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Full text of "International Herald Tribune , 1997, France, English"

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INTERNATIONAL 





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The World’s Dally Newspapei 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 

* Paris, Saturday -Sunday, August 9-10, 1997 






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Strike in Kenya Turns Violent 

Opposition Raises Pressure for Constitutional Reform 

CoapiUbfOiffSt^FwmDupacha . . 

NAIROBI Tfc e . tnroughoutthe country, was the opposition’s bold- 

: I icemen were fcUW ^ efl °"s >*8“ foci months ago to 

| called “ UOnal smke „“ C re r Ple Tr re when the P 011 " broke “P 

r A nolfce S«rv*nt ££T‘ ^ , pro-reform rallies m seven towns on July 7. 




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A police statement said pro-reform demonstrators 
m a park in central Nairobi injured several people 
and attacked an off-duty policeman who died from 
fus injuries at Kenyafta National Hospital. 

Witnesses to the incidents said youths rhawt 
and beat several people they accused of being 
police spies. Two people were slightly injured and 
one man, identified by demonstrators as a police 
inspector with the Special Branch, was killed. 

The police said an inspector in the town of 
Kiarobu, 10 kilometers (six miles) north of 
Nairobi, was stoned by a mob that had barricaded a 
road and was killed when his vehicle overturned. 

It said the police opened fire with tear gas and live 
ammunition when demonstrators barricaded a road 
near Kiambu. One attacker was shot in the leg and 
died while he was being treated. 

The 'general strike, which was observed 


The labor minister. Philip Masinde. declared 
Friday's strike illegal and ordered the police to 
ensure a normal working day. Small groups of riot 
police patrolled the streets of central Nairobi. 

In two suburbs, however, demonstrators blocked 
roads and threw stones at passing vehicles. 

On Tuesday, the National Convention As- 
sembly, an umbrella organization of reform ad- 
vocates, religious leaders and opposition parties, 
gave Mr. Moi two days to accept a formula for 
negotiations before it called the strike. 

The assembly demanded that Mr. Moi suspend 
preparations for yet-to-be-scheduled elections un- 
til an agreement on reforms was reached. They also 
asked the president to withdraw government-pro- 
posed reform legislation, which the opposition 

See KENYA, Page 4 



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Protesters throwing rocks at the police in one of Nairobi's poorer areas Friday, as violence 
erupted during a banned general strike called by the opposition to demand legal reform. 


New Crew 
Aboard Mir 
Faces Risky 
Repair Task 

Agcttce France-Presse 

MOSCOW — The weary crew of the 
troubled Mir space station began hand- 
ing over their duties era Friday to two 
new Russian cosmonauts, who face the 
daunting task of inspecting the craft’s 
dark and airless Spektr module and re- 
connecting vital power cables. 

The. old crew — Vasili Tsibhyev, 
Alexander Lazutkin and Michael Foale, 
an American — will spend a week hand- 
ing over to Anatoli Solovyov and Pavel 
Vinogradov. “explaining where 
everything is, and the preparations 
already made for the mission to Spek- 
tr,” said a Mission Control spokesman. 
Valeri lindia. 

- The relief crew's first job was to 
check out the escape route to be used in 
the event of an emergency evacuation. 

Mr. Solovyov and Mr. Vinogradov 
joined their colleagues aboard Mir late 
Thursday after docking their Soyuz 
TM-26 craft with the 11-year-old or- 
biter, a maneuver that did not go ac- 
cording to plan. 

Mr. Solovyov, one of Russia’s most 
experienced cosmonauts, switched to 
manual for the final approach, although 
the procedure was to be automatic. 

“Solovyov said his view of the target 
area was not clear enough under the 
automatic system, so he switched to 
manual," Mr. Lindin said. “It won’t 
affect future dockings.” 

Mir’s aging Elektron generators, 
which are electrolysis equipment for 
producing oxygen, were not working. 

■ LLS. May Deliver Spare Pari 

Michael Specter of The New York 
Times wrote from the space center: 

. The Russian Space Agency has an- 
nounced that a broken oxygen generator 
aboard the space station has not been 
repaired and that it would probably not 
be fixed until September, when a U.S. 
space shuttle could bring a spare part. 

Another generator is on the ship, but 
it is in a part of the station that was shut 
down to conserve power after the col- 
lision with the cargo vessel June 25. 

To fix that generator, the crew may be 
forced to fashion a long extension cord 
and plug it into part of the station, that 
still functions properly. 

Until one of the two generators 
works, the crew will breathe air de- 
livered Thursday in bottles from the 
Soyuz or burn special chemical 
* ‘candles’ * that create oxygen. 

There is a two months’ supply of such 
candles on the ship, although the U.S. 
space officials and those here at Mission 
. Control are not eager ro rely on them as 
the principal source of oxygen. 

The two new crew members wui 
spend about a week working with the 
three men now on Mir. Then their col- 
leagues will head back to Earth, leaving 
Mr. Foale on board. . 

On Aug. 20, the new crew is to begin 

the first of several repair missions on the 

■ pan of the Mir, the Spektr module, that 
was damaged in the June accident, li 
tot operation goes well, the team wifi 




Mein the Spektr module and repair it. 

If the repair mission succeeds, Mn 
wttld remain in space for several more 

years. 

!ir~ priceS ^1 


*ndona 10.00 FF 

*!ltos 12.50 FF 

Cameroon... 1.600 CFA 

%* EE 5.50 

F «nce -,..10.00 FF 

Gabon 1.100CFA 

Nf -2.800 Lire 

"**Y Coast .1250 CFA 

'bnlan 1250 JO 

7Q0 fils 


Lebanon LL 3.000 

Morocco 16 £5 

Qatar 10.00 OR 

Reunion t2 - 50 f£ 

Saudi Arabia 10 SR 

Senegal 1.100 CFA 

Spain- 

fiSsia tiBOG" 

UAE- - 10-00 Dh 

U.S. Md. lEur.) SI 20 


Russians Are Laughing Again - at Themselves 

^ Jokes Questioning Intelligence and Taste Ridicule New Rich 





By Daniel 'Williams 

Washington Post Service 

MOSCOW — Then there was the one about the 
newly rich Russian who had smashed his car in a 
terrible accidenL 

“Oh, my Mercedes! Oh, oh, my poor Mercedes!" 
he cries. ■ 

A passer-by notices that the man's arm is missing. 
“Your car? So what!" he says. “Take a look at your 
arm ! ’’ The rich Russian gazes at where his arm used 
to be, then moans, “Ohhhh, my RoJex!” 



As Russia has changed rapidly in the past six 
years, so has its sense of humor. Once, the political 
joke held sway, the secret jest that jabbed at 70 years 




Seigei Cn paUnffll WahingmftM 

At the Moscow Country Club outside the 
capital, a Russian gives his wife some tips. 


of repressive regimes. 

Stalin, Nikita Khrushchev, Leonid Brezhnev — 
especially the doddering Brezhnev of his later years 
— and Mikhail Gorbachev were the butts of stories 
told over the kitchen table to close friends out of 
earshot of the secret police. 

But the communist era ended, and so did the fear. 
Somehow, it seemed, making fiin of politicians 
didn't have the same kick. 

Or at least not the kick being supplied by the 
newest wa»>«* humor here: jokes told at the expense 
of New Russians. 

New Russians is the name given to the fabulously 
wealthy, incredibly showy and — the jokes imply — 
very dumb beneficiaries of Russia's wild brand of 
capitalism. 


Newspapers print them, and published collections 
are sold at railroad station newsstands for easy 
reading on weekend trips. (One publisher uses the 
logo of a Golden Toilet to distinguish his New 
Russian joke books from others.) Housekeepers buy 
cassettes of recorded jokes to listen to while garden- 
ing or cooking. 

‘ ‘There’s a desire to laugh at the rich and a desire 
to laugh at the easy money being made in Russia, 
even though only a few are making it," said Yevgeni 
Petrossian, a leading comedian. “It’s a classic de- 
fense of the underdog." 

Mr. Petrossian is the author of a collection of 
Russian jokes told through the years. He updated the 
sixth edition to include the New Russian series. 

‘ * I think the first one I heard — everyone has heard 
it — was about two New Russians meeting on the 
street," he said. “One says. ‘Look ai this tie I bought 
in New Yoric. $1,500!”’ 

“ ‘What a fool ! ’ answers the other. ‘Here, you can 
get it for $2,000.’ " 

The transition from communist-era jokes to the era 
of democracy was anything but swift, Mr. Petrossian 
recalled. In 1992 and 1993, there were virtually no 
jokes. “Things were changing too fast, and rimes 
were too hard. No one knew- what was funny or not." 
he said. 

With the flowering of sudden wealth among the 
few, the New Russians emerged and provided an 

See JOKES , Page 4 


Resentful, Palestinian Police Resist Israeli Demands 


Trade Data 
From Japan 
Jolt Dollar 
And Stocks 

Surplus Rings Alarm: 
Is Tokyo Exporting 
Its Way to Recovery? 

CrmfOntbt Our SttfFrm Dujutrkrt 

NEW YORK — News of a burgeon- 
ing Japanese trade surplus and interest- 
rate fears on Wall Street combined to 
push the dollar and (he U.S. financial 
markets sharply lower Friday. 

The dollar was down against the yen 
and the Deutsche mark in late New York 
trading, and the Dow Jones industrial 
average ended 156.78 points lower at 
8,031.22. 

The U.S. currency initially weakened 
after Japan said its June current-account 
surplus was 1 .02 trillion yen ($8.61 bil- 
lion). almost 56 percent higher than in 
the corresponding month of 1996. 

The growing Japanese trade advan- 
tage indicates the country's tentative 
economic recovery is heavily reliant on 
exports, a fact that economists said was 
bound to worsen trade friction with the 
United States. 

The figures came in at the top end of 
the range of expectations, and econ- 
omists said they were not good news for 
Tokyo policymakers facing U.S. 
charges that Japan was trying to export 
its way out of its economic slump. 

“We think it's inevitable that trade 
friction will increase," said Richard 
Jerram, chief economist at ING Barings 
Securities in Tokyo. 

“The main reason for this is that 
Japanese manufacturers are facing very 
weak demand at home, so they’ve been 
forced to look to overseas markets to 
sell their goods,” he said. 

This week, the U.S. trade represen- 
tative, Charlene Barshefsky, said Wash- 
ington was concerned about the Jap- 
anese trade advantage, especially as 
American car exports to the country 
were falling. Japanese officials ap- 
peared to try to play down the trade data, 
saying recent rises in the surplus were 
due to the increase in the nation's sales 
tax this year and that they saw no signs 
of continuing large rises. But econo- 
mists said the surplus would follow a 
rising path for some time because of the 
recent weakening of the yen, and some 
said Japanese officials may have no 

See MARKETS, Page 10 


By Douglas Jehl 

Near York Times Sen ior 

NABLUS, West Bank — By almost any measure. 
Colonel Sameh Kanan is exactly the sort of Palestinian 
on whom the Israeli authorities would have to depend 
to carry out any new wave of arrests of Islamic 
militants. 

Colonel Kanan, a top official of the Palestinian 
preventive security force in the West Bank, speaks 
Hebrew and has cooperated with die Israelis on many 
previous cases. He is credited with saving dozens of 
Israeli lives by defusing a clash last fall between 
Israelis and Palestinians at Joseph’s Temple in 
Nablus. 


AGENDA 


But since the suicide bombing in Jerusalem last 
week, this man, who is a top adviser to Colonel fibril 
Rajoub, the director of preventive security in the West 
Bank, has not spoken to any of his counterparts in 
Israeli intelligence. 

Nor, at least for now, do he or any of his colleagues 
have any intention of arresting suspected militants, the 
key action Israel is demanding before a resumption of 
the peace talks. 

Indeed, just as Israel has pulled back from ties with 
the Palestinians on grounds that the Palestinian Au- 
thority has failed to honor a commitment to crack down 
on terrorism, these security officers are following a line 
of noncooperation laid down by the Palestinian leader 
Yasser Arafat since Israel announced a series of pu- 


nitive measures in the wake of the suicide bombing. 

In hours of conversations tills week. Colonel Kanan 
and several other senior Palestinian officers expressed 
equal measures of resentment, despair and alarm at 
what they see as Israeli intransigence. 

They also expressed their concern that making any 
arrests would further inflame ordinary Palestinians, 
who they say are already suspicious that Mr. Arafat has 
made too many concessions and thar Israel has 
provided too few rewards. 

“The people will not support such measures be- 
cause the siege is in place and there is no peace 
process," said Colonel Ziad Habreih, the preventive 

See NABLUS, Page 4 


The Dollar 


Friday O 4 P.M. 
1.3455 
1.5875 
114.825 
6.2183 


ptwvtouadosa 

1.8686 


118-455 

6.3028 


-156.78 


Friday efcne 
8031.22 


Friday O 4 PM. 
933.54 


prams dosa 
8188.00 

previous dow 
951.19 


■><*% 


North Korea Children Dying 
From Hunger, Unicef Says 

New York Times Service 

UNITED NATIONS, New York — About 80,000 
children are in immediate danger of dying in North 
Korea from hunger and disease, and at least 800,000 
more are also suffering malnutrition to a serious but 
lesser degree, Carol Bellamy, the executive director of 
Unicef said Friday. T , . J „ 

Meanwhile, the effort by the United States, China and 
the two Koreas to set up peace talks broke off un- 
expectedly after failing to resolve differences over 
which topics those talks would cover. Page 5. 


INTERNATIONAL P*** 2 - 

Investigators of Korean Air Crash Expand learn 

THE AMERICAS _ p ^ l#3. 

An Unhappy Republican Plays His Tobacco Card 

=== — EES 

°*r" ri - -PJe6. 

°P m, °" Pages 18-19. 



Impoverished Isle Hants 
‘France for Everyone 9 

A Plea for Recolonization Comes From Africa 





The IHT on-line http://www.ilit.cofn 


Ooiy fany/Afcncc 

CARIBBEAN FEAT — A to Boldon sprinting to vic- 
tory Friday in the 200-meter final in Athens. Page 18. 


By Charles Trueheart 

Washington Post Sen’ice 

PARIS — Only days after announ- 
cing its latest plans to shrink its in- 
fluence in its foimer African colonies, 
and after years of erosion in its standing 
on the Continent, France was confron- 
ted this past week by a knot of Africans 
who do not want to let go. 

Thousands of citizens of Anjouan, 
one of three islands in the Federal Is- 
lamic Republic of the Comoros, off 
Africa’s east coast, took to the streets 
there Sunday to demand what amounts 
to recolonization by France, which ruled 
the islands for nearly a century before 
they gaine d independence in 1975. 

It was an .odd spectacle in today’s 
Africa. The French flag flew above the 


crowds massing in Mutsamudu, An- 
jouan 's largest city. Bobbing above 


the legend, in French, “France for 
Everyone." 

The demonstrations, described in 
news reports as reflecting the desires of 
a vast majority of Anjouan’s 200,000 
largely impoverished people, culmin- 
ated in a declaration of independence by 
rebel leaders on the island and the es- 
tablishment of a new provisional gov- 
ernment headed by a 7 J -year-old Kor- 
anic scholar, Abdallah Ibrahim. 

The new foreign minister of the break- 
away island, Mohammed Abdou Madi, 
told reporters at a seaside cafe that demo- 

See ISLAND, Page 4 


For Some Patients, Profit-Minded Psychiatric Care Was Nightmare 


By Barry Meier 

New York Tim a Service 

_ nALLAS — A decade has passed since Kelly 
o ffnrd walked through the doors of tiie 
R^khaven Psychiatric Pavillion here. But for 
h^ SghuSrish days Mowed ai* fixed 

f °Stehad agreed with her parents, as a 17-year- 
She naa gr . . eineC Tine a brief respite 


d °™ r ^09 M! days SS.y' “of them behind 


At Brookhaven and other psychiatric hospitals 
operated by National Medical Enterprises, patients 
like Ms. Stafford said they had their arms or legs 
scrapped down for months at a time. Others said they 
were forced to sit motionless and silent for 12-hour 
stretches. And a medieval-looking device called a 
“body net" was used to completely restrain some. 

All this and more became widely known in 
1993, when a task force of 600 federal agents 
swooped down on 20 National Medical facilities. 
A year later, the company’s psychiatric subsidiary 
pleaded guilty to federal charges that it had paid 
kickbacks and bribes to doctors and others for 
patient referrals; the company paid $362.7 million 


in fines and penalties to settle various federal and 
state charges of health-care fraud. 

National Medical, which was required as pan of 
its guilty plea to sell its mental-health-care op- 
erations, has risen from the ashes of that debacle, 
installed new management and changed its name to 
Tenet Healthcare Corp. 

But it is only in recent weeks that Tenet, now the 
second-largest chain of for-profit hospitals in the 
United States, has confronted the scope of the 
episode’s human toll, paying $ 100 million to settle 
around 700 claims filed in two Texas courts by 
framer psychiatric patients. 

“1 had, to eat Thanksgiving and Christmas din- 


ner in restraints.” said Ms. Stafford, who now 
works as a model. ' ‘There's not a day that goes by 
that you don’t think about it." 

Those who entered places (ike Brookhaven, 
often as teenagers, faced problems ranging from 
depression to drug and alcohol abuse to suicidal 
impulses. In lawsuits, they charged that they had 
been effectively imprisoned — rather than treated 
and quickly released — as pan of a scheme to 
exhaust their lucrative insurance policies. 

For many mental-health professionals. National 
Medical came to symbolize an era when the cor- 

See HOSPITAL, Page 4 








PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUG UST 9-10, 199 




U.S. Bolsters Korean Air Inquiry 


By Mary Jordan 

Wm/iingryn Post Service 

AG AN A, Guam — U.S. investigators 
examining the crash of Korean Air 
Flight 801 increased their ranks to more 
than 100 workers Friday following crit- 
icism from South Korean families that 
the authorities had done too little to 
recover the remains of their loved ones. 

The National Transportation Safety 
Board also announced that it bad ac- 
counted for “about half" of the 254 
passengers aboard the plane, including 
the 29 survivors. But nearly three days 
after the crash, the majority of the 225 
victims have not been identified, and the 
conditions of some of the bodies, many 
of which were burned inside the plane, 
were so bad that one rescue worker said, 

' ‘TTiere is almost nothing left. 

“We have more than 100 U.S. mil- 
itary personnel all over the mountain 
working in very hot, difficult and dan- 
gerous conditions, 1 ' said Matt Forman, 
a board official. * ‘They have not stopped 
working and will not stop working.” 

In a sign of how unusual this incident 
was. compared with the board's usual 
operations. Mr. Furman addressed 
about 300 family members through a 
Korean translator and stood beside a 
Buddhist altar with pots of incense and 
burning white candles. The smell of 
hyang, Korean funeral incense, filled 
the room. Many people cried, bracing 
themselves against the wail. 

One man walked up to an investi- 
gator. who had arrived from New York 
to assist in the morgue, and said: “There 
were only three infants on the flight. 
Can't you fiod them?” 

Hundreds of family members have 


flown in to this small South Pacific 
vacation spot to claim remains. Hon- 
oring and burying the dead is extremely 
important in Korean culture, and many 
South Koreans feel that the Americans 
do not fully understand that. They have 
shouted at U.S. officials here, claiming 
that they care more about finding the 
cause of the crash than about recovering 
bodies. 

The National Transportanon Safety 
Board allowed five South Koreans, se- 
lected as group leaders, to walk the 
grounds of the wreckage Friday. Many 
families had demanded to do that, and 
the board agreed to allow .a few to enter 
the cordoned-off site. They were to ex- 
plain the conditions — of both die re- 
mains and the hillside — to the rest of 
the families. 

■ No Mechanical Defects Seen 

Don Phillips of The Washington Post 
reported: 

Korean Air Flight 801 apparently 
suffered no mechanical defects and 
simply flew into the ground with its 
landing gear down as if the crew was 
expecting to touch down on the airport 
runway any minute, according to 
sources close to die investigation. 

Investigators who bad a preliminary 
look at the plane's flight data recorder 
and heard the cockpit voice recorder 
have found no obvious mechanical rea- 
son why the plane crashed, the sources 
said. 

The crew said nothing to indicate a 
problem nor did they say anything to 
indicate they knew they were about to 
hit die ground in the rainy darkness, the 
sources said. In fact, the crew was said 
to be unusually quiet. “TTiere was noth- 


ing out of the ordinary,” a source said. 

The plane’s ground-proximity warn- 
ing system — which is designed to warn 
the crew loudly of approaching terrain 
and order ‘ ‘Pull up! Pull up! " — sound- 
ed at the last second, apparently too late 
for the crew to react, according to one 
source. 

It will be weeks or months before the 
National Transportation Safety Board 
determines a .cause of the crash, but 
aviation experts say the likelihood is 
growing that Flight 801 will be found to 
be a victim of the greatest killer in avi- 
ation worldwide: controlled flight into 
terrain, aviation jargon that means a good 
plane has been flown into the ground. 

A safety board member, George 
Black, said in Guam on Thursday that 
the pilot appeared to have control of the 
jetliner until the end. * ‘Controlled flight 
into terrain is usually an euor on 
someone's part, and it does have all the 
earmarks of controlled flight into ter- 
rain,” Mr. Black said on NBC’s 
“Today” show. 

Numerous other factors will be 
weighed in determining a probable 
cause, including poor visibility in heavy 
rain and possible pilot fatigue. 

[Korean Air rejected suggestions Fri- 
day that pilot error or the crew’s lack of 
experience caused the crash, Agence 
France-Presse reported from SeouL 
“We will strongly deal with any 
groundless suggestions that hurt our im- 
age,” a spokesman said. 

[The airline repeated its theory that 
bad weather, faulty equipment and lim- 
ited facilities in Guam contributed to the 
disaster. It defended the plane's crew, 
saying they were familiar with the ter- 
rain in Guam.] 



•Cv, fWl 


• JjKin Ri“i| / R«ilct- 

ALMS FOR THE WIDOWED — Wives of fallen Afghan fighters begging Thursday at a mosque in Gulbahar. 


BRIEFLY 


U.S. Opens Offensive to Lower UN Dues 


By Barbara Crossette 

.Ne* York Times Sen-ice 

UNITED NATIONS, New 
York — Bill Richardson, the 
U.S. ambassador to the United 
Nations, will start a round- 
the-world trip Monday to try 
to persuade key countries to 
accept reduced U.S. payments 
to the organization. 

He also will promote a 
Clinton administration pro- 
posal to enlarge the Security’ 
Council by adding Japan, 
Germany and three develop- 
ing countries as permanent 


members, raising its member- 
ship to 20 from 15. and the 
number of permanent mem- 
bers to 10 from five. 

Developing nations would 
compete for those three per- 
manent seats. 

The issue of reduced U.S. 
payments to the United Na- 
tions. a congressional pre- 
requisite for releasing money 
to pay any of the debt of more 
than Si billion that Washing- 
ton owes, is a contentious one 
among diplomats here. 

A new payment scale, re- 
quiring action by the 185- 


Have you been to 


today? 


Don’t miss it. A lot happens there. 


member General Assembly, 
means that a number of other 
nations will have to pick up 
the shortfall and agree to 
higher assessments. 

China, which pays less 
than 1 percent or the UN 
budget, will be one of Mr. 
Richardson's targets. Many 
nations believe that the 
Chinese economy has grown 
enough to make a higher as- 
sessment reasonable. 

Washington now pays 25 
percent of the UN's general 
budget, based on Washing- 
ton 's share of the world econ- 
omy. An agreement between 
1 Congress and the administra- 
tion calls for a reduction to 20 
percent over three years. 

Mr. Richardson said Friday 
that his trip will focus primar- 
ily on Asia, with additional 
stops in Russia, Georgia,. 
Ukraine and France. In Asia, 
he plans to visit South Korea, 
Japan, China, Tajikistan. 
Kazakstan and Uzbekistan. 

The stops in Central Asia 
are being made at the request 
of Vice President A1 Gore. 
Mr. Richardson said. 

“Vice President Gore re- 


quested that I journey to Cen- 
tral Asia to enhance our bi- 
lateral ties, as well as 
demonstrate support for these 
nations.” he said, uncharac- 
teristically reading from a 
prepared statement 

He said that among the top- 
ics he would discuss with 
Central Asian leaders were re- 
gional trade and security, the 
environment and the continu- 
ing war in Afghanistan, where 
the United Nations is attempt- 
ing to stan talks between the 
Islamic Taleban movement, 
which controls most of the 
country, and the forces of the 
government it ousted, which 
are now pressing toward Ka- 
bul from the north. 

Mr. Richardson said Friday 
that the compromise plan the 
Clinton administration nego- 
tiated with Congress that 
would allow the United States 
to begin paying its back dues 
is still open to adjustment. 
The plan is stalled because of 
efforts in the House to link it 
to a cutoff of all aid to coun- 
tries or organizations that 
support abortion as a form of 
birth control. 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
Evangelical Sunday Service 10:00 
am. & 11:30 a. mV Kkte Welcome. De 
Cuserstraat 3. S. Amsterdam Info. 
020-641 881 2 or 020-6451 653- 


FRANKFURT 

English Spaaking International 
Catholic Parish, St Leonhard, Alte 
Malnzer Gasse 8. 6031 1 Frankfurt. 
Germany. Tel/Fax 069-283177. Mass 
schedule: Saturday 5 p.m.. Sunday. 10 
am Confessions: M2 hour before Mass. 

FRANCE/TOULOUSE 
HOPE INTERNATIONAL CHURCH 
(EvangeScal). Sunday 630pm Le Grand 
Noble Hotel, 90 av. de Comebemeu. 
Bagnaa Tel: 05 62 74 1 1 55. 

FRENCH RIVIERA/CdTE D'AZUR 


MONTE CARLO 

MONACO CHRISTIAN FELLOWSHIP 
Worship Service. Sundays: 11 a m. 
9. rue Louis Notary. Monte Carlo. 
Tel: 377 92 1656 47. 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH - 56. 
rue des Bons-Ralsins. 92500 Rueil- 
Malmalsan. Summer Schedule: 9:45 
worship, 71:00 Coffee Hour. For more 
Info call 01 47 51 29 63 or check: 
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HOPE INTERNATIONAL CHURCH 
Hotel Orton at Paris4a-Detense. 8 bd. de 
Neufly. Wbrsnp Sundays. 930 am Rev. 
DougesMlef. Pastor. T.: 01 4333 04 06 
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SAINT JOSEPH'S CHURCH (Roman 
cahofc). MASS IN ENGLISH Set 630 pm: 
Sun. 10 a.m , 12 midday. 6-30 p.m. 
50. avenue Hoche. Pans 8th. Tel . 
01 42 27 28 56. Mam Charles ds Gade • Bole. 

RELIGIOUS SOCIETY OF FRIENDS 
(QUAKERS). Unprogrammed (silent) 
meeting ter worship. Sundays 11 a.m 
Cenee Quaker International. 114 bis. rue 
de Vaugrard, 75006 Paris All Welcome. 
♦33 01 3548 74 23. 


ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near bfeteshl Sin. Tel.: 3261- 
3740. WoisHp Samoa: 930 am Sundays. 

TOKYO UNION CHURCH, near Otrutesando 
Subway So. Tel : 34000047. Worship Sews: 
Sunday - 830 & 11:00 am . SS at 945 am 


SWITZERLAND . 

BASEL CHRISTIAN FELLOWSHIP 
English-Speaking nan-denominational. 
TeC +41 61 302 1674. Sundays 1030 
Mtetera Stiasse 13, CH-4058 Basel 

ZURICH- SWITZERLAND 
ENGLISH-SPEAKING CATHOLIC 
MISSION; St. Anton Church. 
MlnervastraBe 63 Sunday Mass: 8:30 
am. & 1130 a.m Services held m the 
cry^ ol St Anton Church. 

USA 

If you wotid Bo? a tee Bite course by mat 
please contact L'EGUSE de CHRIST. P.O. 
Bax 513, SJarton, Helena 47881 U3 A 

THE EPISCOPAL CHURCHES 
OF EUROPE (AngKcan) 

PARIS and SUBURBS 

THE AMERICAN CATTCDRAL OF THE 
HOLY TRWTTY. Sul. 9 & 11 am, 1045 
a.m. Sunday School for children and 
Nursery care. Third Sunday 5 p.m. 
Evensonq 23, avenue George V. 
Paris 75008. Tel.: 33-0T 53 23 84 00 
Metro: George V or Alma Marceau. 

FLORENCE 

ST. JAMES' CHURCH, Sin. 9 am Rite I 
S 11 am. Ffee II. Via Bernardo Rucelal 9. 
50123, Florence. Italy. TeL 3955 2944 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
[Episcopal/Anglican) Sun. Holy 
Ccrmxsvon 9 & 1 1 am Sunctn- Scftxl 
and Nursery 10:45 am. Sebastian Run 
St 22. 60323 Frankfurt Germany. U1, 2. 
3 MkjuetAtee. Tefc J969 5S 01 84. 

GENEVA 

EMMANUEL CHURCH, 1st & 3rd Sun. 
10 am. Euthares 2nd & 4th Sun. Momng 
Prayer. 3 rue deMontfniK. 1201 Geneva 
Switzerland. Tel.: 41/22 732 80 7a 

MUNICH 

THE CHURCH OF THE ASCENSION, 
Sun iv45 a.m. Holy Eucharist and 
Sunday SchoaL Nursery Care provided 
Seybothstrasse 4. 81545 Munch (Har- 
fecning). Germany. Tel: 4969 64 81 85. 

ROME 

ST. PAUL’S W1THIN-THE-WALLS, Sun. 
530 a-m. Holy Eucharis FSte 1. 10:30 am 
Choral Eucharist Rite II: 10:30 a.m. 
Church School ter cMdre n & Nursery care 
provided: 1 p.m. Spanish Eucharist. Via 
Napoi 58. 00184 Rome. Tel. 396 488 
3339 or 396 474 3569. 


BRUSSELS/WATERLOO 

ALL SAINTS' CHURCH. 1st Sun. 9 & 
11:15 am Holy Eucharist w#h ChkteTs 
Chapel at 11:15. Al other Sundays 11:15 
am. Holy Eucharist and Suiday School. 
563 Chauss^e de Louvain. Ohaln. 
Belgkxn. Tel 32Q 384-3556. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY. Sun. 10 a.m. 
Family Eucharist Frankfurter Stiasse 3. 
Wiesbaden. Germany. Tel.: 
49/61 13056.74. 


EUROPEAN 

BAPTIST CONVENTION 


I.B.C.. BERLIN. Rothenburg Str. 13. 
(Steglitz). Sunday. Bible study 10.45. 
worship Service 12.00 noon. Charles 
Watford, paster. TeL 020-774-4670. 

BREMEN 

LB XX, Hohentohestr. Henrartn-Bow-Str. 
Worship Sun. 17m Pastor telephone: 
0421-78648. 

BUCHAREST 

LB.C.. Sirada Popa Rusu 22. 3:00 p.m. 
CcrtBct Paster Mte Kemper, Tel 312 3860 

BUDAPEST 

I.B.C.. meets at Morrcs Zslgmond 
GimnazJurn. Torokvesa ut 48-54. Sun. 
1000. Tel 250-3932. 

BULGARIA 

LB.O. World Trade Center. 36, Drahan 
Tzankov BlwL Worship 11:00. James 
Duke. Paster. TeL 669 666. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHiP, Ev-FrefcrehSche Gernanda, 
Sodenerar. 1 1-16, 83150 Bad Hcmburg. 
Sunday Worship. Nursery & SS: 
1 120 AM. Mid-week mnstnes. Pastor 
M Levey. Ca&Fac 061 7362728. 
BETHEL LB.C. Am Dachsberg 92 
(Engfish). Worshp Sun. 11:00 am. and 
600 pm TeL 06950559. 

HOLLAND 

TRNTY INTERNATIONAL invites you to 
a Christ centered fellowship. Juty-Aug. 
Service 950 am Bteemcamplaan 54. 
Wassenaar 070-517-8024 nursery prov. 


NICE - FRANCE 

LB.C. 13 me Vernier. English senr'ce. 
Smday evening 1ft30.pascrFtoyAflior- 
TeL: (0493)32 05 96. ’ 

PRAGUE 

I.B. FELLOWSHIP, Vmohradska # 68. 
Prague a SUi. 11:00. TeL (02) 31 1 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHIP 
Sun. 19:00 at Sw<Ssh Church, across 
hem MacDonalds, TeL (02) 3S3 1585. 

ZURICH • SWITZERLAND 

I.B.C of Zurich. Gheistrasse 31. 8803 
RischUkon. Worship Services Sunday 
momtegs 1030. TeL: 1-4810016. 


ASSOC OF INTO. 
CHURCHES 


AMERICAN CHURCH N BERLIN, cor. 
ot Ctery Alee & Potsdamer Sir- S.S. 930 
am., Wbrshipll am Tel: 03D8132021. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Verdaine. Sunday wcnrtp 93a In Germen 
1 1 CO n Engtsh. Tet (022) 310.50.89. 

JERUSALEM 

LUTHERAN CHURCH of foe Redeemer. 
Old Cty. Muratan Rd Encash vwsttp Sun. 
9am Alare welcome. Tel: 102) 6281-019. 


AMERICAN CHURCH IN PARIS. 

Worship li:00 a.m. SS, Ouai cfOrsay. 
Pans 7. Bus 63 at door. Metro Afma- 
Marcaau or Invabfes. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service. Sunday School & Nursery, 
Sundays 1130 am Sctianzerga&se 26 
TeL: (01)2625525. 


Stockholm. Stadium Bombed 

STOCKHOLM — A powerful explosion destroyed the 
press gallery of Stockholm’s Olympic Stadium on Friday 
morning, causing no injuries but fueling speculation of a 
conspiracy against the city’s bid for the 2004 Olympics. 

Fires have occurred at seven other sports venues around the 
Swedish capital since May. as well as at the home of the 
Stockholm 2004 Foundation president Ingvar Carlsson. a 
former prime mini ster. But the police have said there are no 
direct links between the incidents and the Olympic cam- 
paign. 

“We have not received any threats, neither written nor 
verbal.” said Claes Cassel a police spokesman. The blast 
Friday was caused by “some form of explosive.” he added, 
but gave no other details about it. 

‘ ‘The press gallery has been basically destroyed and there is 
a risk of collapse,” he said. “All of the windows have been 
blown out” 

The stadium, home to the 19 12 Olympics, is to be the site of 
a large party on Sept 5, when the winning city for the 2004 
Games is announced. Athens. Buenos Aires. Rome and Cape 
Town are also in the running. 

In a statement issued Friday, die president t>f the company 
running the Olympic bid, Olof Stenhammar, said that “ru- 
mors surfacing during the night that the bomb at the stadium 
was placed by a competing city are unfounded.” (AFP) 

Cypriot Rivals to Resume Talks 

NICOSIA — Greek Cypriot and Turkish Cypriot leaders 
resume talks Monday following steps toward partial integration 
of the northern portion of the divided island with Turkey. 


The meeting in Montreux. Switzerland, between the pres- 
ident of Cyprus. Giafkos Klerides, and the Turkish Cypriot 
leader. Rauf Denktash, is the second round of UN-sponsored . 
talks aimed at reuniting the island under a bizonal, bicom- , 
munal federation. 

Last month. Turkey and the Turkish Cypriots announced 
that they would move toward partial integration to counter the 
European Union's decision to stan membership talks with die. 
recognized government of Cyprus. 

Gustave Feissel. the United Nations representative in 
Cyprus, said Friday that the Turkish move was “obviously’? 
not helpful, but that “everybody has agreed that what we are 
seeking is in terras of an overall settlement; one country, a 
federation, bicommunal, bizonal.” ( Reuters I 

No Wanted Nazis on Bank List 

STUTT G ART — Germany ’s center for the investigation of 
Nazi crimes has found no trace of anyone still wanted for 
wartime atrocities on the list of dormant Holocaust-era ac- 
counts published by Swiss banks. 

Willi Dressen, the head of the Ludwigsburg-based center, 
said Friday that his staff bad checked the 2.000 names on the 
list against their own files. “We have not foond anyone with 
the same name as people who are wanted,” he said. 

The Los Angeles-based Simon Wiesenthal center said after 
the banks published their list last month that it may include 
several members of Adolf Hitler’s elite. 

Mr. Dressen said that 150 to 200 names in the center's files 
could match those on the h anks ’ Lists, but they were not those 
of wanted people or suspects. 

He said chat, while some names matched, this was no' 
guarantee that people on the list were the same as those on his 
files. Many of the names were very common. ( Reuters t 


• TRAVEL UPDATE 

6 Strikers Are Arrested in Nairobi 


NAIROBI (Reuters) — Six air traffic controllers were said 
to have been arrested after threatening to continue a “go 
slow” action at Nairobi airport only hours after their col- 
leagues had agreed to end a wage dispute w'irh the gov- 
ernment 

“Six air traffic controllers were arrested late yesterday 
afternoon, and since then many controllers have not turned up 
out of fear of being arrested.” a controller said Friday. 

He said he not had been arrested because he had not signed 
a letter with other controllers who had wanted ro continue the 
go-slow and push their demands for better pay and w orking 
conditions. 

Portuguese Pilots Renew Protest 

LISBON (Reuters) — Pilots at the struggling Portuguese 
state airline TAP-Air Portugal have agreed to resume a 
selective strike indefinitely starting Saturday after talks with 
management over working hours failed. 

“The decision to maintain the stoppages of nonscheduled 
flights was approved by the great majority of pilots, " Angelo 
Felgueiras, vice-president of the pilots' union, said at a news 
conference. 

He said 257 pilots voted at a meeting Thursday night to 
continue the strike. 15 voted against and 10 abstained. 


The Louvre Museum is offering cut rates to people under 
the age of 26 during the summer — a season ticker for 50 
francs (about S8l that offers entry to exhibitions and col- 
lections as often as one desires. A one-visit ticket is 45 
francs. (AFP) 

The authorities in Nice began to hand out free beach 
ashtrays to bathers at the Riviera resort. The pyramid-shaped 
ashtrays, made of cardboard lined with aluminum, are dis- 
posable and can be used for other kinds of waste, such as bottle 
tops. (AFP). 

Thousands of travelers were stranded in Manila and 
several cities in the southern Philippines as milirant groups 
staged a transport strike to protest rising oil prices (AFP) 

Tourism to Macau fell sharply in the first half of 1997, 
according to figures released by the government, as the 
territory's casino tycoon, Stanley Ho. predicted that a wave of 
violence between criminal gangs that has been blamed for the 
slump would end by September. (AFP) 

The latest eruption from the Soufriere Hills volcano on 
Montserrat was weaker than previous outbursts, but the 
authorities warned of possible intensified activity. No de= 
cision had yet been made on evacuating 5.500 people living in 
the northern third of Montserrat to nearby islands. (AFP) 


WEATHER 


Europe 

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AmdarcUm 7&«2 » 

•ricara 78/82 ID-53 pc 

4tn*m 30.86 22-71 pc 

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ac*pix** 36-8: ii-55ec 

267? inte pc 
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Ccctmrjm 267? Tfc*i , 

CannDd&ol 19.84 S 2 T 1 pc 

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Ushon 2073 1&61 pc 

2882 1884 5 

Madrid J W 1>66 pc 

MsfortJ 3391 ,’iHpe 

Utan 31 <W 17.02 s 

Uosojw 2 TT 1 12 - S 3 pc 

23 n 11.82 pc 
Mob 3188 1 ZT 1 i 

Oafcj 26/77 lOrti e 

Para 2882 17 «s 

Prague 2 678 13 .V 5 pc 

1060 &4J pc 

ftgo 2475 16.61 pc 

Ftonw 37 » i&* 4 * 

SI Pewnburj 2 A/TS 1762 pc 

StoCWSn J 4 .TS > 6/81 a 

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TMbi 31/88 17/82 pc 

Vence 27-80 11*81 pc 

Vienna 1 *«T pc 

Warm -3,73 12/SJ pc 

Zurich 2S.-W i*5T pc 

Middle East 


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Be*m 24*4 23/73 s 2 ? S 2 21/70 3 

Cairo 34*43 21>« • 389? 21 TO s 

Oatmcojc 36/37 12 , 33 * 37,98 1 * 57 * 

Jenoalrm :aB2 ia/57 i 29*j * 

LUUX 42-107 21.-70 * 42 107 22 71 * 

Sea* 42-107 25-77* 4>109 »79 , 


Tomorrow 
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23-73 16*1 pc 
28 V 4 206 u i 

288 J 1335 c 
30*6 21 70 pc 
27 '80 20*8 pc 
2679 1 A 57 *0 
30*6 1732 s 
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36-79 16.61 : 
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24 T 5 1864 sh 

14.75 17 62 pc 
30-86 1559 s 
27*0 15 / 59 * 
32*9 1762 s 
25 177 1457 pc 
24 7 S /.'« 7 s/i 
23/73 ‘335 cc 
24/75 14 *6 J 
21.70 1539 pc 
2892 18*4 s 
27*0 14*7 pc 
32*9 21/70 c 
31*8 i»W s 
23,73 1253 pc 
2*75 IiM pc 
28 BS 22-71 s 

3679 14.61 pc 

31*8 17*2 * 
27*0 1 355 pc 
1355 546 sc 

24.75 18*1 pc 
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Forecast for Sunday through Tuesday, as provided by AccuWeather. 





JusstrAtfn 

North America Europe 

Mary narm jnd Tiumia <n Sunny ana Ouile warm 
Now York. SuruJov and from Poland and Belarus 
Monday. Du: :nurido'- on north mio Scandinavia 
storm 5 are possible Tu6s- Sunday through Tuesday 
oay Showers and cn under- London and Parrs wrfi ha ve- 
st arms may Bring some some sunshine Sunday, 
heavy downpours tram tot showers and t.n under - 
Missouri mrn rhe Ohhj Val- storms are likely Monday 
ley Computed hoi and dry Tuesday wril turn our sunny 
across much tri the Wesi. ana ruce Sunny and very 
but ihundeiBtorms will be maim in Madrid and Rome 
over the southern Rock/es 


! U/cteav> ON, 
CoW 


Uiwaso n>**» 

MM 


Asia 

Typhoon Tina may 0 ring 
heavy raris and non v.mds 
across Korea Sunday, 
heavy ra,nn are also possi- 
ble along ine coast ct 
China n-ai Shanghai Bel- 
ling writ be very warm :c 
hot wm iusi :he chance or 
a jr-andera-c’.— ., white 
Hong Kong will De h u m>d 
v/nti a snower lively each 
day 


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PM** 

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Seoul 

Shangna, 

Singatwe 

Tpipm 

Tcrcyc, 

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29 - 8 J 19 « s 
91*9 24-75 r 
J 39 I 2 I' 70 * 

2 i *4 25 , 77 . 

328* 257- - 
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25*4 24,76 pc 
22*8 27 * 0 ! 
12*9 23.73 a: 
31*8 2679 V 
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31, *0 2271 pc 
32*9 26/79 pc 
31/88 2271 pc 
31*8 22-71 k 
31*9 2373 pc 
36*7 27*0 pc 
32*9 23/73 sh 
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31*3 25.-7 » 
33*1 2577 3 
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North America 


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Hounon 

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30- 86 I ? 66 fC 
7687 19-01./K 
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31- 88 2271 

34-93 2475 pc 
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191:* 1253 sh 
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28- 82 17*62 sh 
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3188 14*7 pc 
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11-58 2373 pc 
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29- 84 16-hl pc 
43-91 26791 


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32*9 24/75 ) 
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31*8 23.7 J 1 
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35*89 5475 2 C 
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Casaciinui 2577 1664 pc 2*71 1762 pc 

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Tijncbi 23.73 9 48 pc 373 1050 C* . 

41*106 23 tti 35*5 2 i 7 ps _ 

Latin America ■ 

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INTERNATIONAL HER.ALD TRIBUNE. SATURDAY-SUNDAi. AUGUST 9-10. 1997 


PAGE 3 


jLugar Spices Up the Helms-Weld Fracas, Tossing Tobacco Into the Mix 




• . - . --T. “r 




*r By Lizerte Alvarez 

. Sew York Times Sen-ic e 

’.WASHINGTON — Senate* 
Richard Lugar has raised the stakes 
in the battle over William Weld’s 
nomination as U,S. ambassador to 
Mexico, threatening to make trou- 
Me for Senator Jesse Helms’s to- 
bacco interests if his fellow Re- 
publican does not call a committee 
hearing and permit .a vote. 

■ It was the second time in a week 
tfcat Mr. Lugar. chairman of the 
Agriculture Committee and the 
second-ranking Republican on the 
Senate Foreign Relations commit- 
tee. criticized Mr. Helms’s han- 
dling of Mr. Weld’s nomination. 

■ The senator from Indiana, who 
_ shid Sunday that he might force a 
Shearing on Mr. Weld, suggested 


Thursday tbar he might make his 
displeasure known in Agriculture 
Committee hearings relating to the 
recem settlement between tobacco 
companies and the government. 

The committee is expected to 
grapple with the settlement’s ad- 
verse impact on tobacco farmers 
and on price-support programs. 

Mr. Helms, the second-ranking 
Republican on the Agriculture 
Committee. represents North Car- 
olina, a large tobacco producing 
state. 

“1 must take the measures that 
would be uncharacteristic, at least 
of my normal mood and demeanor 
in these situations, and I'm pre- 
pared to do that,” Mr. Lugar said 
to a group of reporters. “And I'm 
doing it now. Most people are still 
writing stories that no one is ob- 


jecting to Senator Helms. And 1 
am. diplomatic or not. object- 
ing.” 

Noting that he had not “cata- 
logued ” what measures he would 
take. Mr. Lugar. a longtime to- 
bacco foe. said he was simply try- 
ing to get a message across. 

“1 was trying to make a point 
that 1 am chairman of ihe Ag- 
riculture Committee.” he said. 
“That may have limited jurisdic- 
tion. The one thing it does talk 
about from time to time is to- 
bacco.” 

”In my own way. j have been 
attempting to indicate to Senator 
Helms for some time that there are 
parameters to what is permiss- 
ible.” Mr. Lugar added. 

Marc Thiessen. Mr. Helms’s 

spokesman on foreign relations 


matters, called Mr. Lugar 's com- 
ments ’a puzzling; suggestion.” 

“Senator Helms would iwver 
suggest doing anything harmful to 
farmers in Indiana.” Mr. Thiessen 
said. “And we would be quite 
surprised if the senator in the end 
took action that would be harmful 
to tens of thousands of farmers in 
North Carolina over an extraneous 
issue.” 

As chairman of die Foreign Re- 
lations Committee, which he took 
over in 1987 after pulling rank to 
bumpMr. Lugar out of the position. 
Mr. Helms has the prerogative of 
refusing to hold hearings on a nom- 
ination, and he has used it often to 
further his conservative ideology. 

Contending that Mr. Weld is 
soft on drugs, Mr. Helms says he 
does not think the former Repub- 


lican governor of Massachusetts is 
qualified for the post in Mexico, 
where curtailing drug trafficking 
is of paramount importance to the 
federal government. 

Mr. Weld, who favors legalizing 
marijuana for medicinal purposes, 
as well as needle exchange pro- 
grams for drug users, counters that 
the senator is a rightist ideologue 
who is blocking his nomination 
because he disapproves of Mr. 
Weld’s brand of Republicanism. 

A moderate who supports abor- 
tion rights and gay rights, Mr. 
Weld has decided to remain in the 
running for ambassador to Mex- 
ico, refusing Mr. Helms’s proffeT 
of another country, India, as a 
more suitable posting. 

This has fueled speculation that 
Mr. Weld is perhaps interested in 


something beyond the post of am- 
bassador. Some Republicans, Mr. 
Lugar said, are convinced that the 
job of ambassador “is less his 
objective than a run for the pres- 
idency.” 

The White House has said that it 
will continue to fight for Mr. 
Weld's nomination but that it will 
not directly challenge Mr. 
Helms’s decision. 

Mr. Lugar, however, said he 
would try to see to it that Mr. 
Helms followed procedure. Al- 
though he has not made a decision 
on whether to support Mr. Weld’s 
nomination, Mr. Lugar said that 
was beside the point. 

What is important, Mr. Lugar 
said, is that Mr. Helms allow the 
hearings to move forward so com- 
mittee members, and if need be, 


the full Senate can vote on the 
marter. 

“I'm not going around Senator 
Helms.” he said. “All I'm saying 
is that in a democracy, you have a 
show of hands at some point, and I 
would like to see that in the com- 
mittee.” 

Mr. Lugar was clearly upset at 
Mr. Helms’s leadership style. 

“Senator Helms wins fre- 
quently because he is the most 
adamant and the most constant in 
his opposition.'' he said. “Even if 
other senators are inconveni- 
enced, or Republicans not at all 
served, he gets what he wants by 
doing what he does. 1 think most 
people tharl know in public life try 
to work things out because we 
wanr ro see things happen of a 
constructive nature. ” 



Jobless Argentines Turn to a Saint 


■ il l , j' t r rT 'i 


* By Calvin Sims 

» Sen York Times Senucc 

* BUENOS AIRES — Un- 
able to feed his family after 
losing his job as a welder last 
year, Roberto Fuentes went to 
church to petition St. 
Cayetano, the patron saint of 
bread and work 

'But Mr. Fuentes had to 
wait in line, a rather long line 
-• stretching 15 city blocks with 
l ;.-more than 1 million Argen- 
•* tines who also came to pay 
homage to St. Cayetano, a 
l'6rh-century priest who used 
his family fortune to help the 
poor of Naples. 

After waiting 18 hours 
through a freezing winter 
night. Mr. Fuentes. 32, burst 
into tears and walked on his 
knees Thursday as he entered 
St. Cayetano Sanctuary on the 
outskirts of Buenos Aires. 

“As it was in your day, St. 
Cayetano, the government ig- 
nores those in need,” Mr. 
Fuentes said, kneeling before 
a statue of the saint. “We are 
hungry, we are cold, we are 
suffering. All we have is you, 
saint." 

. It was a scene repealed 
| over and over, with atten- 
• dance hitting a record Thurs- 
day as the 1 million-plus pe- 
titioners passed through the 
church, according to police 
estimates. 

Upon seeing the small 
statue of Sl Cayetano, which 
cradles a baby Jesus in its 
arms, many people gasped 
aloud, crossed themselves, or 
prayed loudly holding rosar- 
ies. 

Some people kissed or 
placed their hands on the 
glass encasing the statue. An 
elderly woman fainted at the 
foot of the statue, but was 
revived by Red Cross work- 
ers who said that she had for- 
gotten ro ear during the nine 



■ 


. / ; - , 



klilir I'.ji. 11/ ■ 

An old woman praying to St Cayetano, Argentina’s patron saint of bread and work. 


hours she waited in line. 

Church officials said the 
huge pilgrimage was an ex- 
traordinary outpouring of 
faith and proof tbai Roman 
Catholicism was still relevant 
in Argentina despite the re- 
cent growth of Protestantism 
and sects. 

But critics of President 
Carlos Saul Menem’s gov- 
ernment said the large turnout 
reflected just how desperate 
Argentines have become after 
suffering years of record un- 
employment and declining 
salaries in a country that was 
accustomed to cradle-to- 
grave employment. 

The jobless rate in Argen- 
tina has more than doubled 
since Mr. Menem came to 
power in 1989. making it the 
top issue for mid-term elec- 


tions in Congress in October. 
His reforms have brought sta- 
bility to an economy once 
plagued by runaway inflation, 
but the opening of closed 
markets and sale of state- 
owned businesses have put 
millions out of work. 

While the unemployment 
rate in the first quarter declined 
to 16.1 percent from 173 per- 
cent in the first quarter of 
1 996. tens of thousands of .Ar- 
gentines up and down the 
country are continuing to 
block roads and stage demon- 
strations to protest the gov- 
eminent ’s economic program. 

