


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9 M) c** 




EVTE RNATIONAL HERALD TRIBUNE , SATURDAY-SUNDAY. AUGUST 2-3, 1997 

ASIA/PACIFIC 


PAGE 13 






ii Japan 

Jobless Rate Holds 
jta Record 3.5% 

AgenCc France-Presse 
‘ TOKYO — Japan’s anemploy- 
BieDt remained at a record high in 

- rJune jffld automobile sales slumped 
in -My* _data released on Friday 

- 'showed,- illustrating die weak state 
pf -4» -country's economy and re- 
dnd^ the chances of an interest- 

morale increase in the near future. 

; ■ The seasonally adjusted unem- 
ployment rale in June stood at an all- 
time high of 3J5 percent for the 
second consecutive month. Govern- 
ment officials said a trend of work- 
ers' qmtting jobs to look for better 

'. employment continued, particularly 
Tamong - middle-aged women. 

. . . But unemployment was aggravat- 
ed by the unprecedented number of 
people who lost their .jobs invol- 
untarily. Layoffs rose 30,000, to 
560,000, to post the first increase in 
nine months. 

Although unemployment rose, so 
did lhe number of jobs in the econ- 
omy. The June employment level of 
66.79 million people was 1.4 per- 
cent higher than a year ago. 

“The job situation is still severe. 

C but it shows signs of improvement 
such as an increase in (he number of 
people with jobs,” Nobuko Mat- 
su bara. vice minister of labor was 
quoted as saying by Jiji Press. 

Motor vehicle sales in July fell 
. 10.1 percent from a year earlier to 
471,623 units, the fourth straight 
decline, the Japan Automobile 
Dealers Association said Friday. 

Sales of imported vehicles 
dropped 25.6 percent, to 31353. 

The auto-sales report boosted 
government bond prices, with the 
view in the market being that of- 
ficial interest rates will have to re- 
main low. 

- The yield on the 10-year gov- 
ernment bond fell to 2.35 percent 
from 237 percent on Thursday. The 
yield stood a month ago at 2.60 
percent 

ft * Cyberglitch Halts Trading 

A computer glitch Friday para- 
lyzed much of Japan’s main stock 
exchange, halting trading in most 
shares Tor half the day. The As- 
sociated Press reported from 
Tokyo. 

Brokers were unable to buy or sell 
stocks of 1,702 companies traded 
via a computerized system that con- 
nects the exchange to member 
brokerages. The problem disabled 
computers for the entire two-hour 
morning trading session. 

While the computer system was 
down, activity was frenzied on the 
main floor of the exchange. Traders 
there still use old-fashioned hand 
signals and paper order slips to trade 
150 major stocks, such as Sony 
Corp. and Nippon Telegraph & 
Telephone Corp. 

Hitachi LttL, which made the 
computers and software, sent about 
50 engineers to the exchange to fix 
the problem. 

The system had been repaired 
when the afternoon session started, 

although it was still not known late 

W Friday what had caused the failure, 
an exchange official said. 


Korea Car Firms Trying to Clear Road? 

Cash Injection for Kia Unit Keeps Samsung From Auto Industry, Analysts Say 


CnvMlivOvSuffFnimDupurin 
— T’be cash injection by the i 0 p two 

^ Group Signals a joint effort by the 

b ° Ck ? amsun 8 Gr oup from 
entering the industry, analysts said Friday 

, nr rJ m T' inCQd ThuTsda >' ^t Hyundai Mo- 
tor Co., the country’s largest carmaker, and 
Daewoo Motor Co. had agreed in principle to 
buy stakes m Kia Steel Co., a specialty steel- 
maker that is one of Kia’s weakest affiliates 
i Gj° Up s flagship is Kia Motors Corn 
Under the agreement, Hyundai. Daewoo and 
Kja would form a consortium, with each havin° 
aqual stakes in Kia Steel. A Kia statement said 
the three companies had agreed to start work- 
ing-level negotiations to sort out the details. 

Analysts said the agreement, which would 
ease pressures on Kia in negotiations with cred- 
itors, underscored concerns about Samsung's 
entry into the crowded car industry. 

* ‘ What this highlights is the growing alliance 
between the three companies/' said Hun Sok 
Kang, an auto analyst atING Barings. “There is 
a ^ of bad blood between Kia and Samsung.” 
Henry Morris, managing director of Corvo 
international (H.K.) Ltd., said Hyundai and 
Daewoo had made a key defensive move. 

“They wanted to keep Kia Motors from 
falling into the hands of Samsung,” he said. 
"This also gets the public used to the idea of 
them assisting Kia, possibly pavins the way for 
them to make a bid for Kia Motors.” 


Samsung sees Kia Motors as a shortcut to the 
industry's top ranks, analysts said. 

“Samsung is not going to give up," said 
Nam Seung Soo, an auto analyst at Daishin 
Economic Research Institute." “Right now 
Samsung is doing everything it can to facilitate 
a takeover of Kia.” 

Samsung has consistently denied any interest 
in buying Kia Motors. It has said that it would 
begin producing passenger cars in March, with 
production reaching 80.000 units in the first 
year. 

Meanwhile, Kia’s creditors rejected the cash- 
strapped company's rescue plan because man- 
agement had refused to submit resignation let- 
ters in exchange for emergency loans. 

Creditor banks will meet again Monday to 
discuss how to deal with Kia’s burden of S10 
billion in debt. 

The stalemate raises concerns that South 
Korea's eighth-largest industrial conglomerate, 
or chaebol, might fail, dragging thousands of 
subcontractors into bankruptcy. 

Four other leading chaebol have gone bank- 
rupt or been put under bankruptcy protection this 
year, victims of the slowest economic growth in 
four years and snowballing corporate debt 

Kia's creditors have already frozen its debt 
payments under a special bankruptcy protection 
agreement. They had agreed to offer emergency 
loans of 190 billion won ($213.7 million}, 
provided that Chairman Kim Sun Hong tender 
his resignation. 


But Mr. Kim and other top Kia managers said 
they would resign only if their cost-cutting plan 
failed. The plan cabs for shedding $3.5 billion 
worth of assets, reducing the number of sub- 
sidiaries by 80 percent and cutting 8,800 jobs, 
or nearly 20 percent of Kia’s labor force. 

f Reuters. Bloomberg) 

■ Seoul Approves S Ventures in North 

Seoul gave five South Korean companies, 
including Samsung Electronics Co. and Kolon 
Industries Inc., approval Friday to set up joint 
ventures in North Korea with companies in t hpr 
country, Agence France-Presse reported. 

The approval came five days ahead of four- 
nation talks in New York on an inter-Korean 
peace treaty and was “made in line with the 
policy of pursuing economic exchanges and 
cooperation to assist reconciliation and mutual 
trust,” the National Unification Ministry said. 

Samsung plans to invest $5 million to build 
facilities for an electronic telephone switching 
system in Rajin-Sonbou, the North's sole free- 
trade zone, in partnership with the Korea Corp. 

Kolon plans a $4 million investment in Pyong- 
yang or the western port city of Nampo to set up 
a joint-venture textile-processing plant with 
Unha General Trading Corp., the ministry said. 

Three other smaller companies — Shlnwon, 
Parau Fisheries and Kura-0 Food — plan to 
invest, respectively, in a sweater and jacket- 
making factory, a fish -processing plant and 
noodle and potato starch manufacturing units. 


Creditor Banks Reject POSCO’s Bid for Hanbo Steel 


Bloomberg News 

SEOUL — Creditor banks of the bankrupt 
Hanbo Group rejected Friday a bid by Pohang 
bon & Steel Co. and Dongktik Steel Mill Co. to 
buy the assets of Hanbo's steel unit for about 2 
trillion won l$2.25 billion). 

The move may precipitate a bidding war 
between banks and Pohang for Hanbo’s plant 
and equipment 

A spokesman at Korea First Bank, Hanbo’s 
prime creditor, said ihe offer was much lower 
than the value of the assets, which he estimated 
at 4.9 trillion won. 

The creditors will hold a third public auction 
of Hanbo Steel & Construction Co., the flagship 
of Hanbo Group, on Aug. 12, as planned The 
previous two auctions attracted no bidders. 

Pohang, which is state-owned, said it had 
aimed to rescue Hanbo to prevent fallout from 
die bankruptcy from damaging South Korea's 
economy. 

Hanbo, the country’s 14th -biggest conglom- 
erate, collapsed in January under $6.2 billion of 
debt. 

Separately, POSCO announced record first- 
half profits. Executives at the state-controlled 
company said net profit jumped 40.8 percent 
from a year earlier, to 543.2 billion won. ac- 


cording to provisional figures. 

A finance executive at POSCO attributed the 
profit increase to higher prices and increased 
output. In the first half, the steel company 
forged 12.3 million metric tons of crude steel, 
up 5.1 percent from a year earlier. 

“According to internal analysis, we earned a 
net 200 billion won from the output increase,” 
said the finance executive, who asked not to be 
named. “Our expansion strategy is starting to 
payoff.” 

Higher product prices added to the company’s 
profit. POSCO raised the price of hot coils — 
now ai 285.000 won per ion — by 43 percent in 
April and 6.4 percent in July, she said. 

Sales rose 8.8 percent from the comparable 
period a year earlier, to 4.544 trillion won. 
Recurring profits rose 35.5 percent in the first 
half, to 646.9 billion won. 

Yu Han Soo. chief executive and president of 
POSCO Research Institute, an affiliate of POS- 
CO, said in June that the company was poised 
to overtake Japan’s Nippon Steel Co. this year 
as the world’s biggest steel company. 

Mr. Yu said the' company would easily meet 
its 1997 earnings targets. POSCO expects to 
generate 9.809 trillion won of sales and 878.7 
biilion won in net profit this year. 


* 'This year will be a year of many records, a 
memorable year for our shareholders/’ Mr. Yu 
said in June. 

POSCO expects to produce 26.5 million met- 
ric tons of crude steel this year, compared with 
an estimated 26 million tons at Nippon Steel, he 
said. That will lift POSCO's net profit above 1 
trillion won for the first time. 

Cost-cutting accounts in part for the com- 
pany's success. By introducing an early-re- 
tirement program in 1 994 — the first in Korea 
— POSCO cut 3,000 people from the payroll. 

“I find POSCO as one of the most attractive 
stocks listed on the Korea Stock Exchange,” 
said Park Jae Woo, a fund manager at Dongwha 
Bank. “It's perhaps the most efficient company 
in Korea, which has grown leaps and bounds 
because of unstinting government support.' 1 

POSCO is one of the best-performing stocks 
this year among the top 28 companies listed in 
the Seoul stock market benchmark index, rising 
as much as 55 percent. On Friday. POSCO’s 
shares rose 300 won. to 56,800. 

POSCO’s profit stalled last year as increased 
capacity met with sluggish demand. Excess ca- 
pacity and falling prices damped profit at Korean 
steel’ producers last year, contributing to the 
collapse of Hanbo Steel and Sammi Steel Co. 


Singapore Exchange Investigates Yamaiehi 


C laifStii by Otar Staff Ftoa Du pzdm 

SINGAPORE — The Singapore 
International Monetary Exchange 
(SIMEX) has Launched an inves- 
tigation into the Singapore opera- 
tions of Yamaiehi Securities Co . , the 
oversight body announced Friday. 

“We are looking into die mat- 
ter," a SIMEX spokeswoman said. 
“It’s official." 

Yamaiehi is embroiled in a cor- 
porate racketeering scandal in 
Tokyo that Japan’s Ministry of Fi- 
nance is investigating. 



suspect 
lion yen 


Koike, a corporate protection rack- 
eteer who extorted money in return 
for not disrupting board meetings. 
Such payoffs have been banned 
since 1983. 

The daily Mainichi Shimbun said 
Friday that Yamaiehi used a one- 
hour time difference between Japan 
and Singapore to help falsify trading 
records and cover up the payoffs. 

The firm documented transac- 
tions on the Singapore exchange the 
day after the actual transactions took 
place under the pretext of the time 
difference with Tokyo, the news- 
said. 

famaichi, one of Japan’s “big 


four" brokerages, used the time 
gained to manipulate computer re- 
cords on profitable trade made on its 
own accounts to benefit Mr. Koike, 
the newspaper said. 

The records were changed to 
show that Kojin Building, a real 
estate entity linked with Mr. Koike, 
had ordered the trading. Gains were 
transferred to its account, the news- 
paper reported. 

The Singapore investigation was 
sparked by reports that gains made 
from SIMEX trades were in part 
used to make payoffs that are under 
investigation in Tokyo. 

The SIMEX spokeswoman noted 


that the investigation being conduc- 
ted by the exchange was separate 
from that of Japan's Ministry of 
Finance. “Ours,” she said, “is ad- 
ditional.” 

Yamaiehi in Singapore was un- 
aware of any official investigation. 

“So far SIMEX has not ap- 
proached us,” a Yamaiehi manager 
in Singapore, who declined to be 
identified, said. Yamaiehi had ex- 
plained to SIMEX that these tilings 
had happened in Tokyo, he said. 
“So far there has been no further 
conversation with SIMEX.” he 
said. “We are not expecting any.” 
(Reuters. AFP) 


THAI: Customs Duties to Be Handed Over to Private Operator 


Continued from Page 9 

Sees at the airports and ports, have the 
potation of being the most difficult 
minis tration to deal with in Thail- 
d,” it said. “Businesses which are 
orageous enough to formally corn- 
tin are often subject to later punitive 
jasures. audit, searches and so on." 

It called for “immediate action is 
cessary to correct the situation in the 
ort term and to help improve the over- 
economic situation.” 

Earlier this year, the issue was raised 
the diplomatic level, with the United 
ires and other countries holding meet- 
zs with Thai officials. 

In addition, a blunt assessment of me 
iai Customs Department will be Lo- 
afed in to 1998 U-S. Commerce De- 
ment country commercial guide. 


Describing Thailand, the guide says: 
“Arbitrary customs valuation proce- 
dures sometimes constitute a serious 
import barrier.” • , 

“ Demands for unrecorded cash 
transactions are also an endemic part of 
the customs process/’ it adds. 

Mr. Preecha said electronic clearance 
set up by Trade Siam would solve the 
“under the table problem." 

Within its first month of existence, 
the company will begin an experimental 
program on air freight leaving 
Bangkok’s Don Muang airport. Mr. 
Preecha said. . 

He said private investors in Siam 
Trade include the Federation of Thai 
Industries, which will hold a 23 percent 
stake; the Thai Banker’s Association, 
which will own 8 percent; Crown Prop- 
erty Bureau, which will hold a 6 percent 


stake, and two groups of freight for- 
warders, which will have a combined 14 
percent of the company. The govern- 
ment’s 49 percent stake will include the 
ministries of Finance, Commerce and 
Thai Airways International Public Co. 
and the Airport Authority of Thailand, 
two state-owned firms. 

The company will be chaired by 
Chammongkol Sonakul. a respected 
technocrat who was removed from his 
post as permanent secretary of finance 
Wednesday. 

Most companies currently deal with 
customs by hiring local agents, but 
overnight express couriers such as 
United Parcel Service of America Inc., 
Federal Express Corp. and DHL World- 
wide Express have been battling to 
bring international standard express 
clearance to Thailand. 


: Bangkok Failed to Heed Early Warnings of Currency Crisis 

- havoc with their development and send- did not spell the end of the Asi 

tinned from Page 9 shock waves out to foreign lenders nomic nuracle. Thestrong gn 

nfrh«f countries, they said, 1 



would pre^titem to . u4lh ^ ^ abletori^outacune^oisis. 

easures or seek *MFMo- So iS Asians, was vulnerable to de- "We don t see the underiying^- 
me time, the fund vowed because it had linked its cur- jnstment thai has to be made in any o 

rSSSSHiSt — 1051 1 ** 525. ' “ ^ “ 

apital- u-'ide Once the baht fell otto regional B s&P Warning on Thai Debt 

set “P ? *£L cunendes became enAd. Corp ^ F[iday 

that it had placed Thailand’s AJoog- 
term foreign-currency rating on "Cred- 
it Watch" with negative implications. 

Bridge News repotted from Tokyo. 

