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INTERNATIONAL 



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The World’s Daily Newspaper 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


By John F. Burns 

^ ■ Nov York rimes Sen i t c 

> LAHORE. Pakistan — With the sun 
sinking into the haze over this old 
Mogul city, hatred between rival 
Muslim sects brought three masked men 
bursting into the 400-year-old Shahi 
mosque. Shouting “Infidels!” at rows 
of men and boys prostrated during even- 
ing prayer, the intruders leveled Kalash- 
nikov rifles. In the fusillade, 10 wor- 
! shipers died. 

| The attack last week, and a dozen 
, others like it that killed at least 70 people 
in the Lahore area in the first 1 0 days of 
August, has riveted Pakistanis and dom- 
inated front pages and conversations 
here just as ihe nation marts the 50th 
anniversary of its birth Aug. 14, 1947. 

To many here, the staccato of bomb- 
ings, shootings and grenade-throwings 
by religious extremists seemed like a 

f devd’s parody of the violence that has 
blighted the country through much of its 
existence. 

Taking stock of their country after its 
first half-century, Pakistanis have found 
much to regret, but also much that 
makes them proud. Starting from little 
in 1947, when the country was carved 
out of British India as a homeland for 
Indian Muslims, Pakistan has been bur- 
dened by poverty but also has scored 
impressive successes. 

It has a large industrial base, with 
Steel mills, chemical plants and truck 
factories, and its scientists, with help 
from China and materials smuggled 
from Western countries, have developed 
a stockpile of nuclear weapons. 

The country’s armed forces, while 
weighing down a national treasury that 
is $60 billion in debt, are among the 
most modem and efficient in Asia and 
t have acquitted themselves as United 
I Nations peacekeepers in Somalia, Bos- 
nia-Herzegovina and elsewhere. 

Best of all from the viewpoint of 
many Pakistanis, the country is in some 
respects more up-to-date than India, 


having never closed ils economy to for- 
eign trade and technology to the extent 
mat India did. 

Indians visiting Pakistan are often 
envious of the country’s airlines, hotels 
and telephones, which rarely show the 
fustiness and inefficiency that define 
life in India. 

For all these gains, Pakistan is also a 
country with serious problems, as the 
sectarian killings showed. 

While the killings were concentrated 
in only one province. Punjab, they 
seemed to encapsulate for many 
Pakistanis their worst nightmares about 
the country. 

In 50 years, Pakistan has endured 
military coups, assassinations, the loss 

Fireworks and reflection mark 
celebrations in India. Page 7. 

in 197 1 of half the country in the civil 
war that created the nation of 
Bangladesh and repeated disappoint- 
ments from its civilian politicians, who 
have often turned out to be incompetent 
and corrupt. 

The mosque killings struck an es- 
pecially deep chord in the nation's 
psyche because from its inception 
Pakistan was a country established as a 
refuge for Muslims who would have 
been outnumbered by Hindus in a single 
Indian state. 

The country’s name. Pakistan, is both 
an acronym of some of the regions that 
were carved out of the India of 1947 and 
a word in Urdu, P akista n’s principal 
language, that means “land of the 
pure,” a phrase drawn from Islamic 
theology. 

Its flag is the Muslim color, dark 
green, and has the Muslim symbols of a 
crescent moon and a star. 

Arif Nizami, editor of The Nation, an 
influential newspaper in Lahore, said: 
“It’s tragic, really tragic, that in the 

See PAKISTAN, Page 7 



t tj Sudden Death in Arizona 

i -I Flash Flood Sweeps Away a Group of Hikers, 
, I And Search for Bodies, and Blame, Goes On 


V. I ' . By William Booth 

ft Washington Post Service 

/J.PAGE, Arizona — On a sonny blue 
-afternoon, a dozen men and women 
• . parked their cars, paid a few dollars 
- .admission to the Navajo Indians who 
were siding in the shade under a shed. 
They walked a hundred yards across a 
bone-dry wash and entered a stony 
^ labyrinth known as Lower Antelope 

. ‘ V Canyon. They did not realize they were 
- • v: ; 2® 1 m descending into their own tomb. 
.•r.:'- 3 ’-;'? One by one, the tourists squeezed into 
,_r ^ fissure in the earth, wriggling through 
' the golden brown sandstone walls, 
.■„•! .: i£: down 100 feet (30 meters) by creaking 
■ ' . •?? /■' wooden ladder, until they reached the 

. - sandy floor of the famous slot canyon. 
‘ Its walls polished smooth by time, the 
■ ■ • crevice is so narrow in places a hiker can 

•• '■? . Teach out and touch both walls. 

' r . ' That short hike Tuesday ended with 
■:{ the deaths of 1 1 people and the almost 


miraculous survival of one man — one 
of the worst accidents in the western 
wilderness in recent memory. 

The hikers — all but two were foreign 
Tourists — did not know dial beyond a 
mesa 15 miles (25 kilometers) away, a 
severe thunderstorm was saturating the 
watershed with torrential rain and 
pebble-sized hail. 

As the group admired the canyon’s 
sculpted walls, the cathedral silence and 
the twisting snake of blue sky above, the 
gullies and washes those few miles 
away were fast filling with rainwater. 

In these desert lands, such heavy rains 
create flash floods — deadly rivers of 
water, silt, sand and stone. 

Sometime after 4 P.M., Ted Can- 
delaria was on his way home from die 
Navajo Power Generating Station amile 
away when he stopped and reported a 
raging torrent of water, as much as 10 


See CANYON, Page 7 









i|<. . . - . Hehris in the canyon for the bodies of the hikers 

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Paris, Saturd ay-Sun day, August 16-17, 1997 


On Anniversary, Pride 
And Angst in Pakistan 

Muslim Violence Prompts Soul-Searching 


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Dow Falls by'247 

As Investors Quiver 

3.1% Tumble Biggest in 6 Years; 
Heavy Program Trading Cited 


- H - 


SEEKING F A MIL V — A boy from mainland China peering around the 
customs desk at the Lo Wu border crossing in Hong Kong on Friday. He 
and his sister were part of a group of 163 children, the first to arrive 
under a new immigration law that allows them to rejoin their parents. 


Canple! i? Cfer Staff F ruai Dlyur hn 

NEW YORK — The Dow Jones in- 
dustrial average sank 3. 1 percent Friday 
as computer-driven selling and fears 
that the bull market had overvalued 
stocks sent prices spiraling. 

The Dow Jones industrial average 
plunged 24737 points to 7,694.66. 

It was the worst drop in percentage 
terms since November 1991 and the 
second-biggest point loss for the Dow 
ever, surpassed only by the 508-point 
drop Oct. 19. 1987. 

“It’s on the ugly side,” said Art 
Hogan, senior trader at Morgan Stanley, 
Dean Winer & Discover. “But most of 
it’s program trading, investors selling 
futures, and that drives down equities." 

The retreat pulled the Dow nearly 550 
points back from its record high of 
8359.31 on Aug. 6. Since then, the 
roller-coaster market has dipped and 
risen on an overall downward trend, 
with the closing Dow figure changing 
direction three times. 

The decline was due at least in part to 
computer-driven selling typical of 
“double witching* ’ days such as Friday , 
when options contracts expire on stocks 


and stock indexes. Some investors at- 
tributed the decline to an overdue cor- 
rection of a recent run that made many 
blue chip and other stocks overvalued. 

Investors are concerned that the U.S. 
economy may be accelerating at a pace 
that could rekindle higher inflation. A 
fresh surge in the seven-year-old eco- 
nomic expansion could prompt Fed po- 
lice makers to put on the inflation brakes 
by pushing up interest rales when it 
meets next week. 

Bur the bond market posted a slight 
gain after trading lower for most of the 
day. The 30-year Treasury bond rose 1/ 
32 to 97 25/32, taking the yield down to 
6.54 percent from 6256 percent. 

“We keep looking for inflation" said 
John Snyder, executive vice president 
of John Hancock Funds. “We’ve been 
looking at that for the last two years, and 
it’s not there. It just doesn't take too 
much to get people nervous and to get 
people to panic." 

The Standard & Poor’s 500-stock in- 
dex declined 23.96 to 900.81 . The tech- 
nology-laden Nasdaq Composite Index 

See MARKET, Page 4 


Africa: A Sign of Hope Amid the Turbulence 

Economic Growth Catches Attention Violence Traps Tourists on Kenya Coast 




By Lynne Duke 

Washington Post Service 

JOHANNESBURG — When 
Texas-based SBC Communications 
Inc. and Telekom Malaysia Bhd. 
bought a 30 percent stake in Telkom 
South Africa, the state-owned phone 
company, ibe deal was as significant 
for its dollar value — SI. 26 billion — 
as for the message it sent to the world 
about African economic viability. 

One of Africa’s largest steps toward 
privatization, the Telkom acquisition 
this year sent a loud and clear signal 
thai South Africa, considered a finan- 
cial gateway to Africa as well as a role 
model for it, was indeed open for busi- 
ness. 

In selling off one of the state assets 
that have proved such a drag on Af- 
rican economies, the deal embodied 
the growing commitment to economic 
reform in South Africa and elsewhere 
on the continent. With seven foreign 
companies taking part in the bidding, it 
also suggested that an African eco- 
nomic renewal might be under way. 

Despite continued economic and 
political trouble on the continent, as 
well as structural problems that have 
yet to be solved, sub-Saharan Africa is 
growing in wealth as it democratizes. 
This leads investors to consider this 
once-marginalized continent a market 
worthy of their attention and money. 

The economic growth in several 
countries has raised eyebrows. 
Ethiopia and Uganda, once wracked by 
war and despotic mismanagement, led 
East Africa last year with growth of 
11.9 percent and 9.4 percent, respec- 
tively, according to the World Bank. 

Malawi, with growth of 16.1 per- 


cent. is leading the south, followed by 
Zimbabwe with 8.1 percent and 
Mozambique with 6.4 percent. 

South Africa remains this region's 
economic anchor and magnet for for- 
eign investment, though its growth was 
a modest 3.3 percent. 

In West Africa, meanwhile. Ivory 
Coast grew 6.8 percent. Togo 6 per- 
cent. and several other countries ex- 
panded 4 percent or more. . ,• 

' The trend is fragile and new, with 
some of Africa’s largest countries — 
notably the two Congos, Angola, Su- 
dan and Nigeria — still in political 
turmoil or severe economic straits, or 
both. 

But the traditional pessimism is giv- 
ing way to a new conventional wis- 
dom: that rumors of Africa's eternal 
ruin may have been greatly exagger- 
ated. 

“It’s still fragile, it’s still difficult, 
but for the first time there’s good news 
coming out of Africa — and that’s 
news,” said Witney Schneidmann. se- 
nior vice president of Washington- 
based Samuels International Associ- 
ates Inc., a consulting firm that focuses 
on corporate movements into Africa. 

President Sam Nujoma of Namibia, 
speaking to participants at a recent 
African-American conference in Har- 
are. Zimbabwe, seemed to suggest that 
an African moment was at hand. 

On the continent, it is called an 
“African renaissance,” based on a 
fresh sense of Africa’s place in the 
world, a new kind of pragmatic lead- 
ership and a commitment to connect 
Africa to the global economy. 

“We cannot afford to fail at the 

See AFRICA, Page 4 


Agence France-Presse 

MOMBASA, Kenya — More se- 
curity forces were rushed here Friday 
to protect terrified Kenyans and for- 
eign tourists from marauders who have 
killed at least 21 people around this 
Indian Ocean port 

Police officers closed the road from 
Mombasa to beach resorts south, and 
the authorities urged tourists in die area 
not to leave their hotels as police, army 
and navy units fought gun battles with 
around 100 armed men. 

By Friday, hundreds of tourists were 
stranded in die south coast beach re- 
sorts. 

One person was killed and two se- 
riously hurt Friday during an attack 

Factional fighting has worsened in 
the Republic of Congo. Page 4. 

near Shflca Adabu village as die trouble 
spread to a resort at Diani, the Kenyan 
Television Network reported. 

Earlier reports on Friday said gun- 
shots south of Mombasa had caused 
panic among passengers waiting for 
the Likoni ferry to take them to the Old 
Town on Mombasa island. 

New groups of tourists arriving from 
Europe were being accommodated at 
the north coast hotel circuit, which has 
been quiet 

Waves of people fleeing the trou- 
bled area Friday afternoon were seen 
crossing from the south to the island by 
feny, while others sought sanctuary at 
a nearby Roman Catholic mission. 

Police said they had not yet been 
able to determine whether the cause of 
the violence was politically or crim- 
inally motivated. 


The gang struck on Wednesday 
night, killing 13 people, including six 
policemen and seven civilians, in an 
orgy of violence that has left the city in 
a daze. 

The raiders, who initially had only 
bows and arrows, ransacked a police 
armory and made away with 30 guns 
and between 3,000 and 5,000 rounds of 
ammunition before torching die build- 
ing and releasing prisoners. 

They then went on a rampage, bunt- 
ing down a tourist-police post, an ad- 
ministration center, trading stalls and a 
nightclub as well as two nearby vil- 
lages. 

Eight more bodies have been dis- 
covered by the authorities since, while 
40 more people have been admitted to 
various hospitals in the port city, ac- 
cording to me Kenya News Agency. 

Police have also listed four officers, 
including three women, as missing. 
The policewomen were earlier report- 
ed kidnapped. 

The Mombasa police chief, Francis 
Gichuki, said officers and army troops 
had arrested 36 people since the vi- 
olence erupted. 

There have been varying reports as 
to the causes of the outbreak, which 
ranged from a vendetta between the 
Kenyan Navy, whose base is nearby at 
Mtongwe on the southern mainland, 
and the police, to public revenge on the 
police for a series of high-handed 
swoops, to a guerrilla attack from the 
Longa area on die Kenya-Tanzania 
border. 

But Mr. Gichuki dismissed these 
theories, saying that so fur, die police 
had no clue to the affair. 

Likoni was the scene of fighting 
before the 1992 general elections. 


AGENDA 


A Key to Cancer and Aging? 

UN Halts Pullout of Troops in Angola I Ducovay of Tong-Sought Protein Gives Scientists Hope 


UNITED NATIONS, New York 
(AP) — Secretary -General Kofi An- 
nan is suspending the further with- 
drawal of United Nations' troops from 


-24737 


The Dollar 


1.8204 

1.6093 

117.585 

6.1425 

Friday Oas* 

r 7694.66 


previous Pose 
1.8397 
1.591 
117.85 


pmttuscfcKe 


Angola, because former UNIT A rebels 
have refused to conmly with agree- 
ments toward national reconciliation. 

In a report to the Security Council. 
Mr. Annan said he would keep 2,650 
UN troops in the African nation until at 
least the end of October. The decision 
is subject to the council’s approval. 


INTERNATIONAL 


Pag* 2. 


Turk Cypriot Blasts Eli and Greeks 


change Friday O 4 P.M. previous dose 
^23.91 90081 924.72 


Books 

Crossword 

Opinion 

Sports 

The Intermarket 


- Page 8. 

Page 3. 

Page & 

Pages 18-19. 

Pngs 4. 


The IHT on-line . http://www.iht.com 


By Rick Weiss 

• Washing ton Post Sen-ice 

WASHINGTON — Two competing 
teams of scientists have found the long- 
sought protein in human cells that is 
thought to be the principal molecular 
villain in virtually every kind of cancer 
and may also be the “mainspring” of a 
molecular clock that is central to the 
aging process. 

The finding could quickly revolu- 
tionize the diagnosis and treatment of 
cancer, researchers said, and could 
speed development of a novel class of 
compounds that may slow or reverse 
certain aspects of aging. 

The newfound protein makes up the 
core of an enzyme called human te- 
lomerase. whose function is to keep 
cells healthy and “young” as they di- 


vide. In its absence, cells grow visibly 
and functionally “old” — a process 
scientists hope to reverse with synthetic 
versions of the enzyme. The enzyme 
also occasionally gets overambitious. 
however, fostering the rampant and 
overly youthful degree of cell division 
called cancer. 

Interestingly, scientists said, this 
newly discovered human protein turns 
out to be a chemical cousin of reverse 
transcriptase, the viral enzyme that al- 
lows tile AIDS virus, HIV, to hijack 
human cells. 

“That’s one of the incredible ironies 
of this whole thing,” said Thomas 
Cech, a Howard Hughes investigator at 
the University of Colorado and the lead 
scientist of one of the two teams. The 

See PROTEIN, Page 7 


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Spare the Rod? Spanking Seems to Spoil the Child in Long Term 

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By Rene Sanchez 

Wa shi’tgn’n Post Service 

W ASHINGTON — Spanking children is apt to 

sSSbarisi- 


likely over time to cheat or lie, to be disobedient at 
school and to bully others, and to have less remorse 
for what they do wrong, according to the study by 
researchers at the University of New Hampshire. It 
is being published this month in the medical journal 
Archives of Pediatrics and Adolescent Medicine. 

“When parents use corporal punishment to re- 
duce antisocial behavior, the long-term effect 
tends to be the opposite.” the study says. 

The research matches findings of other studies 
suggesting that spanking and other forms of phys- 
ical discipline can help produce low self-esteem or 
depression in children. Bui unlike much of that 


work, this study tracks the behavior of children 
over two years and attempts to account for family 
background and parenting style. ' 

In the study, spanking is defined as a physical 
“swar” that causes {rain, not other more serious 
forms of force that cause injury, such as a lashing 
with a belt. 

More titan 800 mothers with at least one child 6 
to 9 years old participated in the study. Forty-four 
percent said they spanked their children, and ou 
average they resorted to it twice a week. ‘ 

The children who were spanked showed more 
antisocial behavior Than those who were not, re- 


gardless of their age, race or sex. although the 
increase among spanked girls was smaller than 
• among spanked boys. CWldren spankedmost often 
' also tended to show higher levels of antisocial 
behavior, the study found. 

Rebecca Socolar, a professor of pediatrics at the 
University of North Carolina who has researched 
the effects of spanking, said the study presents the 
most compelling analysis yet of its risks. But she 
said it also leaves some important questions un- 
answered. One is whether the verbal abuse from a 
parent that often accompanies a spanking could be 
more harmful to a child than the physical contact. 







PAGE -2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 16-17, 1997 


With Blair Vacationing, Just Who Is the Voice of Labour 


By Dan Balz 

WivhiugUHi Post Sen-ice 


LONDON — Peter Mandelson, the 
chief spinmeisrer and minister without 
portfolio in the government of Prime 
Minister Tony Blair, had just finished 
delivering a sober speech on poverty 
when a television reporter asked him the 
question that has been rattling around 
here all week. 

How has a man who doesn’t even 
hold a cabinet post suddenly become the 
face and voice of the new Labour Party 
government? 

The simple answer is that the prime 
minister isn’t around. Like most Bri- 
tons, Mr. Blair takes his August se- 
riously, which means he is on vacation 
in Tuscanv and the south of France for 
most of the month. But that still raises 
the larger question of who has been left 
in charge of the government in Mr. 
Blair’s absence. 


There shouldn't really be much dis- 
pute about.thau 

The deputv prime minister, John 
Prescott, is at "his post, presumably will- 
ing and able to shoulder the respon- 
sibilities of office. But in the past week 
or so, he has been overshadowed by the 
ubiquitous Mr. Mandelson, who has 
been responsible for helping centralize 
the government’s message coordination 
in the prime minister's office at No. 10 
Downing Sl 

The two men couldn't be less alike. 
Mr. Prescott, a big. bluff fellow, is a 
throwback to old Labour, a man who is 
to the left of Mr. Blair politically and out 
of step with the sound-bite politics of 
the 1990s. 

"Friends tell me f have a problem 
with me grammar, ' ’ he told a newspaper 
with good humor shortly after the gov- 
eminent was elected. 

Mr. Prescott added that he once was 
criticized for poor syntax by John Ma- 


jor, the former Conservative Party 
prime minister. "I had to look the word 
op ifl the dictionary to see what he 
meant,” Mr. Prescott told the reporter. 

Mr. Mandelson is, like Mr. Blair, a 
relentless Labour Party modernizer, a 
skilled strategist who helped Mr. Blair 
shift the party toward the political center 
and a man both feared and despised 
because of the way he has wielded 
power over the years. A trim man, he 
speaks not only in full sentences, but 
sometimes entire paragraphs. 

Mr. Mandelson has been mostly a 
behind-the-scenes player, but with Mr. 
Blair away, he suddenly became visible 
— and even more controversial- Even 
though he lacks a post in the cabinet or a 
seat on the party's national executive 
committee, Mr. Mandelson told a re- 
porter from The Times of London last 
week that “John Prescott and I are at 
home minding the shop” while Mr. 
Blair and other cabinet ministers were 


Turk Cypriot Blasts Greeks and the EU 


Reuters 

MONTREUX, Switzerland — Rauf 
Denktash. the Turkish Cypriot leader, 
accused the European Union and Greek 
Cypriots on Friday of causing UN- 
sponsored talks on Cyprus unity to fail. 

He said that President Glavkos 
KJerides of Cyprus had blocked an 
agreement by refusing to give Turks 
sovereign equality on the divided is- 
land. 

He rhen said that the EU had thrown 
in a bombshell with its decision to start 


entry talks early next year for the Greek 
Cypriot government Greece is a mem- 
ber of the 15-nation Union and Turkey 
is not 

"The failure of the talks was clear 
from the beginning. I think we ail knew 
in a few meetings that the solution 
would not appear,” he said at a news 
conference after the five-day session 
ended in the village of Guon, near 
Montreux. 

Mr. Denktash said that no further 
round of negotiations had been fixed. 


Pact Ends Protection for War Criminals 


Ageme Francc-Presse 

SARAJEVO, Bosnia-Herzegovina 
— NATO on Friday signed an agree- 
ment that will remove Bosnian Serb 
police protection from indicted war 
criminals, including the Bosnian Serb 
leader Radovan Karadzic. 

Sources at the North Atlantic 
Treat}’ Organization added that the 
alliance already has the power to dis- 
arm Mr. Karadzic's bodyguards, but it 
wanted an official document signed 
by the Serb Republic before any such 
operation was contemplated. 

The move comes amid rising spec- 
ulation that NATO plans to capture 


Mr. Karadzic, who is wanted on war 
crimes charges at the international 
court in The Hague and is considered 
a major obstacle to reconciliation in 
war-shattered Bosnia. 

The agreement removes the right of 
die heavily armed special police to 
protect indicted war criminals, said 
Major John Blakeley, the spokesman 
for the NATO-led force. 

Serbian police can be seen guarding 
Mr. Karadzic's mountain complex near 
Pale, the Bosnian Serb capital, from 
where he has been accused of wielding 
power behind the scenes despite step- 
ping down as president last year. 


Turkey Approves Amnesty for Imprisoned Editors 


By Stephen Kinzer 

Nw York Times Service 


ISTANBUL — Parliament has ap- 
proved an amnesty that could result in 
the freeing of several editors who are 
among more than 70 journalists im- 
prisoned for violating Turkey's restric- 
tive press laws. 

Journalists are regularly imprisoned 
in Turkey, where restrictive press laws 
have been in effect for decades. 

A range of crimes can bring jail 
terms, among them insulting the army or 
seeming to sympathize with Kurdish 


guerrillas or their separatist program, 
Turkish law stipulates that if an il- 
legal article is published, the “respon- 
sible editor” must share criminal li- 
ability with the author. 


The amnesty applies to editors now 
imprisoned for publishing illegal arti- 
cles. At least six editors are believed to be 
affected, and lawyers said they expected 
the editors would be freed shortly. 

The amnesty suspends the sentences 
of convicted editors but contains a pro- 
vision allowing for reinstatement of 
sentences if they commit another of- 
fense within three years, ft does not 


loosen any of the nation’s restrictions on 
press freedom, nor does it eliminate the 
possibility that other editors will be im- 
prisoned in the future. 

During Thursday's debate in Parlia- 
ment. several members sought to 
broaden the amnesty in various ways, 
but all the amendments they offered 
were defeated. 

Even if the six imprisoned editors are 
released as planned, the number of jour- 
nalists remaining behind bars — more 
than 70 — would still be greater than in 
any other country, the New York-based 
Committee to Protect Journalists said. 


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Wiesbaden. Germany. Tel.: 
49/61 13066.74. 


LB.C. 13 rue Vernier. English service, 
Sunday evening 1830. pastor 
TeL- (04 93) 32 05 96. 

ST. PAUL DE VENCE - FRANCE I 

St Paul deVence- Francs LSC. Estate a , 
Claire, Level "0”. Stole Study Sun. 9:30. 
Wcnhp Sun. 1045 Tet (W93) 320596 j 

PRAGUE j 


IB. FELLOWSHIP, Vinohradska # 68. 
PragueaSun n:00. TeL (02)311 7974. j 


WATERLOO 


PARIS and SUBURBS 


NICE: Holy Trinity (AnaOcanl. 11 rue 
EkAa. Sun. 1 1: VENCfe: a Hugh’s. 22. av. 
Resistance. 9 am. Tet 33 W® 87 1983 


TTE AMERICAN CATHEDRAL OF THE 
HOLY TRWTY, Sun. 9 & 11 am, 1045 
a m. Sunday School for children and 
Nursery care. Third Sunday 5 p.m. 


EUROPEAN 

BAPTIST CONVENTION 


WATERLOO BAPTIST FELLOWSHIP 
Sun. 19:00 at Swedsh Church, across | 
tram MacDonalds, Tel; (02) 353 1585. | 


ZURICH - SWITZERLAND 


RSSBtsnce, 9 am. Tet 33 04 K 

MONTE CARLO 


Evensong. 23. avenue George V. 
Paris 75008. Tel.; 33-0 1 53 23 84 00. 


Paris 75tm Tel.; 33-01 53 23 
Metro: George V or Alma Marceau. 


MONACO CHRISTIAN FELLOWSHIP 
Worship Service, Sundays: 11 a.m. 
9. rue Louis Notary. Monte Carlo. 
TeL 377 92 16 56 47. 


FLORENCE 


PARIS and SUBURBS 


ST. JAMES' CHURCH Sun. 9am Rite I 
& It am. Ftta r. Va Bernardo Rucetei 9. 
50123. Florence. Italy. TeL 3955 29 44 17. 


EMMANUEL BAPTIST CHURCH - 56. 
rue des Bons-Ralsins. 92500 PuelF 
Malmalson. Summer Schedule: 9:45 
Worship. 71:00 Coffee Hour. For more 
into cell oi 47 51 29 63 or check: 
riflpyAwiw geoctieSjGonVPErisIMatof 1 352. 
HOPE INTERNATIONAL CHURCH 
Hotel Onon at Parfc-te-Detense, 8 bd. de 
Net* By. Worship Sundays. 930 am Rev. 
Douglas NMer. Pastor. T.. 01 43 33 04 06 
Metro 1 to la Defense Esplanade. 