“Purring an end ro Me- 
nemism is the only way we 
can move forward. ’ ’ said Car- 
los Santillanhe. head of the 
government workers' union. 
“Menem has brought Argen- 


tina only more hunger, more 
unemployment and more des- 
peration.” 

Mr. Menem has dismissed 
the protests as “subversion.” 

Church officials said that 
the government's attitude 
perhaps explains why • the 
number of Argentines who 
came to honor Sr. Cayetano 
was large this year. 

“Argentines are an intel- 
ligent people and they know 
where to go when they need 
help, especially ■" material 
things.” said Father 
Fernando Maletti. who over- 
sees Sl Cayetano Sanctuary. 
“They know when it’s ap- 
propriate to block roads, or to 
knock on the door of a gov- 
ernment agency, or to go to 
church and ask God or the 
saints for what they need.” 


MIXED GREENS By Nancy Nicholson Joline 




' ACROS5 
. I Buzzing 
-6 Billiard stroke 
J 1 1 Name in 
1 ; computer 
software 
16 Hinder 

21 Oscar Madison's 
secretary 

22 Hero of the first 
opera written 
for TV 

23 Ain't right? 

24 Leaf 

25 GREEN 
27 GREEN 

29 Bank deposit 

30 Keep for 
oneself 

31 Concert finale 

32 League 

33 Kansas city 
35 Raiders' chief 

38 Subjects of 
modern 

|r mapping 

39 Brtiy's partner 

40 V-chips block it 
42 Column couple 
44 Trojan War 

figure 
46 GREEN 

52 Corsair and 
Citation, for 
two 


56 k-porter 

57 Feature of Roy 
Lichtenstein's 
an 

58 Genealogist's 
abbr. 

59 Eastern attire 

61 Dit's partner 

62 Come to 

65 Kind of testing 
67 Navarro of 
silenis 

69 Cityomhe 
Mohawk 

71 Jimmy Dorsey's 

* Mine- 

72 Watering holes 
74 GREEN 

77 GREEN 
79 George 

60 Stretch 
SI Colleen 

82 Detergent 

83 French toast 
portion? 

85 Easily handled, 
as a ship 

87 Lhasa 

SO Beethoven's 
-Choral- 
Symphony 

93 Service station 
offering 

94 GRF.EN 
98 GREEN 



12 Am. George V, 75008 Parte 
Reservation : „ 

ft 47 23 32 32 -Fax 01 47 23 48 26 


101 Commencement 

102 Voyage 
preceoer 

103 1993 N.B.A. 
Rookie of the 
Year 

104 “Forget ii«" 

105 Where firings 
take place on a 
daily basis 

107 Spicystew 

109 Mineral suffiv 

110 Gospels 
follower 

112 Commuters' 
ways 

114 Financial aid 
cn tenon 

116 Dexterity 

117 What some fans 
do 

119 GREEN 

123 Smoking 
container 

126 Foam ai the 
mouth 

127 petitions 

128 Pulitzer 
dramatist 
Connelly 

13 V Ancient dry in 
2 - Down 
133 Food item 
usually picked 
wild 

136 Abases 
HO Jerusalem's - 
Mosque of — ■ 
141 Aristocracies 
143 Arm 

145 Granada 
greeting 

146 GREEN 
]48 GREEN 
150 Reason for 

55-Down's 

rebellion 

251 Underground 
worker 

152 Petitions 

153 Math 
measurements 

154 Blackthorn 
fruits 

155 Colonel's 
insignia 

156 Digression 

157 To wit: Lai 
DOWN 

1 Out of place 

2 Aleppo's land 

3 Coloratura's 
Specialty 

4 Provoke 

5 Bowl sound 

6 County in NW' 
Ireland 

7 Cily once called 
Philadelphia 

g One bom on a 

kibbutz 

g Most likely to 
collapse 
10 Annex 
U Victoria, e-g. 

12 Rubber gasket 

13 with 15-Dowit. 
some chains 



MHPflP 

uni| 

MUU\ 

jiiii 

JHI 


■aa ana aian jjiib 


afiJi jaaam a« a 
SShm hmhm mum 
5 S 555 BHH UUH uiu 

au usira sawn mi h 

Suaii uiiiuiiiiuui 


ism 

uSSSmShmb iihhhiiii 



C i\'(nr York Times/Edited by Will Shorts. 


14 Outfoxed 

15 See 1 3-Down 

16 Newt 

17 Cosily sw eaters 
IS Say suddenly 

19 Target 

20 1955 film robot 
26 Lewis of 

children's TV 

2S Rankle 
34 Go-ahead 

36 Takeoff, approx 

37 The Lone 
Ranger's real . 
identity 

41 it may be l>«ng 

or dead 

43 She's still with 
Stiller 

45 Ignominy 

46 Squarely 

47 -Detoo 

48 Some Balts 

49 Lonesome 
George of eariy 
TV 

56 Address nos. 

51 Shades 

53 Woman on TV’s 
-AbFab' 

54 They’re fit lobe 1 

tied 

55 l 786.SprV«f ie,d 

insurrectionist 

59 Lounge 

80 Assumed names 

63 Off 

64 Vietnamese port 


66 Populous place 
68 Team VIP.: 
Abbr. 

76 Flat sign 
73 Discerning 

75 Shoptalk 

76 Hole enlarger 

78 Sicilia, for one 

79 Shipmate of 
Siarbuck 

84 Panzer 

86 tat 

87 French 101 verb 

88 Ifssponed in 
westerns 

89 Driving hazard 

91 SgB-.ag- 

92 Service station 
offering 

94 Private 

95 Sub 

96 Rally 

97 Record 

99 Winged 

100 Film used for 
recording tapes 

101 Dairy aisle buy 
106 Bush leaguers 
168 Advances 

Hi Tall player 
!l3 Sting 
115 Pat 

118 Grow together 

119 Babbling 


120 Id moderator 

121 Pasta go-wiih 

122 -YuckT 

124 Banned Wilde 
drama 

125 Desdemona's 
faithful servant 

128 Shapes 

129 Film director 
Jon 

130 Sly character 

132 Celebrate 

134 Name in 
Chinese politics 

135 Actor 
Christopher 


137 The world 
according 10 Arp 

138 Object of 
frequent 
sightings 

139 Isn’t So" 

(Hallfe Oates 
hhy 

142 Desiccated 

144 Language that 
gave us the word 
■whisky - 

147 C.1.A 

forerunner 

145 Tax pro 

149 Calendar abbr. 


Solution to Puzzle or Aug* 2-3 


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Gaorinnni nriQHflpannsnnnn 
•Tara sanino rain sgao 
m nnannettvo nnoua 

^□□naisnnnnfiiTOnnu^n 

nngnu □nsnnnnaon 
nario non srsnss 

amJanuonraninnOT noa 

nnn nnnnonggnMnnnn 

aagnraaai nano Das ,J3SPF 

lETcinaop flOHQPnrLJQBSSBS 


White House Aides 
Caution on Line Veto 

WASHINGTON ■— After President 
Bill Clinton declared his eagerness to 
strike special-interest provisions from 
the balanced-budget legislation he 
signed this week, some of his top ad- 
visers have expressed misgivings 
about using the new line-item veto 
powers now. 

Mr. Clinton lobbied aggressively for 
the line-item veto, and White House 
officials said they' had narrowed the list 
of provisions that might warrant a veto 
to about five. tax measures and one or 
two spending items. 

But a meeting of the president and 
senior members of his economic and 
political team ended Thursday without 
their reaching any firm conclusions, 
officials said. They said the deliber- 
ations would probably continue over 
the weekend. They are cautious ap- 
parently because officials believe the 
line-item veto will be challenged in 
court the first time it is used. ( WP ) 

Clinton Fund-Raiser 

WASHINGTON — President Clin- 
ton said this past week that he was 
proud of the Democratic Party's fund- 
raising. and then he drove the poinr 


POLITICAL 


home by trying to bring in $650,000. 
That was the total the Democratic Na- 
tional Committee thought it would take 
in from about 100 contributors at two 
fund-raisers held Thursday night at a 
Washington hotel. Mr. Clinton was the 
star attraction at both events. 

At one fund-raiser, at the May- 
flower, Mr. Clinton was expected to 
raise $350,000 from business and un- 
ion leaders that belong ro the Demo- 
cratic Business Council, said Melissa 
Bonney, spokeswoman of the Demo- 
cratic National Committee. 

Later, Mr. Clinton moved to a 
nearby salon for another event that was 
expected to raise $300,000 for the 
party'. (WP) 

Did First Lady Call? 

WASHINGTON — The Democrat- 
ic Party prepared a list of 1 1 pro- 
spective fund-raising calls for Hillary 
Rodham Clinton last year, but the 
White House said the first lady did not 
remember making them. 

The Democratic National Commit- 
tee prepared 1 1 “call sheets” for Mrs. 
Clinton, the party spokesman Steve 
Langdon said. The information was 
turned over to the Senate Government- 
al Affairs Committee, which is con- 
ducting hearings on campaign fund- 
raising abuse. 

Mrs. Clinton “doesn't have any re- 


collection of being asked to, or having 
made, any fund-raising calls.” her 
spokeswoman, Marsha Berry, said 
Thursday. \AP) 

A California Budget 

SACRAMENTO. California — 
Governor Pete Wilson and legislative 
leaders have announced an end to Cali- 
fornia’s second-longest budget dead- 
lock. predicting that the final $68 bil- 
lion spending plan would be put to a 
vote Monday in the legislature. 

Assembly Democrats have not been 
happy with the pared-down budget, 
which lacks funding for many pro- 
grams they had hoped to create. 

But emerging late Thursday from a 
private meeting with assembly Demo- 
crats, Speaker Cruz Bustamante 
Democrat of Fresno, said, “Yes, we 
have a deal.” * (LAT) 

Quote/Unquote 

Malcolm Sparrow, a lecturer at Har- 
vard’s Kennedy School of Govern- 
ment and author of “License to Steal: 
Why Fraud Plagues America's Health 
Care System,” on rampant fraud in 
Medicare, which the government says 
averages 14 cents of every dollar spent 
on the government program: “If you 
bill correctly, you're free to lie.’ YW/*/ 


Away From 
Politics 

■ Capping a bitter threfr- 
year legal battle, attorneys 
have announced a S4.3 mil- 
lion settlement in a lawsuit 
that accused officials of the 
Chicago suburb of Addison, 
Illinois, of attempting to wipe 
out two predominantly His- 
panic neighborhoods by de- 
claring them blighted and 
clearing them for urban re- 
newal. Eight buildings were 
razed and” three others were 
emptied of residents and 
boarded up. forcing 44 fam- 
ilies to move before the law- 
suit halted plans to install 
more expensive homes. (AP) 

• Health care reforms en- 

couraging second opinions 
and alternative treatments 
may have helped level off the 
rate of hysterectomies in the 
United States from 1988 ro 
1993, the federal Centers for 
Disease Control and Preven- 
tion said. (AP) 

• The attorneys for Mir 


Aimal Kansi, a Pakistani 
charged with killing two 
people outside the CIA 
headquarters at Langley, Vir- 
ginia, in 1993, contended in a 
motion that the state prose- 
cutor had demonstrated in a 
television interview in June 
that he may be biased against 
Pakistanis and should be re- 
moved from the case, t WP) 

• The multibillion-dollar 
Cassini probe to Saturn 
scheduled for launching on 
Ocl 6, may be delayed be- 
cause of leaks discovered in 
the Titan 4B launch vehicle 
when it was fueled, the Na- 
tional Aeronautics and Space 
Administration said. (APi 

• State and federal author- 

ities increased prison capa- 
city by 41 percent in the five 
years through 1995, to a total 
of 976.000 beds, in part by 
building 213 prisons. Never- 
theless. the inmate population 
grew faster, at 43 percent, ro 
1 ,024.000, the Justice Depart- 
ment said. f WP) 




A rare in-deprfi interview with the Indian Prime 
Minister is just one of five special interviews on 
HARDlalk to mark ihe 50th anniversary or India 
and Pakistan's independence 




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Air Lanka is the national airline of Sri Lanka, with a route network 
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In keeping with the company philosophy of continuous 
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PAGE 4 



INTERNATIONAL herald tribune, S ATURDAY-SUNDAY, AUGUST 9-10. 1997 

Rockets From Lebanon Hit Israel 


Mum hanrr-IV-'w 

Princess Diana visiting Tuzla on Friday, first stop of a tour of Bosnia in her campaign against Land mines. 

Harrods ’ Heir: Prince for Diana? 


By Fred Barbash 

Washington Post Service 


LONDON — Princess Diana is said 
to have said she has fallen in love. Die 
man is younger, richer, more exotic 
looking and. by all accounts, consid- 
erably more fun than Prince Charles. 
He, too, is an heir, not to the throne, 
which costs money, but to Harrods, the 
department store, which makes 
money. 

He is Dodi al Fayed, 41, film fin- 
ancier, real estate magnate and afi- 
cionado of beautiful women across die 
globe. 

The news broke Friday morning in 
the British tabloids, one of which 
quoted her “telling friends'* that 
“ ‘it's time I started getting a life' ’’ 
and that Mr. al Fayed “ ‘is the man who 
will take me out of one world into 
another. I trust him. I think 
he can provide everything 1 need.’ " 

“Telling friends," incidentally, is 
generally the code here for Princess 
Diana telling the reporter. She was 
described as “deeply in love," indeed, 
“besotted" with love for Mr. al 
Fayed. 

Wealthy as he is. D iana could not 
have chosen a less Establishment fam- 
ily. The al Fayeds are outsiders who 
have been trying unsuccessfully for 
years to become insiders, meeting only 
rejection from those who control ad- 
mission. 

Mr. al Fayed's Egyptian-bom father, 
Mohamed al Fayed, bought Harrods in 
1985 only after a battle with the British 
government, which charged that he and 
his brothers had “dishonestly repre- 
sented their origins, their wealth, and 
their business interests.” Ever since, 
though he has lived in Britain more 
than 30 years, the government has re- 
fused to grant him British citizenship, 
for reasons it has never stated. 

Though they would not give him 


citizenship, various government min- 
isters and members of Parliament have 
been happy to take his money and his 
gifts, in exchange for various parlia- 
mentary services. Bitter about his re- 
jection, Mr. al Fayed helped bring 
down the Conservative government of 
Prime Minister John Major, which did 
not need much help, by revealing those 
payments to newspapers last year. 

Princess Diana met Dodi al Fayed 
through his father, who is close to 
members of her family, the Spencers, 
and the two have known each other for 
10 years. Only recently, however, have 
they been linked romantically, starting 
with photographs of father, son ana 
princess vacationing aboard the al 
rayed yacht in the Mediterranean. 

On that occasion, Diana held an im- 
promptu press conference — speedboat 
to speedboat — with paparazzi and 
royals reporters tailing her, during 
which she promised a “surprise” an- 
nouncement 

That was followed over the weekend 
by more photographs showing the prin- 
cess and Dodi, vacationing together, 
minus the father. 

Friday morning, all the tabloids had 
the same story — that this was no mere 
friendship but a serious romance. This 
was no mere coincidence, if the past is 
any guide. Simultaneous tabloid pub- 
lication of such Diana stories generally 
is orchestrated by an- authorized 
“friend." 

But rally one tabloid. The Mirror, 
quoted her. 

“T just love his gentleness, his kind- 
ness and his almost dull way of liv- 
ing,'” the paper said, quoting friends 
as the source. "For someone like me, 
who has lived a goldfish-bowl type of 
existence. I can't tell you how com- 
forting this is. I like the way he sends 
flowers. I like the way he conducts 
himself, not only with me but with 
women in general." 


The women in general have included 
a variety of beauties, among them 
Brooke Shields, Britt Ekland, Valerie 
Perrine, Tina Sinatra and the American 
model S uzann e Gregard, to whom Mr. 
al Fayed was married for eight months 
in 1986. 

His “dull way of living" includes 
two Ferraris, at least one vintage Rolls 
Royce, a $23 millio n yacht, a Sikorsky 
helicopter, a Gulfs (ream jet. a castle in 
tire Scottish Highlands' and other 
homes in Switzerland, New York, 
Dubai, Geneva, Genoa and, of course, 
London. 

Thursday night, he reportedly had 
dinner brought in on silver platters for 
the two of them at his apartment across 
from Hyde Park. His family owns die 
building, along with other buildings in 
Mayfair, one of the world's most ex- 
pensive neighborhoods. 

Diana then flew off to Bosnia to 
promote her favorite cause, a ban on 
land mines, refusing to comment on 
anything but ordnance. 

Dodi al Fayed's primary business is 
Allied Stars, which helps finance 
movies, including “Chariots of Fire” 
and “Hook." 

Prince Charles, 48, and Diana were 
divorced a year ago. Until the Di and 
Dodi story broke, the big royals story 
concerned Charles's efforts to win pub- 
lic acceptance of his relationship with, 
and possible marriage someday to. Ca- 
milla Parker Bowles, his longtime lov- 
er. 

The latest episode in that was the 
Archbishop of Canterbury. George 
Carey, saying that since she is divorced, 
since her former husband is not dead, 
and since Charles, as king, would be 
supreme governor of the Church of Eng- 
land. a Charles-Camilla marriage would 
cause a “crisis." 

There are, of course, no such 
obstacles to a Di-Dodi marriage, 
should they contemplate iL 


ISLAND: Ex- Colonials Want France Back 


Continued from Page 1 

cratic elections would be held before the 
end of this year, “God willing.” 

On Tuesday and Wednesday, dem- 
onstrators on Moheli, the smallest Co- 
moro island, carried the French tricolor, 
erected barricades and said they want to 
join the Anjouan revolt 

Because Mr. Ibrahim and his sup- 
porters wish to break away from a re- 
public governed, unfairly toward them, 
they say, from the main island. Grand 
Comore, they call themselves separat- 
ists. But their leaders explicitly wish to 
resume their ties to France, favoring a 
relationship akin to that of Mayotte, a 
fourth island in the Comoro group that 
chose in 1975 not to join the Comoro 
republic, but rather to keep its historic 
links to Paris. As a French overseas 
territory, Mayotte is more prosperous 
than the other three islands. 

France has politely declined the offer 
of reatiachmenL The French Foreign 
Ministry reiterated its support for the 
integrity of the three-island republic 
while railing for a more equitable dis- 
tribution of international aid. 

A French naval vessel is cruising Co- 
moro waters — a strictly routine mis- 
sion, the Foreign Ministry said. About 
2,000 kilometers (1,250 miles; away. 


KENYA: 

Strike Turns Violent 

Continued from Page 1 

says is largely cosmetic. In addition, the 
opposition asked Mr. Moi to accept re- 
ligious leaders as mediators between the 
government and their organization. 

They are calling for the repeal of 12 
acts — some left over from the British 
colonial era that ended in 1963 — that 
restrict freedom of movement, assembly 
and speech and permit indefinite de- 
tention without trial. 

They also are seeking a constitutional 
provision for a coalition government — 
now impossible in Kenya — and the 
scrapping of a law that requires a pres- 
idential candidate to receive 25 percent 
of the popular vote in at least five of 
Kenya's eight provinces to win an elec- 
tion. They say the laws favor Mr. Moi 
and candidates of his Kenya African 
National Union party. 

Mr. Moi. 73, has been in office 1-9 
years and has said he will seek another 
five-year term. 

Advocates of reform called the strike 
in 14 cities and towns. They had refused 
to apply to the government for a license 
because the license requirement is pan 
of the colonial -era legislation they want 
scrapped. (Neuters. AP) 


Mr. Chirac and his wife continued their 
Indian Ocean vacation on the island of 
Reunion, a French possession. 

“The government here very much 
appreciate ” the French government's 
refusal to be drawn into the imbroglio on 
the archipelago, said Ali Soilihi. direc- 
tor-general of Radio Comoros, the state 
broadcast service. Noting that calm had 
bera restored on Anjouan, Mr. Soilihi 
held out hope for a resolution of the 
problem in the negotiations launched by 
the beleaguered government of the Co- 
moros’ president, Mohammed Taki Ab- 
dulkarim, who was elected last year with 
64 percent of the vote. 

The talks will be joined Saturday by a 
special envoy of the Organization for 
African Unity. Pierre Yere of the Ivory 
Coast, and the government has invited 
the 22-nation Arab League to mediate as 
well in the overwhelmingly Muslim ar- 
chipelago. 

In the last year, following the fiasco of 
its support of a government in Rwanda 
that massacred a half-million of its 
people, France has been forced to re- 
think its interests in vast French-speak- 
ing areas of the African continent that it 
dominated long after their indepen- 
dence. In May, the fail of Mobutu Sese 
Seko in Zaire, now renamed Congo, 
removed another African client of the 
United States and France and closed the 
door on another important era in French 
foreign policy. 

Last week, the new French defense 
minister, Alain Richard, traveled to 
Africa and announced that French mil- 
itary forces stationed at bases stretching 
from Senegal in the west to Djibouti in the 
east would be reduced by one-fourth. 

Now comes a knot of island people 
afflicted with misery and hopelessness 
who see the merits of a neocolonial 
parent. They see them through the 
randy-store window of Mayotte. In re- 
cent years, as many as 20.000 Comorans, 
mainly from Anjouan and Moheli, have 
streamed in rickety craft to the imagined 
good life represented by the French so- 
cial welfare system on Mayotte. 

Mayotte is “no El Dorado," said 
Henry Jean-Baptiste, its elected repre- 
sentative in the French Parliament. Yet. 
the Comoran government’s economic 
and social development policies, he said 
in a telephone interview, “have incon- 
testably been inefficient" and respon- 
sible for the “massive emigration" from 
the independently governed islands to 
the French-administered one. 

Echoing analyses in some French 
news media. Mr. Soilihi said he believes 
the calls for independence from the two 
smaller islands are opening positions in 
negotiations for decentralization of 
power, away from Grand Comore. 
“History will not pardon a people who 
go backward by recolonizing them- 
selves.” he said. 


Kenyan Ambassador 
Recalled From U.S. 
After Political Gaffe 

G itfuini M' Otr Shijj 

NAIROBI — Kenya has recalled 
its ambassador to the United States, 
apparently because he mistakenly 
presented an opposition plan for 
government reforms to a u.S. con- 
gressional committee instead of the 
government's reform plan. 

A Kenyan Foreign Ministry 
statement said Friday that Benjamin 
Kipkorir had been recalled at the 
end of his lour of duty on July 3 1 but 
gave no further details. 

But diplomats said Mr. Kipkorir 
was removed as ambassador after 
an embarrassing episode involving 
constitutional reform in Kenya. 

In what the Kenyan Embassy in 
Washington described as a mix-up, 
Mr. Kipkorir presented to a U.S. 
congressional subcommittee draft 
bills on constitutional reform that 
came from an opposition Parlia- 
ment member instead of drafts from 
Kenya's attorney general. 

The attorney general, Amos 
Wako, said this week that Mr. Kip- 
korir presented the wrong docu- 
ments “and we don’t know what the 
source of his documents was and 
why he did not verify." 

The Foreign Ministry said Mr. 
Kipkorir would be replaced by 
Samuel Chemai. Kenya's ambas- 
sador to Japan. (AP. Reuters) 



By Douglas Jehl 

|V« York Tunes Service 


JERUSALEM — New tensions 
mounted in Israel on Friday after Katy- 
usha rockets fired from Lebanon 
slammed into a town Dear the country's 
northern border following a wed: of 
escalating attacks between Israeli forces 
and Hezbollah guerrillas. 

The early-morning salvo, which dam- 
aged a synagogue and left an Israeli wom- 
an slightly wounded, was the most severe 
since the April 1996 cease-fire that ended 
a 17,-day Israeli military onslaught in 
southern Lebanon. It came in apparent 
retaliation for an aggressive new posture 
shown by Israel in a week in which 13 
people have been killed in the region, 
including seven Lebanese civilians. 

Israel had already been braced for 
more violence in the aftermath of the 
suicide bombings that killed 13 Israelis 
last week in Jerusalem and amid warn- 
ings by the militan t Is lami c group H amas 
that more attacks are forthcoming. 

But the rocket strike on the Upper 
Galilee town of Kiryat Shimona has 
added a new front for Israeli concern in 
advance of the scheduled arrival on Sat- 
urday of the American mediator Dennis 
Ross, who will attempt to broker an end 
to the current Israeli-Palestinian crisis. 

[Israeli warplanes rocketed Palestin- 
ian guerrilla targets in the hills south of 
Beirut on Friday. Palestinian officials 
said, according to Reutera. 

[Two jets fired two rockets into the 
Na’ameh hilk where the radical Popular 
Front for the Liberation of Palestine- 
General Command has bases, 15 kilo- 
meters (nine miles) south of Beirut There 
was no immediate word on casualties. 

[The United States on Friday con- 


demned cross-border attacks. A State 
Department spokesman said. “We’ve 
been in contact with all the parties di- 
rectly to urge maximum restraint"] 

The main reasons for the worsening 
relations between the two sides have 
been the harsh measures that Israel has 
imposed on the Palestinians in the af- 
termath of the Jerusalem bombing and by 
the Palestinians' refusal to heed Israeli 
demands to do more to crack down on 
Is lami c militants. Israel took some small 
steps Friday to allow Palestinians to 
travel more freely within the West Bank, 
but it otherwise maintaine d its near-total 
blockade of Palestinian-ruled territories. 

Because Yasser Arafat, die Palestin- 
ian leader, has declined to go along with 
Israel’s call for the arrests and disarming 
of Islamic militants, Israel has cut off 
payments it owes to the Palestinians and 
halted shipments of many goods. 

Hezbollah, the pro-Iranian group that 
has been waging a guerrilla war against 
Israel’s occupation of southern Lebanon 
for the last 15 years, denied that it had 
launched the Katyusha attack. The or- 
ganization has generally heeded die 
April 1996 understanding, which pro- 
hibited Hezbollah from launching rock- 
ets into Israel and barred Israel from 
artacks into civilian areas. 

But the group’s leader, Sheikh Hassan 
NasraHah, said in Beirut on Friday that a 
resumption of Hezbollah’s old tactics, 
which used to send thousands of Israelis 
in the north scurrying into underground 
shelters, may now be necessary. 

■ EU Will Voice Concern to Israel 

The European Union, which has a 
mediating role in the Middle East peace 
process, said Friday that it was con- 
cerned about what it termed Israel's 



Hum AAXJjzy^Rancw 

Israeli soldiers examining damage- 
to a synagogue in Kiryat Shimona 
on Friday after the rocket attack. 

counter-productive measures, Reuters 
reported from Brussels. 

“The EU has decided to ask its rep- 
resentatives in Tel Aviv to make a de- 
marche to Foreign Minister Levy to 
make our concern known,” the Lux- 
embourg foreign minister, Jacques Poos, 
whose country now holds the 15-nation 
bloc’s rotating presidency, said in a let- 
ter to Mr. Arafat 


9 


c- ■ 
K 



n-- • 
i 


NABLUS: Resentful, Palestinian Police Resist Israel’s Demands 


Continued from Page 1 

security chief in Nablus. “That means 
that we can offer them no reason for 
taking such measures." 

His comments reflect the refusal by 
the Palestinian security forces to go 
along with Israel 's far-reaching demands 
for a general crackdown on militants. 

One of the measures Israel has vowed 
to maintain until the Palestinians vig- 
orously clamp down is a halt of the 
disbursement of money it owes to the 
Palestinian Authority. 

One direct effect is that, like most of the 
78,000 civil servants and police officers 
who work for the authority, no one in the 
1.500-member preventive security force 
that works in the West Bank has received 
the monthly paycheck due last week. 

Colonel Kan an said Israel has 
provided virtually no evidence to support 
its demands that the Palestinians arrest 
the 150 militants named on various Israeli 
lists and that it disarm many others. 

He also said the deterioration of the 
partnership between the Israelis and the 
Palestinians has made it virtually im- 
possible for the Palestinian authorities to 
justify to ordinary citizens, and partic- 
ularly to Islamic conservatives, why 
they would agree to the Israeli requests. 

Together, he said, the combination of 
pressure tactics, financial deprivation 
and exorbitant demands has left the Pal- 
estinians in an untenable position. “It’s 
like handcuffing a man, throwing him 
into the water and then telling him to 
swim,” Colonel Kan an said. 

The sentiments expressed by the Pal- 
estinian officers underscore the 
quandary facing Mr. Arafat as be decides 
how ro respond to the demands imposed 
by Israel and reinforced by Washington 
this past week by President Bill Clinton 
and other top U.S. officials. 


In the past, the Palestinians have ar- 
rested large numbers of suspected mil- 
itants, particularly after four suicide 
bombings in February and March 1996, 
when they arrested more than 1,500 
>le. But fewer than 100 of them are 
behind bars, a fact the Israelis are 
quick to point to as evidence that Mr. 
Arafat has not acted seriously to root out 
terrorists. 

Advisers to Mr. Arafat are worried 
that support for him among ordinary 
Palestinians, which is already shaky, 
could plummet further if he is seen either 
as kowtowing to the Israelis or as un- 
fairly punishing Islamic conservatives. 

“We have laws,” said Colonel 
Habreih. “We kept some of those people 
in prison for six orseven months without 
being charged, and this is against the 
law. The Palestinian Authority is not a 
tool of the Netanyahu government; it is 
an independent force." 

The officers said they were partic- 
ularly upset by suggestions that the Pal- 
estinian authorities bore responsibility 
for the terror attack July 30. which killed 
13 Israelis and the two suicide bombers 
in a crowded Jerusalem market 
The attackers have not been iden- 
tified, but the Israeli government of 
Prime Minister Benjamin Netanyahu has 
said the operation could have been car- 
ried out oaly with the support of Islamic 
extremists in Palestinian-ruled areas. 

“They can't find the bombers, so they 
want to blame the Palestinian Author- 
ity." Colonel Kanan said. "Netanyahu 
should blame himself, because it 
happened in Jerusalem.” 

While not directly laying blame for 
this attack on the Palestinian Authority. 
Mr. Netanyahu and his government 
maintain that lax security measures by 
Palestinians allowed Islamic militants to 
go free when they should have been 


locked ap, and that official tolerance of 
vitriolic propaganda against Israel has set 
a tone that contributes to terror attacks. 

Colonel Kanan is no ordinary po- 
liceman. Like many of his colleagues, he 
spent long years in Israeli jails as a 
member of Mr. Arafat's outlawed Fatah 
faction, then emerged to become a mem- 
ber of the Palestinian delegation to the 
Middle East peace conference in Madrid 
in 1991. 

He has also shown a capacity for for- 
giveness. Just two months ago. he invited 
his former jailer from an Israeli prison in 
Beersheba on a tour of Rantaliah. And 
though his mother, who was bom a Jew„ 
converted to Islam to many his father, a 
Palestinian, Colonel Kanan was recently' -flf 
lionized in an article in the Israeli news-: 
paper Yedioth Ahronoth as being Col- 
onel's Rajoub’s “Jewish deputy." 

Their agency, whose members almost: 
always operate in plainclothes, is the 
Palestinian security force that works 
most closely with the Israelis, including 
the domestic intelligence service Shin 
BeL 

Since last Wednesday, the internal 
security measures imposed by Israel 
have prevented even most Palestinian, 
security forces officers from traveling 
from one West Bank town to another. As' 
a high-ranking officer. Colonel Kanan is 
exempt from such restrictions, but he has 
decided to operate from a Palestinian 
police office in his home town of Nablus 
rather than cross Israeli checkpoints an. 
the way to his force's main headquarters 
in Jericho. 

In the eight days since Israel issued its 
demands. Colonel Kanan said the Pal- 
estinians have not arrested anyone 
whose arrest was demanded by Israel 
He and the other officers said they would 
only do so if they received orders from 
their Palestinian superiors. 


: (Jiinif 




5E1 






JOKES: The New Rich of Russia Are Derided by the Less Affluent 


Continued from Page 1 

easy target Their clothes are distinctive: 
for men. Italian suits with shoulder pads 
that a linebacker would envy : for wom- 
en, miniskirts and long, high-heeled 
leather boots. 

Mercedes-Benz and BMW are the 
preferred brands of car. although rhe 
other day, a Pontiac Trans Am con- 
vertible was spotted on Pushkin Square 
— in a city where winter often lasts nine 
months. Bodyguards are dc rigueur. and 
they wear the same Italian suirs. 

Restaurants for New Russians are op- 
ulent and extremely expensive. The oth- 
er day — and this is no joke — a waiter 
at an Italian restaurant in Moscow tried 
to explain to a customer why a run-of- 
the-mill Tuscan wine on the menu was 
so expensive. 

“If we list it cheap." he said. “New 
Russians won’t buy it.’* 

Some observers consider the jokes not 
merely social but politically pointed be- 
cause of the well-publicized close ties 
between the government and tycoons in 
Russia. 

“There is an implied criticism,” said 


Robert Coalson, who writes a column on 
language for the Moscow Times. “You 
could easily put into the jokes the name 
of some of the major millionaires with 
links to the Yeltsin government and get 
the same laughs." 

Mr. Coalson. who also works as a 
consultant for regional newspapers in 
Russia, collected some jokes fora recent 
column, and the auto-accident tale was 
his favorite. 

“That kind of black humor has a long 
tradition in Russia," he said. “Some of 
the jokes are pretty grim.*’ 

Most of the jokes about New Russians 
are unflattering. In a country in which 
there is much contemplation of the mys- 
terious Russian soul, these jokes suggest 
the New Russians have none. An ex- 
ample: 

One day. the devil meets a New Rus- 
sian and offers him anything he wants. 

"I want a license to import anything I 
want free," the New Russian says. “I 
want oil fields. I want lax breaks. Now, 
what do I owe you?” 

“Your soul." the devil responds lust- 
ily. 

The New Russian scratches his head 


and thinks hard: “Uh ... so what’s the 
catch?” Poorer Russians — sometimes 
referred to as Old Russians in the jokes 
— apparently tend to regard the New 
Russians as likely criminals. 

The inference is understandable, giv- 
en the stream of stories about organized-, 
crime killings and government-business 
corruption. 

“Have you got a book on how to 
become rich?" a customer asks a clerk. 

“Yes. it's called the Criminal Code.”, 
the clerk answers. 


Oil Spill on Normandy Coast 

itc«7hv Fr,tui 

DEAUVILLE, France — The beach 
on this Normandy resort, where wealthy 
French vacation in the summer, was 
polluted Friday by an oil slick caused by 
an oil tanker docked at the nearby in- 
dustrial port ot' Le Havre. 

Workers tried to clean up the oil on the 
beach near the resort's casino. The au- 
thorities said the slick was “smalL” but 
banned bathing, sailing and angling along 
a 20-kilometer y 1 2-mile) stretch of coast. 


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HOSPITAL: For Some U.S. Patients, Profit-Minded Psychiatric Care Was a Nightmare 


Continued from Page 1 

porate thirst For insurance dollars over- 
rode patients’ needs. Now, as managed- 
care companies move into the area of 
mental health, many psychiatrists fear 
that patients’ needs are again being over- 
looked — but this time to hold down 
insurance costs. Today, seriously ill pa- 
tients are often discharged from mental- 
health units after just a few days, trapping 
them in a cycle of hospitalization, relapse 
and re-hospitalization, doctors say. 

“National Medical was treating the 
insurance contract and not the patient,” 
said Dr. Fred Goodwin, director of the 
Center on Neuroscience. Medical Pro- 
gress and Society al George Washington 
University Medical Center. “Now, in 
reaction, doctors are being forced to read 
to the needs of managers, not patients. " 

Managed-health companies defend 
their practices as reining in undiscip- 
lined and wasteful spending on mental- 
health care, where it is often difficult to 


measure a patient’s progress. Tenet and- 
the doctors who admitted patients to 
Brookhaven and other National Medical 
hospitals have consistently denied any 
mistreatment of patients. Along with the 
payments from Tenet, some doctors 
once affiliated with the company’s psy- 
chiatric unit also recently agreed to pay 
S20 million in compensation to their 
former patients. 

What emerged in interviews with 
former patients were stories not only of 
individual suffering and of its long-last- 
ing effects but also a cautionary tale with 
lessons for the health-care industry. 

With National Medical aggressively- 
seeking patients, a teenager could land in 
one erf its hospitals for months as a 
consequence of behavior that many psy- 
chologists say could have been treated 
with short-term therapy. 

Patients at Brookhaven witnessed 
scenes they found hand to fathom. When 
Sherry Sylvester entered the hospital in 
1 987 as a 16-year-nld. she noticed that a 


large number of patients spent their days 
in wheelchairs. U took her several days 
to realize, she said, that the patients were 
not paralyzed but tied down. 

Ms. Sylvester, who had been referred 
to Brookhaven for treatment of a pos- 
sible chemical imbalance, expected to be 
in rhe hospital for two weeks. But her 
stay .stretched for 422 days. 

A constant refrain of life at 
Brookhaven. she said, were the calls for 
“Dr. Rush. Dr. Rush" over Ihe hospital’s 
loudspeaker. The pages, it turned out. 
were not a call for a particular doctor but 
an alert for hospital personnel to con- 
verge and restrain a patient. As she wrote 
in an account of her experiences prepared 
for her lawsuit, she first heard it al ter she 
re! used a nurse’s order to leave a room so 
a group therapy session could be held. 

"Five minutes later. I’m hearing ‘Dr. 
Rush. Dr. Rush’ over the intercom." Ms. 
Sylvester wrote. “All those loonies are 
freaking out. and I'm thinking 'God. what 
the hell is going on. 1 've got to got out of 


here.' I was still sitting on the bed when 
six big guys run in and tackle me." 

In a statement, officials of Tenet,, 
which is based in Santa Monica. Cali- 
fornia. said that the individuals inter- 
viewed for this article were among many 
patients at the company's hospitals who 
had been diagnosed with serious and. in 
some cases, life-threatening disorders. 

"Confronted with these and other se- 
rious symptoms, physicians admin- 
istered what, in their professional judg-’ 
mem. was the most appropriate course of 
treatment to help their patients.” the 
company said. 

William Smith, a lawyer in Dallas who 
represents doctors who once practiced at 
Brookhaven. said his clients had acted in 
their patients' best interests and provided 
them with excellent medical care. 

"We would like to sec the former 
patients allow their medical records to be 
released to the public so that we could 
discuss their individual cases and why 
they needed the care." he said. 


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SATURDAY-SUNDAY, AUGUST 9-10. 1997 


U.S. Backs an Embattled Serb 


Ij CvmrUrJ h) Onr iutfFnn ft*,*. ^ 

■' n „ B A 2J A , ^ Bosnia-Herzegovj- 

FriHav^f S!ates voiced support 

Fnday for the Bosnian Serb president 

Biljana Plavsic, in her battle with hard- 

R^ov^ * 8t her pwfcwttor. 

Radovan Karadzic, be tried for war 
'■runes in The Hague. 

.Mrs. Plavsic “is committed to the 
ac S ord ' she is coraznitted 
lhe rule of Uw ^ a 
single Bosnia-Herzegovina with rwo 

SSuV 15 !^ 8 U.S. negotiator. 
Richard Holbrooke, said after talks 

medS J or 1 ^ eSSen “ 0fDay,0n -'’ ,he 

Mr. Holbrooke, who mediated the 
J, a ^° n ? eace ^«ords ending Bosnia's 
43-monrh conflict in 1995. returned to 
the region with a special envoy, Robert 
Gelbard. to press leaders in the former 
^Yugoslavia to abide by the agreement 
f D . >v r e . working closely with 
mvsic in her capacity as the elected 
president of Republika Srpska in Bos- 
nia, Mr. Gelbard said. 

: Mrs. Plavsic said thar only “with 


I 


respect” for Dayton could the Bosnian 
oerbs enjoy better economic prospects 
She has been battling hard-line op^ 
ionents in the Bosnian Serb camp in 
'ale, near Sarajevo. K 

On July 3, Mrs. Plavsic dissolved the 
Bosnian Serb Assembly, which was pre- 
paring to oust remove from office. Both 
the Parliament and government rejected 
her move. 

Although a Serb nationalist herself 
Mrs. Plavsic has lately distanced herself 
from her former close allies, including 
Mr. Karad 2 ic. c 

Mr. Holbrooke said that Mr. Karadzic 
would eventually have to face trial and 
could not negotiate on where and when 
he would be tried. 

“He should hand himself to the 
tribunal, and there should be no more 
proposals about it.’* the negotiator 
said. 

Mr. Karadzic proposed in an inter- 
view with the German newspaper Sued- 
deutsche Zeitung that the tribunal in The 
Hague transfer his case and those of 
other Serbs from Bosnia- Herzesovina 


BRIEFLY 


to courts in the Serb half of Bosnia. 

“What he proposed is unacceptable 
to the United States and the international 
community," Mr. Holbrooke said. 

Earlier Friday, the members of Bos- 
nia's three-man joint presidency agreed 
on three key outstanding items of the 
post-war dispute after marathon talks 
brokered by Mr. Holbrooke. 

The three agreed on a list of common 
ambassadors, on a telephone system to 
cross from one part of Bosnia to another 
and on military cooperation. 

But agreement on the design of a 
common' currency, crucial to establish- 
ing a central bank, eluded Mr. Hol- 
brooke. 

U.S. officials traveling with him also 
castigated Serbs for turning down in- 
ternational loans for their impoverished 
republic. 

Tom Leary', the spokesman of the 
U.S. Embassy in Sarajevo, said agree- 
ment on the ambassadors had been 
found after a marathon meeting of the 
three-man Bosnian presidency totaling 
more than 10 hours. (AFP. AP) 


Gujral Vows Food-Subsidy Rise 

■ NEW DELHI — Prime Minister Inder Kumar Gujral of 
India promised Friday to increase subsidies on food, ending 
months of speculation that his coalition would cut back a 
S2.5 billion outlay announced in January. 

' ' It is shame thar in our 50th year of independence a large 
number of people are still living under the poverty line?' 
Mr. Gujral said in Parliament. 

At its convention in Calcutta, the Congress Party defended 
the economic liberalization it inaugurated six years ago and 
accused the government of slowing the pace of change. 

The parry warned the government that h was supporting 
it only temporarily and sought to return soon to power. 
“We are not partners, we are merely helpers." said the 
party president, Sitaram Kesri. (AFP) 

Chinese Police Detain Dissident 

BEIJING — The Chinese police detained a dissident 
overnight after he issued a daring call for the disgraced 
Beijing leader Chen Xitong to be brought to justice for the 
1989 crackdown on democracy protests, the activist’s wife 
said Friday. The police took Jin Cheng from his home in 
western Beijing late Thursday and did not allow him to 


return until early Friday, said Mr. Jin’s wife. Liu Xiuli. 

Mr. Jin wrote io the head of the National People’s 
Congress asking ihar the former Beijing Communist Party 
chief be punished for sending the army to crush the 
protests. (Reuters) 

Gunmen Kill Colombia Senator 

BOGOTA — Gunmen shot and killed Senator Jorge 
Crisio of the governing Liberal Party on Friday as he 
headed to his office in Cucuta, about 600 kilometers (375 
miles) north of Bogota, the police said. 

The motive of the attack was not known, but the National 
Liberation Army had warned that it considered a number of 
governing party politicians to be “military targets.' (AFP) 

For the Record 

The United States said Friday that it was extending 
indefinitely iis suspension of aid to the Cambodian gov- 
ernment but that help going directly to the Cambodian 
people would continue. (Reuters) 

Pakistan denied Friday reports in the United States that 
China had sold it M-l 1 ballistic missiles. (AP) 


BOOKS 


. THE BALLAD 
V OF GUSSIES CLYDE 

By Aaron Latham. 176 pages. $19.95. 
Yillard. 

Reviewed by Louise Titchener 

Y OU may imagine that people on the 
far side of 80 are too busy raiding 
their medicine cabinets to have time for 
amour. Nor so if the couple feature d in 
“The Ballad of Gussie and Clyde" is 
any clue. 

This slim memoir chronicles the. 
counship and honeymoon of Aaron 
Latham’s father. Clyde Latham, and his 
lady love, Gussie Lancaster. At the time 
of their nuptials, both sweethearts were 
well past their biblically allotted 
threescore and ten. 

It’s lovely to hear of an elderly couple 
finding true love. Indeed, for those of us 
who are heaping up birthdays like mu- 
nicipal salt suppliers anticipating a Min- 
nesota winter, it’s heartening to learn 
that octogenarian Romeos and Julieis 
thrive out there. 

The author opens the memoir by say- 
ing that he started telling his father’s 
/ love story at dinner parties and found he 
enjoyed doing it — ergo, the book. 
' “None of them (the other guests) had 
ever met my dad, but they all wanted 
what he had to give: hope.” 

About five years after Clyde Latham, 
a retired high school football coach, has 
lost his wife of 50 years, an old friend 
from California arrives to visit him and 
the scenes of her girlhood in Spur, 
Texas. Clyde and Gussie had been 


friends in their youth. Both are widowed 
and lonely. 

Though Clyde is anxious to renew his 
relationship with Gussie, she. at first, has 
doubts. After she uses weak excuses to 
break several dares for the visit, the writer 
quotes himself as saying to his wife, 
television reponer Leslie Stahl. “I hope 
he’s (Clyde) learned his lesson. I hope he 
doesn't ask her to come down again." 
Leslie tells Aaron to “Grow up." 

.Clyde; a likable man with an opti- 
mistic world view, doesn’t give up on 
Gussie. Finally he succeeds in luring 
Gussie back to Texas for a visit. There he 
courts her by taking her around io revisit 
the landmarks of their youth. By the time 
Gussie’s visit ends, the two are all but 
ready to say their “I do’s." 

Seen as a memoir about his father. 
Latham *5 book is charming. Seen as a 
work of storytelling, ir’s a narrative with 
flaws. For readers seeking a page-turner, 
the glaze of sentimentality frosting 
Gu ssie and Clyde * s ballad won ’t conceal 
its lack of a compelling conflict or its 
poorly realized protagonists. 

Latham does nor choose to tell Gussie 
and Clyde's story from their point of 
view, which might have encouraged 
readers to identify with his protagonists. 
Instead, he tells their story as a first- 
person narrator. The result is an archly 
distanced rendering of Gussie and 
Clyde's courtship. To me they seemed 
more like an elderly Ken and Barbie than 
flesh and blood people. 

The preciousness is underlined by 
Lathams device of ending roughly two 
thirds of his brief chapters with repe- 


titious quotes from Marlowe's “Pas- 
sionate Shepherd to his Love." Lines 
such as “Come live with me and be my 
love." are charming the First and second 
time around. After 26 repetitions they 
get irritating. 

The real flaw in this story, however, is 
its lack of conflict. From the first we have 
no doubt chat Gussie and Clyde are 
headed for wedding cake. Though Lath- 
am tries to create suspense by injecting his 
own doubts and fears into the mix: “For 
many years onr mother lit our lives, but 
now dial glow had gone out. Could our 
eyes ever adjust to another light?" Such 
concerns in a man of mature years come 
across as artificial .No reader will doubt 
that Clyde and Gussie must end their story 
holding hands in their rocking chairs. 

Readers who have low tolerance for 
warm fuzzies might be advised to give 
this book a miss. If, on the other hand, 
you are looking for reassurance that ro- 
mance never dies, ' 'The Ballad of Gussie 
and Clyde” will be music to your ears. 

Louise Titchener, whose most recent 
novel. “Deja Vu." was published last 
year, wrote this for The Washington 
Post. 


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SrtfciZhuivii.AfaKc Finwt-Pirnc 

DRUG SMUGGLERS — Afghan traffickers were arrested inside Tajikistan, with bags of opium they 
were attempting to slip through the border area. There has been a big rise in drug running in the area. 


Korea Talks Break Up in Discord 


By Steven Lee Myers 

AfU' York Vwnrs Sen ii i- 

WASHINGTON — The effort by the 
United States. China and the two K ore as 
to set up peace talks aimed at formally 
ending the Korean War broke off un- 
expectedly Thursday evening after fail- 
ing to resolve differences over which 
topics those talks would cover, includ- 
ing the future of 37,000 U.S. troops in 
South Korea. 

It was a setback to the long, tortuous 
effort by the United States to entice the 
North Koreans into negotiations to re- 
place the fragile armistice that has held 
on the Korean Peninsula since 1953. 

[North Korea accused the United 
States on Friday of using economic 
sanctions against Pyongyang as a means 
to turn the talks to its advantage . Reuters 
reported from Tokyo. “The U.S. in- 
tends to secure concessions from the 
DPRK (North Korea) bv means of sanc- 
tions and turn the 'quad talks' favorable 
to it." the official newspaper Rodong 
Sinmun said in its commentary. 

[‘‘The U.S. position concerning the 
economic sanctions is a wanton vio- 
lation of the DPRK-U.S. framework 
agreement," the commentary said. 


“We cannot sit on the fence now that the 
U.S. has unhesitatingly violated the 
agreement and abused the 'four-way 
talks’ as means of pressure." 

[The report was carried by the.Korean 
Central News Agency, monitored in 
Tokyo.] 

After a third day of meetings at 
Columbia University in New Y ork City, 
the four countries reached agreement 
only on issues that officials described as 
the least contentious. For example, they 
agreed to hold negotiations in Geneva 
six weeks after the current preliminary 
meetings ended, according to U.S. of- 
ficials. But even those agreements re- 
mained tentative. 

The delegations failed to resolve 
sharp differences over an agenda for the 
talks, as North Korea insisted that any 
further discussions focus on a with- 
drawal of U.S. troops. 

The head of North Korea's delega- 
tion, Kim Gye Gwan, the deputy foreign 
minister, said his country also had in- 
sisted on negotiating a separate peace 
with the United States that would ex- 
clude South Korea, something Wash- 
ington has repeatedly ruled out. 

The United States, joined by South 
Korea and China, argued that the agenda 


should deal with the broader issue of 
establishing peaceful relations first, the 
officials said, speaking on condition of 
anonymity. The four countries, the main 
antagonists in the Korean War. agreed 
to resume preliminary talks in New 
York on SepL 15. 

Despite the setback, delegates on all 
sides tried to sound positive. Mr. Kim 
said he was pleased with the meetings 
this week “I think these will greatly 
help in our further talks," he said 

But U.S. officials were showing signs 
of frustration. The United States and 
South Korea have held a series of meet- 
ings with North Korea, involving both 
low- and high-level delegations, since 
President Bill Clinton and President 
Kim Young Sam of South Korea pro- 
posed the latest talks in April 1996. 

This week's meetings had been in- 
tended as preparatory talks, simply to 
set an agenda for discussions, not to 
resolve anything substantial. 

"You don't come here to agree to 
have more preparatory talks," a senior 
U.S. official said before the meeting 
broke off Thursday. The goal of the 
peace talks would be to replace the 
armistice that ended thefighting in 1 953 
but not, technically, the war. 


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THE WORLD’S DAILY NEWSPAPER 




EDITORIALS/OPINION 


llcralb 


INTERNATIONAL 



PI'Bl LSHEIJ WITH THE NFU \URK TIMFJf (ND T1IF »UHIWlTON FOST 


Cambodian Power Play 


tribune jpm A mer i C a Now Rethink Mideast Equations 

T1IF KUHimTON FTiST M- 


The Hun Sen gang running Cam- 
. bodia has contrived to have Parliament 
- elect a new and pliant prime minister. 
At the same time — in a legally du- 
bious procedure — the Parliament 
threatens the man being replaced, the 
exiled Prince Norodom Ranariddh, 
with prosecution if he comes home. 
These steps are an effort to create an 
edifice of political normality that con- 
solidates the grab for power Mr. Hun 
Sen made a month ago. 