S&P also said it had placed Thai- 
land’s AA long-term local-currency rat- 
ing under review with negative impli- 
Mtinne A S3 billion WOTth 


tere — , ~ * a valuation as wcu. — ; - 

iai statistics. U anan; g*** ^cklv forced down the Mipproe 

al of lendable funds iio fi 9 ^ Malaysian ringgit the Iwione- 

: bailouts, and str^^d CTen ^ mighty Srnga- 

procedures so borrower* 

sdit more quickly 


^Tb?rest Of the region had to re- 

• - -titiveness against 

•rmit Schoenholtz, 


jDuuiuis :. nrin o to estamiso « ^3^:. sdtaeuMtz. ing under review witn negative unpu- 

ornies it is m Thailand." aid K=^t ScHoraMB. Aa „ nrimad y $ 3 billion worth 

better informed- And m BrotjKrs London-based duel ^^^nency debt was affected 

i to release the resu ^onotrust. by tbe review, the rating agency said 

a _ -L.,L-unc .is long 2 s Thailand deiayea -ht. 11 " . 6 J *• .>.. n idMmenrnf Thailand s 

devalued, the Philippine, 



S650 million loan wim « 

assure 


TRANSPACIFIC FUND 

Saactc Aocnmne 

Registered Office 14, roe AJdnngen. Luxembourg 
R.C Luxembourg Section B 8576 

DIVIDEND ANNOUNCEMENT 

The Shareholders are hereb/ informed that the Annual Gerera! Meeting of 
29 July 1997 has approved the payment of a ckvidend of JPY 150 per share. 

The shares are quoted e-**vidend as from 30 July 1997 and the dvidend 
wiH be payable as from 30 July 1997 against presentation of coupon N°26 at 
the following banks: 

- BANQUE DE NEUFUZE. SCHLUM6ERGER. MALLET. 

3. avenue Hoche. fans 86me 

- ABN AMRO BANK N.V. 597 Heren^acht. Amsterdam 

- MEES & PIERSON N.V.. 54a Herencracht. Amsterdam 

- BANQUE GENERALE DU LUXEMBOURG SA. 


50, Avenue J.E Kennedy. Luxembourg 
BANOUE JULIUS BAER (GENEVE) S A. 
2, boulevard dU ThdStre, Geneve 


The Board of Directors 


Do you uve in Austria, 
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or Sweden ? 

For information about subscribing call: 

Austria 01 891 363 830 
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Analysts lor AB Hafir Martels 
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Source: Telekurs 


tiuenuliivul Herald Tribune 


Very briefly: 


• Hong Kong’s secretary for housing, Dominic Wong, said 
that the government would make intense efforts to reach its 
housing supply target of 85 .(XX) units a year and was de- 
termined to keep speculators out of the markeL Prices in the 
real estate market rose about 30 percent in the first half of the 
year before tbe government stepped in and vowed to increase 
tbe supply of new housing. 

• Hopewell Holdings Ltd. of Hong Kong was given a boost 
when Standard & Poor’s Corp. said it was standing by its 
“BBB-minus” corporate credit rating for the Hong Kong 
infrastructure and property developer and also said it was 
upgrading the firm’s outlook from “negative’’ to “stable.” It 
cited a lower debt burden for the company after the sale of its 
stake in the power producer Consolidated Electric Power 
Asia Ltd. 

• Indian federal detectives are investigating the legitimacy of 
a contract awarded to a subsidiary of Enron Corp. of the 
United States. T.R. Balu, petroleum minister, said the Central 
Bureau of Investigation had begin an inquiry into a contract 
allowing exploitation of an oil field in the state of Gujarat after 
environmentalists had filed protests. 

• South Korea’s trade deficit tumbled 72 percent in July from 
a year earlier, to $806 million, as sales of semiconductors and 
petrochemicals fueled the biggest export growth in 18 
months. 

• Telekom Malaysia Bbd. said net profit in tbe first half 
ended June 30 rose a less-than -expected 5.7 percent, to 889.9 
million ringgit ($338.6 million), and the company said it had 
failed to reach its target for new customers. 

• Pilipino Telephone Corp. said its subscriber base shrank to 
340,000 at the end of June, down 5.8 percent for the month, 
after it disconnected more customers who failed to pay bilk. 

• Honda Motor Co. will introduce a new navigation system 
iarer this year designed to alert a driver when he dozes off. 

• Matsushita Electric Industrial Co. will invest 30 billion 
yen (S252.8 million) in a new plant to produce liquid crystal 
displays for computer screens. The production line is sched- 
uled to stan operating in early 1998. Reuters. AFP. BU-umberf; 


Mondays 

YY/ri nesdays 

Fridays 

and 

Saturdays 

are 


INTERMARKET 


days. 


The EHTs Intermarket regularly features 
two pages of classified advertising 
for the following categories: 

MONDAY Recruitment, Education, 

Secretarial, Internet Services. 

WEDNESDAY Business Opportunities, Franchises, 
Commercial Real Estate, 
Telecommunications, Automotive, 
Entertainment. 

FRIDAY Holidays, Travel, Dining Out, 
Residential Real Estate. 

SATURDAY Arts, Friendships, International 

Meeting Point, Nannies & Domestics. 

A g reat deal ha p pens at The Intennarket 

CaD Sarah Wershof on +44 171 420 0348 


... •. wh-’-sauf 



THE WORLD'S DA1U' NEWSPAPER 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 2-3, 1997 


Friday’s 4 P.M. 

Tin 1,000 most-traded Notional Market securities 
in terms of daSar value, updated twice a year. 

The Associated Prvss 


H S*SJ 9k» B» YW PC lSufi l» 






NYSE 


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SATURDAY-SUNDAY, ^ 

AUGUST 2-3, 1997 ^ 
PAGE 15 




Treasures That Fit 

In the Overhead Bin 

A Little Research and a Lot of Luck 
1 1 Yield S °uvenirs That Pay for the Trip 


till inn Slate 


mer t ^"^Hemisphere's sum- 

Zon^f? Season undeT The 

som^nv LPOKT t us week rakes a looktil 

erscau) e * m 'f™-gradc purchases read- 
ers Lould make on the road. 

Silver From England 

o J?- Uyer r of silver have been 

fair shake si nc e King Edward i. 
in 1300. appointed wardens to inspect 
stiver and ensure that it was pure enough 
io mem “the Icing's mark/’ a royal seal 
of approval 

Nearly seven centuries later, London 
is the most important destination for 
serious collectors, who covet English 
silver for its craftsmanship and a linger- 
ing fastidiousness about purity and 
JS provenance. 

Silver is sold in numerous markets, 
rairs and shops, most notably the un- 
derground Silver Vaults in the financial 
district, the Camden Passage antique 
market in north London and the Por- 
tobello Road market in west London. 

The vaults are calm and un crowded, 
while the markets bustle with shoppers, 
including many tourists. Some dealers 
at Portobello Road, the most popular 
market among foreigners, are known 
vary their prices that vary depending on 
the accent in which an inquiry js made. 

The key to identifying an article of 


ort*iiin Polio 



v I. 3E, 


silver and judging its worth is the hall- 
mark, what “the king's mark’* has be- 
come. David Beaslev, chairman of the 
Silver Society and rue librarian at the 
Worshipful Company of Goldsmiths, 
explained that in the late 1400s the 
company’s wardens, charged then as 
now with controlling standards in the 
silver craft, began ordering silversmiths 
to bring their wares to Goldsmiths’ Hall 
to be inspected and stamped — in other 
words, to receive the hall mark. 

This has evolved into the complex 
svstem in use today. Sterling — 923 
percent silver, alloyed with base metals 
— is marked with the ‘ ‘lion passant,” or 
walking lion. This confirms that it is 
silver and not silver plate. Other marks 
A include a symbol denoting the city of 
* f manufacture — a leopard s head for 
London, anchor for Bir m ingha m or 
crown for Sheffield — a letter rep- 
resenting the year it was made, and 
initials indicating the maker. 

In considering whether to buy apiece, 
Mr. Beasley said, “the first thing really 
for collectors is do you like it.” He 
noted that many narrow their purchases 
down to a single type of object. “Col- 
lectors are a slightly strange body of 
people, bordering on the fanatical. They 
may collect corkscrews or caddy spoons 
for tea. The English are very .eccentric. 
If they like something, they 11 form a 

society about it." 

. If an object appeals, ‘ then you look 
at condition, weight and price, he went 
- on. “You have to have some appre- 
l ft (nation for what you;re looking at- Look 
■ to see if any engraving has been added 
On, or restoration touches. OccasionaU> 
there mav be evidence of repa^. You 
have to look more carefully at the in- 


terior. Experience and knowledge 
count. If you’re starting out, you have to 
read about the subject. ” 

He suggested “An Illustrated History 
of English Plate,” by Sir Charles Jack- 
son; “Silver Through the Aaes,” by- 
Gerald Taylor, and “Silver “in Eng- 
land.” by Philippa Glanville of the Vic- 
toria & Albert Museum in London. 

“People either take a gamble or do a 
bit more research on it.” Mr. Beasley 
said. Because gambles do not always 
pay off, his advice is to “get a receipt, 
and if it is not what it says“it is, there is 
usually some recourse.” Finally, “if 
you have a slight inkling something 
doesn't look right to you, you should go 
with that instinct and not buy it. “ 

Prices of silver objects overall have 
moved little in the last 10 years, al- 
though some items — a few years ago it 
was sauce boats, for instance — become" 
the rage and their prices shoot up. plat- 
eau and come back down. These days, 
one dealer said, no particular item seems 
to be in the grip of a fad. 

“Tve been in The business 40 years,” 
said Adam Langford, a dealer in the 
Silver Vaults. “Fbr the first time there 's 
no partem to w r hat'$ selling. I can't say 
why.” 

Antique silver falls into two broad 
categories, corresponding to two great 
periods in English history. Georgian 
silver, made between 1714 and 1837 
during the reigns of four successive 
Georges, rends to be simple, evea aus- 
tere. Silver made during Victoria's 
reign, from 1837 until the rum of the 
century, is more ornate, reflecting the 
economic and social buoyancy of much 
of the period. 

Twentieth-century silver :s generally 
the least expensive because it is ies's 
than 100 years old and therefore not • 
considered antique. Victorian silver 
costs more and Georgian costs the most. 
For £1,000. or about 5 1,650. a collector 
could buy a four-piece. 20£-csnxry tea 
set, Mr. Langford said, bu; ±2: would 
not be enough to buv a small Georgian 
tankard, made ini. :5.±x. he ius for 
sale at £1300. 

At Bryan Douglas. 2 few doors cowr. 
ffotn Mr. Langford, there is a four- 
piece. 1850 tea set by the silversmith 
William Hunter for sale at £4,000. For 
buyers on a tighter budget. Claire Vous- 
den, the sales assistant, suggested a 
£1,300 silver-plate tea set of similar 
design made in 1862 by Eflongton, the 
company that invented die electroplat- 
ing process in the 1830s. 

The cavernous price gap reflects a 
difference in taste, not quality. “People 
tend to think of plate as inferior," Miss 
Vousden said, "bur just as much work 
went into it.” 

She said that three-tier cake stands 
had been selling well; “We do get runs 
of things. That' s just business. There are 
things that will alwaj'S sell quickly and 
others that will be around awhile.” The 
English like the simplicity of Georgian 
objects, she noted, while Americans go 
for the decorativeness of Victorian. 
“Thai’s the appeal,” she said. “There’s 
something for everyone.” 

Conrad de AenlJe 

Tbe S3»ei Vaults are jn GwBaery 1031b ot 

Q aa ccs Law L'ttSsrgrwoji rates cc ce Gsarz! Line. "Hie 
Castries' Passage aabqtm eiariira begss , r cs trori of Ar.$el 
swtoo ca the CwJernion d’» StCtesi LJSt- The as* larger 
PonobeQo Road mate is sera of 2se Nonas H— Gm van on. 
«nd bv the Cecr=!. .rzi Or?* lice*. 

Cigars From Havana 

There are fake Rolex watches, fake 
diamonds, and fake Levi Strauss jeans 
the world over, so it should come as no 
surprise that buyers of Cuban cigars 
need to be on the lookout for bogus 
smokes. 

With the price of Cuban cigars rising 


Duty-Free 
Temptations 
Become Less 

Tempting 


wm 


^felStsSS. . _ ^ . . 

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tl rt »».;< •» ..f.-'ifls;; 

. .. :v.w -- 


4 ?...: 


| By Aline Sullivan 

F IFTY years after the first duty- 
free shop opened ai Shannon 
airport in Ireland, selling 
French perfume and Irish lin- 
ens, duty free has developed into a S20 
billion global industry. Shops in many 
airports sell items as diverse as caviar 
and cars, while travelers around the 
world rely on duty free for seemingly 
cheap liquor and cigarettes. 

But boredom, rather than bargains, 
may be the real attraction. Fen ail the 
promise of big savings, shopping duty- 
free may not save much money.*" 

Many staple airport items, such as 
scarves, watches and toys, cost as much 
as at the local store: A recent traveler 
through London’s Heathrow Airport 
found an Hermes scarf at £170. the 
same as at the Hermes shop in New 
Bond Street. 

Thai is because the savings from the 
exemption from duty frequently are not 
passed on to the customer, analysts 
said, but are instead retained by the 
store in the form of higher profit mar- 
gins. Duty-free alcohol and tobacco are 
cheaper but often not by as much as 
travelers suppose: A bottle of Veuve 
Clicquot champagne thar sold recently 
for 120 French francs duty-free at 
Charles de Gaulle airport in Paris could 
be had at a neighborhood supermarket 
for I25franc5.~ 

Dyane Cun. vice president of in- 
vestor relations at the New York office 
of Duty Free International Inc., or DFL 




' : 




n*a*tCoct / Aym f ta n - flwe 

A duty-free shop in Coquettes, France: Duty free provides travelers with distraction bur few big bargains. 


said that the size of the savings depends 
on the traveler’s destination. DFT. 
which is based in Ridgefield. Connecti- 
cut, operates duty-free and retail stores 
in airports, on planes and ships and 
along the U.S. borders with Canada and 
Mexico. It was acquired in July by 
BAA PLC, operator of London's 
Heathrow and Gatwicfc airports. 

People going to Asia may save as 
much as 40 percent by buying duty free 
instead of waiting until they land, she 
said, while those headed to Europe save 
about 20 percent. Bui travelers to the 
United States, where the so-called sin 
tax on alcohol and cigarettes is very 
low. mighr save only 2 percent. 

For many travelers, the real savings 
from duty free may be lower prices for 
flights and ferry crossings. Derek 


Keogh, chief executive of Aer Rianta, 
the Irish state-owned duty-free oper- 
ator, has argued that the proceeds from 
the sale of duty-free items enable air- 
lines and ferries ro maintain low fares. 

Those days may be over, at least in 
Europe. The European Commission 
first declared in 1991 that duty-free 
retailing within the European Union 
should 1% abolished, arguing that it was 
becoming an anachronism as the 15- 
nation bloc dismantles its trade barriers 
and standardizes customs procedures. 
Strenuous lobbying by the airlines and 
ferry companies has delayed imple- 
mentation, but it now is set for 1999. 

The collapse of duty free in Europe 
may mean great opportunities for other 
retailers. “There are big growth pros- 
pects for both suppliers and operating 


ail the time — Montecristo No. 4s. for 
example, were selling recently for S2.20 
each, and the Cohiha Corona Especial 
was 57.80 — the temptation on the 
streets of Havana may be to succumb to 
the touts who sidle up and whisper. 
“Cigar? Hahar.os:" 

Bene r give them 2 miss. Residents of 
Havana, many of them cigar enthusiasts 
even if rev. Van now ahord the real 
thins, say there are large markets in fake 
cigars, not to mention boxes, seals and 
cigar rings stolen off the factory floors 
to nuke the fakes look genuine. 

What is more, unless you are an ex- 
pert, you cannot tell fake Caban cigars 
from "the real ones — until you smoke 
them, that is. but then it’s too late. 

Judging from one morning’s tour of 
the Partagas factory, thieving looks an 
easy business. Cuban cigars are still 
rolled by hand, but this is not the only 
thing that is old-fashioned about the 
industry: There seemed to be only one 
supervisor on duty, appearing in every 
room the tour visited. 

Cigars are Cuba's fifth-largest for- 
eign-exchange earner, and they would 
contribute even more were it not for the 
natural limits of bow much tobacco can 
be coaxed from the precious, top-grade 
soil west of Havana. 

Because the government earns more 
when buyers get their cigars from an 
expensive shop abroad, it will not allow 
more chan seven boxes of 25 cigars to be 
exported by any one person. Customs 
officers X-ray every bag leaving the 
country. 