SAINT JOSEPH'S CHURCH (Roman 
Cathofcl MASS IN BJGUSH: SaL 630 pm; 


FRANKFURT 


CHURCH OF CHRIST THE KING 
(Episcopal/Anglican) Sun. Holy 
Communion 9 & 11 am Sunday School 
and Nursery 10:45 am. Sebastian Rlnz 
SL 22. 60323 FfenWwt Germany. Ut. 2. 
3 Mquel-Atee. Tet 4W59 55 01 84. 


GENEVA 


Sun 10 a.m. 12 midday. 6:30 pm. 
50, avenue Hoche. Para 8th. Tel.: 
01 42 27 2B W. Mmo* Cherts de Gams ■ Etrito. 


EMMANUEL CHURCH. 1st & 3rd Sun. 
10 am Eucharist 2nd & 4th Sin Momng 
Prayer. 3 rue de Manftoux. 1201 Geneva. 
Switzerland. Tel: 41/22 732 80 78. 


MUNICH 


RELIGIOUS SOCIETY OF FRIENDS 


(QUAKERS). Unprogrammed (silent) 
meeting for worship. Sundays 11 am 
Centre Oiiiker tmnnatfcnal. 1 14 bis. rug 
de Vauqbard. 75006 Parts. Ml Welcome. 
+33 01 45 4874 23 


THE CHURCH OP THE ASCENSION. 
Sun. li:45 a.m. Holy Eucharist and 
Sunday School. Nursery Care provided. 
Seybothstrasse 4. 81545 Munich (Har- 
tacntna), Germany. TeL 49189 64 81 85. 


I.B.C.. BERLIN. Rothenburg Sir. 13. 
iSteglitz). Sunday, Bible study 10.45. 
worship Service 12.00 noon. Charles 
Warlord, pastor. TeL 030-774-4670. 

BREMEN 

LB.C, Hohenlohesir. Hetmanr>-Bose-Str. 
Worship Sun. 17:00, Pastor telephone. 
0421-78648. 

BUCHAREST 

I.B.C.. S trade Popa Rusu 22. 3*0 p.m 
Contact Pastor lAke Konper. TeL 3i 2 386Q 

BUDAPEST 

meets at Morics Zsigmond 
Glmnazium, ToroKvesz ut 48-54. Sun. 
1 000. Tal. 250-3932- 

BU LG ARIA 

I.B.C., World Trade Center. 36, Drahan 
Tzankov Blvd. Worship 11:00. James 
Duka, Pastor. TeL 669668. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHIP, Ev.-Fre8drchBche Gemeinde. 


I.B.C of Zurich, Ghetetrasw 31. 8803 
Ruschlikon, Worship Services Sunday 
momrgs 1030. TeL i-48l00i8. 


ASSOC OF INTI 
CHURCHES 


AMERICAN CHURCH « BERLIN, cor. 
of Ctay Altea & Potsdamer St 1 .. S.S. 930 
am, Worship JJ am TeL 039-81 32021. 


GENEVA 


EV. LUTHERAN CHURCH 20 rue 
Verdana. Sunday worrftp 930. in Genren 
11 flO n Englsh. Tat (02Z) 31 05089. 


JERUSALEM 


LUTHERAN CHURCH of the Redeemer. 
Old Ciy. Mufetan RtL En£sh worship Sun 
9 am Al are wetooma Tel; (02) 6281-049. 


Sodenerstr. 11-18, 83150 Bad Horrburg. 
Sunday Worship, Nursery & SS: 


■ TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near BdabasN SJrv TeL 3261- 
3740. WbratBp Service: 930 am Swfeys. 

TOKYO UNION CHURCH near Omctesando 
Subway Sa. TeL 340MKW7, Worshp Services: 
Sunday - 830 & 11.00 am, SS at 9:45 am 


ROME 

ST. PAUL'S wrTHRtTHEWALLS. Sun. 


Sunday Worship. Nursery & SS: 
1 1 320 A-M. Mid-week mWstnes. Pastor 
MJjuwsy. CaUFaJC 0617362728. 
BETHEL I.B.C. Am Dachsbsrg 92 
(English). Warship Sun. 11:00 am. and 
feOOpmTel: 069-549559. 


AMERICAN CHURCH IN PARIS. 
Worship 11:00 am 65. Ouai cfOrsay. 
Paris 7. Bus 63 at door. Metro Alma- 
Ma/caau or InvafcJes. 


830 am Holy Eucharist Rte l: 1030 am 
Choral Eucnarisl Rite II; 10:30 a.m. 


Choral Eucharial Rite 11; 10:30 a.m. 
Church School hr chfcfrart<& Nursery care 
provided; 1 pm. Spanish Eucharist Via 
Nopod 58, 00184 Rome. TgL 39*6 488 
3339 or 3$6 474 3569. 


HOLLAND 


TRWTY INTERNATIONAL mtBS you to 
a Christ centered fsHowshlp. July-Aug. 
Service 9:30 am Bloemcamptaan 54. 
Wassenaar 070-Si 7-8024 nursery prw. 


INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service. Sunday School A Nursery, 
Sundays 1 130 am. Sc ha ree nga ase 25. 
TeL: (0112B25S25. 


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away on vacation. When Mr. Mandel- 
son ’appeared with Mr. Prescon last 
week to tour tbe government's fast start, 
reporters began to ask just who was who 
in the hierarchy, and Mr. Mandelson 
lost his temper and derided a questioner 
for pestering him about such a mean- 
ingless issue. By Sunday, he was trying 
to Laugh it all off during a morning 
television interview. 

Things might have settled down were 
it not for Mr. Prescott's determination to 
reassert his own authority. On Monday 
morning, before much of the country 
was stirring, the deputy prime minis ter 
tried to intervene in a visa issue. Hearing 
a report on the popular BBC radio pro- 
gram “Today,” Mr. Prescott phoned 
the station from his car and declared that 
he would ask the Foreign Office to 
review its decision to deny visas to six 
African and Indian priests. What Mr. 
Prescott did not know was that the For- 
eign Office already had the matter under 


but that the UN mediator, Diego Cor- 
dovez, would issue a statement on the 
continuation of the process. 

Diplomats said that Mr. Cordovez 
read the text of the statement to both 
leaders from a hand-written paper while 
they took notes during a closed-door 
meeting. Mr. Denktash had accepted the 
statement while Mr. Klerides had raised 
objections, they added. 

The Greek Cypriot leader continued 
to negotiate the wording long after Mr. 
Denktash had ended their talks, sources 
close to Mr. Klerides said. 

Its final wording was still not 
known. 

Mr. Denktash. holding a hand-writ- 
ten draft of the statement quoted it as 
referring to “useful discussions in 
Troutbeck, New- York, and Glion, with 
both sides committed to a bi-zonal and 
bi-communal settlement" He said the 
statement would contain a provision 
that Mr. Cordovez would visit Cyprus. 

The island has been divided since 
1974 when Turkey invaded the north in 
response to a coup' in Nicosia engineered 
by the military junta then ruling Greece. 

Mr. Denktash said the statement 
would refer to wide-ranging discussions 
and would say that the process initiated 
by Kofi Annan. UN secretary-general, 
would continue. Discussions on human- 
itarian issues would also carry on. 



pxi.il CCj X'.\K3LC Fn.-*/ -Pre-XT 


WORLD YOUTH DAYS — Volunteers performing Friday at Mass 
in a Paris stadium. Hundreds of thousands are gathering in France 
for the Catholic festival that will include a papal Mass on Aug. 24. 


TRAVEL UPDATE 

Dutch Court Ends in ,~incn M'i.lpcn 


Ban on Night Flights 

HAARLEM, Netherlands (Reu- 
ters) — Haarlem's district court on 
Friday prohibited restrictions on 
night flights at Amsterdam’s 
Schiphol Airport. Tbe ban. aimed at 
keeping noise levels within govern- 
ment-imposed limits, was being con- 
tested by the Dutch Air Transport 
Association and several individual 
airport users. 

The court ruled that Schiphol was 
not authorized to impose the restric- 
tions. Such authority belonged only 
to the transport minister, it ruled. 


ing hours, which had been expected 
to cause widespread disruption dur- 
ing the .Assumption Day weekend — 
one of the busiest of the year — 
ended with an agreement between the 
pilots union and management to hold 
more talks on working conditions. 


China will spend $24 million 
renovating the Forbidden City, the 
imperial palace in Beijing, the’ Xin- 
hua press agency said. The project is 
scheduled to be completed by 
2000. (Reuters! 


TAP Strike Averted 


LISBON (Reuters) — Pilots for 
the state airline TAP-Air Portugal 
called off a partial strike Friday after 
an all-night negotiating session with 
the government 

The threatened strike over work- 


Toxic algae in the western Baltic 
Sea after a long heat wave may pose 
a threat of intestinal infections and 
skin rashes to swimmers off the Ger- 
man island of Fehmam. regional of- 
ficials said Friday. (AFP) 


Thousands gathered for the 
opening Friday of a S2.6 million 
bridge spanning the Moei River be- 
tween northern Thailand and eastern 
Burma. (AFP) 


WEATHER 





Silt* 




review’. On Thursday, Mr. Mandelson 
was back in public view, delivering a 
speech before the Fabian Society a few 
blocks from Parliament 

The purpose was to reassert Mr. 
Blair's determination to attack persist- 
ent poverty in the country and to an- 
nounce the creation of a high-level iask 
force to coordinate all government ef- 
forts to do so. 

It was a serious and sober speech, but 

Mr. Mandelson couldn't escape the 
questions about his own role. “I've 
answered that question three times for 
the BBC now,” he said, then added that 
the prime minister had done all the work 
on the issue and that it was “an enor- 
mous privilege” for him to be able to 
unveil the new unit. 

Bat the reporter persisted. If this is. as 
Mr. Mandelson had said, “the most 
important innovation” of die new gov- 
ernment, why wasn’t the prime minister 
malting the' announcement? Mindful 


s-'.v.wS 






Tk*! 


Bro ' 'lull*.' Vfil-lltr Fcmrr 

Peter Mandelson — more visible** 


perhaps of his outbursts over the week- 
end, the minister without pcxrtfblid 
turned away from the reporter andi 
stared at the other side of the room. * 


EFL Y 


Letter-Bomb Suspect \ 
Arrested in Stockholm 


STOCKHOLM — Security police 
have arrested a man suspected of send-; 
mg a letter bomb to Sweden’s justice 
minister. ' 

The 23-year-old man. identified as i 
leader of the Aryan Brotherhood or-* 
ganization, was arrested Thursday, 
press reports said. 

The bomb, seat to Justice Minister 
LaHa Freivalds in March, was detected 
at a post office before being delivered. [t v 
contained explosives and a detonator* 
but was not rigged to explode. A letter” 
had threatened to send a bomb if twei 
members of the Aryan Brotherhood 
were not released Sum prison. - j. 

The deputy chief prosecutor, Eva 
Finne, speaking to the Swedish hews 
agency Tidningamas TelegrambyraJ 
denied a report in the newspaper Ex- 
pressen that (he man was also suspected 
in the firebombing of the home of a top 
advocate of Stockholm's bid for tbej 
2004 Olympics. (AP) 


U.S. and Romania ..- 
Hold Naval Exercises 


CONSTANTA. Romania — Ro? 
manian and U.S. warships will hold 
joint four-day exercises starting $ati 
urdav in the Black Sea under NATGV 


Parmership for Peace program, a -nil? 
itarv communique said Friday. • -. *• 


itarv communique said Friday. - -. *• 

During the exercise, called Rescud 
Eagle ‘97. units of the two navies will 
practice a series of maneuvers, include 
ing a noncombatanr evacuation oper-r 
ation. The U.S. Navy sent its largest 
contingent to date to Romania for the 
exercise: 1,300 sailors and Marines to| 
gether with a variety of vessels of the 
22d Marine Expeditionary Unit. < 
The' two countries pledged, to estabf 
lish a strategic partnership after Ro^ 
mania was not asked to join the Noitfl 
Atlantic Treaty Organization. .. (AP) 


Adams (Zeis U.S. Visa, 


WASHINGTON — The United 
States has approved a visa for Gerry 
Adams, head of the Irish Republican 
Army’s political wing Sinn Fein, saying 
it came in response to the IRA's latest 
cease-fire. 

U.S. officials said Mr. Adams was 
expected to visit Washington and NeV 
York between Sept. 2 and 7. 

The State Department spokesman- 
James Rubin, said that Secretary of 
State Madeleine Albright had approve^ 
the visa and that there would be w 
restrictions on his raising foods in the 
United States. The three-month visa al- 
lows multiple entries. (Reuters) 


Europe 


Forecast for Sunday through Tuesday, as provided by AccuWeather. 


Mflh 

C/F 

Algwva 28/B2 

AlTOHXdafll 2«/75 

34/75 

Knur* 2»84 

Baicatom 

StfBnoa 3f*M 

6w 2 tm 

BruMofei 2 erm 

Bucfcmad ZOU 

Capmftaaen 2S77 

Com Del Sol nw 

DuUn 23 in 

EiJtnbwgh 2 

Ftomtca 32/89 

ftarikJun Kfi7 

Qenava 3086 

Hetawa 1S81 

Istanbul 37 it» 

Mm 2088 

Las Parries ra^u 

LBbon 2780 

London J780 

Madnd 36/97 

tMom 31.88 

Wan 3188 

UOfKO* I4OT 

Minfcii 24/76 

MCfl 31/68 

Os*> 27/80 

Part* 28/82 

Pragua 24/75 

Raytpttt 14/57 

18/64 

Boms 31 "88 

Si PeUmUrg i iSS 
Stocxnoi/n 19/68 

Strasbouig 29/64 ' 

TWui lOfff 

TUN 31/88 ' 

Vartea 27/B0 

Wanna 2*76 ! 

Womw 23/73 ' 

Zialtfi 27/80 


Tgnwraa 
High Low W 
C1F OF 
28/82 18/64 s 
28/79 1681 5 
26/70 »46pe 
31/BB 22 71 b 
27/80 18/84 c 
30/86 1061 pc 
26/79 15/59 pc 
27/90 1W1 & 
27/90 15/59 c 
25 177 15/68 pc 
30/98 20/68 a 
22/71 14/S? c 
23/73 U/S7 c 
27-90 18.04 r 
20/79 14/57 pc 
29/84 14/57 pc 

IB/84 s/«0 1 

29/64 18/84 s 
20/68 10/50* 
2U/B4 22^71 * 
28/79 ia««f 
27/00 17/EC pc 
3098 1084? 
30W 17/62 5 
30/66 18/84* 
1S50 9/48 r 

24/75 12/53 pc 
29/94 21/79 pc 
27*0 16/61 pc 
S6fK 15<59 i 
25/77 11/52 c 
(356 8/*6 eti 
19*6 11*2 s 
29*4 1S*J pc 
I7V2 r 1*2 pc 
2170 14/57 pe 
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28/94 19*6 r 
27/BO 17*2 C 
28/rs. 14,57 e 
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27/Bn 15/69 pc 



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1 Unseasonably 


UnseaaaraUr 

MM 


JaW/wm ££ 

North America Europe 

Steamy in ifw SoutoeaaL Pfeasanr wesfhsi w,fl oorv 
Du! srtowgrs and a few nnue over mow of normem 
heavlei inunoersiorms in and Western Europe Sun- 
ihe Midwesi Sunday will day itvough Tuesday: now- 
movj io southern Quebec ever Scotland will have 
Monday Some heavy same showers. Sunny, 
thunderstorms are also nice weather is in store lor 
likely in West Texas and Pam, Berlin ana London 
New Mexico. N«e weather A band of rain will reach 
in the northern Plains Mon- from northern Greece to 
day wil move mto fhe Mid- northern lia/y and southern 
west Tuesday France 


H HMvy 
Snoa 


Asia 

Partly sunny and comfort- 
able m Tokyo Sunday, then 
warm ano humid Seoul 
and Beijing will be warm 
and humid into Tuesday 
with a thunderstorm possi- 


ble each day. Typhoon 
Winme may bring flooding 
rains to eastern China near 
Shangnai by Tuesday. 
Sunny, ftof and dry in 
northwestern China 


Aknu, 

Ball 

Bangkok 

Being 

Burnt ey 

Calcutta 

Chang Mai 

Cabntjo 

Ha/» 

HoCtuUlrti 

Hong tong 
UtamatMd 
Jakarta 
Karacni 
K Lumpur 
K. Kiufcalu 
Manta 
NtfnDaM 
PhtomPawi 
Ptiuhai 
Rangoon 
■ Sxtf M 

Srunghai 

SJnnapora 

Ta|pM 

Tokyo 

Vwnttane 


Today 

High LMff 
CJF OF 
3*100 21.70 S 
29** xmpc 
32/89 24/78 r 
32/99 23I73C 
2!V84 2J/7 */ 
3ZVI 25/77 Sh 
31/BB Za/73i 
2»*2 24/75 r 
32499 2VT7I 
31/BB 24/75 at 
31/88 287BS/T 
39/102 27/80* 
31/88 21/70 • 
32/89 26/79 * ' 
31-88 a 71 pc 
H/B8 22/71 pe 
30486 23/73 pc 
34/W 25/77 pc 

tim xm Jr 

32/99 24/75 r 
28/82 24731 
30/86 19.-86 pe 
31/98 24/75 e 
30498 21/70 pe 
32*99 24/76 c 
78/79 2V70pe 
29* 4 73/73 1 


Toowraw- 
Mgh Lo"W 

or' of 

34/93 1BS4; 
78/87 Tf/fOpt 
31/88 14/75 1 
33/91 23>73c 
2MS 74m- 
3SB9 2577 di 
29/94 aa^j.- 

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31*88 2*2 • 

28 82 Z3”3' 
281C ^ * 
33^9 24/75P4 
3*06 

saw 

2*70 2*73 pc, 
27/30 747751 


North America 


Capo Town 15/86 7-44 s 

CaaaWanca 77/80 17/82 « 


Middle East 


APuDhoH 

Baku! 

Cm id 

Dm*aa 

JoruuMm 

Limr 


43/108 2W82 » 
2®79 15/88 S 
38/85 20/88 a 
34/93 13/56 1 
28/92 1V55S 
*47111 21*70 9 
41/108 22/71 1 


43/109 28*82 a 
25/7? I9«6a 
34^3 19/65 3 
33/81 13/85 • 
27/80 14/57 * 
44/111 21/70 k 
41/108 23/73* 


AnOkjrag« 

Atkina 

BMIan 

Crueago 

□akM 

Dem«r 

Dam 

Honolulu 
Ham Wn 
Lmtageus 
Miami 


Today 

Moh LonW 
C* OF 
18*64 11 52 1 
32«9 2V7 pc 
27 80 23. 731 
32/» 22.71 I 
3*97 24C5 p.; 
2»82 

32/09 21.70 pe 

29*04 2373 c 
3ST36 :j 7f. 
30*66 13^5* 
33*51 28/75 1 


Tonwriaw 
High LowW 
OF C/F 
18 81 9/48 ell 

33*91 23)73 pe 
32*85 21/70 pc 
27*80 16/01 I 
35*95 23*73 pc 
20-82 HIS eh 
20*04 17321 
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34*93 24/75 pc 
2184 18/61 pe 
31*51 28/791 


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Nassau 

New >e»fc 

Ottando 

Phoarifr 

San Fran 

Seallta 

Toro /Pi 

Voncouinjr 

Waefilngion 


Today 

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OF OF 

24/75 14/57 rc 
2J/84 19^61 
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31-08 24/75 pc 
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33/102 25*771 
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26/79 14*57 p; 

3*106 19.-88 1 

22.— I 1 7/63 pc 
36/57 24/75 pc 


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23/04 1&*04 I 

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34,93 24/75 I 
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Caracas 27/90 J»68 pc 27®0 20)68 F-. 

Lena 20/88 18/81 a 19*88 188' K. 


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EMTERjNATIONAl. HERALD TRIBUNE, SATLTIDAY.SUNDAY, AUGUST 16-17. 1997 


Zt is 


McJfeigh Speaks, Quoting Brandeis 

|^At Sentencing, His Cryptic Remarks Appear to Condemn Waco Siege 



By Jo Thomas 

Li .Vm- York Timt b Sr m tV 

— When Timothy Me- 
Jeigh finally broke the silence he had 
maintained throughout his trial and con- 
fiction for the Oklahoma City bombing, 
tus four- sentence statement was excep- 
tionally brief and its meaning obscure to 
many m the courtroom. 

I - Moments before a federal judge im- 
posed the death sentence that a jury had 
Voted for the 1 995 lerrorisr killing of 1 68 
people in the Alfred P. Murrah Federal 


Building, Mr. McVeigh said in ihe con- 
trolled voice of a student giving a re- 
citation: 

“I wish to use the words of Justice 
Brandeis dissenting in Olmsiead to speak 
for me. He wrare: ‘Our government is the 
potent, the omnipresent teacher. For 
good or for ill. it teaches the whole people 
by its example.' That’s all 1 have.” 

Mr. McVeigh was referring to the 
dissent of Justice Louis Brandeis in a 
1 927 Supreme Conn decision. Olmsiead 
vs. United States, which upheld the use 
of evidence gained via wiretapping. 


POLITICAL NOTES 


tJl 





:o 

•-‘trwiii 


A Move to Relax 
Affirmative Action 

WASHINGTON — The Clinton 
administration has set in motion 
changes in one of its premier affirm- 
ative action programs that would 
'make it easier for white-owned firms 
to qualify for government contracts 
-that have been reserved almost ex- 
clusively for minorities. 

The planned changes in the Small 
Business Administration program, 
announced Thursday, are pan of the 
administration's continuing effort to 
modify federal affirmative action 
policies in the aftermath of a Supreme 
. Court ruling in 1 995 that restricted the 

• use of race as a consideration in 
awarding federal contracts. 

• Administration officials and others 
■ . who follow the issue say the changes 

in regulations could mean that an ad- 
ditional 3,000 companies will become 
eligible to apply for contracts under 
the program. Most of them will prob- 
ably be owned by white women — a 
fact that distressed members of minor- 
ity groups who said they feared the 
-effect would be to give them a smaller 
share of federal contracting dollars. 

In the last fiscal year. 6, 1 1 5 compa- 
■ nies — all but 27 of them owned by 
members of racial or ethnic minorities 
— were awarded federal contracts 
totaling $6.4 billion. (NYT) 


China Complains 
Of Hostile Congress 

WASHINGTON — While Presi- 
1 dent Bill Clinton pursues a policy of 
closer relations with China, a senior 
"Beijing official has complained to the 
White House national security adviser, 
Samuel Barger, about what China's 
leaders perceive as widespread anti- 
China sentiment in Congress, accord- 
~ ing to a senior administration official. 

- Mr. Berger was in China this week 
‘ for meetings in advance of President 
Jiang Zemin’s visit to Washington in 
‘late October. During Mr. Berger’s 
i visit, according to a senior admin- 
■istration official, the Chinese re- 
“ peated their previous denials that they 
engaged in attempts to buy influence 
.by illicitly firaneling money into U.S. 
elections last year. 

This question is being investigated 
■ by a Senate panel looking at potential 
campaign fund-raising abuses. Con- 
tributions to federal campaigns by 
I ‘foreign companies are illegal. 


The Chinese official who serves as 
Mr. Berger's counterpart. Lia Hua Qiu. 
noted his distaste for the committee's 
proceedings bui seemed more con- 
cerned with a broad range of pending 
legislation that the Chinese believe is 
provocative or unfairly punitive, ac- 
cording to the administration official. 

Among the bills pending in Con- 
gress that most seriously concern 
Beijing, the official said, was a res- 
olution that urges that Taiwan be giv- 
en full representation in the United 
Nations. (WP) 

A Slippery Figure 
In Funds Scandal 

WASHINGTON — For six hours 
this month, the House committee in- 
vestigating campaign-finance abuses 
was tantalizingly close ro contacting 
the elusive Yah Lin {Charlie) Trie, the 
man at the heart of the campaign- 
finance scandal who disappeared from 
the United States and fled to China. 

But once again Mr. Trie slipped 
away, checking oui of a Beijing hotel 
Aug. 2 before the committee inves- 
tigators could reach him by tele- 
phone. 

Six hours before Mr. Trie’s depar- 
ture, congressional investigators were 
told of Mr. Trie’s whereabouts by the 
State Department, which received a tip 
from the Chinese government. The 
committee has long been pressing the 
administration to ask the Chinese for 
help in locating Mr. Trie. 

“For the State Department to give 
us a phone number to reach him with- 
in a six-hour period is just ludicrous,” 
said Dan Burton, the Indiana Repub- 
lican who is chairman of the com- 
mittee. “This man brought 5720,000 
to the president’s legal defense fund, 
and laundered SI million worth of 
foreign money through the Demo- 
cratic National' Committee. They 1 
don ’t want him here.” (NIT) 

Quote/Unquote 

Jonathan Stein, general counsel of 
Community Legal Services in Phil- 
adelphia, cm federal officials’ denial of 
cash benefits to 95,180 disabled chil- 
dren, or more than half of those whose | 
cases were reviewed under standards , 
set by die 1995 welfare law: “Con- 
gress set a somewhat stricter standard, 
but the administration has misinter- 
preted it and applied it in an arbitrary, 
anarchic way, with extraordinary vari- 
ation among states.” (NYT) 


DISPOSSESSED By Cathy MMIhauser 




^ ACROSS 
T- 1 Mailing supply 
7 Leaves of metal 
12 Coped 
19 A Musketeer 
29 CTichM movie 
ending 
‘21 Better 

22 Most ghastly 

23 Hose-wieWing 
- serf, perhaps? 

25 Slangy acumen 
25 1977 film killer 

27 The Clan of the 
Cave Bear 
author 

28 Charlotte's 
website 

29 Developmental 
period 

30 Trumpeter 

Ziggy 

■ 31 Rabin's 
V successor 
**33 Fact about 
-- unladylike 
habits? 

37 Chow 
4} Criesakinto 
-Shucks!" 


42 Clingmaits 
Dome locale: 
Abbr. 

43 Tor F, e.g.: 

Abbr. 

44 Overhauled 
46 Charleston 

dancer 

49 “This means 

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at atrial 

52 Samplers 

53 Ones peeking at 
rams and ewes? 

56 Wmier Palace 
dweller, once 

57 Loser to 

Brad dock, IS35 

58 Emollient source 

59 Rent 

60 Famed Chicago 
boat? 

65 Invitation word 

69 “Help!* in 
France 

70 Pilgrim's 
pronoun 

71 Blood: Prefix 


EMBASSY SERVICE 


75 Long-winded 
oration of 
Andrew, eg.? 

78 Heavenly h«l 

81 Bureaucratic 
stuff 

82 Joh n Dos Passes 
trilogy . 

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bowls 

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85 Qt. couple 
87 More than 

chuckle 

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■ Lions: Abbr, 

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happy Oird? 