Just how this effort will play out is 
uncertain. The Cambodian political 
opposition, including members of the 
prince's party, face a hard choice be- 
tween coping with deadly intimidation 
if they stay in Cambodia and risking 
irrelevance if they go into exile, as 
some have, in Thailand or elsewhere. 
Mr. Hun Sen's invitation to the exiles 
to return with their safety guaranteed 
must necessarily be set against the fact 
thar his troops executed some 40 op- 
position military and political figures 
in the wake of the July coup. No trial of 
Prince Ranariddh over which Mr. Hun 
Sen effectively presided could be re- 
garded as plausible and legitimate. 

This unhappy state of affairs puts a 


large burden on the international net- 
work that was eventually put in place 
in the early 1990s to rescue a crushed 
Cambodia from the unspeakable de- 
predations it suffered unaided under 
Maoist Khmer Rouge assault in the 
1970s. It was the electoral political 
structure established under the aegis of 
the UN plan that became the victim of 
Mr. Hun Sen’s guns in the street. 

An armed foreign presence of the 
son some exiles are demanding seems 
a long shot in current circumstances. 
But the earlier international network 
needs to be put back in place at least to 
the extent required to organize a con- 
certed political response to Mr. Hun 
Sen’s new offenses against democracy 
and human rights. TTiat means in the 
current instance a firm stand calling 
Mr. Hun Sen to account and denying 
him the fruits of his coup. 

It has never been easy for foreigners 
to sort out the political designs by 
which the Cambodians run and shield 
their affairs. But there can be no mis- 
taking the requirement on Cambodia's 
friends to seek to reverse the results of 
Mr. Hun Sen's power play. 

— THE WASHINGTON POST 


Defensive Democrats 


This past week’s news from Wash- 
ington, including President Bill Clin- 
ton's press conference this week, 
showed once again that the Democrats 
have no credibility on campaign fund- 
raising. The Republicans can also be 
disingenuous, as demonstrated by the 
slippery testimony of Haley Barbour, 
former chairman of the Republican 
National Committee, before the Senate 
committee investigating the flow of 
foreign “soft money” into the 1996 
campaign. But when it comes to de- 
vising audacious defenses, nobody 
marches the White House. 

We can start with Mr. Clinton's in- 
terview Monday with the Fox News 
Channel. Asked for his reaction to the 
recent revelations about the laundering 
of foreign money into the Democratic 
National Committee. Mr. Clinton pro- 
fessed shock, even shame. “I was sick 
at heart,” he said, to discover that the 
committee had dismantled its practice 
of checking the sources of large dona- 
tions. He was also "very disappoint- 
ed” to learn that some checks might 
have been illegal, and “angry” to find 
that his party had let down its guard. 

Could all this have been news to the 
president? Memos from his de facto 
campaign director. Harold Ickes, have 
made it dear that the campaign was 
orchestrated from the White House. 

But put that aside. For now, give Mr. 
Clinton credit for adding the "sick at 
heart” ploy to the standard spin of 
they-did-it-too or oops-sorry-about- 
that. At his press conference, the pres- 
ident resurrected the shopworn uni- 
lateral-disarmament gambit. Asked 
why the Democrats keep raising soft 
money despite his support for legis- 
lation that would end the practice, Mr. 
Clinton bristled. It would be a “grave 


mistake.” he said, to disarm unilat- 
erally, to “abandon any attempt to 
compete” for dollars with the Repub- 
licans. As long as the Republicans op- 
posed campaign financing reform, he 
had no intention of presitting over the 
bankruptcy of the Democratic Party. 

The questioner had not asked him 
about disarmament. But the remark- 
able thing about Mr. Clinton's re- 
sponse was its negative tone. Hiding 
behind the disarmament image is a 
formula for protecting the status quo. 
True, the president twice reaffirmed 
his support for the McCain-Feingold 
bill that would end soft money and 
make other changes in the campaign- 
finance laws. But to dwell on the dis- 
armament theme leaves a negative im- 
pression. To top it off. the president 
said he was “proud” of all that money 
he had raised and continues to raise. 
The president can use any word he 
wants to describe his fund-raising 
skills, but “proud” seems hardly the 
mot juste if he really wants to be seen 
as an ardent reformer. 

Finally, new information leaking 
from the Senate investigating commit- 
tee about Vice President A1 Gore's 
own fund-raising reminded us of an- 
other characteristic of this adminis- 
tration: its unwillingness to tell the 
whole truth the first time around. Back 
in March, Mr. Gore said “there were a 
few occasions” when he "made such 
calls” from his White House office to 
major contributors. It now appears he 
made more than 40 such calls from 
December 1995 to May 1996. 

All in all. it was not a good week for 
anyone who hopes that the White 
House will take a leadership role in 
campaign reform. 

— THE NEW YORK TIMES. 


Microsoft and Apple 


Two thousand Apple computer loy- 
alists greet the return of their hero and 
Apple co-founder, Steven Jobs, at a 
Boston trade show, only to gasp as the 
looming picture of Apple's arch- 
enemy, Bill Gates of Microsoft, ap- 
pears on a huge on-stage screen. It was 
Mr. Gates, after all. who copied 
Apple’s visionary poinr-and-click sys- 
tem of computer commands, marketed 
it and drove Apple to neor-collapse. 

Mr. Gates and Mr. Jobs announced 
that Microsoft would inject more than 
SI 50 million into Apple and take other 
steps to guarantee Apple's near-term 
survival. Some Apple zealots in the 
audience hooted. Others sighed in re- 
lief. Virtually all were surprised and 
confused. Between them, Microsoft 
and Apple sell the operating systems 
that run most personal computers. 

Odd or not. the bailout is good for 
both. Apple users are assured that their 
beloved company gets desperately 
needed cash and that Microsoft will 
continue to supply them up-to-date 
word processing and other applica- 
tions softw are. Many would-be Apple 
buyers had been turning away out of 
fear that as Apple's marker share 
shriveled, so would the programs made 
available for use on Apple machines. 

The bailout is also good for Mi- 
crosoft because it preserves a demand 
for its software programs designed ro 
be compatible with Apple machines. 
But some suspect a Machiavellian pur- 


pose by Microsoft as well. Microsoft 
can now fend off antitrust charges by 
pointing out that Apple's continued 
existence will prevent Microsoft from 
acting as a monopolist. If Apple dies, 
Microsoft will appear nakedly mono- 
polistic. Microsoft does pose a danger. 
It provides the operating systems for 
nearly all personal computers, except 
the fraction made by Apple and its 
clones. It also sells the software for 
these machines, including word pro- 
cessing programs, spreadsheets, Inter- 
net browsers and other applications. 

Microsoft’s strategy has been to tie 
more and more of these applications 
into its operating system. Windows, so 
that customers can buy the whole pack- 
age in one purchase and get everything 
working together. For Windows cus- 
tomers, the integration is a great con- 
venience. But there is a danger. If 
Windows customers end up buying 
Microsoft applications almost auto- 
matically. there will be less room for 
entrepreneurs to invent new applica- 
tions that actually might be better than 
those made by Microsoft. 

The government needs to make sure 
that Microsoft lives up to its legal 
obligations to make it commercially 
easy for other companies to write pro- 
grams thar work effortlessly under 
Windows. Otherwise the Microsoft 
rescue of Apple will be another step 
toward Microsoft hegemony. 

— THE NEV, YORK TIMES 


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W ASHINGTON — President BUI 
Clinton works the Middle East as 
a binary problem of Israelis and Pal- 
estinians. But the Middle East is a 
mixture of algebra and geometry, not 
arithmetic: Hidden factors, tenebrous 
equations and wicked angles thwart the 
best of intentions. 

The August crisis in the region 
shows the administration falling be- 
hind the curve of events after four years 
of surefooted if uncommanding per- 
formance in the peace process. The 
Arab-Lsraeli from is not the Mideast's 
only front. To ignore the region's mur- 
derous nexus is to invite punishmenu 
In statements Wednesday, the pres- 
ident and Secretary of State Madeleine 
Albright reaffirmed and intensified the 
central element of U.S. Middle East 
policy under Mr. Clinton: unflinching 
support for an Israel that takes risks to 
secure peace with the Palestinians. 
Most of Mrs. Albright's lucid, forceful 
speech on the Middle East could have 
been delivered by Prime Minister Ben- 
jamin Netanyahu of Israel. 

The main problem with the Albright 
speech is that it came months late. 

Mr. Clinton and Mrs. Albright have 
not taken on board the new reality that 
Mr. Netanyahu months ago stopped 
running the kind of risks for peace that 
the late Yitzhak Rabin was braving 


By Jim Hoagland 

when Mr. Clinton originated his policy. 
Nor do they indicate that recent trou- 
bling political developments in Syria. 
Jordan, Iraq and elsewhere have 
blackened the once promising envir- 
onment for peace in the Middle East. 

Mr. Clinton has been sold the view 
that his foreign policy legacy will be 
shaped primarily in Europe, through 
NATO expansion and Bosnia, and in 
China. But counting on an untended 
Middle East not to take its own vicious 
bile out of a presidency is a big and 
usually unsuccessful gamble. The in- 
ordinate time and energy expended on 
NATO expansion represents an oppor- 
tunity Lost elsewhere. 

Mis. Albright's reluctance to plunge 
personally into the Middle East in her 
first six mouths in office is not un- 
precedented or beyond reason. On be- 
coming secretary of state in 1982, 
George Shultz told The Washington 
Post that he was going to concentrate 
on big problems like trade with Canada 
while his capable aides kept the Middle 
East from taking up all his time. 

It was only a matter of weeks before 
Mr. Shultz became the Reagan admin- 
istration's Middle East desk officer, 
proving the axiom that secretaries of 


srate may not be interested in the 
Middle East, but the Mideast is always 
interested in secretaries of state. 

Mrs. Albright hoped to avoid Mr. 
Shultz’s fate and that of her immediate 
predecessor, Warren Christopher, who 
was ridiculed for going to Damascus 
two dozen times. But Mr. Christoph- 
er’s assiduity helped limit the damage 
Syria inflicted on the peace process. 
Mrs. Albright's absence has not been 
more effective in peacemaking than 
was Mr. Christopher's ubiquity. 

In die first months of Mr. Clinton's 
second term, Syria has begun a sur- 
prising rapprochement with Saddam 
Hussein of Iraq, sending trade dele- 
gations and opening border posts with 
its former arch enemy. 

King Hussein of Jordan is also 
mending fences with the Arab world's 
most radical forces after a period of 
unstinting cooperation with Washing- 
ton and Jerusalem. American pressures 
to contain Mr. Saddam, Moammar 
Gadhafi of Libya, and Iran are being 
resisted by usually friendly Arab re- 
gimes with new force. 

The drift in U.S. policy in the Gulf 
was underlined by Washington's un- 
focused response ro appeals for help 
from Jala! Talabani, the only Kurdish 
leader willing to fight against Mr. Sad- 
dam. The message Mr. Talabani heard 


in Washington amounted to a request to 
so away and leave Mr. Clinton’s Iraqi ... 
nonpolicv to slumber in peace. 

What happens in Baghdad still has 
enormous implications for what bap- : 
pens in Cairo, or Jerusalem. The Gulf • 
War was fought against Mr. Saddam in 
part to break up the nexus of Arab ■ 
radicalism that was a major obstacle to 
peace across the region. That nexus is- * 
now reconstituting itself in the absence 
of clear American leadership toward an . 
alternative for the region. 

Mrs. Albright rightly condemned. 
Yasser Arafat for turning Palestinian 
security cooperation on and off to 
blackmail Mr. Netanyahu into further ■ 
movement on peace. But the admin- 
istration did not seem to understand or 

react to Mr. Arafat's perfidy as the sign 

of desperation and the new ascendancy 
of Arab radicalism that it was. 

Is it Mr. Arafat's narure, or the des- 
peration of his circumstances, that 
drives him ro undermine the peace pro- 
cess? It is both, just as Mr. Netanyahu is 
compelled by temperament and by 
Hamas bombs to stop taking risks and 
crack the whip instead. 

Middle Easterners have to play all 
the angles all the time. So does Mr. 
Clinton if he wants to protect his pres- • 
idential legacy in the region. 

The Washington Post 


The ‘European Model’ Is Getting a Bold, Inventive Overhaul 


P ARIS — A new Europe is in 
gestation, and with it a chal- 
lenge to the Atlantic relation- 
ship. Three months ago solid 
conservative governments were 
in power in Germany and 
France, committed to a single 
European currency to challenge 
the dollar. Today France is gov- 
erned by the left and is looking 
for a new way to run its econ- 
omy. Feted a year ago as the 
new Bismarck, Helmut Kohl 
now confronts the possibility of 
defeat in German elections little 
more than a year away. 

His budget and tax reform 
proposals collapsed last week- 
end. Next year’s German elec- 
tion will represent not only a 
choice between parties but a 
choice of society. Mr. Kohl 
stands for reduced taxes, social 
flexibility and fiscal austerity to 
meet globalized competition 
and the single currency. The 
Social Democratic opposition 
defends the essentials of the ex- 
isting German social contract, 
one of the most generous wel- 
fare systems in the world. 

As the Frankfurter Allge- 
meine Zeitung has written, this 
is a choice worth an election. It 
is widely seen as a choice be- 


By William Pfaff 


tween American and West 
European ways of life. The 
former is presented by its ad- 
vocates as the necessary choice 
if Germany is to compete suc- 
cessfully, and indeed to be in- 
evitable' Those who say there is 
another way must invent a new 
and dramatically improved eco- 
nomic engine to sustain the 
“social capitalism” that Ger- 
mans and most of the other 
West Europeans have practiced 
since the war. 

In their legislative election 
this spring, that is what the 
French chose to attempt. The 
newly elected government of 
Lionel Jospin has undertaken to 
reform the modem French 
economy so as to combine com- 
petitiveness, full employment 
and social protection. 

Conceptually, it seems pos- 
sible. A neo-Keynesian, de- 
mand-led boost to growth, in 
current zero-inflation condi- 
tions, is not impossible. The 
French, who have always had 
an efficient state at the heart of 
their economy, believe Che state 
can sponsor the creation of real, 
noninflationary jobs that con- 


tribute to the nation's efficiency 
and amenity. 

In an information-dominated 
society, value has to be recal- 
culated. A product has to be 
manufactured, stocked trans- 
mitted and sold, and each step is 
costly. A different calculus of 
value prevails when what is cre- 
ated and transformed is infor- 
mation. What are the real costs 
there? What is efficiency? 

The conventional wisdom 
says the French Socialists and 
German Social Democrats are 
fantasists to think that Western 
Europe can go on living in the 
way the Europeans want to live. 
Still, the full -scale, real-time 
experiment is now under way in 
France. Next year the Germans 
mav join the experiment 

If the “European model” 
should indeed prove reinvent- 
able, all of Europe would be 
influenced — since all across 
Europe, from the English Chan- 
nel to Moscow, there is popular 
resistance to what is seen as the 
social cost of America’s "new 
economy." Asia would be 
strengthened in its commitment 
to “Asian values.” 


The immediate effect on the 
United States would lie in the 
European experiment’s influ- 
ence on Europe’s foreign policy 
commitments. The current 
policy of the United Stares on 
the United Nations, NATO and 
to an extent on the Middle East 
and Bosnia assumes that the 
European allies can be per- 
suaded to pay most of die costs 
for what the Clinton adminis- 
tration and the Senate Foreign 
Relations Committee decide. 

This was a controversial as- 
sumption before the French 
election and the new vicis- 
situdes suffered by Mr. Kohl. In 
today’s Europe, obsessed with 
reaffirming its social priorities, 
it simply won’t be accepted. 

There already is a conviction 
in the U.S. Congress that 
Europe does not pay its proper 
share of the costs of what Amer- 
icans see as America's keeping 
order in the world. NATO ex- 
pansion is the latest case. The 
administration says the present 
European NATO allies should 
pay half the cost of NATO’s 
enlargement. The new mem- 
bers should pay 35 percent and 
the United States 15 percent 

Europe will not agree. Many 


West Europeans would say that 
NATO expansion is an Amer- 
ican program, decided by the 
United States, overriding allied 
objections, and therefore that 
America should pay the bill. 

Washington says that the 
United States already speads 
□early 4 percent of its gross 
national product on security, a 
third ro two-thirds more than 
West Europeans pay, and that 
this is unfair. Europeans reply 
that America's scale of arm- 
ament is hugely disproportionr 
ate to rational need and has been 
kept up since the Cold War be- 
cause the American economy ls 
driven by its military sector. 

A critic would say that this is 
America’s version of state so- 
cialism. The Europeans say this 
level of arms spending is-a free 
American choice that they see 
no need to imitate. 

Today’s Western Europe is 
not going to pay for American- 
initiated programs that the U.S. 
Congress refuses to finance. 
Whatever the merits of the ar- 
guments on either side, Europe 
today has its own agenda, and it 
is social and economic. 

Interihuiaiuil Herald Tribune 

0 Los Angeles Times S\ udicaie. 


For Guatemala, Even a Slow Rebuilding Is Cause for Hope 


N EW YORK — How can a 
society tom apart by racial 
or ethnic conflict be made 
whole again? We know about 
the effort at healing in post- 
apartheid South Africa. But not 
many Americans are aware of 
the example in their own hemi- 
sphere: Guatemala. Or aware of 
America's responsibility there. 

For 42 years, from 1954 ro 
1996, Guatemala suffered from 
a conflict that reached levels of 
extraordinary savagery. In the 
attempt to defeat a guerrilla up- 
rising. government forces indis- 
criminately targeted the Indians 
who make up 60 percent of the 
country's population of 10 mil- 
lion. The forces wiped out 400 
villages and killed 150,000 un- 
armed civilians. 

Editors, intellectuals and oth- 
ers who showed sympathy for 
the victims were murdered or 


By Anthony Lewis 


“disappeared." A founder of 
Prensa Libre, Guatemala's 
larges t-circulation daily news- 
paper, Isidore Zarco. was shot 
down in 1970. His widow, 
Teresa Bolanos de Zarco, pres- 
ident of the board of the news- 
paper, said recently: “In im- 
itation of what happened in 
Europe during World War IL 
pan of the population was ex- 
terminated: an example of gen- 
ocide the likes of which has not 
been seen in any other country 
of the hemisphere.” 

Last December, the conflict 
was brought to an end with the 
signing of peace accords. Lead- 
ers of "the opposition who had 
left Guatemala were invited to 
return, and many have done so 
along with former guerrillas. 

Tlie peace accords called for 


constitutional amendments to 
make Guatemala officially a 
multiethnic society, allowing 
the use of the many Mayan or 
Indian languages in addition to 
Spanish. The accords promised 
constitutional change to limit 
the army's role to defending 
Guatemala's borders — staying 
out of domestic matters. 

A Truth Commission set up 
under the accords has begun 
work. It is much weaker than 
South Africa's, lacking the lat- 
ter's power to grant amnesty to 
individuals who confess to 
political crimes — a strong in- 
centive to come forward. 
Moreover, the Guatemalan 
commission is forbidden to 
name individuals responsible 
for crime; it can only identify 
institutions. But it still can rell 


When the Lies Come From Above 


N EW YORK — The ad- 
mission by the Central In- 
telligence Agency that the air 
force lied about supposed 
sightings of unidentified fly- 
ing objects three decades ago 
to conceal the government’s 
secret spy planes comes as 
wonderful news to the flying 
saucer crowd. They are hail- 
ing the agency's disclosure as 
proof that aliens must have 
landed in New Mexico. 

You don't have to believe 
in little green men to see the 
admitted' deception as yet an- 
other example of official lying 
that has eroded public trust in 
government. According to a 
CIA study, most of the UFOs 
reported from the late 1950s 
through the 1960s w-ere ac- 
tually U-2 or SR- 11 spy 
planes. Instead of ignoring the 
UFO reports, ihe government 
made what the study calls 
"deceptive statements to the 
public." The air force claimed 
that people who thought they 
had spotted UFOs had really 
seen ice crystals. 

During the Cold War. polit- 
ical leaders regularly relied on 
"cover stories" ro protect in- 
telligence operations. When 
Francis Gary Powers was shot 
down in a U-2 in 1960. deep 
inside Soviet territory, the 
State Department assured the 


Bv David Wise 


public rhat there had been no 
deliberate attempt to violate 
Sovjei airspace. When Pres- 
ident Dwight D. Eisenhower 
was forced to admit the truth 
days later, most Americans 
were shocked. 

During the Kennedy ad- 
ministration. Arthur " Syl- 
vester, spokesman for the De- 
fense Department, defended 
the government's "right" to 
lie if there was a threat of 
nuclear war. 

But once the right to lie has 
been established, there is no 
drawing the line. Official de- 
ception may be convenient in 
the short term, but it fuels con- 
spiracy’ theories. 

The revelation that the CIA 
had not informed the Warren 
Commission of its efforts to 
use the mob in an assassina- 
tion plot against Fidel Castro 
only added to mistrust of the 
commission's investigation of 
the murder of President John 
F. Kennedy. 

The United States went to 
war in Vietnam after President 
Lyndon B. Johnson assured 
die public that American des- 
troyers had been attacked with 
torpedoes in the Tonkin Gulf 
on Aug. 4, 1964. But there is 


evidence to suggest that attack 
never happened 

In the Watergate scandal. 
Richard Nixon sought to save 
his presidency by desperately 
invoking “national security" 
as the bogus cover for a po- 
litically motivated burglary. 
Public confidence in govern- 
ment eroded, along with re- 
spect for the presidency. The 
next decade brought the Iran- 
contra scandal and a new 
cycle of official lying. 

In recent years, militia 
groups have emerged in the 
misguided belief that the gov- 
ernment is the enemy. They 
and the UFO believers could 
create conspiracy theories 
even without ad mined gov- 
ernment deception. 

But it is not unreasonable to 
suppose that there is a straight 
line running from the U-2 af- 
fair and the Bay of Pigs to such 
groups, with Watergate and 
Iran-contra as markers along 
the way. 

There are alternatives to 
government lying: Tell the 
truth, remain silent or offer a 
“no comment." 

Mr. Wise is author of "The 
Politicsy} Lying: Government 
Deception. Secrecy. and 
Power. " He contributed this in 
The New York Times. 


Guatemalans something of 
what went wrong. 

Someone visiting Guatemala 
for the First time finds it hard to 
understand how this beautiful 
country could have fallen into 
such horror. But one reason is 
plain; the policy, over many 
years, of the U.S. government 

In 1954, the Eisenhower ad- 
ministration overthrew the 
elected president of Guatemala, 
Jacobo Arbenz. A recent de- 
classification of CIA docu- 
ments showed that the CIA had 
a “disposal list” of 58 leaders 
to be assassinated and had 
trained Guatemalans to do the 
killing. In the event, that was 
deemed unnecessary. 

In 1966. the United States 
began to “professionalize" the 
Guatemalan Army, sending in 
Green Berets and supplying 
military aid. The process turned 
the army into a killing machine: 
killers of its own people. 

The United States cut off mil- 
itaiy aid to Guatemala in 1990. 
after human rights violations 
rhere had become notorious. 
But the CIA helped secretly. 

Jennifer Harbury's effort to 
try and prove that her husband, 
a Guatemalan rebel leader, was 
murdered by the Guatemalan 
Army in 1992 brought admis- 
sions that the agency had on its 
payroll Guatemalan military 


officers it knew were killers. 

The grim story of U.S. in- 
volvement in Guatemala was 
summarized in Foreign Policy 
last year by Suzanne Jonas. The 
Clinton administration is sup- 
posed to release more docu- 
ments. Bat enough is known 
already to make clear that the 
U.S. role in Guatemala ranks as || 
one of the cruelest products of 
America's obsession with per- 
ceived Communist threats dur- 
ing the Cold War. 

Given that history.. the 
United States has a profound 
obligation to help the peace ac- 
cords work. Secretary of Slate 
Madeleine Albright made a 
wise gesture in May when she 
visired a remote camp in north- 
ern Guatemala where former 
guerrillas are being demobil- 
ized. But the administration 
took a damaging step when it 
urged Guatemala to use the 
army against drug trafficking. 

Are the peace accords taking 
hold? The signals are mixed", j 
There has been little progress T 
on the constitutional changes. 
President Alvaro Arzu. who 
made the accords possible, 
puzzled supporters recently by 
reopening some military bases 
closed as a peace move. But no 
one is being killed, and that is 
reason enough for hope. 

The AVn ftir/C Times 


IN OUR PAGES: 1 00, 75 AND 50 YEARS AGO 


1897: Canovas Killed 

PARIS — Senor Canovas del 
Castillo, the Spanish Premier, 
was assassinated by an Italian 
Anarchist. The motive of the 
crime is probably to be found in 
a desire to avenge the alleged 
ill-treatment of Anarchist pris- 
oners. In this latest victim of the 
blind, undiscriminating terror- 
ism. Spain and the civilized 
world have lost a man whose 
worth was universally recog- 
nised. Senor Canovas was the 
first to hoist the standard of 
Constitutional Monarchy in 
Spain, in 1868. when the rev- 
olution was triumphant. 

1922: Prohibition Poll 

PARIS — The latest official re- 
port on the effect of Prohibition 
in New York shows that men are 
now beginning to turn from 
"hootch," the falsely concocted 
liquid fire, to beer and ale. the 
alcoholic content of which is 


only about 5 per cent. A ballot is 
disclosing some interesting 
facts. The most pronounced of 
these are ihat virtually nobody 
would wish the country again to 
tolerate the saloon evil, that 63 -j 
per cent of the ba Holers would 
like the use of tight wines and 
beers to be legalised, and a tittle 
more than 22 per cent desire the 
repeal of the Volstead Law. 

1947: Peron’s Award : 

ROME — The Vatican Pro- 
tocol Section denied that there 
was "any political signifi- 
cance” in die recent Papal dec- 
oration of President Juan Peron 
of Argentina. The Vatican com- 
ment was in reply to a con- 
troversy provoked’ by a recent 
"Washington Post - ' editorial m. 
commenting that "The award “ 
was given because of the relief 
work President Peron has done 
since the war.” President Peron 
was made a Grand Cross Knight 
of the Order of Pope Pius K. 


cJty’ 




nsti 


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ART 


INTERNATIONAL HERALD TRIBUNE 
SATURDM'-SUTflDAX AUGUST 9-10. 1997 

PAGET 


B efore Primary Colors : Unknown Mondrian 

bnenum. mat Herald Ti ibuiie 

L ONDON — The question has been 
haunting art lovers since the event 
look place in the first decade of this 
ceniurv. Whai imniilw rlrnvr* 









— rr -I , Vii-Tim M..tony An 

! ,if,/ 'cd. by Dora Maar, 1935 — a slapstick image. 

The Surreal Art 
Of Dor a Maar 


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By Michael Kimmelman 

. A/l'm York Times S en ire 

N EW YORK — During the mid-!930S. Dora Maar. 
who died last month at 90. took the photograph of a 
man thrusting his head into a Paris sewer while 
another man, whose own head is cropped out of the 
picture, stands at a distance behind him. The wonderful image 
is slapstick because you guess its sequel: The second man 
‘kicks the first in his upraised behind. But it's also a classic 
example of '30s French street photography. 

The Surrealists and others, having looked at Atget's works 
in particular, realized that they had a ready-made subject in 
Paris and took to its boulevards. Brassai. Cartier-Bresson, 
Robert Doisneau and Roger SchaU. whose ■’Paris de Jour” 
was a complement to Brassai's photographs of Paris night life, 
did in different ways what Maar was doing, combing the city 
•for anything as delicious as this. 

Maar, who was bom in Paris and brought up in Argentina, 
fell in first with Breton and the Surrealists. Man Ray helped 
her. So did Emmanuel Sougez, the editor of LTUuscration, 
who was a gifted photographer of a different son. and also 
Many Meerson, the fashion photographer. 

You can recognize this, on the one hand, in a Grand 
Guignolesque montage she called **Le Sirnulareur” i roughly. 
’’The Faker”), which shows a Romanesque vault flipped 
upside down to resemble a velodrome, a boy, back arched to 
echo the curve of the vault, slipping down its slope. ■ : 

And on the other hand you can see it in die clever portraits 
she took, like the one of the stage designer Christian BerarcL 
wry and mischievous, with only his head perched above a font, 
as if he were John the Baptist on a silver platter. 

That the news of Maar' s death appeared in the papers nearly 
two weeks after she had died in mid- July seemed apt For years 
she bad been a recluse in her apartment on Rue de Savoie in 
Paris and at her house in Menerbes. 

During the late 1950s there were a couple of small ex- 
hibitions of her modest and angelic landscapes, which she 
painted after abandoning photography. In reproduction ithey 
■are otherwise hard to find) the landscapes look romantic, 
economical and almost abstract, like Degas monotypes. 

' Unpeopled, “they represent, beyond question, a solitary’s 
view of the world.” observed John Russell in- a foreword to 
Maar’s 1 958 show at the Leicester Galleries in London. Maar 
didn't even attend the London opening: she was in her hotel 
room painting a rose, she explained. 

Of course, she might hardly have been remembered at all had 
it not been for her years with Picasso and the portraits he made 
of her while they were lovers during the 1930s and ‘40s. . 

Maar found him his studio at 7 Rue des Grands -Augustins, 
where she had taken amusing and affectionate photographs of 
rehearsals by Jean-Louis Barrault’s October Group, a leftist 
theatrical troupe of the mid-’30s. After Picasso moved in. she 
took the more straightforward pictures for which she is still, 
unfortunately, best known: the ones of Picasso's ‘ -Guernica.” 

S O who was she? Her own photographs reveal a person of 
wit and style, unlike the crumbling figure whom Picasso 
fixed in the public's mind. His biographers stress her 
nervous breakdown after he dumped her for Francoise 


bnvnum- mat Herald Ti ibuiie 

L ONDON — The question has been 
haunting art lovers since the event 
took place in the first decade of this 
century. What impulse drove some of 
the most accomplished painters who ever 
existed in the West away from figuration to 
abstraction? 

Piet Mondrian's case is the most intriguing 
because of the genius, rarely acknowledged 

SQIIREN MELDOAIV 

on this score, that he displayed as a landscape 
painrer and also a flower painter before turn- 
ing his back forever on the beauty of the world 
to which he had so deeply responded. A 
remarkable show. “Mondrian: Nature to Ab- 
straction. ' at ihe Tate until Sept. 28. submits 
the enigma in 70 pictures and drawings. 

Those who are only familiar with the panels 
of primary color ensconced in neat black grid 
patterns for which Mondrian is famous will 
stare in disbelief at the somber landscapes 
with a deeply Romantic feeling for nature that 
he first indulged in. 

In one of his earliest incarnations. Mon- 
drian painted in an understared Symbolist 
manner. “Forest" is a gem in ihat vein dating 
from around i S98-I900. The atmosphere of a 
Nordic tale emanates from these tree trunks, 
cut off by the upper side of the frame, w hich 
create a vibrant vertical rhythm softened by 
the delicate toned colors — pale purplish gray 
for the bark, rusty brown for the ground 
covered with dead leaves, a whitish shimmer 
over the horizon, suggestive of mist about to 
invade the forest. 

There followed small-format landscapes 
that are all about bleak light and water re- 
flections. In “Wax Candle Factory,” done in 
1900-1901, the indistinct mass of the low 
structure ripples under a pale gray sky, send- 
ing black reflections in the vast pool formed 
by a spreading river. Detail is almost absent, 
color nonexistent. All that matters is the bal- 
ance of quasi-abstract volumes, and the 
shades of darkness. 

The genre culminated in 1906. in little- 
known masterpieces bordering on abstraction 
and yet still perfectly identifiable as land- 
■ scapes. "Evening on the Gein” shows a hill- 
side symmetrically mirrored in the river in 
darker tones as the shadows close in. A close- 
up charcoal sketch of pan of the same land- 
scape gives a fascinating clue to what the artist 
was seeking in nature. In a quick zigzag 



composition is classical, the atmosphere Ro- 
mantic. the handling uniquely modernistic. 
Irregular bands of mauvish pink and greenish 
yellow alternate in the sky. like floating 
mountain ranges. A line of trees is suggested 
rather than depicted — dark shapes shredding 
away in the last glow of a winter sunset. 

Wiiftin a year, natural sights became a mere 
excuse for the painter's color constructions. In 
‘'Mill in Sunlight,” a windmill can be iden- 
tified, only just. The composition glitters with 
red and yellow lines, shot through with dark 
lavender blue. It stands out against a backdrop 
of pearl gray touches in a yellow beehive 
pattern that bears no connection to the ap- 
pearance of any sky. 

By 1909 some of Mondrian's “land- 
scapes” ceased to be recognizable. Without 
the title “Dune in.” few would suspect what 
inspired the touches of pale blue and ocher 
arranged in festoons. The sky has been made 
into a drape of lavender blue pebble-like 
blobs. The effect is of an abstract mosaic, 
curiously anticipating some of Maria Elena 
Vieira da Silva's abstractions decades later. 


Hi 


mow oeehive I: • • = .. brr ! 

on to the ap- rri T V H^j'/ &3Li 

ian's “land- — » 2— ^ rf*- ' ■'“{ — ■ 

able. Without h-'.l — — — t : JJ • ■Jgc J J' J- 


W AS Mondrian’s encounter with 
Cubism, which came in 1910, as 
significant as is generally made 
out? One wonders. Some “land- 
scapes" and compositions painted in 1912 
and 1913 simply look like spoofs of Picasso 
and Braque. The artist was fundamentally 
reticent to the essence of Cubism, i.e. to the 
analytical rendition of volume decomposed 
into juxtaposed planes. His “Composition 
Trees II” is an exercise in linear stylization. 
The phase was short-lived in any event. 
Rather than a direct influence. Cubism — or 
perhaps, more broadly, the Paris intellectual 
milieu — seems to have been the catalyst that 
turned Mondrian into a doctrinaire. 

He abruptly swung toward geometricism. 
His linear stylization became rigid. By 1914, 
Mondrian was sailing well ahead of Cubism. 
“Composition EL” in which thick black lines 
determine small panels lightly filled with pale 
hues, is resolutely fiat, tike some study for a 
stained-glass window. 

For a while, Mondrian hesitated between 
linear design and studies in color without 
outline. “Composition With Color- Planes 
DL” dating from 19l7.could be a sampling of 
pastel colors for a dealer in house paint. 

In 1919. Mondrian reconciled the seem- 
ingly conflicting trends by settling for check- 
erboards in which each compartment is 


'.Vmrmiinnu.-nun/ABC^l'iWn™ Eviiu/H«(iminTriJ 

Mondrians “Red Mill.” from 1910-11. 

movement, Mondrian jotted down his im- 
pressions of the graded tones of gray and then 
drew an outline in one continuous stroke — 
conrour and intensity was what the artist was 
concerned about at that point, not detail or 
specific color. 

Gradually, he moved further away from 
nature as the eye sees it. In one oil sketch done 
outdoors in 1907. "Landscape With Cloud,” 
the sky and The sea blend rmo a surface of 
tones of gray shot through with pale yellow 
streaks. It takes time to realize that the black 
strokes and smudges, nervously done in the 
foreground, represent the strand perhaps with 
dunes or rocks. It looks like a landscape 
remembered from a dream. 

Yet Mondrian had not become entirely 
oblivious to narure. “Large Landscape.” also 
dated 1907. is one of the most beautiful land- 
scapes ever painted by a Dutch master. The 


Hutft '5onrau<mit^oin J '.\BO'(p™Jn«i fc-Mic'H"U/nian TnirJ 

Composition with color planes. 1914. 

painted a solid hue. He reached the end of his 
journey toward absolute abstraction in 1920 or 
1921. He widened the compartments, sloned 
them between thick black lines and turned to 
primary colors — yellow, blue, red — adding 
also gray, which he declared to be another 
primary color. For the next quarter century, he 
was to vary endlessly the same geometrical 
arrangements of rectangles and squares. 

It had become an obsession which extended 
to his own environment At the beginning of 
the show, enlarged photographs of his Paris 
studio in 1932 and 1937 focus on the wall 
cupboards repeating the geometrical com- 
positions of panels of solid color. 

Unlike Picasso, Mondrian never tried to go 
back to the figural — not for public con- 
sumption. Privately, he still turned out. oc- 
casionally. exquisite flower paintings. Was it, 
perhaps, because he felt that a return to fig- 
uration was a failure, a shallow stylistic ex- 
ercise? Or had be turned into a theorist locked 
up in his own slogans, mechanically trotting 
out his visual obsessions? 

So far the artist has been praised to high 
heaven for the obsession in question, which 
sells in the millions of dollars, and has been 
given little credit for his earlier masterpieces. 
Perhaps it is time to think again. 


The Spirited Frontier World of Fred Remington 


By Phil McCombs 

H ■tt-V'.yV'j Fea Sen :,«■ 


O GDENSBURG. 

New York — Fred 
Remington was 
truly one of the Big 
Guys. Ever since I was a kid, 
his work has stirred my 
mildly adventuresome spirit. 

Now, in my hometown 
here in farthest upstate New 
York, they’ve opened a 
world-class museum of Re- 
mington’s paintings and 
sculptures ihat capture the 
rugged splendor of the Old 
West and its inhabitants be- 
fore the frontier faded at the 
turn of the century. The mu- 
seum also shows lots of his 
lesser-known but beautiful 
paintings and sketches of the 
woods "and rivers and local 
characters hereabouts. 

My people, and his. 

A hundred years ago. when 
my grandparents were kids. 
Fred was already famous. 

“This is the North Country 
— the region ranging from 
the northern tier of the Ad- 
irondack Mountains to the Sl 
L awrence River and Canada 
— where Frederic Remington 
was bom. spent his youth, and 
returned seasonally through- 
outhis life,” Atwood Manley 
and Margaret Manley Man- 
gum say in “Frederic Rem- 
ington iuid the North Coun- 
try” (Dunon. J9S8). “The 
North Country molded him, 
nurtured him. and impressed 
its customs and culture upon 
him." 

Of course, what prophet is 
with honor in Ogdensbure? 
“Although he became the 
highest paid, most successful 
[magazine] illustrator of his 
day.” the Manleys write, “in 
that little-known North Coun- 
try world of his youth, Fred 
Remington was viewed, first. 


fixed in the public's mind. His biographers stress her 
nervous breakdown after he dumped her for Francoise 
Gilot. But her friends remember her variously: as stubborn, 
proud antusing, passionate in politics and love, intelligent. 

Evervone recalls her oval face, extraordinary husky voice 
and bronze-green eyes. It's said that after Picasso she took up 
astrology and embraced mysticism, then became a devout 
Roman Catholic, an oblate. Having been in every sense a 
woman of the world, she quietly turned her back on it. 

One thins is certain about hen She had the nerve to be an 
artist, not just Picasso’s lover, which meant the inevitable 
comparison between her work and his, a ridiculous burden she 
had to bear throughout her life, ridiculous because it ul- 
timately means nothing that she was not Picasso. 

She was who she was, and if we would remember herev 
less well than we do now had he never met her, we might also 
remember her more for what she did in her own right- 

to have had abiding faith that history would 

eive her ta due.^d she was remarkable in this dayand 

Silence instead of the celebrity she might have earned 
hv on her years with the great man. She taught us 
iffif Sb— s is a stepchild of dignity. 


as the rambunctious and 
rowdy only child who was 
heir to wo of fnearbv] Can? 
ton's leading families, and. 
laier. as the roistering fat man 
who painted pictures.” 

But what pictures! 

Here in the museum are 
many of Remington ‘s stirring 
works: “An Old Time Plains 
Fight," "The Snow Trail." 
“Ghost Riders in the Sky,” 
“The Howl of the Weather” 
with those guys wrestling a 
canoe through stormy water, 
and — one of my favori ks — 
the subtly colored “Evening 
in the Desert, Navajoes. " The 
amazingly lifelike bronzes in- 
clude “Coming Through the 
Rye" with four hell-raising 
cowboys. “The Bronco Bus- 
ter” and "The Cheyenne.” 


As I enjoyed the museum, I 
realized that beneath die Big 
Guy’s bluster lurked a deeply 
sensitive side: There's great 
nobility in each of Fred’s grip- 
ping portraits. While some 
modem scholars have tried to 
characterize him as merely a 


bigoted blowhand who slickly 
packaged nostalgic images, I 
didn 'r detect any whiff of dis- 
crimination by race, class or 
creed in his depictions of — as 
a museum caption writer. 
Kevan Moss, enumerates — 
“the world, the work and the 


spirit of the American cow- 
boy, the frontier cavalry sol- 
dier, and the determined Na- 
tive American warrior.” 
Every subjecr was treated 
with dignity. The portraits are 
realistic, yet romantic — 
“mythologized" is the word 


Moss and the museum’s cu- 
rator, Laura Foster, use. 

Indeed, Foster and Moss 
nore. Remington's immense 
popularity came from his abil- 
ity to convey * *a frontier world 
that appeared open, democrat- 
ic and very exciting. ’ ’ 


ARTS 


T HERE are wonderful 
interpretive sections 
in the museum, 
which actually has 
been around for years bur was 
recently renovated. 

“Charge of the Rough 
Riders," "the megacanvas fea- 
turing a bespectacled and 
rather bellicose Teddy Roose- 
velt, reminded me that Rem- 
ington covered the Spanish- 
American War for William 
Randolph Hearst in 1898 and 
was supposedly the recipient 
of Hearer’s famous instruc- 
tion: “You furnish the pictures 
and I'll furnish the war.” 
Remington and T.R. ad- 
mired each other greatly, and 
in '07 the president-to-be 
speculated in Pearson's 
Magazine that the American j 
frontier would “live in his 
pictures and bronzes, I verily 
believe, for all time.” Rem- 
ington tended to agree, allow- 
ing as how ( this in a letter to a 
friend), “1 am going to rattle 
down through all the ages.” 
He’s off to a good start , 


1-6 October 97 
Espace Eiffel Branly 
Paris. 

International Contemporary 
Art fair 

Country of honour; Switzerland 


Arts 

& 

Antiques 

Appear? every Saturday 
To advertise contact 
Sarah VTershof 

i« our London office: 

Tei: + -14 1 7J 4-200326 
Fa.v + 44 I 71 420 033 8 
nr vour nearest IHT office 

or representative. 


MUSEUMS 


PICASSO MUSEUM 
ANTIBES 

'aueprevye , 

I BE LA LUMIERE \ 


FROM JUNE 2R TO 
SEPTEMBER 30. 1997] 

OPEN FROM 10 am U> 6 JF 
KXCrTT MONDAY ANl> 
BANK HOI .U)AV 
I VO K INFORMATION : 

04 9? , *l 54 20 


4 i/nuseuM 
^ listen to- 

XS.iiJ . - - 

discover the musee de !a musique j 
^citb de la musique 

j, i. vi II at ce 0 Porte do Paniln . < 

121 a*enuejei" Jaurri 7S0I9 Pirii© 01 44 84 44 84 j 

TuwW-Saturday. >!-■ Friday open till 9.10 p.m. 

Sunday. 10 a.m. - 6 P-m.i closed on Monday ' 


ANTIQUES f 


ANTIQUITIES 
Finest Classical, 

Egyptian, Near Eastern. 

Rh&t Gallery 

-by appointment- 
Zurichbergstr. 26 
CH-8032 Zurich 
41-n 2S20620 Fax 2520626 

International 
Herald Tribune 
ads work 


Galerie Beyeler 

Jou i De Vrv RE 

Gauguin, Van Gogh, Monet, 
Toulouse-Lautrec, Degas, Cezanne, 
Bonnard, Matisse, Picasso, Miro, 
Mondrian, Rothko and others. 

Baumleingasse 9, CH-4001 Basel 
Tel 41 6l 272 54 12 
Fax 41 6l 271 96 91 


Vr BIENNALE DE SCULPTURE 
DE MONTE-CARLO 

May 24 * October 31 1997 

vfir a exhibition of monumental sculptures 
ty in the public gardens 

K 1 *, mid the Monte-Carlo Casino... 

"• ...40 artists shown 

Arman. Botero, Colder. Indiana, 
Manzh, Martini, Mirb... 

Lyon CWwitlt . HIGHmSD III- 1990 




Underlie High Patronage 
ofHSK (heSoreivigu Prince rf Monaco 

mm 

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f BIENNALE \ 

ANTIQUEDEALERS 


AND ART 


MONTE CARLO 

International Sporting Club 
Place dn Casino 

From August 1st 
to the 17th, 1997 included 

(from 4.00 p.m, to 9.00 p.m.| 


JEWELS OF YOUR MEMORIES 

SYLVIE NISSEN GALLERIES 

HOTEL CARLTON - CANNES 

RENE GRUAU 

PAINTINGS DRAWINGS 
* - - Tel: .VVCu 4 93 38 ~’0 -to - Fax: 33(0) 4 93 39 W 33 


THE HOUSE and GARDENS of CLAUDE MONET-THE LIU POND 
Open from Tuesday to Sunday 
from 10 OT to 6 pm wlrfiwi interruption until Oct 3i 
Monday 


Closed every Monday except May 1 9 and luly 14 
FF35 for compJere vfejir - FF25 for gardens 
FRO for children 7-12, FF25 for adult groups 
Take west highway dir. Rouen, wdt Bonnifrres. Givemy by Vernon IEURE) 


Hit n.«» 




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fc norfj™ 71 ', y° ur Personal stork 

,,sdail >' performance 
\ S ///T the Worid Wide Web. 

_ http:/%ww.ihtcQm 


Bundesbank 
Sends Mixed 
Messages on 
Lifting Rate 

Compiled fc- Our SajfFmm Oupuvlm 

FRANKFURT — A yearlong period 
or low German interest rates is priming 
the economy for faster growth, and the 
Deutsche mark’s decline has changed 
considerations for setting policy, the 
Bundesbank’s chief economist says. 

German monetary policy "is clearly 
nuwe expansive” than last year, Otmar 
Issing said in an interview with German 
financial daily Boerseo-Zeitung to be 
published Saturday. 

“'Hie monetary policy climate has 
clearly changed through the develop- 
ment of exchange rates,” he said 
Although the Deutsche mark fell Fri- 
day, the German currency has risen 
about 20 percent against the dollar this 
year. 

Wtule Mr. Issing ’& comments sugges- 
ted a German rate increase was immin- 
ent, another Bundesbank council mem- 
ber, Ernst Welteke, said Friday there was 
00 reason to raise German interest rates 
while inflation remained subdued. 

. "‘As long as there are no signs of 
inflation, the Bundesbank doesn't need 
to change its rate policy. ' * Mr. Welteke 
said in an interview with the German 
radio station Deutschland Radio. 

Mr. Welteke said high unemployment, 
11.4 percent of the work force in July, 
and sluggish economic growth were 
keeping the lid on inflation, chough he 
added there was "some danger” that 
inflation front higher import (vices was 
accelerating. 

Mr. Issing has been on the Bundes- 
bank’s council and its chief economist 
since 1990. He is viewed as the toughest 
rate-setter on die board. 

Mr. Welteke is president of the 
Bundesbank’s regional branch in the 
western state of Hesse and has been on 
the council since 1995. He was pre- 
viously the state’s economics and fi- 
nance minister and is seen as a keen rate- 
cutter. 

The conflicting policy views from 
central bank officials left analysts 
guessing how, if at all, the Bundesbank 
would act to support die straggling 
Deutsche mark. 

There has been uncertainty about the < 
Bundesbank's next possible move since j 
July 24, when it decided to leave open 
its options on setting short-term interest 1 
rates. 1 

But on Tuesday, the Bundesbank is 1 
due to set the next repurchase rate, 
which is its main money-market rare. 

*‘We have been left with the classic 
Bundesbank ability to keep us guessing,” 
said David Brickman, an economist at 
Yamaichi International in London, 
adding that that was the Bundesbank's 
intention. ( Bloomberg . Reuters) 


BUSINESS/FINANCE 


SAT UKDAY-SUNDAV, AUGUST 9-10, 1997 



International Funds Listing 

Truck the performance of over 1,SQ0 
international finds, evert daw on the IHT 
site on the World Wide Web. ‘ 

” http://www.ihtcom 

PAGE 9 


■ S.jT.rf.-.-. 


.WPJ5SS— 1 

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BHP Shares Tumble 
As Top Oil Man Goes 

3d Resignation Sharpens Concern 










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em 




IWmi H«l' Vpt>T tnim-l W 

READY TO GO — Li Ka-shing’s development site in Beijing, where the Hong Kong-based tycoon plans 
soon to resume construction work on the Oriental Plaza project. After a series of delays, including one called 
to evaluate archeological finds, China’s State Council recently authorized a permit to restart the project 

Ringgit Poses Dilemma for Malaysia 


Ccwn/idni t* Onr Suff Fnm Pu/uarK-t 

KUALA LUMPUR — Fora while, it 
seemed Malaysia was caught between a 
rock and a hard place. 

It was unwilling to let its currency drop 
in value the way its neighbors have, yet its 
stock market and economy were creaking 
under the strain of the high interest rates 
imposed to defend the ringgit 

“Something’s got to give, and it’s 
most likely the ringgit” said Manmin- 
dar Singh, regional economist at 
Nomura Singapore. "They’re going to 
have a lot of problems if interest rates 
stay where they are,” he said. 

On Friday. Prime Minister Mahathir 
bin Mohamad signaled that the country' 
would not take steps to defend the cur- 
rency further. 

"We’re satisfied with the ringgit’s 
current level." he said. "Even if the 
value falls, we will do nothing because 
we’re confident” that the currency will 
recover. 

The dollar was quoted at 2.6540 ring- 
git, up from 2.6405 the day before. The 
dollar has strengthened as much as 5 
percent since the start of the year. 

Mr. Mahathir said "even if we de- 
fend’ ’ the ringgit, speculators will profit 
from the defense, "so we will not give 
him the profit.” 

He also said that as long as people like 
George Soros, the U.S. financier, can 
fiddle around with other people’s cur- 
rency, "no country is safe.” 

Last month. Mr. Mahathir assailed 
currency speculators, whom he called 
"self-serving rogues” and "interna- 
tional manipulators.” out to destroy the 


economies of Southeast Asia. He ac- 
cused Mr. Soros in particular of plotting 
to undo several decades of Malaysia’s 
economic progress through currency 
speculation. 

Mr. Soros has denied those accu- 
sations and has said he wants to meet 
with Mr. Mahathir. 

In the cause of defending the cur- 
rency, the Malaysian central bank has 

ECONOMIC SCENE 

forced up interest rates and imposed 
capital controls, including this week's 
restrictions on swap transactions be- 
tween Malaysian banks and foreigners. 

Stocks have taken a drubbing because 
of the high rares, and Malaysia's busi- 
nesses are being pinched by higher bor- 
rowing costs. 

Meanwhile, high money-supply data 
for June and growth in loans to non- 
productive sectors have prompted fresh 
concerns about the economy, analysts 
said Friday. 

June broad money aggregate M3 
showed a year-on-year increase of 21.9 
percent, compared with a rise of 20.1 
percent in May, with overall loan 
growth of 1.9 percent — or 6.7 billion 
ringgit ($2.52 billion) — from May’s 
rise of 2.1 percent, the central Bank 
Negara said- 

in Malaysia, M3 is the sum of money 
in circulation plus the private sector’s 
current and savings accounts, fixed de- 
posits with finance institutions, nego- 
tiable instruments of deposits and repo 
transactions. 


Citibank Gives Ads to One Agency 


By Smart Elliott 

New York Tones Service 

NEW YORK — In what is probably 
the largest shift in the hisioiy of 
Madison Avenue, Citibank has un- 
expectedly announced that it will con- 
solidate virtually all of its worldwide 
advertising and direct-marketing as- 
signments at asingle agency. Young & 
Rubicam Inc. 