Taking out more than two boxes (the 
duty-free limit in Canada, one of Cuba ’s 
biggest sources of tourists) requires a 
green receipt called a Factura de Venta 
de Habanos, to ensure that the cigars 
purchased are real. Shops tends to as- 
sume buyers will pick up their entire 
allotment at once, so if you are buying 
just one box, the store may not offer a 
form. Ask for one. because customs 
agents are justified in confiscating any 
cigars not accounted for by official pa- 
perwork. Financially it is worth it: If you 


you can Cashmere in Mongolia 


save 75 percent off the price. 

All of this assumes the buyer does not 
wish to bring said cigars into the United 
States, where the Customs Service will 
confiscate them upon discovery. 

Even travelers just passing through 
the United States will have their cigars 
taken. And. while Cuban cigars are al- 
iou ed in most other places mailing them 
10 yourself can be a headache. One cigar 
lover in Singapore turned down the of- 
fer of a mailed package of Montecristos, 
preferring 10 have them left with rela- 
tives in Canada. The ordeal of paying 
duty and claiming the things at customs 
was too onerous. 



Once in Havana, where to buy? The 
cigar factories — Romeo y Julieta and 
Partagas — are obvious choices, but 
value-conscious shoppers should know 
that prices at the factory tend to rise 
about a week ahead of the official Caja 
de Tabaco outlets around Havana. 

Philip Segal 

The Partagftt cigar fa: wry is on the omrem rtJc of the Coptcoto 
Saaonal . one of Havana \ mod fianous monument* and nghi In 
ifw hear of ihe cw>- Romeo y fulwa is ju« a few blocks away. 
Both offer low', thm include an pppoftinuiy lo buy cigar* 
afterward* ai the official factory sun. 

BtrywnboiiW ajso check the t>p tie Tebaro ai 5ifi we and IMr 
sneeij in Miramar, end the one ai the Hone! Valencia in Old 
Havana. 


Luxury may nor be the first thing that 
comes to mind when travelers step off 
the train in Mongolia's capital dry of 
Ulan Bator, but an afternoon spent buy- 
ing Mongolian cashmere just might 
change that. 

.Although Mongolia is the world's 
second -larsesr supplier of cashmere, the 
local market is not well developed, and 
pure cashmere garments are available at 
very low prices. 

Mongolian cashmere products 
“could cost S500 per piece, but un- 
fortunately, Mongolia has no market 
experience and very little management; 
therefore, it sells this natural product 
very cheaply,” a spokeswoman for the 
Wool and Cashmere Institute in Ulan 
Bator said. In actuality, prices for sweat- 
ers are usually as low as 590 and almost 
never go over $200. Gloves generally 
range from $4 to $15 and scarves cost 
S30 to $80. 

Tourists can go about their search for 
this luscious fabric in several different 
ways, bur there is one role of thumb that 
applies to all shopping in Mongolia: If 
you see something you love, buy it, 
because it may not appear anywhere 
else and it is likely to be gone if you 
dedde to go back for it. 

Given the time constraints of the ma- 
jority of people traveling through Ulan 
Bator, the most convenient option is to 
stick with the shops in the city's finer 
hotds. In addition to being easy to find, 
hotel shops offer all of Mongolia's ma- 
jor brand names, and they accept credit 
cards. These shops offer a good over- 
view of what styles and colors are avail- 
able around town; however, color and 
size selection for each garment tends to 
be limited. 

For those with a bit more time, going 
directly to the factory is the best plan. 
An appointment is necessary ana the 
factories accept only cash. Factory cus- 
tomers will be rewarded with row after 
row of the latest designs in evety color 
and size available and the prices are 


companies that are sophisticated in air- 
port retailing,” said Steven Richter, an 
analyst at Tucker Anthony in Boston. 

BAA has been particularly aggres- 
sive in its attempts to counter public 
perceptions that airport shops charge 
high prices for non-dutiable items. It 
oners customers a money-back guar- 
antee if they are able to obtain lower 
prices in town. 

Consolidation has already come to 
the industry' as companies race to gain 
size and global presence. In addition to 
the BAA takeover of DFI, there have 
been two deals in the past year: Nuance, 
a subsidiary of Swissair, purchased 
Alders International PLC of Britain, 
and the French luxury group LVMH 
Moer Hennessey Louis Vuirton ac- 
quired DFS Inc. 

often significantly lower than in the 
hotel shops. 

The middle ground between factories 
and hotels are the various cashmere 
shops scattered all throughout the city. 
These can be difficult to find, dingy, and 
they rarely take credit cards, but they are 
cheaper than the hotel shops and often 
hide one-of-a-kind pieces unavailable 
elsewhere. 

Some people may w onder if it is nsk> 
to buy a luxury' good in Mongolia. The 
quality of the finished garment depends 
on many things, including the w av it has 
been washed, the twist of yam. and the 


dyeing process. 

Before buying cashmere, there are a 
few simple tricks a consumer can try to 
test the quality of a garment. 

Cashmere comes in two forms: knit- 
ted (sweaters, scarves, gloves, socks] or 
woven (coats, scarves}. Weaving is the 
more complicated process, so there are 
fewer goods available. 

For knitted goods, first, feel the fab- 
ric. If the garment feels * •prickly’ ' when 
you brush your hand back and forth 
across it, then the quality is not good 

Second, rub the fabric against itself 
briskly; if the fibers show signs of pill- 
ing (roiling up), the cashmere will not 
wear well. Finally, look at the sorface or 
“fiber fuzz” of the garment; a smooch, 
clear surface indicates a garment that 
will wear well, while a “ ‘fuzzy’ ’ surface 
indicates a garment that will pilL 

Boris Shlomm, chief executive of- 
ficer of Amicale Industries Inc., a com- 
pany that imports, weaves and sells 
cashmere, warned consumers not to be 
fooled by a garment that merely feels 
good to the touch. 

Referring to the “fiber fuzz” test, he 
noted that a sweater with a smooth sur- 
face "may not feel as soft to the touch, 
when new, but will wear longer, and 
wearability is an important aspect of 
quality.” 

The beauty of woven cashmere, like 
what is found in coats, is the way it 

Continued on Page 17 


Micro-caps: Big Returns From Small Blips on Wall Street’s Radar Screen 

, , . . fiv \x r nii ‘snwf radar screen fbr <»overnmem agencies, from running airport who believe a stock can’t be worthwhile unless truck bodies, especially for step-up vans. 

W/* been bie wm- companies fiv below W all btreet s raaar screen, ^ !i(iT ’ tiii meli it is trying to be the next Microsoft or Intel.” Weinstein estimates eaminas at 80 cents foi 




i-c wheenbifiwin- companies fiv below Wall Street’s radar screen, for government a-encies, from n^g aupon 

L ately. big srocU^e^n big wrn^ .^ ere - s ’ morc inefficiency, more mispri- parking lots to pickmg up trash on nuhnay 

ners. Over the past 12 mon^, me uow » bases, and testing cellular telephone systems. 

Jones industrial " Mispricing can be on the high side or the low. “This is an exciting company, a growth com- 

p^m wMk Ru ^i -°°° trn Mr Aihcy has found that at a time when pany,” he says. However, only three secures 

small Stocks is up just 67 , SIoC t moa large stocks arc sky-high, many micro- analysts, all from obscure houses, cover die 

BuVSs shows that the smalhtfihe swoj doM .,orcarth iaiuST company, accorclmg to Bloomberg News. 

JliwMbe return. The to®* fST A reasonable ceiling for microcaps is $100 Comarco's P/E ratio, based on estimated eara- 

fm^Sro ccps,-- the mUHon BTcompan^n. die caoiialiamon for lags from this year. is 17 - even after a run-up 

rSp' X'O capita™ “f SS ElaaricC&is S23 1 bidU. of^O percent 4m tts Apnl low. 

kaS outstanding W f ^ Mr. Athey’s own fund is 

^hare. It is the v^ue member * dosed to new investors -a JAMES GLASSMAM ON INVESTING 


truck bodies, especially for step-up vans. Mr. 
Weinstein estimates earnings at 80 cents for the 


jj uviiis 111 m v- •• — T — „ . , 

Even smaller is Penobscot Shoe Co., with a financial year ending in October. That would put 
hMilliAM A wintrier litAmAn 'e cbftoc tt tbp cttv.k P/F. at a mere 1 1 — verv temotina for 


cap of $8 million. A maker of women’s shoes, it 
has seen sales fall recently, but management has 
had enough confidence to buy in its own stock. 
“By almost any measure,” Mr. Elfenbeia 


the stock’s P/E at a mere 1 1 — very tempting for 
a company whose profits are growing at a 55 
percent-a-year clip. 

Among the few high-performing funds that 


■2£nnv at any given '^ M nohnessvfbrhis fate suffered by many mutual i* 

between 1951 and 1 - an average of 20.4 fav^e (Tom., a Chicaao-based maker 


percent annuauy. « 12.7 percent of ' cUy “ he said. It is publish* 

million to SiOO cap5 over SI billion cornpany m a growmg market. A Virginia. 

By contrast, stock- a tanu eam j Ilgs has knocked the price down Gorsk 


Bo* Oil-Dri tat a cap of $90 million) and 
Comarco (at $93 million) are large as micro- 
caps go. For some truly minuscule companies, 
look at Microcap Stock Digest, a newsletter 
published by Edward Elfenbein in Arlington, 


BTcon^l. slock *«n the price doom 

returned 1 0. 7 per^en ■ j, uv micro-caps, be __ ^5 1 0 about $18. 

But before you They are far ^ “ price-ro-eamings ratio of 18, OJ-Dn 

warned about « ** diffica It for be be ijeves. T. Rowe Price u , the 

-riskier titan hffge-caps- Ui h3Ve little h- £ & Institutional owner of the company s 


Consider JLM Couture Inc., which makes iener arc engineered ouppon oysicwn auc-, a ji. xtyoui. iuhikt managrr pi ujc magcumi r uuu, 
bridal gowns under the labels Jim Helm, Lazaro Louis defense contractor, and Thrus (Master wrote, “1 stumble - onto the big winners in ex- 
aod Alvina Valenta- The company’s market cap. Inc., which makes joysticks for computer tracurriailar situations, tbe same way you could, 
is a mere $9 million, or 1 -400th the size of Liz games. Both have caps of around $50 million. Washington Post service 

T— _ til inm^Afod Mr CVfom Mr A Qfo 0n^ r» Off • o ■ ■■ 


■U1U a Ui* 1UVUU T 4ViV VTi ^ u-*— V- — ” “ J 

idend has been 20 cents a year Royce Micro-Cap Trust Inc., a closed-end fund 
•mmmmimmmmmmm — a p re tty reliable wifr an average cap of $100 million. 

■ payout Assessing micro-caps on your own is not 

The company’s book value, easy, but you can often just call up the chief 
or net worth on the balance sheet, is $7 .52 cents executive or other top officials and talk to them 
per share, while the recent stock price was just yourself. Ask for annual reports, or check out 
$5.75. It is rare for book to be greater than price, their SEC filings on the Internet (www.sec.gov/ 
and such a phenomenon often indicates a bar- edgarhp. htra). 

gain. To find micro-caps in the first place, just look 

Two other top picks of Mr. Elfenbein 's news- around as you shop, travel and read. As Peter 
letter are Engineered Support Systems Inc., a St. Lynch, former manager of the Magellan Fund, 


when you sell, y qu f 2 1; 

" “Siiti. Preston Asp 


rhanaees the - 

r.mi 11* 


is a bargain, ne oeu ■ ■ company’s Claiborne Inc. Sales, at $13 million, increased While Mr. Elfenbein and Mr. Athey are en- 
hugest icsnmnonai shares. Another 61 percent last year, Mr. Elfenbein writes, and thusiastic about micro-caps, another specialist, 

stock, with 9 : 6 r™, Browne Co , a value- they’re up 36 percent in the first half. That’s nor Jay Weinstein of Oak Forest Investment Man- 
large holder is with ^ 'excellent bad for a stock with a P/E of 15. agement in Bethesda, Maryland, is down in the 

hunting investment ™ “One of the reasons we like this company,” dumps. He thinks prices are just too high, 

track record- ^nriarion is Comarco Inc., he writes, “is that it completely contradicts the He does have one recommendation: Supreme 
A second recommenaa • services ’ silly notion held by many micro-cap investors. Industries Inc., which manufactures specialized 

whose businesses include pemnmu & 


tracurricular situations, the same way you could.” 
Washington Post Service 
For further information, call: 

• a ARSON SHADOW STOCK FUND. J 8J657] or. in tbe IwwJ 

States. 18W4M27&6. 

• MICROCAP STOCK DIGE5T. 1 TO 5J8 4236 

• ROYCE MICRO-CAP TRUST. 1 212355 731 l.orinihe failed Sates. J 
800 23J 4266 





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alts Aid 



INTERNATIONAL HERALD TRIBUNE, S ATURDAY-SUNDAY, AUGUST 2-3, 1997 

THE MONEY REPORT 



PAGE 17 


. 

•i. ....... 

vi'' 




'■■fin . 


'i'.. 1 - . 

n.rr 




■4 -1 



gf ) Key Asset Management 


A Growl From One of the Last Bears: ‘Overvalued Is Overvalued 

s- . V 


Charles Crane acknowledges that 

b?r h?, 8 ? 5 ar€ good f° r thc stock mar- 
ket, but he cannoi set past * -hat he sees 


tlOUS 


'US pundits have softened their tone. 
Q. Don’t they make some zood ar- 
guments? 


simply Z ET Mr rUJS^S- ^ 1 admit ih* ihii market has a 

market strategist for Key Asset Man- — * de ^ P oin g fo , r «• There is plenty of 
agemem. which oversees $ 52 billion. 


expects Hocks to return less in the next 

their lo ”Jt rerm 

average of 10 percent. He even thinks 
■ the niarket may have a 15 percent 'cor- 
rection this year, though prices may 
recover quickly. 

„t > il:R: an ‘i P0 , k V' " h Brush 

of The New York Times about his wor- 
ries about current valuations and his 
doubts about the bulls’ justifications for 
the market s height. 

Q. You are one of the few remaining 
bears in this bull market. 

A. Yes, many of Wall Street’s cau- 


cash coming in from baby boomers. 
There is low inflation, which fosters 
lower interest rates. Earnings have been 
very satisfactory, and hTthe second 
quarter they were bener than anticip- 
ated. On the other hand, this market also 
has one big fat liability, and that’s high 
valuation. As a value investor, I’m very 
uncomfortable with that. 

Many of the more positive analysis 
have admitted that stocks are 1 5 percent 
to 20 percent overvalued. And yet they 
say: Oh. things are different this time. 
The marker will get to be 30 or 35 
percent overvalued before it becomes 
dangerously rich." In my book, over- 
valued is overvalued. 


Q. What valuation measures concern 
you? 

A. Looking ar the next four quarters, 
the price-earnings ratio of the Standard 
& Poor's 500 is probably 20 to 21. That 
is noi unprecedented. There are periods 
when this multiple has been higher. But 
going back over the last 40 or 50 years, 
we're ar a point where we’ve been less 
than 2 percent of the time. 

Q. Do you look at other valuation 
measures? 

A. Sure. Price-to-cash flow has rarely 
been higher. Price-to- sales is at an all- 
time high. Price-to-book value is north 
of five times. I do think thar book value 
has been artificially depressed by some 
new accounting rules, like for health 
care costs. And so the five-plus times 
that we’re trading at has been artifi- 
cially inflated, buFir’s nor.irrelevanr. 

And the ratio of the value of all public 


stocks to gross domestic product, which 
is sort of a proxy for sales for die overall 
economy, has never been higher. So the 
market as a whole, and not just the blue 
chips, seems frothy. 

Q. Many analysts argue that the last 
time inflation was this low — in the late 
1950s and early 1960s — earnings mul- 
tiples were also in the low 20s. So we 
should not be so concerned today. 

A. There is a fairly dangerous flaw in 
the argument. It looks at inflation, not 
interest rates. Companies don’t borrow 
at the inflation rate. Their cost of capital 
is based on interest rates. Real rates 
right now, on the long end of the yield 
curve, are near 4 percent That’s well 
above the historical average of about 
2.5 percent. 

So real interest rates were much 
lower then, and that makes a big dif- 
ference on two counts. If you give me a 


forecast of cash flows for a company body down the street will pay 105 pen- 

tell you nies for that dollar. 


and an interest raie table, I can tell you 
what the present value of that company 
is. In the earl}' 1960s, having lower 
interest rares increased the present 
value of those cash flows by a sub- 
stantial amount and thus justified a 
higher multiple. 