96 Hotfoot it 

98 Refresh ing spot 

99 Get nosy 
100 Vacation sites 

104 Ancient Roman 
wheel 

105 LLKojak 

106 Prefix with 

-graph 

109 Seedy place? 
112 live, as a game 
ball 
IIS Pen 
]I4 Habituates 

115 The Green Wave 

116 Popular 
Christmas gin 

117 Like Batman 

118 Volcano, eg. 
DOWN 

1 Napkin holders 

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Sbbbhbbbbhbbb iilliiS 


SIHIiaga HflflB BflflB BBBBBH 
yBBBUBBBBIriBBBB UBBBBB 
SaBBBBB UBBBBB UBBBBB 
BSSSbBB BBBBB UBBBBB 


© New York Times/Edited by Will Shoriz. 


3 Back talk, to one 
prophet? 

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starter 

6 J Jr. K. jet set 

7 1995 copon the 
spot 

8 like some 


YOUR REAL ESTATE 

AGENT IN PAWS 
- Tek +33(0)14720 30 05 


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one 

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Fender 

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title 

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supported org. 

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denizen 

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painter 

17 Byanychatwe 
IS Laura or Brnce 
of film 

20 H« 

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debates, often 
$0 Washstand 

toppers 


32 Palmists, e-g. 62 
83 Gowithlhe 

wind 63 

34 Certain fledgihiE 64 

35 Suffix with hoop 65 

36 Modem 88 

Maturity grp- 

38 Emulate Mia 67 

39 Thomas Mann's gg 

— Kroger” 

49 Mean grin 

44 Event for those « 

who know the 73 
ropes 74 

45 Irish offshoot ?s 

47 Span, coin: 

Abbr. yj 

48 Shortwave? 

49 Coasterrider's 

78 

50 Makes bubbly ^ 

51 Swamp critter 

53 — law 8 

(ancient code} 

54 Worked with 

alfalfa » 

55 Additionally 86 

57 Hecklers' chorus 87 
61 Nobel- winning 8® 
Bunche 


in Hook's 


Ostrich cousin 
Sharpen 
Kvetch 
Kind of hat or 
house 

Web user's need 

Cornerstone 

abbr. 

Afore 

Irish side dish? 
Humble 
Guadalajara 
lunch 

Tom Thumb” 
st&rTamblyn. 
1958 


89 Cast 
aspersions 
on 

85 It's a snap 

86 Huge 

87 Mended 

88 Hound 

tCantsMaiort 


91 Low-frequency 
speaker 
82 Tallies 

93 Pakistani city 

94 Unfold 

95 Big hit 
97 Hag 

100 Bursae 

101 Fore-and-after's 
fore 


102 Tops 

103 Remote 
location 

106 Rests 

107 Silver hair 

108 and 

. terminer 

110 Weimar “with’* 

111 Spanish queen 
until \93I 


Solution to Puzzle of Aug. 9-10 


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□Mananais ami ajuas airjj 

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□uuauu aBqaauaauaakiaaa 
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□nog aaaun Duana lkkct.j3 
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lanaaaoaonaa aasairagosaa 
lonaoo aBnat-i oiana-j an-juu 
"Hhimian nnrauB f3£.mioa to-ia.i 



‘ Stephen Jones, Mr. McVeigh's lead 
lawyer, and Christopher Tritico, another 
member of the defease team, both de- 
clined to speculate later as to why the 
defendant had chosen the quotation, al- 
though Mr. Jones said it was a favoriie of 
his client. 

In the passage from which the quo- 
tation was taken. Justice Brandeis 
warned that ihe government may not 
commit crimes to' enforce the law and 
may expect “terrible retribution*' if it 
does. 

Mr. McVeigh's lawyers said at his 
trial that the defendant felt the gov- 
ernment had broken the law in its 1 993 
raid on the Branch Davidian cult's com- 
pound near Waco, Texas, in which about 
80 people died. 

Mr. McVeigh's remarks Thursday 
were so fleeting that U.S. Attorney 
Patrick Ryan, who was in the front row 
with the rest of the prosecutors, con- 
fessed afterward, “I didn’t catch it all.” 

And they were so cryptic that families 
of the bombing’s victims were not sure 
what he meant! 

“1 don’t know' if he was referring to 
the Waco deal or w hat.” said Roy Sells, 
63. a retired Air Force employee whose 
wife. Leora. was among those killed in 
ihe truck bombing. 

*‘I wish he would’ve quoted 
something from his own heart instead of 
out oF somebody else’s book. I wanted to 
hear what he had to say about it.” 

Leaving the courthouse, Joseph 
Hartzler. the lead prosecutor in the Mc- 
Veigh case, said: "Do me a favor. Don’t 
interpret his words as those from a 
spokesperson or statesman.” 

The sentencing proceeding took just 
nine minutes. No member of the de- 
fendant’s family was present. Seated in 
the from of the spectators’ gallery was 
the entire legal team for Terry Nichols, 
who is to go to trial Sept. 29, facing the 
same charges as Mr. McVeigh. 

Mr. McVeigh’s execution, if it is ul- 
timately carried out, will be by lethal 
injection. Federal law calls for the man- 
ner of execution to be consistent with 
that of the state where the sentence is 
imposed, and injection is the method 
used by Colorado. 

Although Mr. McVeigh has pro- 
claimed his innocence, in the statement 
he read he appeared to be acknowl- 
edging his act. by pointing to justific- 
ation for iL 

That interpretation of his remarks, in 
any case, would seem to be strengthened 
by the passage from which he took the 
quotation he cited in court. Immediately 
before that quotation. Justice Brandeis 
wrote: 

“Decency, security and liberty alike 
demand that government officials shall 
be subjected to the same rules of conduct 
that are commands to the citizen. In a 
government of laws, existence of the 
government will be imperiled if it fails to 
observe the law scrupulously.” 

And immediately after the quotation 
chosen by Mr. McVeigh, the justice 
wrote: 

“Crime is contagious. If the govern- 
ment becomes a lawbreaker, it breeds 
contempt for law; it invites every man to 
becomes a law unto himself; it invites 
anarchy. To declare that in the admin- 
istration of the criminal law the end 
justifies die means — to declare Star the 
government may commit crimes in order 
io secure the conviction of a private 
criminal — would bring terrible retri- 
bution.” 


PAGE 3 




\ WM-ZZ • 
; TSihSff* \ 

ussaa* 







' Will) LujicliTbe A>A<uacd Pit«» 

STRIKING — Masked demonstrators using a bus to barricade a road in La Plata, south of Buenos Aires, 
during a 24-hour strike that ended Friday. The action was called to protest government economic policies. 








Maneuver Brings Good Luck to Mir 


. By Daniel Williams 

U'iia/i2ii£it>H A>« SiYVivr 

MOSCOW — Maybe 
Mir’s luck has changed. 

The three-member crew 
aboard the Russian space sta- 
tion got off to a smooth start 
Friday on its mission to repair 
the hardtack craft. The cos- 
monauts Vitali Solovyev and 
Pavel Vinogradov along with 
the U.S. astronaut Michael 
Foale circled Mir in a Soyuz 
space capsule to inspect the 
station's damaged exterior 
for the first time. 

The 45-minute operation 
went without a hitch, 
something rare for Mir in re- 
cent months. Only 24 hours 
earlier rhe cosmonauts re- 

Away From 
Politics 

• More UJS. adults than 
ever,5.5 million, were in jail, 
on probation or on parole in 
1996, die Justice Department 
reports, up from 5.3 million 
in 1995. representing 2.8 per- 
cent of the adult population. 

(AP ) 

• A grand jury has decided 
not to bring criminal charges 
against the Marine who shot 
a Texas teenager three 
months ago in an ami-drug 
operation along the Texas- 
Mexico border. (NYT) 

• The army has dropped 
rape charges against a drill 
sergeant, reducing to one the 
number of soldiers success- 
fully prosecuted for rape in 
its widely publicized inves- 
tigation of sexual miscon- 
duct at the Aberdeen Proving 
Ground in Maryland. (WP) 

• The food industry soon 
will be able to accurately de- 
tect the deadly E. coll bac- 
teria in meat, produce and 
other products within 10 
minutes, the Agriculture De- 
partment said in unveiling 
the test. Current tests require 
48 hours or more. (AP) 

• A federal judge has 
denied the National Labor 
Relations Board’s request for 
an injunction that would have 
given hundreds of former 
strikers the chance to return 
quickly to jobs at The Detroit 
News, the Detroit Free Press 
and Detroit Newspapers Inc. 

(AP) 


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paired a clogged oxygen gen- 
erator that "was one of the 
latest of many recent break- 
downs on Mir. Mr. Solovyev 
and Mr. Vinogradov made 
the repair shortly after taking 
over from their fellow cos- 
monauts , Vasili Tsibliyev 
and Alexander Lazutkin, who 
returned to Earth. They said 
they just turned the machine 
on and off. and that it started 
working again. 

The speed with which the 
two new cosmonauts worked 
is bound to reflect badly on 
the two they replaced. Mr. 
Tsibliyev and Mr. Lazutkin 
had worked more than two 
weeks without success to re- 
pair the oxygen machine. 

Mr. Tsibliyev has been all 
but branded a loser in the Rus- 
sian press. He has been crit- 
icized for a June 25 collision 
with a cargo vessel that has 
left Mir operating at abour 
one-half of its regular power 
and has put one of Mir‘s six 
modular chambers out of op- 


eration. In his first comments 
to reponers Thursday. Mr. 
Tsibliyev said, "It's easy to 
find a'seapegoat.” 

On Friday, a high-ranking 
military official tried to 
soften criticism from Presi- 
dent Boris Yeltsin indicating 
that Mr. Tsibliyev was to 
blame for the accident. But 
the air force commander in 
chief, Pyotr Deinekin, said 
that Mr. Yeltsin would not let 
Mr. Tsibliyev be made a 
scapegoat, the Interfax news 
agency reported. He hinted 
that some fault may lie with 
ground controllers who may 
have made '‘impromptu de- 
cisions to test insane ideas.” 

The human error vs. mech- 
anical failure debate has im- 
portant consequences. If 
blame is placed on the cos- 
monauts. it implies that Mir is 
mechanically sound and just 
needs professional handling. 
On the other hand, if the ma- 
chinery is to blame, then Rus- 
sia may be hard pressed to 


continue promoting Mir as a 
viable space station. 

Russia makes money tak- 
ing foreign astronauts on Mir 
who perform their own sci- 
entific experiments there; Mi- 
chael Foale is the latest in a 
siring of Americans who have 
been on Mir. 

If the space station is 
judged mechanically or struc- 
turally decrepit, the foreign- 
ers may stop visiting and the 
funds will dry up. 

But for the moment, the 
emergency atmosphere that 
surrounded Mir seems to 
have abated. The two new 
cosmonauts are fresh, and of 
its main life support systems, 
only a waier punfier is out of 
order. 

Friday’s inspection — 
from about 21 meters (70 
feet) away — was meant to 
give the cosmonauts an idea 
of how badly the Spektr mod- 
ule was damaged in the June 
collision and whether any 
pan of Mir was dented. 


Jack Delano, Photographer, Dies 


A/iw tori Times Sen tee 

NEW YORK — Jack 
Delano, one of the few sur- 
viving members of die group 
of photographers who fanned 
out throughout the United 
States in the 1930s and ’40s 
on behalf of the New Deal's 
Farm Security Administra- 
tion and produced what have 
become iconic images of the 
Great Depression, died Tues- 
day at a hospital in Puerto 
Rico. He was 83 and had lived 
in Pueno Rico since 1946. 

The cause was kidney fail- 
ure. said his editor at the 
Smithsonian Institution 
Press, Amy Pas tan. 

Although he was not as 
well known as some 1 of the 


other phorograpbers in that 
group, who included 
Dorothea Lange and Walker 
Evans, Mr. Delano created 
images of people and places 
with elegance and empathy. 
Some of his beautifully de- 
railed, crisp black-and-white 
prims show the Evans influ- 
ence. but the Delano stamp 
was very much evident. 

In one strikingly Vermeer- 
like photograph, taken in 
1941 in Greene County, 
Georgia, a young, somber 
woman stands by a doorway 
in the foreground, while be- 
yond her other figures sit or 
stand by other doorways, each 
picked oiit by gentle light. 

He is survived by a son. 





Cannes: Port Canto 

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Antibes 

80 Meters 

$ 2,000,000 

Golfe uan 

50 Meters 

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$ 800,000 

Golfe Juan 

45 Meters 

$ 800,000 

Porto Cervo 

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Porto Cervo 

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Porto Cervo 

15 Meters 

$ 100,000 

Palma de Mallorca 

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Puerto Ban us 

157 Meters 

$ 3 ,000,000 


Contact 
Marco Recchia 

COGEMAD 

Tel.,’ 33 4-93 633-633 Fax: 33 4-93 633-634 





Chariton Heston 

is Tim Sebastian's special guest on 
HARDialk 


Pablo, of Hartford, Connecti- 
cut, a daughrer, Laura 
Duncan, of New York, and 
three grandchildren. 


From NPR 'and 
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PAGE 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAT-SUNDAY, AUGUST 16-17, 1997 


Congo Republic Factions 
Intensify Their Struggle 


The Assrxiaicd Press 

BRAZZAVILLE, Republic of Congo 
— Battles between the two factions 
Fighting for control of this country have 
intensified and spread to the north, state 
radio reported Friday, as the government 
accused its rivals of hiring foreign mer- 
cenaries. 

The government's spokeswoman, 
Sophie Moukouyou-Kimbouala, ac- 
cused the militia of the former military 
ruler. General Denis Sassou-Nguesso, of 
being aided by former soldiers of the 
ousted Zairian dictator, Mobutu Sese 
Seko, and by mercenaries from the 
neighboring Central African Republic. 


gees also have fled to Kinshasa, the 
capital of Congo, formerly called Zaire 
under Marshal Mobutu. 

State-run radio in Brazzaville said the 
fightin° was also fierce about 725 ki- 
lometers (450 miles') north of Brazzaville 
in the Likouala region. The latest flare-up 
in the war that broke out June 5 began last 
week after two weeks of relative calm. 

Tbs battles between the forces of Mr. 
Lissouba and General Sassou-Nguesso 
intensified this week and for the first 
time Thursday brought an angry re- 
sponse from the military in Kinshasa. 

Shells fired from Brazzaville landed 
in Kinshasa ou Tuesday and Thursday. 


o k u -a ■ h 1 1 1 < t < i i u 1 a ; ' n i » V' k t- 1 1 1 » i n i ■ 1 » 1 v j 


Nguesso’s forces and those of President responded with about a dozen shells that 
Pascal Lissouba has sear thousands of landed Thursday in Brazzaville, 
people fleeing the country and forced Miss Moukouyou-Kimbouala blamed 
Unicef to abandon the capital, Brazza- General Sassou-Nguesso for the shelling 
vine. of Kinshasa. The government, which 

Hans Olsen, a spokesman for Unicef, met Thursday in Brazzaville, also ac- 
said Friday that heavy shelling had cused General Sassou-Nguesso of using 
forced the children's agency to send its Mr. Mobutu's former soldiere and 
25 staff members across the Congo Rwandan Hutu refugees to try to spark a 
River to Kinshasa. Thousands of refu- “nationwide conflagration.” 



COMMEMORATIVE NOTE — Imperial Army veterans playing in honor of World 
War n victims at a Tokyo shrine Friday, the 52d anniversary of Japan's surrender. 


AFRICA: $1.26 Billion Phone Deal Sends a Message That African Economies Are Open for Business 


Continued from Page 1 

point where our continent is at the 
threshold of success,” Mr. Nujoma 
told the Harare audience, which in- 
cluded American corporate execu- 
tives making pledges of investment 
and boasting of deals already done. 

However, an estimated 40 per- 
cent of sub-Saharan Africa's 600 
million people still live on die 
equivalent of about $1 a day, and 
only in a few countries is economic 
growth surpassing population 
growth. 

The threat of political turmoil, 
institutionalized corruption and a 


track record of backsliding on re- 
forms — such as the subversion of 
reform legislation by high officials 
who grant special favors and ex- 
emptions to their cronies — suggest 
that current growth levels in some 
countries are fragile and could eas- 
ily faR. 

State control of economies 
through nationalization of mines 
and other enterprises and vast ex- 
penditures on padded civil services 
left many African nations paralyzed 
by debt in the 1980s, the decade of a 
continent-wide economic crisis. 

Two countries, Ghana and 
Uganda, which exemplified those 


troubles, had economic reforms 
forced on them by multilateral lend- 
ing agencies. They are now begin- 
ning to reap the benefits of mac- 
roeconomic stability. They are 
embracing policies once viewed as 
anathema, such as reducing public 
spending, balancing budgets, en- 
couraging die private sector to grow 
and selling state enterprises. 

South Africa's emergence has set 
an example as governments watch 
Pretoria's new economic policies 
develop and see them take a free- 
market turn. 

But, in addition to its modest 
growth last year, South Africa had a 


relatively large budget deficit of 52 
percent of its output, according to 
the African Development Bank. 

Still, foreign investors are pin- 
ning their hopes on South Africa as 
an engine of growth in the region. 
Led by capital from the United 
States, foreign investment in South 
Africa in the 12 months that ended in 
May more than tripled from the pre- 
vious year. 

U.S. officials have been aggress- 
ively promoting investment in 
South Africa. William Daley, the 
secretary of commerce, told a South 
Africa investment conference in 
Washington that he would lead a 


MARKET: Dote Industrials Tumble 247 Points on Heavy Program Trading 


Continued from Page 1 

fell 24.65 to 1,562.04. Gillette and 
other large multinationals that had 
led the marker higher fell the most. 

“We don’t have a bad economy, 
but earnings expectations are dramat- 
ically high, and most of the big stocks 
are overvalued." said Michael Metz, 
chief strategist at Oppenheimer & Co. 
Larry Babin, a money manager with 
Society Asset Management in Oev- 
eland, said: "The large-cap compa- 


nies are overvalued. Investors have 
huge profits, and they’re looking for 
an excuse to sen.” 

Analysts cut their earnings es- 
timates for Gillette after it posted 
lower-than-expected sales and profit 
growth at its Braun household ap- 
pliance business in Japan and Ger- 
many. Shares of Gillette, die world's 
largest producers of razors, dropped 
S4.8125, to $85,875. 

Investors increasingly are begin- 
ning to question the profit potential of 


companies that in the past have con- 
sistently delivered strong earnings. 

Doubts were raised last week 
after Coca-Cola, the world's largest 
soft drink company said net income 
in the quarter would rise just 
“slightly” from a year earlier. 

Analysts said the company’s six- 
year stretch of double-digit gains in 
quarterly profit per share may have 
ended. “Coke and Gillette are two 
preeminent consumer-growth 
names in the market,” said Michael 


Grant, a J. P. Morgan analyst 
“People are looking at the whole 
sector as one to trade out of.” 

WJR. Grace gained and Sealed Air 
jumped after Grace said it was spin- 
ning off its specialty-chemicals busi- 
ness and selling its packaging busi- 
ness to Sealed Air for $5 billion. 

Geron shares soared after the 
company said its scientists had 
cloned an enzyme that could lead to 
new cancer treatments. 

(Bloomberg, AP) 


trade delegation to Africa early next 
year. 

South Africa is viewed, he said, 
as a “launching point for exploring 
the other African markets that UJS. 
firms may have overlooked.” 

That these markets have been 
overlooked is evident from the stat- 
istics: Africa's share of the foreign 
direct investment made in devel- 
oping countries is still only 5 per- 
cent. 

The importance of foreign capital 
notwithstanding, domestic invest- 
ment is ofeqaal long-term structural 
value. 

But capital accumulation and sav- 
ings rates in Africa average 17 per- 
cent and have not grown since 1990; 
savings rates in Asia, in contrast, 
average about 30 percent 

The growth trend that has begun 
in Africa “is pushing up agains t the 
limits caused by the absence of the 
next step of reform, which is capital 
investment and savings,” said Her- 
man J. Cohen, head of the Global 
Coalition on Africa and a former 
U.S. assistant secretary of state for 
Africa. 

African economic policies must 
foster higher rales of savings to cre- 
ate wealth, he said. Wealth in Af- 
rican countries, however, has long 
been concentrated in a few hands. 


BRIEFLY 


Outsiders Join Thai Cabinet 

BANGKOK — Prime Minister Chaovalit Yongcbaiy- 
ut added two outsiders to his cabinet Friday, making a 
telecommunications tycoon and a former finance minister 
deputy prime ministers in charge of economic and fi- 
nancial issues. 

Thaksin Shinawatra, a telecommunications industri- . 
alist, will assume responsibility for major projects, while 
Virabhcngse Ramangkura, tire former finance minister, 
will be in charge of exports and fiscal and monetary 
matters. 

The shake- ap came as the Constitution Drafting As- 
sembly gave final approval to a controversial new draft 
constitution. The draft contains clauses aimed at curbing ' 
militar y influence in politics and provisions for checks 
and balances against money politics and vote buying. Tire ’ 
draft will be debated by a joint session of the National 
Assembly early next month. (AFP, Reuters) 

Smaller Hong Kong Voter Base 

HONG KONG — Hong Kong’s draft election law calls 
for the direct election of lawmakers by 2007, the con- 
stitutional affairs secretary said Friday, dismissing as 
“petty minded” concerns that proposals far next year's 
legislative elections will shrivel the territory's voter 
base. 


The secretary, Michael Suen, said the proposals would, 
shrink the voter base in 30 professional constituencies to i 
180,000 from about a million. (AP) . 

ASEAN Urges Cease-Fire 

BANGKOK — The Association of South East Asian 1 
Nations called Friday for an immediate cease-fire in 
Cambodia, telling Prince Norodom Ranariddh that it was 
the first priority in finding a solution to the conflict 

But Prince Ranariddh, the ousted first prime minister, 
said he would not call a unilateral cease-fire unless be 
could first meet with Second Prime Minister Hun Sen, 
whose troops were advancing Friday on O Smack, the 
northern (own that is the last remaining stronghold of 
royalist forces. (Reuters)! 

Salinas Brother Ends Silence 

MEXICO CITY — The jailed brother of former Pres- 
ident Carlos Salinas said a series of assassinations and 
kidnappings in 1994 was a plot to damage the Salinas 
government, Mexican newspapers reported Friday. 

But Raul Salinas, speaking to reporters for the first time 
since his arrest in early 2995, did not say who was behind ' 
the plot He was arrested on charges of masterminding the 1 
murder of a ruling party official. (Reuters) 

For the Record 

Japan and North Korea will hold preliminary talks in 
Beijing next week on resuming negotiations on nor- 
malizing their diplomatic ties, the Japanese foreign min- 
ister , Y nkihiko Ikeda, confirmed Friday. (AFP): 

The United States said that it would revoke the visa of' 
Theug Bunma, the Cambodian tycoon and prominent 
supporter of Second Prime Minister Hun Sen, who it 
contends is involved in drug trafficking. .(Reuters) 




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THE INTERMARfKET 
Continues 
on Page 13 




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YJA 




INTERNATIONAL HERALD TRIBLNE. SaTDRDAY-SLTSDAV. AIGL ST 16-17. 1997 


PAGE 5 



> RESIDENTIAL REAL ESTATE 


fcllt HOLIDAYS 


SPAIN 

HISTORIC GRANADA 

\»>»}» r»*fioMletl X 
cavalaguril hou+o for 
Pri\utr. walli-d-in izani>*n 

Price: US$ 230,000 
Tel/Fax +34(9)66226 984 


flee/ Estate Services 


U.S.A. 


INTERNATIONAL 


DISCOUNT TRAVEL 


HOTELS 



!cSfe 


VOU OWN A PROPERTY IN FRANCE 
Out services carer n -your absence 
Mameoarce. creating gartering, tepais 
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PLEASE 00 NOT HESTTATE TO 

CONTACT US FOR MORE DETAILS 
FAX +33 (0|4 SO 95 94 34 
Td: +33 (OH 50 95 35 35 
7 Domane rte Crewn F-urSj Boss?/ 


Real Estate 
for Sale 

Real Estate Investments 

BELIZE ■ INVESTORS/DEVELOPERS: 
2TOr acres 6400 6 on Carfctean Sea 
9030 (I cn teautrid Silee Rwh 12«0 
ll d canal towage. Pdah- mads, cater 
telephone and e&mciy to tract Airslnp 
perim pending US $2 5 Willtcn cash. 
Cal (51 2) 932-4090 USA 

Bahamas 


PRIVATE ISLAND M 
TAX HAVEN-8AHAMAS 
On die splenrtd land & sea part m Exu- 
mas one d me most magnrtMn* slants 
ICO percert prorate e to sate '£> acres. 
5 beeches l lagoon, 3 cottages S55M 
Fax 30SS3&4306 


Canada 

MONTREAL DUPLEX APARTMENT n 
presSgms HABITAT "67 complm 2 bed- 
mans. 1 t/2 balls. ISO sqm. mclufcs 
75 sam- lenaces overtookmg St Lau- 
rence River. Quiet private sale USS 
140.000 negotiable. Contort. +44 10) 
1279 403 88§fa( +44 fO) 1206 873 045 


Caribbean 

TAX FREE ST. BARTHELEIIY. Magrfh- 
cert beach bon properly. 3 toertooms, 3 
baths, caretaker horse, (arm pod. 2-cai 
garage S3M Tel 590 27 BIOS 


French Provinces 


NORTH CKARENTE 
Deep In naal Fiance, but 2 1/2 
born front Paris on Ihe TSV. SutetanSaf 
Itoior Hook Mty lenovatsd Dy an 
American to highest carton starifmfc. 
Stradtt on a M tap ki 10 - na. flowered 
part Spectaoriar vtavs Guest bouse 
aso hty renortaM. Total 7 bedrooms. 
3 recepdont FF3 750,000 ArtffoW 
land available Adding tnJfle orctad. 

Brochure svaflaWa on request 
Td. owner +33(1^545318474 offteor 
(0)5453(8473 home Fa (0)545318787 


BUY WITHOUT COIffiBSSfOA’ 

Fred Receive regularly. at ywi home, a 
selector of red estate correspoulng to 
yout demand. La Partanalre European 
34297 KortpetHv cedar 05, France 
Fax +33tqj«TC36319«w«mneiiripo 

PERIGOfffl, LOVB.Y STONE HOUSE m 
12th cam vdaw. Beams. Krepteres. 
»w. rara woTd +33CM1 43253687 


tEPTEMBia 16. 1987 


TUDOR CITY PENTHOUSE 

Chariton Heston Slept Here 

Parcel 6130 |Pmw*J2tn, TwJb+ cojurig 
rutty renw.aii.-a m iWt 2.SOO » n isn 
jhrs traU mi, w both coapsrattvti tojtunng a 
total of 2.000 so. II- of toirarcs. Croaicd Ira 
grand tult (Ate resting. tne living room hot 
73'cciSfigr a s±vcp/rrg n wt of ihe nuttlaun 
Skvhne NO BOARD APPROVAL. 