Estimates of Citibank’s actual or 
planned annual billings for the assign- 
ments involved — which include cam- 
paigns for consumer and corporate 
banking, credit cards and burnishing 
the Citibank image, as well as tele- 
marketing, direct mail, brochures and 
sundry other sales pilches — ranged 
from $500 million to $700 million. 

Decisions that unite disparate ac- 
counts at a single agency have become 
increasingly common this decade as 
multinational companies in intensely 
competitive categories — such as Cit- 
ibank in financial services — seek to 
spend their nwketing-communica- 
Oons dollars more efficiently and im- 


prove the effectiveness of their sales 
pitches. 

Citibank, the consumer bank unit of 
Citicorp, operates in 98 countries and 
is the world’s largest issuer of Visa and 
MasterCards, issuing a total of 63 mil- 
lion cards. The company has re- 
peatedly shaken up top management 
and reorganized its operations in ef- 
forts to get its consumer bank and 
credit-card units to cooperate and bet- 
ter compete against regional and in- 
ternational rivals. 

The record for a consolidated ac- 
count was set in May 1994, when 
International Business Machines 
Corp. awarded contracts worth from 
$400 million to $500 million to Ogilvy 
& Mather Worldwide, a subsidiary of 
WPP Group PLC. 

Citibank executives said Thursday 
that their billings were of the same 
magnitude as those of IBM. They also 
gave similar reasons for their decision. 

"No. 1 on the radar screen of our 
entire senior management is ‘One 
brand, one voice. * said Brian Ruder, 
executive vice president for global 


marketing at the global consumer- 
bank unit in New York, He added: "In 
financial services, the opportunity to 
establish a pre-eminent global brand is 
a vacant throne. This is an opportunity 
to seize that throne.” 

The assignments moving to Young 
& Rubicam, die world’s fifth-largest 
advertising agency, with billings last 
year of $ 1 2 billion, had primarily been 
handled by three giant worldwide 
rivals, all based in New York: Foote, 
Cone & Belding; Lowe & Partners/ 
SMS, and J. Walter Thompson Co. 
Each has worked for Citibank for at 
least 15 years. 

Citibank and Y&R have already 
worked together through B arson - 
Marsieller, the Y&R public relations 
unit. And an agency in Japan jointly 
owned by Y&R and Dentsu Inc. has 
handled ad assignments with billings 
of $15 million. 

The decision by Citibank shinned 
the advertising industry because it 
came without warning, and the agen- 
cies only learned of their dismissals 
Thursday morning. 


CURRENCY & INTEREST RATES 


Cross Rates 

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Saudi rival 375 
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S. Kor. won 9MJ0 
Swed-krona &0Q3 

TOrtWnJ 28.W 

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UAE ifcrtHzn 3J705 
VBMZ .both. &LS0 


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11642 116-0* 

uisi rsio* 


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Key Money Rates 

llidtod States 0 

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Priawrato 
Federal toots 
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Prance 

IntonmttM rate 3.10 3.10 

ColomHT 3V* 3*» 

1-anm intertask 3U 3U 

3- UWfltti bitartuk 3V* 34% 

4- montt istertank 37k 39fe 

19-fear OAT 5JS 5J5 

Sour to*: Reuters. BteomDen MeniO 
Lrttch, Bonk of Tokro-MifiunlsM. 
aanmbaaK qrw Lyennas. 

GOld AM. . PM. 0's* 

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London 721 A0 22170 +170 

New York 32550 334X40 +4.90 

US. toUars per owes. London oflMrt 
ftdnos Zimeti ami Wew tort, opeafng 
and dosing prkesr New York Comae 
(Dec J 

Joxrr i&uten. 


There are concerns that loans are not 
being made to productive areas of the 
economy, with lending to asset-related 
sectors growing at 32.6 percent in June 
against a 36.6 percent rise in lending to 
nonproductive sectors. 

"It’s certainly not helpful toward 
solving the balance of payments if lend- 
ing is made to nonproductive sectors," 
said Ramon Navaratnam, a former 
treasury official. 

Malaysia’s soaring June trade deficit 
of 2.8 billion ringgit has already left 
dark clouds hovering over the economy 
for the second half of the year. 

Other economists are skeptical that 
the lending curbs would have an effect 
in curtailing growth given the many 
exemptions and possible loopholes in 
implementing them. 

Recent data have indicated that a re- 
bound in domestic spending is taking 
place, the economists said, with con- 
sumer loan growth up very sharply, a 
wonying development given the fact 
that export growth is very sluggish. 

( Bloomberg . AFP) 


CimfkMtftOurSkffFnm KsjVkin 

MELBOURNE — Broken Hill Pty.. 
Australia’s largest company, lost its third 
senior executive in three days Friday 
amid growing concern about the board's 
control of managers and the company. 

John O’Connor resigned as executive 
general manager of BHP Petroleum and 
a director of the company after an- 
nouncements earlier in the week that 
Dick Carter, head of the company's min- 
erals division, and Geoff WaUock, head 
of its iron-ore unit, would resign at the 
end of the month. 

News of the latest departure came 
shortly before the close of trading and 
sent the group's already shaky share 
price down, forcing the Australian stock 
market to a lower close. BHP closed 45 
cents lower at 16.99 Australian dollars 
($12.54), and the All Ordinaries Index 
lost 6.40 points to 2,71 1.40. 

The departures fiieled investors ’ con- 
cern about the stability of BHP’s man- 
agement and its ability to return the 
Melbourne-based resources company to 
robust profit growth. 

Mr. O’Connor resigned because of 
"irreconcilable differences between him 
and the rest of the board.” Jerry Ellis, 
BHP's chairman, said in a statement 

Those differences, investors said, 
were caused by Mr. O’Connor’s de- 
termination to pursue a 1 0 biUion-dollar 
public sale of BHP’s petroleum divi- 
sion. The board rejected his plan. 

"Something had to break once word 
got out that John O’Connor wasn't very 
nappy,” said Neil Boyd-Clark. re- 
sources analyst at Norwich Australia 
Investment Management “Obviously 
it’s a concern.” 

Another analyst said: "In a company 
like BHP. anyone going outside the 
company framework talking about what 
he wanted to do and discussing that 
outside is pushing their luck. From a 
company discipline view, it was in- 
evitable it was going to happen.” 

The appearance of turmoil in die 
wake of Mr. O’Connor's resignation 
and other executive resignations this 
week, analysts said, would in the short 
term be negative for BHP's shares. 

Meanwhile. BHP shored up support 
for John Prescott, its managing director. 
Jerry Ellis, the chairman, said: "The 


board has unanimously confirmed its 
support for John Prescon as the man- 
aging director, for the business 
strategies being pursued by the senior 
management of the company and for the 
progress being made. There is abso- 
lutely no dissension on this point.” 

BHP said Philip Aiken, executive gen- 
eral manager of corporate development, 
would become acting executive general 
manager for the petroleum division. 

Mr. O’Connor joined BHP in 1994 
from the U.S.-based oil company Mobil 
Corp. 

The boardroom shuffle will probably 
add to international perceptions that 
much of the Australian resources sector 
is poorly managed, the head of an in- 
stitutional dealing desk said. 

"I'm sure it will take a hit here and 
overseas tonight, but the underlying as- 
sets are good, and some people will see 
it providing ample opportunity to buy," 
one analyst said. 

"They have got rid of the one guy 
who appeared to be the leading light 
there, the one businessman who ap- 
peared to be running his business in a 
very clean, efficient fashion," he said, 
"You’d think that the international per- 
ception would be that the company is in 
a state of shambles.” 

BHP is conducting a worldwide re- 
view of its operations after posting a loss 
of 712 million dollars for its fourth 
quarter, which ended May 31, cutting its 
tufl-year earnings to 410 million dollars. 

BHP announced Wednesday that it 
was close to completing its evaluation 
of assets and its review of business 
performance. 

BHP Petroleum was the best-per- 
forming division in the 1996-97 finan- 
cial year, with a net profit of 676 million 
dollars, a rise of 105.5 percent. 

The company has exploration and 
production assets on the Bass Strait oil 
fields off the coast of Victoria, the North 
West Shelf off Western Australia and in 
the Gulf of Mexico. It sold its stake in the 
Dai Hung field off Vietnam in late 1996. 
BHP is an equal partner with operator 
Exxon Corp. in the Bass Strait fields, 
which produce about 200,000 barrels of 
oil a day, well down from their 1980s 
peak of more than 500,000 barrels. 

{Bloomberg. Reuters) 


Tobacco Revelations 
Raise Ethics Questions 


AFX News 

WASHINGTON — The 
previously sealed Liggett 
Group documents ordered re- 
leased by a Florida state court 
this past week raise troubling 
questions about how the to- 
bacco industry may have used 
its lawyers to hide informa- 


But legal experts said the 
tobacco industry used this 1 
privilege to hide facts relating 
to concerns about the impact 
of smoking on health. 

Any potentially damaging 
material was stamped as at- 
torney-client privilege. 

“This is a gross overex- 




tion about the health effects of tension of the client attorney 
smoking, analysts and legal privilege, and I think it will 


experts said Friday. 

The documents are expec- 
ted to play a major role in 
smokers' lawsuits against the 
industry, analysts said. 

As a result^ the industry is 
expected to redouble its ef- 
forts to win speedy approval 
by Congress of the proposed 
$368.5 billion settlement 
agreement with state attor- 
neys general before more 
suits are heard by juries. 

"There is a whole lot of 
trouble brewing for the in- 
dustry with these documents." 
said Professor Richard 
Daynard, head of the Tobacco 


have a negative impact on jur- 
ies,” said Professor John 
Coffee, a Columbia Uni- 
versity law professor. 

"What you are seeing was 
lawyers being used as a veil or 
screen from company con- 
duct, which management usu- 
ally would have been subject 
to public disclosure,'’ he 
said. 

For example, one of the 
Liggett documents is a 1986 
internal legal report by RJR 
Nabisco Holding Corp.'s RJ 
Reynolds Tobacco Co. 

This document noted that 
toxicologists hired by the 


• The motor oil brand name 
America trusts. 

• A part of American history 
and tradition. 

• A growing presence in the 
Middle East. 


Products Liability Project at company "generally believe 
Northeastern University in that tobacco is [at least] a risk 


Boston. "I think it’s going to 
make the industry more des- 
perate for it to pass.” 

Analysts said the docu- 
ments clearly suggest the ma- 
jor cigarette makers improp- 
erly used their own lawyers 
— who met together under a 
framework known as the 
Committee of Counsel — to 
shield themselves from lia- 
bility by allowing the lawyers 
to block potentially damaging 
scientific research from being 
conducted or from becoming 
public. 

Under U.S. law, commu- 
nications between clients and 
their attorneys are considered 
private and cannot be ob- 
tained or used in courts. 

This right is known as the 
attorney-client privilege. 


factor in human disease" and 
also noted that a top research- 
er at the Lorillara Co. had i 
been "thwarted" by tobacco 
lawyers from testing the | 
safety of cigarette ingredi- 
ents. i 

Another document is a 1 
May 1964 memo, where law- i 
yers at the firm of Arnold, I 
Fortas & Porter, while work- 
ing for the industry, discussed 
destroying results of a survey 
if the “returns were unfavor- 
able" so they could not be 
used against the industry by 
federal regulators. 

For investors, the Liggett 
documents are of less concern 
than the tobacco settlement, 
said Brian Eisenbanh. a to- 
bacco analyst with Collins 
Co. 



Peter Catranis 

Pfutenttojl Jotter 
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Aggressively exploring in 
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Prepared for additional 
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challenges throughout the 
Middle East. 


Internet Address: 
http://www.pzl.com 






THE AMERICAS 



Source: Bloomberg. Reuters 


lonnatioMl Herald Tribooe 


Very briefly; 


News Corp. Bid for Heritage Geared 

DALLAS (AP) — The antitrust division of the U.S. Justice 
Department has decided against raising objections to News 
Corp. 's S 1 3 billion agreement to bay Heritage Media Corp. of 
Dallas, the companies said Friday. 

Heritage Media, which owns six television stations and 24 
radio stations, will hold a special shareholders’ meeting 
Monday to consider the proposed merger, if approved, the 
deal is expected to be closed quickly, the companies said. 

Strike Against UPS Enters 5th Day 

WASHINGTON (AP) — The Teamsters union strike 
against Unified Parcel Service of America Inc. entered its fifth . 
day Friday as talks to end the work stoppage failed to yield any 
progress on issues ranging from pensions to part-time work. 

“We’re talking about all the major problems,'’ Teamsters 
President Ron Carey said as he left a session with a federal 
mediator, but “the only thing that we agreed to do is to meet.” 

• Fruit of the Loom Inc., the apparel maker, said h would fire 
4,800 workers at six plants, including one plant that will be 
closed completely, to cut costs. 

• Fine Air Services Inc. scrapped its initial public offering 
after the Thursday crash of one erf its cargo planes near Miami. 
Alex. Brown & Sons Inc., which managed the offering, said it 
planned to go back to the market within 30 days. 

• General Motors Corp. lowered its estimated North Amer- 
ican vehicle production for the third quarter by 21,000 
vehicles from its previous estimate last month, blaming two 
strikes in Michigan. It now plans to build 1 .29 million cars and 
tracks, up only 2.3 percent from the period a year earlier. 

• Mobil Corp. agreed to sell its SO percent stake in Arizona’s 

Desert Mountain residential development to Crescent Real 
Estate Equities Co. for S139 million, marking the end of its 
foray into real estate. ap. Bloomberg 


NASD to Ease Lawsuits Rule 


By Peter Behr 

Washington Post Service 


WASHINGTON — The board 
of the National Association of Se- 
curities Dealers Inc., which reg- 
ulates America's stockbrokers, 
has voted to eliminate rules that 
had blocked brokers from filing 
job-discrimination and sexual-har- 
assment lawsuits. 

The NASD also said it would 
require the taping of telephone 
calls between brokers and custom- 
ers at companies that hire a high 
percentage of brokers from other 
companies that have been shut 
down for disciplinary reasons. In 
addition to overseeing die nation's 
545,700 brokers, NASD runs the 
Nasdaq stock market- 

current NASD rales require 
brokers to submit workplace dis- 
putes, to industry arbitration panels, 
a process that puts employees at a 
disadvantage, according to critics. 

Arbitration panels still would be 
used to resolve disputes between 


investors and brokers, which made 
up 98 percent of the 5.63 1 cases that 
went to arbitration last year. The 
new process would take effect one 
year after approval by the Secu- 
rities and Exchange Commission. 

“We continue to believe that 
arbitration is more efficient, less 
expensive and has served employ- 
ees and brokerage firms well in 
resolving disputes in the over- 
whelming number of cases,'* 
Frank Zarb. the NASD's chairman 
and chief executive, said Thursday. 
“However, for cases that allege a 
violation of a person’s civil rights, 
employees will have a choice to 
have their claim heard in court.’’ 

An SEC commissioner, Steven 
W allm an , said the change was a 
sum in the right direction. 

“There is nothing special about 
die securities industry that provides 
it either the obligation or the right 
to dictate terms of employment for 
nonsec urities-related ■ matters,'’ 
Mr. Wallman said in June. He said 
Thursday, however, that securities 


companies still could require ar- 
bitration in discrimination and har- 
assment cases even if the NASD 
requirement were eliminated. 

‘ To be honest, the indastry will 
be slow to change,” be said. “My 
guess is that many firms will want 
to maintain the status quo.” 

But those that continue to require 
arbitration may have more diffi- 
culty hiring brokers than those that 
abandon toe requirement, he said. 

The taping of calls would be 
required at any company that hires 
20 percent to 40 percent of its 
brokers from a firm that had been 
expelled from toe industry in toe 
previous two years, the NASD 
said. The requirement would take 
effect after SEC approval. 

“Firms that hire a concentration 
of brokers from a firm with an 
egregious disciplinary history 
have an obligation to die investing 
public to ensure that those brokers 
are properly supervised and con- 
duct themselves appropriately,” 
Mr. Zarb said. 


Telia Wins Sao Paulo Franchise 


Ornfninl by Otar Stiff FtomDapearha ■ 

BRASILIA — Telia AB of 
Sweden agreed to pay 1.33 billion 
reals (SI. 22 billion) for the right to 
set up a second mobile-phone sys- 
tem in toe Sao Paulo state, more than 
double the government-set floor 
price of $600 million. 

The telecommunications com- 
pany won the right to operate a 
cellular system on a new bandwidth 
in Sao Paulo state, one of the na- 
tion's wealthiest and most populous 
regions, but die franchise excludes 
toe city of Sao Paulo itself. 

Telia has a 49 percent stake in its 


bidding group. Primax Electronics 
Ltd., a Taiwan-based technology 
company, has a 40 percent stake in 
the venture, and a company called 
Eriline has 1 1 percent. 

Telia was betting that immense 
pent-up demand would justify the 
price it paid for toe right to compete 
with T elecomunicacoes de Sao 
Paulo SA toe state-controlled com- 
pany that is currently the only pro- 
vider of cellular service in toe state. 
Sao Paulo has a population of 17 
million excluding its capital, which 
is the world's third- largest city. 

Separately, a BellSouth Corp.-led 


group won die right to provide mo- 
bile-telephone service in several 
states in Brazil’s.northeast, paying 
556 milli on reals for toe license. 

Atlanta-based BellSouth, together 
with Brazil’s Safra financial group, 
toe O Estado de S. Paulo media 
group and telephone-equipment pro- 
vider Splice, bid more than twice toe 
government's minimum asking price 
of 230 million reals. The license 
allows die gro u p to provide service 
in the states of Alagoas, Ceara, Per- 
nambuco, Paraiba, Rio Grande do 
Norte and Piaoi in Brazil's poor 
northeast region. (Bloomberg. AFX ) 


Wall Street Is Stricken 
With Inflation Jitters 


' ComvMln OiirSt&FiamDufkBcfn 

NEW YORK — Stock prices 
plunged Friday, hurt by a sharp sell- 
off in toe bond market that pointed 
to renewed investor worries about 
inflation. 

The Dow Jones industrial aver- 
age fell 156.78 points, to 8,031.22. 
The drop was the steepest since 
June 23. 

“The equity market is taking its 
cues from toe long end of the yield 
curve,” said Phil Orlando, chief 
investment officer of Value Line’s 
Asset Management division. 

Selling was widespread, and oth- 
er market gauges also tumbled. The 
technology-heavy Nasdaq Com- 
posite Index fell 25.66 points, to 
1,598.52, and the S&P 500-stock 
index was down 17.65, at 933.54. 

Bond prices began falling Thurs- 
day after a mixed market reaction to 
the U.S. Treasury’s auction of $10 
billion of 30-year bonds. 

Wall Street firms are now strug- 
gling to sell $38 billion of new 
Treasury debt before reports on in- 
flation and retail sales next week. 

"It’s just ugly,” said Laura 
Roller, a government bond trader at 
Aubrey G. Lanston & Co. 

John Burgess, a manager at 
Bankers Trust Global Investment 
Management, said, “The dealers 
are now reauctioning toe auction at 
a lower price.” 

The benchmark 30-year Treas- 
ury bond fell 1 22/32 in price, rais- 
ing its yield to 6.64 percent from 
6.49 percent Thursday. 

Stock investors became worried 
when toe bond's yield pushed 
above 6.50 percent, analysts said. 

“With the braid market off that 
much, everybody has to recalculate 
the cost of borrowing, the cost of 
money and the cost of holding po- 
sitions,” said Doug Meyers, vice 
president of equity trading at In- 


MARKETS: Burgeoning Japanese Trade Surplus Pulls Dollar Brick a Notch 


Continued from Page 1 

choice but to turn a blind eye, given 
toe feebleness of die economic re- 
covery. Although toe dollar fell to 
1 14.825 yen in late trading Friday 
from 118.425 yen Thursday.it stood 
at only 108 yen a year ago. 

“There are some views that Jap- 
anese authorities will allow the yen 
to weaken further in order to support 
exporters and prop up Tokyo share 
prices.” said Mineko SasaJri-Smito, 
chief economist with Credit Suisse 
First Boston Securities in Tokyo. 


Japan’s exports rose 12.4 percent 
in June from a year earlier, while 
imports rose 10.2 percent. For toe 
first six months, the surplus rose 
40.4 percent, to 5.054 trillion yen. 

FOREIGN EXCHANGE 

The dollar's weakness against toe 
yen combined with interest-rate 
fears that hit stocks and bonds to 
send the U.S. currency lower. 

“It’s all dollar-yen,” said 
Richard Vullo, vice president of 
corporate sales at Hypo Bank. 


The dollar also weakened against 
toe mark, with conflicting statements 
from Bundesbank officials provid- 
ing little clue for investors. 

The dollar was quored at 1.845S 
DM in late trading, down from 
1.8680 DM on Thursday. 

The pound also was weak amid 
uncertainty over the future of British 
interest rales. The Bank of England 
raised its key lending rate Thursday, 
to 7 percent, but it said interest rates 
had then reached “a level consist- 
ent” with toe government’s inflation 
target. Dealers at first interpreted 


this as signaling the end of the cycle 
of rate increases, and that drove toe 
pound lower Thursday. 

But Friday morning, toe London 
currency market seemed to be di- 
vided about the future of British 
interest rates. The pound foil 
slightly to 51.5875 in 4 P.M. New 
York trading from $1.5884 on 
Thursday. The dollar was also at 
1.5097 Swiss francs, down from 
1.5293 francs, and at 6.2183 French 
francs, down from 6.3015 francs. 

(Reuters. AP. Bloomberg. AFP. 

Market News j 


ters rate/Johnson Lane. 

The rising bond yields also cre- 
ated anxiety before reports due next 
week — inducting consumer and 
producer price data and a national 
retail sales report — that will give 
investors further insight into eco- 
nomic growth and inflation. 

“There has been a fairly sig- 
nificant shift in sentiment,” said 

US. STOCKS 


at 


chief market 
Mason Wood 


Richard 
strategist 
Walker. 

* ‘People are thinking toe upcom- 
ing numbers will paint a picture of 
faster economic growth than they 
did two weeks ago,” he said. * ‘That 
raises toe risk of inflation pressures 
and higher interest rates.” 

Federal Reserve Board policy- 
makers are to meet Aug. 19 to con- 
sider their next move on rates. They 
raised short-term rates March 25, the 
first increase in more than two years, 
in an effort to ward off inflation, but 
have held them steady since. 

The rise in bond yields dragged 
down shares of tanks such as 

to shrink when imeresTnue^limb. 
Citicorp fell 2 7/16 to 134 1/16, 
NationsBank lost VA to 65%, and 
J. P. Morgan fell 2% to 1 10%. . 

Gold-mining companies also 
were among the few gamers, reflect- 
ing gold's role as a hedge amid rising 
inflatio n. Banrick Gold rose 15/16 to 
23 ll/16,NewmontMiningrosel9/ 
16 to 43 1/16, and Placer Dome 
climbed % to 18%. 

Exxon declined 2% to 62, and 
Mobil fell 1 13/16 to 72%, leading 
other oil shares lower. 

Electronic Data Systems dropped 
6 5/16 to 36% after it said second- 
quarter earnings went down 22 per- 
cent, below estimates, and warned 
that profit would fall short of fore- 
casts for the rest of toe year. EDS 
earnings fell to 39 cents a share, 6 
cents below forecasts of analysts 
polled by Hist Call. 

Informix dropped 1 3/16 to 9% 
after toe maker of database software 
said it would restate 1996 earnings 
because it had overstated revenue by 
$70 million to $100 million. It did 
not estimate how much the restate- 
ment would reduce net income. 

America Online fell 1% to 70% 
after reporting that profit fell 32 per- 
cent, less than expected. The on-line 
service's net income fell to 9 cents a 
share, beating expectations. 

Coca-Cola fell 3% to 62 1 1/16 on 
a lukewarm profit forecast 

(Bloomberg, Reuters ) 


AMEX 


U. S. STOCK MARKET DIARY 


Friday’s * PM. Close 

The top 300 most active shares 
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27.98 33.27 

45123 747 AS 


Dividends 

Conpoor Pvr Amt Rec Pay 

IRREGULAR 

NtiWMtnMBirBk b 1187 8-15 10-16 
STOCK 

Olympic Cascade _ 5% 8-29 9-8 

STOCK SPLIT 
OaomaBiM Coro 3 far2 »Rf. 

Cymar Inc 2 tor I spUL 
EMcf Corp 2 tor 1 apffl- 
Ethan Allen 2 far 1 spffl. 

INCREASED 

Engeihord Com Q .10 9-15 MO 

REDUCED 

AMonGoip Q .10 8-22 *-) 

INITIAL 

Bithsh Petial n b A73 8-15 11-3 

RECULAR 


ACE IM 
AHeptonce Corp 
Arabassodor Aeart 
CmrAjner Rlry 
Chained Carp 
CoaaUCaip 
CUtonStlAi 
DOE toe 
DfalL. 

EdperE 

EqoBabfc town 
Eww Cap 


33 SLM> 10-17 
.10 9-10 IO-I 
e-IB S-30 
-4375 B-22 9-5 

-52 8-22 9-10 
.10 8-79 10-1 
^5 9-15 10-1 
-34 9-9 10-1 

J38 9-15 10-T 
-245 11.) 11-30 
.165 B-2B -9-16 
9-2 9-16 


Comxsiy 
Fremont Cenani 
Garenlnc 
Gen Dynamics 
Gerber Sdertific 
infants Tool 
Intertaraa Cotp 
K2hra 
Kert»*tnto 
LabOrelnc 
Lutkinlnd 
MotrloM lnfl 
MnWCojp 
MercoryGon 
OM Group 
Oshkosh 5 Gosh 
PamuaBCe 
PresJtfnfl B(iyA6 
Presidnfl Rlfy A 8 
RJR Nabisco HU 
SCP1E HoUwgs 
SizelerPiop 
SoramttBkCatp 
Synafloy Corp 
Tfaeglooelnc g 
TransCdaPiaeo 
TupfMwareCorp 
Universal Carp VA. 
Wdden Reskmd 
line 


Per Amt Rec Pay 
O .15 9-30 10-31 


JDS 9-15 9-30 
-22 ft-28 9-5 

JJ9 8-15 8-25 
SR B-15 9-2 

IS 9-15 9-30 
39 9-30 T0-31 
_ 22 9 15 l&J 

Q 245 10-13 11-3 
O .4825 8-18 9-3 

a .10 8-18 8-27 

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shoe/ AOS; 9 -pay eU e in Cimndhra hndw 
m-morthty; q-quratortyi x-s«ni«aaual 


JO 8-18 8-23 
10-10 11-14 
JOS 8-18 8-29 
.12 9-30 10-24 
.09 9-10 9-15 
.11 9-3 10-1 

m 8-15 8-39 
.18 8-26 9-3 

17 9-1 9-10 
J09 9-25 10-16 
-30 8-18 9-1 

29 9-16 9-30 
J» B-15 829 

JD7 818 9-3 

25 8-31 9-15 
15 9-IQ 9-30 
-IS 13-10 12-30 
O J135 9-5 10-1 
Q 
□ 
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a 
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Stock Tables Explained 

SUes figures are unoffided. Yeraty Mgtra and laws retietf Hie previous 52 weeks pirn ihe ourreu 
wrath, bat i rttirate te stbm gng day. Where a spa or HoA dividend ra nrainting la 25 percert or mere 
h«becn p oktjheye orehigh4ow range and tfvidend are shown tor iheirarastods only. Unhss 
rahenrae nofed. or iMdcrets oie annual tUsbuomert* based an Ihe lotos* dDdaraikn 

a - dividend aha extra la), b - annuo! iota of Addend l*“ slock dividend, c - liquidating 
dMdend.ee- PE exceeds 99.dd-ca Bed. d- new yearly low. dd-kras In The last 17 months. 
• - dMdend declared or paid In preceding 13 months. I - annual ra)r, increased on Iasi 
dedaralion. s - ctivfdend m Canadian hmdft subject la 15% non-residenai fax. i - dividend 
declared offer spflt-up or slack dMdend. }• dividend paid this year, anritted. drfened. or na 
action taken at latest E&vtdend meeting, k • dividend declared or paid this year, an 
accumulative Issue wilti dh ride nq s in aneure.m- annual mic. reduced on last decJaialion. 
n - now issue in the post 52 weeks. The high-tow range begins wBh Ihe start at trading, 
nd- next day defivery- P- indial dividend, annual rate unknown. P/E - pitCB-eamlngs nrtlo. 
q-ctoscd-ead mutual fund, r - iMdend declared or paid in preceding 1 2 martns. plus stock 
iftridend. s - stack spat Dividend begins wffn dale at spii. ds - sales.! - dividend paid In 
stock in preceding 13 months, estimated cosh value on «-dlvtden<J or et-tSsfn button date. 
. »- newjieorty higtLe- trading hotfed.v(- fn bankruptcy or receiveisMpor being reragantTed 
underthe Bonkniptcy Ad, or securities assumed by surt eamponics. rad- ratten anhibufed. 
wi - when issued/ ww - with warrants. * - ex-dMdend or ex -rights. s£s • ex-dlstributlon. 
nr-wdlMutwanants-y-ek-iSviaend and sales in lull. yM - yuHd. t- soles in hm. 


INTERNATIONAL FUTURES 


Un. mo 

34W 344k -4ft 
39W 40W 
42ft 42W 
58W 6DW 
CD 4«r 
55V) S4W 


-iS 

;3 S 

•» 

-2ft 


* 


140 141ft -2W 


*2b 

2: 

■S 


Aug. 8, 1997 

High Um Latest Chge OpM 

Grains 

CORN (CBOT) 

SUXObu mkihiHrm- cents per boshd 
5*p 97 254 249U 253V) *3W 51532 

DecP7 25114 2S7W 257 *4 USMt 

Mar 98 256V 760V) MSW *4W 34002 

May 98 271 >45 2NIW *5 1 A48 

Ju)98 273W 248 Z72V +4W 11891 

S«p9S 263 241 341W »2V> 1491 

[>C» 243 259 262V +2W 4817 

Ed. rates 47 J00 Thus sales 41870 
Thus open ini 341109. all 1603 

SOYBEAN MEAL (CBOT) 

100 tons- dofla r* per ton 
Aug 97 256-50 251 JO 25440 -4140 10337 
Sep 97 231J0 22460 229.70 +U0 7L963 
Oct 97 714^0 ZIUW 21420 +040 14347 
D*c 97 711-50 207-50 210-00 +1J0 39LC1 
Jan 98 20030 20500 20620 +140 4984 

MarW 20500 201 JO 204.70 +120 7,718 

Ed. sides 14000 Thus sates T7.540 
Thus open tot 1,107.191 up 999,451 

SOYBEAN OILKBOTl 
40000 lbs- rente pra lb 

Aug 97 21.77 2149 21.77 + 0.13 1673 

Seo97 21.94 21 A3 21 J9 +0.15 20684 

00 97 22J79 21 JO 22J5 +0.19 14015 

Dec 97 22-40 2105 22JN +0.14 41824 

ton 98 22-58 2135 72-5S +423 7A07 

MarW 2192 22J5 2192 +014 6813 

Est sates 14000 Thus sates 20794 
Thus open H 98,71 X up IJ43 

SOYBEANS (CBOT) 

4000 bu mtetmura- rents per bushel 
Aug 97 750 735 739ft -5ft 9AS2 

Sep 97 471 6S5U 472W +12W 14754 

Nov 97 440 424 637W +9 7X653 

ton 98 643V, 631W +10 14949 

Mar 98 451 441 450 +81* 5,269 

EsL Sdm 40000 Thus sdes 44797 
Thus open W 1 2027X effl ,977 

WHEAT (CBOT) 

4000 bu mtnbnunv- cents par bushel 
5ap97 348 342 MTU +4 34181 

Dec 97 385 375 383W +6 47,734 

Mar 98 394 384V) 393 +4ft 14.952 

May’S 393 387 393 +5 1J01 

6sl. Mdes 18000 77ms sate* 27.764 
Thus open hd 104170 up 1 .525 


Livestock 

CATTLE ICMERJ 
40000 tos.- cams par lb. 

Aug 97 4462 6440 6440 +OS2 

Od 97 70JO 69 Ji 7020 *OJ2 

Dec 97 7100 7145 71.97 +040 

Feb 98 7X45 7X12 7X33 * 035 

Apr 98 7480 7455 7477 +0.17 

JuD It 71-47 7155 71 40 MJ.15 

Est sates ISZI0 Thus votes 14285 
Thus upen M 105.197. ah 423 

FEEDER CATTLE (CMER) 

50000 fck- reals per to. 

Aug 97 8045 7970 8017 -0J0 

5^,97 80 JO 79.75 7952 -077 

Od 97 10.90 8820 8070 -005 

Nor 97 81.97 81J0 11.47 -0.12 

ton 98 BIOS 8150 81.75 *0.05 

Mar 91 8170 8135 81.70 +020 

Est sates 2,930 Thus sales 19S3 
Thus open tot 24490 off 77 


11217 

51864 

21.004 

10544 

4310 

2584 


7-081 

1996 


1744 

T44S 

901 


7.840 

17-321 

4142 

1442 

1.483 


1551 

1524 

115 


HOCS-LMS (CMEU 
40000 tot.- cents per to. 

» 97 8OB0 Wja 8062 -0.12 

97 7X05 72.10 7552 -047 

Dec 97 4977 4X40 48.57 4L3? 

Feb 98 6775 4455 47 25 -015 

Apr 98 4X50 6350 6X25 4.07 

Est. ados 4694 Thus sates 0720 
Thus open M 34240 off 835 

PORK BELLIES (CMER] 

4O000 lbs.- rente per to. 

Aug 97 8470 81.92 82.53 -277 

Feb 98 7650 7*05 74.77 -087 

War 98 75.es 7400 7445 -052 

Era sdrs 1597 Thus sates 1179 
Thus open M 1229. off 715 


Food 

COCOA (NCSE) 

10 oMblc teas- s per tan 

Sep 97 1484 1442 Itol +71 10473 

Dec 97 1526 1504 1521 +17 38.073 

war ft 1557 1 540 1553 ,14 24414 

Wav 98 157* 1565 1573 *14 I27&I 

jra«B 1593 1587 1593 +13 1.4)5 

Sep 98 1614 1610 1614 .1] 1/43 

Era. sales 7A» Thus sacs 1 *370 
Thus open Int 102.178. up EOT 

COFFEE COVCSEI 

37.500 to*- corns per to 

Sep 97 307.00 201.00 205.85 -2.95 AVOS 

Dec 97 17850 17X50 177.85 +150 4/36 

Mar 98 15650 15300 155 75 . 0.75 1493 

M 0 T 50.00 14800 tSO 00 .100 14187 

14450 141150 14450 +J50 749 

Est. sates 5*0 Thus safes 7.364 
Thus opm W 31,159. ell 151 

SUCAlMORLD 11 (NCSE) 

m.ooo to* i«ds pefj jijj -a jo i lifts 

Mar 98 1177 11*0 1«*S -0 13 «7M 

MayM 1158 IIJ7 11-41 -Oil 12.968 

!M9B ll5 II-* 11-51 -010 7J63 

Est. sates 4tt«MThus satoe 9*445 
Thus open In 1 198.730 up 1747 


High Lew Latest Chge Optra 

ORANGE JUKE (NCno 
15500 Rn.- rents par lb. 

Sep 97 7950 7610 77.40 +1.13 16674 

Mo* 97 79.70 78.15 79X5 +1.10 8,903 

ton 98 8125 8155 8125 +120 *156 

Mur 98 8520 8450 8550 +0.90 X784 

Est. solas NA T)nrs sales 2085 
Thus open M 322*4 up 139 


COLD U*CMX) 


Metals 


100 boy at- dotous per Iroy re. 
Aug 97 32470 32250 32410 


37750 >660 


620 

2 


High Low Luted Chge Opart 

10-YEAR FRENCH GOV. BONDS (MATIF) 

FFSaWOO-otsoMOOpd 

Sap 97 T2M6 129 10 729.34 Itodi 144988 

Dec 77 9834 9858 9BL28 UndL 11^2 

Mar 98 97.48 97.48 9768 Unch. 0 

Eut satac 142.711 

Open ML- I7R540 off 6685 

I TAUAN GOVERNMENT BOND OJFFEJ 

m. 200 mMon - pis of 100 pd 

Sep 97 13X90 I3A97 13X40 —02* 10X591 

Dec 97 10765 107.40 10764 -020 4170 

Mar 98 NT. NT. 108.10 -030 0 

EsL sates; 4088a Prev. sates: 74729 


High Lora Latest Chge Opblt 


Mar 98 
ton 98 
Sep 99 
Dec 98 


9X91 9X83 9355 UndL 51.204 

9416 9408 9410 +051 41538 

9430 9423 9*25 +023 3S374 

9461 9431 9434 +OOI 24848 

Era. sates: 40775. Prev. sates: 55525 
Prev. open M- 374759 up 1257 


Cte?97 12950 32X40 328J0 +440 1X370 Prev. open W.: 100761 up 1.566 
Dec 97 34X00 32550 33040 +440119606 
Feb 98 33450 32450 33140 *440 12601 
Apr 98 33440 32950 33440 +460 5678 

Jun 98 31450 3050 33660 +460 7J41 

Al»9 98 338.90 +4*0 1111 

Oct 98 34150 +470 109 

Est stees 47500 Thus sales 34793 
Thus open w miox up 1787 


LIBOR 1-MONTH (CMER} 

S3 mSAon- pis of 100 pd 

Aug 97 94J4 9433 9434 41.01 19502 

Sea 97 9434 «c32 9432 4152 IL38J 

00 97 9432 9428 *428 4153 X639 

Ed sales 7.187 Thus sates 3593 

Thus open Int 4X629. up 1,716 


Industrials 
COTTON 2 Menu 
SOLOIM tbs.- rents per (X 
Od 97 7440 EM 7425 -004 11543 

7X32 7X71 7431 4109 42631 

7X75 7555 7568 -004 10950 

7 630 7520 7520 O.I0 1765 

7470 7620 2X70 +007 

Est. sates N A Thin soles 1X153 
Thus open W 74069. op 822 

HEATING OIL UtMER) 


Dee 97 
Mra9S 

to%" 


HI GRADE COPPER (NCAUD 
2XW0 tos.- cents per lb. 

Aug 97 10720 105-30 10555 -105 , . 

Sep 97 11620 10X00 10410 -200 20348 J5>97 

Od 97 10X70 104J0 10X20 -1.70 1689 Od97 

Nov 97 10450 10400 10430 -150 1278 Dec97 

Dec 97 10560 10225 10170 -1J0 4195 Mor98 

Jan 99 10110 -1.70 657 ton 98 

Feb 98 I02J0 -120 

Mar 98 10250 10160 10160 -160 2570 

Apr98 10160 loan) 10070 -1.70 400 

EsL sates 7,200 Thus sates 4537 
7hus open Int 42591 aft 470 


EURODOLLARS (CMER) 

SI renan-phallOOpcL 

2629 Aug 97 9427 9*25 9425 4>52 20453 


9426 9421 9422 4UQ 514892 
9415 9411 9412 4155 1919 

9407 9195 9398 -0.08 47S641 
9198 9355 9188 4)59 334371 
9X87 9X72 9177 41.10 277,974 


1,541 


Sep 97 5X85 54i5 5430 -150 *1558 

Od 97 5654 5X00 5555 4197 3X541 

Noe 97 5720 56.15 5440 -057 17604 

Doc 97 5800 5450 5650 -0.92 70,119 

ton 98 5830 5760 5730 4J32 14637 

Feb 98 5860 57 JO 57.70 4137 1/20 

Ato98 5825 5490 5490 4L47 MM 

Est sates HJL Thu's sates 31337 
Thus open to 147428 up 226 


616 9X77 9163 9J68 -0.10 214779 LIGHT SWEET CRUDE (NMER7 


SILVER OKMIX) 

XOOO tray cents per irey at 

AU8 97 *3430 +830 

Sep 97 45400 43150 43730 UndL 54073 

Od 97 44120 +0.10 71 

Dee 97 45100 44130 44400 >0.10 19607 

Jan 98 44X40 +810 20 

Mar 98 45830 44800 45060 +830 10227 

May 98 46040 45440 45440 +030 2.978 

JU98 45840 +830 £140 

EsI. sates 25600 Tlnrs tetes 10002 
Thin open to 93611 off 3M 

PLATINUM (NMER) 

50 trey ot- dolors per hoy ax. 

Od97 64400 *3550 44170+11.10 11.788 
ton 98 *37.00 43100 43170 *1840 2320 

Apr 98 42800 4Z800 42470 +1060 *04 

Ed sates N A Thus sates 1631 
Thus opan inti 471 4 off 182 

Close Pmrlous 

LONDON METALS (161 EJ 
Dehors per mobtc ton 
Ahnatoore (Hlfb Grade! 

Saol 177X00 1 77X00 1 7B4V) 17880 

Forward 175100 175400 176850 174950 

Capper Catbedes migb Grade) 

Spot 231950 232250 21050 236150 

rorwrad 279150 2292.00 232950 233800 

Load 

Spot 597.00 599.00 60100 40100 

Fwword 61X00 61X00 617.00 61800 


Dec 98 9X67 9152 9157 -011 14*772 

Mar 99 9364 9331 9334 511 127,916 

ton 99 9358 91*7 9152 -811 97,352 

Sep 99 9155 9X4* 91*8 -0.17 818*2 

Dec 99 9147 9138 9X41 -0.13 7£231 

EsL sttfes 914969 Thuh sales 34459* 

Thus open int £744694 up 1 1642 

BRITISH POUND (CMER] 

62300 powtds, S per pwnd 

Sec 97 1 3920 13450 1 5840-80018 5269S 

Dec 97 1-5800 15650 15784-05014 950 

Mar9S 15737-0.0010 209 

Esl sales 11346 Thue sales 22694 

Thus open mi 51654 up 107 

CANADIAN DOLLAR (CMER) 

108000 dollars, S per Cdn. A 

Sep 97 .7228 2790 .7209-0.0011 4&43A 


1500 bbL- do) tart per bbl. 

Sep "7 20.15 19.48 1957 552 90849 

Od97 2832 1965 I960 5.48 67505 

Jto*97 3 06/ 1924 1925 -032 34753 

(tec 97 2065 1968 2050 -060 50484 

tones 2049 19.92 19.95 5 l*2 27384 

Feb 98 2051 19.95 19.95 -0J9 11813 

Era. stops NJL Thus sates 120046 
Thus open to 439431, up 5,307 

NATURAL GAS (NMER) 

18000 mm bvs. S per mm Mu 
Sep 97 2530 1375 2505+0.061 *4547 

2530 1385 2510 +0458 28648 

2400 2675 2590 +00S8 14704 

2700 1580 1700 +0048 17.303 

2720 2600 2720 +0478 17.345 

2590 2475 1910 +0073 12493 


Od97 
Nov 97 
Dec 97 
ton 98 
Feb 98 

Era. sates NA Titus sates 79JD0 


141* 

4211 

L370 


5»l 700X00 701X00 714000 715040 

Forward 710040 711040 724040 725040 

Tin 

Spot 555540 554540 540540 541X00 

Forward 559540 540100 563X00 564040 

Ztoc a pedal Hifb Grade) 
tool 169000 170040 164540 16040 

Forward 1X3540 154040 1X3940 154040 

Htoi Low Odm Chge OpM 


2SS 35 Si S55SS! ^ Thus open bit 200.02X up 1,918 

UNLEADED GASOLINE (NMER] 

41000 gel cents per aal 
Sep 97 6420 61 Si 61.90 -2*3 4*758 
0d97 fOOC 57.75 5850 -147 19,778 

Nov 97 58.10 57.00 57.10 120 9487 

Dee 97 57.40 5650 5650 -1J8 9448 

ton 98 57.75 56*5 56.75 -1.13 

58.23 imOk 

Mar 90 53.73 uadL 

Apr 98 4125 undi 

Era. sates N A Thus stoes 3*972 
Thus open mi loawn, up 1831 

GASOIL OPE) 

UX dtotare par metrtc ion - Ms oMOO tare 
Aug 97 1 71 00 14850 14950 +045 1*751 
Sep 97 )72JO 17040 1 71 40 +0JB 21.279 
Od97 17*00 17240 1717S +050 10701 
MMCMtu-rrucM K”* 7 *7X75 17425 +050 4487 

SJh* 17X50 17SJS + OJS 111H 
ITVXO fTU rig. S ppbCT tonft 17500 17425 17625 +140 7432 

rS-n m iS ,,4 - S0 174J 3 17X75 + 1.00 SI16 

DfC 97 Juft -6664 -fi/1 l »-*-fL0090 Tjl? c*# . _■ , m, __ __ . 

Mw 98 6789+0.0093 14^ ' WSJ 

Eel. stoes 20.947 Thus stoes 10754 
Titus open to a299w off 7*7 


Era stoes 11446 Thus sales 7.764 
Thus open to *9,771 up 339 

GERMAN MARK (CMER) 

1 2X000 marks, s per wek 

Sep 97 5*55 53*3 5474+04059 13X679 

Dec 97 5488 .5418 5458+04060 1432 

Mar 98 5*91+0406? 971 

Eft. stoes 3X31* Thun sales 29.741 

Thus open Im 12X139. off 3670 

JAPANESE YEN (CMER) 

125 alto ren i p«r 1 00 yon 

Sep 97 4815 8474 47*4 + 0280 81314 

Dee 77 4900 4470 8881 . 0785 3.719 

Mot 98 .9001 +4291 413 

EsL sates 37523 Thus sates 2X200 

Thus open kit 8*947. off 2449 


7497 

833 

111 


Financial 
U5 7 BILLS (CMER) 

Si mBHan- phtolOOpcL 
Sep 97 9447 944S 9446 441 

Dec 97 94.7* 9**6 4J69 *L06 

Mar 98 9458 -a 07 

EV. sales 1212 Thus H4n 519 
Thus OpBi to X04L up A) 

SYR TREASURY ICBOT7 

JIOMOOBrin. pH A640waf 700 pd 

Sep 97 106-61 106-24 106-30 . 35 711857 

Det97 106-35 10*- U 106-la . 34 11233 

Era sates 75400 Thin sates 37.707 

Thus opan Ini 22509* oH 2568 


MEXICAN PESO (CMER) 

500000 pesos. S pet peso nSoi 

Sep 97 .12620 12S3S 12615+ DOOM 71672 tSJgj 
06C97 .12190 18*0 .12175. Sons 1X577 
Mar98 .11775 .11692 .11775+40014 X175 toSJj 
Era soles A320 Thus sates 7603 
Thus open mi 4*524 on 20 s 

f-MONTH STERUNC CUFFE1 
£500000 -p«s Oil 00 pa 
Sep 97 9241 92.76 92.79 ~om mm 

Dec 97 9171 9264 9267 Z«42 litre! 


«>re» open tm. ; 8*704 ofl'ui 

BRENT OIL (IPE) 

vfatos per twrel - low tol 400 barrels 
5«P *7 1848 1828 1868-042 46.729 

1945 18*5 18.63 —047 4G970 
19.17 18AS 1880—839 1X331 
1928 1842 18.93 -027 19,752 
19.29 1898 18.94-024 1*523 
19.20 18.94 18.9Q —024 *384 

Esl. sates. 40.265. Pm. sides ; 4X383 
Prev ren bil.: 17*51 7 off 140 


Feb98 


18 YR TREASURY (CBOT) 

SI 0X000 prtn- pK & 32hdS to 100 pd 
*?W 109-16 I0B-I6 108-26 - 24 34*4*7 3-MQHTH EURO MARK (L1FFP, 

o«i«awm.,re^<topi 0 

y?’ 8 . ~ n ,JO *69 97 9*74 96 74 96.73 mm j 103 

^ ^ *0 0J«i 6 76 


„„„„ Stock indexes 

m %*> «» *Ss -55 |£“hX ,ndex,Cmew 

El S'2 IS ii 31 as Sg g” sts a 


Mot 99 

Era. solera 112.36a Prev sates: 251.743 
Prev. open lira 631*23 off 71 470 


Thus open tnl 19a 20a up 1587 

FTSE IDS CLIFFE) 

C25 per lnde> paint 

Swp97 51710 S12X0 504*0 -814 72JB5 
Dec 97 5| 7* 0 51760 51094 -824 5.92* 

Od97 96 61 ftil S5 *043 ‘Tim ^ N T N T 515*4 —81 0 221 

lft rmri„mv *** 96J1 -043 30CL871 gd sates. 124JX Prev vtov: 19474 

***0 +oojtoo 96 ***" * ,en w - 7*732 an um 

g^SWWptsABreteallOBpcn Jun 98 ft.24 9* l 6 9ft2o ^044 700121 

,J-n -1 17 520,733 Sop 98 9*04 9596 9X99 .043 UmjI CAC 40 (MATIF) 

'!*•?* I'! » ] '2-1 0 -1 18 49.703 Dec 98 9 S8 0 95 72 9X74 Jim FHW p« Inde. potol 

Mrew 11X17 111.26 11240 1 18 31.789 °XSJ 9554 +042 1Q89« ^"9 97 TOfflO 25B9S 2W0 —XO 78717 

111-20 .lid 1127 Ju n 99 9S« 9SJ3 9X35 ,047 6&6A 5fP v ? 30550 30084 30084—695 21502 

Era, sales- 788498. Pre* .radev 231313 

P*v9. ap**» tot : 1*4,174 up le*)|9 


gel. sates I N 000 Thus rate oun 
Tten opm mi 40*032 efl 161 7 


LONG CiLT IUFFE3 
CMLWO - pis * TTnds to 100 pci 
5*p97 115-08 1 14-0* 11*09 _ 0-28 187494 

D«97 (ST NT 11X18 -in +W 
E-J sates 9*473 Pm. sates 177,77+ 

Ptetropmito 191812 up 1*33 


1"°"™ •••BOO (MAT IF) 

FF5 mlllan . pis ol 100 pd 

S2 W 96*8 * 004 74*28 

ttec97 9*37 96.28 9*34 +045 40461 

«tor98 +6 28 96.19 9*24 , 0 .O4 25L584 

San 98 Wit 9609 9*14 + 004 25593 

S»P9B 9603 9X96 9602 .006 12*77 

Est sates 7*215. 


30084 30084—695 2132 

3WS0 30374 30325-704 970 

Mar9S 30910 30414 30585 —700 *125 

Era solas- 1*138. 

Oprnimr. 71.1*5 off 227 


™.5E£il. CO,r HUMO «UFFE1 

DM?ja,aao - pis at 100 no _ _ - — 

^*97 102.11 10143 10175 -ft27 249*10 0p ™ W-- irLSOO an 1JS3 

,0 il S 100 ’’ 100,3 -0 V 17.222 
**98 N.T. NT 10009 —027 O 
Esl. s ales 199.4)5. Pure, sales 20X505 
Pm open M 286.832 up S944 


W80HTH EUROURA IUFFE) 

IT|. I minor, - pb to 100 pci 


Commodity indexes 

dose Prerteas 

1.554 Jo 155640 

1,924.10 1,92120 

151.95 TSI-5® 

243.23 241 

SauTtey Aiaijf. Associated Pros. Unite" 


MooOV'S 

Reuiers 
Oj. Futures 
CRB 








INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 9-10, 1997 


PAGE 11 


EUROPE 


Moscow 
Expands 
Accord on 
Bank Debt 


CmplM fty OuStt# Fmn Ouptaeha 

MOSCOW — The govern- 
ment said Friday it had reached a 
“reconciliation” with commer- 
aal bank creditors 68 percent of 
the $3Z5 billion in loans and 
P®sWue interest it owes them. 

The amount covered by the 
reconciliation — which is an 
agreement between borrower 
and creditors on the exact 
amount owed — grew from a 60 
percent share a week earlier. 
Moscow now has reached 
agreement with 340 of its cred- 
itors, the Finance Ministry said. 