Also, at lower interest rates more 
projects become feasible, because the 
cost of capital is lower than the an- 
ticipated rate of return. This enables 
companies to grow more rapidly be- 
cause they invest more than they might 
if interest rates were 200 basis points 
higher, which they are today. 

Q. What is vour advice to in- 
vestors? 

A. Don’t be afraid to sell a stock that 
has reached its price objective, where it 
is fully valued. Don’t play the greater- 
fool game, where you bet that some- 


Q. Where should people invest in 
stocks, in this richly valued market? 

A. Mid- to sraail-cap stocks appear 
much more attractively valued than 
large caps. Also, international stocks 
deserve some mention — maybe a com- 
bination of emerging foreign markets, 
like Russia and China, for a long-term 
investor, and more mature markets, like 
Japan. 

In the United States, basic industrial 
and cyclical stocks hold some appeal. 
The economy has a good sbor at ac- 
celerating somewhat in the second half 
of the year, so stocks in this sector 
which have disappointed, either be- 
cause of excess capacity, poor man- 
agement or lack of pricing power, have 
better prospects for positive earning 
surprises. 



Souvenir Shopping on Vacation: Great Investments, Even Greater Adventures 


M f f- 


Continued from Page 15 


» J ! f »i ; 

* * ! - 


/ f T » \\iy 


drapes. Woven garments should drape 
■ in a soft, natural fashion. Look for gar- 
merits that do not feel stiff and that have 
m ■ minimal surface fuzz. 

Perhaps the most important tip for 


' ‘You get a cheaper better rug in New 
York City than you’ll ever get on va- 
cation.” said Lesley Stroh, editor of the 
Rug News in New York. 

Travelers who think they are gening a 
bargain in the Orient almost always get 


• first-time shoppers in Mongolia is to 
licklvi 


adjust as quickly as possible to the sur- 
* roundings. For consumers who are used 
■ to shopping in fancy boutiques, crossing 
.the crumbling stone thresholds into 
badly lit, unmarked rooms may take 
some getting used to. 

Similarly, the dirt that has settled on 
' the display sweaters and scarves may 
prevent the less adventurous from look- 
ing any farther, but sorting carefully 
through the stacks of plastic bags in 
which each item is stored almo st always 
turns up a beautiful gift that can be worn 
for years. 

Best of all, cashmere from Mongolia 
will always carry' an exotic story along 
with its cheap price tag. 


ripped off, he added. 


Heather Mallorv 


S-.-mc et i he nme friable lomces of erUsnere w l' bn Ban* 

ue. 

‘ • CHINOS KHAANflCJTEL Khiikh Teaser Sued- 5. TcUii 
■Vib I ?I3?80 Ciedircaith accepted MC/Amci 

• BAYANGOL HOTEL- Chtncuun Oreon Owloo Tel; V6 : 
■ M678J. 97b ] Vto tl. VIC.Ann. 

■ BCYAS FACTORY tbv appouumero onlvL Kiu.- L'Ji D> 
ureg-J ftu 97b|.l>755Tel.97bl3^:j.»97b]5;PlC5 

■ GOW FACTORY !bv Apoowmeni an!*,. Kfas Cut Ousts- 
n Fu: 976 I 343*1 TcL 976 I MJ71.V E-nu£ Gob-.- 

, QDrfnueh.-nei.im 

• JIVLCHIN TRADE CENTER. U.S. Embassy Dstr-l Tel 
. *76 I 31105 

• • STATE DEPARTMENT f STORE PrJ*+ Acme 


despite all the warnings, many 
tourists do indeed spend large sums of 
money buying up caipets while on exot- 
ic holidays. “I think it's 
a matter of deafness,” 
said Rosalind Benedict, 
a Connecticut-based 
textiles specialist "And 
there’s also an enor- 
mous pleasure in ac- 
quiring something 
abroad and bringing it 
back.” 

Ron O'Callaghan, 
editor of the Oriental 
Rug Review in North 
Hampton. New Hamp- 
shire. said buyers fre- 
quently stop by his web 
site * (wwwjrugre- 
vi ew.com i to describe 
their purchases. Often, 
they have spent Si 6.000 


shoppers have been led to believe. 

But even if the rug is everything it is 
made out to be and sold by a reputable 
dealer, it will not necessarily sell for a 
better price in its coun cry of origin. Rugs 
made in the 19th century and earlier 
were exported en masse just before the 
mm of tne century, and there is still an 
excellent selection in rhe United Stares 
and Europe. 


to M7.UUU on 
something worth 
SI ,200. he said, and at 
the lower end of the 
price scale S2.000 to 




Gobi C" 


Oriental Rugs 




If you want to buy an investment- 
• quality Oriental rug on vacation, cancel 
vour tickers to India. China and Egypt 
and book a flight to New York. Ham- 
iburg or Geneva. 

The consensus among rug dealers ana 
industrv observers is that only those 
’who really know their carpets should 
■attempt to shop in Oriental rug-pro- 
! ducing countries. 


55.000 for a rug that should cos: 5800. 

’’This is almost without exception.” 
he said. "We wish they'd come :o us 
before' they buy .” 

Unsuspecting bargain-hunters fall 
regularly for a number of common 
ploys: 

• Mercerized cotton rugs are passed 
off as silk; 

• Man-made dyes are passed off as 
vegetable dyes; 

• Rugs are artificially aged to be 
passed off as antiques; 

•Rugs are touted as one-of-a-kind 
when they are, in reality’, mass pro- 
duced. 

While even the experts can argue 
seemingly interminably about the char- 
acteristics. quality' and value of better 
rugs, there are some quick and easy tips 
for novices. 

Mr. O" Callaghan recommends a bit 
of reading up in advance, visiting at 
least five stores and making only a small 
purchase. Checking the label, if (here is 
one, is also obvious but sound advice. 

To determine if a nig has been 
bleached to give it an antique appear- 
ance. inspect the roots of the carpet. In a 
carpel that has aged naturally, they will 
be the same color, but if it has been 
treated, they will be darker. 

Buyers can also count the number of 
knots per square inch as an indicator of 
quality. The more knots, the better the 
quality'. If they want to check whether or 
not a rug is indeed silk. Mr. O'C a lla gh an 
suggests plucking a knot from the center 
of the carpet, not the fringe, and putting 
a match to it. If it is real silk, it will bead 
up and sputter, but if it is cotton, it will 
simply bum and smoke. Also, be aware 

flllr" maanc cillr and 


As for ;he high-quality newer rugs 
now being manufactured in countries 
such as India. China and even Romania, 
carpel importers almost always get bet- 
ter deals than lone vacationers because 
of their economies of scale. Buying at 
home also saves the customers customs 
fees, shipping costs and the usual ac- 
companying hassles. 

As places to buy rugs. Mr. 
O'Callaghan recommends London and 
Hamburg, where he believes prices 
compare slightly favorably to New 
York. Hong Kods and Singapore, de- 
spite their greaier~proximity to the rug- 
producing countries, are almost always 
more expensive due to their extremely 
affluent clientele. 

Knowledgeable rug-buyers looking 
for valuable carpets at good prices can 


city's numerous museums thai exhibit 
the best examples of new and old styles. 
The most important museum is the 
Turkish and Islamic Arts Museum, 
where some of the earliest examples of 
Turkish carpets surviving today are on 
exhib/r. Another musr is the Vairiflar 
Carpet Museum, where valuable old 
carpets removed from mosques are 
shown. 

The patterns of many 
of the carpets on offer in 
the hundreds of shops 
around Istanbul are reg- 
istered at the Turkish 
and Islamic Arts Mu- 
seum. and a reputable 
dealer will include a 
certificate of authenti- 
city provided by the 
museum with a rug pur- 
chase. 

In the city there are 
two main markets to 
visit: Arasta Bazaar in 
the Sultanahmer quarter 
and the Grand Bazaar. 
Although there are rug 
dealers throughout the 
city, the grearesr con- 
centration is to be found 
in these markets and 
their surrounding 
w-rin - . areas. 

Rug shopping in 


pet world. He offers a large stock of 
collectible and tourist-oriented rugs. 

The Motif Gallery has a good se- 
lection of new and antique rugs, and 
those looking to learn more will find a 
small but good selection of carpet 
books. 


Ann Broeklehurst, Paul Floren 
and Gina Rarick 


Here are some /cod jddmsc* for Orirni a) carpels. 

In New Ynrk: 

• BEPXU ABADJIAS. 2UI Esm 57'h 5 creel 

• A BESHAR & CO . ft! I Broadway, 
in Lomtar 

• ORIENTAL CARPET CENTRE hr-usn many px*! rag deal- 
ers: Building A. I US EsJe Rcud. N4. 

In Istanbul. 

• TIT? KISH AND ISLAMIC ARTS MUSEUM. Ibrahim Pa w 
Sams. Sulunaftmrr Mevdam Tri. 52s 51 58. 

• VaKIFLAR CARPET MUSEUM. Royal KimL. Sul no Ah- 
met Mnsqoe. Sulianahmti. 

• GALLERY SILK ROAD. 165 Amu Bazaar $121*11 

• BEREKET. Hocc! Turtyoraan. 46 Peykhanr Cat 518 24 95. 

• SENGOR. co/%3 TakksLilai Sot 527 21 92 

• GALLERY SHIRVAK. 50/52/54 HaUrilar Cad. 522 -W K6 

• MOTIF GALLERY. I3.VI3J MmLular Catl 527 219". 


Wine From France 


Istanbul almost always requires an in- 
vestment of time as well as money. 
There are no price rags. and arriving at a 
price with a rug dealer usually involves 
many glasses of apple tea and a dis- 
cussion of everything from the weather 
to politics to the nomadic life of the 
people who labored over the carpet one 
plans to buy. The longer the discussion, 
and the more interested the prospective 
buyer is in the subject at hand, the lower 
the price can be. After a three-hour 
apple tea session at one Sultanahmet 
carpet shop, the price of a large (4-foot 
by 8-foot) Kurdish prayer rug was down 
to $650. 

Once you settle down to a session 


A French vacation is a good oppor- 
tunity to restock your wine cellar with 
top-quality- labels’ But for anyone look- 
ing for an investment rather than a drink, 
it may be bener to head for London or 
New ‘York than Bordeaux. 

Although the 1995 French w ines cur- 
rent!} being bottled, plus the 1996 wines 


still in the cask, are shaping up to be 
rly i 


with a carpet dealer, the first rugs you’ll 
be shown are generally small and of 


carpet: 

also try Nepal. China's East Tuikistan 
and the Pakistani- Afghan border, bur 


that “art silk” means artificial silk, and 
not a fancy variety of silk as some 


going to the source can be risky: Mr. 
O’ Callaghan said a friend of his who 
still travels regularly to Afghanistan to 
procure rugs recently almost got caught 
up in the country's civil war. 

One place where the temptation to 
bring home a rag is overwhelming is 
Istanbul: Practically every tourist that 
has ever visited comes away with a 
colored weaving stashed in the bottom 
of his or her suitcase. 

In fact, it's almost impossible NOT to 
find yourself hauled into a carpet shop 
in Istanbul. Hesitating for an instant on a 
street comer will draw seemingly well- 
intentioned locals offering to direct you. 
The assistance will invariably come 
along with a ‘ ‘By the way, my unde has 
the best carpet shop in Istanbul just 
around the comer..." 

Free advice notwithstanding, a good 
place to stan the search is at one of the 



Fund Data Group 
Gets a Cyber Face 


i 


f* i t 



Momingstar. the Chicago- 
based fund dara group, has 
started an Internet service 
with, as you might expect, a 
■ broad array of information on 
-6.500 American mutual 
funds. But, in a departure 
'from its past, Mornmgstaris 
also. providing data on 8,uuu 


Huu puiiuwj . 

x individual American stocks- 

i % - *” 



. *UKUf|UUUl ■ , 

W- ■ Momingstar’s new empha- 
; sis *. qq individual equities, 
-when it made its reputation on 
; providing mutual fund mror- 
’ nation, is causing some 
■ ripples in the highly compet- 
itive American financial data 

industry. ,. rtf 

' Cebra Graves, editor ot 


Momingsiar’s web site, con- 
' finned thai the fund tracker is 
branching out: "We already 
bad an equity database, and 
analysts, and we wanted to be 
blown for more than just fund 
utfbrmaiion.’’ he said- 


thar include current and past 
price performance. 

Another favorite of cyber- 
investors, according to Mr. 
Graves, is die research sec- 
tion. which offers articles on 
funds and stocks by Mom- 
ingstar analysts, as well as 
articles from other publica- 
tions. There is also an elec- 
tronic bulletin board, where 
users can post messages and 
questions on investing. 

Moraingster is taking a 
global stance as well. Besides 
covering American Deposit- 
ary Recdpis, or dollar-de- 
nominared shares of 267 m- 
remational companies listed 
on the New York Stock Ex- 
change, it has launched 
“Globe Trotter,” a monthly 
senes that focuses on a single 
country discussing cinrent 
events: investments and in- 
dividual stocks. Japan, Mex- 
ico and My have been 
nired thus far. < lH l > 


■-“MJiUidnLMl, lit 

^ ..S&e web ate is 


iUT.'ll 


T ?ivesror5 from the Lmted 
Starts and overseas. Mr- 
; .waves said. So far. the most 


jdiU ■ ju *«U. 

section of die service 
> « f *Quick Takes.” thumbnail 
Niches of funds and stock? 


Fund Inflow* Top 
$4 Trillion in June 


i-v^nnenEinrS.mnroal 

funds passed the S4 naibnn 


mark in June fonhe first time, 
an industry association said, 
and investors increased the 
pace in July. 

The Investment Company 
Institute reported that assets 
for all funds were atS4 trillion 
at the end of June, compared 
with S3 .9 trillion the previous 
month, with more than half in 
stock funds. 

Executives at Fidelity In- 
vestments Inc., Vanguard 
Group, T. Rowe Price Asso- 
ciates Inc., Charles Schwab 
Corp., and Scudder, Stevens 
St Claiklnc. reported inflows 
higher in July than in June, 
providing the fund-manage- 
ment companies with one of 
iheir better months this year. 

Cash continued to pour in- 
to stock funds as the Standard 
& Poor’s 500-stock index 
jumped almost 8 percent in 
June. Investors, however, op- 
ted for conservatively man- 
aged funds in July, such as 
growth and income and index 
Snds- That is because large- 
capitalization stocks have 
outperformed smaller-cap 
stocks so far this year and 
judex funds have been bear- 
ing actively managed funds, 
companies said. 


It also suggests that in- 
vestors are aware that the 
rally in U.S. stocks can’t go 
on forever. 

“July is normally quiet, 
but not this one,” said Brian 
Maddis, a principal of Van- 
guard Group. Vanguard saw 
S2.8 billion flow into stock 
funds, up 27 percent from 
June. July was Vanguard’s 
second best month this year, 
with $4.1 billion in net in- 
flows, behind Januaiy's $4.9 
billion. 

Bond funds attracted $2. 1 1 
billion in June, compared 
with $2.75 billion in May, the 
group said. (Bloomberg) 


lesser quality than you’ll probably be 
interested in. Next come camel bags, 
which offer a good example of various 
textiles, styles and colors. Then die 
dealer will bring out the big guns — the 
top-quality large carpets that will make 
the earlier offerings seem hardly worth 
the trouble. 

For the upscale, check out the Gallery 
Silk Road. This shop specializes in rare 
and unusual rugs but does business by 
appointment only, so be sure to call in 
advance. While the stock is small, it is 
comprised of carefully chosen collect- 
ibles, most of which are reasonably 
priced. 

Bereket is in the basement of the 
Turkoman Hotel, which is the base for 
many foreign carpet dealers. Celaleddin 
Vardarsuyu. previously a top bank of- 
ficial and for the lasr eleven years a 
carpet dealer, owns the hotel and shop, 
which boasts a good selection of antique 
decorative as well as new carpets. • 

The oldest nig business in the Arasta 
Bazaar is Sengor. Founded in 1913. it 
sells mainly new Anatolian rugs, but 
respectable old Caucasian rugs can 
sometimes be found. 