SUGGESTED OPENING BID; 3K»,0W 
P» Brochure & Turns cl Sale. Cah 
in US. « Canada (800) 516-0015 
^ AllCancf Areas- (312) 630-0915 


-French Riviera 


EAR CANNES - CMtatewta Vein: 
, prestigious estate, a*** 200 ajnv. 
use ki petfed conrtttt Large loving, 
bedrooms. 2 baths + guests rause 
kb kitchenette, stutfia and hath, torts 
wm. 900 sq.m landscaped raided 
ccess poof and efto house- Asking 
F65U. Td: +33 (OH 93 75 24 25 


Great Britain 


LONDON TOWNHOUSE 

6 FLOORS 
South Ainfcy Sired 

: Lvfig rooms 2 Master Bertram sines 
T Lkxarv. 2 Large Bedrooms 
1 D'mrio ftoom FAany Bamrcoms 
BcAUTlFlIL GARDEN 

US S3i U1LUON 
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HOIIESEARCH LONDON Lei us 
search :oi <ou W? hnd heroes flan 
to buy and rem and provide rcijttW 
i+iccaiior. services ? or individuals 
am companies t«i -44 iTt 938 
1066 Fa* + 4: i7i 1077 
hid '• r.f..v toms search cc. □*. ton 


Greece 


NAOUSSA PAROS CYCLADES 

Unque ITT. cemay bouse w m? sea. 
cara-WaV re stereo tv achttfl Dam 
200 SQ.ro ground 6 tsi No® 
USS^.OOO Ccmn- C Cusefc. 
fjaoesd Paros. Greece. 

Tel: +30 0284 51006 Fax: 0284 51902. 


UNIQUE OPPORTUNITY 15th Century 
bcuse m Kasrro Srfnos in Greece, die 
last truly peace* J and Iraditional Greek 
istand viBage Seaside (oceton Magical 
airoosphere. ixtusifll and beaurtrt arrtv- 
tecture Ap(>f/ to Nevifle Anderson +44 
171 435 6802 or nevilleeandetson- 
lerrtAexo.uk. 

NY COHOS CYCLADES Exclusne wa- 
terfront land. 1 200 sq.m. Next to New 
yacht herder Tories +30 209 22968 WS) 
2J!B> -41 22 788 6W2 (from 3i/B| 


FLORENCE (San Garaofe). wonderful 
and quel Ma i Mandof sunurtBd by 
tiejerd and secular toes on the Wfc it 
Cterti Pino «sih an excepbonal »wft on 
MonsartoCasde AtatSOOsqmcrtb- 
nos 8 300 sqJti at wr*? t larmceters 
al stecW to /Jy restored. pkE 3ba rt 
land. Histones! description m G. Laisi 
QrianOiri Canbni. Le vile d» Firenze 
Ii957t By u» owiw only to Orally to- 
twested partes Mai natal enquiry to 
CASEIA PUKJAD1GE 331 Vcenzahfflty 


MONTEHORE. ALSO VALLEY 
From owner (or sale, encent mansion, 
over 12 rooms < bate, party festered 
with band partings and decowons. 
4500 sqm garden aid orengate. i hoix 
south cs Ancona potiaxport 7 fries 
bom sea Please coman Uf Segatto. 
Concerat Suvtelto House. St Momz. 
Far +41*433 85 24 
Tel: +41-81-832 11 32 


RQUE-COUSH/M. Apartment wllfi «- 
oapnaiai and unque «ew ai Coiseum. 
Artkjue bating Living. Otm. 2 bed- 
rooms. 2 bBfcs. ottca, kicheo Finished 
and decorated by (mot# irctiiea M 
axtSkmetl. Fax -33 10)1 47 04 42 61 

ISOLE TREMiTh VILLA. Breatitakmg 
vie* crysiai clear waiet. 5 mm to 
beach. 1000 sq m pine ’oresi Fur- 
nsh«J. By owner Lit 850 mifton 
TekFax +43 (1) 470 96 73 

Beautiful spacious modem apartment n 
the heart ot VENICE NVertcefemvoa 
neaa Cad tor defat +39 41 528 M a5 


(Tment near canhes, 3 rooms, Paris, and Suburbs 

atrtWC, TOO sarro. sjanten. exrtr- — 

ortvate resort 2 ports. 2 tenrns. 


ve prWae resort 2 ports. 2 w. 
wtes owner Frtncfi Francs 
ax +41 1 381 8 348, Tel 381 8350. 

AP FERRAT, beautiful vita'apeiWWl. 
bedrooms. 3 hafbs. tomg ■ W 
mm. fireplace. 9»»dero huge 
MriergB Tec 0MWf +33 (OH 93^1028 


78 - FEUCtSfOLLES ■ 

15 MNS PARIS LA DEFENSE 
17ft cent HOUSE, USTED 
Eh owner USSte5.000 
Teh +33 ( 0)1 30 54 53 98 


Cannes: Pon: Camo 

50 Meters 

$ 1,700.000 

Antibes 

80 Meters 

$ 2.000.000 

Golfe jgan 

50 Meters 

$ 1.000.0 00 

Golfe Juan 

45 Meters 

$ 800.000 

Golfe Juan 

45 Meters 

$ 800,000 

Golfe Juan 

45 Meters 

$ 800.000 

Porto Cervo 

88 Meters 

$ 2.000.000 

Porto Cervo 

55 Meters 

$ (.000.000 

Porto Cervo 

15 Meters 

$ 100,000 

Palma de Mallorca 

150 Meters 

$ 2.000.000 

Puerto Banus 

157 Meters 

$ 3.000.000 


Contact: 

Marco Recchia 

COGEMAD 

Tel.: 33 4-93 633-633 Fax: 33 4-93 633-634 


CAPITAL Apartments u ik- 5» tc< rent 
slwiifis itoy ks 1 !*i as* i+vgi x iA 
11 Irrpfione in ~?4 £7-:2 


COSTA BRAVA 1 SEA FRONT. L(agnf+ 
cen luxury of very high ijterty dan- 
dam. Absolute prune location tetw+n 
Ucuet amt fossa <*? War t.*n stumr/K 
sea vre« Pica 1^15 sqjri Miq area 
450 «4 m Proves ale USSmtifin*- 
gcnatue Fa* 1 K .21 J553-9H9 


Switzerland 


I LAKE GENEVA & ALPS 


’S aumonzfiO 
since 1975 


Holland 


RENTHOUSE INTERKATtONAL 

i n 

lot itermi lisn«ed to.:-** hais 
Tel 3i-2C-t-uy';i Fa' Vr.'i 

Ntovrn !9-: j 1«j -m ArKtenare 


HOUEFINDERS IUTL -.rn-j^fF 
K'i5 EH Arroiernjn: Y«. 

Fa*. 6&Zc2 sflarBr.Tiefsxfc T '> 


Paris Area Furnished 


Aarectne properties, wetmitg mb 
l to 5 bedrooms, tram SFr 2TO.00C' 

REVACSA. 

52, Mmdbrttant CH-1211 GENEVA 2 
TbI 4122-734 15 40 Fax 734 12 20 


OLD TOWN OF LAUSANNL A un'iqua 

chaining i9ih century properly ihree- 
story house wtfi etcspoorei garden and 
garden pawlkon GaKerv attached to 
rouse Newly renovated Swart? tor 
pnvaie and / or professional use. Tel 
+41 20 320 3013 

GRYONMLLARS (LESARSETS), 
Etoaicr 4.000 ft Canton Vaud S£ Late 
Geneva. 2 bedroonvC bath 55m2 Chalet 
Condo. 30 min. UortraA 90 mil Gene- 
va Fcre+gn INorv-Srrssl Sato Authorized 
• Si 20.000 US. or OKI offer. Ovrew 
DIE) 2260700 USA Barnipm CST 

VtLARS-OLLON: hnroerSaffi sate, 2 br. 

2 bam. Nfchenetre. Mg room, mow 
pool 300000 5F Mongo. 37793500933 


USA Residential 


NYDfa* Av£'73rd SL i Bertoom 
LOCATION, CHARM, PREWAR 

1000 SQuare >eei consisting c4 l 
Bertram. 1-5 baths. Limp Room. Dining 
Room, kitchen anknt m fiery room, 
qua * pteas-n; ideal ftri^-Tette. 

J-Ja Canas+3 
212-891-7023 

DOUGLAS ELL1MAN 


Real Estate 
for Rent 

French Provinces 


■ Be a Ctale&n in Loire Valley 

arsfe of ambaned Cartle 
4 rooms. 4 tabs, large recetwa penod 
fumttiE 80 nxns Irom Pans ty TGV. 
FFB-iZDOOftncrth or FBflCOfweak. 
Of? 

Aunt AgsthCs DaBdou* Cotage 
MU* of gardens 3 roans. 3bflte 
Erne Wig. kurty tumlure. 
FF&oayrorab Ffeooynwk. 

TbJ +33(0)549211812. Fa* (0)549853985 


London 


SHORT STAY APARTMENTS 
urtuy 5 star hotel apatmsrts t\ Maria 
Vale, w*h atfffwre h eakb eto b and 
swrawg pool. CflrtrzS garden and » 
caivjnq. To let tan 1 day to 3 months. 
*Cal fez a Estates 44 (0)171 372 «67 


KENSfAGTON-WfLLIONAfflE’S HOUSE 
Huge garden, 2 luxury bttoroom stiles, 
30 fl raaptm terrace, garage. Short let 
£1J2D£VvA. Tet +44 (01 171 602 5941 



NIGHTLIFE 




ideal accommodaton stuio-5 Mr/"-: 
Ouafv a to sen+ce assured 
READY TO MOVE IN 
Tef +3WJ1 43129800 fMUJfSW 

READY TO MOVE ft • BeautBuBy deco- 
reied. 3 beorewn, 2 h? raui at *v Mon- 
taigne neai Hotel Plaza Aihenee Tel 
2 i5ot-2M USA iWywortTi US 

SOUTH OF LUXEMBOURG GARDEN. 

115 sqm. 3 DediMrr.j. double Living 
takwiy on garter Free ft* FFi35tX> 
Tel +» (Oil 40 037485 ; 10)1 muzz 

’ PARIS STUDIO, 18 Bid Beaumarchais. 
28 sqm modem uebenene Rem 
FF450&'month Puichase also possible 
Ter. & Fax ++41 62 W 13 l« 

MONTMARTRE 3 forms. 70 sqm. Sto. 
fu*,' egupwd 27« » 27V USS W 
♦ Uribes Tet +S3 «?|i « 36 94 75 


Swit zerland 

GENEVA. LUXURY FURNISHED apan- 
roents From sums to 4 tearooms Tet 
++1 r 73S 63£0 Fa» *41 Z 7% »7T 

Thailand 


BANGKOK ■ THALAND. Fjitsfied gar- 
den home. Sukhffirt 93 hea egress- 
ray. 2 stones. 3 bertrams. 2 iff baths 
leiephone. car-parting. USSUOO pen 
month. Pfone CC41 - 33822547B 


NAPA VALLEY. BEAURFULLY 
furnished. 3 bedroom 4 bath hoi* near 
Usadovrood Resort, Si Helena. 3,880 
sq ft. Large rooms nib great spices kr 
entertaining. Fireplace Large da*. Gar- • 
denar. Cable Fufly equipped tteben. 
Otrtet sallrg *i the trees. AvafeUe to 3 
moths or longer Contact Hetty or 
Dotty at Morgan Lana. 707-944-4432, 
Fan 7D7-044-8S55. 


NYOKft ST. between MsSson &"P*rt 
Ava Newfy renovated, charming wrm- 
house apahment High orimgs. wotkmg 
fkeftoce. 6 mo ■£ yrs Sutabto to ©«u- 
tive’aMtoe S5000 tonrshert54500 urtix- 
retied Cdl Ownar :i2-98W3?7 


NYC FURNISHED APARTMENTS, f 
week to 1 year. Great locarans. Call 
Pa/ChkM 212448^23. Fax 212- 
448-9226 E-Mat athomarofiartcom 

R eal Estate Wanted/Exchange 

AMERICAN COUPLE on extended 
vactlon see*. 2-bertoom wen htashed 
aparoneni with modem kachen m 5th, 
6lh or 7ih anondis&emefti Irom early 
Sept lor 3*4 months Write Box 370, 
LH.T. 63 long Acre. London VIC2E 90H 


Oeft^icful. axteercft cenciry cottage. 

just refurbished m precy fertet n 
YorWvre Daks Naootcl Park. Sleeps 5+1. 
Avadable Ay^o'SefKsrr,be#VOaober. 
Detar/s: 

TteL +44 1636 813163. 

Fax. +44 1636 816624 


SIGHTSEEING ITALY 


_ n Palio di Siena 

^7 Bt- rart «■» tht,-.onlv true 
IViJu* in ftjfv 

^Bv Witness mu MoJn-vai 
'r h-?r sc race fn.it bt c^n 

7w yo.ir* a&» 

Celebrated /i»lv 2 jnd August lb 

1,-ji --niir . r U nc+et^pT. ■.-if n.’lr- 'n-> :rt> ct: 

Tel f5Vi— -2y«it' Faxiw~sn«7 


Holidays and Travel 


HONG KONG DOLPHINWATCH. 

I>a> trp: lurch is ssr eruansrel 
-,r.» mi-r.rs 7+J i:?:, L9W-t4ii 
r'a dC:SK*SSfS 
nqp /■ us* i r a-vet rc-rr, c: pm 


Bed & Breakfasts 


MANHATTAN LODGINGS. NYC. £r,;n 
: rav funr. apamwrs superior 6 J B 
leuisir: many locations 

7e( ■JlWTSJG*} Fa> 2t2-477-<54X 
ETJai rtdimanhstar*>jgaigscom 


Lebanon 


HOTEL AL BUST AN. E'asi ot BeidfL 
S star deluxe Excepiona kxataxi. secu- 
rt'y. romlon. fine ciasme. comernons. 
business services, sasIWe TV 13 n» 
transfer trom axpot bee. UTELL Fax 
1961 1 4-972439 I i-33l (0)1-47200007 



« ?i fj IK 03 


Holiday Rentes 


French Riviera 


CLOSE TO SAINT TROPEZ. superior 
penthouse overlooking ihe port with 3 
bedrooms. 3 bathrooms, ax condtorww 
tprwaleport Tet +33 [0)4 94 64 24 30 
or Tel Far +33 (OK 94 64 00 03 


GENERAL 


South ol France wai Cannes iimer 
re', to ;-.-ei ij. jt> moasm ma «ith pool 
g;-2 -riiS Fltlll 2LB 10 6^ Tel: 
+ -j -jA rjl.rizC rax HM 3? 29295 


Caribbean 


ST. 8ARTHELEMY. F.W.L OVER 200 
PRIVATE VACATION VILLAS - beactv 
rrjflj to MtsZi ituh pooh Dw agents 
have mtpeoes eh «4as pefsonefly For 
reeenjjfdr.s o Si Bans Si Mann Are 
gufta. Bartavis. Mtshoue the Vign 1s- 
tands Can WJUCOffSfiARTH - li S. 
K01(?4£'-M'i2.Tax 547-6290. bom 
FRCNCe ■■5 90 16 20 - ENGLAND 0 
-800-89-8313 


Paris & Suburbs 


NY LOFT STYLE, centei of Pans. 2tw- 
rooms, Z oaths, modem Meter. Apia, 
bp floors, great kgrt. garage SepuOd 
SKUOfmo FaxJef +33 <0)1 42 86 18 81 


Switzerland 


SWISS CHALET. NUfurreGlaius, 70 km 
S. at Zurich BeauUtui alpne scenery 
Heal tor hlong. bto'nq. svrimminq and 
dprornonlc skunq 3 ’bertams. sleeps 
7 Fax +41 55 640 79 03 


THREE CHARMING 
PARISIAN HOTELS 
EACH WITH A COURTYARD 



HOTEL DE L'ABBAYE 

Saint-Germain 

10, rue Cassette A 

75006 Paris A 

Tel.: (1)45,44.38.11 

Cable Abotel 

Fax: (1) 45.48.07.86 

An i Sen century rowfiouSc B?h*rer. 

courtyard and garden oHenrg a retmed 

mixture of tradn^n and modem comL'r 

m the near: of the fashionable L*i: 

5ank quaner 44 rooms. 4 ct v.hich die 

suites until private terraces 

SELECT HOTEL 
1 pi. de la Sorbonne JP/ iff* 

75005 Paris 
Tel.: (1)46.34.14.80 
Fax: (1)46.34.51.79 
E-mail:Select.Hotel® wanadoo.fr 
Comemcf ran,- elegance m the ii*an 
of the Latin Ouaner 67 rooms + i 
duplex suite affenng tne purree mi' 
of modern comtiin and Old Wo no 
charm Tne intan;r garden and 
louniains add a seeming touch :* 
this sped'»i hotel 

UNION HOTEL ETOILE 

44. rue Hamefin, . i . 

75016 Paris ' : ' 

Tel..* (1) 45.53.14.95 . WW 
Tlx: 611394F •j3 ! iS 

Fax: (1) 47 55 94 79 
ii large pretty rooms and 
residential apartments overlooking a 
private garden on a small ca'm 
street neat Eldie The pertaci spot 
lor business entertainment and 
shopping Private bar Excellent 
service 


‘HOTEL •M^STVE^E MEJtKl TV'" 

Between the Seine and the Pantheon in the heart of The Latin quartet 
Charming rooms and apartments giving onto thv «du.iiv 
Paul-Langeun. equipped ivith kitchenette Tidtal tor long -t,v. + ■ 
• Rat^ from «»CW FF to i.Zi". 1 FF per rie.v 

-AtTRAGE DISCOUNTS FOR HER.ALP TRIBUXE READERS- 


LE-JCTH<. f ?rA- 

1 da\ 

3 days 
6 days 


RC*:m 

l’-:v 

TOO FF 
1.SOO FF 
3.000 FF 


R»:OM 

Aid#" 

600 FF 
1.MWFF 
2^00 FF 


h 

900 FF 
2,400 FF 
4^00 FF 


Ar 

Ac 

SOOFF 
AllJO FF 
^.-tOO FF 


OUfl>3 * + “f " 

hfcf.-U-j; .iil'uU.Snte H.-.') IV v • - 

50. r. des BemanlinsJaWSParis-TeL -3510) \ 44 41 ^ 51-Fax: -W0» 1 h - 

M. R& 5t Michel Notre Dames - Fading nearby. 



GAR-ASUSUAL EVERYTHING 
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Everything h Great! WE LOVE YQU1 
LOVE. 8 and E 


"MON AMOUR, taro here to the moon 
and back AKvays. ANI LEDODl VE DO- 
Dl L T.~ 


THANK YOU SACRH) HEART d Jesus 
and Sam Jude tor special prayers an- 
swered Spied D.W 


SUBSCRIBER CUSTOMER SERVICE: 
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TOLL FREE - Austna 0660 8120 BtA- 
nton DB» 17538 Fiance 0800 437437 
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Elsewhere |+i) 212 7523B90 ASA: 
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I "T ,, , Jl', t4 ( ri . W n1 offers niibiished m last Mondays International Herald Tribune 

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plant Super>TSors 


Hellenic 

Mimstrv of Culture 


Societe biiemationale 


Cartelchiara 


- -contact 

Gill Lowden 
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The Bodv Shop Iuternaiional Pic. 
Watersraead. littiehaniptoii 
West Sussex, BN 17 6LS. UK 

,\nn Marie Gofii 

Vice President, Human Resource* 
Conair Corporation 
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Tel: 44 171 £90 9000 Fax 171 439 7517 


Business Travel 


iBtfBuarass Class Reqiart Travels 
Wbrttafa Up to on No cnmrts. 
no restrictions. Hnperici Canada Tei. 
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Sty Saturday'* Inlenaarhrk 


for Art** Friendship*. Internal l«uud 
M or ling Raini. Nniuii, 1 * * Oumi-rtM ;. 
Tu udrcrtii* omtocl Snndi V\«-r4n,l 
on +11 171 K!««32h 
nr fax + Vi 171 W«i«38 
A GBE.4T DEAL lUPI'EV* 
AT THE nffBRMtHKET 


Capital Available 


PROJECT CAPITAL h LOAN FUNDS 
aratorte lbs qranei Mm USD S2M 
Fu +1 Btt 666 7(»6 it- CClC. tte Fund 
Manaps & iwesmtert Bantas. 


Financial Services 


FUNDING PROBLEMS? 

SOLUTIONS 

CWteci 


BANCOR 

OF ASIA 

Bankable twararflees to secure turrSna 
rot vitae projects. 

VENTURE CAPITAL 
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Fax: (632J 8104284 
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PRIME BANK 
GUARANTEES 

Venture Capital France AvaJable 
lor Goiwraien Protects and 
Gmemmert Coniaxues 
are to sale. 

Large Prajeas on Speaalry 
Also. Long Tenti finance to 
Large ana Small Conjarxes 
No cwntnssro Unw Fraded 

REPRESENTATIVE 
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VENTURE CAPITAL CONSULTANTS 
Investment bankers 
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Emm California 91436 USX 
Fax No.: (8181 SB-1688 
TeL; IB18J 79W422 
Hofena Sr ‘Assoc Pete 0.6. Leiysted 


DINING OUT 




pjuasuh 



AL GOLDENBERG 

Mnhh teff-Pta gd-ftwnjiwrabgj 

aid tehttienrafe'flieea iBtaWto 1 hw- 
Tab 0! <fayvp # OmkWgkt 


WWS7Jh 
























.1 . 


PAGE 6 


SATURDAY-5UNDAY, AUGUST 16-17, 1997 


EDITORIALS/OPINION 


Jtcralfc 


BVTERNATrONAL 



PlBLlSHKJ) WITH THE NEW lURK TIMES \ND THE \h HI NT. TON POST 


tribune As f n Kenya, a Nation’s Decline Is the World’s Affair * 

THE IH!.HINfiTON POST J 7 , W, 

V J _ cmn mil inn 


Bigger Security Council? 


Bill Richardson, the U.S. represen- 
tative at the United Nations, has come 
' up with an ingenious proposal to rem- 
edy an old problem at the world or- 
ganization: the composition of the Se- 
curity Council. He would expand the 
council by adding five permanent 
members: Germany. Japan, and three 
from the developing world. Enlarge- 
ment is long overdue. 

But on the critical matter of veto 


power — now wielded by the United 
States. Britain, France, Russia, and 


States. Britain, France, Russia, and 
China — Mr. Richardson hedges. He 
says Washington has taken no position 
and would defer its decision as to 
whether newcomers should be given 
this powerful weapon. In our view, 
they should not. 

In Cold War years, the veto, or its 
threat, repeatedly paralyzed the Se- 
curity Council. That body's growing 
reliance on consensual decisions since 
1990 is a notable and hopeful devel- 
opment, even though China did derail 
participation in peacekeeping in Haiti 


and the dispatch of military observers 
to Guatemala. Whatever the inequities 
of the current system, doubling the 
number of potential naysayers would 
be a remedy worse than the affliction it 
is designed to cure. 

The case for expanding the Security 
Council is strong. It now numbers 15 
members, 5 of them permanent and 
vested with veto power, the rest elected 
for two-year terms by the General As- 
sembly and unable to overrule de- 
cisions with a single vote. The five 
permanent members all claimed their 
seats as victors in World War II. Since 
its birth, the United Nations has grown 
from 51 to 1S5 members, yet the Se- 
curity Council essentially reflects the 
world as it was in 1945. 

Germany and Japan, the war's de- 
feated nations, are now among the 
world's most prosperous and stable 
democracies. They belong on the Se- 
curity Council. Because both are 


likely, unhappy result would be to rep- 
licate in the Security Council all the 
divisions and collusive back-scratch- 
ing of the General Assembly. Twenty 
seems the absolute maximum for an 
effective Security Council. Even that 
enlargement poses a dilemma for the 
UN’s contentious regional groupings. 

If three permanent seats are added, 
who would speak for Africa — Nigeria 
or South Africa? Who would represent 
Latin America — Brazil or Mexico? 
Would India or Indonesia fill the Asian 
seat? Mr. Richardson wisely declines 
to express any preferences, saying 
Washington would accept a rotation 
system, or the designation of any single 
state. This is as it should be. Let the 
regions themselves decide. In any case, 
Mr. Richardson has moved an impor- 
tant discussion forward, assuring a 
livelier General Assembly when that 
body convenes next month. 

—THE NEW YORK TIMES. 


McVeigh’s Travesty 


At his formal sentencing in Denver 
on Thursday. Timothy McVeigh chose 


to quote a few of the words Justice 
Louis Brandeis used in a famous dis- 
sent in the Olmstead wiretapping case 
of 1928. The words could be con- 
strued, we suppose, as a statement 
about the uses of government power. 
But who would want to accept a con- 
victed mass murderer as a legitimate 
interlocutor on this or any other issue 
in American jurisprudence? 

As an unapologetic killer, he is an 
unlikely candidate for participation in 
a colloquy that has engaged honest 
citizens and enlivened American pub- 
lic life for several centuries. By his 
criminal misdeeds, Mr. McVeigh for- 
feited altogether any claim to be taken 
seriously by the American people as a . 
spokesman for a certain ideological 
point of view. For him to invoke a 
distinguished man of the law in an 


evident attempt to justify his own pat- 
ent contempt for the law is a travesty. 


em contempt for the law is a travesty. 

In fact a strong and ringing state- 
ment about government power was 
made at the McVeigh trial, where a 
judge has now confirmed a jury’s find- 
ing of guilt on all 11 counts of the 
original indictment, and also the jury's 


pronouncement of a death sentence. 
The statement was made, however, not 
by Mr. McVeigh but by the legal sys- 
tem that tried and convicted him. The 
system ensured a fair trial under the 
rule of law for someone who had re- 
pudiated the system and set himself 
above it The lesson that the trial taught 
the people was that a free society can • 
both defend itself and allot to its cit- 
izens a full panoply of legal rights. 
These rights Mr. McVeigh enjoyed 
even as Ins crimes mocked them. 

There can be debate over the ap- 
propriateness of capital punishment in 
this or any other capital case. But there 
can be no debate, and there is none, 
over the appropriateness of a max- 
imum penalty 1 far someone whose per- 
sonal zealot's code led him to take the 
lives of 168 people — an act for which 
he has shown no remorse. 