Russia and the banks expect to 
teach a final agreement this year, 
said Tatiana Golodets, a repre- 
sentative of the state-owned 
Vnesheconombank, or Bank for 
Foreign Economic Relations. 

Under a preli minar y agree- 
ment Moscow reached with for- 
eign banks in November 1995, at 
least 90 percent of the total debt 
owed to the London Club group 
of commercial bank creditors 
must be reconciled before a res- 
cheduling of debt can be com- 
pleted Creditors are considering 
a Moscow proposal to reduce 
that minimum to 75 percent 

Separately, President Boris 
Yeltsin assured Russians that 
the government’s plan to cut 
three zeroes off the ruble's ex- 
change rats at year-end would 
not cause Russians to suffer. 

He said the plan confirmed 
that Russia had defeated infla- 
tion and would restore confi- 
dence in the ruble. 

“Previous reforms, starting 
from 1947, always took 
something from citizens," Mr. 
Yeltsin said “As a result there 
was panic, stress, people 
crushed in lines and always vic- 
tims. Nothing like that wfll hap- 
pen now. The currency reform 
that we have announced will 
not lead to any confiscation. 
Therefore, we announced it in 
advance. I want there to be no 
rushing, no panic this time." 

( Bloomberg . Reuters, AFP) 


Paris Wraps Up ‘Rigorous’ Spending Plan 


CempBrdtyOvr Stiff f mm Oupwhn 

PARIS — Prime Minister Lionel 
Jospin was putting the finishing 
touches Friday on planned spending 
levels for 1998 ana was expected to 
settle on a package that could con- 
stitute the smallest rise in expendit- 
ure in a decade. 

Government sources have said the 
aim is to keep die spending rise to less 
than 2 percent, and there were reports 

that Mr. Jospin might push for a cap 
of 1.2 percent. 

“we have had two messages 
which look pretty rigorous — the 
aim for a 3 percent public deficit in 
1998 and the 1.2 percent spending, “ 
said Erick Muller, an economist at 
UBS France. 

"If that happens, it would be the 
smallest rise since 1 987,” he said of 
die prospective 1.2 percent increase 
in spending. "It’s never been less 
than 2 percent since 1987, even if 
the 1997 budget bill from Juppe had 
aimed for lower." 

Alain Juppe headed die previous 


center-right government that lost 
power in June. 

Every ministry is to receive its 
1998 spending-allocation letter by 
Tuesday, and government officials 
said there was no plan to reveal the 
result of Mr. Jospin's deliberations 
while the rest of tbe budget bill was 
being prepared for presentation to 
the cabinet Sept. 24. 

The focus of Mr. Jospin’s work 
Thursday and Friday was to ensure 
that the spending allocation was in 
line with a pledge to limit France's 
deficit to 3 percent of gross domestic 
product in 1998, in preparation for 
European roonetaiy union, while re- 
balancing spending according to 
new priorities. 

Government figures released Fri- 
day showed that France's current- 
account surplus narrowed in May, to 
22.3 billion francs ($3.54 billion) 
from a record 23.8 billion francs in 
April. 

“The outlook is better than ex- 
pected," said Eric Chaney, an econ- 


omist at Morgan Stanley. “The gov- 
ernment shouldn't have great 
difficulties in limiting the public 
deficit to 3.3 percent of gross do- 
mestic product. In the event, 3.2 
percent seems achievable,’’ 

Tbe deficit last year was 4.2 per- 
cent of GDP. The government has 
estimated that the deficit this year 
will be from 3.1 percent to 3.3 per- 
cent of GDP. 

By avoiding spending cuts, Mr. 
Jospin is “taking a real bet on 
growtia and its effects on fiscal re- 
ceipts” as well as on receipts that 
are not mired from taxes, Mr. 
Mueller of UBS France said. 

The governmen t expects the econ- 
omy to grow 2.8 percent next year, 
up from 2.3 percent this year, which 
should generate higher tax revenue. 

Mr. Jospin's top priority during 
the budget negotiations was the 
funding of the Employment Min- 
istry, headed by Martine Aubry. 

She is in charge of fulfilling a 
promise by the Socialist-led gov- 


KLM Gets Top Price for Northwest 


Compiler by Our SatfFrutn DispobSa 

AMSTELVEEN, Netherlands, 
— KLM Royal Dutch Airlines said 
Friday that it would receive $40 a 
share for its 19 percent stake in 
Northwest Airlines Coip., bringing 
if a total of $1.17 billion by the time 
the last of the shares is sold back in 
three yeans. 

The share price was at the top end 
of the range of $3650 to $40 range 
agreed to July 30, when the two 
a mines announced a genera? agree- 
ment on tbe transaction. 

The plan ended a three- and- a- 
half-year feud that threatened to un- 


ravel their profitable trans-Atlantic 
alliance. KLM said the $40 price had 
been based on the weighted average 
share price of Northwest on the Nas- 
daq market in New York this week. 

Northwest shares were quoted at 
$40, unchanged, in late New York 
trading. 

KLM bought its Northwest stake 
in 1989 for $400 millio n. 

KLM said it would not comment 
on what it would do with the sale 
proceeds — which would exceed 
$272 million this year — until the 
agreement received final approval' 
from the companies’ boards. Some 


analysts expected it to consider buy- 
ing back more of its shares from the 
Dutch government or buying remain- 
ing shares in other partnerships. 

KLM shares slipped 2 guilders to 
close at 77.20 ($36.68) in Amster- 
dam. The shares have risen nearly 5 
percent since the agreement on the 
Northwest stake was announced. 

Come Zandbergen. an analyst at 
Generate BankOyens & van Eeghen, 
said it would make sense for KLM to 
use the funds to take full control of 
other airlines in which it owns stakes, 
as it did in its recent takeover of Air 
UK. ( Bloomberg . AP) 


Rome Set to Rescue 2 Sicily Banks 


Bloomberg News 

MILAN — The Italian government announced Fri- 
day that it intended to impose a rescue plan on two 
unprofitable banks in Sicily, overriding the objections 
of the island's local government 

Tbe treasury said it saw no way to accept the 
insistence of the Sicilian government that Cassa di 
Risparmio di Sicilia SpA, or Sicilcassa, remain in 
Sicilian hands and that Banco di Sicilia SpA be returned 
to local control. 

The treasury plans to merge Banco di Sicilia and 
Sicilcassa and then transfer their control to Mediocre- 


dito CentraJe SpA, a state-controlled medium-term 
lending institution. The Sicilian legislature voted this 
week' that Sicilcassa must remain independent and in 
Sicilian hands. 

The treasury statement followed a meeting of the 
treasury minister. Carlo Azeglio Ciampi; the governor 
of the Bank of Italy, Antonio Fazio, and representatives 
of the Sicilian government. 

The statement said Mr. Fazio and Mr. Ciampi ex- 
plained “that at the current state of play, there aren't the 
conditions to accept tbe insistence of the Sicilian re- 
gional assembly.” 


eminent to create 350,000 jobs for 
the young in the public sector over 
the next few years. “It’s gone 
well," she said Friday of tbe ne- 
gotiations. ( Reuters , Bloomberg) 

■ Kohl Issues a Tax Challenge 

Chancellor Helmut Kohl vowed to 
press on with a fiercely contested tax- 
reform plan and insisted Germany 
would meet the criteria for entry into 
a single European currency, Agence 
France- Presse reported from Bonn. 

In an interview with RTL tele- 
vision from Sankt Gilgen, Austria, 
where he is on vacation, Mr. Kohl 
threatened to turn the tax debate into 
the key issue of tbe campaign for 
next year's legislative elections. 

“1 think it still has a good chance, ’’ 
Mr. Kohl said of his tax plan. “If the 
Social Democrats cannot agree now 
because of internal problems over 
who will be their candidate for chan- 
cellor, then we will make it an elec- 
tion issue. It will decide the election, 
and they will lose iL” 

Astra’s Profit 
Rises as U.S. 
Sales Improve 

CiVfKM by Our SeffFnm Phpxka 

STOCKHOLM — Astra AB 
said Friday that pretax profit rose 
4 percent as sales rose 13 percent 
in the first half, with North 
American markets showing the 
strongest sales growth. 

The drug company posted a 
pretax profit of 7.01 billion 
kronor ($868.7 million) in the 
first six months, slightly lower 
than market expectations of 
7.18 billion kronor. Sales rose 
to 21.47 billion kronor. 

But Astra's shares slumped, 
falling 6.9 percent to close at 
142 kronor. 

‘ ‘Astra was tbe darling of the 
market for a long time, hat it’s 
become less of a darling in re- 
cent years,” said Caspar Rode, 
fund manager with Framling- 
ton Group PLC. “The problem 
is, research and development 
hasn't come up with a replace- 
ment for Loser.” 

Losec, an ulcer agent, is As- 
tra’s key drug, but the com- 
pany’s patent protection on it is 
set to expire in a few years. 

(Bloomberg, Reuters) 


::DAX v... M 

1 4500 • - 

•4200 • 

'.3900- —J 
■ 3800 - -JF- 

\ 3300 -- 


v }■ 5200 

P~ 5000 -- - -J 

— 4800 if-- 

— :■ 4800 - - ft/V----- 

- -* 4400 a-/ — 


3000 M A M J J a" 



GAC40; ;; 
3250 - - 

3t00 --- 

' 2950 

2800 . . 




M AM J J A 

1997 


■i ne/» IV 

A M J J A 

1997 






Ba| 


Source: 



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llucmau-Hul Herald Trihone 


Very brief lya • 

• Guinness PLC said LVMH Moet Hennessy Louis Vuit- 
ton SA had sold 2 milli on Guinness shares, cutting its stake in 
the brewer to 11.99 percent from 12.1 percenL 

• AO Kamaz, a Russian truckmaker, suspended an agreement 
with Kohlberg Kravis Roberts & Co, charging that the U.S. 
investment fmn had failed to live up to its commitment to 
attract $3.5 billion in investment for Kamaz. 

•Volkswagen AG’s negotiations with the European Com- 
mission to resolve a dispute over subsidies have entered their 
final phase, Germany’s Economics Minis try said. 

• Switzerland’s unemployment rate fell to a Jower-than- 
expected 5 percent in July, the fifth consecutive monthly 
decline and an indication the economy could be recovering 
from six years of stagnation. There were 1 82,477 people out of 
work at the end of July, down from 185,320 in May. 

• Commerzbank AG's shares rose 4.9 percent, to 66.55 
Deutsche marks ($35.38), amid speculation the. bank would be 
the next takeover candidate as Germany's banking industry 
consolidated. 

• The Czech Republic’s consumer price index rose 3J5 
percent in July, its largest increase since 1 993, after a series of 
price deregulations. On a year-on-year basis, the inflation rate 
rose to 9.4 percent, its highest level in a year. 

• JCI LtiL, which wants to buy a stake in the British con- 
glomerate Lonrho PLC from Anglo American Corp. of 
South Africa, has received signals the European Union will 
approve the deal, a source at one of the companies said. 

• Van Dorp Groep NV’s net loss narrowed to 2.9 million 
guilders ($1.4 million) in the first half from 3.2 million 
guilders a year earlier, as a reorganization got under way. 

• Telepizza SA’s first-half profit rose a better-than-expected 

45 percent, to 1.03 billion pesetas ($6.5 million), as Spain’s 
largest pizza-delivery company increased sales to retail cus- 
tomers and franchisees. AFX. Bloomberg. Reuters 


WORLD STOCK MARKETS 


Friday, Aug. 8 

Prices In Uxsrt currencies. 

Telekurs 

High Lon dose Pm. 


Amsterdam tSCSW 

gr* ujniJiJH 

S5d 6300 39® 42.10 030 

Oro Mobd 3S4 342 346 349.7C 

Jin™ 1SLX 14*70 1*30 15AM 
tabWeSSCVQ 4230 41-BO -030 4230 
■smm mao 110.40 111.90 111B0 
vniMeM 118J0 113 115 119 

21450 210® 11050 21400 
rhetor 15.40 32 32.90 3020 

95JO 91.80 9330 95 

73JQ 77 77 JO 73.70 

iu8 i£ 5 iSS 

ESSSr 331 JO 326 327.50 331.40 

9470 ,2i M WS0 MJO 

’&! ’ll ’ll 

$5 BT *8 g 

taGrinten 26530 258-50 260 26140 

IF"* ’J15 »a| *»$ 

ilS £3 21S50 

11B 11*70 119 JO 
112 11440 117.90 
480 484 48630 

„„„ 113 11140 I1A90 

_ s is ^ 

ingkok 'SgE&S 

. I.*, c-. MB 224 236 230 

p 4 4 *! 4 

^ rSjuwri c 644 624 640 632 

SrSSflkF 137 T» 135 131 

ask §3 sn f§ 

MS*- If a a ■ 

— SBSS8S 

*** .B’SSSJ 

«*gr ,Jt ass as 

[»» 1 ms snS 5BJ5 574 

ggfflp ^I=l 3 §§ tS 

nissels “aftSSSS# 

-f, 'SB'S 'Sis 

So TOO 

KL.inn l !S T »S ^ S 
rtwbebon 7670 7690 

SES. 3S ^5 3»0 3640 

as" ■% 7 ^g gs B 

wort CMO S93D 6000 

sc* igtsaa 
is® Sis a a 

I30OT0 IzSo 126WJ 130000 

openhagen 

« s B 3 ,1 

AbHfB «g in 

$ S * 3R 


rdevereva 

ewlaiii# 

HU 

WteraKlora 


langkok 

dvInfnSvc 

on^nkaiF 

ronq TIkh Bk 


Hlsb . lew. Oostt -I 

DwtsdwBonk 12060 U&50 11860 1 

Dent Tetokotn 43 42J30 4260 

DnsdnerBonk B2JD 81 8130 

Fnsemn 330 329 329iffi 

Fn»nusNM 15U0 149 1503 1 

Fried. Kropp 327 319 320 

Gehs 112J® 111 111 1 

RmeSxjlM 152 ISO ISO 1 

Henkel pM 10180 109.75 10UD 1 

HEW 465 455 460 

HodJBrf 8959 87J2 6850 

HoocteJ B5.2D 83J0 83^ 

Kondodt 707 698 703 

UUmwyer 104J0 98-50 98^ ’ 

Unde 1423 1400 1400 

Ujftansq 3580 j&Mt 35ffi 

MAH 54950 547A 54750 1 

to*®™ ™ JS 

Metro 99 96.10 MJ® 

MundiRUKXR ““ 

Picusmq 580 567 567 

BWE 04.90 0450 0460 

SAP pid 43850 435 4W 

Sdwfta . mx 209.10 20910 

SGL&etwn 252 246 251 

StaWB 12750 12635 12665 

SpnngertAttO 1|» 1®? l“g 

Swdzudar 879 ®7 87B 

Tfwssen 415 413 413 

vStT 11220 110-30 HMD 

VEW 575 JW 576 

Vta 79150 785 78550 

SSfcwBOT 1362 1365 1346 


fOgh law aw Pm. 

SABtewtsies 148 145 14850 14850 

SanicaCor 6125 40 40 M 

Soffl-I 59.K 5825 59 59 

SBIC 221 219 21950 21950 

Tiger Oats 7975 7975 80 80 


Man Law CHa* Pm. 


High Low aeM Pm. 


High Low awe Pm. 


Kuala Lumpur 

AMMBWgs 1260 

GenUng 10.90 

Mp 3 B-iiitirifl 22-70 

MdtaDSMpF Sjsjl 

PetiwwsGos 975 

Proton 1050 

Pubic Bk 364 

Rmoog 1M 

Resorts WWW 775 

Rrilknons PM M 

StaeOwty 775 

TdefanMol 970 


Helsinki 

EnsoA 

HuWnnwkll 

Kemira 

Kesto 

MertaA 

Metm B 

Mi*m-SrrtaB 

Neste 

Nokia A 

Orioo-ywymoe 

Outokumpu A 

UPMUymmene 

VWmtf 


"““TffiSSSBS 

51 49.90 5050 5020 
- 244 2® 24) 244 

5160 SO 50^ 5170 
77 7550 7M 77 
23.90 2370 2350 24 

m IBS IBS 188.90 
50.1 Q 49 4970 49 

]» 137 137 138 

<94 468. IQ 471 «2 

200 199 199 Xe 

IK 10570 10550 10620 
138 136 1363) 136-M 

B650 8550 8550 8670 


TdeknmMal 

Tanqga 

London 

Abbey Nail 

MM Domra] 

AngBan Water 

Argos 

Asdo Group 

Assoc 8r Foods 

BAA 

Bardoys 

Boss 

BAT tad 

BankScotoTid 

Bluedrde 

BOC Group 

Boots 

BPBInd 

BrUAenv 

Brit Airways 

BG 

Bib Land 
BrflPsffttt 


obi Cwucrrl F 
imiComBkF 
rtecomnski 

S SSS&F 

tacooun 

lombay 

M W 

indust Penn 
id Dev Bk 


Hong Kong 


ateBklodta 
nl Authority 
da Eng Loco 

trussels 


Iniyl 


HaogUiDgDw 16K 

£US£ q 

HRcSnaGns 1670 
HK Electric 

sr a 

ftari Oriental UK 

SHK Praps. ios 


5taolfli«« 

SJh China Post 7.95 

SwirePacA 71» 

WhorfHdgs 3460 

Whtefex* IMS 


Haw sw 16447^4 

Pnviws: 1667327 

MB 970 9.90 

3080 3170 jmi 
1380 13.90 1475 
9475 9625 9675 
1775 273 V/S 
fiftn <3.80 4450 
4980 5U5 5075 
46 70 47 4A70 

950 965 975 

1550 1655 1580 
103 103 10350 

aso 885 8.96 
7425 7525 7650 
1625 1665 16 35 
3! 70 3150 31^ 
19.10 I960 19.40 
465 470 A67 

269 273 27| 

Sft25 30.75 fll 
2675 2720 
2050 2050 

«« a» 2U5 

56 5875 57J5 
288 272 3.90 

12S 125 

102 10650 104 

4.72 6BS 688 
870 WO 835 
770 785 775 

70 72 7175 

3150 3350 3460 
1920 1920 1PJ0 


BrBSteei 

BrSTetecam 

BTR 

Burrooh Cubat 
Burma Gp 
GobteWlietess 

CodtwiYSdm 
CerlonCaniB 
Ctmwti Ibwwi 


EMI Group 

Fan Cotoniol 
Gent Acddent 
GEC 
GAN 

GtaeWeBeene 

GrarariaGp 

GntaMet 

ORE „ 

GreemfisGp 

GtdnnesB 

GUS 

JW&MdflS 

inplTobaxn 


'P ur 

1260 1220 1220 12-30 Madrid 

10.90 1060 1070 1068 

2230 22J3 2240 22AO 

^ ^ 

1650 1078 1070 lOZ 

3A4 260 3-5B 

s s m m & 

24 2370 23A0 Z120 

™ 

1070 940 920 940 ^S^ ltontte 

6K ,U 7 

7.10 675 695 7 gro^tm 

FT ■BE 10*: 502826 PECSA 
Previous: SBEAje GasNWwW 
ibMfenta 

8J8 S4) U8 154 f, p 

457 643 455 447 u&m 

7-?7 782 7^ 781 sS5b«E1« 

657 646 652 650 Tatxndeni 

151 146 146 150 Tmetartm 

546 i39 544 640 Ontoaftswso 

177 SjSfl 543 572 VUencCfenM 

1655 1610 1615 1432 

551 526 535 653 

516 SJ07 589 5.14 „ 

449 477 435 am Manila 

456 427 646 622 

11-94 1148 1173 I1JB 

618 786 7.96 8.10 

343 384 343 154 

1482 MJ9 1485 1641 

645 640 651 644 ________ _ 

248 242 244 2JD HST 

t06 595 602 

9.15 886 4W „ 

485 4JH 475 482 

1J& 147 148 148 

429 349 425 416 

188 188 183 1.97 

11.09 1085 UJ-M 11 

1J0 178 1J0 179 to, ■ 

6.10 593 6 60S MeXlCO 

673 607 617 672 

400 481 481 . teA 

747 7.11 740 7.15 5“*,, 

670 686 517 511 S^CPO 

347 372 340 378 g“J? CP0 

^ SI ^ Sa 

775 % 73 a»' 

947 9‘S JS 

3.99 382 3.97 385 TetMa,L 

1278 1185 1275 1188 

1376 1179 1280 1326 — 1 — — 

B70 881 &I1 884 Milan 

* 590 585 6 Wl,,an 

107 286 3.1 388 

484 440 448 478 ABeonaAss 

6 586 591 588 Bar Cam n 

441 53? 677 675 Bco Ftaura 

606 682 605 681 BcadRona 

2378 1187 21.98 2278 Benetton 

1105 1079 1081 1184 CiadBoltala 


WWUOa 

7.15 

6.90 

702 

UentameUids 

4,71 

402 

471 

Vodafone 

118 

113 

114 

Whitoraad 

8® 

808 

878 

wakrasHdgs 

153 

132 

147 

IILMleVT 

5.05 

40S 

400 

WPP Group 

275 

2® 

171 

Zeneca 

2063 

1945 

19.95 


CAC4H 299527 
Proyfeet: 305534 


BBV 

Bwwsto 

Banidnter 

Bco Centro Hlsp 

BcoPPputar 

BcoSontader 

CEPSA 

CooBnente 

gtptaptre 

GosNofurat 

thenWo 

Piyat 

Hejwol 

SnOtamElec 
Tabacdeta 
TMdarica 
UntaaFnaia 
Vrrienc Cement 


Manila 

AqolaB 

Ayala Land 

BkPh«pttl 

CAP Hanes 

ManfloBKA 

Metro Bra* 

Petal 

PClBa* 

PtdLongDtst 

SanMigOdB 

SMMneHdg 


ABqA 

BtmaedB 

CemncCPO 

CBroC 

EmpModefna 

GpoCOnoAl 

Gpo F Banner 

Giro Rn Infauna 

KfebOatMex 

TetavisaCPO 

TelMatL 


MhMisMH 
Previous: 60240 

27700 28100 28080 
1770 1783 1785 

5770 5800 5860 

7980 8000 8210 

4175 4220 4285 

1425 1435 1455 

7520 7530 7700 

5810 5880 5900 

35110 35250 36000 
4378 4455 4430 

4660 4750 £10 

3250 3290 3395 

8350 8530 8450 

3115 3130 3200 

1270 128® 1300 

6650 66BO 6790 
1815 1840 18611 

2930 2975 3110 

6220 6240 635S 

1390 1395 1405 

7730 77® 3B60 
4115 4150 4190 

1220 1235 1240 

2760 2760 Z760 


PSEtata 264782 
Provisos: 267M1 

1875 17JS 17.75 18 

2175 2050 21 2125 

152 150 150 152 

70 9J0 9 JO IffTi 

89 86J0 B9 87 

550 535 540 555 

620 6 610 620 

223 221 223 220 

940 930 940 930 

63.50 63 63 64 

B 780-780 B.10 


Accor 

AGF 

Air Uauide 

Abdel AMtl 

AJO-UAP 

Bancalre 

BlC 

BNP 

CandPtus 

Canelour 

Costa 

CCF 

CeMem 

Christai Otar 

CLF-DwfaFten 

CiedB Aqricota 

Danone , 

EH-Agwtatae 

EridradoBS 

Eurodbney 

Eurotunnel 

Gen. Earn 

Hovus 

Iniefi 

Uriorpp 

LVMH 

MfcftefeB 

Paribas A 

Pernod Rica rd 

Peugeot C» 

PtaSfPrint 

Promodes 

Renault 

RaxH 

Rh-PoutencA 

Sanofi 

Sdmelder 

SEB 

SGS Thomson 

SteGwende 

Sodaho 

StGabaln 

Suez(Oe) 

Suez Lwo Earn 


992 973 

315 209 

958 930 

869 845 

419 414 

755 739 

535 514 

291.90 HB-50 
1137 1103 
4040 3951 

284 277.10 
338 330-50 
717 708 

968 951 

579 568 

H.T. NX 
942 925 

698 677 

840 806 


737 732 

403 39610 
854 834 

446 43640 
1240 1187 
2461 2382 

1539 1500 
375 363-20 
463 45630 
32080 30650 

2730 26S? 

2347 2263 
172 16520 
1686 1650 
254 247.10 
647 623 

352 34160 
1019 995 

600 569 

816 807 

3015 2990 
919 903 

1630 16 

661 647 

747 • 731 
161 15840 
536 604 

11843 11670 
378 365J0 


984 VST 
71150 21630 
936 964 

8S8 874 

41650 418 

746 742 

515 528 

28440 293 

1120 1135 
3971 4046 

279 283 

33530 34130 
708 705 

960 969 

■ 569 JB7 
MX 1260 
931 950 

687 702 

m m 

9 B90 

735 7.10 

743 750 

39660 400-50 
843 828 

440 44840 
1193 1279 

2400 2465 

15B§ 1544 

366 378 

457.® 460-50 
314 30640 
712 717 

2699 2740 

2279 2353 
165.50 172-70 
1645 7679 

24930 255-70 
638 648 

345 348 

1011 1020 
573 571 

813 018 

3019 3038 

913 910 

16 1630 
657 667 

743 753 

MO 15980 
608 638 

776JO miO 
36830 37650 


AuM* 

EledroSux B 

EricssoaB 

HentesB 

IncentiwA 

InuexJorB 

MoDaB 

Nardbaiken 

PtianiVUpjohn 

SandvftB 

Scania B 

SCAB 

S^BankeaA 
Sknndfa Fore 
SkanskaB 
SKFB 

SomhankenA 
skmi A 
SvHamPesA 
VodTOB 


Sydney 

AORW 

ANZBUng 

BHP 

Boroi 

Bmmbtas tnd. 
CBA 

CCAmsIS 
Coles Myer 
QUQolCD 

Fasten Brow 
GottsfeonRd 
KlAustmfia 
lend Lease 
MIMHdn 
Mat Aust Bank 
NatMutwd Hdg 
News Chip 
PadBc Dunlop 
Pioneer Irtl 
PufcBroodant 
RtaTmto 
SI Georoe Bank 
WMC . 
VAatpocBUng 
Woorfs'dePet 
Wbohmths 


29430 28830 29030 295 

617 60S 609 618 

371 358 364 37130 

335 310 325 329 

785 490 699 690 

42730 41330 419 427 

299 290 292 29B 

277 27130 276 277 

300 291 29230 299 

258 253 256 255 

221 217 21730 220 

199 78430 IS? 10630 

9630 9330 9430 9630 


358 364 

310 325 

690 699 

41330 419 

290 292 

27130 276 


335 323® 

331 

328 

34S 341® 

345 

344 

226 

220 

221 

223 

187 

in 

1B7 

18S 

139 

136 

137® 138® 

274 

263 

269® 

269 


ABOriNnrfet. 2711,40 
Proliant: 2717 JO 


830 830 

1030 1037 
17A5 1695 
4.15 4J» 

29.10 2HJ5 
1633 1633 
1629 1S» 
695 687 

7 687 

535 516 

168 565 

2 138 

1X40 1331 
3020 29J9 
137 134 

1938 1939 
2.18 2.14 

609 602 

362 338 

5-02 4.95 

540 &18 

21.34 28.90 
834 170 

767 1M 
8.63 852 

1130 1130 
AM 431 


866 837 

1060 1048 
1599 1764 
518 4.17 

2860 29.11 
1632 1637 
1514 1610 
689 692 

7 689 

530 537 

267 267 

2 2.0! 
1137 1360 
3005 29.90 
135 137 

1963 1966 
2-14 110 

607 6Ci 
160 361 

437 503 

835 M0 
2130 2035 
830 8.73 

769 765 

838 855 

1132 1165 
464 434 


The Trib Index p^^xoopm ym*en«. 

jm. i, 19K * ion Imm Cbangn tuchimge yy »dta » 

% ensng* 

World Index 179.42 -0.77 -0.43 +20.30 

Regional Indues 

Asia/Pacific 13427 *3^8 *2.58 +6.78 

Europe 188.72 -1-37 -0.72 +17.07 

N. America 209.17 -3.35 -1.58 +29.19 

S. America 172.68 -2.73 -136 +50.90 

tnduetrla! Induces 

Capital goods 232.06 -1.12 -0.4B +35.77 

Consumer goods 194.79 -1.49 -0.76 +20.67 

Energy 19831 -4.66 -229 +1628 

Finance 137.51 +1.42 +1.04 +18.07 

M/sceUaneous 192.04 -4.09 -2.09 +18.70 

Raw Materials 194.18 -1.62 -0.83 +10.72 

Service 169.77 -0.45 -0.26 +23.83 

Utilities 189.61 -0.81 -0.48 +18.23 

The International Honed Tribune Wort Stock Mat C BKtatfwU.a 
SWiiwrisibirioIVtavestabtesfpcfcafrornascouatrta, Fwmwafcmrt« «fTW 
booklet kt av&tabto by writing » The Tnti index. 1B1 Avenue Chafes do Gaum. 

92521 NeuBfy Cedex. France. CompHod by Btoomberg Hews. 


Eaj Curaro ttai 
Bco Rteuisn 
BcadRona 
Benetta 
OadBo tkdono 
Edfcal ■ 


Jakarta 

Astro tit's 

BkWIhKtan 

BkMegoro 

Gudon9C«n 

Ualocaiert 

Imfctaad 

tndostf 

cnraaoem HW 

TtfcWWWW 


s ^ S ig 

1425 1350 1425 

9175 8850 8T®J 8850 

«2S 3850 225 •S2? 

■ i Is 

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3925 3800 3850 389) 


Land Sec 

I nfflin 

iB8S98 

Lucns^rtir 
tote Spencer 
MFPC 

nasr 

NoHPowr 

NoWtert 

Ned .. . 

Noroddi Union 
Ormgt 

PSD 

Psaison 


IS t?7 499 4« MorMson 

•iS ’iS 'iS ® S3. 

5 622 539 Pin* 

jjO SJD BJ8 8.48 KA5 

7J2 B 7J1 RotaBcpen 

123 124 ZS SPaMoTorti-.; 

Ita 107 2.8? 2JB TdecoralWta 

kM 6JB &2B 643 TIM 


7iS 

7Jfl 

ENI 

147 

204 

Hat 

9.43 

9M 

GenemBAssJc 

128 

208 

IMI 

145 

403 

INA 

7® 

ZT6 

779 

207 



PretfierF®« 

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JMOWAGp 

Rank Group 

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^ 725 7» « 

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lMonUsk - B B a S 9 

a.* 1 412 415 

617 *1? tiS 411 


Johannesburg «*S£S8S 


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Sffl in 

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CGuSariiti 171 irt >2 

De Beers lg 33 33 33 

Dnefert^n ^ 38^5 *35 

tS ^ 10 W 

Ggrcer 93 95 * 

gfsa Tt o el 61 

fcnpeajWB* «,« |i|5 24.15 74.15 

m^weCoai 2i» \ n 115 1W 

VStat ... *6 45 67 « 

jawroata? m 375 378 3^ 

liberty Hrigs , ,« I44J5 144.7S 

safe ■* '■* 

Sd TB S 3 si 

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RMC Group 
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RmdBkScol 

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Satastasy 
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ScolHewonfle 
SrttPwK 

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ShrtTitmspR 

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SniWCBif 

Smith* tad 

StaernEK 

Stand awj« 

Tate S Ltte 

OM. 

TWnWs ■® 5ct 

31 GnWP 

nGrow 

Tornkto 

Unilews 

UjdAMuran® 

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664 628 628 *43 

7M 7J6 7M 7J7 
1JB 163 169 165 

A 696 1M 7X 

e-W SJtB S3) 509 

£lfi 60# 611 614 

ft 1 M 7JS 7M 
150 135 146 141 

985 9.92 1026 

™ MS Mi a» 

690 5^ «6 5.90 

2J9 2.21 128 2-23 

A. 90 673 675 693 

104 192 192 3JI3 

njo iag i’g 

1 s s s 

'S3 'S3 'S3 IS 

a a s ja 

'53 B -a If 

ao 4-JS 442 4J8 

a a b 

459 462 464 454 

W "A 'IS ’If 
"3 "3 "d 

ts a a « 

10.97 1040 1040 1074 
422 4.12 414 4.10 

429 4» 415 431 

7.92 7J8 7* 

490 461 481 461 

6M 594 616 6|3 

13? 323 .122 

19-a 1W8 19-20 1*M 
m 446 43 459 

443 6.70 675 687 


Beta Ma 511961 
Pmlau:5195J9 

&5J» 6450 6480 65.10 
2SJ0D 2450 2AS# 2SJI0 
42J0 4105 4110 42-75 
1420 13.90 1405 1430 
4460 4400 4400 4480 
6400 6100 <050 6190 
375 365 366 3^ 

37.10 37.10 37.10 3720 
37 JO 3600 3600 3760 
12760 12530 12620 12850 
2160 21.10 21.10 2150 


mwtmbSSEMEHS 

Predow: 1482260 

15345 14BBS0 15095 ISA 
4200 4070 4190 4105 
5850 5610 565$ 5650 

1650 1591 1596 I*"' 

77350 25350 261JJ 
3545 34» 1535 

853$ 8250 0320 . — - 

10690 1 0390 10390 10«0 
4070 iS4® 5905 6005 
36600 35350 35700 364SS 
T7140 16550 16550 17000 
- 2585 -2585 2645 

5335 5345 5465 

mm 7330 7830 90SO 
11860 11500 11675 12000 
1170 1138 1140 1W 
iS 530 OB Mv 
26S 2580 2580 2620 

5005 41^ SMS 

15100 W55 1492 14W 
22000 21B50 2MS8 K300 
14315 13700 13730 144W 
11570 111SB Ilia 11540 
6285 6125 d!2S 6216 


Sao Paulo « "X5SS1ISS 


Taipei 


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Brahma Pfd 
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Htahitanu 
Itahonai.Kra 
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Ptd 

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SdNadonoJ 
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Domkio ^ Heavy 

KonaElPwr 
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LGSssitefl 
Pahang Iron a 
Samsung Dtstay 
5aaetngEtac 
5ftlal»Baik 
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11.19 1130 
82060 820.00 i 
S69 5531 
7831 7831 
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535.00 547 JN 
64959 649.99 
> 53060 536.00 
4«.M 463JM 1 ■ 
mo I 30002 
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l 11J5 11-25 
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16100 16400 
I 34000 344018 
i 39JOO 3900 
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I 27 JO 27.92 


compose Mac 75ZJ1 
PIWKTO745JS 

M500 959 00 woo moo 
8100 7900 7900 8000 

21000 20600 20900 20600 
HIM 13100 14000 13060 
27400 26000 274.® 2 6800 
5750 5540 5750 5570 

47500 46100 47500 46100 
60600 59000 60608 58900 
46900 46000 46700 45700 
69700 69000 49500 69^ 
9550 W50 K5D SW» 

446000 4SMH 464000 463000 


Singapore 


Montreal 

Bee Mob Con 
C* Tire A 
CriolIQA 

err 

GaZmeuu 
Gt-Wed LBeoo 
Onaco _ 
hwetesGrp 
LobtawCo* 

Hal Bk Con 
Power asp 
Pwer Fm 
O ueteor B 
RogeaCaanB 
RoyarSkCda 


DennankeBk 

Efcwn 
HofstatIA 
KwernerAsn 
Nock Hydro 
Honks Stag 

asst 

Pettm_Geo5w 

TrtSowuiOB 

Storebrand Am 


liNitmdi tartnr 1711 T1 

mtloi* 375865 

51 49 SO 50 

2700 23i5 U6& VM 
391* 39.10 39.10 3935 
AM 4M 44h A** 
1805 1845 1845 1&A5 
36 3305 3385 . 34 

4?J9 41JS AU5 4140 
3700 37.15 37.15 37» 
aa 20LS5 M.5S 21 
1700 1705 1745 1790 
3916 3955 39.10 3W» 
38W 3700 3700 3845 
27H 27 JO 2700 27W 
1000 1880 1800 11 
66.15 <800 6S45 6605 


0BXMerri72* 

mrioK 72243 


QhDevKs lzm 
CKfeOmtape U40 
DnbyFanaW’ 893 
DBS foreign 1820 
DBS Lata 446 
Fraser A Newe 1820 
HKUrod* 142 
JordMathesn* 0 
Jad Strategic' 824 
KeppelA 
KeppdBw* 

Kernel Fets 
* — 'Laid 


DS Unkn 

ProkwiYHdgi 6J5 

c — tewang uo 

. ,4Jrfo 

Sira Land 
Stag Press F 2740 

Sing Tech Ind 3J2 


UMtadwfaM l.ll 
UWDSfleBkF 1460 
WlngTaiHdgs 302 

'riollS.dc&vx 


413J0 410 41140 411 ' 

16740 U 4 i6wJ msS Stockholm 

452 438 4fl 439 AGAB 

154 15440 15540 157 ABBA 1’ 

137 134 134 137 ASriDoom 

ett 63240 633 630 Astra A 11 

A70 4700 4870 4840 AtknCopcaA 


153 148® 

152 

154 

202 

198 

201 

202 

2 7M 

36® 

26.90 

Z7J0 

3200 

32 

32® 

3200 

156 

1® 

156 155® 

46 

*50 

46 

45® 

458 

450 

458 

456 


Prertaes: 195124 

6 6 505 

540 505 545 

12 1200 12J» 

12 1110 I240 

0.91 892 0.92 

I860 17.40 18.10 

443 440 446 

905 1820 9.90 
3J4 342 342 

7.90 755 810 

4.16 4.18 400 

5-95 i IB 
172 176 170 

5 5 J 

42B A3 0 430 

13 1300 13J0 

70S 8SJ 845 
640 830 *25 

645 645 640 

1140 1210 1240 
720 720 72JJ 

2420 2MB 2720 
370 177 124 

248 2J0 348 

227 228 2-78 

107 1.11 107 

1110 11» 1400 

178 J00 302 


SX 16 tadec 399141 
Provtaac 3675.18 


SSL 


Tokyo 

^NtaWmWr 

SSiSSS 

Bk Tokyo MBsu 
Bk Yokohama 
Bridgestone 
Canon 
OuCuEtK 
□maokuElec 
DalffiSPiW 
Daiei . 

DoF Idil Kang 

DmwaBank 

DahM House' 

DatoioSec 

DOi 

DettsB 

East Japan Ry 

Efeoi 

Fame 

FvR Bank 
FuP Photo 


HaJifiuUBk 

Wtadii 

Honda Motor 

(Si 

1HI 

Itochu 

Ito-Vbtoda 

JAL 

Joprai Tobacco 
Jusco 


AGAB 111 109 111 10940 

ABBA 112 111® IW 

AgdDam 245 237 237 240 

Astra A 15240 142 142 15240 

AtknCopcaA 252 34140 2S8 247 


Kara® Elec 
Kao 

KawasoUHvy 
Kowa Steel 

KtaUMapRy 

SMS" 

kiiron^ 

Kubota 
Kyocaa 
Kyushu EJec 
LTCB 

Marubeni 

Marat 

Matsu Comm 

Matsu Elec tad 

Matsu Eiec Wk 

Mltsubtsti 

MOsubtsMa 

MhubtahlEI 

Mnmmta 

MteubtertHyy 

MasubaMMal 

MltsublstriTl 

Mftul 


StodlMirtrttoto 99044 
Prestera: 9*4048 

1S2 148 148 1S1 

118 11540 115A 116 

n 71-SB ;i40 72 

122 12B 128 130 

3000 30JB 3040 3020 
[1840 Ilf 115 117 

&5 M 64 6440 
127 122 122 12540 

5740 5140 5640 63 

74 73 73 73 

105 101 10140 105 

161 150 161 151 

4740 47 47.10 4740 

138 131 138 134 

6440 64 64 6340 


NBM22S:196MA6 
Prostate: 190505 

1040 1100 1060 

701 710 506 

3460 3490 3490 

855 872 865 

591 596 597 

1030 1070 1M) 
2250 2290 Z280 

539 565 SB 

2740 2790 2840 
3530 34M 3600 
2010 2050 2020 

19® 1990 1900 
2720 2730 27® 

818 B25 8S1 

M88 120 1500 

579 394 580 

BSD J340 1330 
743 785 7® 

6770a 6950a 7770a 
2680 27ffi 2720 
52900 5450a 5250fl 
2430 2» 2500 

5050 5150 5300 
1520 IS® 120 
4700 4730 
1650 1670 
noo 1120 mo 

1270 1320 1310 

3670 3780 36S5 
1680 1730 1680 
3H “ ™ 

SIS 

6710 47® 47® 
456 486 475 

9400* 9450a 9 400a 
33® 3400 3390 

540 S® 5® 
2200 2210 22® 
1730 17® 1780 

471 482 476 

795 307 315 

678 685 682 

tO® 1070 10® 
172 17S 175 

— 811 

497 481 

9050 9100 95® 
19S0 1970 1980 
565 577 SJD 

441 4® 455 

1920 1950 19® 
4620 4670 4780 
2420 74® 24® 
13® 1380 raw 


MflsufFvdosn WSJ 
MUsd Trust 680 

MuntoMJg s&» 

NEC 1610 

NBtoSec 2430 

Niton 607 

Nintendo 11000 

W&SST 520 

Nippon Sled 303 

Ntaon Meter 784 

NKK ]93 

WorouraSK 1730 

NTT 1220b 

NTT Data 5140* 

Qlttoper 

OsdmGoi M3 

Rto* 1W0 

Ratan 14400 

SakunBk 7« 

Sanfon 4350 

SanwaBant 1660 

SroiyoEtec 4« 

5ea»» 

SetouRwy ssaa 

SeteulChem 953 

Sddsui House 1170 
Seven-Ekven 9210 
Simp 73M 

SMcaku El Pwr I960 
SNatfni 999 

ShhMrtsuOi 3350 

Shtectda 2M0 

SWruokaBk 1260 

Saflbank « 

$m 12000 

SumMona.. 
SutotaraoBk 
SumR Cham 
Sunritomo Elec 1 
Sunil Metal 

Sunn This 

ToetoPtwmi 3110 

TokettaOieni 3«K> 

TDK 9840 

Totnku El Pwr 1990 

Total Bmk 1060 

TcMo Marine is® 

Tokyo 0 Pwr 2270 

Tokro Electron 75# 

Tokyo Gas w 

TokyuCorp. 

TopSn Print 1 890 

Toraylnd 
T«W» 

Tastera 

Two T nisi 

Toyota Motor 3310 

YonoiWMM 3000 

BjJttt *17.000 


Low dose 
1420 1440 

655 680 

5400 5530 

1570 1580 

2290 2410 
592 599 

10800 11000 
751 784 

510 520 

296 300 

7® 784 

190 193 

16S» 1730 
1170* 1220* 
50906 51406 
590 620 

277 280 

1780 181B 

14200 I420Q 

4Z7H 4350 
1620 1650 

430 437 

8310 8370 

5410 5500 

940 953 

11® 1170 

9050 9200 
1300 7340 

1920 19® 

570 599 

3310 3290 

2010 2030 

12® 1250 

60® 6100 
71700 7UW) 
1(00 10® 
1878 1920 

437 447 

19® 1970 

274 7® 

11® 1190 

2990 3000 
3490 3S88 

96® mo 

19® 1970 

1030 I <80 
1450 1490 

2230 2270 
7270 7540 
287 296 

625 6® 

un ii® 
1850 IBM 
720 792 

710 721 

245D 2520 
911 945 

0 3310 
2990 


Mam 

Mewbridgs Net 
Norandamc 
N ween Energy 
Nlhetn Teteajm 
Nora 
One* 

ftmcdnFettai 

Petra Cda 

Placer Dome 

PucaPUtoi 

Potash Sask 

Renaissance 

RioAlgaai 

RD9 us Carta! B 

Seamen Co 

Slwfcda A 

Suncor 

Ta&roanEny 

TeckB 

Tetefllobo 

Tete 

Ttanacm 

TojOora Bank 

TransaBa _ 

TrareCdaPlpe 

TitankFtai 

TitzecHahn 

TWCGata 

Westerns! Erar 

Weston 


High Law < 
30 00 29.90 
66 6305 
30.18 »»* 
33^0 31® 
i 141® 142.90 
1120 1110 
32ta 32 
27.05 2400 
26® 2635 
25® 24 

1190 1365 
1041* 104 

3705 34.90 
35® 34W 

30 291* 

SIM 50 

24.15 23ta 
46 4405 
45 4430 

78M 2735 

51 W 50® 

27.15 24.50 

35.95 3414 

4305 4T* 

1705 1735 

2715 2730 
6944 69 

33^1 32W 

7 6U 
271* 27 

99 98 


Vienna 

8oeMer4Mdeh 

CrerfhnstPW 

fAjJknenil 

Ht^rafenWlen 

OestEtekWi 
VA Stahl 
VATedi _ 
Wtonertwig Bau 


ATX tadat 143207 
PrertoBs: 146&N 

1045 1020 1027 1025 

S9B SJS 590 fflffl 
085319430319430 3290 

1630159905 1610 1630 

537 520 521® S«M5 

783700 7818 1819 7840 

879 B74.70 875® 680 

618 571® STB 61855 
2592 2490 2490 2*00 

2754 2490 2691 2742 


1240 

12® 

1260 

290 

295 

29? 

575 

596 

605 

1S90 

1620 

1630 

799 

829 

no 

631 

640 

636 

16® 

17® 

1700 

1090 

1100 

mo 


Toronto 

AMU Cons. 
Afocfta Energy 
Alcan Alan 
Andenon Eopl 
BkMootreol 
BkNswSeMa 
BanfckGoH 
BCE 
BCTsSssmnra 
BlffldwraPfwm 
Bantoetfier B 
BnncaiA 
Cairrai 
OBC 
Ctta NortIRaa 
CdnNriR® 
CdnOcddPet 
Cdn Pacific 
Cnnlnai 
Dato&co 
Darasnr 
Donohue A 
Du Pont Cda A 

EuraNwMhg 
Fatrta FW 
Fotoorisridge . 
RetcharChdA 
PsiocoNnaito 
Gulf Cda Res 

Imperial OS 

met 
IPL 

LtWSaw 
Laewen Gnwp 
MaaniBIdt 
MmmUiUA 
Meratnex 


TSE Wtetritte 687X47 
PrWfoUK 69*507 


Wellington 

AtrNZeaUB 464 4® 464 f® 

Brieityhwl 1® 138 138 139 

CartermorS 145 3® 363 3.70 

FtatdiChBldg 461 460 461 440 

FKxiiChEnv 555 543 153 145 

FIpKfi Oi Font 1.96 1.95 106 1.96 

FteJdi Ch Paper 1C M W W 

Lion Nathan 104 402 432 4« 

TeJBcnm NZ 707 76» 7® 763 

Wisan Horton 11.W IIB5 1T.90 1105 


2195 2630 24V> M05 

tl IS A its Zurich 

18® 1X20 1820 1135 

5830 57V* 57jS8 58® u BB 

it* 651* 6190 6714 

52 M S, 

^5 ^ ArefrSe«noB 

3519 35 SWfr 351* a 

39 3635 3835 3905 

3130 33 3J.I5 3330 

3500 35® 3S.ni 3195 

Sim 5155 5M XtSS 

39.95 3800 3890 40W q£^R 

694$ 68V. 6945 m qj 

3760 3700 37 JO 3705 

3735 36J0 36® 3» 

SS S3 IS SJS SSS 

3DU 30 30.10 30W iJedS 

1230 1205 mo 1230 K.. 

WS ® SSttR 

J2H 32*i 3245 4L55 rwam Pup 

2305 23H 2344 2195 ggSjS 

«yg ^ pSSsvhJ 

391 389 390 .397 pMmnf, 


Vision 

^jSpeeChem 
OmtartR 
Od Suisse GpR 


391 389 390 391 

29® 38.90 - 29 29.90 
24® 2190 14.10 74J5 
Oh 61 62-30 62rt 
ID® TO. 20 1000 10J5 
7110 74ta 7505 75 

4235 41.90 4100 42® 
STY. 52 5205 S2VS 
2205 21® 21® 22.15 
47b AM 46** 47® 
19® 1905 19.10 19J0 
89W 8020 88V. 89.70 

12.95 1200 11W '2-90 


^mvChenw 
ESECHdg 
HoWertonkB 
Ltaddenst LB B 
Nestle R 
NcwrtlsR 
Oe«fito*BuehR 
PtngeMhBdB 
PhnnnVha B 
Richemont A 
Pin* PC 
Roche Hd? PC 
SBCR _ 
SchhufierPC 
SGSB 
SMHB 
SutrerR 
Swtss Rotas R 


U B5B. 
WMerihurR 
Zurich AssurR 


SPIiutoc 373800 
Prwtauc 376837 

23» 22® 2301 2266 
584 S75 579 574 

1648 1412 K21 1441 
2590 2530 25® 2®0 
870 870 870 8TO 

2285 2250 2250 22® 
3725 3670 3710 3700 
1245 1230 1237 1247 
14305 139 142® 1® 

1094 1055 1074 1091 
20050 204.75 ZB® 207® 
538 534 $37 536 

6855 6790 6830 6850 
4850 4900 4800 4840 
1414 1383 1392 1411 
S9S S93 5W 597 
1973 1830 190 19M 
2401 2320 2342 2392 
14675 141 14605 146® 

1975 1950 1950 1995 


986 

973 

983 

984 

2ZS4 

2210 

2210 

2225 

349 

338 

347 


14770 

14315 

14520 

14650 

417 

408 

4)2 

4)6® 

1900 

1905 

1930 

2000 

ssse 

3025 

3025 

3080 

92$ 

098 

905 

915 

1218 

1177 

1185 

1185 

2320 

2171 

2186 

2197 

1995 

1962 

1970 

1987 

1661 

1645 

1647 

16® 

1527 

1495 

ISIS 

1507 

624 

613 

i 

614 

613 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 9-10, 1997 


NASDAQ 


Friday’s 4 P.M. 

The 1.000 most-traded Notional Mattel securities 
in tenns of dolor wtoft updated twice a year. 
The Assocatsd Press. 


I 


tst pe uotn*i law 


o»I so* dh ns K 


12MBA 

tfip Uw Koi 



NYSE 


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f Bangkok Unveils Plan 
For Deposit Insurance 
To Stem Withdrawals 


CiXwUrJhrOur Sufl Am,, Ch^kry 

BANGKOK — The Bank of 
Thailand unveiled a staie-run de- 
pose insurance program Friday as it 
med t° calm marker jitters over the 
stability of commercial banks and 
™« companies after having sus- 
pended 58 cash-strapped finance 
companies since late June. 

Siri Gamjaremdee, the assistant 
central bank governor, said the cen- 

Hubris Lays Low 
Tourism Industry 
In Hong Kong 

Reuters 

HONG KONG — The tour- 
ism industry here shot itself in 
the foot in June and July by 
raising prices and creating the 
impression that the city was 
fully booked for the territory’s 
lavish handover celebrations, 
tourism officials said Friday. 

As a result, fewer people 
came, and the industry suffered 
a punishing blow during the 
two months as tourism — Hong 
Kong '5 biggest foreign cur- 
rency earner — plummeted. 

Analysts said the industry 
has only itself to blame. 

Months or years before Bri- 
tain handed Hong Kong back to 
China on July 1. travel agents 
and hotels had boasted so much 
about the tide of guests that real 
visitors stayed away, they said. 

“Everyone in the tourism in- 
dustry, everyone, assumed it 
would be booming this sum- 
mer.” said Howard Young, rep- 
resentative of the travel industry 
in the Hong Kong legislature. 