Gallery Shirvan is run by Erol 
Kazanci, who besides speaking a half 
dozen languages is a weh-known figure 
in Istanbul and in the international car- 


vintage years, it is too early to pick up a 
coupfe of cases at a French w me mer- 
chant and bring them home. Instead, 
investors are turning to wine futures . 
sold by wine merchants that have in- 
house brokers. 

Futures allow investors to buy cases 
of wine as soon as a vintage year is 
declared rather than wait up to m o years 
for the bottles to arrive at retailers. By 
getting imo the market early, they can 
maximize future price appreciation. 

Buying wine en primeur by using 
futures contracts has grown in popular- 
ity in the last two years. The difficulty of 
obtaining current vintages is partly re- 
sponsible, say wine merchants, but so is 
a wider understanding among investors 
of the way futures work, said David 
Sheppard, a spokesman for wine mer- 
chant. Justerini & Brooks Ltd. of Lon- 
don. 

Between March and May each year, 
wine expens representing the few major 
wine merchants selling futures are dis- 
patched throughout France’s wine re- 
gionsto sample newly pressed wines 
and to gauge their future value. 

“It’s a very exacting task because 
what they taste is very tannic and is too 
young even to be described as wine. In 
fact it’s pretty much undrinkable.” Mr. 
Sheppard said. 

Justerini & Brooks specializes in 
Bordeaux and issues futures based on 
the performance of first and second 


Some of the top-value labels include 
Chateau Margaux, Chateau LeoviUe- 
] as -Cases and Chateau Latour. Few 
merchants demand high investment 
minim urns but mostly sell futures in 
units of 12 bottle cases. 

Justerini & Brooks recently sold fu- 
tures in first growth 1996 Chateau 
Leoviiie at £840 per case, or around 
$1,350. A few weeks later, following 
the arrival of the second growth, rheir 
value leapt to £ 1 , 1 88. 

The growing value of earlier vintages 
demonstrates the advantage of buying 
into the market as soon as possible. 
Auctions by Sotheby's priced 12-bottle 
cases of 1 986 vintage Chateau Mouton 
Rothschild at £3,100 this year, up from 
£2.200 in 1 996. Since 1 990 its value has 
grown 605 percent. 

The next best performer was 1982 
Chateau Cheval Blanc, increasing from 
£3,000 to £4,150 per case over the last 
year and up 569 percent since 1990. 

Those buying futures now will have 
the option of taking delivery of their 
wine when it is ready for the market in 
two years time. They receive an invoice 
when the deal is struck and a trans- 
ferable certificate a few weeks later. In 
fast-moving raarkeLs such as this one, 
these can be bought and sold at any point 
until the wine is delivered. 

"In practice mosi wine investors 
hang onto their certificates because too 
much trading drives up the price and 
makes it hard to keep a grip on the real 
value of the wine itself." Mr. Sheppard 
said. ”U also ends wish some people 
getting conned.” 



growth wines. Jts relationship with a 


number of French wine merchants en- 
titles it to an allocation of young Bor- 
deaux even in periods of high demand. 
In issuing futures its brokers monitor the 
performance of fust growth prices and 
use these as a yardstick for the likely 
value of its second growth futures. 

**Tbe supply of first-growth wine is 
restricted so that pushes up the value a 
bit. But if the first-growth does welL the 
second-growth often does bener,” Mr. 
Sheppard said. 


Whether buyers plan on drinking the 
wine or trading certificates, he recom- 
mended a careful choice of wine mer- 
chant when buying futures. While the 
shortest deliveiy period is usually two 
years, buyers often leave their wine with 
the merchant until they are ready either 
to sell it or drink it." This is because 
merchants are able to keep wine stored 
under bener conditions than exist in 
most home cellars. 

And, because many wines reach their 
peak of maturity — and value — ten to 
15 years after bottling, ii is important to 
choose a merchant that is likely to be in 
business for a while. “I would say pick 
a merchant with at least a 250-year 
history.” Mr. Sheppard said. 


Digby Larner 


Pw more mfonruboe on buying wine ic.'um. contact' 

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PAGE 18 




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SATURDAY-SUNDAX AUGUST 2-3. 1997 


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World Roundup 




Hci* finer* 


Carlos Moya hitting a return 
on Friday to Francisco Clavet. 

Moya Advances 

tennis Carlos Moya and Mag- 
nus Norman advanced to the semi- 
finals of the Amsterdam Open with 
straight-set victories Friday. 

Norman, the fourth seed, beat 
Christian Ruud of Norway, 6-3. 7- 
6. after dominating the fust set and 
resisting a second-set comeback by 
Ruud to take a close tiebreak. 8-6.' 

Moya, ranked 10th in the world, 
beat a fellow -Spaniard. Francisco 
Clavet. 6-3, 6-4. in a battle of the 
base liners. 

Moya will play Norman, a 
Swede, in the semifinals. The 
second semifinal pits Marcelo Phil- 
ippini of Uruguay against Slava 
Dosedel of the Czech Republic. 
Both are unseeded. t Reuters) 

• The Canadian Open lost its 
second and third seeds when Goran 
Ivanisevic and Thomas Muster 
were upset in the third round in 
Montreal on Thursday. 

Ivanisevic lost to Chris Wood- 
ruff. an American, 7-6 (8-6), 6-2. 
Muster lost to Fabrice Santoro of 
France. 6-2, 2-6. 6-4. (AP. Renters I 

• Monica Seles, the No. 2 seed, 

sailed inro the semifinals of the 
Toshiba Classic in Carlsbad, Cali- 
fornia. overpowering the doubles 
star Natasha Zvereva of Belarus. 6- 
1,6-3, on Thursday. | Reuters) 


Track and Field Arm-Twisting 

The Unseemly Side of Getting Stars to Athens Championship 




By Ian Thomsen 

hilerndiioiu} Hen/M Tribune 


A THENS — Using every avail- 
able lever — threats, money, 
you-wash-my-back, T 11- 

wash -yours — the 6th IAAF 
World Championships have gathered 
most of the best track and field athletes 
for the next nine days. In this superstar- 
driven age, with the agents and shoe 
companies basically running the sport, 
it is a feat not unlike persuading every 
marquee Hollywood name to appear at 
the same charity fund-raiser. 

Some of them have come against their 
better judgment. Haile Gebrselassie, 
who holds world records in the 5,000 and 
10,000 meters, has already won two 
world championships and did not want 
to risk blistering his feet on a hot Athens 
track trammeled hard for the sake of 
sprinters. But he was threatened with a 
two-month suspension, so his agent is 
begging organizers to at least cool the 
track with water before Gebrselassie 
runs his 10,000 meters. Marie-Jose 
Perec of France, the Olympic champion 
at 200 and 400 meters, has similarly been 
entered in the 200 meters despite her 
announcement that, she did not want to 
contest it after a season of poor times. 

Imagine all the behind-the-scenes 
work it took to make these champi- 
onships happen — the unseemly back- 
and-forth demands that undoubtedly 
would embarrass the athletes and the 
IAAF, the governing body of world 
track and field, if they were ever made 
public, the “wild-card" invitations 
offered in a last-minute panic, the debut 
of prize money at these championships 
— $60,000 to gold medalists, plus 
5100,000 for world records — which, 
compared to the winnings and salaries 
in other professional sports, is not really 
very much prize money at ail. 

Encroaching upon the competition it- 
self is the voting next month to decide the 
host city for the 2004 Summer Olympics. 
Athens is one of the five candidate cities. 
Il hopes that a perfectly run World 
Championships this week will persuade 
the International Olympic Committee to 
reward the Greeks with the largest sports 
prize of all. Athens’s biggest Olympic 


rival is Rome, which happens to be the 
home base of Primo Nebiolo, president 
of the IAAF and overseer of these vis- 
iting championships. He says he wants 
the World Championships to be suc- 
cessful and then for Rome to win the 
Olympic election — two contrary aims, 
it would seem. It’s the Romans and the 
Greeks all right, in silk ties and tinted- 
window limousines. 

Caught in between this ageless drama 
will be the aged Sergei Bubka, seeking 

World Athlitics 

his sixth straight world championships 
gold medal in the pole vault, the 37- 
year-old Jamaican sprinter Merlene Ot- 
tey, who holds a record 1 3 world cham- 
pionships medals, and Jackie Joyner- 
Kersee of the United States and Heike 
Drechsler of Germany, who will con- 
tinue their rivalry in the long jump. 

They will be sentimental favorites. 
Others, like Donovan Bailey of Canada, 
will be seeking to extend their primes. 
Bailey holds the 100-meter world re- 
cord, as well as the Olympic and world 
championships gold medals, but has 
complained about his health this sum- 
mer. With Bailey, Maurice Green of the 
United States and fellow Olympic 
medalists Frankie Fredericks of Namibia 
and Ato Boldon of Trinidad and Tobago 
competing, there may be a world record 
on a track made for just such a thing. 

The new American star might be the 
statuesque Marion Jones, a former bas- 
ketball player at the University of North 
Carolina who will sprint and long-jump. 
Wilson Kipketer, the Kenyan -bom Dane, 
might finally break Sebastian Coe’s 1 98 1 
record of l minute 41.73 seconds in the 
800 meters after tying it last month. 
Hicham Guerrouj of Morocco could 
overtake his Algerian rival, Nourredine 
Moreeli, the three-time defending cham- 
pion. Olympic champion and world-re- 
cord holder at 1,500 meters; Moreeli ’s 
best this year is almost four seconds 
behind that of Guerrouj. 

Injuries have slowed the British triple- 
jumper Jonathan Edwards and the Amer- 
ican superstar Michael Johnson and di- 
minished Gail Devos to a United States- 
team relay sprinter rather than allow her 


to run the 100-meter flat and hurdles. 
They knocked out the Americans Dan 
O’B rien t decathlon.) and Gwen Torrence 
('sprints') as well as Wang Junxia 1 . 10,000 
meters), whose absence implies that the 
Chinese threat of female distance run- 
ners raised in the 1993 championships 
has come and gone. 

There may be a lot of vulnerable 
champions in Athens, but none is more 
vulnerable than the championships 
themselves. When launched in 1983, 
they were an every-four-years compe- 
tition, a secondary Olympics that no one 
could afford to miss. However, the suc- 
cess of the championships also empha- 
sized the weakness of the Grand Prix 
meets, a fragmented system that is prac- 
tically unsellable as an international tele- 
vision entity. Apart from the Golden 
Four meets at Oslo. Zurich, Brussels and 
Berlin, there is oo sense of order to the 
meets, no telling which stars wiil be 
racing when and therefore no way to 
command worldwide TV audiences. 

To increase, television revenue, the 
IAAF in 1993 turned its championships 
into a biennial event. Every two years 
the burden grows for the championships 
to cany the rest of the sport. It is like a 
remortgaged palace. 

The proof came when the IAAF was 
forced, at the last minute, to offer “wild 
card" invitations to all its defending 
world champions. The decision was 
made to bring Michael Johnson to the 
event. Johnson, the biggest star in the 
sport, was unable to race in the U-S. 
trials because of a leg injury suffered ar. 
his "world’s fastest man" match-race 
fiasco against Bailey this summer. 

It was not at all like the conservative 
Johnson to put himself at risk just a few 
weeks before the U.S. (rials. He prob- 
ably would not have taken such a risk in 
the' same summer as a quadrennial 
world championships. 

But these days he has nothing much to 
lose. The IAAF cannot demand big tele- 
vision deals without bringing its biggest 
star to the gate. No one will complain that 
the top athletes are here; in fact they 
should be brought together more often. 
The point stands, however, that the world 
championships need Michael Johnson 
more than he needs their gold medal. 


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Michael Johnson, the double Olympic champion, training Friday in 
Athens for the World Championships. He will run only the 400 meters 


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New York Pays the Bills 

FOOTBALL The Buffalo Bills 
have reached an agreement with 
local and stare governments that 
could keep the team at Rich Sta- 
dium for 15 years. 

The deal is contingent upon 
selling 90 percent of 76 new luxury 
suites and 6.900 club seats that 
were included in a package. New 
York agreed to pay S63.2 million in 
stadium improvements and incent- 
ives. (API 

Barkley Wins Case 

basketball Charles Barkley, 
the Houston Rockets forward, was 
not to blame and won’t have to pay 
damages to a man he fought with in 
a Cleveland bar. after an Ohio jury 
decided in his favor late Friday 
morning. 

Jeb Tyler. 24. a business equip- 
ment salesman from Spencerpon. 
New York, sought S550.000 from 
Barkley. He offered to settle last 
week for $12,000 but Barkley’s le- 
gal team turned it down. tAPi 

An Even Unkinder Cut 

football Brent Bumstein has a 
new' ream and the same full head of 
hair. The 6-foot- 7, 270-pound de- 
fensive end is now at the .Arizona 
Cardinals' training camp after being 
released by the Tennessee Oilers. 

The Oilers dropped the former 
Arizona State player when he 
skipped a practice rather than let 
veterans cut his hair, a traditional 
ritual for rookies. 

Bumstein said he had got a haircut 
on his way to the Arizona camp. 

"It’s a little shoner." he said. “I 
brought a little bit in a bag for you 
guys so you’d know 1 cut it." <’\P) 


8 Players Tied for Lead 
In Scandinavian Golf 


Reuters 

MALMO, Sweden — Eight play- 
ers were tied for the halfway lead in 
the Scandinavian Masters on Fri- 
day. 

The leaders jincluded Ignacio 
Garrido. a Spanish Ryder Cup hope- 
ful. who shot a 3-u'nder-par 69 to 
move to 8-under 136. 

Garrido leads jointly with his 
compatriots Jose Rj vero and Domin- 
go Hospital, the Swedes Michale 
Jonzon and Joakim Haeggman and 
the Englishmen Gary Evans. Miles 
Tunnidiff and Peter Baker, who shot 
66, rhe day's best round. 

Jonzon bogeyed the last to miss a 
chance to fake the outright lead. 

Padraig Harrington of Ireland, 
Van Phillips of Britain and Jesper 
Paroevik of Sweden are a shot ftir- 
ther back. Harrington can guarantee 
himself a Ryder Cup place with a 
victory this weekend. 

Garrido started with 10 pars be- 
fore birdying on the 1 ith and 12th. 

He dropped a shot on 14. but 
joined the leaders with birdies on 16 
and 17. before saving par at the last 
with a “banana shot" around trees. 

The top 10 players in the Euro- 
pean Ryder Cup money list gain an 
automatic place on the team. Jose 
Maria Olazabal. who is 10th, shot 
74. spending much of his round wor- 
rying about a spectator he hit with a 
ball on his third hole. 

Olozabal is seven off the pace and 
could be passed by the Ryder rivals 
Garrido and Harrington, who is 1 1 th 
in the table. 



Ian Woosnam. the leading Euro- 
pean money-winner, missed the cut 
by one stroke. 

* Haas Sprints Into First Place 

Jay Haas ran off three straight 
birdies Friday to tie Lany Mize for 
the first-round lead in the weather- 
delayed Sprint International at 
Castle Rock, Colorado. The Asso- 
ciated Press reported. 

Haas, maintaining the momentum 
he had built before play was sus- 
pended Thursday afternoon by light- 
ning and rain with half of the field 
still on the course, finished with 15 
points. 

Haas had 10 points through eight 
holes when the weather intervened. 
After resuming his round at 7 A.M.. 
he bogeyed the 12th hole but 
promptly ran off birdies — worth 
two points apiece — on the next 
three holes. 

He and Mize, who finished his 
first round Thursday, each had eight 
birdies and one bogey in their 
rounds. 

The half-inch of rain that fell 
Thursday on Castle Pines Golf Club 
brought the toial to four inches since 
Sunday. 

Mize, wielding a new putter, also 
had 15 points under the modified 
Stableford scoring system used in 
this unique event. 

The system awards a player 5 points 
for an eagle. 2 for a birdie, zero for par. 
minus- 1 for a bogey and minus-3 for a 
double bogey or worse. 

Phil Mickelson. battling for a Rv- 





Jx Matafur) /The 

Mickelson bitting to the green. 

der Cup berth, was next with 14 
points. 

Mickelson. who once appeared to 
be a lock for the U.S. squad in the 
Ryder Cup. has slipped to ninth in 
the race for 10 automatic spots. 

“A good finish here, though, 
could secure a spot, so that’s what 
I’m hoping for." he said. "Being on 
the bubble as T am, it’s definitely 
something I'm thinking about.’’ 

Mize. 38. is seeking his first Tour 
win since 1993. He had four birdie 
putts of 5 feet ( 1 .52 meters ) or less in 
a virtually flawless round over the 
7.559-yard course. 