Against the ultimate and heart- 
wrenching costs he inflicted on these 
innocent victims and on their families 
and communities, his calculated 
courtroom reach for personal vindic- 
ation — for personal philosophical 
vindication, yet — goes beyond the 
petty to the crueL 

— THE WASHINGTON POST 


Making Planes Safer 


It could be weeks — perhaps even 
months — before the U.S. National 
Transportation Safety Board can deter- 
mine why Korean Air Flight 801 
plowed into a hillside overlooking 
Won Pat International Airport in Guam 

n«rlu nn Ana F, til I inn iwinlp 


begun to install in their passenger jets. 
The instrument, called an enhanced 


early on Aug. 6, killing 226 people. 

Still, some preliminary indications 
show that mechanical defects were not 


a problem. Investigators who have 
looked at the plane’s flight data and 


looked at the plane’s flight data and 
heard the cockpit voice recorder have 
found no obvious mechanical reason 
for the crash. 

The crew of Flight 801 said nothing 
to indicate trouble — which raises a 
likelihood that this flight will be found 
to have been a victim of the single 
greatest cause of death in aviation ac- 
cidents: "Controlled Flight Into Ter- 
rain.” or — as air safety officials say 
— ‘‘C-FIT.” This is when an aircraft 
experiences no identifiable mechan- 
ical troubles but when a crew flies it 
into the ground. 

It is a situation, however, to which 
technology is catching up fast, with a 
warning system that a number of U.S. 
as well as foreign airlines already have 


The instrument, called an enhanced 
ground proximity warning system, is 
considered capable of eliminating a 
large portion of all such crashes. 

It can be installed relatively easily at 
a relatively low cost — $55,000. The 
device has sophisticated sensors, com- 
piles data that can warn a crew up to a 
full minute before any potential ac- 
cident and is deemed highly accurate. 

Federal Aviation Administration of- 
ficials are considering a rule that would 
require this system in aircraft, but it 
will take time to adapt it for all planes. 
Nevertheless, human error (not neces- 


sarily pilot error) always will present 
problems. While special devices can 


problems. While special devices can 
"see" and report physical conditions, 
they cannot eliminate human condi- 
tions such as confusion or fatigue. 

New findings may show that ad- 
ditional conditions created troubles for 
the crew of Flight 801. Yet with a sense 
of urgency on the part of government 
as well as airline officials, the incid- 
ence of this kind of tragedy may 
someday be dramatically reduced. 

— THE WASHINGTON POST. 


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W/ASHINGTON — The most in- 
VY tellectuallv intrieuine document 


bound by postwar constitutions and 
custom to limit military activity be- 
yond their borders, they cannot share 
equally in the financial or material 
burdens of UN peacekeeping missions. 
That is an additional reason they 
should not hold veto power. 

The addition of other members is 
more difficult to manage because of 
matters of geographical fairness and 
the on dene presentation of Third 

World states. Granted, in adding a per- 
manent German seat. Europe would be 
lopsidedly overrepresented. But Bri- 
tain and France are unlikely to give up 
their seats, since they can veto any 
move in that direction. Italy, which 
now ranks fifth as a UN financial donor 
and which suffered peacekeeping cas- 
ualties in Somalia and elsewhere, 
bridles at being passed over by Ger- 
many and Japan. 

Italy's proposal is to retain the ex- 
isting permanent members but add 10 
nonpermanent seats, in each of which 
three states would rotate. But the 


YY tellectually intriguing document 
making the rounds here this summer 
may be the study by the Central In- 
telligence Agency of the origins and 
causes of the collapse of nations. The 
paper sets out to identify for senior 
policymakers factors that predict which 
countries will become failed states. 

Population pressure, spending on 
arms, weather, massive government 
corruption and poor political leadership 
are said to be leading indicators for 
such disasters as So mali a, Bosnia, 
Rwanda and other nations where gov- 
ernments have evaporated or gone to 
war against some or all of its citizens. 

A Michelin guide to political turmoil 
could be a best-seller in international 
circles. But you can understand the 
agency's reluctance to be specific 
about its advice on how to spot three- 
star hellholes to come. Imagine the hurt 
feelings, and expulsions of spooks, that 
would follow. 

But the need for more reliable in- 
dices of national stability and fragility 
is clear. This was underscored by the 
recent headlines out of Kenya, where 
President Daniel arap Moi faces street 
protests because of his dictatorial rule, 
and loan cutoffs internationally be- 
cause of his government’s corruption. 


By Jim Hoagland 


When I lived in Kenya in the early 
1970s, there were two firm bits of con- 
ventional wisdom about that beautiful 
East African nation: 

One was chat Mr. Moi, a politician of 
limited intellectual ability who hailed 
from a minor tribe, was a transitional 
figure who could not snrvive long as 
president. The other was that Kenya's 
resources, international visibility and 
dynamic society would enable it to 
overcome its crippling internal ethnic 
rivalries and become a great African 
success story. 

Neither prediction turned out to be 
true. Mr. Moi’s unshakable hold on 
power for nearly 20 years has been 
accompanied by a steady decline in the 
nation s stability and prosperity. There 
can be little doubt now that the two 
factors are intimately connected. 

It is a measure of Kenya's intrinsic 
strength that it has been going downhill 
every year for two decades in the eyes 
of many of its citizens, former residents 
and visitors, but still works as a center 
of global tourism and as a regional 
headquarters for business and inter- 
national organizations. 

The pragmatism of its founding pres- 


ident, Jomo Kenyarta. and his advisers 
— as well as ’ the munificence of 
Kenya’s wildlife reserves, tea and cof- 
fee plantations and seaside resorts — 
gave Mr. Moi a substantial heritage to 
squander after he came to power in 
1978, on Mr. Kenyatta's death. 

Mr. Moi had been chosen as Mr. 
Kenyatta’s vice president in pan to 
secure a tribal alliance between Mr. 
Kenyatta’s Kikuyu and Mr. Moi’s 
Kalenjin followers. The Kikuyu politi- 
cians who squabbled over succeeding 
Mr. Kenyarta let Mr. Moi come to 
power on the theory that they could 
easily manipulate him and toss him 
aside later. 

That was a disastrous miscalcula- 
tion. Mr. Moi divided and conquered 
the Kikuyu, sh ufflin g the army and 
internal security commands into the 
hands of his tribesmen and allies. He let 
corruption flourish to buy off his more 
pliable opponents, using harsher mea- 
sures against others. 

But Mr. Moi’s misrule is now being 
challenged in the streets of Nairobi, 
where his police killed five demon- 
strators in a protest last month, and in 
the boardrooms of the world's leading 
international financial institutions. 

In a departure from past practice, the 
International Monetary Fund late last 


month suspended a $220 million loan 
to Kenya because Mr. Moi failed to 
create a strong anti-corruption author- 
jtv demanded by the fund. The World 
Bank has also recently delayed smaller 
loans to Kenya because of concern 
about corruption. 

This apparently coordinated squeeze 
on official corruption in Kenya — and 
presumably elsewhere — is a welcome 
innovation. International organizations 
have for too long averted their eyes and 
treated corruption as an internal matter 
beyond their reach. Flagrant corruption 
that is tolerated or assisted by national 
governments is not a matter of pro- 
tected sovereignty. It is a cancer on die 
international system as well as on the 
national stare. It should be identified 
and combated more quickly than it has 
been in the past, as the existence of the 
CIA study seems to suggest 

The predicament becomes even 
more acute as Russia and China pursue 
efforts to join the global economy. The 


forms of corruption that plague these 
two ex -centrally planned economies 
differ, but raise many of the same prob- 
lems present in Kenya. Corruption on a 
national scale is a proper target of in- 
ternational condemnation and action, 
as well as intelligence scrutiny. 

Tht? Washington Post. 


Albright Can End the Leadership Vacuum in the Middle East 


N EW YORK — By his own 
account, Dennis Ross 
achieved little in his crisis mis- 
sion to the Middle East 
Palestinians and Israelis 
agreed only that their intelli- 
gence people would sit with a 
CIA official in trying to solve 
the recent Jerusalem terrorist 
bombings. Mr. Ross did not 
persuade Prime Minister Ben- 
jamin Netanyahu to stop with- 
holding money due the Pales- 
tinian Authority. He did not 
touch on political issues, such 
as the Israeli settlement plans 
that derailed the peace process 
last March. 

So the crisis continues. It has 
Israelis in a state of fear and 
Palestinians in one of despair, 
many thousands still blocked 
from work, the Palestinian Au- 
thority deprived of most of its 
funds. And it is a crisis, too, for 
American policy. 

For years the United States 
has played the limited part of a 
facilitator in die peace process, 
leaving it to the parties to lead. 


By Anthony Lewis 


That worked when Yitzhak 
Rabin and Shimon Peres made 
the Oslo agreement with Yasser 
Arafat It has failed under Mr. 
Netanyahu. 

The reason is simple. Mr. 
Netanyahu has made himself a 
prisoner of his constituency. It 
is a constituency full of con- 
tradictions. But like others, it 
would respond to strong lead- 
ership — to a leader willing to 
state a vision and act boldly for 
it. shaping public opinion. 

Mr. Netanyahu does not 
have, or at any rate has not 
shown, the political substance 
to dare greatly. An Israeli com- 
mentator put it. "He has made 
politics into kitsch: all gestures, 
disconnected gestures in all di- 
rections.” 

Mr. Arafat has his profound 
faults as a political leader. But 
because Israel is the dominant 
party, die wavering and weak- 
ness of Mr. Netanyahu have 
been devastating. They have 


left the hopes for peace in 
limbo. 

It is a dangerous limbo. Oslo 


persuaded the majority of Pal- 
estinians in die West Bank and 


estinians in die West Bank and 
Gaza to support the idea of liv- 
ing in peace alongside Israel 
Their expectation, based on 
Oslo, was that they would have 
a state in which, however mod- 
est and disarmed, they could 
live their own lives free of Is- 
raeli dictation. 

Instead, the Palestinians find 
themselves in control of Gaza 
and some towns in the West 
Bank, but unable even to move 
between them when Israel ob- 
jects. The hope of a meaningful 
land of their own is fading as 
Israel carries on settlement- 
building in Jerusalem and the 
West Bank. And the Palestin- 
ians find themselves collective- 
ly punished for suicide bomb- 
ings whose perpetrators may or 
may not have come from areas 
controlled by the Palestinians. 


Against those menacing real- 
ities, Mr. Ross played the game 
in Mr. Netanyahu’s court He 
focused on Mr. Netanyahu’s 
demand for a crackdown by the 
Palestinian Authority on a list 
of alleged militants'. Did Mr. 
Ross ask what evidence there 
was of conspiratorial action by 
them? Does the United States 
support anests on suspicion, 
amounting to preventive deten- 
tion? Has the United States 
reckoned what that would cost 
Mr. Arafat politically? 

Any criticism Mr. Ross had 
of the" harsh Netanyahu policies 
was so muted you'could hardly 
hear it. The Oslo agreement re- 
quires Israel to turn over taxes 
and duties collected from Pal- 
estinians. Mr. Netanyahu has 
withheld about $40 million so 
far. Is it too much to expect the 
United States, guarantor of 
Oslo, to criticize that action 
loudly and clearly? 

A leader who wants to make 
peace must have the capacity to 
understand ihe feelings of the 


other side . The level of Mr. Net- 
anyahu ’s understanding was 
shown when he said his with- 
holding of funds was “not de- 
signed to encumber or discom- 
fort the population." 

Secretary of State Madeleine 
Albright has a chance to fill the 
vacuum of leadership when she 
makes her planned trip to the 
Middle East. She can do so by 
speaking out on the human cost 
of the present situation. She 
usually does not hesitate to raise 
her voice against wrongs. Giv- 
en the expectations of Oslo, she 
could say in Jerusalem, it is 
intolerable that these conditions 
of fear and despair continue. 

In other words, the secretary 
of state can supply what ismiss- 
ing now: leadership, the vision 
of what peace — realistic- peace 
— can mean to both peoples. 
She has said that the United 
States is going to take a more 
assertive role in the Middle 
1 East. Here is her chance to give 
thar promise meaning. 

The Sen- York Tones. 




In This Accidental Battle of Beauty and the Beast, She Wins 


S ARAJEVO — We had both 
of them come here in recent 


By Anna Husarska 


days: Princess Diana and 
Richard Holbrooke. 

First, the princess. I have 
dealt with dictators, war crim- 
inals and guerrillas, but never 
with royalty. For me, princesses 
and princes are just nuisances 
who steal headlines from far 
more important matters — such 
as ethnic cleansing or the ci- 
vilian victims of war. 

The princess of Wales agreed 
with me. We spoke more about 
land mines than about yachting 
over a recent dinner with eight 
other guests. It was — I hasten 
to say — my coverage of armed 
conflicts and human rights, not 


my interest in Buckingham 
Palace, that got me on the guest 
list The princess was invited by 
Land Mines Survivors Net- 
work, a Washington-based or- 
ganization working to raise 
awareness about land mines. 

Considering that she was si- 
multaneously a target of a 
tabloid offensive about her 
private life, Diana came out 
royally untouched and managed 
to put the issue of land mines 
back in the news. On the whole, 
she achieved her goal. 

But can the same be said of 
the architect of the Dayton ac- 
cords? Here is a scorecard of 


Richard Holbrooke, who led the 
latest U.S. diplomatic mission 
to the Balkans. 

In the "have” column, he 
can boast of new agreements 
among the three ethnic groups 
jointly ruling Bosnia: on am- 
bassadorial nominations, on a 
third digit in the telephone area 
code, and on a military com- 
mission. Mr. Holbrooke con- 
siders that 1 ‘these are steps for- 
ward and pretty solid ones." 

The "perhaps solid" lot con- 
tains yesteryear’s promises: 
that the former Bosnian Serb 
president, Radovan Karadzic, 
wanted by The Hague, will keep 


Once Again, Refugees in Danger 


By Hiram A. Ruiz and Bill Frelick 


W ASHINGTON — An 
ominous situation is 
brewing on the Thai -Cambod- 
ian border. At stake are not 
only the lives and well-being 
of thousands of Cambodians, 
but also a principle of refugee 
protection: that people dis- 
placed from their homeland 
by conflict or persecution not 
be returned to a place where 
they would be in danger. 

This is a fundamental prin- 
ciple that has already been 
battered on several occasions 
in Thailand this year, as when 
the Thai authorities forcibly 
returned or refused entry to 
refugees from Burma fleeing 
human rights abuse by the 
military regime there. 

Now, fighting in northwest 
Cambodia is rapidly ap- 
proaching O’Sraach, where 
thousands of displaced Cam- 
bodians have sought refuge. 
The Thai authorities have said 
dial they would permit Cam- 
bodians immediately threat- 
ened by fighting to enter Thai- 
land, and have identified a site 
where they could be sheltered. 
This commitment deserves 
praise, even if Thailand is a 
reluctant host 
The Thai government has 
indicated that it does not want 
to become directly or indir- 
ectly involved in the internal 
affairs of Cambodia or Burma. 
But helping refugees is not 
equivalent to choosing sides; 
rather, it is a humane response 
to an emergency. 

The Thai authorities have 
said that as soon as the fight- 
ing ends, all the Cambodians 
must return home. They claim 
that those at O’Smach are lo- 


cal villagers who are only flee- 
ing the fighting. But this'is not 


ing the fighting. But this is not 
the case. A number of them 
fled Phnom Penh. Siem Reap 
and other parts of Cambodia 
following the recent coup by 
Second Prime Minister Hun 
Sen, not because of general- 
ized fighting but because they 
feared persecution. Many 
were supporters of the ousted 
first prime minister. Prince 
Norodom Ranariddh. 

Should forces loyal to Mr. 
Hun Sen capture the O’Smacb 
area, these people will, un- 
derstandably, be afraid to re- 
turn to O’Smacb or anywhere 
else in Cambodia. Given the 
number of killings and arrests 
associated with me coup, such 
fears seem well-founded. 

Arbitrary arrests, political 
killings and torture can, and 
do, occur in the absence of 
actual fighting. Cambodians 
who face such threats to their 
lives and freedom upon return 
are refugees in the classic 
sense of the term. Forcibly re- 
turning them would be a vi- 
olation of international law. 

O’Smach is tbe remaining 
foothold in Cambodia of 
Prince Ranariddh's forces. If 
Thailand allows the people 
there to enter to escape fignt- 
ing and Mr. Hun Sen s troops 
gam control, there will be no 
other “safe area "inside Cam- 
bodia to which the Thai au- 
thorities can send refugees 
who fear return. 

Will Thailand forcibly re- 
patriate the refugees to 
danger? Or will it let them 
apply for asylum and remain 
in Thailan d while their 
refugee claims are assessed? 


For the sake not only of the 
Cambodians concerned, but 
also of fearful refugees every- 
where, Thailand must not 
force them back. 

Refugee protection is not 
only at risk on the Thai-Cam- 
bodian border: it has been 
eroding worldwide for years. 
The erosion started in the 


United States and Europe. The 
U.S. interdiction of Haitian, 


U.S. interdiction of Haitian, 
and more recently Cuban, 
"boat people" set a precedent 
for how other governments 
are now treating refugees. 
Moves by European countries 
to keep out unwanted asylum 
seekers through visa restric- 
tions, fast-track procedures 
and other legal barriers have 
had a similar effecL 
Governments give ail man, 
ner of excuses for denying 
asylum and pushing back 
refugees. A frequent pretext is 
that such people are not truly 
refugees at all, but rather per- 
sons temporarily displaced by 
fighting who can rerum as 
soon as the shooting stops. 
These claims are. at best, usu- 
ally half-truths, used by states 
■to avoid their responsibility to 
assist victims of persecution. 
Thailand should refuse to fol- 
low the heartless path the 
West has taken. It may be 
well-trodden, but it is a moral 
dead-end. 


his pledge to stay away from 
politics, and that’ the Croatian 
president, Franjo Tudjman, will 
keep his vow to help deliver 
Croats wanted by The Hague. 

1 discovered last week just 
how lacking in solidity- those 
premises are. In Republika 
Srpska, posters of Mr. Karadzic 
(and the words, in English, 
"Don’t Touch Him" and “He 
Means Peace") are plastered 
over almost every road sign, 
incidentally making the rules of 
the road a challenge. In the 
Croatian-dominated town of 
Vitez. finding one’s way may 
be tricky, too. because posters 
of two indicted war criminals 
cover tire road signs there. 

In ihe "yet to be solid" cat- 
egory is the well-known stuff; 
ridding Bosnia of indicted war 
criminals, repatriating refu- 
gees, and achieving agreement 
on such all-Bosnian issues as 
designs for the currency and for 
license plates. 

On balance, a few sreps for- 
ward and not one step back. 
Positive, right? Not so fast. 

Mr. Holbrooke is known for 
his brawn in securing progress 
on issues everyone else has 
failed to resolve. But for the top 
negotiator of Dayton to an- 
nounce that a common tele- 
phone area code for Bosnia is a 
“prerty solid" achievement 
only goes to show how modest 
expectations are these days. Mr. 
Holbrooke’s image as a big- 
guns arbiter was deflated. 

Likewise, the agreement on 
the distribution of ambassad- 


orial posts is not the triumph it 
was depicted to be. Carlos 
Westendorp. the new high rep- 
resentative for Bosnia, had 
already taken the lead in ne- 
gotiations over this issue and 
was well on the road to an 
agreement when the Americans 
simply came in to cross the T’s 
and dot the I’s. The credibility 
of the high representative was 
thus devalued. 

By having the Bosnian Seth 
member of presidency, Mom- 
cilo Krajisnik, join talks in Bel- 
grade with the Yugoslav pres- 
ident Slobodan Milosevic, and£ 
by gening a "unilateral offer" - 
from him that Mr. Karadzic will 
stay away from politics. Mi. 
Holbrooke has given extra clout 
to Mr. Krajisnik and uninten- 
tionally diminished the position 
of his rival, Biljana Plavsic, the 
Bosnian Serb president 

All of the above is neither all 
that "pretty’’ nor all that “sol- 
id. ’ ’ Tlus has nothing to do with 
the negotiating ability of Mr. 
Holbrooke. It was simply wast- 
ed artillery fire. In contrast Di- 
ana smartly used the flame of . 
her love affair to illuminate the 
fate of land mine victims. Seen 
from Bosnia, the score is: 
“Beauty’ ). Beast 0." A 


The writer is a political ana- 
fysr at the International Crisis 
Group, a nongovernmental or- 
ganization monitoring the im- 
plementation of the Dayton ac- 
cords. She contributed this 
comment to the International 
Herald Tribune. 


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IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: Princes Duel 


The writers are policy ana- 
lysts at the U.S. Committee for 
Refugees, a nongovernmental 
organization that for 40 years 
has defended the rights of 
refugees, asylum seekers and 
displaced persons worldwide. 
They contributed this com- 
ment to the International Her- 
ald Tribune. 


PARIS — - Forestalling public 
expectation and the watchful- 
ness of reporters, the two Royal 
Princes met in single combat 
with swords yesterday [Aug. 
15] in the Bois de Vaucresson. 
The result of the encounter was 
serious, though not desperate, 
both principals being wounded, 
the Counr of Turin slightly in 
the hand and Prince Henri d ’Or- 
leans once on the right side of 
the chest and once in the lower 
part of the abdomen. It was this 
last-named injury that stopped 
the fight, which had lasted 
twenty-six minutes. 


collectors that they have no thin g 
to pay. The Government seeks 
pity and credit. But the factory 
chimneys are still smoking and 
business failures are practically 
unheard of. Germany also con- 
tinues buying more than a bil- — 
lion gold marks worth of foreign W' 
coal, while imports of luxuries 
have not entirely ceased. 


"r.l.n., 

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‘ririn; . ' - ■ 

V-v. ' 
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■'2” V-fi, 


**31.., 


i f ; 


1922: German Ruin? 


BERLIN — There is a national 
insolvency campaign in Ger- 
many. the Government seeking 
to convince the Allies of Us 
bankruptcy, just as German cit- 
izens have turned out their pock- 
ets to convince their own tax 


1947: European Talks 

PARIS — A continental cus- 
toms union, a project favored by 
the United States, was dis- 
cussed formally for the first 
time by the sixteen-nation 
Committee of European Eco- 
nomic Co-operation. In the ini- 
tial exchange of views, Britain 
was willing to create a special 
group to study a union, while 
France, saying "we have to a 
merit the name of European co- • 
operation." asked for a con- 
crete resolution by member na- 
tions in favor of standardizing 
their duties. 




*r. "V. 

: Vlr.V7 




"l 1 , 


UN 


W'* .. . ’; 








orl^ 


INTERNATIONAL HERALD TRIBUNE. SATURDAY -SUNDAY, AUGUST 16-17 , 1997 


" ^ RACE 7 

■% C,am P d «wn Widens Chasm of Trust Between Israelis and Palestinians 


m t 


><- Mil 




By William Drozdiak 

— tyjskjnsnon p ust Sex ier 


s,ont : s ^ Mousa re- for further acts of vengeful retribution the measures have infuriated the Arahs 
me One nf M_1 6 rifle at among more than 2 million Palestinians and widened the chasm of trust between 

Sa,d - '? on ' 1 shoo! him, living in the West Bank and the Gaza the two peoples. ° efWeeri 


— — — — , ------ ■ HU..I1LO :in M-16 rifle at among mote 

BETHLEHEM — By last Tuesday iusr nit M,d ' 7? on 1 s h° 01 hint, living in the 

• ^hmed Mousa sensed the time had coni iimhll?! f ^ e > a J> Sandhands ^ ,eave Stri P 
^drastic action. TrapSHS ^t****'** th *>' «« me go.- As such. 


Fnr a ™*. » — ""*** U1C ume naa come 
fe-o. Trapped inside the last 

raSi^Tt 11 ’ *** War-old 

CClded !° cim ™™nt the 

. "* for «• 

’ Gn^fhm* 5 i£ in0d by a cousin ’ Mahmoud 
. who wanted to collect money 

. from his emolnvpr in , 3 


Yitzhak Rabin. “People are suffering in 
ways they never experienced during the 
worst days of the intifada said Jamal 
Gubran. a Bethlehem gold seller, re- 
ferring to the Palestinian uprising that 


msi cm on his ears and hands and leave Strip" Immediately after the bomb.no Prime KELT? SL2 LEE Zih 5*“.?“ a <* supporters in 

Hif r rn° d ' C > Bu , tthe >’ Ie, mego.- As such, they point to another de- Minister Benjamin Neianvahu^banned feSS^'to the Stiniaii unj^'toTt ^ u wyahu - 

Gneihm w£ b^n^kh'S P^ in S mm in the periodic cycle of entiy of Palestinians into Israel. clamped triggeTed a ruthless Israeli ciSckdown in in the tamstfitemte ' toSm 

^ rr i ,h e W ,p5 h“an»duri^MS 0 Ea™ 35SffiS« in here ready to sell ‘‘tSiSrST 

blood. Then a rope was ued around his Since rwn hnmheix hlewim n hank. and held un the trw L •fr™.®! ££*??!?“ here ready to seU Israeli authorities have eased the ban 


“Instead of fighting terrorism, he is 
fighting the Palestine Authority/* Mr. 
Arafat told a crowd of supporters in 
Ramallah, speaking of Mr. Netanyahu. 
He said that Mr. Netanyahu was acting 


ctnmnoH .. . ., 7 vwicncc inat oaaers every' iransieat 

hfnnHThi!? 0 Unl1 wa ? covered with hope for an enduring Middle East peace. 
uf. f ’ J Jppe was ued around his Since two suicide bombers blew up a 
driver a JS d atla ched to the jeep. The Jerusalem marker last month and killed 
atan* the 14 P®* 1 ? “ l0 ."8 «■>* *««•«*.*« 


* M, uib movements of the late 1980s. 

e and goods in Gaza and the West “They come in here ready to sell 

. and held un the tramU v:_/ _r i.._ _ ■ _ .... . . 


255 W gfsg fa Israel?- he 

^aKSfiS S^skes*'*- 

realized when they were mwtS . were ch ^ en - Get up before I shoot you/ 
Israeli border patrol. P° by an The harrowing experiences of 

They were taken in a iefn hu th^ mi- T 3ouS,; ? Mr. Gneihm, which 
«*» faixd bypass roj^ l ?>’. rtr ? vc <“8 “ 


4 . •• , r.j .. "wi me* k,umc iu iicic reduy iu scu 

held up the transfer of over anything of value — a ring, a necklace 
$40 milium in tax revenues and customs — just to get enough money to eat. ’ * 


spiral of hate has endangered the Oslo 
peace accords that were once hailed as a 
blueprint for reconciliation between Is- 
raelis and Palestinians. 

While a majority of Israelis applaud 
the sanctions as proof of toeir govern- 
ment’s determination to extract full co- 
operation from the Palestine Authority 


duties owed to Yasser Arafat's Palestine 
Authority. 