But room occupancy plunged 
in June to 70 percent, from 87 
percent a year earlier and 88 
percent for 1 988 as a whole. July 
figures are not yet available, but 
a hotel industry official said 
room occupancy was around a 
paltry 60 percent. And visitor 
arrivals plunged J4 percent in 
June from a year earlier. 


mal bank also had asked Thai and 
foreign banks as well as other Fi- 
nance companies, to lend surplus 
funds to institutions facing public 
runs on their deposits. 

Mr. Sin’s statement was designed 
to stop the heavy withdrawals of 
funds that some small Thai banks and 
finance firms had seen over the pre- 
vious two days after the central hank- 
told 42 finance companies to stop 
operating for at least three months. 

“The measures are adopted to 
protect sound financial institutions 
from the lack of public confidence.' ' 
he said. “No institutions can survive 
if they are hit by public runs." 

Investors have been skeptical 
about the government's assurances 
since Tuesday that no additional fi- 
nancial institutions would be closed 
by the authorities. Thailand's 91 fi- 
nance companies have faced severe 
liquidity problems arising from non- 
perfo/ming loans extended ro a col- 
lapsed property sector. 

Mr. Siri said the deposit insurance 
program, which he hoped would be 
necessary for only about two years, 
was in line with the policies of the 
International Monetary Fund. 

Thailand on Tuesday announced 
an IMF-sponsored austerity pack- 
age to shore up its economy, which 
is growing at its slowest rate in more 
than a decade. 

Separately . an official said Finance 
Minister Thanong Bidaya would seek 
to negotiate a 515 billion emergency 
aid package from the IMF, Japanese 
banks ana other regional banks in 
talks in Tokyo next week. 

“We will go to Japan to negotiate 
a loan for 515 billion." the deputy' 
finance minister, Chaturon Chaf- 
saeng, said. "If we succeed in se- 
curing the loan, it will help boost our 
foreign exchange reserves and re- 
turn the economy to norma!.*’ 

Mr. Siri said the deposit insurance 
program would guarantee bank de- 
posits up to a maximum of three 
percentage points above the average 
three-month fixed deposit rate of 
five top Thai banks. For funds de- 
posited at finance companies, it 
would cover funds earning as much 
as six percentage points above the 
average three-month fixed rate. 

< Reuters . Bridge News) 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 9-10. 1997 

ASIA/PACIFIC 

Fuji TV Is a Star in Its Debut 

Broadcaster’s Shares Leap 20% in First Day of Trading 


PAGE 13 


ft t* tjue Ssjgfm ii Pt\fia l ‘lei 

TOKYO — Shares in Fuji Tele- 
vision Netw ork Inc. rose 20 percent 
in their trading debut Friday, mak- 
ing for a successful offering in what 
has been a stagnant stock market. 

Fuji's stock rose to 660,000 yen 
($5,560) from the offering price of 
550,000. It helped the Nikkei 225- 
siockaveraaense 128.61 points, to 
19,604.46. 

"It's attracting a lot of interest 
from individual investors because 
Fuji TV has broad name recognition 

in Japan and a solid earnings track 
recoro,” said Mosam Yamano, 
head of the equity department at 
Taiheiyo Securities Co. 

Fuji TV is popular with young 
viewers and has been investing in 
new broadcasting outlets such as 
satellite television. 

But there had been concern 
about the issue because of recent 
government actions against 


brokerage houses for payoffs to 
alleged racketeers. 

Yamaichi Securities Co., the 
lead manager of the Fuji offering, 
was raided recently on suspicion of 
having made illegal stock deals 
with a corporate racketeer. This 
led to worries that Yamaichi might 
not be able to advertise the new 
issue aggressively. 

Adding to the worries, Japan’s 
biggest brokerage concern, Nomura 
Securities Co., has been temporarily 
barred from the market as pan of a 

government-mandated punishment 
for deals with the same racketeer. 

In addition, with the Nikkei trad- 
ing below its level of a year ago. 
there had been fears about the Fuji 
issue and the negative effects that 
weak demand for it would have had 
on another big issue, Central Japan 
Railways Co., which is expected in 
October. 

One reason for the brisk demand 


for Fuji’s shares may have been 
Japan's 20 percent ownership limit 
for foreign investors in broadcast- 
ing companies. Foreigners already 
own 17.1 percent of Nippon Tele- 
vision Network Corp. and 18-7 
percent of Tokyo Broadcasting 
System, the two other listed Jafh 
anese broadcasters. 

Hisashi Hieda. Fuji’s president, 
said char of the 1 13 billion yen 
raised in the offering. 90 h i I lin n yen 
would be used to repay loans. The 
rest would be used to produce pro- 
grams, and. he said, “We must also 
think of share splits and dividend 
increases for our shareholders." 

Mr. Hieda also said Walt Disney 
Co. and Time Warner Inc. might 
join Japan Sky Broadcasting CoT, a 
satellite-television venture backed 
by Sony Corp.. News Corp. and Fuji 
Television, which is to begin broad- 
casting in April. 

(Bloomberg. Reuters . AFP) 


Australian Smokers Hold Breath 


f «9>J tnl Jn * la/ Shfi Fi'llt Pa/w. 

SYDNEY — Australians braced 
themselves Friday for overpriced 
beer and a cigarette shortage over the 
weekend because of a federal High 
Court decision that has thrown the 
country's tax system into chaos. 

The court ruled Tuesday that the 
states had no power to collect excise 
fees on cigarettes, a decision that 
will apply also to alcohol and fuel 
and will cost the states about 5 bil- 
lion Australian dollars ($3.69 bil- 
lion) in revenue. 

The Australian government 
agreed Wednesday to replace state- 
imposed excise fees with a national 
15 percent tax on beer and a higher 
levy on tobacco. 

In theory, the government would 
collect the taxes and pass the revenue 
along to the states. Each of the six 
states — which have different tax 
levels — would have to return excess 
funds to wholesalers to keep tax rev- 
enue at current levels. 

Industry groups, however, say no 
arrangements have been put in place 
to return the difference between the 
new tax and the old state-based fees. 


Meanwhile, two of Australia's 
three main cigarette makers, Philip 
Morris Cos.’ Australian unit and 
W.D. & H.O. Wills, have suspended 
sales to wholesalers and retailers. 

The tobacco industry says the 
change to a tax based' on weight 
rather than on price will lead to the 
collection of about 500 million dol- 
lars in extra taxes. It is also con- 
cerned that some states will use high- 
er tobacco taxes as a way to allow 
lower prices on other products. 

Singapore Posts 
Growth of7.8°/o 

A fence France-Presse 

SINGAPORE — The economy 
expanded by 7.8 percent in the 
second quarter from a year earlier 
amid a recovery in the manufac- 
turing sector. Prime Minister Goh 
Chok Tong said Friday. 

He said the government had re- 
vised its frill-year growth forecast to 
between 6 percent and 7 percent from 
between 5 percent and 7 percent 


Investor’s Asia 


'Hoti&Kortg 
'Hang- Seng- 

17000 

. 16000 . 


.Singapore 

Straits Times 


Tokyo 
Nikkei 225 


-^7 

t:: 

M A M~ 
1997 

"jTa : 



g Kong 



2275 22000 

2200% 21000 - 

2125 V li -20000 - IT^V 

2050- v/W-j . 19000— -■ 


-1975 

CTjTa 1 19W m“am~j ja 


17000-., r • . 

M AM J J A 
198? 


Sydney • “ : AHOfttates ■ ■ . ' 
Tokyo./ ■■ 

Semrt ■ , • • Comp osite fat lax 

Tahjal . . V; • "’stock hfericet 'Index 
WteoHa - V . PS5 : ' * •, " 

Jakarta . Composite Index 
Weffwfffcm ■ MZSE-40 - 
Bombay SensSIva index ■ 
Source; Telekurs 


NZSE-4Q - 
SensSva index 


. 16,547,54 1B.B73.27 -0.15 
1,343.92 1,953.24 -0.48 

2J11AO .2.717.70 -0.23 
19304.46 19,475.85 +0.65 
932.36 ..... ' 928.33 . -H&.43 
^536L35 838.04 -0.19 

752.01 74535^^0.89 

9,923.84 9.840.88 +0.84 
2,647.82 2,670.01 -0,83 

675.44 577.94 -0.37 

2,538.45 2,539.74 -0.05 
4,397.54 4,447.06 -1 .1 1 
InieRuiimul Hmkl Tnhw*: 


Major brewers have passed on the 
15 percent tax rise to retailers, al- 
though retailers have yet to pass on 
the price rise to consumers. State 
premiers warned the brewers against 
using the change in tax arrange- 
ments for profiteering. 

"We repudiate any suggestion 
from the industry that they’ve got a 
reason to jack up their prices," Bob 
Carr, premier of New South Wales, 
said. “According to all the advice 
we’ve got, there is no reason for beer 
drinkers to be paying more. I don't 
want to see that the drinkers are 
ripped off during the process." 

In New South Wales, the industry 
is indignant that the government has 
indicated that it will not refund 
about 150 million dollars in state 
licensing fees that were prepaid for 
the coming five months. 

* ‘As of yesterday morning, liquor 
stores in this state are paying an 
extra 15 percent sales tax on goods 
that are being delivered to them, 
which means they are being double- 
taxed," Mai Higgs of the New 
South Wales Liquor Stores Asso- 
ciation said. (AFP. Reuters > 


Very briefly: 

• India plans to raise $1.3 billion in the year ending in March 
1998. Finance Minister Palaniappan Chidambaram said, by 
partly privatizing four companies: Mahanagar Telephone 
Nigam Ltd., Indian Oil Corp., Gas Authority oflndia Ltd. 
and Container Corp. of India. 

• India’s Department of Telecommunications said it would 
disconnect Reuters India Ltd. from lines that feed real-time 
prices from the National Stock Exchange, citing a departmental 
rule against allowing the linking of two private networks. 

■ Pilipino Telephone Corp.. the Philippines' second- largest 
cellular-phone company, said its second -quarter profit 
dropped 53 percent, to 112.4 million pesos ($3.94 million) 
from 241 million pesos a year earlier. 

• Toyota Motor Corp. hopes to market driverless buses for 
the public, using an array of sensors placed on highways and a 
vehicle equipped with sensors to ensure it stays in itslane. 

• Japan’s Finance Ministry said foreign buying of Japanese 
securities plunged to 1.322 trillion yen ($11. 16 billion) in June 
from 3.191 trillion yen in May, while net purchases of foreign 
securities by Japanese buyers fell to 1 .994 trillion yen from 
3.042 trillion yen. 

• Thai Interior Ministry officials threatened to punish 
people it said were spreading rumors that the prime minister 
would resign in response to a worsening economic crisis. 

• Oversea-Chinese Banking Corp., one of Singapore's four 
largest banks, posted an 1 1.3 percent gain in first-half profit, to 
339.1 million Singapore dollars ($230 million) from 304.6 
million dollars a year earlier. 

• China's State Statistics Bureau said value-added industrial 

output in July rose 8.4 percent from a year earlier, to 162.5 
billion yuan ($19.5 billion!; it was the smallest rate of increase 
in more than three years. Bloomberg. Reuters. AP. AFP 


f THE INTERMARKET 








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penthouse, weriootttg fte poR rtfr3 



SAJNT TROPE, B fa 

i n»ra tel «li sepaitfs Wttnea an 
mnAns. Btf ctnUfafrO' ®dcony ow- 

Sra-'Sc -33 fflh* 34 S4 00 03. 


Spain 

COSTA BLANCA near ALICANTE, vffla 


Housing Exchange 


pars - NEW YORK. Lutay 

Ljpom aoarttwm in itriarea.^ 
^fadflle. Tel- Lm B4S539. 


earn UNtVERSny degrees uflldng 

cork, ite & academe experiana. kh 
svatoaion ( rtdnraBm foreani rgiCTe 
n Pacfic Southern UrwaSy. w. 
to Bid, Dept 72i Uh Angeles. CA 
S30S5 USA 


registered accredited course 

C5GREES. All SdJjMS. Homs^ 
FAX: 318-354-6335 Tet3l8-35MfflO 
Box 2604, (ora Cay tA 52244 USA 
E-ttat amowtoetfSrtietlxoni 


SSWSBSR^w 

3^ m Hirt^BtradiCA 
92849 USA.- B 4 naB • \Kstonn 6 nnoasn 


Meeting Point 


S5 YEARS OLD MTERNATONAL UAH 
living in central lialy seeks, young 
attractive lady tor companonslrp. 
ft*: -a 743 4611 B 


DINING OUT 


SULTRY VENETIAN BLOND seeks gan- 
Heman tor a mutual rewarding Batson. 
Cal Brussels: (S-646 GS22 


WEEKEND K U0KTE CARLO done. 
Vftiy doiri you cd me - charming 
ITALIAN MSS wtshK to join you. Vanfr 
idgiB 39 (0) 336 8366571 August 




PARIS 6th 


LEBftBOQOEr 

AnstatBlidKa 1947 


Gatrononrita immola rwombltpAa 
13, rue SdnPMncjR. 1 01 43W8J144. 



PASS 17th 


% KIRANE'S 

N » w l «( l m lhrearotfltfafa Wd»* aj rh . 
b^MMi taKldUu {mm Pandfob. Vmy 
jood p«jj reviews. Opm wnr/dty. 
AfrandKonad. • UwhffW 
•HwwfMSSto FF 199 
AS, w. db Tonei, - M 01 45 74 40 31 


Tutefa A Ul^ckite, Wahrb*. 
bartHdhorirertHnrt, ItfAMr.MgMntrA 
TdLi 5128*43. fm mOeati. BOm. Opu. 
Noore3 pj*. X 6 pan- lam, nopt Snfor. 
OpMktdnyc. 



Domestic Positions Available 


DOMESTIC STAFF-Hnhesl caJbre op 
rienced Coupte, WtelHoiEe Maregec. 
Nannies. Chets. Housskeepos, l PA' s- 
bA scn^ukMEly vetted. HUTCHWSOWs 
Bmtopnern Agency 44 (t?)7i Sfli ooro 


SWEDISH FAMILY Jjhysfcfajriefldlff. 
Idds 3 8 3) seeks caing jandmotha/ 
titorn Bear* a real ganknofter. B« 
366. W, F-92521, NeiSy. Cadet 


Domestic Positions Wanted 


WELL EDUCATED, niiiigial young 
lady, high human <aeBifls. seeks poo- 
Hon to care tor an elrieriy persm. Bat 
334, UiT. 32521 Nsu% Cota. Francs 


COUPLE, ffiperisnoed, chauttentotler, 


EngSsh. T* Paris +33 (0)1 4363 4580 


Top agency est. 1982 
Nannies, Mother's Helps, Baby 
Nurses, au Pairs, Governesses 


Tel: 44 171 355 5006 
Fax: 44 171 355 5007 


Monroe Nannies 

KMamSV7ffiM70^IFfflTHEteraS7 
NANNIES/MATERNITY NURSES 
GWERMESSESIIOTHER'S HEIRS 
AI staff are Idy experienced to iha ore 
of Wurisfi young cBftw AwpnwWa 
a vary professional & earing service 
Piem cwfflrcrr Emfly van gysson 
TO: (44 171)4090810 FAX- [44 171)6294165 

JSBEfMLEY STREET. LONDON W1XS4E 


DOMESne SOLUTIONS AGENCY 
The spedaifls tor Buaare, ChsJfeus. 
ConpanlorB. CooSHouseteepas, 
CotMs i SeaiSy staff. 

Tel 4+171 589 3368 Fax 171 589 4960 





ftnooaDy sttiid. Bperiencad utd 
profeMlonal ttltii cawflenl rtfenws. 

AVAILABLE NOW 

Open Monday - SaStmtoy- 
Please telephone Sarujar* or AGrhi on 

© T*(: +44 171 569 6132 
Fox; +44 171 569 0092 
25 71wfc» Sow. 1CMMN SWT 1W 1AGV) 


STAFF o/ DISTINCTION 



UK A OVERSEAS AU PAIR AGENCY 
NAMES. U0THER5 l€LPS. 34 hW> 
srafi. 07 flws« SL London Wlfl 7HF 
Tet 171 49+ 2929 Fax 171 494 2922 
































HI Tit FT; DFRAL CAPITOL IOC 

Til. USD 45 Pol UIO 71* U 42 

• MW GUM Fund s 1J? 

- ABC l*mUc Fvrtd lECI 1 USAS 

ffl ABC GHMI Recovery Ffl $ 141.77 

rr ABCGtabcs Bond Ffl S 12134 

•H AM AMRO BAKU P.O. Bn 80, AnMutea 

J nss 

?• Tram Europe Fund S S Jta&j 

r. Alronta PI Tusa 


291 BASQUE EDOUARD CONSTANT 
r BEC Dm Fa imaiband SF 91? 

BEv Oi*.Fd inMuc SF 2953 

j> B£C lahyfunil SF 31 U 

MNQUEFBAMCAISE DEL-ORIENT 
ffl BFO StOY-Otobol SlPItaglet S 10*63 


a CEPOwrr T«™ FF 3B3M7.7S 

BS CHEMICAL IRELAND FD ADM LTD 
f^AftwSWdPIt' 5 1410 


BVTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 9 - 10, 1991 


Advertisement INTERNATIONAL FUNDS August o, 

Aaveru* avaMable on Internet: http://www.iht.com/IHT/FUN/funds.htmf 


Quotations supplied try fund groups to Mlciop*! Paris (td: 33-1 402109 09) SGTVJC6 SpOfiSOf&d by 

j=or Information on how to list your fund, tax Katy Houri at (33-1) 41 4392 12 or E^nall : funds ©ihtcom MOKIA 

r^^fras daily quotations far vour funds by &ma8 : suscrtbe at edundsOtitcom 1 


| * &ZZ£ 2 S[u^enid 


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042 PERRIER LLUUJN CROUP 
5 FL TnS ivnunond SF lluS 

DO FIDELITY INVESTMENT 
TN- 00 33 251131 230 


0 Gtobai Median Fend 5 solSO 

a Speart Graptn Fund s 37.77 

04* F1HAMSA CROUP (Fw *4 2 2 44 li W 
(intend EMrttmbaasttaoniiuam) 

1 «a 

044 FLEMING FUND MANAGEMENT 

• I n w ma Vma EqaBy Fund 6 117457 

041 FOKUS BANX AJ. IPMh : 47-721 B 01 1) 

■> FoturaUdiGrowtiFfl S 112 

S FOREIGN A COLONIAL EMERG MKTS LTD 
: LMM 171 43B 1234 

0 Aiyenllnian InvM CnSksv I 28.75 

a Brfizfhgr lines Co San S «023 

v CaEnHor Iri^CoStOt I 

a udan imiem Ca Staav S 794 

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OFFSHORE FUNDS 
II AMrt 5L ttouglatJ of Mai 441 
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ERE DUCTS _ 
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5 FdiGBP □ Acc _C BoJ9 

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10* LOMBARD OSIER OPPORTUNnY 

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105 MAGNUM FUNDS 

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m NAM MuUi Hedge SF 1B1* 

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125 NOMURA INTL (HONG KONG) LTD 

0 Nomura jarana Puna 1 10.48 

124 NORTH STAR FUND MANAGEMENT 
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m AIS ArnOrage Fund S 12527 

a A1S Wandr-ide Fund S 136*4 

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» Qtjmtua Gtobai ftedatf f 20987 

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a Oilman Natural Reeaurcn 3 591 38 

1290PPENHEIMERA CD. INC Fdi (HM nnl _ 
r mu Trane ntmananal S 1*497 

f EmergMkn mil II S 22293 

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r Onsen CattrM mil LM 5 1*750 

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r oppen Paragon 'nil Lid s 1*331 

.* Ooperi value md Ltd S 118.94 

1JOOPTIGE5T10N PARIS 

CROUPE MART j}l MAUREL 

a Optgaa GW M-FWHt Inc DAI 2*3.990 

« Ooegsa GW Fd-G«n Si* F. DM mgi 

a OpUgofl GUI Fd-lntl EaSnD DM 11*32* 

131 OPTIMA PUNDMAKAGEMEHT . „ 

73 Front 51. Hqrnawi.Bmnuda B09W84S8,. 
a Cuttynunk Ud I 10.24 

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a Opinni EnuraU Fd Ud S 15 73 

it GpUnta Fund . . S 27^ 

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tr a»f Lewropftf <31 Julyi S 3213 

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* OrMiu Natural Res Fd U I6JW1U 
IJ4PACTUAL 

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0 Elen* ff Fund LM 1 598*144 

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d Ortje Fund Url _ S m 66*8 

fl Twtnrai Hlgn YMFd Ffl 1 1151415 

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ffl CUnASlUiM S 146887 

134 PARIBAS 

PARVEST SUB-FUNDS 
EQUITY POPT FOLIOS 
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Real Estate in Japan: 
At Last, Time to Buy? 

Brokers Now See an End to Falling Prices 


■C By Miki Tanikawa 

J AP ANESE property prices remain 
sky-high by international stan- 
dards, but there i s something abou t 
them having slithered down to 
their lowest levels in years that excites 
people like Kazuhiro’lto, senior man- 
ager of real estate research at Nippon 
Credit Bank. 

“Now is the time to buy,’* Mr. Ito * 
said. “Like securities, the best timing to 
buy in is when the market is on a down- 
ward trend. And we are just about to 
enter into a phase for uptrend buying. " 

In what was seen by some observers 
as a bottomless pit, Japanese real estate 
prices have made a long, continuous 
journey downwards since the asset-in- 
flated bubble economy popped in the 
| f\ early 1990s, causing residential and 
' commercial properties to shed as much 
as 90 percent of their original value. 

Residential prices in major cities re- 
mained flat in the three months to June, 
while commercial prices declined from 
the previous quarter, according to of- 
ficial surveys released this week. 

The National Land Agency said res- 
idential property prices in the Tokyo 
area fell 0.7 percent from the March 
quarter. Those in the Osaka area were 
down 0.3 percent while residential 
property prices around Nagoya dropped 
0.2 percent. 

The government-affiliated Real Es- 
tate Research Institute said commercial 
real estate prices in Tokyo and three 
surrounding prefectures fell 2.5 percent 
in the second quarter from the previous 
three-month period, the 22d straight 


vf.:-: • 
’tv . 


l v 
*> - V 




in - ' . 

' “.5 — 


likely to keep moving side wavs with 
sustained increases in purchases of 
property for redevelopment, he said, 
v / H-/ or com mercial property prices, 
me official said the declines would con- 
tinue to decrease, reflecting slowing de- 
clines in office rentals. 

But just as the ever-rising asset game 
came to an end, so will the" falling" land 
prices — or so Mr. Ito and other spe- 
cialists believe. 

They said the current market was 
characterized by a happy convergence 
of strategic interests between buyers 
and sellers. 

After years of restructuring efforts 
that have failed to bear fruit, real estate 
companies and land-owners — strug- 
gling under massive debts incurred dur- 
ing days of mad expansion — must now 
give up part of their portfolios to gen- 
erate cash to pay off their obligations. 

Meanwhile, companies with health- 
ier balance sheets, as well as small or- 
ganizations that were unable to buy top 
properties while the bubble was grow- 
ing (and thus were spared when it burst), 
are now eager to purchase top Tokvo 
locations. 

“Those companies whose balance 
sheets are badly damaged cannot go on 
the offensive; rather, they must sell.” 
Mr. Ito said. “Meanwhile, those firms 
that did not take pan in the bubble 
economy are ideally placed to hunt for 
properties.” 

Among the potential buyers, for the 
first time in recent memory, are for- 
eigners. In the past, overseas businesses 
had little access to Japan's dubby real 
estate market, where the best deals are 
often dosed without any public notice. 

“At a time when buyers were avail- 


quarterly decline. “At a time when buyers were avail- 

“In the large city areas, residential, able at home, sellers didn’t bother to 
property prices remained flat in 85 per- deal with foreigners.” said Yasuo 

rent nf nlapf»« Cllrv(*V«1 UihiU rnmmor- VaimL'imi ronrncAnMriiM /litaftn- nr 


cent of places surveyed while commer- 
cial property prices declined slightly in 
about 80 percent of areas,” an official 
said. 

A rise in the consumption tax on 
April 1 did not have any impact on 
property prices, although "demand for 
property such as apartments declined 
because of the impact of the consump- 
tion tax hike,” the official said. 

Residential property prices were 


Kawakarai, representative director at 
realtors Richard Ellis K.K. Bar as do- 
mestic real-estate investors lost cred- 
ibility and large-scale lending for prop- 
erty investment became unpopular, 
sellers “nowadays are counting on for- 
eigners,” he said. 

Real estate agents said many Western 
institutional investors were actively 

Continued on Page 17 


Staging a Comeback? 

Selected areas where \ $ ** 

commercial property shows ■ •- • *• 

signs of appreciation. . t 




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‘ | Cost of a 25- to 30- square meter studio apartment 

in an old-style apartment house 


London 

Manor Park 

580,000 ! 

?| Paris 

Netting Hill Gate 

Si 30,000 

9th district 

543.000 

T 

17th district 

8100,000 

.| New York 

Chelsea 

S 95, 000 

| 

West S2d Street 

$94,000 

f Hong Kong 

Mid-level & Happy Valley 

5300.000 

kS Tokyo 

Hiroo 

SI 80.000 

u 

Sumida 

SI 40.000 

m Kiev 

Upkl 

S33.000 

iH Moscow 

Leninsky Prospect 

580.000 



H-a|i. SthjinGmldaiiavHiVB|i: Thicm Bc.aA.iin/5IPX 

Good addresses the world over, left to right: London's Kensington district, midtown Manhattan, and the Happy \ alley area of Hong Kong. 

Possessing Your Small Piece of the Big City 


By Barbara Wall 

The market for studio apartments in 
the world's financial centers is expected 
to expand rapidly over the coming de- 
cade. There traditionally has been de- 
mand in these cities for one-room apart- 
ments. both from young people starling 
out and from established executives 
seeking a pied-a-terre near work. 

Add to this the demand for corporate 
apartments, and you have the makings 
of an investment market. But all studios 
are not created equal, and specific con- 
ditions apply in each city. Here are some 
tips for prospective buyers in key fi- 
nancial capitals. 


Hong Kong 

With prices for a oae-bedroom apart- 
ment on Hong Kong Island starting at 
around $400,000, it is not surprising that 
many young Hong Kong Chinese opt to 
buy property overseas in order to get 
their feet on the real-estate ladder. 

"Those who do buy property in Hong 
Kong tend to see it as a commodity to be 
traded.” a spokesman for the Hong 
Kong office of Chartered Surveyors 
Knight Frank International said. The 
Chinese favor new property because ir is 
easier to secure a mortgage on: Lenders 
will advance up to 80 percent of the 
purchase price on newly built property, 
compared to just 50 percent on old-style 
houses and apartments. 

Hong Kong follows much the same 
principle for real-estate values as other 


cities built on a hill: The higher you go, 
the more expensive the property. The 
areas considered desirable by expatri- 


ates as well as natives are Mid-level, 
South Side and Happy Valley, accord- 
ing to one local real-estate agent 

The average cost of a studio apart- 
ment in Happy Valley and Mid-level is 
$300,000. Agents say it is unlikely to 
find a unit smaller than 100 square me- 
ters (about 110 square feet) in South 
Side, as this is where families tend to 
reside. The price of the property will 
include the right to use any facilities the 
building has to offer, such as swimming 
pool, tennis court or parking. 

The buying process in Hong Kong is 
relatively straightforward, and associ- 
ated costs are low by European stan- 
dards. Expect to pay an additional 2 
percent of the asking price to cover 
stamp duty, attorney's fees and land 
searches. 

Kiev and Moscow 

Reasonable prices and high rental 
rates are two reasons .why expatriates 
and speculators might decide to buy real 
estate in the former Soviet Union. 

Philip Hudson, a senior manager with 
Jones Estate, a company thar specializes 
in property investment in Central and 


Eastern Europe, said that the purchase 
price of a residential dwelling in certain 
pans of Russia and Ukraine is typically 
three to four times the annual rent. 

A studio measuring 30 square meters 
in a prestigious area of Kiev, such as 
Lipkj or the expatriate enclave of 
Staronavodinitska, can be bought for 
$18,000. An additional SI 5,000 prob- 
ably would be needed to bring it up to 
Western standards of comfort. 

According to Mr. Hudson, the property 
marker in Kiev lags behind that of Mos- 
cow by about three years. Prices for stu- 
dio accommodation in central Moscow 
start at around $25,000 for 15 
square meters in an old-style Bargain I 
apartment building. Old prop- 
erty is half the price of new. 

Those who want to put- 
chase property in Moscow are ayy? 

generally advised to stick to < 2 ? “ 

the prestigious Garden Ring. | 

any area located within.a five [ f| 
minute walk of the Kremlin, 
or the Leninsky Prospect, 
which runs in a southwesterly direction 
from the outer tip of the Ring. 

A large, one-bedroom apartment on 
Leninsky Prospect, which has been 
compared to the Fulham Road in Lon- 
don, would cost around S80.000. 

London 

It is still possible to buy a modest 
studio in a run-down area of London for 
as little as £40,000 ($65,000), but buy- 
ing at the bottom end of the price spec- 
trum is not always advisable. As Nia 
Williams, the editor of “What Mort- 
gage,” a London-based consumer 
magazine, pointed out: 

“The price differential between in- 
expensive studio apartments and one- 
bedroom flats is surprisingly slight. The 
determined buyer can find a good-sized, 
one-bedroom flat in Manor Park, an 
established if somewhat down-at-heels 
area of North London, for around 
£50.000. If you are buying a low-end 
investment property, it makes sense to 
pay the extra for a one- or two-bedroom 
apartment as this type of dwelling will 
generally command a higher rental rate 
and be easier to sell." 

In the more salubrious areas of Lon- 
don. such as Kensington and Islington, 
the market for studios is booming. Percy 
Lawson-Johnston, a spokesman for the 
South Kensington branch of Foxtons, a 
chain of London-based real estate agen- 
cies, said studios in Netting Hill Gate 
and Fulham were being snapped up 
within hours of coming on the market, 
and many reportedly are fetching more 
than the asking price. 

“A medium-sized studio in London 
would typically comprise 30 square me- 
ters of living space with a separate gal- 
ley kitchen and bathroom. The pres- 
tigious studios are to be found in elegant 
white stucco Victorian and Georgian 


rchase apartment blocks,” Mr. Lawson-John- 
rertain ston said. 

pically A studio in Notting Hill Gate bought 
it. for £75,000 two years ago would now- 
meters sell for around £120,000. while a one- 
uch as bedroom apartment in the area would 
ve of command around £160,000. Annual 
ht for rental rates are currently in the region of 
prob- 1 0 percent of the purchase vaJue. 

: up to 

New York 

operty 

FMos- Those who are buying a studio in 
or stu- Manhattan for investment purposes 
oscow wou Id generally be advised to buy space 
in a condominium building 
Bargain Real Estate rather than join a cooperat- 
iO ive. By joining a cooperative 

you are buying shares in the 
^ \ building rather than buying 

\ your own private space, so it 
7 y o is difficult to sublease. There 

firftui are no such restrictions with 
1° fl condominiums, but they will 

— u — ^ probably be more expens- 

ive. 

ection Gregory Green, a commercial real 
estate consultant with Equis Corp. in 
ent on New York, said the most prestigious 
been areas for Manhattan property are the 
i Lon- Upper East Side and Upper West Side, 
where condominiums measuring 
around 325 square feet typically fetch 
between $150,000 and 5200.000. For a 
similar-size studio in a cooperative the 
lodest purchase price is between $1 25,000 and 
on for $ 150,000. Annual rental rates would be 
l buy- in the region of 10 percent of the pur- 
spec- chase price. 

.s Nia Jean Miesel, an executive with 
Mort- Brown, Harris and Stevens Residential 
sumer Sales LLC, said that $95,000 would buy 
about 430 square feet in a cooperative 
en in- building without a doorman in Chelsea 
I one- — specifically, on West 15th Street 
it. The between 7th and 8th avenues — while 
sized. $94,000 would buy a slightly larger 
■k, an studio in a doormanned cooperative on 
-heels West 52d Street 
round Whether you buy a condominium or a 

iv-end cooperative, there will be a monthly 
use to maintenance charge of between S400 
lroom and $800, depending on the status of the 
g will neighborhood and building and the fa- 
il rate cilities: With cooperatives the monthly 
charge is split into two: a common 
'Lon- charge to cover general running ex- 
igton, penses and a real estate tax. 

Percy Mr. Green said that one of the up-and- 

or the coming areas in Manhattan was 
ons, a Chelsea, just north of Greenwich Vil- 
agen- lage — “the funky pan of Manhattan 
Gate where the professionals from Wall 
id up Street like to hang out,” he said. As was 
arket, the case in Greenwich Village and 
more SoHo, the artists and musicians that 
gave Chelsea its trendy image are being 
rndon gradually squeezed out by buyers and 
e me- renters with bigger bank accounts, 
e gal- If you are feeling adventurous, Ms. 
pres- Miesel suggests a trip to the area known 
egant as Hell’s Kirchen or, more recently, 
irgian Clinton. This patch just west of Times 


Square has gentrified in recent months 
and “the demand for real estate here far 
outstrips the supply.” she said. 

Paris 

The price of a srudio apartment in 
Paris starts at around 300.000 francs 
($43,000) for a run-down garrei in the 
transitional 9th arrondissement. one of 
the 20 districts in the city, and rises to a 
cool 3 million francs for a penthouse 
studio with a view of the Eiffel Tower in 
the prestigious 16th. 

According to Frank Rutherford, di- 
rector of Rutherfords & Co., a London- 
based company that markets and sells 
properties throughout France, the av- 
erage price paid for a smdio in Paris is 
around 600.000 francs. Mr. Rutherford 
said this sum would buy 40 square me- 
ters of real esrate in the 17th anon- 
dissement, which he described as a com- 
promise between die inexpensive 9th 
and the high-cost 16th. 

A typical low-end smdio is usually 
located on the third or fourth ( or higher) 
floor of an old-style apartment building 
and not accessible by elevator — as- 
suming the building has one. If you want 
something more modem, with elevator 
and parking space, it will be at least 50 
percent more expensive, agents said. 

People tend to buy propern.- in Paris 
for the pleasure of owning a piece of the 
city, rather than for investment: Rental 
yields are around 4 percent, low in com- 
parison to other major cities. 

If you do want to buy a pied-a-terce in 
Paris, the up-and-coming areas re- 
portedly are the 4th and 15th arron- 
dissements. However, before commit- 
ting your francs, bear in mind that 
purchase fees can amount ro around 10 
percent of the asking price once the 7 
percent stamp duty is added. 

Tokyo 

Although real estate values in Tokyo 
have fallen in recent years, the price of 
smdio apartments in the city is still 
expensive. 

A modem smdio apartment in Hiroo 
or Harajuku. which a spokesman for 
Knight Frank & Rutley termed ‘ ‘as cen- 
tral as one can get,” would probably 
fetch around $180,000. Yoyogi, which 
is about a 1 0-minute drive from the city 
center, is another popular area with ex- 
patriates and local businessman. Stu- 
dios here are priced at around $ 1 54,000. 
The area of the city that lies to the east 
has deteriorated in the past decade, but 
this has had only a marginal effect on 
real estate values, agents said. A me- 
dium-sized smdio in Sumida, which is 
about a 20 minute drive east of the city 
center, recently fetched $140,000. 

Most buyers in Tokyo are attracted by 
the rental rates, which average around 
1 1 percent a year, and the tax credits 
given for real estate investments. 


Thinking About Cashing In? Think Again, and Beware the Taxman 

. Hoianrwi funds These are mutual funds turned 15.7 percent a year on average since metals mutual funds, for instance, have fallen an spite the declining price of gold, hi late Jun 

N OW THAT world stocks are tumng • ^nds p3us . uaally.a 1992; and Dodge & Cox Balanced, which I average of 1.9 percent annually since 1987. and mana^meni predicted ^that cash flow wou 

record highs, you may be thinking u Such f^ds produce lower returns bought long ago for my children. 24 percent in the past 12 months. nse 400 percent by 200-. 

about cashing in some of your bard- f U ™ n c firnd. but with less risk. Value Lute's highesf-rared balanced funds But gold is so low that jt may be reaching a With inflation apparently under control, gol 

earned stock-market profits. outlie oast five years, the are Westwood Balanced Retail and Founders bottom. At any rate, unlike high-flying stocks, may seem an <^d place to sl^h your money. Bi 

- . t_ .u. niarp selling stock — For example, uya ujc yao n Balanced, which the research firm calls "a fine 't hav* far m fall the feev word is “uoDarentiv. At these price 

choice for conservative investors.” Both West- 
wood and Founders, however, have a record of 
high turnover They trade their stocks and bonds 
frequently, thus generating taxable capital gains 


IV I record highs, you may oe truing 
I Xl about cashing in some of your hard- 

“tsSSSSsM 

were high m ^ m s W p edera i Reserve Board, 
chairman of the U re ^ Since 

gave his S49 a 

then. General Electnc Co-nas $]3? 

ton 28 M ■ 20 


more. Say you bought KM ^ Sell j It and 

1994; it s worth eg Q 00 in taxes 

you’ll still have to pay y. ar - s 'i ess than the 
(federal plus typical f, j u? ve paid before the 

SI 0,500 m taxes you wouMhave pai 

budget deal, but it $ 5r f J investors ^ who want 
Still. I have sympathy for in Uos Md 

to dampen the nsk in t0 m0 ve 

sometimes it does make good sense 

** taven5: 


• Balanced funds. These are mutual funds turned 15.7 percent a year on average since 
thai own both stocks and bonds plus, usually, a 1992; and Dodge & Cot Balanced, which I 
little cash. Such funds produce lower returns bought lon$ ago for my children. ‘ 
rhqn an all-siock fund, but with less risk. Value Line's highesf-rared balanced funds 

FoT example, over the past five years, the are Westwood Balanced Retml and Founders 
average bailed fund has returned 12.2 per- Balance* which the .researt^ t^-'afine 
centannuallv, according to the Value Line choice for conservative investors. BothWest- 
MutualFundSurvey, while the average growth- wood and Founders, however, have a record of 
™ck fond has returned 13.1 percent. Bur bal- high turnover They trade their stocks and bonds 
anced funds have risk ratings that are one-third frequently, thus generating taxable capital gains 
to one-half lower than stock - 

funds. . . JAMES GLASSMAN ON INVESTING 

In other words, they don t — 

bounce ^when 'things °o bad. During to go along with taxable dividends. 

market, in 1990 the Standard & The way around this is to hold funds like 
sSswcki inks dropped 14.7 percent- Westwood and Founders in a tax-deferred ac- 
wk^i funds fell only A 9 percenL Value count. Dodge & Cox Balanced and the two 
but balanced funds ieu oruy /.*pc Vanguard funds have far lower turnover, keep- 

j balanced fund will keep the ratio of ing each stock and bond for an average of three 
stocks ^o^nds fairly constant over the years, to five years, so they re safer for tax-minded 

SIULU " 1 _ • marl-i-r nr ltivpsmrs 


ZTit won Toy to time the stock market or 

who 


investors. 

• Gold stocks. How low can the price of gold 


Re- go? It was recently just S3 18 an ounce, a 12-year 
chans d^Fautf ^ ^ new >^ ue of his Re- record, down an incredible 25 percent since 

Gold has long been considered the ultimate 
funds have ^twee, p safe haven since it is supposed to be a constant 

of their assets in stocks- . SIore of value m a world in which governments 

Mr- extremely have an incentive to dilate their cutrencies. 

Vanguard ^ ^ Unfortunately, gold— and gold stocks --have 

wh *b has re- had a terrible time m the past decade. Precious 


metals mutual funds, for instance, have fallen an 
average of 1 .9 percent annually since 1987, and 
24 percent in the past 12 months. 

But gold is so low that it may be reaching a 
bottom. At any rate, unlike high-flying stocks, 
gold doesn’t have far to fall. 

There are still some courageous gold bulls 
out there, including Adrian Day, who edits the 
Investment Analyst newsletter. He recently re- 
minded readers that sentiment on gold has gone 
to extreme negative levels. 
“This is a good time to buy 

gold bullion and bullion-type 

coins as a longer-term invest- 
ment,” he wrote. “It’s also a great time to 
accumulate the besr of the gold stocks. “ 

Topping the list is Barrick Gold Coro., gen- 
erally considered the best-managed gold-min- 
.ing and producing company, with 1 1 sites in 
North and South America. The stock has fallen 
more than 25 percent since December. 

Charles Allmon, a notorious bear who has 
been an uncanny stock picker for more than 20 
years, says that Franco-Nevada Mining Corp. 
and its companion company. Euro-Nevada 
Mining Ltd., “are the only two gold shares in 
my managed accounts.” They also comprise 
two of only six stocks in the model portfolio of 
his newsletter. Growth Stock Outlook. 

Franco-Nevada, which, like its sister, trades 
on the Toronto Stock Exchange, has increased 
revenues and profits for II straight years de- 


spite the declining price of gold. In late June, 
management predicted that cash flow would 
rise 400 percent by 2002. 

With inflation apparently under control, gold 
may seem an odd place to slash your money. But 
the key word is “apparently.” At these prices, 
high-quality gold stocks could be safe havens: 
Freeport-McMoRan Copper & Gold Inc., Pla- 
cer Dome Inc., Newmont Mining Corp. and 
Homestake Mining Co. 

• Other safe havens. Consider the new in- 
flation-indexed U.S. Treasury securities, whose 
returns are adjusted as consumer prices rise. 

Check out stocks that pay high dividend 
yields, which often indicate good value (and 
their quarterly payouts provide a dependable 
return in case prices fall). 

Also, look at international markets thar have 
suffered lately. For example, Singapore, Thai- 
land, the Philippines and Malaysia have had 
declines averaging 20 percent for the first half 
of the year. Closed-end funds, trading like in- 
dividual stocks on the New York exchange, 
specialize in each of these countries. 

Finally, search for stock funds that are low on 
volatility. The best way is through the Value 
Line service or Mornings tar Mutual Funds, 
' available at many libraries. Morningsiar, for 
example, shows that over the past three years 
the riskiness of one particular fund is 33 percent 
below average. Its name? Hie Haven Fund. 

. Washington Post Service 



INTERNATIONAL HERALD TRIBUNE. S ATU RDA Y-SUN DAY, AUGUST 9-10, 1997 


•»* 


The I.H.T. would like to remind its readers that past performance is no guarantee of future results and that the value of an investment and tite income from it can go down as J|_ * 

' i 1 - *^^" M **"*^~ ~ I if AisiAfrGMBN*! 1 » <■ 




f abnamro ASIAN TIGERS FUND 


I T^Bf, Funa WAV nusQ) 

3Q(j _| | - MSP X» Crimpy Alta Free er-JJOan 


[~31-12-196S-100~] 

ABN AMRO Asset Management: 

• Some USD 67hn under management; 

• More than 200 asset management professionals; 

• Asset Management centres located in Amsterdam. Hong Kong and 
Chicago (supported by affiliates). 

We olTer vou: 

• Asian Tigers Fund (managed in Hong Kong. NLG-based, NAV in 
USD 83 1 0, annual average return in USD since 1988: 15.0%); 

• ABN AMRO Asian Tigers Equity Fund (USD-based); 

• And other funds from the ABN" AMRO family of funds. 

Advantages to you: 

• Solid name; 

■ Tried and trusted investment principles; 

• Good performance: 

• Easy to follow i prices are published daily in the International Herald 
Tribune. Financial Times, and the European editions of the Wall 
Street Journal). 

Interested? 

Contact Ms. Anne Baumgardner. ABN AMRO Asset Management. 

PAC AP 0510. Hnogoonldreef 66-68. P.O. Box 283. 1000 EA 
Amsterdam, the Netherlands. Tel.: 31-20-6293256. Fax: 31-20-6294736. 


ALPHA FUND MANAGEMENT, LTD. 

. ICATU BANK (CAYMAN). CO. 

Are Pleased to Introduce 
Two Open End Offshore Investment Companies: 


lCATl' BRAZIL MULTI-ADVISOR FUND. LDC 

The Icaiu Brazil Mulli-Adnsor Fund. I.DC offers three distinct profe^iorull* 
mumpe d investment classes, a Brazilian Eqidlv Trading Class, a Brazilian 
Equity Value Class and a Brazilian Fixed Income Class. Each daw uf the lund 
«Q1 attempt to maximize capital appreciation by investing Its assets with a group 
of premier Brazilian money managers sekcled to invest hi Brazilian equity and 
debt securities- Managers selected for The Brazffian Eqnhv Value Class 
purchase shares of Brazilian companies Identified as having future jtru^ib 
potential »hite the Brazilian Equity Trading Class employ* so aggr«-i*r 
investment and trading strategy. The Brazilian Fixed Income Claw tmesis n 
the debt securities of public and private Brazilian issuers. 


ICATU ALPHA GLOBAL FUND- LDC 

The Iratu Alpha Global Fundi l.DC offers three dbtlno professionally manuced 
Investment classes, an Aggressive Growth Claw a Growth Class and a 
Conservative Growth Class. Each class of the Fond will attempt to mavimne 
capital appreciation by investing its a*set* with a group of premier money 
manager* selected in invest primarily In equity and debt securities of Issuers 
located throughout the world. 


nil earoartteneai Is neither an offer to tril nor a loluiulion of on offer in buy any 
of these teturilies. The offer if motif only it the Prospectus. 

Copies of the Prospectus out he obtained from Ur. Darnel F coster 
Alpha Fund Management. Ui 

48 Par h Ville Hoad. Suite 464 Hamilton, it MI I Bt-RMIDA . 
Phone: 441-295. M2* F<w. -UI-295-H3 7 


WOODROW PARTNERS, Ltd 

Value of S I million invested since Augusr 1st 1996 



Woodrow Partners. Ltd. started 
trading August isi loop and is 
founded on the long and success- 
ful experience of the invest men: 
manager Mr Manu Da to tv For 
nearly fifteen years Mr Pafrary 
has been responsible let size- 
able US equity portfolios orien- 
ted toward growth and capital 
appreciation 

The Fund seeks consistent and 
superior capital appreciation 
through a portfolio of long and 
short positions in the putlicly 
traded US equir. markets In- 
dividual i n.est merits are made on 


the basis of fundararta! ans.ys.s 
with close attention to earrings 
Carefully selected shot: p:s ,r .ions 
are in : rated n rp-stram the :ve- 
ra l nsf ot the portfolio. 

Since - ts irceptior the Fum 
appreciated over 57-'<. 

The Fund is quoted .r. US co.'ats 
and opens tor subscription arc 
redemption at tre ero :f ea;h 
morrh 

Ferrite taforosrioa out be obtained fro® 
the Administrator. 

err CO FUND SERVICES iCURACAOI N.V. 
Td. iS99-9) 732 2222 Fa*: 1599-91 732 2225 
Witten Weber 


GLOBAL ASSET MANAGEMENT •) 

HAVE YOUR JAPAN INVESTMENTS GROWN 
BY 161% IN 5 YEARS? 

GAM Tbkyo is the top performing of all 11 0 "Offshore Japu. Equhy” 
since launch itT March 1992. having provided ' nvea ™™** 
total murn of 131% in Deutsche marks. ^ the same penod U* 

Tokyo Siock Exchange Index (ia DM? rose by -9.62%. 



The key utbe Fuad's access hat been 
u highly selective approach to stock 
picking- The manager has avoided 
poorly performing sectors ti.e. the 
banks), has hedged the yen during 
periods of cureacy weakness and has 
recently conceuiraied oa compan ies 
which have been benefiting from yen 
weakness and dcrepiiztion. 


With the Japanese market down more 
than 30* from its peak in IWJ and 
many Japanese shares now attractively 
valued, we believe thru GAM Tokyo 
offers excellent prospects fra investors 
over the medium term, enhanced by n 
broadening economic recovery 
Selectivity wiQ. however, continue to 
be die key Wmjcccss- 


Ftar mi lafannaikia an CAM IblqnxpleaKautlncl the GAM CB«t Services department 

aa08M9t9927lLKcAraoa]})or+44 KM *32 777 flmre ntt o aritaiwsl. Atorantlreft. 

Bud usaa the InttimUai www Jdmtxaixran ter hdidttuai of ear toads tor Enmpaw 

■ad UK Investor*. 

GAM 

• S.«ccMpwW-iWito«|i..WV1*Xt»Ay»M»itlgn*rflwitOAML. t>aw«M>nfclW1 
Ulitoda ■■■■DM 

TWSg^kMMiatoM*B>itiamUOIHHb»IUWo<lrttrod^ a W al 4 <hn 

■6»Mli»>ohp^oare«reta*toi*taoe ) i »tairHM n- ta+ iuift adnata 

i up— ia>«imwa.i>iawaMUuipw»» iMU i>au<uatiawut) iiwv 
Xmawuaayka^WckteiwanltaraaalUCnSSaSiBcM ■MSeknicWfewi^Vit 

bnitt at feted kd feCtatal tmmt Mm LfetedOretonJbr MtOV 

4 


CHINA FUND 


J.B. Japanese Equity Fund 


Cu’irnch* Fliylil Cisr.i furs 1 y»* 


K.--1 

‘Attto C5- ‘lira tnoci 
CL5A Cm wv« 


‘Jn.T'X# .-r*” 

S>x.-v ' maws. 10 1 y t? - <■- r<tmwn I Jr . 
I id® C^* 4 Noz Dr< 9- frt I 


J 7U!% 


•si* a'fnii; omn. 


The Guinness Flight China Fund has produced a 
performance of f27% over the last year, 
underlining the investment potential of China’s 
developing equity markets and Guinness Right's 
Asian investment expertise. 

For further Information, please contact our 
Investor Services Department in Guernsey on; 


+44 (0)1481 712176 


Internet http://www.guinness-flight.com 

Pool portarmanc+<+ not imwlr ■ 'J-M* la Do km Fhcfunom lr ttio vatua a I 
Ow mtefvfe? •scuttim and Um aroma rnur limn urd Jiiy In hma and 
ndniga ratal moon M tha nu ol thin nvamnani nd Ox. Income. fern > can W 
m m* II 1M0 and n nol gunnmd kwmon' attanton Is drown to Du her mu 
poMcaL mortu* and — M ono — rtBks In Own are H^VDcanlN Mtfwr than hi mn 

dnnlopod nrnkata. idiisl accounfe^. ■agtioion' m haw* wontods wo akaMcanBy 
buw. Ths Ot*swss HW« Ctn Fire! loth tind al GiWnoss fVght S ola ct Finds 
PLC. Utnonun nvnlnnt CZDOOAJS S3.00Q For jfrvn inu tn L tl m i I siaphons cals may 
bn rnemdod. Tssuod by Gmnnsss RVS HofiSmi Asset ftlns^nnt La-dud, injured 
ny MfVj »»i TKj fWonal hvwWrwn Aalhorttv 154SIV7 



r*sJ«#xT ^ir owuAx 
tr «ai -• law- 

llipre CiiM* fund 

Qsifrfl Iff (hr +m % 

TV^Vjt- CO *B 

G mArOiu 

“■■if •'Vh rxwxprv 

W-k^ amt PtoiLlJ 

K-Mru 

Lev* . «rv dbumm 

ivnjttfpw#- VVOi 


Contact in no w to find art maie 

rv\TVriii»-M.naii.'n*il MWriHnv PJBj. ."I 

Si N Met lev* (1*10 f null j<xin- .’d ■haUit'SiHWu-rm 

Vlltl MI- dU>Hil|IW l^w* -04«lllii4ol4|l - 

-j*r< iwundwvmo* ir.mi> US'' :hnt*^r. « 

T1.UM. nai — j* Jiu^vtA. awl* I" *L , v ir 

/-Kil . *— nd Cm t> 

in* m-j-t.a-mTj. Mv4..(vflV.)W-— 1..4-ia..nM. *- 

tuJd»»n»rt.j* , n,«d*nrcT. Jl j -mu •> a - 1 

mr‘» .dm .n*i«ar.*.«n.r If- 

Iwn* Onyamjan iriim . A i- # ja.M. r t. 

n-mn.'.iMiSri'yao a, -«il* HOE*.'.' nrrfvUUS 

. arnp— rt hW.rV‘V*^ | r,*armnHn j .ii.s f m*-lv 'W 1 


IVVISCO 

I*, (lulul l— ***.'•' C 
. ..ir* 
IjyVliK -nn 

■wwi’i 
n.iaAi.i.ir-1 
Ou Ho* . jt-. yy. 