Down and Dirty: Golota 
Punches His Why to the Top 


By Jim Litke 

The Associated Press 

Even in these callous times, there is no 
shortage of inspiring stories about athletes 
sacrificing everything and taking the high road 
to reach the pinnacle of their profession. 

Andrew Golota 's story is not one of those. 

To say Golota arrived near the top of the 
boxing world via the low, low road doesn’t 
begin to explain the journey'. Down and dirty 
comes closer — but that is still not dose 
enough. 

Twice in the last 13 months, the Chicagoan- 
by-way-of-Poland fought former heavy- 
weight champion Riddick Bowe hoping to 
become the No. 1 contender in the division. 
Both times Golota was disqualified for hitting 
Bowe below the belt. 

The first fight, last July, was followed by a 
30-minute, chair-swinging, free-for-all inside 
Madison Square Garden. The rematch, in 
Atlantic City last December, left everyone so 
dumbstruck that any extra-curricular lawless- 
ness by cornermen, or even disgruntled spec- 
tators. never became an issue. 

Nothing is ever what it seems in the boxing 
business, and so Golota ’s punishment is to be 
rewarded with a shot at the heavyweight title 
Oct. 4 against the World Boxing Council 
champion. Lennox Lewis. 

“How lucky can we be to get this fight?" 
Golota's trainer, Lou Duva. asked during a 
recent promotional lour. 

It could only happen in America. 

"1 am not Snow White." Golota said dur- 
ing the same tour, “but I am also not a dirty 
fighter. I want to show boxing fans how well 1 
can fight.’’ 

He did not expect any one in the audience to 
bring along videotapes of any of his previous 


30 professional tights. Besides the two dis- 
qualifications. Golota can be seen biting 
Sampson Po’Uha in the neck in a May 1995 
fight and butting Danell Nicholson during 
their bout 1 1 months later. Golota also had to 
take time out of his busy schedule in January 
to return to Warsaw and plead guilty to beat- 
ing up a young man who tore his jacket in a 
disco six years ago. 

“People have to realize that boxing is a 
rough business,” Golota said. "Everyone 
fouls. But I’m not as bad as Tyson.” 

Comparing himself to Tyson is like Tyson 
comparing himself to members of the Donner 
Party; biting off a piece of someone's ear 
doesn't look so bad compared with acts of 
wholesale cannibalism. 

Replays of the second fight show his 
cornermen climbing up inro Golora’s face and 
pleading with the fighter to throw head shots 
only, “straight punches!" 

Duva said he has convinced Golota to aban- 
don his "European style,” as if repeated low 
blows were a Continental thing, and con- 
centrate on throwing shoner punches. "All 
Andrew has to do to become the new heavy- 
weight champion." he said, “is keep his 
cool." 

If only things were that simple. When the 
promotional tour hit New York. Lewis’s man- 
ager. Frank Maloney, brought out a human- 
shaped punching bag wearing Lewis’s cham- 
pionship belr. hi a gas worked out by both 
camps. Lew is pointed "to the dummy's" head, 
chesr and sromach. pausing at each to show a 
punch there was legal. Finally, he pointed to the 
crotch and said: “This is not a legal punch.” 

Golota stepped up, faked a punch to the 
crotch and sent the dummy flying with a right 
fo the head. 

Some things never chance. 


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BASEBALL 


Major League Stand inos 

AMERICAN LEAOUE 

£A3i division 

Vi L Pet. GB 


Baltimore 
New Ycrt 

Taranto 

8astaa 

Detroil 


Vi l. Pet. GB 

#' 3! - 

6i a set 6 

50 ?i j7s 17 


Detroil .» 56 46 7 IS 

CENTRAL DIVISION 

Cleveland J3 5N - 

VW.vouhee 53 52 .505 2 . 

Chledgd 53 52 500 3 

Minnesota 46 58 .453 fi 

KnnwnOiV .« 40 .423 11 

WEST DIVISION 

Souffle <A 47 j6i _ 

Anaheim sO M J5> 

Tons SO So 473 . 


Santiago; JaTnompsan. Brocail <8). 
To Jones fl) and Casanova 
w— jv.Thompsan. 9-8 L — Person. 4-7. 
Sv — Tojones not. 

Seattle 000 001 000-1 i 0 

Mlhraufcae 100 000 001—2 6 0 

.Voter and Da.WtfMn: Ftorte. A. Reyes 141. 
Vlllone (VI. Wickmon 191 and iWatheny. 
<v_ Wickmon. 4-3. L— Moyer. 11-4. 

Boston SOD 019 000 1—3 ID 0 

Korun City 1O0 000 000 2—3 7 0 

Gordon Corel CO), Mahav (91. Sloaimb (101 
ond Halteberg: Appier. Carrasco HOi and 
Mattortane, Ml Scveencf (9i W— Carrasco 
1-1. L— Stoeumb U-S. HR— Kansas City. 4. 
Bell M7i 

Battinrore D00 000 000 04—1 4 I 

OtrUand 000 OOP 000 00-0 4 2 

Key. TeAiafteivs (61, Rhodes (01. A. 
Bentte: itoi. Rat.Vrere (111 and Hailes; 
Haynes. A Small I/l. Mahler (fli. Taylor flU. 
Groom UO:. D. Johnson !IM. Kublnsll (11. 
ana Molina Moyne U 1 >. W— A Ben.te* 1 -3. 
L— D Johnson 3-1 


OotJaitd 

42 


JJ2 

19 . 

Chicago 

340 200 012-14 14 1 

NATIONAL LEANUI 


Anohmm 

040 340 010-12 15 2 


east mins ION 



Navarra. 

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Chicago 


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SI £<. 477 7 . 

45 40 .420 12'; 

43 16 394 1 6 j 


WEST DIVISION 

Los Angel e* 59 544 — 

Son Francisco 59 4} 54a — 

Son Diego S3 56 .481 • 

Colorado 5t SB .468 8'. 

THURSDAY'S UNESCO* IS 

AMERICAN L&aauE 

Taranto 000 010 100—2 S f 

Octroi i ao ooo oo »— i t a 

Person. G"cnh.<l . C ris.ic 1i and 3 


NATIONAL LEAGUE 

San Diego 000 101 000—2 9 3 

Montreal 333 ODD DO*— 9 0 0 

Hfrchcock. Bergman if). Tr.Wanrt! *71 
Hodman and Romero- Hermanscri A". 
vaWes |71 and Widqer. w— Hermonsorv 5-5. 
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HP*— MontrwjL R. White (t 71. h. Rodngue: 
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Florida 000 100 OOJC— 1 « 1 

Byrd. Cottier 171 and J. Lopez: Saunders. 
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Chicago 100 000 000-1 4 2 

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Mondesi 123) 

Japanese Leagues 

aNTMlUMVI 



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FRIDAY'S HSULTS 

CENTRAL LEAGUE 
Yakut ia Chumdii 5 
HansfflnA Ygmluri I 
Yokohama 7. Hiroshi ma2 

PACIFIC LEAGUE 
Lode 5. SftDu 1 
OtuS Kintetsu 6 


TENNIS 


0ICHLSCH OPEN 

INAHSTUDAU 
UCN« SINGLES 
QUAPTCnFINALS 

Carlos Moya. Spain (11, dot. Francisco 
Clavet Spain, ISI 6-3. 6-4, Magnus Norman. 
Sweden. (41 det Chretien Ruud. NsrAOV 6-1 
7-4 10-61: 

klarceto FBIppen. Uruguay, def. Javier 
Sanchez, Spain, (6) 7-a (7-f). 6k Slava 
DosadeL Czech Republic, del. John van Lot- 
turn. Netherlands, 6-4, 4-6 4-2 


CRICKET 


AUSTRALIA VS. SOMPRSKT 
TOim MATCH 
T BID At. W TAUNTON ENGL AND 
Somerset: J04 
Australia. 132-4 


SOCCER 


VIM CUP 

SECOND PREUNINAJW ROUND DRAW 
GROUP A 

hatdvt. Spill Croatia. *s. f.'ctma Sweden 
Anfleriectir. Belgium, vs. VoreMs Poltava. 
Ukraine 

Kcachatet Xornas, Samertona. V k ng 
Stavanger. Norway 

Polar Volgograd Bus wo. vs. Odra .•.-pdzis- 
krw. Poland 

Trafi/onspor. Turtuty. vs. Dundee Unrted. 
Scotland 

Pdpid Vienna. Austria vs. Beby Brno Czech 
Reoirblic 

GROUP B 

Tirol Innsbruck, Austrta vs. Celtic Scoticnd 
Kelilngborgs. Sweden. « FerencvaraL 
Hungary 

vcile. Denmark, in. Hapocl PrMn Tiktan. 
Israel 

jrajsncDOer Zuneh SsUrtiW «. Brann 


Bergen. Nanvay 

HIT Gdrioa Slovakia, vs. Club Brugge Bel- 
gium 

PAOK Sokwnca Greece, vs. Spartak Tmava. 
Slovakia 

group c 

t.P Revkiavik, Iceland. «. OFI Crete, 
Greece 

jabionec Czech Republic vs. Ontbro. Swe- 
den 

Apollon Limassol Cyprvc « E»crisrtr 
T.louscwn Belgium 

Dynamo -Minsk, Bciglum, vs. LiHestram, Nor- 
:vffv 

UloesL Hungary, vs . Anrtius. Denmark 
AKinJio-Vladikovkac Russia vs. Dmpra 
DnwrapetnHr.k. Ukraine 
Matches to bo ployed on Aupl i and 24. 


TRANSITIONS 


BASIBAU 

AMERK AH LEAGUE 

BALTIMORE - Sent RHP Reeky Coppirtger 
to Roctwsler. IU Traded PHP Mike Johnson 
ts Montreol E*PM ter player m t>? named 
taler 

Chicago — Tradea LHP Wilson Alvarez. 
RHP Danny Dar.vm dnd RHP Roberta Hor- 
nnrtdez to Son Fronai*o Gionls lor 55 Mike 
Caruso. OF Brian Atanninq. PHP Lorenzo 
Batcda. RHP k effli Feuika RhP Bob Hanry 
and LHP Ken Vhimq Recalled PHP Nelson 
CrvZaed PHP Al LcvKM troih Nashville. AA 
and LHP Scon Evre (ram Birmingham. 5L 

CLEVELAND— T raped LHP Steve Kline and 
player to pc named niter to Montreal Erpos 
tor RHP Jett jiiaen 

OAKLAND— Traded IB McGvvIiv to 

51. Louis Cordinotr- lor PHP tj. .uptheivv 
PHP Eric Ludwrick and PHP Qtakc Stain, 
assigned LvdwKk to Edrnooxon. PCL and 
5iem to HumsviUe. SL Troreti'ra-.a lhp 
S teve wojacchoiwkr tram 15-day disabled 
list to cA-dov disobtad ft* Pesignoted RHP 
stove Mon igomeiy tor assignment. Acinratcd 
INF RBloei Bdirtnigar ham T5-oa, disabled 
M. 

SEATTLE —TradM C .lawn vonftA and 


RHP Derr* Lowe la Boston Red So <.tor RHP 
HeathdilfSIocumb. 

TEXAS —Agreed to terms with C Ivan Ro- 
driguez on 5- year contract. 

TORONTO -Traded RHP Mike Timlin and 
LHPPaul Spotjoric la Seattle Mariners forOF 
Jose Cru: Jr. 

NATIONAL LEAGUE 

Cincinnati -Traded LHP John Sirtfer 
and INF jeH Bronson to Ctovetand Indians 
lor RHP Danny Craves, LHP Jim Crowell. 
RHP Scott Winchester ana INF Damian 
Jock son. 

COLORADO -Colled Up IB -OF Toad Helton 
inxn Colorado Springs. PCI- Sonl OF John 
vandcr Wai to Colorado Springs. 

Montreal -S igned RHP Bran Hertson. 

pittmukh -Optnned TB Mare Johnson 
and RHP jasc Silva to Calgary- PCL. 

san Francisco —Designated PhP Chad 
Frwirera and RHP Rene Arocha for assign- 
ment. 

UMHUI1 

NATIONAL BASKETBALL ASSOCIATION 

Vancouver —Named Mfte Riley and 
5ednc 7onev scouts. 

roOTPAU 

N ATONAL FOOTBALL LEAGUE 

Carolina -Signed OB Tel Cook to I-yeor 
contract 

obEEn BAY -Signed OT Rms Verba. 

inOJAMAPOLts— Signed LB Devon McDon- 
ald 

SAN FRANCISCO -Signed OB Jtm Drack- 
cnmUKr to 6-year contract. Waived R0 Short 
Mitchell and OE Israel Itoonyi. 

HOCKIY 

NATIONAL HOCKEY LEAGUE 

ANAHEIM — Ro-slgned O J4. DalgncflUlt te 
3-vear contract. 

Colorado —Signed F Brent Sawyn and 
LW Yves SarauHto 1 -year contracts. 

NEW YORK RANGERS — Namod E.J. 
McGuire head coach ot Hantord. AH1- An- 
rati need mat WoH Pnc* wtH be nickname tar 
Mufflqrt 

Ottawa —Signed D Just in Mocking and 
fly/ mike Prakapec to i. year contracts and D 
Emh CatonHjnn to multiyear contract. 

FNOENi* -Swnod l w jim McKenzie to l- 


ycar contract and RW Darin Kimble and C- 
RW Scott Levins to mu Blyeor contracts. 

PITTSBURGH —Signed D Brad Wercnto. 

couioi 

NCAA— PutGrambUng Stole on 2 y*.‘ars pro- 
DoIImi ter violations in recruinng. out-at-sea- 
vm practices- academic ekgibillir and imti- 
lunonal control in teaioall and mens arid 
woftterre basketball programs. 

kings PnNT-Namca Robert WocMiwotl 
J r. mem basketbak coach and nssistanl am- 
lelk director. 


The Week Ahead 


Saturday, Aug. 2 

athletic*. Athens. Greece — World 
ChamptarNhlps. fhreugh Aug. 10 
SOCCER, Glasgow, Scotland —opening 
day ot Scottish Hm-divisian (vogue season 

RUOOV UNION . Brisbane AoMiano — 

Tri Nottan!. Australia vs. sauffl Alnca. 

Uiunq, tyfe at Wkjhr. England — soil- 
ing. Cowes Week, through Aub. 9 
SOCCER. Lusaka Zamflid — ohibiNoa 
Zembtavs Moramhloue. 

Sunday, Auq. 3 

socccn, Wembley, England — Chanty 
Shield. Manchester united vs Cnelsoc. 

MOTORCYCLE R*CU». PUJ *: JarKMrt 

BrazB— BraziBanGrana pul 

Monday, Aug. 4 

TENNIS, ATP Tour, Son Manna Inter- 
natkmaLIhraughAug. 10: Cincinnati Otoo — 
Great American insurance ATP Champi- 
onship. Ih rough Auq. 10 los Angeles — 
women Anira Classic, through Aug 10. 


Wednesday, Aug. 6 

raced, Molma Sweden — exhibition. 

Sweden vs.urtiuan«C°oa Libenodorci. Fi- 

noi hrel tog spaihnl Cr.sMl 'Pw>; vt. 
Crazoiro (Brazil; 


Thursday, Auq. 7 

ROLF, Prague. Czech Pepubiic — j-„ 
European Tour. Czech Open, through 
m- Grand Blanc. Michigan — U.5. PGc ; ;ur ' 
BuW Open thro ugh Aug 10 
seehLscts — women. U.S. LPGA. F r^jy]-^ 

Classic ihrouqh Aug ig. Tono. ig iso 

Japan PGA. Sanko Grand, mraugh f(j 
CRICKET, Nchmgham Enqicnd — Eng- 
land vs. Aistraec. SM? re s i match. :nrg v oh 
Aua. tl 

BOCCBN. Beitiirvjie — i.h.Bition 
States vs Ecuador 

Friday, A ug 8 

AIZTO RACING, Budapesl. Hur,ggr, _ 
Formula One. Hungarian Grand Pin - 
lice. 