Since the Oslo peace deal, the Pal- 
estine Authority says the economic 
losses caused by sporadic dosings of the 
West Bank and Gaza have reached 
nearly 52 billion. The U.S. Embassy in 
Israel estimates that living standards in 
Palestinian areas have plummeted by 
about 40 percent since the famous hand- 


ything of value — - a ring, a necklace on movements inside the West Bank for 
just to get enough money to eat.” all towns except Bethlehem — which 
Mr. Netanyahu has vowed that the still remains sealed ostensibly because a 
actions will be relaxed only when Mr. bomb factory was discovered recently 


to a tunnel bypass road. Mr. Mousawas intensive care word in . a4 I in ^“ng terrorism, it is clear from a about 40 percent since the famous hand- 

taken aside and beaten with sticks and here have alreadv^I™ , hosp,la ,01 V of Wtf f 1 Bank towns and conver- shake on the White House lawn between 

■ * e already become a rallying cry salions with Palestinian residents that Mr. Arafat and toe late Prime Minister 


sanctions will be relaxed only when Mr. 
Arafat proves his willingness to cooper- 
ate in stamping out terrorism by round- 
ing up Islamic militants and dismantling 
their infrastructure. Mr. Arafat argues he 
is doing all he can to fight terrorism and 
complains that his people are being sub- 
jected to collective punishment even 
though nobody* is sure the suicide 
bombers came from areas under his con- 
trol. 


Amid the Celebrations, 
India Faces Its Poverty 


’ w v - 




By Kenneth J. Cooper vironmentai degradation and corruption. 

Washington Post Service We ought not to underestimate 

NEW DFt ht w 71 7~ our J achievements." Mr. Narayanan 

haff-eenni™ a said - “India is today a considerable in- 
worS SS cer^Kc “ ce ^ ^ dusrr ' al technological power of the 

^Shesbvl^riSfwK ’ r; cheS ^ d WOrId ^ P«>tni^s to be Sn economic 
, leaders who called upon toe giant in the 2 1 st century. ' ’ 

S mt™® hdp Ihe ,mpov ' Leadm of M"' 5 lower-caste major- 
^At a r , lty complained that toe ceremonies and 

^ ghi sesaon of Parliament extensive media coverage about them 

3yed famous i8nored *** overpowering issue of caste. 
Ndm » «?*«;«?«- Kanshi Ram. a major political leader 
m whjcb P e of fomj er untouchables — now known 


nation to do more to help toe impov- 
erished masses prosper. 

At a midnight session of Parlinmi>.m 


At * — r ■ <■ ~ mai tne ceremonies and 

On f h ^- SeSSl ? n °t extensive media coverage about them 

ayed famous i8nored *** overpowering issue of caste. 
a *^ Kanshi Ram, a major political leader 
a ye ^JW°; w whjcJj be of former untouchables -- now known 
a tryst with as dal its, or the downtrodden —said that 
R* 1 became lndia s first pnme toe lower castes were “dependent on 
muusta’ and established a political dy- feudal lords before independence and on 
nasty that would see rue dauahtfr inrtin nM,ra..^,i 



... . .. , . I — jvuubj IUIU» UCIU1C mucucouc 

nastythat would see hts daughter, Indira neofeudai lords * * since 1947 
Gandhi, and grandson. Rajiv Gandhi, “How can India be indeper 

alsoserve as prime minister. toe majority is dependent?’ * 1 

inere is one difference between 

then and now/* said Ranbir Singh — 


neofeudai lords’; since 1947. DAY OF MOURNING - Prime Minister Hasina Wared of Bangladesh leading her cabioS^T^Aw^ 

toe L ^ gUe oflfic,ak past ^ 8 raves “ Dhaka of her mother, three brothers and other relatives who were slain In the 

e majority is dependent, he said. military coup that killed her father. Sheikh Mujibur Rahman, in 1975. Some of the coup leaders are now on trial. 


that is believed to belong to toe militant 
Islamic group known as Hamas. Israeli 
officials say they hope the extra pun- 
ishment will turn residents against toe 
terrorists. But talks with local Pales- 
tinians say the sanctions are backfiring 
because they are deepening resentment 
toward the Israelis. 

“They single us out because we live 
off tourism and they want to kill our 
economy/* said Nader Ghattaf, a local 
shopkeeper. “So now people can’t work, 
they can’t feed their families, and they 
are getting only more bitter. How can you 
expect them to believe in peace when we 
are so much worse off titan before?** 

On a nearby hill, tractors and bull- 
dozers are busily clearing land for a new 
Jewish settlement known as Har Homo. 
The government’s decision in March to 
push ahead with the project prompted 
charges that Israel was trying to extend 
its control over greater Jerusalem to toe 
gates of Bethlehem. It provoked angry 
Palestinian protests. 

Bethlehem Arabs say they are being 
subjected to harsher punishment be- 
cause toe Israelis want to make their 
lives so unbearable that they will aban- 
don their home town to Israeli de- 
velopers at Har Homa who are keen on 
exploiting Bethlehem’s potential ro reap 
larger profits from Christmas pilgrims. 

“What the Israelis are doing is simply 
not humane," said Victor Salama, a 
pharmacist. “This is nothing less than 
ethnic cleansing. If people are trying to 
drive you out of your home, is’ it any 
wonder that you may feel driven to des- 
perate actions?" 


Chaodhari, a member of the assembly T)A T^TC^ A TVT r/\ t 

« ~£'Ne“^h oa ^° e 50th Anniversary Brings Joyfiil Celebrations and Soul-Searching on the Nightmares of Fiolence 

venTharmv* Continued from Page 1 Many families ouidid the government by dec- against Hindu India then, does it remain so now? nine years power has rotated between elecirai 


Vs : 


time everybody was Continued from Page 1 

very happy. Today, there have been ^ 

sh ortco ming s in implementation. ’ ' Islamic Republic of Pakistan, which we insisted on 

President KJL Narayanan, toe first establishing because we were scared of toe Hindus, 
person from toe untouchable caste to the Muslims of Lahore are today afraid to go and 
occupy the largely ceremonial post, ac- pray in toe mosques because they are afraid of 
knowiedged in his speech to Parliament being killed by other Muslims.” 
that India had failed to achieve Nehru’s The country’s shifting moods have mirrored the 

goals of eradicating poverty, ignorance, hopes and disappointments that have accompanied 
disease and inequality. Pakistan since its e a rli es t days. 

He also suggested that toe government The country sprang from a vision of its founding 
could not do so by itself and called for father, Mohammed Ali J innah, whose portrait was 
“social movements” to combat the prob- hung on buildings all across the country as toe 
lems, as well as population growth, en- anniversary approached. - 


orating their cars, motorcycles and even bicycles 
with Pakistani flags. 

On Thursday, a national holiday, streets every- 
where were a bedlam of honking horns. 

Pakistanis put aside their anxieties long enough 
to gather spqntaneously'all over toe country and 


against Hindu India then, does it remain so now? 

Philosophically . we’re in a mess,’ ’ Mr. Nizami 
said. 

“If you ask most Pakistanis what the country is 


nine years power has rotated between elected gov- 
ernments — but the last three were dismissed by toe 
president before completing toeir terms. 

Now, those who see democracy as toe country's 

l AOTI UiAO AAa . *U.. — .1 J .L_J _1 ' J 


all about, you d get a lot of different answers. But at best hope of stability say that, good or bad, elected 
toe same time, if you ask them if we should be re- governments have come to stay. 


shout “Pakistan Zindebad!” — “Long Live 
Pakistan!” 

But the country's catalogue of distress has 
prompted many Pakistanis to think over an issue 
that seemed much clearer in 1947: What exactly is 
Pakistan? Is it still toe haven for Muslims that 
Jinnah envisaged in 1947? If it was a bulwark 


: country and integrated with India, most of them would say a ‘T don’t see how there's going to be any turning 
“Long Live resounding ‘No!’ So while Jinnah’s dream has not back,” said Sherry Rehman, editor of Hie Herald, 
been realized. I don't think vnn enn eav that tho 9 nnHpIv tiMlfcmaneTina m V'nM/'ki 


been realized. I don't think you can say that the 
raison d’etre for Pakistan has been proved 
wrong." 

Perhaps the greatest disappointment for many 
Pakistanis has been toeir politicians. 

Following intermittent military rule, for the last 


a widely read newsmagazine in Karachi. 

“Pakistanis have tasted democracy now, and 
they’re getting used to it They want running water, 
they want street lights and they want jobs — and 
these are all things that only democracy can de- 
liver.” she said. 


tin- v&rlfffi 


Can Parisians Take the Heat of Globalization? 

. '-J..'- • • - ' •- -*-*«.*■ ' * *4 fr . T 


By Joseph Fitchett 

• fntermuumal tirrald Tribune 

PARIS — Even toe traditional summer holiday no 
longer spares the French from their new curse, glob- 
alization. 

Paris in August used to be a prime-time loll, a 
legendary season when visions of bare-legged French 
girls in skimpy frocks danced with a chorus of guys 
with time on toeir hands. Even for more staid ad- 
venturers, August afforded the pleasures of unpeopled 
streets and virtually privatized toe city's elaborately 
varied gardens. 

Not this summer. A June monsoon gave way to hot- 
towel July, and Parisians sweltered in the sauna-like 
limbo of “Bladerunner.” The stay-behinds com- 
plained that Paris had become a survival course, a 
struggle against round-the-clock muggy heat 

When August brought sunshine to the Paris streets, 
it turned the fumes to poisonous smog. By Thursday, 
Le Monde was thundering on its front page about * ‘toe 
people's right to breathe.” 

People complain of acute hay-fever symptoms after 
five minutes in the street — the same people who bad 
just cheerfully downed a meal wreathed in Gauloise 
smoke. State-owned radio news bulletins enjoin asth- 
matics, the elderly or frail to stay indoors and “avoid 
doing anything that requires too much breathing.” 

Of coarse, this is minor weather compared with the 
secular convulsions of toe rest of toe year. A record 
cold winter froze trains on toe rails. Drought, then 
severe flooding followed. A volcano blew an island 
into oblivion. Nearly 50 climbers in the Alps have come 
unstuck on mountain feces and plunged to their deatos, 
a record for toe season, apparently because of higher 
risks caused by the soggy early summer weather. 

But toe trouble in paradise, at least in Pans, seems 
man-made. Business has gone into overdrive to keep 
up with competition, with toe result that toe city no 
longer gets an annual breather from its steady over- 
dose of cars, police vans and tourist buses — all of 


them apparently heavy polluters. Once again, France 
seems to have special difficulty in adjusting to in- 
tensified economic competition. 

In this case, the proximate problem is ozone. Good 
for the planet in toe npper atmosphere but noxious in 
the air people breath, ozone regularly builds up to 
unhealthy levels in Paris as exhaust fumes react with 
sunlight to form corrosive smog. 

Experts seem convinced that the cause of the threat- 
ening ozone buildup is cars, whose numbers increase 
by 3 percent a year in.toe capital, where ozone levels 
have nearly doubled in a generation. As a result, “air 
alerts” have become chronic in the last two years. 

Like guns in the United States, cars 
symbolize personal freedom in 
France. They have a powerful lobby. 

usually on bright winter days. Now toe insidious 
pollution has entered the hallowed summer holiday. In 
Paris streets that would have been nearly deserted two 
years ago, drivers this month find themselves battling 
traffic jams — because more Parisians feel that they 
can no longer afford to take off a fell month in toe face 
of the threat of global economic competition. 

Many French cars run on diesel (it enjoys a tax 
break). Few have catalytic converters ( manufacturers 
see it as a costly extra liable to make them un- 
competitive). 

Aside from complaining, there is little relief. The 
government is on vacation, including Environment 
Minister Dominique Voynet, the first out-and-out 
Green ever to make it into the French cabinet. But as 
her conservative predecessor. Coniine Lepage, poin- 
ted out in an interview this week, power seems to have 
paralyzed Ms. Voynet. 

It is a charged political issue. A Frenchman’s right 
to drive his car, even for an errand two blocks away. 


in France. It is a powerful lobby, and politicians like 
giving it a wide berth. 

The most egregious change in the August traffic and 
microclimate comes from the invasion of foreign 
tourisr buses: toeir swelling ranks attest growing suc- 
cess for fee French tourist industry, Europe’s leader, 
as globalization breeds more customers wanting toeir 
moment of face time with the City of Light 

Muchas toe French fear losing out in globalization, 
some Parisians resent success in toe competition just 
as much. TheBenhillon family, arguably toe world’s 
top makers of sherbets and ice creams, can never be 
dissuaded from closing their Paris shop for Aagust 
because toe owners do not want toe inconvenience of 
a mn on toeir ice cream. 

Incomparably worse mayhem comes from hordes of 
tourist buses, sometimes a score or more of them at a 
time encircling popular tourist sites along toe Seine in 
mastodonic lines. Even if toe passengers top up the 
tourist statistics that Paris is so proud of, toe bases 
contribute to a trend in which Paris, especially the city 
center, becomes a museum of itself at the expense of 
current economic vitality. The risk was publicly 
fingered by Francoise Cachin, now France's museum 
czar the head of a single Paris museum three years ago 
when she drew attention to exponential appetite of toe 
cultural bureaucracy for fine buildings in central Par- 
is. 

The government vacillates. Disdaining piecemeal 
reforms, environmental officials propose grading ali 
vehicles in toe capital according to toeir degree of 
pollution — the first step toward government regulation 
adjusting traffic flows to atmospheric conditions. 

That idea ranks near toe top among the utopian 
follies running around in these millennium days, toe 
newspaper Liberation said Friday. Taking a more 
cynical view, Le Monde opined that the government 
apparently feels that empty rhetoric will do because 
“when the wind blows, the problem goes.” 





-■ •* *' - 1- ~ ’ • * - •- 1 ^ I 

- ' Mn * V/5 


:*T"'Yte ...... , . 


. 7 * 

Vi/4 > J ^ •• *:■ 

jgj ' * 




Pa^al Ogym/AjcniB Fwacc-Pitipr 

Parisians cooling off in the fountains of the Trocadero on Friday as 
temperatures stayed high. The city has had several air pollution alerts. 


CANYON: Out ofth 

Continued from Page 1 

feet high and 200 feet across. It was 
tearing into toe open creek bed just 

- above the hikers, Mr. Candelana said. 

Then it roared into toe canyon. 

' Sheriff Joe Richards of Cocomno 

" Countv who has worked here for -A 
; mMoo d Tlmrsday at the exact sg* 
where toe floodwaters entered toe 

• canvon. “I cannot imagine what they 
saw/’ he said, leaning over the precipice. 

- deputy. 

“Imagine the ^ ™ m p JS 

. foe hose and blasting it into a pipe 

quarter-inch round. floodwaters 

■iAB!*--** 

-suss: 

; Poncho Quintane^ g ^ b « * cosily 

group TrekAmenc^wn ^ West lo 

; ratSy a craving to 

almost done with I0 fill at 

saw toe floor of canyon | . v _ 

* high speed with water, he gathered se 


eral of toe group together. “They had 
toeir arms wrapped around each other," 
Deputy Whined said, “And he pressed 
them a gain st toe side of the canyon. 

Minutes later, the flood hit- “He saw 
several of the people from his groups who 
were upstream come rushing by,’ Mr. 
Whitted said. “He tells himself. 'You 
can five/ and he had some training, 
something, and he protects his head and 
face and points his feet downstream. 

Monty McKnight, a deputy sheriff, 
and one of the Navajos found Mr. 
Quintane clinging to a fdmnp of ve- 
getation about a quarter mile from where 
investigators believe the group was 
standing when toe floodwaters hit them- 
The water had stripped him of every 
shred of clothing. “His eyelids were 
stuffed with siitand mud, Whitted said. 
“He couldn't see. But he was alive. 

The names of the others have not yet 
been released by the authorities. _ _ 

[Crews searching toe tangle of debns 
at toe mouth of the canyon Mqr A«d 
three bodies of toe 1 1 presumed dead 
hikers raising lo six toe number re 
I SSd » fL The Associated Press 

re| o£tf. he missing hikers left behind « 
wife and child in an area motel. Two 
others, a husband and wife, left ^ 
r-KUrfrpn hehiiid in another hotel. Jne 
sheriff said that the children were being 


Lake PoweB 


PROTEIN: Discovery Gives Hope for a Key to Cancer and Aging 


GRAND «... 

. CANYON ARIZONA £ / 

I NATL PARK J?Z 


Grand.; . ' 
Canyon : 


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1 Tuba, 
W, City 


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z 

AFttZ 

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Area olcW ME 

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Phoenix 

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taken care of. In accidents such as these, 
there is always the search for blame. At 
die Navajo Nation’s Tribal Park, which 
includes the entrance to Lower Antelope 
Valley, there are no signs warning hikers 
of Ihe dangers of flash floods. There 
were, however, reports by toe weather 
service of severe thunderstorms in the 
area. But during the August in Arizona 
those warnings are common, and many 
people do not pay much attention. 

Mr. Richards said that he was not 
prepared to file charges. “1 don’tseethat 
there is blame,” he said. “In ali my 
years out here, we’ve had no report of a 
flood like this in toe canyon.” 


Continued from Page 1 

enzyme that was previously thought to 
be doing only "nasty things, like al- 
lowing HIV to replicate” proves es- 
sential. 

An implication of that connection, 
Mr. Cech and others said, is that drugs 
developed to fight AIDS may, with a 
little biochemical tinkering, become ex- 
cellent cancer drugs. 

4 'This discovery is going to help enor- 
mously,” said Elizabeth Blackburn, 
chairman of microbiology and immun- 
ology at the University of California, 
San Francisco, and a pioneer in te- 
lomerase research. “Now we have an- 
other handle on telomerase. so we can do 
a serious analysis of what’s going on,” 
she said, speaking about cancer and the 
processes of aging. 

Telomerase helps keep dividing cells 
healthy by rebuilding toe tips of chro- 
mosomes, called telomeres, that would 
otherwise become frayed with each cell 
division. 

“It’s essential for growth and so is 
essential for normal human develop- 
ment, then is shut off when cells are 
mature, ’ ’ Mr. Cech said. For reasons that 
remain unclear, he said, “it is turned 
back on again in cancer.” 

Without telomerase. telomeres gradu- 
ally shrink and break down until toe cell 


becomes old and eventually dies. That 
has led some scientists to suggest that 
telomeres are cellular timepieces of sorts 
— becoming shorter with each adult cell 
division until, after one tick too many, 
toe ceil shuts down. Leant how to re- 
build those telomeres, the thinking has 
been, and cells can be made to act young 
again. 

“The idea was that someday we’d 
leant how to reset toe clock.” said Mi- 
chael West, a founder and vice president 
of Geron Corp., toe California biotech- 
nology company that collaborated with 
Mr. Cech. “If toe shortening of te- 
lomeres is caused by an absence of te- 
lomerase, an intriguing possibility is to 
use laboratory-produced telomerase to 
extend telomeres, potentially extending 
the life of toe cells.” 

But telomerase has a dark side, too. In 
recent years scientists have found that 
about 90 percent of cancer cells have one 
thing in common: Telomerase has mys- 
teriously become reactivated, allowing 
toe cells to divide in a continuous and 
ultimately deadly frenzy. 

That suggests that researchers would 
have to be veiy cautious about testing a 
telomerase mimic as an anti-aging drug. 
But ir also suggests that a drug capable of 
blocking telomerase might be a uni- 
versal cancer drug, effective against vir- 
tually every kind of cancer and harmless 


to normal tissues, most of which lack 
telomerase anyway. 

“It’s an attractive target because it is 
present in detectable levels in almost all 
cancer cells and absent in most normal 
cells,” said Robert Weinberg of toe 
Whitehead Institute for Biomedical Re- 
search in Boston, who led the second 
team. 

His team's results will appear in toe 
Friday issue of toe journal Cell, while 
the work of Mr. Cech's team is in the 
current issue of Science. 

Scientists have known about te- 
lomerase for years. The problem has 
been that it is a gigantic and complicated 
enzyme made of many protein subunits 
and a blob of RNA, a kind of genetic 
material In the past few years, research- 
ers have isolated the RNA portion and 
several of the protein subunits, but none 
seemed critical to toe enzyme’s role as a 
rebuilder of chromosomes. 

The researchers got help from the 
recent discovery of the key component 
of telomerase in yeast, which gave dues 
about what toe human version would 
look like. 

The next step, scientists said, is to make 
large quantities of toe protein through 
standard biotechnology techniques — a 
process that could be complete within 
months. Then researchers can test if the 
enzyme makes aging cells live longer. 


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A Nonconformist in the Ranks of the British Watercolorists 


L lnwiMioiul Herald Tribune 

ONDON — The stcny of the 
extraordinary subversion quiet- 
ly conducted in Western paint- 
n r j ,n ? ^sis who sprang up out 
of Britain the middle of 

ne loth century has yet to be written, 
k smg watercolor as their preferred me- 
atum they composed their landscapes 
in total disregard of traditional balance, 
mid handled volume, surface and light 
with. astounding boldness. 

Out of them ail, the most surprising, 
was Francis Towne. His oeuvre is on 

SQUREN MEUKUN 

view at the Tate until Sept. 14 in the first 
one-man show since his death in 1816. 
The exhibition wilt be at the Leeds City 
Art Gallery from Oct. 2 through Jan. 4. 

Nothing is known about the circum- 
stances in which an irresistible impulse 
moved a young English boy of 13, bora 
at Isleworth. Middlesex, to rum to paint- 
ing. His father, a com chandler, ap- 
prenticed him to a coach painter, which 
suggests that he was aware of his son's 
predisposition — for those from a mod- 
est social background with artistic. in- 
clinations. that was seen as the clever 
way of acquiring a painter's skills. 

roung Towne must have been very 
determined. At the end of his seven 
years in apprenticeship, he won the first 
prize from the Society of Arts for “an 
original design for Cabinet makers. 
Coach painters, manufacturers in 
Metals. China and Earthenware,” at- 
tended for a while Saint Martin's Lane 
Academy, and convinced a court paint- 
er. John Shackleton. to let him come to 
his studio. Bur Towne needed to make a 
living and left for Exeter in Devon to 
take a job in a coach painter's work- 
shop. 

He had to stick it out for a few years 
before finding a way out. Learning to 
draw was the "rage in "the up-and-coming 
middle class yearning for a badge of 


gentility. Towne set up as a drawing 
master and soon found time to do what 
he dreamed of — go off on extended 
sketching expeditions in the countryside. 
Genius did not come instantly, however. 
His earliest recorded drawing, “A View 
of Oakhampton Castle and Tower drawn 
on Ihe spot, June 23d 1772," is an in- 
different picture postcard 
What miracle led to the transforma- 
tion revealed by “A View of Berry 
Castle Within the Gateway," as Towne 
called it, specifying that it was "drawn 
on the spot. May 19th 1775," eludes us 
for now. The subtle harmony in tur- 
quoise green and rusty browns, the 
golden luminosity, the daring compos- 
ition with its 16th-century facade half 
hidden by vegetation going across one 
half of the landscape, are worthy of a 
master. 

Within two years, Towne drew an- 
other masterly sketch, “A View of the 
Salmon Leap From Pont Aberglasllyn,” 
devoid of any recognizable links either to 
the 1772 dud or to die 1775 gem. A huge 
mass in light brown shoots up to the top 
of the vertical sheet, broken up into facets 
by light strokes in pen. At the bottom, off 
center, is a white frothy pool nicked away 
on its far side. A sense of crushing im- 
mensity exudes from the scene. 

I N the area, Towne drew “On the 
Banks of the River Dee near Llan- 
gollen. North Wales,' ' a wonderful 
study in luminous perception. For 
away mountains float like light blue 
haze and the leafy masses of trees look 
like clouds of pale green or brown with 
a light contour. Once again, he had 
changed bis mann er entirely. 

Dozens of views of the period bear 
out a versatility that defies comprehen- 
sion in a man who had barely had any 
formal training. Or was it perhaps this 
very fact that made it possible for 
Towne to retain a unique freshness of 
vision, as if nature, his sole master, 
dictated a new approach on each oc- 



“ Monte Caro ” 1 781 , watercolor with pen and ink by Francis Towne, in the Tare Gallery retrospective. 


casion? But the case was more complex. 
The artist was quite capable of doing 
formal sketches such as a 1780 view of 
Ugbrooke Park. Not only that. He also 
churned out banalities by the dozen. 
Turnin g around the Coliseum again and 
again in 1780, Towne recorded every 
aspect like a conscientious reporter tak- 
ing visual notes. From “A View Taken 
Inside the Colosseo" to a half-ruined 
archway, they are dreary works for con- 
sumption by Britons dreaming of going 
on the Grand Tour. 

Did this ability to fall back in neutral 
mode, as it were, serve as some kind of 
mental hygiene that cleansed his artist- 
ic mind of preset formulae? Curiously, 


the same Roman trip also triggered 
some of Towne's most innovative ap- 
proaches to landscape. Wandering 
about the gardens of the Villa Barber- 
ini, he looked at the sinuous branches of 
high trees in darkness instead of zoom- 
ing in on the classical statue in the 
distance bathed in sunlight. The result 
was a fairy-tale view, highly original in 
conception, with the sculpture serving 
as a mere excuse for a light effect at the 
far end. 

Inside Neptune's Grotto at Tivoli, the 
artist did one of his most advanced 
landscapes, in shades of brown. An arch 
of darkness in the midst of rocks looking 
like glass splinters spans a glittering 


outburst of light (the cascading water). 
There is a quasi trend toward abstraction 
here. 

As he made his way back to England, 
the Swiss mountains inspired Towne to 
do some of the great masterpieces of 
English watercolor. “Near Mount 
Spluegen." dated Aug. 29, 1781. is a 
view of gradually lightening mountain- 
sides hemmed by a ray of light at the top. 
He sketched it from a boat that took him 
around Lake Como. Even more admir- 
able, perhaps, “A View of the Source of 
the Arviron" displays a similar sense of 
unreal space. Huge mountainsides 
tumble downward, their detail blurred 
in deepening hues of toned turquoise 


blue. A corner of blue sky \viih a pearl- 
■ gray cloud is squeezed in at the top. over 
the crest lines on which there runs the 
golden thread of the last glimmer of 

sunset. , . 

Towne's aptitude at sketching moun- 
tains from new angles, in different 
moods, had no limit. In 1786. while 
traveling in the Lake District of England, 
he carefully composed a view of Rydale 
WateT taken, he wrote on the back of the 
mount, "at the going off of a storm.' A 
river zigzags amidst mountains that rise 
higher as distance increases. The com- 
position betrays the influence of early 
Flemish landscape painting with which 
the artist had obviously become famil- , ^ 
iar. But the light, the color, me sun- ' % 
plification of volumes make the influ- 
ence almost irrelevant. 