V ** c-.'Vm'r: 
n\.-tni<TT ati?». 
b*fsr*J on l"C t VC 1 .- 
u.. v*;* 


invest in [apart esc vuuihi*' 
through x new irutuxl lund 
dtered by [y>ke Invest 
intemjtiuru) jnd combine I 

jliMdive poMitnliiiv* uf return ' 
with imvstmcml ui blue-chip I 
companies 

Idpjneso cifuiues are expected 
to perform well over the . 

comini; year* The 4 

tolknving oreiuniiancL's 
noiri towards an up-.\ ud l 

1 

- Ls>w Japanese- interest II 

rales, rhis r* usually { I 

fertile ground lor a&i | 

rising equity prices 


• Japanese equity prices \ 
have never been low er w - 
me A*arwd by hv\ indicators, and 
the Japanese share irJrx • the 
Nikkei index - ts currenllv al Ihv 
H8T level 

• iapanese company earrings arc 
nsing The recent ceonoaiK* cn«s 
led iojtgntiKJtUly unproved 
emaenev 


In add.- non. the \vn i.« Inn- 
r -«iparec with "JS-d'jMar> 
and the F.uropvan 
currencies 


[_ Jyske Invest 

| <31 ma:uai run-J grosz* 
^ which is :-jT.> owned by 
r its Liv es; on: 

^ ■ Has o'Jbzjrfd :n >So 

- it the se*;ai:ve o! Sslz 
. . i 3ir.k. w.tk wr.Ka !>■«*■-■ 

^ / lr cc- * c»M S d 
/I • ;rersiHiJ e range- ■- 
' 1 sr.esuaer.: sMiijhs 
f Jo.nzTid :o “e«: car 
I m-.est.r* zxrtt 
j rczicrczxT. 1 . > icu: ci-.e.- 
I rjia=izr.T.#hc.-u:*T. 


J f ll c; u v.-.v. :r tee* ~.rre 

' abrnt:h»t3 : kvw«c 
' " Eqtr.- rani ar.a c:her 
:r.v»is-en; v\aii.T-‘ ?;:crri tv |y>ke 
Ir.vMt.pirtM wire or phene irrec: |.< 

jyske Bank 

New Customen Department 
kedabmgade 9, DK -178(3 Copenhagen V 
Tac-S537S'7S31.izT^l3JJ78n»ll 
Inlemek bltp; wwk. Ji-ske-Bank.dk 
Jyske-lnvest 




O JYSKE INVEST 


• accue inicMmc.it I hi easy Hi-. 

>|l*J Mil uirad bv BIS Damn KkotooI han'evr, Aaron* TH* 'I n irowe M 5* nub as Imanagoj 
si awdancs Sw fiyids' *f-«*e* d Anoaaoai and MUK Oran SWEJWVOBWUra. * at Mr 

aOKWo O He EU Oncsre cenewnnq awenski^i eaktfie i-Mdes-< omraltaBIs iscwwev 


Magnum Funds 
The Proof is in The Results 

Magnum designs funds of funds — combinations of hedge 
funds - that seek more stable long-term returns than 
individual funds. But while seeking stability. Magnum funds 
have in some cases also outperformed the entire 
universe of funds In their categories. Consider these 
recent results: 


Magnum Capital Growth Fund 
Ranked #1 Offshore Global 
Equity Fund in the World bv the 
Wall Street Journal Europe and 
Asia for 12-month Period 
through April 4, 1997. (Up 
59.7% for year.) 


Magnum U.S. Equity Fund 
Ranked #1 Multifund in the 
World with a U.S. Geographic 
Concentration for Calendar 
Year 1996. by Upper Analytical 
Services. (Up 42% for year - 
double the S&P 500 Index.) 


For more information, fax Dion Friedland at 
Magnum at 242-356-6640 or visit our web site at 

www.magnumfund.com 





flltii M 


Momentum 

AllWeather Fund 


Absolute returns 
Conservative 


Low volatility 
Diversified* 


(n (he 25 months since Momentum created AllWeather 
as a privabe partnership on 2nd May 1995 (the Furwj 
launched on 30th Sep 1996), ttie periormance was: 


nsmthS;:., 

■ • ?i", w ; rr r -» s : 



. 75 % 


/—v to 30th June 1997 

<M> 

MOMENTUM 

ASSET MANAGEMENT 


BULL OR BEAR, WE D0NT CARE 


Or i'STan pi n g E u ro v ea E ou i ty G ai ns 


N o gloU investor can aflord to miss (be oppommnjcs oScred in Europe 
-and trim borer format with than Old Mutual Inieraaiional CiTerthe 
past five jean our vaJue-onasued sro'ckptddag approach bu been 
consarendj rowaided - making u» Number Ooe in die sector according id 
independent Money Management sodsnes. 

The European Stockmuket Rind is pat of oar extensive ran^e of olfshore 
equity, bond, nuuped and deposit funds, fulffing (he needs of a broad 
Spearam ot inreston - from the rather adrcnniroas to the - mare risk anise. 

A6 this with the added secnittr erf tnvesong nth Old Mutual, one of (he 
world’s top fife assurers. Esah&brdffl I8f5. Old Mutual icwldvide non- 
manages assets In excess of 0SM5bfifoo. 

■Rjfind out more, snnpjy cotspleamd retura the response coupon. 

Comprehensive Outperformance 3wil . Htaw i. 

”fT^S i Total SUrtMf amrU 


: I J UonmlumrrntM 

®' I -.- . I tCaemtft Eamcaa 

’ ziklkir StodmarbcrmU 

■I OMWOCorepawiStocfareittaraDd , , 

I 1 ta m e— BBaicy a Coropc tsASX mu 
E3U Mkrepri Oftatore brayw EtmUj Omml 




1)10 MUTUAL 
INTERNATIONAL I 


TOP PERFORMING FUNDS 

ADMINISTERED BY OLYMPIA CAPITAL 
INTERNATIONAL INC. 

Olympia .Capital international, an independent third-party 
offshore administrator, values more than 100 offshore enti- 
ties across a broad array of investment disciplines. A selec- 
tion of funds is outlined belo*v. 


Fund/Manager 


Annualized c !i Positive 
Investment Return Months 
Caregory (0 31/071*97 Sid. Dev. 


Finsbury Group Limited l'$ High Field 16jl°o 33.>f^i 

Shenkman Capital Mgmt. Debt i/nm JUI2T90) K3*s 


Forest Fulcrum Limited US Convertible 
Forest IimsnncBl MgmL Arbitrage 


The Merger Fund" 

Green & Smith 
Capital MgmL 


L'S Equity! 
Merger 
Arbitrage 


1&S0 0 * 

if mm 002941 
15.08‘S 

(irons IJOhVt) 


PlMCOStoduf*'’ Series* Slock Index WJ T ^ ft3Tl ttt ’ 

Pariix Insert mem Mgmc Tracking I from 3//J2*M< lo5S 


Winchester Convertible L’S Convertib^ 
Phis Ltd. Debt 

•Jaklree Capital MgmL 


19.649b 97J4% 

ifromMnZW) *55 


" The manager* of ihew rundj have L : .S. fundi employine jub'.unrialK 
«he »me policies wuh hisrorie. going, back iu I **90 iGrecn A South i 
and 198? (PIMCOhmpcciivcIr. 


For further information contact Anne-Marie da Silva at 
Olympia Capital Internationals Bermuda office, 
at 01 (441) 298-3007 or via fax at 01 (441 1 295-2305. 


ORBITEX 

- (.roupoi FliiiJn 


ORBITEX ComnunjcatHHis & tefomratton Technotegy fund 


I m - INDEXED PEHF08MAHDE " 


agnrnxn— toi n i w a 
M— Uha llr to toBltol 


Y\ /vaA 


Progress creates dynamic growth 

■ratSiTE ■ loon^iwrem -y>e 

-growrn :c.eoTurut»- S. d>- 

«*yvij t'ca-xv;-* a ^ru unvwppaWe 
t*p.«uior; el <il?t>C adnAigy 

Best reeonunandatioo: Success 

ThcOlfBiTE' iKravjexjy F-.zv3l.« con- 

K<Me mewawa^,' -elum-. 

( v Mzn tuv.eynr -x-i'.'i-*’ 

■:<i MK^vatOma tr. Ui i I Cxr -14 to 

’C J'j\ ‘.It 


I I 



The Outlook for Tech- 
nology and Communi- 
cations Equities 
remains excellent and 
global Diversification 
makes sense 


Why to Invest now? 

Al no oilier nrr-; hi (tP3 70 <e*r 
r.»Jf rtv-r- b-.-cn vj Tinny nfipcaturt 
ixi .<i /*.■- m use i o Uhvtoivr 

bC Atari .-.-.ni.w.H-r n,-j y. v.' nyjo- 
rei-ai mi-nnvl f,er*o".i'VS a TU.«oj 

inrir .'11. -I urj.oncnq 

* ' — rre- .!•%»<, I -r.. 1,1 ihv r.-.-nno- 
«*ji !I» n- •».: i.^ -.rv; i.j,eUx.Y>le 
lljXiie 


Otfrt. v-n.i—t -inM.. m-.m-v i.,:e ;i in e...'i' v r, I»vv.- 

tbL!UjS*4*5*. fanHM|fcM7jlninm MtpVZwww.orbllRX.coai 


aa 


'"■AHOtsr “ 


Perpetual 


THE FUND RANGE 


Fund 

Launch 

Date 

°« Change 

iXS, 

Fund 

Research 

Rating? 

Intematianal Growth 

25.1.83 

*732.7 

+115.8 

AAA 

Emerging Companies 

8.4.85 

+792.0 

+136.6 

AAA 

American Growth 

21.4.84 

+1366.9 

+148.9 

AA 

Latin American Growth 

31.1.95 

+65.4 

— 

— 

Far Easiem Growth 

8.11.86 

+4-M.6 

+146.3 

AAA 

Japanese Growth 

30.11 91 

+25.3 

+38.4 

— 

Asian Smaller Markets 

3.3 93 

+118.4- 



AA 

UK Growth 

24.10.87 

+399.3 

+137.8 

AAA 

European Growth 

B 11.86 

+279 2 

+124 8 

- 


General Information On perpetual fund 
Management (Jersey) limited 

• Otters 9 offshore equity lunds investing worldwide 
(Min rmjm Investment: U3S2000] 

• Since launch. 7 funds have achieved rop quaniie performance 

• Over the last Ine years. 5 out ot 7 funds have achieved top 
quart ile performance 

• Offshore Portlolto Management Service, based on lund range, 
also available i Minimum Investment: USSl 50.000) 


.mi..: -iliJj-.Lrt. 


7- -. -.r i- :> LLc ti-_- 

>- --. a.', . 7l 


For Vine: nrcimancn please chone cur Customer Services Deparmens an 
-ia I0I15JJ 607660. or senu us a ta» or. -44 10)1534 38918 


The international 
equity investment 
with few equals. 

Since Koheco MV hai appreared rvL-uiarli in 
the top rank of global equir. imcsimem cvoiperic*. 

Ve after the im ester 

• An mtcmaDar.il blue-chip porttoho, diversilicii 
oif .ndcstno and market!- 

• An c*en balanci- at dividend inc-vne and capital gresm 

■ Invent liquidity as a» shares are traded dadv. 

• C*»er b£ ivin o: investment expertise. 

■ Assets under r-jHasemem of L3S u billion. 

T->r details, on Buheco N\’ please c.-nlacl Knbeex Bar.k 
h> circling die apprnpriax Reader RcpK Card number. 

Total return to NLG (OMdanda Roiiratad) 



Dec 91 Dbg 92 Dec M Doe W (toe 95 ttoc 96 
^-Itataca HSCIWorta Indejc 


ROBE CO BANK 

LUXEMBOURG'* SWITZERLAND 


SOGELUX FLfND 

EQUITIES INTERNATIONAL GROWTH 


Net Asset Valus per snare evolution 

(Base 100 Starting Period) July 31. T992 to July 31. 1997 (Currency: USD) 
SGUJX EQUITIES INTER GROWTH MSWORLD 



Jan V3 Jan 9J Jan 95 jsr> 96 Jan yr 

The j-xwK-'li-hiT.rl. ritoi.p Luin>:lK<.t tlv tir-l hr.-iv.h <ICA\’ in l-JM 
and omiuci-s r.xtn m.-r.- ih.in U5D nh bilti.-n in cn..-r rhim nruiKMl 
mai+vt pLx<.-*_«vi'rloi« irft- >>nK-h.ili private m\ ..■>!■ .r..nvf in>Qtutva-> 
Since W'. the- bwie uiv-r.ili; i..rnur ha* hix-n i.fi.-rinc a 
l.irxi-mh'un; fcw*.-ci mutu.il hind. S.X .H L'N I-L-NIj. i, d.n i..mpiva*3 .n 
.'.*oxnp4rtjrwnl> tvitha ti'l.rl N-\Vyf Lh^L'SMu " 

SkV.CLL'X l-L’N'D mchuk- 

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INTERNATIONAL HERALD TRIBUNE. SATOtDAY-SUNDAY, AUGUST 9-10. 1997 


THE MONEY REPORT 


w 


Going, Gone: Cheap Homes at Auction 


By Conr ad de Aenlie 

P roperty auctions, with 

their blunt and swift efficiency 
are no place for the undiscip- 
lined, disorganized or naive. But 
home-buyers who are short on capital 
and long on willpower stand a good 
chance of finding a bargain at one 
In many countries lenders use' auc- 
tions to geL rid of repossessed prop- 
erties. They could probably teas? out 
higher prices through more creative 
marketing, but their onlv interest is to 
bnng in enough cash to'cover the out- 
standing mortgage. The lender breaks 
>even. the erstwhile homeowner whose 
equity is wiped away loses, and the 
buyer, if astute, comes out ahead 
I "They are nearly always bareains.” 
said Chnsune Hilton, co-owner of Lai 
Residence, an agency in Oxfordshire, 
pear London, that buys property in 
France. “Worldwide, repossessed 
properties are always going to be good 
value because it's a forced sale.” 

A typical auction property is an apart- 
ment or small house 1 often needing 
renovation after a period of nealect. 
Commercial buildings are also "sold. 
Buyers may be looking for the family 
home or for an investment. 

In Britain it became a fad during the 
property recession of the early 1990s for 
parents to buy cheap residences at auc- 
tion. sometimes for as little as £6.000 
C$97, 000). as a place to install their 
children at college. 

"If you know your way around an 
auction room, you can pick up a bar- 
gain,” said" Graham Harris, a British 
property consultant and chairman of the 
Auctioneering Steering Committee of 
the National Association of Estate 
Agents. To that end, he advised new- 
comers to attend a few sales, but just to 
"stand there and watch and see. 


“The only way to do it is to prac- 
nce, he said. "If you don't control 
yourself, you can easilv forget what 
you’re doing.” 

The sale itself takes minutes and is 


said. “It's a foreign country and so it’s 
not a system they’re easy with.” 

While there is rime for reflection in a 
conventional sale, the fact that a buyer 
must "be ready to move and go through 


t u„ .I,, . ... • u,u 10 ilium dc- rea oy io move anu go inrougn 

huvino at a process of with the transaction right then and there. 

!l»" - hinder 


buyer should have a lawyer contact the 
vendor’s lawyer before the *ale to con- 
firm matters concerning title to the 
properly and to the freehold, the around 
underneath. A valuation survev should 
be made, especially if the bidder has 
little auction experience. 

"You need to make sure Barqa(n 

there’s nothing that would a 

lead the lender to back out of r 

a mongage," he said. 

Speaking of the mortgage, ) ^ 
that should be arranged be- ( L 

fore the sale, joo, because / j 

once the hammer comes T~'l[ 

down, the winning bidder 
owns the place and has to pay 
for iL Insurance also becomes his im- 
mediate responsibility. 

• “When you go into the room, you've 
got to know you've got the money to 


Bargain Real Estate 


foreign buyers, she said. 

In many Continental European coun- 
tries. property transactions, whether 
through auction or otherwise, incur 
hefty charges for legal or notary fees 
and taxes. In France, these can inflate 
the price by more than 10 
ibI Estate percent- 

v Buyers looking for good 

deals at auction in some lo- 
cations are being squeezed 
— r*T3 by recoveries in housing 

Ugp lEHKP prices: There are more pro- 
Inrm lODD speefive buyers, but they are 
I Du v p"' chasing fewer properties be- 

L- 1 — cause renewed economic 

strength gives strapped 
homeowners a chance to dig out. 

In Los Angeles, for instance, prop- 
erties sold at auction have been going 
for their fair market value, “and in some 


— . f . — . _» i*uui\i.» »bjus, aiiuniakiiut 

complete ir, Mr, Harris said. A 10 cases even more ihafl lisr price, es- 


percent deposit in cash or a cashier's 
check is due on the spot Financing must 
be in place to cover the other 90 percent, 
which typically is due a few weeks later, 
because “if you don't pay. they can sell 
the property and sue you for the rest. “ 

Self-control is vital: If a winning bid 
is higher than the valuation made by the 
mortgage lender, the new homeowner 
may have to come up with a larger down 
payment, probably 10 percent of the 
appraised value plus the difference be- 
tween that amount and the sale price. 

There can be additional difficulties 
for people buying property abroad at 
auction — say. a vacation home. 

"The uncertainty of the legal system 
can make it an unattractive route to 
take, ” Mrs. Hifton of La Residence 


pecially in two- and four-bedroom 
homes.” George Pino, who heads the 
auctions division at Fred Sands Realty 
Group in Los Angeles, said. "Fore- 
closure auctions are slowing down in 
L.A.. but not in other areas of the U.S.. 
places like Florida. Boston, upstate New 
York and New Jersey." 

In Britain. Mr. Harris said, "there 
were some very fine bargains to be had. 
but now the market has swung round 
again.” Because there are fewer re- 
possessions and more deals being struck 
before the sale date. ' 'I'm not sure many 
properties will make it to auction. You 
get a situation where people are bidding 
for something that's not under the ham~ 
mer. It's nor so good from a buyer's 
point of view.” It is only in recent years. 


since housing prices plummeted in the 
late 1980s. that repossessions have 
dominated British auctions. A gener- 
ation ago. “every good property was 
sold at auction.' 1 he said. 

To a large exrent that is still the case 
in Ireland, where last year half a dozen 
residences were auctioned for more than 
one million punts ($1.4 million) each. 
Including a castle in Dublin that fetched 
2 million punts. 

“Unlike other markets, auctions are 
not used to sell distressed properties at 
all in Ireland," a consultant to the Irish 
Auctioneers and Valuers Institute said. 
“There may be the odd repossessed 
properly, bur only the very odd one; 99 
percent of auctions are not unwelcome. 
Quite often they go to auction to achieve 
the besi price." 

The consultant, who asked not to be 
identified by name, added that vacation 
homes in Ireland, the residences that 
foreigners would have greatest interest 
in, are usually sold privately. . 

Despite its differences, the Irish auc- 
tion market is similar to others in key 
respects: the need to arrange a title* 
check, valuation, insurance and mort- 
gage before the sale. 

The finality of an auction is what his 
clients like about it, the consultant said: 
“It's a bit like an execution. It con- 
centrates the mind of everyone.” 

For further information on auenons of 
property in: 

• BRITAIN: Deiaik erf coni me auction} in Bn loin and mult, ot' 
rccrflt win an pruned in Eaciio. Cucite. a uccUy trade 
nucazinc available ai neuuumda. a> vteJJ from larger mortgage 
lendera. 

THE NATIONAL ASSOCIATION OF ESTATE AGENTS a 
ai .'I Jury Street. iVormcL. England. CV34 JCH. Tel: -U W26 
J'tb SCO: fax. ■iOO 053: e-mod. mea$'diaLpipnxntL 

• IRELAND. A list of liuh Auctioneer* and Valuers [nstinae 
agents, many of which handle auctions, can be obtained by 
anting ic- Wwnhcn Daoctan-. JS \kmon Squire. Dublin 1 
Ireland. Tel. ?S3 1 MSI |TW. iax: b61 1797, e-mail: 
inj.:«p uv i.i*. Much of .he j vaiUNc inTonnanon can be found on 
the tmuiulc'i neb vile. ww» jari.ie. 

■ FRANCE La Residence, lei- 4J M0 I S 38 aSS 


When Money Rules - but Emotion Overrules 

F INANCIAL advisers often spend a great deal depend on whether the investor currently is losing mafion the same way and will alter tl 
of time evaluating their clients' assets and money or recording gains. Behavioral finance re- based on how the same information is 
sorting through their portfolios. Smith searchers have found "that investors tend to become • Investors attach too much weig 
Barney financial consultants are raking an more risk-averse when rhpv are farina nnvtiwi rtf infnrmn linn .vnH ncciuriA /ineni r.» 


F INANCIAL advisers often spend a great deal 
of time evaluating their diems' assets and 
sorting through their portfolios. Smith 
Barney financial consultants are taking an 
extra moment to peek inside their clients' heads. 

On the excellent theory thai behavioral idiosyn- 
cracies can affect investment decisions. Smith 
Barney's in-house consulting group recently re- 
leased a highly readable report on the subject. Sub- 
titled "Those ‘Mysterious’ Market Movements: 
When Emotion Overrides Analysis,” the report con- 
tends that investors often choose the investment 
alternatives that provide psychological solace rather 
than the ones that offer the greatest returns. 

“In a perfect world investors would be as cold and 
calculating as a computer chip.” the report says. 

* ‘They would buy and sell investments without emo- 
tion, passion, infatuation oramipathy. Their derision 
would be based on a primary goal: increasing their 
overall economic well-being." 

Instead, the researchers found, investors’ "feel- 
ings of loss, pride and regret clutter or even confound 
the process.” 

For example, while it is commonly understood 
that people are risk-averse, the research cited in the 
report indicates that investors’ altitudes toward risk 


depend on whether the investor currently is losing 
money or recording gains. Behavioral finance re- 
searchers have found "that investors tend to become 
more risk-averse when they are facing the prospect of 
a gain and more risk-seeking when they are facing 
the prospect of a loss. That is because people feel the 
pain of losses more than they feel the pleasure of 
equivalent gains. 

“If a S 100.000 investment returns 20 percent, the 
investors receives more than just a S20.000 gain: He 
also experiences a sense of pride. Conversely, if an 
investment loses 20 percent, the investor loses more 
than $20,000: He also experiences remorse," the 
researchers found. 

“Since remorse is more deeply felt than pride, 
people u-ill tend to avoid situations in which the 
chances of each occurring are equal. Although the 
odds may be the same, the impact on an investor of 
each possible outcome is not." 

Outer findings: 

• People regret action more than inaction, and they 
do not like to experience regret. Therefore, they are 
more likely not to act than to act. 

• Investors place a higher value on items they own 
than die items will actually fetch in the market. 

. • People do not comprehend or analyze infor- 


mation the same way and will alter their derisions 
based on how’ the same information is presented. 

• Investors attach too much weight to current 
information, and assume — despite disclaimers by 
mutual-fund managers and others — that the fiiture 
will be a continuation of the present, and 

• People are susceptible to "herd” behavior in 
investment selection. 

The researchers acknowledge that one area of 
inquiry which could use further study concerns 
stock-market behavior. Although they found that 
many significant one-day movements could be at- 
tributed to news and information that changed in- 
vestor expectations on interest rates, corporate earn- 
ings and the like, some extreme movements — the 
1 987 crash, for example — could not. 

**Bv using the basic information in the report to 
probe our clients’ financial psyches, we can try to 
make them more comfortable with investments that 
may initially be contrary to their own emotions and 
help them understand the causes behind broader 
market movements,” Frank Campanalc, president of 
the consulting group, said. “This knowledge can 
help keep investors focused on their financial ob- 
jectives and a long-term investment plan.” 

International Herald Tribune 






* - . . * 

• • . •* 7-. 

; ... 
r ' - 


... , . 

, 



Br>h H.'iunaiThe Am uced Prc 


Soufriere Hills volcano on Montserrat, viewed from nearby Ansigua. 

Post-Disaster Property: 
Buying on Bad News 


By Aline Sullivan 

Violent fires soon bum out themselves: 
Small showers last long . but sudden 
storms are short. 

— William Shakespeare, 
“Richard II.” 

A S HURRICANE season ap- 
proaches its crest in the Carib- 
bean, property owners are 
bolding their breath as well as 
their hats. Afier’three devastating hur- 
ricanes in the past nine years, local real 
estate brokers say some owners just 
cannot face another. 

Prospective buyers also are watching 
the weather. Hurricanes, like earth- 
quakes and volcanoes, can cause real 
estate prices to plummet temporarily. 
Even the prospect of disaster can do it. 

“There are some good speculative 
buys right now,” said Nick Bailey, 
managing broker at John Foster Real 
Estate in St. Thomas. 

Of course, most of the best deals are 
made after the catastrophe. In the U.S. 
Virgin Islands, for example, many con- 
dominiums changed ownership at fire- 
sale prices following Hurricane Marilyn 
in 1995. Houses were more robust: Lo- 
cal brokers reported reductions of about 
between 20 percent and 40 percent on 
homes worth between $200,000 and 
$500,000, less on more expensive prop- 
erties and on undeveloped land. 

Beachfront prices near Charleston, 
South Carolina, plunged 20 percent in 
die year after Hurricane Hugo hit. But 
H. Brown Hamrick, president of local 
real estate broker Disher, Hamrick and 
Myers, thinks the storm did more good 
than harm in the longer term: Insurance 
paid for needed renovation, and today 
prices are near their all-time highs. 

Investors willing to gamble now on 
the tiny island of Monserrat in the West 
Indies could achieve considerable sav- 


ings. Villas that cost from $300,000 to 
$1.8 million before the Soufriere Hills 
volcano sprang to life in July 1995 after 
400 years of dormancy could go for as 
little as half that, brokers say. 

But local real estate agents remain 
confident that the island wiU recover. 
Most residents polled in recent weeks 
have said that they want to remain while 
those who have fled, including large 
numbers of American, C anadian and 
British retirees, want to return. 

One thing seems certain: Return they 
will. "People really have very short 
memories." observed Michael Collins, 
real estate director for Fred Sands in 
Beverly Hills, California. After a 6.6- 
point earthquake struck Los Angeles in 
January 1994, many people fled the 
area, and prices in Norihridge. which is 
situated at the center of the fault line, 
came down 3boui 30 percent in six 
months, Mr. Collins said. "But they 
have recovered long since and those 
opportunities are now gone.” 

Japanese real estate values appear 
less aligned to the incidence of natural 
disaster than in die west, perhaps be- 
cause all of the country is vulnerable to 
earthquakes. Prices in Kobe declined 
after the devastating earthquake three 
years ago but have since performed in 
line with those of the country as a whole, 
real estate analysts at the Tokyo office 
of Smith Barney said. 

Prices also tend to be more stable in 
Europe, where Mother Nature appears 
to have a lighter touch than in Caribbean 
or Japan. The recent flooding in Ger- 
many, although described Tuesday by 
Chancellor Helmut Kohl as the “worst 
natural disaster ever faced by newly- 
united Germany,” has not prompted a 
drop in prices, real estate brokers said. 

“It’s easier to repair flood damage 
thar rhai caused by an earthquake,” 
Michael Creamer of Cushman & Wake- 
field in New York said. “All you have 
ro deal with is a soggy house. ” 


BRIEFCASE E 

Stock-Picking Tips 
4 From All Over 

■*' Selecting an international 
equity can be a complex pro- 
cess, as a recent study by 
Greenwich Associates, a 
Connecticut consultant to 
pension funds and endow- 
ments. reveals. 

To be sure, these big in- 
stitutions get plenty of -atten- 
tion from brokerages. Still, 
some of the data gathered in 
the Greenwich survey may be 
instructive for individuals. 

Most large players start 
their overseas investing pro- 
cess by deciding how much 
cash they will allocate to a 
country' or region. Often they 
✓ . % seek ihe best prospects by re- 
' ” viewing “top-down” re- 
search. which assesses issues 
such as economic conditions, 
currency and politics, accord- 
ing to John Colon, a partner at 
Greenwich Associates. 

• From there, priorities vary 
from region to region: 

• For Europe, the big play- 

ers value detailed studies of 
individual companies, hut 
more than half of the 159 in- 
ternational investors sur- 
veyed by Greenwich also 
want input from a separate 
European generalist, who 
looks at economic conditions 
and politics, . 

J Japan tends to be viewed 
as a stand-alone market where 
individual company research 
'* isverv important. The highest 
priority- is given to detailed 
financial analysis of an in- 
dividual company, a reflec- 
tion of the complexity of Jap- 
anese corporate accounting 

practices. , 

In Asia's smaller markets, 
detailed company analysis is 
" important, but sector analysis 
— where a company is com- 
pared with its competitors in 
other countries — caiTies ws 
weight in stock selection, me 
. reason: "Local economic ana 
currency factors can over- 
k, whelm industry factors. Mr. 
T Colon said. . 

In Latin America. man> 
companies now issue Amer- 


Brokers See End to Japan’s Real-Estate Slide 


ican depositary receipts, 
w-hich means they must con- 
form to U.S. accounting and 
disclosure standards, plus, 
while company analysis is 
important, obtaining such 
data is less of an issue chan it 
is elsewhere, Mr. Colon said. 
Insiead. the top priorities of 
bis institutional investors are 
assessments of issues such as 
economic growth, inflation 
and political stability. 

Mr. Colon stressed that his 
firm advises only institutional 
investors, but he said indi- 
viduals would do well to emu- 
late [heir strategy of spread- 
ing risk by diversifying ibeir 
international portfolios. 
“You might place a huge 
single bet on China, and get a 
great return, but if you're go- 
iha to place a bet on a single 
country or stock, you should 
be clear that it’s a more spe- 
cific bet with the extra risk 
that implies,” he said. tIHT) 

Bullish Noises 
From a Bare Bear 

One of the most bearish of 
the bears has turned bullish — 
sort of. Robert Prechter, who 
through his investment news- 
letter 'The Elliott Wave The- 
orist” has been predicting 
calamity for the U.S. econ- 
omv and stock market for sev- 
eral years — and several 
thousand points in the Dow 
Jones industrial average — 
now acknowledges that the 
bull run has farther to go. 

Mr. Prechter writes in ms 
August edition thst the mar- 
ket is in the early stages of the 
fifth and final leg of the bull 
run that began after tfie : stock- 
market colfapse of 1987. Hu* 
fifth intermediate wave, as 
Elliott aficionados call ij. 
began at the low in April. A 
short-term top is imminent 
Mr. Prechter said, but the sub- 
sequent decline should be a 
mere correction on the way to 
further highs in the fall. 

••With respect to the larger 
trend, indicators remain pos- 
^“ h e write, “Volume. 
Bl a record, the number of 


stocks making new highs for 
the preceding 12 months is 
expanding, and the weekly 
rate of change for the New 
York Stock Exchange Com- 
posite index recently hit a 
multiseartugh.” 

This cheery outlook is new 
and surprising. Five months 
ago Mr. Prechter told The 
Money Report: "I think the 
U.S. stock market has topped 
out and faces an initial col- 
lapse from mid-March into 
May. Most stock markets 
worldwide are likely to fol- 
low suit. After a rebound last- 
ing a couple of months, stocks 
should resume their declines. 
Major stock declines have al- 
ways led to recessions or de- 
pressions. and this time 
should be no different.” 

He still expects those 
things to happen — just not 
untiT the final wave is com- 
plete. There is a slim chance, 
he warns, that the rise from 
April, rather than being a part 
of that wave, was actually the 
entire thing, meaning a long- 
rerm top is at hand (IHT ) 

Be Careful What 
You Wish For 

The trouble with chasing 
yield is deciding what to da 
after you have caught it. 

Emerging-market bonds 
have been among the best 
fixed-income performers 
over the last year, propelled 
higher by investors frustrated 
with the increasingly meager 
returns of debt issued in ma- 
ture markets. As a result, 
yields have fallen to a point 
where investors may again be 
compelled to look elsewhere 
for higher returns. . 

Yields on 10 -year Mexican 
Brady bonds — a Brady is an 
emerging-market sovereign 
issue priced in dollars and 

to S.5 percent, or just 2.5 per- 
centaae points above the 
yield on 10-year U.S. Trgf 
iuy notes. During the 1994- 

. xv. r- rhoir snreaa 


ury nuito. . . 

1995 peso crisis, their spread 
over Treasury 5 went as high 

as 19 percentage points. . 

"With Yields this low it is 
hanJ to see how money man- 


E-mail address: moneyrep@iht.cem 


agers can reproduce the 
double-digit returns of the 
last two years,” Foreign & 
Colonial Emerging Markets, 
a London-based fund man- 
ager, wrote to clients. 

It suggested three altern- 
atives: dollar-denominated 

debt of higher-yielding, but 
sound, countries such as 
Ecuador or Bulgaria; local- 
currency government debt in 
places like Mexico, Russia or 
Venezuela; and corporate 
debt, which carries yields of 
0.5 to 2 percentage points 
more than comparable sov- 
ereign issues. 

ING Barings, however, is 
more inclined to stick with 
Bradys, for the following rea- 
sons: The "spread compres- 
sion" between Bradys and 
Treasurys has also occurred 
between emerging-market 
corporate issues and Bradys: 
the expansion in global li- 
quidity of the last two years 
may be on the verge of slow- 
ing or even reversing, and 
U.S. interest rates seem ready 
to head back up. 

In its mosr intriguing ar- 
gument, ING cites the 
“money illusion” that it be- 
lieves has seduced investors: 
The yield they are chasing is 
some nominal figure that rep- 
resents the interest rate they 
feel they deserve. In their pur- 
suit, they ignore such key 
factors as credit risk and the 
fact that real yields — nom- 
inal yields minus inflation — 
have not shrunk. 

"If the market becomes 
convinced that the current en- 
vironment of global disinfla- 
tion is structural rather than 
cyclical, the search for spread 
may slow down,” the report 
says. (IHT) 


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Continued from Page 15 

seeking information on pur- 
chasable land, with some ag- 
gressively picking up Tokyo 
properties. While no reliable 
data on foreign purchases are 
available, real estate agents 
said they had recently 
handled property deals on be- 
half of Western clients and 
that demand was on the up- 
swing. 

The earliest move on this 
front has been made by other 
Asians, who have been eye- 
ing Japanese real estate for 
some time as a promising in- 
vestment. Nothing epitom- 
izes this trend more than the 
highly publicized purchase in 
March of a 0.5 hectare tract 
near Tokyo Station by Pacific 
Century Group for 86.8 bil- 
lion yen ($727.9 million). Big 
Korean companies, such as 
Pohang Iron & Steel Co. and 
Samsung Group, also are 
buying at the top end. 

The rediscovery of Tokyo 
property is sustained in part 
by the prospect that Japan's 
latest plan to deregulate its 
financial markets will lure 
back some of the investment 
businesses lost to cities such 
as Hong Kong and Singa- 
pore. 

Yutaka Kumada, deputy 
general manager in the real 
estate investment advisory 


department at Sumitomo 
Trust & Banking Co., said 
that an American financial 
company recently consulted 
Sumitomo on a development 
project involving a high- 
grade apartment complex for 
foreign residents. The client 
said it was eyeing the needs of 





expatriates returning to 
Tokyo. 

To the chagrin of eager in- 
vestors, however, the theor- 
etical availability of proper- 
ties is not matched by the 
opportunities to buy. jpartly 
because the bulk of the Tokyo 
real estate market does not 
operate in an open environ- 
ment. Rather, analysts said, in 
a culture where putting long- 


cherished properties oq the 
block spells public embar- 
rassment. an owner will typ- 
ically shun publicizing a po- 
tential sale, preferring instead 
to channel the information to 
a trusted ageni who will then 
sound out several tight- 
mouthed clients. 

Another limiting factor is a 
dearth of integrated patches 
of land tiiat come in useful 
sizes and shapes. Land tracts 
in Japan are- often too small 
and patchy for use for big 
commercial rental property. 

Yet another problem’ is 
finding financing. Banks are 
still saddled with some 27.9 
trillion yen in mostly prop- 
erty-linked bad loans, and 
that has severely curtailed 
lending. 

The emergence of a rwo- 
tier market structure means 
that investors musr choose 
within a narrowed range of 
available properties. The 
marker has seen prices po- 
larize between locations with 
the most productive value and 
secondary properties that re- 
main exposed to further 
losses. 

One bit of good news for 
foreign investors is that the 
property market is beginning i 
to behave like its Western I 
counterparts. Real estate 
agents note that property val- 
ues are increasingly couched 


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PAGE 18 


Stadium Bombing 
Rocks Stockholm’s 
Bid for 2004 Games 

Olympics The fading hopes of 
Stockholm to hold the 2004 Olym- 
pic Games received a devastating 
blow Friday when a bomb de- 
stroyed sections of die stadium left 
over from the S umm er Games of 
1912. 

The predawn blast at the Olym- 
pic Stadium, where Jim Thorpe was 
crowned the world's greatest ath- 
lete 85 years ago, was the latest in a 
series of attacks that reports have 
link ed to the city's Olympic bid. 

The police said no one was hurt 
in the explosion, which sprayed 
glass, roof dies and debris from the 
press section of the facility — the 
world's oldest Olympic stadium 
still in regular use. 

The authorities also said it was 
too early to tell if the bombing was 
the work of anti-Olympics groups, 
which have been vocal in oppo- 
sition to returning the games to a 
country usually identified with 
peace and international under- 
standing. 

Bat it was almost certain that the 
2004 bid would suffer, with the 
vote by the International Olympic 
Committee on the host city less 
than a month away. 

While politicians and sports of- 
ficials publicly said the bombing 
would have no effect on Stock- 
holm’s chances, the afternoon 
newspaper Aftonbladet summed up 
what many people feared. 

“End of the Olympic Dream," 
said a front-page headline. The 
newspaper added: “After last 
night's bomb, we don’t have a 
chance.” (AP) 

Mets Deal Lance Johnson 
To Bolster Their Bullpen 

» The New York Mets, 
desperate to shore up their bullpen, 
traded the outfielder Lance John- 
son and two players to be named 
later to the Chicago Cubs on Friday 
for therelief pitchers Mel Rojas and 
Turk Wendell and an outfielder, 
Brian McRae. 

The trade was the first for Steve 
Phillips since he took over as gen- 
eral manager of the Mets on July 
16. 

“We’ve been trying to upgrade 
the bullpen since die offseason, es- 
pecially late in the game,” Phillips 
said during a conference call. 

Johnson, an All-Star last year, is 
hitting 309 with 15 stolen bases 
and six triples. (AP) 

Dutch Soccer Qub Fires 4 

soccer The Dutch soccer club 
Telstar has fired four players who 
allegedly had sex with a 1 5-year- 
old girl at a preseason training 
camp, media in the Netherlands re- 
ported Friday. ■ 

The girL, who was not identified, 
did not report the incident to police 
and there have been no crirawal 
charges filed. 

“Whether this was consensual 
or not. our reputation has been sul- 
lied — that’s what this is about," 
said Telstar’s chairman, Jan de Wit, 
the Dutch daily newspaper Alge- 
meen Dagblad reported. 

The legal age of sexual consent 
in the Netherlands is 16. 

Telstar, based in Velsen about 12 
miles f!9 kilometers) northwest of 
Amsterdam, plays in the Dutch first 
division, the nation’s second- 
highest professional league. 

The players — Benito Coo man, 
Ray Inge, Dave Kuysten and Orph- 
eo Nok — allegedly all had sex 
with the girl in a car parked outside 
the team's hotel on July 26. (AP) 


llrral b^M&l fcribune 

Sports 


SATURDAY-SUNDAY, AUGUST 9-10, 1997 


World Roundup 


Kipketer Glides to Victory 


By Ian Thomsen 

International Herald Tribune 


ATHENS — It looked as if Wilson 
Kipketer had won the World Cham- 
pionship 800 meters on Friday night 
with 700 meters to go. In fret, his race 
was just beginning. He was trying to 
catch a ghost 

Kipketer is not to be judged gainst 
those who try to keep up with him. He 
left all seven of them trailing hopelessly 
behind from the opening turn. Indeed, 
this defense of his 1995 championship 
had never been in doubt this week as he 
swooped around bis three preliminary 
heats like a sparrow teasing alley cats. 
One could not watch without feeling 
envy for such' liberation. But his per- 
formance in the final had an edge to it, a 
mechanical grind. 

What he really wanted was the world 
record, set at 1 minute 41 .73 seconds by 
Sebastian Coe of Britain 16 years ago 
and equaled precisely by Kipketer just 
last month. In that meet at Stockholm, 
Kipketer had fallen into step with the 
phantom. Now be wanted to burst him- 
self through the ghost of Coe and into 
another dimension. 

“It wasn’t my pre-race plan to run 
from the gun to the tape in the lead," 
Kipketer said after Friday’s race. “I 
decided to do it that way just before the 
final because I felt it was right.” 

As his powers have ascended this 
year, he has been less and less willing to 
explain his moods and ambitions. He 
seems to think we would never un- 
derstand him anyway. 

Kipketer, 24, was bom and raised in 
Kenya, where he was discovered 10 
years ago by the great Kip Keino. Keino, 
in turn, recommended him to Father 
Colm O'Connell, the Irish priest who 
runs the St Patrick’s School in Kenya's 
Rift Valley where many elite athletes 
have been refined over the years. 

To pay for his place, Kipketer painted 
the school buildings during the summer 
holidays. In 1990, he moved to Copen- 
hagen for a university course in elec- 
trical engineering. He met a woman 
there — Pemille Falck- Hansen, the 
200- and 400-meter runner — and he 
learned to speak Danish. By 1995 he 
was winning the world championship in 
the uniform of Denmark. 


Last summer his adopted country re- 
fused to alter its naturalization laws, pre- 
venting Kipketer from earning the Dan- 
ish passport that would have allowed 
him to enter the Olympics. He watched 
on television as a Norwegian, Vebjorn 
Rodal, won die gold medal in Atlanta. 

“I didn’t feel any regret," Kipketer 
said. “I made my decision and I had to 
pay the price.” 

As he completed the first of his two 
Japs on Friday, it was becoming obvious 
that Kipketer was losing to the ghost 

WoKt o Athletics 

His eyes were fixed on a point directly in 
front of him, but the winds were swirl- 
ing in the Olympic Stadium, pawing at 
his loose red-and-whiie Danish outfit 
Perhaps the earlier beats had drained 
some of his spirit 

He came to a stop, satisfied but not at 
all surprised, his rime of 1 minute 43.38 
seconds just a passing grade. 

Behind him, Norberto Tellez of Cuba 
won a vicious race for the silver medal 
in 1 min ute 44.00 seconds, with Rich 
Kenah of the United States grabbing the 
bronze medal out of the hands of 
Kenya’s Patrick Konchellah by one 
one-hnndredth of a second. 

“I was confident I had a one- in-seven 
chance for one of the two remaining 
medals, as Kipketer is in a world of his 
own,” said Kenah, who ran a personal - 
best time of 1 minute 44.25 seconds. 

“They wanted to push me.' ’ Kipketer 
said, perhaps a bit peeved. “They forgot 
that 1 am pushing myself.” 

Despite the International Amateur 
Athletics Federation's first-time offer of 
$100,000 for world records, it seems 
now that these 6th World Champion- 
ships might pass without any historic 
performances. This has happened only 
once before — at Rome in 1987, after 
Ben Johnson's world record of 9.83 
seconds in the 100 meters was annulled 
because of his drug scandal. 

The women's 200 meters on Friday 
went to the surprising 25-year-old 
Zhanna Pintussevich, who wasn't quite 
sure how to react. Last Sunday, the 
Ukrainian mistakenly believed she had 
won the 100-meters gold medal and ran 
a quarter-victory lap before her face 
went into a raging blush. This time. 


Judge Clears Grobbelaar 


The Associated Press 

WINCHESTER, England — The 
judge hearing the English soccer match- 
fixing trial acquitted the Zimbabwean 
goalkeeper Bruce Grobbelaar on Friday 
on the lone remaining count of fixing 
soccer matches for money. 

The judge. Sir Charles McCullough, 
entered the not-guiity verdict when the 
jury — after deliberating 30 hours over 
six days — said it could not reach a 
decision. “I direct a verdict of not- 
guiiiy be entered,” the judge said 
“And that means Mr. Grobbelaar you 
are discharged.” 

On Thursday, the jury acquitted 
Grobbelaar and the other three defen- 
dants — former English soccer stars 
John Fashanu and Hans Segers and 
Malaysian businessman Heng Suan 
Lim — on the first two counts. 

Grobbelaar, the former Liveipool and 
Southampton star, had to wait until Fri- 
day to be cleared on the third charge 
which only involved him. 

The remaining count alleged that 
Grobbelaar accepted £2,000 ($3,200) 
on Nov. 3, 1994, to let in goals while he 
was playing for Southampton. 

The jury returned the first two ver- 
dicts Thursday after deliberating 26 
hours at Winchester Crown Court 

The retrial, which entered its 46th day 
Friday, was necessitated after a jury 
.faded five months ago to reach any 
verdicts in a 34-day trial. 

The two trials are reported to have 
cost about £12 million to prosecute. The 
first trial was widely followed, but the 


n. 

.te -Iv; 





D*»iJ OrAoVSpv'-r Fram-r-Picwf 

A jubilant Bruce Grobbelaar after 
his acquittal in a match-fixing trial. 


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Pintussevich waited, caught her breath, 
and made absolutely sure of her victory 
in 22.32 seconds before heading off. 

The race had held one last great 
promise for Merlene Ottey, the 37-year- 
old official ambassador of Jamaica, ber 
chances having risen after the Olympic 
champion, Marie-Jose Perec of France, 
pulled out of the semifinal Thursday 
with a groin injury. As Ottey came out 
of the turn, she was in the lead. Then, her 
stride began to age. The Sri ! .anlcan 
silver-medalist Susan thinka Jayasinghe 
(22.39 seconds) beat her by one oue- 
hundredth of a second for the silver 
medal. The bronze medal extended and 
probably completed Ottey's record of 
14 worid-cbampionshqp medals, 
pending the sprint relay this weekend. 

To much relief, Ato Boldon of Trin- 
idad and Tobago won the men’s 200 
meters in 20.04 seconds. Boldon should 
be one of the next great stars, bat his 
potential might have been permanently 
scarred if be had failed to recover from 
his fifth-place run in the 100 meters 
final last weekend. Well behind him in 
20.23 seconds was Frankie Fredericks, 
who has been a major-meet runner-up 
since winnin g the world title in 1993. 

The U.S. men will have to do without 
Michael Johnson in the 4x400 meters 
relay Sunday. His manager revealed 
that the American champion needs more 
rest for his lingering thigh injury. 



fitcjia/Kgmn. Frwxi- [%■«*■ 


Wilson Kipketer of Denmark, right, winning the 800-meter final Friday. 


Bidouane Wins Gold for Morocco 


second was largely unreported until it 
went to the jury. 

Grobbelaar, 39, and ex-Wimbledon 
goalkeeper Segers, 35, were accused of 
receiving money to deliberately let in 
goals and throw games. 

All four men pleaded not guilty to 
charges of conspiring to give or receive 
money to influence the results of Premier 
League games between 1991 and 1994. 


Agence France-Presse 

ATHENS — Nezha Bidouane won 
only the second women's gold medal at 
a major championship for Morocco 
when she took the 400-meter hurdles 
title Friday, 13 years ago to the day 
after a compatriot, Nawal Moutakawel. 
won the Olympic title in the same event 
in the 1984 games. 

Bidouane was timed at 52.97 seconds 
while die Olympic champion. Deon 
Henman gs of Jamaica, was second in 
53.09. Kim Batten of foe United States, 
the world-record holder, was third in 
53.52. 

“I am so happy to have given Mo- 
rocco its second women's gold medal, 
and after 14 years,'’ Bidouane said. 
“This is a victory for Arab women 
athletes. It shows they can beat anyone 
in the world.’’ 

Hemmings. who had almost pulled out 
before her first-round hear because she 
was ill. looked like the winner early in the 
race. But she tired as Bidouane came on. 
“She's beaten me three times this sea- 
son,” Hemmings said. “ I feel tired 
though I don't feel ill any longer. The 


headwind really took a lot out of me.” 

Batten, who broke Sally Gunnell's 
world record in rhe World Champion- 
ships two years ago in Gothenburg, said 
she had paid for not concentrating on the 
real target — the gold medal. 

“I think Deon and 1 had our minds on 
breaking the world record and not win- 
ning the race, and that was a big mis- 
take." she said. “In Gothenburg.! went 
out in a different frame of mind, just to 
win. and the record was a bonus. To- 
night 1 ran a stupid race and paid for 
it.” 

■ Topless Spectacle Angers IOC 

Greek television’s decision to show a 
female athlete running virtually topless 
in the 5,000-meter semifinal on Thurs- 
day has infuriated International 
Olympic Committee officials. Agence 
France-Presse reported from Athens. 

“It was tasteless and should never 
have been done.” a senior IOC official 
said Friday. 

“We would never allow such pic- 
tures to be televised at the Olympics. It 
has certainly not helped Athens’ 


chances of getting the 2004 Olympics.” 
the official added. 

Habtemariam Nebiat, of Eritrea, who 
was completely outclassed and lapped 
by the winners in ber fcvat, had decided 
to race without a bra. But the running 
vest she wore was several sizes too big. 
leaving her breasts fully exposed. 

Pictures of her were carried on the 
two gian t television screens at each end 
of the Olympic stadium, bringing 
screams of delight from the Greek 
crowd. 

The International Amateur Athletics 
Federation's president. Primo Nebiolo. 
sitting in the VIP stand, grinned broadly 
when he saw the pictures. 

Nebiat was coming down the back 
straight when she saw herself on the 
screen. 

Near tears, she clutched her vest with 
her left hand to cover herself, and 
struggled on. determined to finish the ■ 
race. 

Despite the fact that the winners had 
already left the track, she completed 
another lap to win a huge roar of ap- 
preciation from the spectators. 


Scoreboard 


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Te4 01 ; 2514947 



w 

L 

Pet 

GB 

Balflmare 

70 

40 

jS36 

— 

New York 

66 

46 

-589 

5 

Boston 

56 

59 

.487 

I6’6 

Toronto 

54 

58 

.482 

17 

Deiron 

53 

59 

473 

IB 


CENTRAL DIVInON 



Cleveland 

57 

52 

sn 



Milwwkee 

55 

57 

.491 

3-6 

Chicago 

54 

58 

A82 

4% 

Minnesota 

50 

63 

A42 

9 

Kansas City 

47 

64 

472 

11 


WEST DIVISION 



Anaheim 

65 

49 

570 

— 

Seattle 

64 

49 

566 

■ft 

Texas 

52 

61 

-460 

12% 

Oakland 

45 

71 

388 

21 

NJ0TO6UU UANU8 



EAST DIVISION 




W 

L 

Pet 

GB 

Attarria 

73 

43 

A29 



Florido 

66 

47 

584 

5% 

New York 

64 

49 

566 

7% 

Montreal 

58 

54 

518 

13 

PhitadelpMa 

38 

74 

339 

33 


CENTRAL DIVISION 



Houston 

61 

54 

530 

— 

Pittsburgh 

57 

58 

-496 

4 

St. Louis 

52 

62 

356 

8% 

Cinannatl 

48 

64 

429 

116 

Chicago 

46 

69 

-400 

IS 


WEST DIVISION 



San Francisco 64 

51 

557 

_ 

Las Angeles 

62 

52 

544 

■ '6 

San Diego 

54 

60 

-474 

9*ft 

Colorado 

54 

62 

-466 

10% 

TmtfDiriiiNncoRis 


AMERICAN LEAGUE 



Detroit 

Ml 1 

ISO 000-6 

11 0 


7-2. L-A. Letter, 6-8. HRs — Florida, Dautton 
(121. Pittsburgh, Kendall (6). 