OOL*. Jer.-.no. Ucv. v :r . _ u .« -_ Wl>!I 
PC-A Tour. NcrTtrviiie Long ‘jiona ''1-5. i- 
throuqh Aug IO. TWcn .gggn _ 

Japan LPGA. Mizur.c locks fnrav n 

Saturday, Auq. 9 

AIZTO RACINO. BuSg&vtL Hufi'R ~ 
Formuto One. Hi/rcanon irgna Pr, " av ,-,. 
ifying 

CVCLINCL Snn Ycbaiton. Spam — 

Cud. Sen Scfccstian c<z»Si- 

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SAILING. I -.10 e' 

net race, thrauon ' l 
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Tonzanm 

oolf. Sraiaeic .v-,-. \ c „ __ . . 

v.'aOerCuD ihrevge A ua ,q 

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SPORTS 


I 


Rookie Feels 
At Home 
Against 
The Braves 


Thf Associated Press 

... T °jy Saunders occasionally pitches 
j e yreg Maddux; usually when Mad- 
dux is there to see iL 
Saunders, a rookie left-hander, im- 
proved to 3-0 against Atlanta with a 1 .35 


£ 


HL Roundup 


ihmed run average after pitching seven 
shutout innings in Florida’s 1-0 victory 
over the Atlanta Braves in Miami on 
Thursday night. 

Darren Daulton drove in the only run 
with a fourth-inning single. 

Florida pulled within 61^ games of 
first-place Atlanta in the NL East. 

“It was just a great, exciting game, 
and very tense,” said Jim Leyland, the 
Marlins' manager. “It doesn't get much 
better than that.” 

Saunders, 0-3 against other teams, 
had just wo runs of support from the 
Marlins in his last four starts. 

"When I came off the field then and 
everybody was cheering, that's 
something 1*11 never forget." Saunders 
said. "I had chills all over my body.” 

. The Marlins have won seven of their 
list eight games against the Braves, 
’'including four of five this year. 

Paul Byrd, making his first major 
league start for Atlanta, allowed five 
hits and one run in six innings. 

On Friday. Maddux, the four- time Cy 
Young winner, was due to pitch for the 
Braves. 

"It's fun when you win." said 
Daulton. "Now we've got to face a guy 
.who might be the best pitcher in base- 
ball. That's not fun-' * 

Expos 9, Padres 2 in Montreal, Rondell 
White drove in four runs, hitting one of 
three Expos' home runs, and Dustin Her- 
manson pitched six solid innings. 

Henry Rodriguez and Chris Widger 
also homer ed for Montreal as San Diego 
. lost its third straight. 

White gave Montreal a 1-0 lead in the 
first with Ms 1 7th homer and made it 6- 
0 in the second with a three-run double. 
4* >Vhite went 3-for-4 and is 17-for-34 in 
\ eight games. 

Phillies 2 , Cardinals 1 1n Philadelphia, 
Mid re Cummings's bases- loaded single 
with two outs in the bottom of the 10th 
scored Gregg Jefferies and gave the 
Phillies their third-straight victory. 

Cummings, who entered in the ninth 
as a pinch-runner, hit a ball to deep 
right-center, just out of the reach of 
Willie McGee. 

Philadelphia's Curt -Schilling al- - 
lowed four hits and one run in nine 
innings, retiring 18 straight at one 
stretch after a first-inning single. He 
struck out 11 to raise his NL-leading 
total to 212. 

Dodgers 4, Cubs i Chan Ho Park al- 
lowed three hits over eight innings at 
Chicago as Los Angeles pulled into a 
first-place tie in the NL West after its 
sixth-straight victory. 

Park 1 10-5) w'on his fifth consecutive 
stan. retiring 19 in a row before Sammy 
Sosa walked to lead off the ninth. Park 
struck out seven and walked two. Todd 
Worrell gave up one hit and got three 
outs for nis 27th save. 

Pirates 4, Rockies 1 At Pittsburgh, 
•Kevin Young greeted the reliever Curtis 
* Leskanic with a tie-breaking three-run 
homer in the Pirates’ four-run eighth. 



Athletics Send McGwire to Cards 

Trading Flurry Marks Last Day Before Major League Deadline . 


Vumh LUk>reVAgera+ > mx Prrac 

Mike Piazza, the Dodgers' catcher, leaning over Kevin Orie of the Cubs, 
who was hit by a wild pitch from Chan Ho Park. Orie was not injured. 

Chisox Blow 9-Run Lead 
And Live to Tell the Tale 


The Associated Press 

The Chicago White Sox's garage sale 
of their pitching staff has left diem a 
little short-handed in that depan meat. 
There's nothing wrong with their hit- 
ting, however. 

The White Sox blew a nine-run lead 
over the Anaheim Angels, but still man- 


INDUP 


aged to pull out a 14-12 victory’ on 
Thursday night. The White Sox were 
down to two pitchers by the end of the 
game, having traded Wilson Alvarez. 
Roberto Hernandez and Danny Darwin 
to San Francisco for six minor leaguers 
earlier in the day. 

"We had the trades and had a chance 
for a little distraction," said the Chicago 
manager. Teny Bevjngton. whose team 
also traded Harold Baines on Tuesday in 
an effort to get rid of some of its high- 
priced players. "But that shows the 
character on this club. Nobody laid 
down and we scored a ton of runs." 

The seesaw game in Anaheim saw the 
White Sox geroff to a 9-0 lead before 
the Angels rallied to tie it at 1 1 . 
-Chicago took- a- 12-11- lead 4n the 
eighth on a sacrifice fly by Mike Camer- 
on that was his fifth run batted in. But 
Jim Edmonds hit his 18th homer in the 
bottom of the inning to puli the Angels 
even again. 

A pinch-hitter, Lyle Mouton led off' 
the ninth with a single off Mike Holtz ( 3- 
3 ). Ozzie Guillen singled and Dave Mar- 
tinez bunted to the left of the mound, but 
Holtz's throw to third was mishandled 
by Dave Hollins, allowing Mouton to 
score. Ray' Durham followed with a 
sacrifice fly to center to make it 14-12. 

Tigers 4, Blue Jays 2 In Detroit, in- 
jury-troubled Justin Thompson pitched 
one of his strongest games of the season, 
and Brian Hunter had a tun-scoring 
triple as the Tigers beat Toronto and 
extended the Blue Jays’ losing streak to 
six games. Thompson, who lost two 


starts since being reactivated on July 1 1 
because of a sore shoulder, took a no- 
hitter into the fifth, allowing a total of 
two runs on four hits in seven innings. 

"The kid’s got great movement on 
his fastball." the Tigers' manager. 
Buddy Bell, said of Thompson. 

Brewers 2 . Mariners 1 In Milwaukee, 
Dave Nilsson’s two-out run-scoring 
single in the ninth led the surging Brew- 
ers over Seattle. 

Nilsson's broken-bat, bloop hit to 
right field brought home Fernando Vina 
from third to give the Brewers their 
season-high eighth straight victory. Vina 
led off the Brewers' ninth with a single 
off Jamie Moyer. After Mark Loretta 
sacrificed Vina to second, Jeff Cirillo 
flied to center, sending Vina to third. 

Royals 3, Rad Sox 2 Chili DaWs 
singled home David Howard with one 
out in the 10th as the Royals rallied for 
two runs to beat Boston. 

The Red Sox took a 2-1 lead in the top 
of the 10th when Nomar Garciaparra 
doubled with two outs and came around 
on two wild pitches by Hector Car- 
rasco. 

Heathcliff Slocnmb started the bot- 
tom -of the 10th and loaded the bases 
with a hit batter, a fielder’s-chofce 
grounder, a single and a walk. 

Mike Sweeney scored the tying run 
on Slocumb's wild pitch, and the Red 
Sox intentionally walked Jay Bell. Dav- 
is then punched a single barely in front 
of center fielder Dairen Bragg. It was 
the fifth blown save for Slocumb, who 
led the Red Sox with 17 saves before 
being traded to Seattle after the game. 

OrioluB 4, Athletics o Bases- loaded 
walks to Chris Hoiles and Aaron 
Ledesma in the 1 1th put Baltimore on 
the path to victory over the Athletics, 
who began their post-Mark McGwire 
era. The A ’s, who traded McGwire to St. 
Louis two hours before the game, lost 
their sixth straight and were shut out for 
the fourth time in their last 11 games. 
Oakland has lost 1 1 of 13. 


By Mark Maske 

Washington Pair Service 

OAKLAND. California 
— The Bay Area’s two major 
league franchises went in op- 
posite directions on the last 
day before baseball's trade 
deadline. 

The Oakland Athletics 
committed themselves to re- 
building by sending slugging 
first baseman Mark McG- 
wire to the Sl Louis Car- 
dinals on Thursday, while the 
San Francisco Giants im- 
proved their playoff chances 
by obtaining pitchers Wilson 
Alvarez, Roberto Hernandez 

and Danny Darwin from the 

Chicago White Sox. 

Those were the day’s 
biggest trades before the 
midnight deadline for major 
league clubs to complete 
deals without players having 
to clear waivers. 

The Seattle Mariners ac- 
quired the bullpen help they 
so desperately needed, ac- 
quiring Toronto’s Mike Tim- 
lin and Paul Spoljaric and 
Boston’s Heathcliff Slo- 
cumb. Seattle sent rookie 
outfielder Jose Cruz Jr. to the 
Blue Jays and catcher Jason 
Varitek and pitcher Derek 
Lowe to the Red Sox. 

The Cleveland Indians got 
the starting pitcher that they 
were seeking by acquiring 
John Smiley and Jeff Juden. 
The In dians got Smiley, a 
left-hander, along with in- 
fielder Jeff Branson, from the 
Cincinnati Reds for pitchers 
Danny Graves, Jim Crowell 
and Scott Winchester and in- 
fielder Damian Jackson. 
Smiley was the consolation 
prize for the Indians, who 
pursued the Philadelphia 
Phillies' Curt Schilling and 
the Kansas City Royals’ 
Kevin Appier but apparently 
were unwilling to part with 
prized pitching prospects 
Bartolo Colon and Jaret 
Wright. Later Thursday, the 
Indians acquired Juden, a 
right-handed starter, from 
Montreal for rookie left- 
hander Steve Kline and a 
player to be named later. 

The Texas Rangers 
avoided having to trade Ivan 
Rodriguez by signing him to 
a five-year, $42 million con- 
tract extension. The all-star 
catcher was eligible for free 
agency this winter. 

McGwire also will be a 
free agent following this sea- 
son, and the A’s dealt him for 
pitchers TJ. Matthews, Eric 
Ludwick and Blake Stein 
rather than risk losing him 
and getting only compens- 
atory draft picks in return. 

"This is personally a very 
difficult day for me,” Sandy 
Alderson, the A’s- president 
and general manager, said 
Thursday evening at an Oak- 
land Coliseum news confer- 
ence. "When I came into 
baseball, Mark was the first 
college player I ever scouted. 
But, I think this was right for 
die organization, and l hope 
it’s right for Mark.” 


McGwire, as a player with 
at least 10 years in the major 
leagues and at least five sea- 
sons with his current team, 
had die right to veto the deal 
but 'didn’t. He seemed to fight 
back rears at times as he sat 
alongside Alderson, and he 
said; “I grew up with this - 
organization. It’s not an easy 
decision to make. But you 
come ro a crossroads in life 
where you t hink change will 
■ be good for you." He added, 
"I think this deal is good for 
myself and good for the Oak- . 
land A’s. The last few sea- 
sons . haven't been the 
greatest team-wise. How 
many years 1 have left, I don ’t 
know. I think I can still help a 
team to a championship. " 

With the Cardinals, he'll 
be reunited with former A’s 
manager Tony La Russa. 
McGwire, 33, had spent all 
1 1 of his major league sea- 
sons in Oakland. He led the 
majors with 5 2 home runs last 
year and has 34 homers this 
season. He called the pros- 
pect of a midseason switch to 
the National League challen- 
ging, but said he was happy to 
have all the trade speculation 
behind him. 

"I'd have to say the last 
three or four days, it’s 
bothered me, and I'm glad 
it’s over,"- McGwire said. 

Alderson said: "I would 
have to admit one of the rea- 
sons this took so long was me 
not wanting to deal with the 
reality of the situation, not 
wanting to actually trade 
Mark McGwire. 1 know it was 
right for us. But I looked at it 
from a fan’s point of view." 

The Giants, strengthened 
their rotation by adding Al- 
varez and Darwin and their 
bullpen with Hernandez. San 
Francisco surrendered six 
minor leaguers: shortstop 
Michael Caruso, outfielder 
Brian Manning and pitchers 
Keith Fouike. Lorenzo Bar- 
celo, Bobby Howry and Ken 
Vining. 

"This absolutely sends the 
message to our organization 
that we're committed to win- 
ning a championship this 
year,’ ' said Brian Sabean, the 
Giants’ general manager. 
“You only get so many op- 
portunities like we have this 
season, and we’re determined 
to make the most of iL’ ’ 

. The .While Sox had traded . 
designated hitter Harold 
Baines to the Baltimore Ori- 
oles on Tuesday and contin- 
ued the dismantling process 
Thursday. 

Shortstop Ozzie Guillen 
smashed a clubhouse televi- 
sion following the Baines 
deal. and executives 
throughout baseball Thurs- 
day privately questioned the 
wisdom of giving up so 
quickly on a season in which 
the White Sox had invested 
so much. They signed free 
agent outfielder Albert Belle 
to a record five-year, $55 
million contract last winter, 
and third baseman Robin 
Ventura just returned from 



Mark McGwire has traded in his Oakland A*s jersey. 


the disabled list to join a bat- 
ting order with Frank 
Thomas and Belle. 

White Sox general man- 
ager Ron Schueler rejected 


the idea that the team, which 
is three games out of first 
place in the American 
League Central, was conced- 
ing the division. 


A Trade Belle Rang , 
But Who Whs Calling ? 

The Aj satiated Press 

NEW YORK — The New York Yankees and the 
Chicago White Sox discussed a trade involving Albert 
Belle. The question is, who called whom? 

Ron Schueler. general manager of the White Sox. made 
it clear in a phone conversation with the Yankees' general 
manager. Bob Watson, several hours before Thursday’s 
midnight trading deadline that Belle could be had if the deal 
was right. New York-area newspapers reported Friday. 

But Jerry Reinsdorf. owner of the White Sox, told a 
Chicago radio station that the Yankees called his dub. 
"The Yankees approached us and asked about Albert 
Belle,” he said, "and we said. ‘No thank you.' Other than 
that, the story's pretty dose." 

The New York Daily News reported that Schueler 
asked Watson about the pitcher Ramiro Mendoza and the 
catcher Jorge Posada, as well as about two of the Yan- 
kees ' top minor league pitchers. 

Watson relayed the offer to Geoxge Steinbrenner. the 
Yankees' owner, who met with some of his advisers and 
decided against the deal. The reasons ranged from money 
to team chemistry, according to the News. 

The Yankees' payroll is already the highest in baseball, 
and Belie is a notoriously volatile personality. Belle 
signed a five-year, $55 million deal with Chicago as a free 
agent in the offseason. The deal included a limited no- 
trade clause. 

The Yankees searched unsuccessfully for a power 
hitter in the days leading up to the trade deadline, and 
Belle is one of baseball's leading sluggers.. He has 21 
homers and a .273 batting average. 


DENNIS THE MENACE PEANUTS 


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PAGE 20 


INTERNATIONAL HERALD TRIBUNE, SATORPAV-SUNP-Al, AUGUST 2-3, 


1997 


DAVE BARRY 


Is He Just Winding Us Up? 


M IAMI — If you are a regular read- 
er of .this column, you know that I 
make it my business to report on Stuff 
That Guys Do. 

A good example is the sport of 
snowplow hockey, in which guys driv- 
ing trucks use their snowplow blades ro 
knock a bowling ball past trucks driven 
by opposing guys. This is not to be 
confused with car bowling, in which 
guys in low-flying airplanes try to drop 
bowling balls onto junked cars. I've also 
reported on guys going off a ski jump in 
a canoe, and on guys trying ro build a 
huge modernized version of a catapult- 
like medieval war weapon and then us- 
ingir to hurl a Buick 200 yards. 

These are guy activities. These are 
activities that, when you describe them 

to a group containing 

both males and females, 
oke two very dif- 


prov 

ferent reactions: 

MALE REACTION: 

“Cool!” 

FEMALE REAC- 
TION: “Why?” 

The answer, of 
course, is: Because guys 
like to do stuff. This explains both the 
space shuttle and mailbox vandalism. 

Today I want to report on another 
inspiring example of guys doing stuff. 
There is a guy in Van Nuys, (rhymes 
with “guys”) California, who is plan- 
ning, one day soon, to roll down an 
airport runway and become the first 
human in recorded history to take off in 
an airplane powered by a rubber band. 