A GE did not dim his ability at 
drastically renewing his per- 
ception and manner. He was 
71 when he drew “The Forest 
of Radnor With the Black Mountains in 
the Distance.” which transcribes on 
large double sheets impressions of light 
and shadow in monochrome wash. 
Timothy Wilcox, the author of the su- 
perbly documented monograph that the 
catalogue has been turned into, believes 
that the rough application of mono- 
chrome wash heightened with color 
touches was to be finished off at a later 
stage. But whatever initial intentions he 
may have entertained, Towne must have 
been pleased with the views of that . 
particular sketchbook, astonishingly ad- £ 
vanced in their stark nudity. He never 
tried to * ‘ improve" ‘ any of them. His eye 
had been as quick as ever at carching 
previously unseen beauty that fell out- 
side the conventional canon. 

Had Towne been less uneven, he 
might have attained world fame. That 
very unevenness, however, was perhaps 
the price he had to pay for a freedom of 
perception enjoyed by few, even among 
British watercolorist^ 



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V 

e 1 


A European Take on the U.S. Art of the Cool 


By Roberta Smith 

Vi « Y,<rl Times Si nil t 


Z URICH — How cool is 20th- 
century' American painting? 
According to an exhibition at 
the Zurich Kunsthaus, it is in- 
trinsically, perennially and diversely 
cool — a’ veritable font of coolnesses. 

"Binh of the Cool: American Paint- 
ing From Georgia O'Keeffe to Chris- 
topher Wool" takes its title from the 
famous 1 950s record album that helped 
define Miles Davis's “cool" jazz in 
opposition to Charlie Parker's hotter, 
more aggressive and driving brand of 
improvisation. 

As its subtitle suggests, the show 
ranges through most of the American 
modernist century. It gathers a mere 16 
painters in its selective net, among them 
Jackson Pollock. Barnett Newman and 
Andy Warhol; Alex Katz. Chuck Close 
and John Wesley: Veja Celmins, 
Richard Prince and Philip TaafFe. In the 
process, it buzzes erratically around a 
big idea: the Americanness of American 
painting, and its implicitly non-Expres- 
sionisiic character. 

The show has been organized by Bice 
Curiger. who is best known as the editor 
of Parkett. the tony, trilingual. Zurich- 
based eon temporary -an magazine, but 



Slnldljk Mintm. AnwrnLmi 

4 Bite " by John Wesley from the " Birth of the Cool" exhibition in Zurich. 


who is also a part-time curator at the 
Kunsthaus. It certainly has its quiiks and 
flaws and reflects more than a few of 
Parkett’s blue-chip, hipper-than-thou 
biases. But the Kunsthaus gets credit for 
being the first European museum to 
bother to take American painting's tem- 
perature in many years. 

In die aftermath of ihe headv, market- 


crazed days of 1980s Neo-Expression- 
ism. Europeans have tended to play 
down American painting and to view 
the medium as their own private do- 
main. Thus a European show of Amer- 
ican painting seemed like a radical idea, 
and possibly a revisionist one too. es- 
pecially when it proposed Georgia 
O'Keeffe as the mother of cool along- 




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VP BIENNALE DE SCULPTURE 
DE MONTE-CARLO 

May 24 - October 31 1997 

an exhibition of 
monumental sculptures 
in the public gardens and 
the Monte-Carlo Casino... 
... 40 artists shoum 
Arman, Botero, Chadwick, Colder, 
Indiana, Manzu, Mirb... 



11- s 


li 



exposition 

FANTIN-LATOUR 

21 AOUT - 7 SEPTIMBRE 1997 


Dans le cadre du Festival 
Berlioz, 22 au 30 aoilt 1997 
H6tel de Vtlie 
de La Cote St-Andre 
TEL: 04.742053.99 


HARRY FANE 
wishes to purchase old 

CARTIER 

objects: 

dxlca, ogHttto cues, powla bom, 
dei k accessories, photo names, etc. 

Please contact: 

OBSIDIAN, London 

^Tel‘0171-930 8606 fac 0171-839 5834 


FOIRE 

FERRAILLE 

DE PARIS 

ANTiauntS - B ROC ANTE 

DU 5 AU 14 

SEPTEMBRE 97 


wM ■ «. Jaufl It ■ Nodm JMaut a h 



Bois de Vincennes 

RER : Vincennes 

Metro : Chateau de Vincennes 
Navettes gratuttes - parking 

PARC FLORAL 
DE PARIS 


.TSI OI«ClHH-na-Sl«aBM 


FIAC 

1-6 October 97 
Espace Eiffel Branly 
j Paris. 

I International Contemporary 
! Art Fair 

i Country of honour: Switzerland 


1 


side heavily anointed fathers like Pol- 
lock, Newman and Warhol. 

Lots of Americans showed up at the 
exhibition's opening — which was well 
situated chronologically and geograph- 
ically between the openings of the big 
survey shows. Ihe Venice Biennale and 
documents X in Kassel. Germany. 

. The visitors seemed pleasantly 
stunned by the show's existence, even 
as they puzzled over the various degrees 
of coolness exemplified by the different 
artists, each of whom was represented 
substantially, by four or five paintings. 

The air seemed full of thought bal- 
loons. How cool is Malcolm Moriey’s 
work? Is Richard Artschwager really a 
painter? Aren't Sue Williams’s paint- 
ings hot and angry? Isn’t Ross Bleckner 
a heart-on-sleeve romantic resurrecting 
a conservative painting technique? 

Where are Frank Stella and Roy 
Lichtenstein and especially David Salle, 
paradigm of '80s cool? Why isn't Mor- 
ris Louis cool enough to be here? And 
might not Sigmar Polke. who of course 
is not in the show, be the coolest, most 
Americanized painter working today? 

Under close scrutiny, the show, 
which runs through Sept. 7. becomes 
amorphous and arbitrary, a mass of 
questionable exclusions and inclusions. 
And cool, like its first cousin, style, 
remains an ineffable, elusive term. 

But despite its capriciousness, “Birth 
of the Cool ' ' provides a useful model in 
the way it ignores entrenched stylistic 
hierarchies and generational divides. 

Even its amorphousness becomes un- 
derstandable: It is less a tight argument 
than a sampling of a general situation. 
There are any number of other Amer- 
ican painters' whose work would have 
been at home in this show, which cel- 
ebrates a legacy that is olive and well 
and open to artists around the world. 


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Raymond Duchamp A Ulon s “ The Horse ” (detail). 

Horse of the Apocalypse 


It [isliiHgton P >st Service 

W ASHINGTON — A high and poignant faith glows within "The 
Horse,” Raymond Duchamp- vDlon’s masterpiece, nude in 
1914, at the last possible moment before that faith collapsed, The 
spirit of that plunging piece — now the focus of a one-room show 
at the Hirshbora Museum and Sculpture Garden — could not have survived the 
world war then beginning, with its ranks and machine guns and its corpses by 
the millions. 

Duchamp- Villon (1876-19IS) was among those victims. An old innocence 
died with turn. He was one of the last artists to wholeheartedly believe in the 
noble, shining beauty adhering to machines. 

His horse is only half a horse. Anyone who's ever ridden will recognize its 
curving neck, its haunches and irs hooves, but it is also equipped with pistons 
and exhaust pipes. Part ancient and part new, part engine and part being, this 
semi-abstract statue. 17 inches i.43 centimeters) high, is an object in between. 

The exhibition, organized by Judith Ziiczer, the museum's curator of 
painting, also includes Duchamp- Villon's last piece; his fine head of Baudelaire 
( 191 1 ); a posthumous cast of his elegant “Seated Woman"; other examples of 
his sculpture (one an initial study for "The Horse" that bears a lirtle rider), as 
well as various documents that help explain the sources of his thought. 


BOOKS 


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HANDSOME IS: 

Adventures With Saul Bellow 

Bv Harriet H asserman. 194 pages. 
$23.95. Fromm. 

Reviewed by Jonathan Yardley 

H ARRIET Wasserman. who was 
Saul Bellow's literary agent from 
1969 to 1994, tells us that her famous 
client "refuses to acknowledge the ex- 
istence *' of a professorial claque calling 
itself the Saul Bellow Society. “He says 
it feels like a monument to the dead," 
she writes. “He doesn't think there 
should 6e such a thing for a writer 
during his lifetime." 

Which leaves us to ask: What, then, is 
Bellow likely to think of “Handsome 
Is”? He is still very much alive, yet not 
merely is he memorialized by his aca- 
demic admirers, he is now fastened un- 
der the microscope of a woman who has 
ample reason to regard him uncharit- 
ably. Whether “Handsome Is" is a ges- 
ture of tribute or an act of retribution is 
highly debatable — more often than not, 
it is some of both — but ir is indisputably 
of the here and now. 

To be sure, the author-agent relation- 
ship is not so privileged as doctor-patient 
or lawyer-client, but it often has intimate 
as well as mundanely professional as- 


NEW AUTHORS 

'PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors worid-wWe Invited 
Write or send your manuscript la 
MINERVA PRESS 
SOUJBfWiPraNBD. LONDON SW730Q 


r — presi ... 

parties to it would not always want on the 
public record. It is not hard, for example, 
to imagine how Bellow is likely to feel 
about Wasserman's account of an even- 
ing early in their relationship when, dur- 
ing dinner at her apartment he said 
“You're distracted because you’re 
nervous. You don't know if we're going 
to make love or noL' * This, as she tells it. 
was followed by a one-night stand: 

"That night was never mentioned 
again. As if it never happened At all. It 
wasn’t in our eyes. It wasn't in our tone 
of voice. There was no flirting anymore. 
It was strictly business — and a growing 
friendship." 

Perhaps it doesn’t matter how Bellow 
feels about this disclosure. He is a public 
man about whom, at least in certain 
circles, there is a modest amount of 
curiosity; since he has already had the 
likes of Mark Harris. James Atlas and 
Martin Amis poking around in his laun- 
dry. why not Harriet Wasserman? Yet 
there is something quite distasteful 
about her narration of this little episode, 
for beneath its superficially affection- 
ate. self-mocking tone is an unkind 
judgment about Bellow and his motives, 
a judgment that Wasserman repeats as 
she remembers her former client. 

The plain fact is that alrhough 
Wasserman niakes all the right gestures 
about this “man of genius, of high art 
and moral vision, an original thinker, 
world famous, who has reached the pin- 
nacle of his craft,” the overall effect of 
her memoir is to diminish him. to un- 
derscore his pettiness, his insecurity and 
~ as in his abrupt termination of their 
long relationship — his cruelty. 

Agents, editors and others who help 


distinguished writers bring their work to 
publication are often selfless people who 
put up with personal slights and casual 
abuse of their goodwill in order to serve 
the cause of literature. But sometimes 
they find it frustrating to be off there 
away from the limelighL The temptation 
to claim a place at die writer's side can 
be powerful. Only Harriet Wasserman 
can know whether she has succumbed to 
it. but there’s no question that "Hand- 
some Is” contains as much self-ag- 
grandizement as celebration. 

Wasserman arrived as a very young 
woman at the noted literary agency of 
Russell & Volkening; the best parts of 
this book are her recollections of Di- 
armuid Russell and Henry Volkening. 
each in his own way a certifiable ec- 
centric. At least by her account, she 
established an affinity with Bello* that 
neither enjoyed, one that allowed her in 
see him at close hand. Presumably Mie 
also made a tidy bundle off him. thouoh 
she makes little reference to money. e 

B ELLOW -is as deeply emotional as 
he is highly intellectual and cerebral 
an uncommon combination," Wasser- 
man writes. This may help explain his 
desertion ofherin 1994 for the sen-ices of 
Andrew Wylie, a predatory agent known 
in literary quarters as “The JackaL" \r 
least on the surface, this seems a clear 
case of disloyalty, which no less dearly k 
how Wasserman means us to see U n,„ 
we do well to bear in mind that we L w 
pniy her side of the story. Somehow ir 
seems unlikely that Bellow will find I 
worth his wliile to issue a rebuttal. 




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Did You Miss A Day This Week? 

This past weeks front pages are available 

ur^7t g m the IHT site on *** World 
wtde Web . 

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INTERJSLAT10M.U FUNDS LISTING 
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S ATLIRDAI-SUNDAY, AUGUST 16-17, 1997 



PAGE 9 


Detroit Cuts 
Prices After 
Big Savings 

Restructuring Success 
Could Bolster Profits 


By Erik Ipsen 

Inunutianul Herald Tribune 


N 


EW YORK — Tbe decision 
by Chrysler Coro, last week 
to cut the price of next year’s 
cars and trucks by an av- 
erage of 0.6 percent marked more than 
a reversal of the annual price increases 
that have dominated industry practice 
for decades. Ii also provided the most 
vivid evidence so far of the success of 
the vast restructuring the auto industry 
has undergone since the last U.S. re- 
cession. 

“Ten years ago. the industry simply 
could Qot have afforded these price 
cuts,” said Maryann Keller, an auto 
industry analyst at Furman Selz. But 
now, in contrast to the unprofitability 
that would have resulted from each 
price cut, most analysts are predicting 
that profit for the Big Three U.S. auto- 
makers will hit records next year. 

Thai optimism contrasts sharply 
with the outlook for many other auto- 
makers in a world where capacity, at 
70 million cars a year, exceeds de- 
mand by nearly 20 million cars. 

In Asia, the combination of overly 
ambitious expansion and the recent 
currency crisis in the “Tiger” econ- 
omies will force some manufacturers 
to abandon plans for new plants and 
perhaps even close some existing fac- 
tories, predicted Philipp Rosengarten, 
an analyst with Standard & Poors-DRI 
in London. 

In Europe, where a quarter of all 
cannaking capacity sits idle, pundits 
have long predicted a consolidation. 
Lists of laggards likely for absorption 
by their stronger rivals in Europe’s 
overcrowded market regularly include 
such names as Sweden's Volvo and 
France’s Renault 

But instead of consolidation, Euro- 
pean automakers have struggled to cut 
the break-even points at their numer- 
ous plants, and have even started joint 
projects — such as JFord and VW’s 



And Now, Speculators 
Turn on Hong Kong 

Last Bastion of Asian Strength 


i£X'^ 

Robert Eaton, the Chrysler chairman, with a 1998 Cherokee Jeep, one of the models marked for a price cut 


plant in Portugal to produce minivans. 

When all else fails, though, the 
European industry' still turns to gov- 
ernment. Italian auto sales have soared 
by nearly 30 percent this year fol- 
lowing incentive packages pur in place 
by Rome to entice car buyers out of 
seclusion, and to come to the aid of 
Italy's dominant auto seller. Fiat. 

A similar program temporarily in- 
creased auto sales, and employment, in 
France last year. 

In the United Slates, a less forgiving 

BCONOMICSGENE 

government has forced the industry to 
fend for itself. The cost cuts at 
Chrysler, as well as Ford’s recent de- 
cision to hold .its prices on its 1998 
models flat and General Motors' plan 
to hold its price increases to less than 
the rate of inflation, have been un- 
derpinned by billions of dollars in cost 
cuts and economies that the industry 
has quietly engineered in recent years. 

Not surprisingly, when Detroit de- 
cided it had to cut costs or perish, it 
turned quickly to the suppliers of its 
parts, which now account for as much 
as two-thirds the cost of the average 


car. At Chrysler, that effort took the 
form of the company s Score program, 
or Supplier Cost Reduction Effort 
Since its inception in 1989. the pro- 
gram has identified S3. 7 billion in cost 
savings. 

Thai is one factor leading Chrysler to 
•cut prices. The company will, for ex- 
ample, lower the price of the 1998 
Plymouth Bree 2 c by 5150. ro $15,210. 

Carmakers deny that they have 
simply strong-armed desperate sup- 
pliers. “We really try to work with our 
suppliers as partners, to bring them in 
earlier, for instance, in the design of 
new cars," said David Bam as, a 
Chrysler spokesman. 

But beneath the verbiage lies a big 
shift. 

Auto parts companies today have a 
far. broader range of responsibilities 
and produce at far higher volumes than 
ever before. Higher volumes, bigger 
production runs of radiator hoses, ra- 
dio antennas and the like, allow parts 
makers greater economies of scale, the 
only calch being that to guarantee 
those bigger orders, tbe car companies 
have taken a meat ax to their supplier 
lists, concentrating the business in 
fewer hands. 


Parts makers also take a larger role 
in designing increasingly complex 
cars. 

Recent meetings among three sup- 
pliers of Chrysler’s exhaust systems, 
including two American and one Ger- 
man. produced a way for Chrysler to 
cut the number of catalytic converters 
in the exhaust systems of its new Cor- 
corde and Intrepid models from the 
standard three to just two, at a cost 
saving of S100 a car. 

But the slimmed-down supply lines 
have resulted in a variation on Henry 
Ford's old refrain of “any color you 
want as long as it’s black.** Ford Mo- 
tor's Taurus sedan, for example, will he 
available in two different models next 
year as opposed to three in 1997 and 
with a choice of two different option 
packages instead of this year's four. 

And the price cuts that Chrysler is 
planning may simply be “making a 
virtue out of necessity," said David 
Healy, an auto analyst with Burnham 
Securities. 

While cutting costs has allowed the 
company to pass savings along, 
Chrysler has suffered a dearth of “hot 
models.” and is looking for ways to 
move metal out of dealers* lots. 


hucnuitionjl fordid Tribune 

HONG KONG — The Hong Kong 
dollar, the last major Asian currency to 
be linked to the U.S. dollar, came under 
pressure from international speculators 
Friday. 

Malaysian, Singaporean and Indone- 
sian currencies were sharply lower, 
even though the U.S. dollar itself was 
falling against the European currencies. 
tPage” 9) 

“The attention has focused now 1 on 
the Hong Kong dollar because in Asia 
all of tbe other currencies have fallen 

Interest rate jitters jolt British and 
German stocks. Page 11. 

one by one. and Hong Kong is the only 
country left that both allows the free 
flow of capital and has a managed float- 
ing regime." Chordio Chan, head of 
money markets at Citibank in Hong 
Kong, told Reuters. 

The Hong Kong dollar itself did not 
substantially weaken, but overnight in- 
terest rates shot up as high as 8 percent 
during the day. compared with 6.50 
percent Thursday. 

This reflected investors demanding 
increased returns to shoulder the risks of 
holding a currency that might rapidly 
depreciate. 

Activity in the forward market also 
indicated that some investors feared a 
speculative attack on the Hong Kong 
currency. 

In the cash market, the U.S. dollar 
rose modestly, to 7.7495 Hong Kong 
dollars from 7.7470 dollars Thursday. 
But in forward trading, the American 
currency rose to a 10-year high of 7.90 
Hong Kong dollars. 

The pressure on the dollar hurt the 
stock market, where the Hang Seng 
index fell 2.4 percent. 

Since Thailand devalued its baht July 
2, Southeast Asian currencies have been 
buffeted by speculators. A decade of 
fast growth in the region resulted in too 
many factories being built and too much 
money invested in real estate. 

With their currencies pegged to the 
dollar, exporters in the region began to 
suffer as the U.S. currency rose in recent 
months. As the export-dependent econ- 


omies slowed, foreign investors began 
looking for better returns elsewhere, put- 
ting strains on the financial systems that 
exacerbated the currency problems. 

The Hong Kong dollar, however, 
would be difficult to attack. The ter- 
ritory has kept its currency at around 7.8 
to the U.S. dollar since 1983. 

Together with China, Hong Kong has 
$200 "billion in foreign-exchange re- 
serves with which to defend its cur- 
rency. 

Hong Kong residents remain con- 
fident in their currency. They have in- 
creased their Hong Kong dollar hold- 
ings to 56 percent of domestic bank 
deposits since before the handover of 
Hong Kong io China on July 1 . showing 
little fear dial the currency would be 
devalued. The deposits now total about 
$183 billion. 

Another factor bolstering the Hong 
Kong dollar is that there are not many 
banks that have significant amounts of 
the currency lo lend to short-sellers. 
Speculators "who want to bet against a 
currency could borrow it from a bank 
and hope to repay ihe loons when the 
money had become less valuable. 

But the few Hong Kong banks that 
have large amounts of the currency are 
big mortgage lenders, and it is nor in 
their interest to spur a run on the local 
dollar. 

In Indonesia, the falling currency 
caused panic selling in the stock market 
Friday, Reuters repotted from Jakarta. 
The composite index fell 25.31 points, 
or 3.94 perceni, to 617.71 points. 

. ‘ ‘Players are rushing to get out of the 
market as soon as possible and sell at 
whatever price they can due to the rupi- 
ah's plunge," said Yannes Naibano, 
sident and chief executive officer of 
IS Sekuritas. 

Tbe dollar rose to a record 2,960 rupi- 
ah Friday afternoon in Jakarta, up from 
2,762.50 on Thursday, when the central 
bank said it would abandon its link to the 
dollar. 

The dollar also rose to 2.8210 ringgit 
in Asian trading, its highest level since 
the Malaysian currency was floated in 
1973. 

Against the Singapore dollar, mean- 
while. the U.S. currency rose to a three- 
year high of 1 .5240 dollars. 


Delta Picks an Outsider 

Neu> CEO Says Airline Is ‘Bent, Not Broken ’ 


CewfdodbfCSirSiifFatmDtipweka 

ATLANTA — Delta Air Lanes Inc. 
m Friday named a top executive of a 
nidwestern utility as its president and 
hief executive officer, the first time the 
irline had named a chief from outside 
ts own ranks. 

The appointment of Leo Mullin, 54, 
nded a three-month search for a suc- 
essor to Delta’s longtime chief, Ronald 
Olen, who retired July 31 after the 
ompany refused to renew his employ- 
ment contract. Mr. Allen had worked at 
)elta for 34 years. . . 

Mr. Mullin, who had been vice chair- 
nan. of the Chicago-based Unicom 
?orp.. will assume his post with the 
itlanta-based airline immediately- Uni- 
om is the parent company of Com- 
oonwealth Edison Co., the Chrcago- 
iased electric utility. 

Mr. Mullin will join Gerald 
hinstein, 65, a Delta director and a 
ormer chief executive of Western Air- 
Lues who was named nonexecutive 
bairman of the board, and Maurice 
Vortfa, 56, a Delta executive who was 
anted chief operating officer. 

Mr. Mullin said it was too early to 
bow what changes he would make in 
be Atlanta-based airline, which has 
uffered poor employee morale and cus- 
oraer-service problems. But be^ said 
Delta was “bent and not broken. 

Although Mr. Allen oversaw a fi- 
Lancial turnaround that led to record 
irofits at the airline, he was criticized 
or going too far in pinching pennies, 

mnine customer satisfaction. 

Mr Mullin said he would emphasize 


customer service while still keeping an 
eye on the bottom line. The best way to 
restore employee morale, he said, was to 
develop a winning company. 

Jeffrey Long, an analyst at J. P. Mor- 
gan Securities, said there had been no 
clear candidate within Delta for die 
chief executive post. “The speculation 
has been that they were going to go 
outside the company, that they were 
going to go outside the industry," he 
said. “Bringing somebody in from the 
outside — fresh blood — 1 think that's 
what everyone was looking for." 

Before joining Unicom, Mr. Mullin 
was president and chief operating of- 
ficer of First Chicago Carp. He also 
worked for Conrail Inc. 

He holds undergraduate degrees in 
engineering and applied physics, a 
graduate degree in applied mathematics 
and an MBA — all from Harvard. 

Delta has weathered years of tur- 
bulence since 1991 , when its $260 mil- 
lion purchase of most of Pan American 
Worm Airways' European operations 
plunged it into years of financial losses. 
Employees took salary cuts, and many 
were laid off as part of a cost-cutting 
program instituted by Mr. Allen. 

Although Delta returned to profit- 
ability in 1995. many employees felt 
betrayed. 

“It’s a tough, tough row- to hoe when 
you’re facine. those financial condi- 
tions, and perhaps the organization did 
go too far," Mr. Mullin said. 

Delta shares were quoted at $88.25, 
up 50 cents, in late New York trading on 
Fnday. < AP - Bloomberg) 


LunaCorp 
Stakes Future 
On the Moon 

By Beih Berselli 

WtqJwigrun Pmi Service 

WASHINGTON — For four 
long years David Gump has wined 
and dined potential investors, try- 
ing to convince them that his com- 
pany really can send two golf cart- 
sized robot vehicles to the moon 
and create earth bound theme park 
rides in which people viewing live 
video from the lunar surface would 
take turns behind the wheel. So far. 
his efforts have been for naught: 
The robots have yet to go aloft, and 
Walt Disney World isn't opening a 
new “space mountain.'* 

But now, thanks to another robot 
rover, named Sojourner, Mr. Gump 
hopes his luck will change. 

For the past month, millions of 
people around the globe have 
avidly watched the feisty Sojourner 
explore the rock-strewn surface of 
the Red Planet. They have paid mil- 
lions of visits to the National Aero- 
nautics and Space Administration 's 
Pathfinder site on the World Wide 
Web and snatched up thousands of 
Mattel Inc.’s Hot Wheels Sojourner 
Action Packs ar $5 a pop. 

Everyone’s gone a bit Space- 
crazy, and companies such as Mr. 
Gump’s are trying their best to cap- 
italize on that. 

See MOON, Page 13 



CURRENCY & INTEREST RATES 


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SauKr. Rrvten. 


Your Guide lb 
129 Top French Companies 


BOOK 



Published by the International Herald Tribune, the 1997 edition indudes detailed 
profiles of all the companies in the SBF 120 Index. 

The SBF 1 20 Index includes the CAC 40 plus other major firms. These ate the 
companies to watch in the coming years. 

Each profile indudes: head office, CEO, investor relations manager company 
background and major activities, recent developments, sales breakdown, shareholders, 
subsidiaries and holdings in France and internationally, 1 992- 1 9Q6 financial performance, 
and recent stock trading history. 

Updated annually, the Handbook is indispensable for anyone who needs to know 
about the leading companies in the world's fourth-Iargest economy. 


Stf 120 INDEX: 


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. copies of French Company 


Handbook 1907 at UK£50 (US$851 per copy, induding 
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COMPANY EU VAT ID No. 










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Projects J^jlold* 11 - 

$5 Billion O ' 1 

Investment 


PACE 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAT -SUNPAY, AUGUST 16-17, 1997 

THE AMERICAS 


The Dow 


30-Year T-Bond Yield 


Sale Prospects for Embattled Hospital Chain 





‘ M A M * j J ‘A 
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C«*(Mbv fto-Wf™ ft«»ac*o 

BIRMINGHAM, Alabama — 
Health South Corp- said Friday it 
wanted to buy parts of Columbia/ 
HCA Healthcare Corp., which is 
facing more federal indictments for 
alleged overbilling of government 
health-insurance programs. 