San Francisco 000 000 201-3 5 2 

Chicago 010 020 21*— 4 11 1 

Alvarez. Tovarez 171, Poole (73 and B. 
Johnson; Je. Gonzalez. Patterson 17). T. 
Adams (SI. R. Tatis (81. Rons (9l and M. 
Hubbanl W— JeGonzalez. 65. L— Alvarez, 
1-1. HR*— San Frentiva Snow fi9). 
Chicago. McRae (61. Sosa (24) j 
S an D iego 000 000 000—0 4 0 

GndMti 022 000 30*— 7 II 1 

DnJocksoa Bergman <5).Cunnane (71 and 
Roman,- Tomka, Sullivan (8) and J. Oliver. 
W— Tomka 7-3. L- DnJacksoa 2-9. HRs— 
Clncsinati, Edu. Perez (9). J. Okver n0) 

SI. Lam 000 000 000—0 7 2 

Atlanta 000 003 OOx-3 8 0 

Stofftemyre, C. King 18). Fossas (6) and 
D del ice Neogle. C Fa* (8). WoMer* (V) and 
J. Lopez. EddPerez (3). W— N regie. 16-2. 
L— stofttemrre. 1 1 -8. Sv— Wohlers (77). 

Las Angeles 140 000 202-0 14 0 

Montreal 001 <&0 100-4 13 1 

Noma Rcdhsky id). Osuna (7). Hall 19) 
and Piazza- Bulling ef, Telford (5). Kline f7), 
M. Valdes (7). Oe.Hart (8) and Fletcher. 
W— Noma 11-6 L — Bo Ringer. 6-11 

HRs— Los Angeles, Piazza (251. Montreal 
Segui (12). 

Japanese Leagues 


AOIUOAMK 

QUARTERFINALS 

Monica Seles (2). United States, def. 
Natasha Zvereva Belarus, 61, 61. 


TRACK & FIELD 


World Championships 
min 


Semlscfk Germany, 207.3* & Irene Kourou- 
vonl Greece, 3:07.63. 

8001 


OtMUFED FOR ORAL 

). Lars Riedel Germany. 6646 meters Z Vir- 
gflqus Aiekna. Lithuania 6532; 3, Jurgen 
SdinB, Germany, 644ft 4, Adam SefflH. U5, 
63.71 & John Godina U-Sl. 6J-4& 6 Vitally 
Sidorov, Ukraine. 63.08; 7. Vasili Karrtyuktl 
Belarus. 6X0& ft Andreas Seolig, Germany, 
6194; 9. Vlmfimh DubravshdrA, Betanrs, 
42 Jft lft Robert Weir. Britain, 6136. 1 1. AJek- 
sander Tommett Estonia 611ft 11 Jason 
Timka Ccmoda 61 JQ. 


annua uaode 


Kamasdly Oil ooo 101—4 9 0 
Otshmaa Mlcefl (8) and Casanova 
Betenes J. Walker (5). MLPerez (8L Casian 
(91 and Nloefariane. W— Orsiimaa l-O. 
L — Bekfter, 11-10. HRs-Oetrott Hlggbison 
(20), Harnett! (13). Easley n 7). Kansas CMy. 
C. Dads (18), J. King (17). Vffldki (5). 
MOvraok. ooo 620 002 ooo a— 4 IB l 
Oakland 940 000 ON O00 1-5 10 1 
(iSbmttgsj 

Woodard. A. Rayas 18). Wfckman (9), 
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SraaS (10L D. Johnson (12) and Moyne. 
W — D. Johnson 4 1. L—Oo Janes. 3-5. 
aewtaod ooo boo ago — o s o 

Tomato mo loo ite— 4 9 e 

Smiley. Shuey (8) and S. Alomar; Clemens 
and O’Brien. W-Oemens. 17-4. L-SmOey, 
1 - 1 . 

Boston 850 020 000-7 9 1 

Minnesota 021 102 009-6 5 I 

Sefa Brandenburg (6). Mahay (6). Locy 
(6). WOsdJn (7>. Corel (9) and Hatteberg; 
Bowats. Swindell [51. Aguirre (9) and 
sldnhaOL W— Sete, 11-0. L— Sowers, o-i. 
Sv— Corel (2). HR — Minnesota, Lawton (71. 
New York 101 001 000-4 I) 0 

Texts 002 090 009-2 4 0 

Cons Station (8). M. RMaa (V) and Qrardt 
wnt Bones (71 Whrlmldo rn. Te. Clare (Bi. 
Gunderean (9) trad I. Rodrigue*- W— Cane. 
I2-5.L-WHI 1 68.S*-M. Rivera CMJ.HRs- 
llovr York. Jeter (5L Be.WU*oms (14). 
cucage 099 001 001-2 6 o 

Seattle 029 no box— 3 3 s 

Eyre. C. CasB8o (A). McEfroy 1ST and Pena. 
Fassant Timlin (8), Charlton (9). Slocumb 
(9) and DaWUson. W— Passers II -a. 
L — Eyre. 0-2. Sv— Stoaimb (19). 
HRs— Odcaga F. Thomas (26). Seattle. 
Griffey Jr (34). Blowers (4). 

runoiuj. LEAGUE 

CMonxfo JOB DM on— 4’ 8 I 

New York 010 014 601-12 16 B 

Swift LeSVanlc (6). M. Munoz (71. McCarty 
(B) and Mamvartng; M.Qarfc and Pratt. 
W-M. dark. 67. L-Swtft. 44 
HRs — Cokvndo. GoJcnogo 129). New York. 
BoorgO{7). 

Houston 040 600 001 0O-5 9 1 

PMIadatphta 200 000 2)0 01-4 9 I 
Hampton. Magiwmle (B). R. Springer (8). T. 
Martin DO and Eiisetta Beech. Spradlin 
fSL Battalia (9). Brewer 111) mid Parent 
LjcbeitWW). W-Brwrer, I-2.L—T. Martin. 

4-3. HRS— Houston. B login rm. 
PWlodelphiaHudlttUl. 

ptarMg #1® WO 800—1 7 I 

Ptttrtmfa m Wt ***“-* 9 • 
A-Lettet Cook (71- Stortltein rmdZaun- 
F Cordova, M- Wllk*« ^r con 
(Hi. Ljotfle (9) and Kendall W-M. W#nr. 


Yakut! 

Yokohama 

HfrtrsMma 

Chunitfii 

Hcmstun 

Yomiuri 


Orb 
Setbu 
Date) 

Nippon Ham 
Lotto 
Kintetsu 

WRY'S KESULTS 

CENTRAL LEAGUE 
Hiroshima 7. Hartshfcl 1 
Yakut! A Yokohama I 
Chunichi 7, Yomhirl 5 

PACIFIC LEAGUE 
Dote! 1 Kintetsu 1 

Lotte 4, Ort* 3 


w 

L 

T 

Pd 

ss 

15 

1 

All 

46 

41 

0 

579 

44 

44 

0 

soo 

64 

49 

0 

.473 

41 

48 

1 

-461 

37 

52 

0 

.429 

INC LUOUE 


w 

L 

T 

Pet 

49 

33 

3 

598 

47 

40 

2 

540 

46 

45 

0 

505 

43 

49 

1 

-467 

39 

45 

7 

-464 

39 

51 

2 

-433 




7'A 


CRICKET 


DWUUIDVL AUSTRALIA 
FIFTH TEST. SHO DAT 
Australia: 427 aH out 

England: 188-4 


FOOTBALL 


CFL Stampings 

UtTONDmHON 

W L T PF PAPtS. 
Toronto S 2 0 10 223 158 

Monlreol 3 3 0 6 120 181 

Hamilton I so 1 130 170 

Winnipeg 1 6 0 2 1SI 228 

WUTHN MVIStON 
Edmonton 6 1 0 17 226 150 

BrtttsJi Columbia 4 2 0 9 164 146 

SiBkalcttcwan 3 3 0 6 137 149 

Coigniy 3 4 0 6 195 1 65 

imtoArcnswn 

Cdgary 45. Taranto 35 
Edmonton 45. Winnipeg II 


FEKNCM RUT MVIMOM 

Au.ene 1 Farts Sr Gcnrtam 3 

MniMHIOHU raw MBIT 

Ecuador 1, United Slates 0 


FINAL 

J, YoeMs QuesmJa Cuba 17.85 motors % 
Jonathan Edwards. Britan. 1 7A9; 3, A Deter 
Urrutra Cuba 1 T64; A. Denis Kapustin. Rus- 
sia >7 & Brian Wettman. Bermuda 1 7.21 

6 Jerome Romaia Oomlnica 1 7.1 7; 7. Chris- 
tos MeJetoglou, Greece 17.11- ft Andrew 
Owusu, Ghana 17.11; 9. Kenny Harrison. 
U.5. 17J& la Serge Hetaa Franca 16.97; 
1 1. Charles Frfetiek, Germany. 16^6. 11 Ar- 
men Marti nos yon. Armenia 16.70. 

1.500 METIS WHEEIOUUR 
FINAL 

I. Saul Mendoza Mexrca. 3 minutes. 06:30 
seconds; 1 Heim Fret Switzerland. 3J36J2; 3. 
Franz Nlcfkspoctt Switzerland. 3-06.43. a 
J eff Adams. Canada 3S651S. Philippe Dou- 
prta Franca 1-06 .Si a Jorge Luna Mredca 
3X1656; 7. Hakan Ericsson. Sweden 3:07.9a 
Tcbos Vaidanglou. Greece, aid not finish, 
aeojums 

FINAL 

I, Ato Boldon Trinidad. 20.04 seconds; 1. 
Frankie Fredericks, Namibia 20.21 3. 
CkMdinei DaSilva Brazil 203e>-4. ivan Gar- 
da Cub, 20 L31. 5, Geomias Panagtotopoutan, 
Greece. 20J1 6, Obadele Thompson Bar- 
bados, 20.37) 7, Jon Drummond. U-S. 20A4,- 
ft Pottle*. Stevens, Belgium. 20A4 
looiunu 
FINAL 

I. Witsnn Kipketer. Denmark. 1 mtnuto 43.38 
secaml& 1 Norberto Tellez Cuba 1:44.0(6 3, 
Rk3i Kenah. US. 1^435. 4 Pama. Karxhet- 
lah. Kenya 1:442a 5. Vebjoem Portal Nor- 
wm l.-44L5ft a Marita Foers, Netherlands. 

1 -.44.85; 7. Patnck Ndurua Kenya 1 -45.24; ft 
Mark Everett. Ui. 1:49.0?. 

rs, ooo aunts 
SEMIFINALS 

HEAT 1— I, Ismail Sghyr, Morocco. 13 min- 
utes. 19-69 seconds 1 Dieter Bautnana Ger- 
many, 13-19.81; 1 Daniel Komea Kenya 
13:19.87; 4 Enrique Molina Spam. 1332.7* 
5, Paul BHol, Kenm 13:24.85: ft AMelkih 
Behar, Franca 1336.5a 7. worku Btkua 
ErWopiO. 13:31.18. 7. Alan Culpepper. U 5. 
133L74 9, Anadeto Jimenez. Spain, 
13Jft5S, lft Keirh Culfara Britain. 13:414ft 

II, Ahmad Watsama Qatar. 13.495.1 II 
Sergei Onrgia Russia I3-5S54. 13. Jeff 
ScMeWcr, Canada 1357 Jl; 14. Mark CarrolL 
Iretond. 13-5758, lft Pob Denmark. Britain. 
1359.0ft 16, AS Zaiod. Libya 1358.2ft 17. 
Nestor Garcia Uruguay. 14:12.1ft- 1& Francis 
MunthaiL MakmL >4:14.80: Jonathan Wyatt 
New Zealand, did nol finish; Marco Condon. 
Bolivia, did nol finish. 

HEAT 2— 1. Bab Kennedy. US. 13:33.07; 2. 
Khaed Bouiamk Morocco. 1 3:33.46, 3. Tom 
NyarfW. Kenya 132355. 4. Ei Hassan 
Lahssim. Morocco. I3 23.7S. ft Dlontto Cas- 
tra Portugal. 13:24 si. 6. Manuel Pancorba 
Spain 13-25.71; 7. Poojo Olmeda Meuca 
13:27 Aft- ft Fita BaylSSa Elhiooto. 13 785d 
9. Ismael Ktoji. Kenya 13:3451 10 Avlc 
Mcrcgctni. Ethlapia 13:38 0a 1 1. MvStapha 
Essonl France. U-39 n. 17. Panoyoi* p a . 
poulias. Greece. 1358.77. 13, Bran Baker. 
U-S* 14:03 9ft 14. Admin Passey, anlcnn, 

1 4.-07.49. I ft Samuil Vasala Fmlana 
14.10.92; lft 'rohanne s G Wrrrwj. ^nlrea 
145947. 17. tjima Lakadc. Togo. 150021; 
l& YrilMoinsa Nhjcna ISrtWftl 
First 5 la each heal plus s fasioji to final 


1. Zhanna Pintussevich. Ukraine. 7Z3Z Z 
Susanlhika Jayasinghe, Srt Lonta 2Z39; 31 
Merlene Ottey. Jamaica 22-*Qr -t Yekaterina 
Leshchova Russia 224ft % Inger MHIer, 
U.S- 22 SZ ft Marina Tramtonkova Russia 
2265; 7, Mefinda GQtnsTord-Taylor, Australia 
22Jft ft Svtvtonne Fefin, Franca 22-81. 

400 METU HURDLES 
FHAL 

). Nezha Bidouana Morecca 52.97 seconds; 
Z Dean Hemmings, Jamaica 53-Wt X Khn 
Batten. U.S- 5352; 4 Tatyana Tereshchuk. 
Ukraine. 5351; 5. Debbie Parris, Jamaica 
54.1ft a Ton|a Buford-BaSey, U5- 54.77; 7. 
Susan Smith. Ireland, 5525; & Andrea Block- 
eH. Barbados. 5543 

«Fl DO METES WAT 
SEMMHHALS 

HEAT 1— 1. United States 41 52 seconds Z 
Franco 4253; 3. Nigeria 4350; 4, Greece 
43.15; 5, AustraDo 4321; 6, Brazil 432ft 7. 
Italy ftl. lft- Ukraine DQ. 

HEAT 2— 1. Bahamas 42.1ft Z Jamaica 
42J1; 3, Germany 4251; 4. Russia 4169: ft 
CJuna 4291 ft Colombia 4351; 7. Finland 
44 08; ft japan 445o. 

Firs! 3 in each heat plus 2 fastest to final 


The Week Ahead 


**" 'WSO MTUfUnOHAL 

OUARTERFPMLS 

“°9nus Gustatssan Soiedea iftrf Andrei 
WJrel Ponrarao. Qo,,,*,* Hrt aty 
161. srovahta ad Adrian Vomca Romania 7- 
A (7-si. 4-ft j.y 


■DO Mim wnnuoMis 

FWAL 

I. Louise Soomqe. Ai/thol*. I minute 52.11 
-ocmuK; 2 . Chontol Pchderc Canada 
l-52Jft 1 Tanm Grey. Bntohv l:S44ft 4. 
Monica Wertertlrarn. Swcck-n. 1-57 lft 5 . Lily 
Anggreny. IS- iq. 4 . p.drti, H un . 

vetot, -.nilzertona 2.03.67. 7. t^nne 


Saturday, Aug. 9 

cycling, San Sebastian. 5pata — World 
Cup, San Sebastian Classic. 

Ruaev union, Auckland - Til-Nations. 
New Zealand vs. South A Irka. 

cricket, Colombo — Second test. Sn 
Lanka vs India thrauqh Aug. 13. 

Sunday, Aug. 10 

AUTO RACING. Budapest. Hungary — 
aura radng, FIA. Formula One. Hungarian 
Grand PrU. 

soccer. San Jose. Crete Rica — World 
Cup Qualifying, CONCACAF final round Cas- 
te Rica vs. El Salvador Seoul South Korea— 
eshlbltteft South Korea vs. Brazil 

Monday, Aug. 1 1 

tennis. Indianapolis — Mra RCA 
Championships, rtsough Aug. 17; New 
Haven. Conncdid — Pitol Pen International 
through Aug. 1 7: Montreal — Women, du 
Mnurier Open, through Aug. 17. 

Tuesday, Aug. 1 2 

soccer. Various sites — UEFA Cup 
firet-teg, second qualifying round- European 
Cup Winners' Cup qualifying round, first leg; 
Venous sites - UEFA Intertalo Cup finals, 
first leg. 

Wednesday, Aug. 13 

soccer. Various sites — Champions 
League, first-leg, second qualifying round. 

athletics, Zuricte Switzerland — Men 
and women. iaaF, Grand Pro, Zurich Wettk- 
lasse. 

Thursday, Aug. 14 

«ocecR. European Cup Winners' Cup 
qualifying round, firs) legs 
cols; Mamaroneck. New York — PGA 
Ci)omp«>nsftlp. through Aug. 17: Surrey; 
England — Women’s Bolton Open, ihrouah 
Aug. 17 

Fbidav, Auq 1 S 

bole Ad a. Michigan— Senior PGA Tout 
First ol Amenta Oossk, through Aug. 1 7 

_ Saturday, Auq 1 6 

athletics. Monle Carlo. iWonoco — 
'Aaf. Grand Prtc Hencuhs -97. 

Rucby union. Dunedin - New 
Zealand vs. Auslrada. Tri- Nations series. 

, Vo/knis sites — World Cuft 

AWeon rone qoafmere. Egypt v?. Ubena 
Junto la vs. Namibia. South Alnca vs. Congo; 
Zambia vs. Dvmacrallc Repubhe of Conga 
Togo vs Angara, Zimbabwe vs. Cameroon 
"terocco vs. Gabon, Ghana vs. Slerre Leone. 

Sunday, Aug 17 

i C T CU ** G - . VnK Eng tend - World Cun. 
Lccd international Classic 
Cricket. Colombo — First one-day 
mpUi 5n Lanka vs |mha 
SOCCER. Conakry — World Cup. African 
rora- giuiii a-afifiei. Guinea vs. Nigeria. 








JS\ S’jSiSi 


PACE 3 



L\TE RNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 9-10, 1997 


PAGE 19 


m&P*- 


SPORTS 


\ |0ilers Hope Nashville 
1 Will Lift Their Blues 










By Lynn Zinser 

f 1 BWwigtoit ftm Scnire 

This is what the Tennessee Oilers’ 
situation has come to: The players are 
doing the team’s public relations. They 
• sign autographs before and after every 
practice. They subjected themselves to a 
J silly parade down Memphis’s Beale 
Street last week. The players know it is up 
to them to draw fans because their front 
office is having ihe opposite effect 

Since the day ihe Oilers learned that 
they would have a rwo- or rhree-year 
: stay in Memphis before their new sta- 
■ idiom was built in Nashville, virtual 
W chaos has plagued the front office. 

“We've had a lot of problems, prob- 
lems with the phone system and prob- 
lems gening the tickets out," said the 
Oilers' general manager. Floyd Reese. 
“Everything is related to the lack of 
time. We’ve only had six weeks. If we 
had starred in February, we’d have 
45,000 people out there. ’ ’ 

Perhaps. After two years of rattling 
- around the Houston Astrodome with only 
their most die-hard fans in the stands, the 
Oilers have moved to Tennessee, hoping 
for big, adoring crowds in a state wel- 
coming its first professional team. Bui in 
their first game in Memphis last Sat- 
urday, a 21-12 exhibition loss to the New 
Orleans Saints at Liberty Bowl Memorial 
Stadium, the Oilers drew a measly 22.000 
. fans. The players refused to be downbear, 
L lingering to thank the fans who had 
® shown up and to throw wristbands and a 
- few towels into the stands. They await 
Saturday's game against the Redskins at 
Vanderbilt Stadium in Nashville to see if 
they will draw better crowds. 

■‘It’s going to nun around as the 
season gets going,” said Eddie George, 
a running back. The problems here, 
however, go deep. Team management 
began by banking on a two-city tango 
berween Memphis and Nashville. 200 
miles (320 kilometers) apart. The Oilers 
believe people in Nashville will pile into 
their cars to attend games the first few 


seasons in Memphis, and that people in 
Memphis will flock in the other di- 
rection when the team settles in 
Nashville. This is far from a given. 
Nashville fans have bought 17.000 
“personal seat licenses” for the new 
stadium — which assure them the op- 
portunity to purchase season tickets — 
but license holders bought only 8,000 
season tickets for this year. 

There also is lingering resentment 
here because the NFL bypassed Mem- 
phis in its last round of expansion. The 
city nearly sold out the stadium for two 
exhibition games, both involving the 
Oilers. But when the expansion vote 
came, the Oilers’ owner. Bud Adams, 
did not give Memphis his vote. Teams 
were awarded instead to Charlene. North 
Carolina, and Jacksonville, Florida. 

Adams made things worse when lease 
negotiations opened for the use of Mem- 
phis's Liberty Bowl. He offered 530,000 
a game in rent, which wouldn't cover 
expenses, demanded physical improve- 
ments and told the city to pay the team’s 
travel costs, nearly $300,000 a year. 

The Memphis sports authority all but 
agreed until Geoff Calkins of The Com- 
mercial Appeal newspaper used his 
column rogoon a rant against the Oilers. 
The city responded with an uproar so 
fierce the Oilers not only backed off. 
they agreed to donate $30,000 a game to 
Memphis charities. Still, Adams and his 
chief negotiator, the Oilers’ vice pres- 
ident, Mike McClure, had the popularity 
rating of an ice storm. 

Then, for several weeks, the phone 
number for ticket purchases either did 
not work or shuttled callers to a number 
in Nashville. The tickets Lhat did get 
sold got delayed in a mailing foul-up. 

The players were so touched when 
4,000 people showed up for their first 
training camp practice in Nashville that 
they went into the stands to shake hands 
and sign autographs afterward. “When 
we ran out for practice, they gave us a 
standing ovation,’' said a receiver, Chris 
Sanders. "It was awesome.” 



*. - 

■ ■ yi, • 


XihItVU JL» r fli Mlrpi 


Roger Clemens throwing his 40th career shutout while winning his 17th game of the season for the Blue Jays. 

Hudler Lifts Phillies Over the Astros 


Unknown Outshines Woods 


f By Clifton Brown 

-Vnr York Times Service 

GRAND. BLANC, Michigan — 
1 Sonny Skinner’s grandmother gave him 
his nickname because of his pleasant 
\ disposition. “I didn’t know my real 
l name was Henry until the first grade,” 
"i Skinner said. 

Only a few people at the Buicfc Open 
■T were familiar with Skinner's name be- 
. . fore Thursday. He was one of the most 
obscure golfers in the field. Skinner, a 
Nike Tour regular for most of this de- 
• cade, had seriously considered ending 
. j his career on the PGA Tour. 

7;. But Skinner made a name for himself 
on Thursday. He tied the course record at 
Warwick Hills Country Club, shooting a 
10-under-par 62, equaling the second- 
round score of Jim Furyk in 1995. 

When the first round ended. Skinner 
held a four-stroke lead over Nolan Hen- 
ke wiih 10 golfers tied for third place at 
67. Skinner is the first player to lead a 
PGA tournament by four strokes after 
- the first round since Jose Maria Olaza- 
-. bal did it in 1994. 

' When Skinner looked at the leader 
-• i board, his name was alone at the top. It 
f may not stay there for four days, not 
with a strong field tuning up for Thurs- 
day’s PGA Championship in pursuit 


But Skinner dominated the course, be- 
coming only the seventh player on the 
Tour this year to shoot a 10-under 
round. 

“That’s about the best I can do,’ ’ said 
Skinner, who lives in Sylvester, Geor- 
gia, and who will turn 37 this month. 

While a large portion of the gallery 
followed Tiger Woods, who struggled 
to an even-par 72, Skinner played his 
record-tying round with little fanfare. 

“ Here I am with a lead, and nobody's 
watching me play.” Skinner said. ”1 
looked over to die right, and that’s 
where the other 60,000 people were.” 

■ Palmer’s Army Marches On 

With his hair now silver and his stom- 
ach bulging slightly over his belt, 
Arnold Palmer still commands The 
Army. Tiger Woods has his throng now, 
bur with the Senior PGA Tour stopping 
this weekend ai the Meadow Brook Club 
for die Northville Long Island Classic, 
the faps here belong to Palmer, the 68- 
year-old legend, die New York Times 
reported from Jericho, New York. 

Working his way back after prostate 
cancer surgery in January, Palmer was 
the main attraction Thursday while play- 
ing the 6,842-yard course in a pro-am to 
ready himself for his first appearance in 
the 11 -year-old tournament. 


The AiSiH'uitCtl Press 

Rex Hudler. in his first game since 
June 9, whacked a tying home run in the 
seventh inning and then hit an RBI 
single in the 11th as the Philadelphia 
Phillies beat the Houston Astros, 6-5. 

The NL Central-leading Astros lost 
their season-high fourth straight. The 
host Phillies, with the worst record in the 
majors at 38-74. have won eight of 10. 

Hudler was activated before Thurs- 
day night's game following his second 
stint on the disabled list this season. He 
was out April 12 to May 6 because of a 
strained left hamstring and was side- 
lined from June 12 to Aug. 7 because of 
surgery on his right knee. 

His two-run homer made it 4 to 4 in 
the seventh. 

A pinch hitter, Ricky Otero, blooped 
a one-out double in the 1 1th off Tom 
Martin <4-3 » and Hudler followed with 
his game-winning hit. 

Billy Brewer 1 1-2) got the victory. 

Pirates 5, Marlins i Esteban Loaiza. 
who didn’t retire a barter as a starter the 
night before, and Marc Wilkins each 
pitched three shutout relief innings fol- 
lowing the ejection of Pittsburgh’s 
starter", Francisco Cordova, as the Pir- 
ates beat Florida. 

The Pirates ended Florida’s four- 


game winning streak. The Marlins had 
won eight of nine. 

Cordova and the Pirates manager. 
Gene Lament, were thrown out by the 
umpire Jerry Layne in the second inning 
after Moises Alou was hit in the back 

NL Roundup 

with a pitch. Darren Daulton had just put 
Florida up 1-0 with his 12th homer. 

Cubs 6, Giants 3 The rookie J ere mi 
Gonzalez outpirched Wilson Alvarez, 
and Chicago bear visiting San Fran- 
cisco. stopping the Giants' four-game 
winning streak. 

Sammy Sosa hit his 24th home run and 
Brian McRae had three hits, including a 
homer, for Chicago. The Cubs won for 
only the third, time in 14 games. • 

Gonzalez <“8-5) beat Alvarez ( 1-1) in 
a matchup of pitchers from Maracaibo, 
Venezuela. 

Mats 12, Rockies 4 Carlos Baerga. 
starring for the first time in eight games, 
had four hits and drove in four runs, 
leading Mark Clark and the Mecs over 
visiting Colorado. 

Baerga, who had been sidelined for 
six games with a strained left rib cage 
before pinch-hitting Wednesday night, 
was 4-for-4 with a homer and double. 


He added an RBI single in a six -run 
seventh inning. 

Braves 3, Cardinals 0 Streaking 
Denny Neagie pitched IV? scoreless in- 
nings to become the National League’s 
first 16-game winner, as host Atlanta 
beat Sl Louis. 

Neagie { 1 6-2 } ran his scoreless inning 
streak to 23-/* innings in sending the 
Cardinals to their fifth straight Loss and 
ninth in 10 games. Neagie, 4-0 with two 
no-decisions since the All-Star break, 
matched his career-high 16 wins of a 
year ago, when he was 16-9 with Pitts- 
burgh and the Braves. 

Reds 7, Padres o In Cincinnati. Brett 
Tomko pitched seven shutout innings of 
three-hit ball and the Reds pounded 
Danny Jackson in his return to San 
Diego's rotation. 

San Diego lost for the seventh time in 
nine games and wasted a chance to pick 
up ground in the NL West. The de- 
fending champions remained 9 Vz games 
behind San Francisco, which also lost 
Thursday. The Reds won for only the 
sixth time in 19 games. 

Dodgers 9, Expos 4 Mike Piazza went 
4-for-5 with a homer and three RBIs and 
the visiting Dodgers survived a shaky 
outing by Hideo Nomo to beat Mon- 
treal. 


Lots of Commuting for Walker Cup Player 


By Jack Cavanaugh 

iVtn- York Tunes Sen-ice 

SCARSDALE, New York — After 
playing his second match in die Met- 
ropolitan Golf Association Amateur 
Championship in Springfield, New Jer- 
sey. last Friday, Jerry Courville drove two 
and a half hours to his job as a projects 
coordinator in Shelton. Connecticut. 

After spending ihe night ar home in 
Milford, Connecticut, the 38-year-old 
Courville drove back to Springfield on 
Saturday morning, in time for his semi- 
final match. 

He won that one and the 36-hole 


final on Sunday to become the third 
player to capture the Met Amateur and 
the Ike tournaments in the same year. 

Such can be the life of an amateur 
golfer, even one of the very best, as 
Courville is. 

As testament to that, he will play in his 
second Walker Cup on Saturday and Sun- 
day as a member of the V.S. team that will 
face Britain and Ireland at the Quaker 
Ridge Country Club in Scarsdale. 

Courville was a member of the 
United States team that lost to Britain 
and Ireland. 14-10. two years ago in 
Wales. The victory was only the fourth 
for Britain and Ireland, against 30 de- 


feats and a tie, in this amateur version 
of the Ryder Cup. 

Each team returns three players 
from the 1995 competition. The two 
other American returnees are Buddy 
Marucci of Malvern, Pennsylvania, 
and John Harris of Edina, Minnesota. 

The formal for the Walker Cup will 
include alternate stroke play in the 
morning, scarring at 8 A.M., and 
singles in the afternoon, at i P.M. 

Apart from Courville, Marucci, Harris 
and Duke Delcher of Hilton Head Island. 
South Carolina, who is 41 years old, the 
six other members of the O.S. team are 
collegians or recent college players. 


Clemens Gets 
17th Victory 
As Jays Blank 
The Indians 


The /Vis 

Roger Clemens became the first 17- 
game winner in the majors this season, 
pitching a five-hit shutout and striking 
out 10 to set a Toronto club record as the 
Blue Jays beat the visiting Cleveland 
Indians. 4-0. 

Clemens 1 1 7-4j, who pitched his 40th . 
career shutout, has 202 strikeouts this 
season. The old club record of 198 was 
set by Dave Stieb in 1984. 

Clemens, who reached the 200- 
strikeout plateau for the ninth time in his 
13-year career, retired the final 13 hit- 
ters on Thursday night. He threw 137 

AL Roundup 

pitches. 8 1 for strikes, walked three and 
lowered his major league-leading ERA 
to 1 .69. It was his second shutout and 
seventh complete game of the season. 

Shawn Green had two hits, scored 
twice and drove in one run to help the 
Blue Jays to just their fourth victory in 
13 games but their eighth in their last 
nine home games. 

John Smiley 1 1- 1 1. making his second 
stan since being acquired from the Cin- 
cinnati Reds on July 31. gave up three 
runs on nine hits over seven innings. 

Athletics 5, Brewers 4 Rafael 
Boumigal's RBI single over a drawn-in 
outfield in the 13th inning gave host 
Oakland a victory over Milwaukee after 
the A’s blew a two-run lead in the 
ninth. 

Ernie Young began the 13th with a 
double off Doug Jones 1 3-51 and moved 
to third on a "groundout. Milwaukee 
pulled its infielders in and positioned its 
outfielders a short distance from the 
edge of the infield din. Bouroigal then 
hit a 300-foot fly ball that went over the 
head of left fielder Jeff Huson. 

Dane Johnson (4-11, the sixth A’s 
pitcher, worked two scoreless innings 
for the victory. 

Tigers 8, Royals 4 Bob Hamelin, re- 
leased by the Royals in spring training,, 
hit a solo home run and an RBI double as 
Detroit defeated host Kansas City. 

Bobby Higginson and Damion Eas- 
ley also homered as Detroit improved to 
53-59, matching last year’s victory 
total. The Tigers had the worst record in 
the majors last season at 53- 1 09. 

Red sox 7, Twins g Jeff Ftye knocked 
in a run and scored twice as visiting. 
Boston beat Minnesota for its fourth- 
straight victory. 

Red Sox starter Aaron Sele (11-8). 
lasted 5 l A innings and gave up four hits 
and four earned runs. Jim Corsi. the 
sixth pitcher for Boston, pitched the 
ninth for his second save. 

Yankees 4, Rangers 2 David Cone al- 
lowed only three hits in seven-plus in-; 
nings. and Derek Jeter and Bemie Wil- 
liams homered as New York beat host; 
Texas to split their two-game series. 

Cone (12-5) allowed two singles and; 
a triple and struck out eight. He walked 
two, both of whom scored, before get- 
ting relief help. Mariano Rivera pitched; 
the ninth and got his 34th save despite- 
loading the bases. 

Mariners 3, White Sox 2 Ken Griffey 
Jr., who had only three homers in July, 
hit his second of August to help Seattle 
beat visiting Chicago. 

The Mariners won for the fourth time 
in five games and moved within a half- 
game of first-place Anaheim in the AL 
West. 


CALVIN AND HOBBES 


















The Historic Smokescreen I The Millennium as Seen by a Design Guru 


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]VT IT Could - V0U P Iease «- 
itdeJfc 6 recenI his,oric ,otac “ 

® as * call y' tobacco in- 
dustry has admitted that it is killing 
ESge b y *e millions and has agreed 
“at &om now on it will do this under the 
stnct supervision of the U.S. govern- 
ment. 

therC be mwietar y damages 

^ Yes ; compensate for the im- 
mense suffering caused by its products, 
the tobacco industry will pay huge sums 
of money to the group most directlv 
affected, 

Q. Lawyers? 

A. Yes. 

Q. Will the U.S. government also 
receive large quantities of monev? 

A. Of course. 

Q. How will the tobacco industry 
obtain this money? 

A. By selling more tobacco 
products. 

Q. What if consumers stop buying 
tobacco products? 

A, That would be ” “ ~ 
very bad. That would A warni ng saving 

mess up the economics . ^ c 

of the whole thing. The cigarettes contain 
government would f at ^..u stfm 
probably have to set up Iat woum st0 P . 
an emergency task force sales overnight. 

to figure out ways to get 

people smoking again 
in order to finance the historic tobacco 
settlement. 

Q. You're kidding, right? 

A. I’m not sure. 

Q. Under this accord, will potent 
new steps betaken to remind smokers 
that they should not smoke? 

A. Yes. Cigarette packs will carry 
even sterner scientific warnings regard- 
ing the badness of smoking! such as 
“YOU BIG DOODYHEAD!” These 
warnings will no doubt have the same 
massive impact as all the previous warn- 
ings. causing many smokers to smack 
their foreheads and say: “I had NO 
IDEA that smoking was unhealthy! I 
shall quit immediately!" 

Q. Seriously, is there some kind of 
printed warning that really would 
make people stop buying cigarettes? 

A. Yes. Sales would drop to zero 
overnight if the warning said: "CIG- 
ARETTES CONTAIN FAT." Amer- 
ican consumers have no problem with 
carcinogens, but they will nor purchase 
any product. including floor wax, that 
has rat in it. 

Q. If the government really wants 
people to stop smoking, how come it 
doesn't just make cigarettes illegal? 

A. Because people would smoke 
them anyway. 

Q. Then how come the government 
makes crack cocaine illegal? 

A. That is an unfair comparison. The 
tobacco industry' is merely selling a 
deadly product; the crack cocaine in- 


dustry is guilty of something far. far 
worse. 

Q. Failure to make large political 
donations? 

A. Yes. 

Q. What does the historic tobacco 
settlement do to discourage adoles- 
cents from smoking? 

A. It requires the parents of adoles- 
cents to put on giant pants, shave their 
heads and get their noses pierced, then 
smoke cigarettes in front of their kids 
while making statements such as: 
“Smoking is cool, dude!" This will 
cause the adolescents to join strict re- 
ligious orders. 

Q. What will be done regarding Joe 
Camel? 

A. He will be neutered. 

. Q. How about Dennis Rodman? 

A. Good idea. 

Q. Many people started smoking, 
because they watched classic movies 
in which glamorous Hollywood stars 
were always inhaling and exhaling 
vast clouds of smoke and looking 
totally cool. What will 
* be done to correct this 

tr saving under the historic to- 

' . bacco settlement? 

contain a. By 1998, all clas- 
StOp sic moines will be dig- 

. £ ■ italiy reprocessed by 

night. special Food and Drug 

Administration com- 
puters so that, to cite 
one example in “Casablanca." when 
Humphrey Bogart makes his dramatic 
final speech to Ingrid Bergman, he will 
have the voice of Rocky the Flying 
Squirrel. 

Q. Whose voice will the late John 
Wayne have? 

A. The late Lucille Ball’s. 

Q. Under the historic tobacco set- 
tlement. will cigarettes still be suld 
from vending machines? 

A. Yes. but people purchasing cig- 
arettes from such machines will also 
receive, as a warning of the health risks 
involved, a powerful electrical shock. 

Q. What will happen to all the To- 
bacco Institute scientists, who, de- 
spite decades of dedicated research, 
were never able to find a single shred 
of evidence proving that cigarettes 
cause cancer? 

A. At the request of the White House, 
they will be reassigned to the White- 
water investigation. 

Q. How will the historic tobacco 
settlement affect the aliens whose 
spaceship crashed near Roswell. New 
Mexico, in 1947, and whose bodies are 
now being kept in top-secret govern- 
ment freezers? 

A. Millions of dollars will be paid to 
their lawyers. 

Q. ( guess tbat covers it! Thanks! 
Smoke? 

A. I have my own. 

&199? The Miami HcrM 

Distributed by Tribune Media Sen ices hu 


/lucniummal Herald Tribune 

L ONDON — Other countries’ at- 
tempts seem meager. Only Britain 
is making the coming millennium into 
a vast and costly commemoration. The 
Millennium Commission has- more 
than£l billion (S1.6 billion). extracted 
from the national lottery, on hand to 
fund nationw ide projects from the new 
Tate Gallery site to a Garden of Eden in 
Cornwall to explore “the relationship 

MARY BLUME 

between plants and humans," with 
smaller sums to be awarded for ar- 
thritis care, wildflowers, a dinosaur 
museum, the creation of a 2.785-mile 
bicycle route throughout Britain and 
installing or restoring enough' church 
bells throughout the country to ring out 
the close of the second millennium and 
the stan of the third. 

It is an all-party party, initiated by 
the Conservative government and 
adopted by Labour, and greeted with a 
good deaf of indifference and down- 
right irritation. “Politicians seem to 
have forgotten." said a chastising ed- 
itorial in the Daily Telegraph, "that the 
real point of the occasion is to mark the 
2,000th anniversary of Christ’s birth.” 
The celebration’s centerpiece, a great 
dome at Greenwich, designed by the 
architect Richard Rogers, has been de- 
scribed as an inverted dustbin lid and 
attacked by environmentalists as “a 
poisonous project" because its roof is 
to be coated in toxic PVC. 

The dome, being the focus of the 
celebration, has been the most vilified. 
It has a price tag of £200 million, is 
expected to receive 10 million visitors . 
in a year and has been given a new 
name. The Millennium Experience, 
and, as of June, a creative director 
named Stephen Bay ley who is expected 
to make it into a world-class exhibition 
and a "must see” event, in the words of 
the Millennium Commission - 
Bayiey. who created Terence Con- 
ran’s 'Design Museum and its prede- 
cessor. the Boilerhouse, and who has 
an exhibition on Coca-Cola bottles at 
the Design Museum now. is a high- 
velocity -talker and author of. such 
books as “The Albert Memorial,” 
"Taste” and “Sex. Drink and Fast 
Cars." He also advises ad agencies and 
names perfumes for Penhaligon. For 
convenience, he is usually referred to 
as a design guru. 

“I’ve adopted the role with what I 
like to think of as self-deprecating 
irony." he said at the Conran club 
adjoining the new Bluebird caf£. “If 
people think I’m adesign guru I may as 
well — you know, you are what you 
prerend to be.” 

In design, Bayiey says he likes or- 
dinajy things well done, not exces- 
sively complicated things well done. 

* ’A Gap T-shirt interests me 100 times 






Imi'Y &?• . 


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Stephen Bayley’s job is to make Britain's exhibition a “must see” event 


more than some tricked-up Versace 
number.” He was wearing a Gap T- 
shin. fashionable Schumi-clipped hair 
and dark glasses. “I can be lampooned 
for taking things like teapots too se- 
riously, but I love that. It isn’t that life 
is here and design is somewhere else. 
Everything can be a pleasure.” 

With all the fuss- about die millen- 
nium dome, no one troubled to ask 
what would be inside iL which is where 
Bayiey comes in with his mile-a- 
minute ideas, soaring enthusiasm and 
buoyant ego cloaked in irony. He was 
once called the second most intelligent 
man in Britain and still uses the phrase 
on his CV. 

“Tbat quore is like a Concorde lug- 
gage tag. I’ve only been qn Concorde 
once but I keep reattaching it to my 
briefcase even when the elastic cor- 
rodes because there is nothing so guar- 
anteed to stimulate a comment. Same 
with that quote.” 

His Millennium Experience job is. 
he says, to act as an editor. “There’s so 
much going on that even someone of 
my energy and megalomania couldn’t 
be involved in everything. I’m just the 
mind and the eye wnich coordinates.” 
He wishes it weren't called the Mil- 
lennium Experience. 

“I’m not happy about that word, i 
think it is what is called a redundant 


amplification, like sexual experience. 
It’s either sex or it’s not.” 

Before he came on the job it had 
been decided that in the center of the 
dome would be a drumlike theatrical 
space for 1 0,000 in which Sir Cameron 
Mackintosh would produce a 40- 
minute spectacle about time and his- 
tory and how we got to where we are. 
The unleashed spectators then aim for 
the 18 exhibits which Bayiey is or- 
ganizing. each to deal with tune ele- 
ments: local, national, global, work, 
rest, play, body, mind and souL 
Right now a bunch of designers is 
being asked to answer one- line ques- 
tions, such as. “What will we eat in the 
year 3000?” “Is God dead and can 
science find Him?" “What are the 
finite limits to athletic performance?" 
Once the designers nave answered 
these questions, special advisers rang- 
ing from the musician Brian Eno to the 
head of the Jet Propulsion Laboratory 
at Pasadena. California, will be called 
in to make useful comments resulting 
in what Bayiey calls a provocative 
insight into where we are and how we 
get to the next stage. 

“It all sounds madly utopian." he 
said, “but then the whole project is 
madly utopian and that's its charm. 
The great excitement in all this is that 
no one’s done it before. In the last 


millennium people were J^kcd in a 
son of gloomy tense expectation about 

the apocalypse.” .... . „ „ 

Andaren't they now ? Vs ; hut it 
takes a different form, does" t it. 
Bayiey. at any rate, says he is one of 
those “desperately old-fashioned 
people” who believes tomorrow is go- 
ing to be better than today. “I .vc had a 
lot of experience making people in- 
terested in design, now to be able to 
make them interested in ideas as well 
through design is compelling^ inter- 
esting.” His hero is Prince Albert, in- 
ventor of the Great Exhibition ui 

“Even I am not so insane!} con- 
ceited as to think I'm capable ot doing 
anything as important and significant 
as 1S51. which is one of the extraor- 
dinary moments in the history ol civ- 
ilization. It would be foil} to think we 
could duplicate that but on the other 
hand big public exhibitions can change 
national moods. The Festival ol Brii.un 
in 1951 certainly did.” 

To an outsider it is fascinating mat 
Britain should be the one country to 
annex the millennium so copiously. It 
may be the national gilt for commem- 
oration of any sort, a wax of avoiding 
the always parlous present and. in this 
case, of taming the future by recalling 
the great exhibitions of the past. More 
specifically. Bayiey also looks at the 
Millenni um Experience as a way ot 
stating, as 1851 did. that Britain is the 
global capital of design. 

“There are long British traditions ol 
trading and inventiveness and I think in 
a sense modem design is a develop- 
ment of those traditions. Also. London 
is probably the most cosmopolitan cii> 
in the world, and another aspect is that 
Britain has the most highly developed 
art education system of any country. 
But when I say one of the things ! want 
to do with the millennium is rum ri into 
a showcase ‘of design. I don't mean 
narrowly nationalistic design. Design 
is the most transferable commudin - it 
is international. 

“And L think the questions we are 
raising in the exhibition clearly have 
intemadonal relevance. Wc certain! \ 
haven't construed it to be narrowly 
nationalistic but it will reflect well on 
the culture which gave rise to it. he said 
in a statesmanlike manner." Bayiey 
added in a statesmanlike manner. ' 

His job ends on Dec. .31. 1999. and 
Bayiey is confident that his concept can 
be realized in the short time ahead. The 
main thing is that the result be in- 
teresting and. he says. "Certainly this in 
very, very interesting indeed. 1 hope.” 
he added, “in our next conversation we 
are not suffocated by the aroma of 
burned fingers. I think it's do-ahle. ii*n 
certainly desirable and it in dn-.ih|c I 
think. Misty look coming up in ni> 
eyes.” Perhaps so. but behind the de- 
signer shades it was hard to tell. 



PEOPLE 


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A MOTHER has won a legal battle to 
name her son Godot after waiting 
more than a year for permission from 
the courts. A court in Hannover, Ger- 
many, in a ruling issued 395 days after 
the child was bom, determined that a 
city official had been wrong to refuse to 
add the name Godot to the baby’s other 
names, Max and Geronimo. on the birth 
certificate. It overturned a ruling by a 
lower court tbat had argued that Godot 
was not a first name but “a fantastical 
literary name.” The lower court said 
that people associated Godot with 
death, guilt, salvation or God because of 
the play “Waiting for Godor” by 
Samuel Beckett, and that the child 
would be exposed to ridicule as he grew 
up if given that name. Beckett's play 
centers on two tramps who wait in vain 
for Godot, who never shows up. 

□ 

Garth Brooks had friends from 
many places as hundreds of thousands 
turned out for a free concert in Central 
Park, making the heart of New York 
City beat country for a few hours. Fans 
flew in from Wyoming, hitchhiked from 
Florida, drove semi-trailer trucks from 
Kansas and took commuter trains from 
New Jersey. They sang along as the 
country singer pounded out his hits, 
including “Rodeo” and “Friends in 
Low Places.” Brooks told the crowd 
they hit 900,000, and an enthusiastic 
announcer put the number ar 750.000. 
Police estimated the size of Thursday 
night's audience at 250.000. 

□ 

What’s a Hollywood siar to do be- 
tween projects? Gwyneth Paltrow, 
who has three movies ready for release 
and is contemplating what to do next, 
has moved into a new field: magazine 
editing. She will be the guest editor-in- 
chief for Marie Claire's January issue. 
Says Glenda Bailey, who has the job 
the rest of the time. “She is so talented 
in this area that if she wanted to become 
a full-time journalist, she would be very 
successful.” Paltrow, who recently 
starred in “Emma,” began her stint on 


Caribbean island in 1995. Paltrow re- 
cently broke off an engagement to Pitt, 
who has been fighting Playgirl over its 
publication of the photos. 

.□ 

Robert Altman and Polygram are at 
odds over his claim that he was fired as 
director of “The Gingerbread Man.” 
Altman told a New York screening 
audience that he had been summarily 
dismissed after che film did not fare well 
at screenings for Los Angeles mall 
theater audiences, and that he had lost 
control of the thriller's final cut. Poly- 
gram denied that Altman was fired from 
the film or had been professionally mis- 



iNn-Pbrnr Muller A,tnC, Fi 

ALL THAT JAZZ — Singer Polya Jordan chatting with saxophonist 
Benny Waters as the Marciac Jazz Festival opened in southwest France. 

girl magazine to stop selling the August elist John Grisham, stars Kenneth 
issue, which features pictures of Pal- Branagh, Robert Downey Jr. and 
trow and Brad Pitt frolicking nude on a Robert Duvall. The East Coast screen- 

: c » «. ■ 


READERS IN OTHER COUNTRIES CAN SUBSCRIBE BY CALLING: 

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_ ' C' - — vi umv v«n<u ^ivinuuivilUiil UilJ” 

the magazine two weeks ago, ... A treated. “The Gingerbread Man.’’ an 
judge in Los Angeles has ordered Play- original script by the best-selling nov- 

Afterlife as an Angel for Your Virtual Pet 

Reiners 

T OKYO - — For anyone who thought there might be. money in virtual pet 
cemeteries for the sensationally popular virtual pet Tamagotchi, the toy’s 
creator has just dashed all hopes. J 

Responding to criticism that the death of an electronic pet could be upserrino 
to some children, the Japanese toy maker Bandai Co. said Friday that it would 
sell a new version of the toy that returns to life as an angel. With the new 
Tamagotchi, to be launched next week, an angel descends into the tiny liquid 
crystal display that was occupied by the electronic pet before its demise. 

Vv e have heard about criticism in the Philippines that our digital toy treats 
the subject of death too lightly, but we want owners to love and care for it as if 
it were a real pet,” said a Bandai spokeswoman. 

In the original version, the birdlike virtual pet wou Id die if it was not properly 
fed. bathed and played with. But because a new bird could easily be hatched 
with a reset button, the toy was also criticized for desensitizing children toward 
death by encouraging them to kill off the pet and siarr over if they did not like 
the way it was developing. 

The angel version does not die when neglected, but just returns to heaven. 


mg was of Altman’s version. At a part} 
afterward, he said his removal was die 
worst thing that had ever happened io 
him, according .to J.R. Rich, a Blue 
Note record company executive. 

□ 

Tom Clancy is engaged, the Buffalo 
News reports. The newspaper said thru 
the thriller writer’s bride-to-be. Alex 
Llewellyn, a former television reporter 
for WKBW in Buffalo. New York, h;„| 
told several friends that the weddine 
was scheduled for February. Ciaiicx' 
who is soon to be divorced, is the auihoi 
of “Patriot Games” and “The Hum i.»i 
R ed October.” . . . Kelsev Grammar 
the star of the NBC sitcom “Frasier.” 
mamed Camille Donatacci. a funnel 
mm student, this week. Two hundre. I 
friends and family members attended 
the sunset ceremony in Malibu. C’.ili- 
foraia. Grammer's publicist said. 

□ 

The author Sandra Cisneros 
pearal before San Antonio’s H.sjmV 
and Design Review Commission, which 
apparently has a problem wth 
purple paint job on her house, c’.snen 
agreed to work with the cits in " 
paint scheme acceptabJe to both pam ,; ! 
but reserved the right “to defend n 
colors” if an agreement ^°noue” c |a.,'; 
Cisneros, who wrote “The Hn.u 
Mango Street" md ■ "Womu, Hollo it" 

Creek, says that the purple hue reii ' 

b*? 01 * of southern ; " 
and Mexico. "According to na h v 
purple Is a historical color " 

This was Mexico, and ihe \i , '"‘ l 
color palette isn’t being allow ^, •• K ,n