1 am not making this up. I have met 
this guy, a 44-year-old stunt pilot whose 
name happens to be George Heaven. I 
have also seen his plane, which he de- 
signed, and which is called the Rubber 
BandiL Do you remember the little rub 1 
her -band planes that you used to as- 
semble from pieces of balsa? This plane 
looks a lot like those, except that it's 33 
feet long, with a wingspan of 71 feet and 
an 18-foot-long propeller. The body is 
made from high-tech, super-lightweight 
carbon fiber, so it weighs only 220 
pounds without the rubber band, which 
weighs 90 pounds. 

□ 


If you live near 
Van Nuys and 
hear a really loud 
twang, duck. 


watch your step when dealing with your 
large-caliber rubber bands. I know this 
from personal experience, because one 
time a friend of mine named Bill Rose, 
who is a professional editor at The 
Miami Herald and who likes to shoot 
rubber bands at people, took time out 
from his busy journalism schedule to 
construct what he called the Nuclear 
Rubber Band, which was 300 rubber 
bands attached together end-to-end. 

One morning in The Miami Herald 
newsroom, I helped Bill test-fire the 
Nuclear Rubber Band. I hooked one end 
over my thumb, and Bill stretched the 
other end back, back, back, maybe 75 
feet. Then he let go. It was an amazing 
sight to see this whizzing, blurred blob 
come hurtling through the air. passing 
me at a high rare of 
1 111 speed and then shooting 

WAYYYY across the 
room, where it scored a 
direct bull’s-eye • hit 
smack dab on a fairly 
personal region of a re- 
porter named Jane. 

Jane, if you’re read- 
ing this, let me just say, 
by way of sincere personal apology, that 
it was Bill’s fault 

Hie thing is. Bill’s rubber band was 
nothing compared with die one that will 
power George Heaven’s Rubber Bandit, 
if that one were to si 


snap when fully 
wound, in the words of the Rubber 


This is not your ordinary rubber band 
such as you would steal from the supply 
cabinet at your office. This is made man 
a continuous strand of rubber that is a 
quarter-inch wide and 3-1/2 miles long; 
if you stretched it out, it would extend for 
24 miles, which means that — to put this 
in scientific terms — if you shot it at 
somebody, it would sting like a mother. 

The rubber band has been folded back 
over itself 400 times, so now it forms a 
fat, 25-foot-long python-like rubber 
snake on die hangar door at the Van 
Nuys Airport. When the big day comes, 
a winch will wind the rubber band 600 
to 800 times, and everybody involved 
will be very, very careiul. You have to 


Bandit crew chief, Tom Beardsley, “it 
has the potential to kill someone.” 
Then there is the whole question of 
what will happen if the Rubber Bandit — 
with Heaven sitting on a tiny seat 
hanging below die fuselage, between the 
wheels — actually takes off. I keep 
thinking about all the balsa model planes 
I had when I was a boy. I’d wind the 
propeller until my finger was sore, then 
I’d set the plans down on die street, let 
die prop go and watch as the plane 
surged forward, became airborne, and 
then — guided by some unerring homing 
instinct — crashed into the nearest avail- 
able object and broke into small pieces. 

I discussed this with Heaven, who 
nodded die nod of a man who has heard 
it all many times. He told me he was not 
wotried at alL 

“You’re out of your mind,” I said. 
“I know it,” he said. 

So there you have it: A Guy On A 
Mission. Heaven (who looks and 
sounds a little like die late Robert 
Mitchum, although he denies this) 
hopes to make his historic flight around 
the end of August. He’s trying to raise 
money so that he and his crew can finish 
the Rubber BandiL 
Naturally you are wondering if he has 
approached the Trojan condom com- 


pany about a sponsorship; the answer is 
id — incredibly — Trojan 


yes, he did, an 
turned him down. 

01997 The Miami Herald 
Distributed by Tribune Media Sendees Inc 


Classes in Class: Studying a Gilded Ghetto 


International Herald Tribune 

P ARIS — Life in the housing proj- 
ects and factories of Paris and its 
grittier suburbs was for a long time the 
subject of Michel Pincon and Monique 
Pincon-CharloL a husband and wife 
team of sociologists attached to the 
CNRS, or Centre National de la 
Recherche Scientifique. But there is 
room at the top. even for sociologists, 
and 10 years ago they began to focus on 
life among the upper classes of Paris 
and those suburbs where there are nan- 
nies and family portraits rather than 
delinquents and graffiti. 

It's been a really nice experience and 
has yielded five books, including one 


MARYBLUME 


on stag-hunting, and the latest, "Voy- 
age en Grande Bourgeoisie" (Presses 
Universitaires de France), which is a 
sociological self-help book for those 
who wish to labor in the same rich field. 
Filled with jargon and footnotes, it ex- 
plains their methodology and aims and 
while it doesn't exactly give etiquette 
lessons it does invoke the problems of 
balancing a full glass and a petit four 
while chatting at a crowded reception 
and warns of such tribal customs as 
hand kissing or the baisemain. “The 
baisemain surprises and even aggresses 
those who are not accustomed to its 
use,” they write. 

No. Michel says, he didn’t actually 
kiss any hands. “It would have beea 
better if I had but I didn't know how.” 
For field work he did exchange his 
rumpled socks and corduroys for a dark 
double-breasted suit while Monique 
also wore a suit “Imitation Chanel/ ' 
she said. 

In their book the Pincons emphasize 
their own humble backgrounds: Mo- 
nique comes from the provincial petite 
bourgeoisie. Michel is working class. 
“It’s the first time we have voyaged 
upwards. It’s very enriching to change 
perspectives and to look at our col- 
leagues after that trip,” Monique said. 
“We found we can make friends in 
worlds very different from our own.” 
“Money is not incompatible with cul- 
ture.” added Michel. 

Working as a couple was helpfuL 
“Families are everything to the upper 
classes, so it was good to show we had 
one.” said Monique. “Also, we had 
each other to talk to at receptions.” 

They chose their interviewees by fol- 
lowing the rules of admission to die 
Jockey Club, got introductions through 
a well-bom colleague and a journalist 
friend, took a crash course in etiquette, 
and read such studies as ‘ ‘Urban Dy- 
namics in Deauville.” 

They were politely received, pos- 
sibly in part because the well-boro and 
well-off do not necessarily dislike talk- 
ing about themselves and are amused 
by a distraction that is more flattering 



in Bourg-la-Reine. Monique 
made osso bucco ( ‘ Thave a very 
ood butcher”) and, since one of 


guests was part owner of one 
of France's great vineyards. 


than intrusive. The only hiccup, a slight mated. In fact, they have a high 
one, occurred when their publisher economic position and they furnish 
crudely illustrated the cover of their France’s elite,” said MicfieL 


first book with bars of gold. ‘ ‘That went 
down badly,” Monique said. 

Wealth is a taboo subject among the 
rich, they learned. “The main code is 
discretion,” Michel said. There were 
plenty of codes to decipher as they went 
along and Monique says she did get a 
little fed up with the constant use of such 
adjectives as chamumt and sublime. 

What first drew them to the upper 
classes after studying people forced to 
live in economically created ghettos 


was the idea of people choosing to live 
call spatial segregation, a 


in what they 
sort of gilded ghetto which is not only 
deliberately circumscribed but trans- 
formed to their own needs. The more 
dynamic world of the nouveaux riches 
attracts them not at all. 

“One reason why it has been so 
difficult to gain acceptance in the pro- 
fession for our subject is that the im- 
portance of old money is underesti- 


“Perhaps the newly rich will form 
dynasties one day bur what interests us 
about our subjects is how they transmit 
their wealth and power from generation 
to generation,” said Monique. 

Both Pincons admit that there may 
have been a somewhat condescending 
amusement on the part of their subjects, 
whom they refer to as la classe dom- 
inants. While in their previous studies 
of the working class they were worthy 
of immediate respect as professors and 
researchers at the CNRS and therefore 
in the dominating position, here they felt 
dominated and were gripped by stage 
fright before each interview. Being in 
the dominated position, they agree, can 
give a certain distance, a fly-on-the-wall 
lucidity. “Butyou have to be careful not 
to be swatted.” said Michel. 

In fact it all went so well that they felt 
emboldened to invite a few of their 
subjects to their modest suburban home 


Michel did not serve a bottle of 
amusing pretensions. “A house 
in the suburbs with a small 
garden was, I think, exotic for 
them, they felt they were slum- 
ming in a wav," said Monique. 

In 10 years of digging in their 
particular gold mine, the Pincons 
say. they have influenced their 
students, one of whom made a 
study of the Bonin Mondain or 
Social Register. Giving the keys 
to how to get on in society, they 
argue, contributes to the demo- 
cratization of knowledge. "We 
have heirs but we cannoi say we 
have created a real current of 
research,” said Monique, “be- j 
cause the problem is to get fi- 
nancing." 

Government grants are not 
easily obtained to study a social 
group feat is not a social prob- 
lem. fee Pincons say. And there 
is also a reluctance among their 
peers to take them seriously. 

“We went to a conference 
where someone spoke on his re- 
search among North .Africans 
and you would have thought it 
was a saint or even God himself 
talking When we gave our paper 
it was met with dead silence. 

■ In their book they use the 
strong word “injustice” to refer 
to sociologists’ neglect of the 
privileged classes. “It is as if 
only disparagement and irony 
should be used when talkin g 
about the dominating class.” 
id.-wrtr they write. They have been ac- 
cused of being naive but, they 
say, wheD confronted with such wealth, 
distinction, and sheer acreage, to sa\ 
nothing of aged servants “who are, of 
course, treated as part of the family / ' it 
would be naive not to be impressed. 

The temptation to self-censorship 
was not always overcome (they elim- 
inated, for example, one father's com- 
plaint about his daughter’s having run 
off with the chauffeur). But a research- 
er, they say, cannot help feeling 
honored and flattered by being accep- 
ted by a social milieu to which be does 
not belong. 

Not that they belonged among the 
deprived whom they used to study, 
either. Still, it was probably more fun to 
take tea amid fee boiseries and fine 
paintings of a grand family than to 
listen to a disgruntled Renault worker. 

At any rate, the Pincons are not about 
to abandon their field. Their next book 
is cm fee Rothschilds. And after that 
they will if not bite fee ballet at least 
lick the caviar spoon and tackle the 
newly rich. 



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FRH 


PEOPLE 


H ERE'S ticking at you, kid: 
Humphrey Bogart is the latest 
Hollywood star to be immortalized on a 
U.S. postage stamp. Bogart’s widow, 
Lauren Bacall, attended the nnveiling of 
the 32-ceni stamp outside Mann's 
Chinese Theatre and said Bogey would 
have approved. Also present were the 
couple s two children, Stephen and 
Leslie, along with the actress Anjetica 
Huston, whose father, John Huston, 
directed Bogart in "The Maltese Fal- 
con,” and ‘ ‘The African Queen. ” Bogart 
joins Marilyn Monroe and James Dean 
in the Postal Service 's * ‘Legends of Hol- 
lywood” series. The first batch of 195 
million Bogart stamps, featuring a still 
from “The Big Sleep,” were going on 
sale at more than 40,000 post offices. 


□ 


“Beavis and Butt-head” got the ax 
after a four-year run of weekly wise- 
cracking on MTV. The program’s cre- 
ator, Mike Judge, and MTV have 
agreed to call it quits for the tales of two 
channel-surfing teenagers. The last 
episode will air Oct. 10. Not to worry, 
though- Their adventures will live on 
indefinitely in reruns, MTV said. The 
duo also may resurface in specials or a 
sequel to “Beavis and Butt-head Do 
.America," the recent feature film. 



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The 32-cent Humphrey Bogart stamp being unveiled in Hollywood. 


□ 


Eddie Murphy has decided to drop 
his S5 million libel suit against the Na- 
tional Enquirer, which ran a story in 
May about his alleged encounter with a 
transsexual prostitute. Murphy con- 
cluded that fee tabloid did not publish its 
article “with malice or recklessly," his 
publicist declared in a statement. 


grounds, basketball camps for disabled 
people and other sports equipment. 


□ 


“The Sweet Hereafter” starring Ian 


Holm will o^en this year's Toronto 


□ 


TheU.S. rock band R.E.M. is helping 
finance a children's playground being 
built in Sarajevo, the Bosnian capital, a 
charily announced Friday. The band has 
sent money to War Child USA which 
— with a U.S.-based sports project. 
Hoops For Hope — has raised more 
than $60,000 to pay for Bosnian play- 


International Film Festival, which runs 
Sept. 4 to 1 3. Anthony Hopkins. Kevin 
Spacey and Ian McKellen star in other 
movies malting their world premiere in 
Toronto, the festival announced. Mc- 
Kellen stars in the romantic drama 
“Swept From the Sea.” based on the 
short story “Amy Foster” by Joseph 
Conrad, Hopkins and Alec Baldwin 
appear in (he wilderness adventure 
"The Edge," while Spacey stars op- 
posite Russell Crowe and Guy Pearce 
in “L.A. Confidential,” based on the 
novel by James Ellroy. 


John Frankenheimer did nor intend 
to rewrite history in his latest project, 
the made-for-TV movie "George Wul- 
lace." He simply wanted to portray the 
former Alabama governor and presi- 
dential candidate from his owQ point of 
view. The two-part movie, scheduled 
for Aug. 24 and 26 on Turner Network 
Television, has come under fire for a 
scene where a black employee named 
Archie struggles with the idea of killing 
Wallace with an ice pick. Franken- 
heimer, whose films include “The 
Manchurian Candidate" and "The 
Birdman of .Alcatraz." said that while 
the movie is based on fact it should still 
be viewed as entertainment. The .Archie 
scene is not about the desire to kill, he 
said, but about the anger Wallace 
brought out in most people. 



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What a Jolt! Summer Movies About Real People 

Sew York Times Sen ice Cl — 1 — * “ - -• ‘ ' '■ * . - 


|^EW YORK — Summer counter- 


READERS IN OTHER COUNTRIES CAN SUBSCRIBE BY CALLING: 
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programming starred out as a small 
idea, with a few art house Davids mixed 
in among gun-toting Hollywood Go- 
liaths, but now it has truly caught fire. 
What a jolt: We find ourselves sur- 
rounded by films by. for and about real 
people on planer Earth. 

Nearly all the highlights of this year's 
Sundance Film Festival, along with a 
few notable successes from Cannes and 
elsewhere on fee festival circuit, will be 
competing in New York and other U.S. 
cities for similar audiences during a 
tight midseason time period. 

Whether startlingly assured work 
(Neil LaBute's stunning Sundance prize 
winner, "In the Company of Men,”) or 
just a highly promising debut (Miguel 
Arteta's “Star Maps”), each of these 


y" 

:Iev- 


ftims bodes well for a thriving inde- 
pendent film world. 

In a year feat began wife “The 
Daytrippers” and “Chasing Amt 
and is now bringing fee acerbic cl 
emess of fee Australian "Love Ser- 
enade." ir is clear that sly. single- 
minded thinking is alive and well. 

Strong personality is the hallmark of 
every one of these films, for better or 
worse. Running the risk of abrasive self- 
importance is always a liability' for in- 
dependents. but excesses can be exhil- 
arating when they come from fee heart. 

Tom DiCUIo’s “Box of Moonlight" 
dares to resurrect fee hippie-dropout 
scenario of the 1 970s ( wife considerable 
fresh energy, and wife a much lighter 
touch than the thematically similar 
“Dream With the Fishes”). 

And late this month comes “She's So 


Lovely," a fiery revival of John Cas- 
savetes’ punch-drunk romanticism a> 
filtered through the eyes of Nick Cas- 
savetes. fee filmmaker’s son. 

The pioneer of this year’s Sundance 
season has been Victor Nunez’s ’ ■ L ; fee's 
Gold.” which dared to offer quiet refuse 
even as summer blockbusters inmlnded 
all around it. Peter Fonda, in a per 
fomunce sure to be remembered at fee 
year s end. plays a taciturn beekeeper 
wife such force of character that the film 
achieves wrenching dramatic intensirv 
without resorting to violent tricks. 

Meanwhile, audiences seekins inde- 
pendent fare with more refinement and 
that film-festival pedigree can grav it3 t e 
to fee gentle Parisian street storiv, of 
Cednc klaptsch’s "When the Cat's 
Away or to the broadlv comic and 
heart-tugging "Shall \V e Dance?"