HealthSouth is considering the 
purchase of Colombia's rehabilita- 
tion facilities, surgery centers, oc- 
cupational clinics and diagnostic 
units, said Aaron Beam, the com- 
pany’s chief financial officer. 
i ‘Those are parts we’d be interested 
in,” Mr. Beam said. 

Prospects for a sale sent 
Columbia/HCA’s stock up $1,125 
Friday, to $32.4375. 

Richard Scrashy, chairman and 
chief executive officer of Health- 
South, said his counterpart at 
Columbia, Thomas Frist Jr., had 


promised to discuss a deal if the 
beleaguered hospital chain decided 
to sell off any more divisions. 

“He assured me that he had not 
made a decision whether to divest 
tire company of any of die divisions 
we’re interested in. but when he 
does, he will give us an opportunity 
to mik to him,” Mr. Scrushy said. 

Mr. Scnishy said he was not the 
least bit interested in the only di- 
vision that Columbia has publicly 
said it plans to seLL the company’s 
570 home health-care agencies. 

Columbia is the target of a sweep- 
ing federal investigation looking in- 
to whether it ovabilled government 
health programs. 

Three company executives have 
been indicted and state officials in 
Florida, Alabama and Texas are 
conducting their own Medicaid 
fraud investigations. 


On Thursday, the trustee for the 
New York state public pension fund 
sued 11 current and former exec- 
utives and directors of Columbia, 
saying that they had allowed “per- 
vasive and systemic” criminal fraud 
to flourish throughout the com- 
pany. 

The suit, filed in U.S. District 
Court in Nashville, Tennessee, where 
Columbia is based, was tonight by 
Carl McCall, the New Yak state 
comptroller and the trustee fa the 
state’s common retirement fund. 

The pension fond, which holds 
about 2.6 million shares of 
Columbia, is the Largest stockholder 
to file a lawsuit against the company 
since the first disclosures last spring 
that certain of the company’s busi- 
ness practices were under federal 
investi gati on 

In the suit, Mr. McCall contends 


rfiar company executives had en- 
gaged in several unlawful activities, 
including illegal billing of the federal 
Medicare program, improperly of- 
fering jobs or perquisites to exec- 
utives ax hospitals Columbia was try- 
ing to acquire, and insider trading. 

The siut names as defendants the 
entire board of the company, in- 
cluding Mr. Frist. It also names 
Richard Scott, who resigned as 
chairman and chief executive last 
month. 

Columbia is the ninth largest em- 
ployer in die United States, running 
hospitals and rehabilitation centers 
in 36 states. It also operates in Bri- 
tain, Switzerland and Spain. 

HealthSouth is the largest U.S. 
operator of rehabilitation centers. 
anrf has a presence in all 50 s t a tes . 
The company has spent $5 billion on 
acquisitions rhis year. (AP, NYT) 


Santiago , ; y. t£>Sft*5ene ad 5&13J52 J- 

Caracas ^y,r;'Capttrf©eo«ral • 92324J7 1 - ' : 
Source: Bloomberg, Beulers i» 


?.<H 1*. -fcSfr 


Dollar Skids as Bundesbank Move Is Seen 


loasnatimal HenU Tribune 


Very briefly: 

UPS and Teamsters Close Gaps 


WASHINGTON — Negotiators for United Parcel Service 
of America Inc. and striking workers from the Teamsters 
union appeared to be getting closer to an agreement and are 
now negotiating about “numbers” in their contract proposal, 
a federal mediator said Friday. 

“There are now some serious numbers being crunched,” 
said David Helfert, a spokesman for the Federal Mediation 
and Conciliation Service, which is overseeing the talks. About 
185,000 UPS deliverers have been on strike since Aug. 4. 

Meanwhile. European transport unions will meet in Brus- 
sels next week to discuss support for the striking workers. It 
was not immediately clear if the European unions would call a 
solidarity strike. (AFX, AP) 


• Banco Santander SA, Spain's biggest bank, said its Banco 
Geral do Comercio unit would pay S500 million for a con- 
trolling stake of Brazil's Banco Noroeste, ending Santander’s 
push into Latin American banking. 


1 CalEnergy Co. said it had dropped its S3.3 billion hostile 
ikeover bid for New York State Electric & Gas Corp. after 


takeover bid for New York State Electric & Gas Corp. after 
it failed to purchase a 9.9 percent stake in the utility. 

• Ivaz Corp. and Bergen Brunswig Corp. settled lawsuits 
between the companies over their abandoned merger plans. 
The terms of the settlement were not disclosed. 


• John DeLorean, a former General Motors Corp. executive, 
must sell his personal assets to pay S7.2 million in legal debts 
to one of bis former lawyers, a U.S. appeals court ruled. 

• U.S. District Judge John Corbett O'Meara denied the 
National Labor Relations Board's request for an injunction 
that would have given hundreds of former strikers the chance 
to return quickly to jobs at The Detroit News, the Detroit 
Free Press and Detroit Newspapers Inc., the newspapers* 
joint business and production agency. Reuters. Bloomberg. AP 


Ctmgtded bj Owr Staff ‘Fitter Dapatcha 

NEW YORK — The dollar slid 
sharply against the Deutsche mark 
and yen Friday amid fears that the 
German central bank would raise its 
interest rates next week to defend 
the marie. 

“The Bundesbank is obviously 
concerned about the mark’s weak- 
ness,” said Dom Presa, vice pres- 
ident of foreign-exchange trading at 
Dresdner Bank. 

“Asset markets in the U.S. also 
appear to be on the softer side. That 
means a weaker dollar. ’ ’ 

The dollar was dragged down fur- 
ther by slumping U.S. stocks and 
bonds. The U.S. currency fell to 
1.8204 DM in 4 PM. trading from 
1.8397 DM the day before and to 
117.585 yen from 117.850 yen. 
Against other currencies, the dollar 
declined to 1.5065 Swiss francs 
from 1.5163 francs and to 6.1425 
French francs from 6.2025 francs. 

The pound rose to $1.6093 from 
S 1.5910. 

The German central bank started 
hinting late last month that it might 
lift rates to support the mark, which 
has fallen more than IS percent this 
year against tire dollar. The bank’s 
move on Tuesday to set rates for just 
one week, instead of the usual two, 
fueled speculation that rates could 
go up as soon as Tuesday, when the 
bank calls for bids in its securities- 
repurchase auction. 

Higher German rates would make 
mark-denominated deposits and 
bonds more attractive. 

Still, with Germany suffering 


from sluggish growth and unem- 
ployment that is near post- World 
War II highs, many traders have said 
the Bundesbank is unlikely to raise 
interest raxes soon. 

* ‘What would raising rates do for 
the outlook on the economic and 
political front?” said Rick Porter, a 
manager of foreign-exchange sales 
at Kredietbank. “It would be a dis- 
aster." 

Meanwhile, the Bundesbank’s 
leading economist. Otmai Issing, re- 
portedly said that the central bank 
might adopt a variable securities- 
repurchase agreement rate, instead 


FOREIGN EXCHANGE 


of the recent fixed rate, and that set 
off the first downward movement in 
the dollar, said Neil Parker, an econ- 
omist with the Royal Bank of Scot- 
land. 

Having threatened in the past few' 
weeks to either raise the so-called 
repo rate or switch from a fixed to a 
variable rale, the Bundesbank at its 
last meeting opted to leave it at 3 
percent, its level since late August 
1996. 

Traders are now waiting for a 
decision Tuesday by the Bundes- 
bank regarding the securities-repur- 
chase rate, which will be followed 
Thursday by the first meeting of its 
central council after a summer 
break. 

“The market is re-evaluating 
Germany’s economic situation, and 
it sees a rise in U.S. rates before the 
end of the year as less and less 


likely,” Mr. Parker said. 

Analysts said Friday that the 
mark should remain propped np by 
rate speculation early next week but 
that it would stumble if die Bundes- 
bank failed to implement tangible 
measures and relied only on verbal 
missives to bolster it 

“If the Germans don’t do any- 
thing on Thursday, then the 
Deutsche mark could' weaken quite 
significantly,” said Mark Geddes, 
an economist at ABN-AMRO 
h ank. 

Data due out next week, such as 
the Ge rman research institute Ifo’s 
July economic survey and July M3 
money-supply reports, will also 
give the mark direction and clues to 
future German monetary policy. 

These economic indicators, ana- 
lysts said, were going to be rel- 


atively supportive of a pickup in the 
economy. But they said more ev- 


economy. But they said more ev- 
idence of an increase in domestic 
demand was needed before the 
Bundesbank acted with higher in- 
terest rates. 

‘ ‘The Ifo business climate should 
be improving due to the appreci- 
ation of the dollar in July,” said Ian 
Morris, an international economist 
at HSBC James CapeL 

“That might just help improve 
sentiment.” 

Separately, the former chairman 
of the U.S. Federal Reserve Board, 
Paul Volcker, said he was concerned 
about the strength of the dollar and 
the effect it may have on other coun- 
tries, a Brazilian newspaper report- 
ed Friday. 


The O Estado de Sao Paulo news- 
paper said that Mr. Volcker, who 
was visiting Sao Paulo, also warned 
Thar Brazil would have to be vigilant 
about its widening current-account 
deficit and its dependence on for- 
eign capital. 

“The very strong dollar worries 
me — the United States can absorb 
this, but other countries can’t,” the 
newspaper quoted Mr. Volcker as 
saying. 

Mr. Volcker, who headed the 
U.S. central bank from 1979 to 
1987, said foreign-exchange unrest 
in Asia — where Thailand, the Phil- 
ippines, Indonesia and others have 
been forced to devaluate their cur- 
rencies — should serve as a lesson to 
countries like Brazil. 

Analysts said Brazil shared at 
least one of die characteristics that 
had made those Asian economies 
vulnerable to speculators — a 
widening current-account deficit, 
now at 4.2 percent of gross domestic 
product. 

“It’s not an immediate problem 
for Brazil but something to keep in 
mind.” Mr. Volcker said, adding 
that foreign capital that was financ- 
ing Brazil’s current account gap 
could easily leave the country. 

Brazil is due to announce Mon- 
day the current-account deficit for 
July and foreign direct-investment 
flows up through last month. 

Mr. Volcker is now on the board 
of Bankers Trust and is head of an 


CatfJrd tty Otr Staff From Dapat&n 

NEW YORK — Bell At- 
lantic Corp., whose $25.6 bil- 
lion merger with Nynex Corp. 
was approved late Thursday, 
Fnday it expected to invest 
about S3 billion in 1997 to 
maintain quality and add to its 
U.S. wine line activity. 

The company said h aimed to 
capture at least 25 percent of the . 
long-distance market in its re- 
gion during tire next five years. 

Bell Atlantic also said that 
Ivan Seidenberg would become 
chief executive of the company 
by August 1998 and chairman 
later that year, ending specu- 
lation about who will run the 
company in the future. 

Mr. Seidenberg will succeed 
Raymond Smith in both pos- 
itions. Mr. Seidenberg is cur- 
rently vice chairman, president 
and chief operating officer of 
Bell Atlantic, the second- 
largest U.S. phone company. 
He was chairman and chief ex- 
ecutive of Nynex Cop. 

The company said Friday 
that it would buy as many as 35 
milli on of its shares over the 
next two years. In addition, Bell 
Atlantic expects to raise its 
quarterly dividend to 77 cents a' - 
snare from 74 cents a share in 


November. 

Separately, the chai rman of 
the Federal Conmnmications 
Commission, Reed Hundt, said 
the decision on Beil was likely 
to be the last merger between 
local phone companies to be 
approved. Bell Atlantic is one 
of the so-called Baby Bell 
companies formed by the court- 
ordered breakup in the 1980s of 
what is now AT&T Cop. 

Mr. Hundt said the commis- 
sion would probably block any 
proposed mergers between lo- 
cal Bell operating phone 


The commission’s approval 
of tiie Bell Atlantic-Nynex mer- 
ger depended on certain con- 
ditions, including forcing the 


companies to prove they were 
opening their local phone mar- 


independent committee investigat- 
ing the role of Swiss banks during 


ing the role of Swiss banks during 
the Holocaust. 


opening their local phone mar- 
kets to long-distance competi- 
tion, Mr. Hundt said. 

(Reuters. Bloomberg. AFX) 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Fridays 4 P.M. Close 

The tap 300 most odiw stones 
up to the dosing on Watt Street. 
The Associated Press. 


w i« im av Indexes 


Most Actives 


Aug. 15, 1997 


High Lew Lsesi Chge OpW 


hBgft Low Latest Chge OpM 


Hlgn Low W CBge 


14*. II 
10ft to* 


23*i a 


wro -ft 

14ft -ft 


a 

lift 

TOW -iw 


lift IS* 
S 4* 


ww aw 
M 3n 
41TO J* 


41 4"4 

S»w STO 
43*i 4261 

m zr* 
n* 11* 

4* 4H 


in* re* 
m m 
now n* 

WW s* 

» 

in* m 
54ft 54*. 
aw, a* 
TO vi 
2STO }4* 
7* TO 
22f. 21* 

ITO 12* 
Wi TO 
tow n 


J** 4* 

4* -TO 

s*. -* 

43* 

17* +ft 
11«, *TO 
4* 

ft -V, 
»»W 
toft 

21 * 4 

M 

S* -ft 
1M -ft 
S4>W -V» 
Z7TO 


3* M 

i* n> 

17* If 
* * 
TO 4*. 
4 law 

mv, a* 

3 2* 

SW TO 
saw sv* 
* * 
8* TO 
I* IV. 

I* a* 

jv, j* 
ns Oh 
10* 10* 
ITO lift 
40* 40W 

w* w* 

1ITO TO 
TO S* 
7* 7* 

16ft W* 
4* ti 
ITO II 


24*w -* 

2 * 

22 Vw -v. 

12* -ft 

]<* -TO 

TOw 

7* -ft 

7TO * 

12 

TO -*W 

14V» -TO 

16* -* 

TTt -V. 

*®W 

4* -TO 

TO •* 

1M +ft 

IS* -ft 

1* -* 

7 -ft 

J* -TO 

i* -TO 


* 

7* -TO 

2V. 

an -h 

2* -TO 
S* 

SH -TO 
* .* 
TO 

ITO TO 
I* -* 
J* -TO 
m -to 
10* TO 
17* •* 

OK 


II ■* 
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7TO -TO 
16* -TO 
tfw TO 


2TO 2TO 
<* 4* 

ITO 15 
22 21 * 


law ITO 
lft Jh 
14* 14TO 
6* Wr 
TV. 9* 
If II* 
42* .1* 

42* CV. 


7TO 

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4TK lw 
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5* 

II* -w 
in -w 
10* TO 
ITO 4* 
II* 4* 




25TO 25* 
flTO 51* 
4* 4’6 

16* II* 
6IW 5* 
i Sk 
m 

«*W 7* 

ito r. 

JtW 3U 
XW 7TO 
5V. 9m 
TTO ITO 
TO TO 
J*. 7* 

JTO 2* 
10* 10* 
5714 51* 

2TVW 22* 
« 16* 
1* 27b 

I7TO 19*. 
111. 111. 
STO 5* 
IT* 17 
17 12 

TO » 
Tm 3 
STO ft 
4* 4*1 

S7W 55* 
36* JSTO 
IW I* 
•W * 
7* 7* 

5* SM 
14* 14* 

1V6 10* 

17 II 
4V. 


T51 

51 TO 4* 
4* .* 

16*W -TO 
IkW -TO 
5TO 

10W 4W 
ft -* 
IW 

n. -to 

2*W -TO 
S». * 


Dow Jones 


High Low Ldesl Chge OpM 


India 78SLM *4040 769446 70466 -24737 
THUS 1W2J3 287453 7KL7I 2BSSM -21J3 
Uffl 23051 23141 22BJ7 22151 -2<W 

comp 2439.06 24S9.15 24043)6 740446 -S5J7 


Standard & Poors 


BmPers 
TV Aztec n 
Gcn£ lees 
MkmT 
SLGfeenn 

sr 


47* -I0h 
ITO 


Mfb LOW dOM 4 PM. 
Industrials 10M.0QlD7U410O.il 106422 
Ttansp. 66X60 451.10 65658 649^48 

UtWteS 19856 19658 19751 19553 

Finance 107.10 105.73 10655 10463 

SP 500 93057 91492 92477 90459 

SP 100 905.12 88951 897.16 87557 


VOL MWk 

106349 07* 
75331 T7M, 
71695 66TO 
Mill 4K 
62459 25* 
57085 33* 
56637 

5*002 27* 


50743 S9 
50129 35TO 
46710 46* 
44057 54 
43883 33* 
43063 104* 


WTO WTO 
16* 19*. 
63*W 63*. 
42* 42 TO 
24* 25 

32* 32* 
5614 SW 
26TO 24* 
W *W I5TO 
57* 57* 
34* 3STO 
45 45* 
52TO 52*. 
31 Vi 37TO 
97*. 100 


Grains 

CORN (CBOT) 

iOWJ bu minimum- cents per bushel 
Sep 97 266 259* 360 ~Ti 40421 

Dec 97 269* 2674 263* -5W 160306 

MmM 276 270* 770* -5 30231 

Vo, 96 279* 275* Z75* -6* 4927 

Jrt«8 262* 276 276* -4* 16483 

Sep 78 262 251 2S8 -5* 1J74 

Dec» 263* 261 261* 3* 7.9S1 

EsL sales 47JOO Thus sales 61.108 
Hurt open M 27-1591 . up 953 


ORANGE JUICE (NCTK) 

1&000 lbs.- arts per b. 

Sep 97 7010 67J0 6&90 -0.75 1-C45* 

NW97 7100 71.10 71.10 -500 11,149 

Jen 98 7450 7360 7Z90 -4.90 5.241 

Mar 96 7750 76J0 7660 -LTD 3J34 

Est sates 14000 Thus sates 12572 
Thus open int 35.792. up 1.092 


ITALIAN GOVERNMENT ROND (LIFFE) 
ITL 200raJSon - pts of lOOpd 
Sep 97 135.65 13436 13445 -061 102408 
Dec 97 106.97 10485 106.98 -071 S077 
Mar 9B NT. N.T. 107.44 -071 107,115 
EsL soles: 21.1 74 . Prov.sate 31.139 
Prav.apenM^ 107,115 up 768 


HEATING OIL (N ME R) 


Nasdaq 


SOYBEAN MEAL (CBOT) 

100 tore- donors per WI 

Aug 97 26150 257 JO 24150 *U0 6.122 


lift 18* 
771 7* 

2ft 1ft 
1TTO 17 
JO 27* 
11* 9 

loro ia 

5* 4* 

46 45TO 
5TO I* 
it* in 
lift im 
4TO 4ft 
2ft 1ft 
13TO 1M 


4ft 4ft 
7ft 70 
17ft 16ft 
5* S 
23v n * 
25ft 25ft 
12 TO 12 «w 
14ft 14* 


STO TO 
4TO TO 
55ft -2ft 
JSt» -* 
ITO -ft 
TO 

7T» .TO 
5* TO 
140 -ft 
lift 

180 -ft 
4TO 

3 -1 

16* -ft 
9TO TO 
TO 
1* 

29* .TO 
TTO ->W 
10 .ft 

«i •»» 

45TO TO 
50 TO 

in -ft 

lift -ft 
4* 

2 TO 

1JTO -TO 
TO TO 
4TO 

7ft -ft 
MOW 

i TO 

23ft -ft 


469.10 469.10 
59188 59158 
«W6 43070 

M 


Nasdaq 


156253 1S623Q 
124348 124368 
16MJ4 169743 
16930 1694.14 


VWC NO* 

16239895ft 
124411 170 
122296 lift 
81352 821* 

6453a 46ft 
62100 116 
60573 77* 
593S3 56* 
5*562 100ft 
55677 41 
53931 61* 
50027 58ft 
41561 a* 
46023 0* 
43315 50 


72 72* 
6ft 14 
lift lift 
81 82VW 
45ft 4JTO 
!32ft 132ft 
74ft 74ft 
54 S4TO 
TOO TOft 
45 ft 450 
57* WO 
55* 55ft 
31ft 31*. 
to a 

4IO 487. 


S 97 231.10 227 JO 23080 -240 24431 
97 21000 20*50 20B20 -0.90 1&499 

Dec 97 201 JO 198250 177 JO -070 41488 
Jon 98 197 JO 19480 17*10 490 *272 
Mar 98 19400 7 91.00 19100 -1J» 1191 
EsL sales 18400 Thus sales 20419 
Tlurs open M 10*432. off 741 


Metals 

GOLO(NCMX) 

100 tio» oz.- dollars per hoc az. 

Aug 97 325 JO 32340 r*70 -15C 

Sep 97 31* A) -150 

Oct97 328 JN 325.10 32740 -150 

Dec 97 327 JO 327 JO 32950 -150 - 

Feb 98 331 JO 32*80 331 JO -1.4 

AorTB 33X20 -1 M> 

Jon 98 33SJ0 33340 33550 -1.40 

Aug 98 337.60 -140 

OcT 99 339 JO -150 

Est. sales 32JH0 Thrs sales 3*541 
Thus open bit 201760 o«236 


LIBOR I -MONTH (CMER) 

S3m£jco- pts of lOOpCL 

Aug 97 9436 9435 9435 uML 1*417 

Sep 97 9435 943! 9434 unch. 11113 

00 97 9433 9431 9433 -OD1 *893 

EsL sales *974 TTlirt sales 1875 

TThts open bit 5* 1 41 , off a 1 


Sep 97 55J0 5490 5535 4L62 

OcJ77 5640 5X80 5*10 -063 

No* 97 57J0 56 JO 5*95 -053 

Dec 97 3*20 5750 57J5 -048 

Jon 98 5845 5*15 5*35 -038 

Feb 98 5*75 5*30 5840 -033 

Mar 98 57 JO 5740 5745 +345 

Est cedes 1*763 Thin sales 21 JB8 
Thus tgwn btl 14*04X off 471 


EURODOLLARS (CMER) 


SI m8Boo-pts a! 100 pcL 
Aug 97 9427 94M 9427 ♦0.01 

Sep 97 9428 9424 9427 *002 . 

00 97 9419 9417 9419 *001 

Dec 97 9414 9406 9414 *4.0« . 

MOT98 9409 9X98 9407 -OOSI 

Jun 98 9400 9X87 9X96 -006 : 

Sep 98 9X89 9177 9X86 -006 ; 

Doc99 9178 9346 9175 +0JJ6 

Mar 99 9175 9165 9173 -055 1 

Jun *9 9169 9161 9348 -0J15 1 

Sep 99 9166 *357 9344 *0.04 

Dee 99 9157 9150 9156 *0J3 

Est. tales S60B89 Thus uries 44*176 
Thin even bit Z78* 161 off 24444 


HI GRADE COPPER (NCMX3 


SOYBEAN OIL (CBOT) 




Aug 97 

10160 

79.10 

99 JO 

-4JD 

2143 

6*000 lbs- certs per lb 




S«P 97 

104.10 

79,40 

10*00 

-180 

21.031 

Aug 97 

2237 

2Z12 

2237 

+035 

770 

Od 97 

10190 

1004)0 

10*00 

-IM 

1.711 

Sep 97 

22*6 

22.15 

2248 

♦ 031 

17,651 

Nov 97 

1(04)0 

9940 

99 J5 

•105 

1333 

Od 97 

22J5 

2130 

22A5 

+0.21 

1*792 

Dec 97 

10170 

99.10 

77 JO 

-100 

94U5 

Dec 77 

2815 

2X64 

2296 

+*17 

47.292 

Join 

10X00 

99X0 

99 JD 

-260 

m 

Jon re 

2335 

2170 

2216 

+*I4 

7AS3 

Feb 98 

101410 

994)5 

99.05 

-255 

606 

MorW 

21*5 

2836 

2845 

+*10 

4991 

Mor98 

>01 JO 

98J0 

9*70 

-2J0 

X471 

Est. rates 1*600 Thus rate 1*107 


Apr 98 

97 JO 

9*00, 

9*00 

-250 

408 


LIGHT SWE ET CRUDE (NMER) 
UXD bbL- dflOors per bbL 

S 97 2*17 19J6 2*07 OlOl 

97 2035 20.06 20J8 -*02 

Nov 97 2040 20.13 20 34 -*04 

Dec 97 2043 2030 2*33 -0JB 

Jan 98 2*41 20 J4 2030 4L11 

Fibre 2*40 2038 2038 -OJ2 

EsL stries 10*338 Ttnrt sates 111826 
Tlurs open bit 44460* up 444599 


BRITISH POUND (CMER) 


Thin igien kri 99511 up 40 


1 1*000 TTws sales *804 


M*45 63X27 63X5) -4LM 

Dow Janes Bond 

P uftmu ToOnr 


20 Bonds 
loutmties 
10 Industrials 


104.13 104.14 
10147 10148 
10640 10*59 


43950 92ft 

yfjo 6 

5770 ll*e 
4262 5ft 
3465 28ft 
2963 5ft 
2877 25TO 
2777 42ft 


90TO 90Vn -290 
TO ft 

29TO M -ft 
29ft 39ft -ft, 
lift lift V. 
5ft 5ft +ft* 
2ivw 2I7W -TO 
514 5TO *VW 
24TO 24TO -ft 


SOYBEANS (CB077 

5000 bo mMiDum- cents per bushel 


Thus open bit 44499. up 538 


SILVER (NCMX) 


792 ft 

775 

791 ft 

♦19ft 

4397 

8000 taw cents per troy k. 


664 

654 

656 


1*738 

Aug 77 

45X10 +1X60 


618ft 

607ft 

111ft 


814)49 

Sep 97 

4574)0 4)94)0 4564)0 +1530 

474148 

621ft 

611 

614ft 

-ft 

1*987 

Od 77 

45030 +1X50 

78 

627ft 

620ft 

624ft 

♦ ft 

*071 

Dec 97 

46100 44X00 46260 +1X60 

22993 


Sep 97 14)24 15872 14054 *4184 51324 
Dec 97 14040 15888 15998+0182 1469 
Mar 98 15936 +5178 209 

EsL sales 9,278 Thus sales 7390 
Thin open bit 52.602. off 1 17 


NATURAL GAS (NMER) 

1*000 nun bfuft S pw mm Mu 
Sep 07 .2545 1395 2432 +*004 41710 

0097 1510 1425 1464+0007 42402 

N«97 2410 2530 2594 +0534 1*061 

Dec 97 1710 1650 1700 +0035 1*946 

Jan 98 1730 1665 1710+0035 1*7W 
Feb 98 2560 2505 2545+0525 U807 
Est srtes 4*732 Ttnrs sates SX162 
Thus open Irt 222361 off 785 


42 VW 43 VW TO 


Est. srtes 45400 Thin sales 237,035 
Thin open Irt 667465, up 535563 


Mar « 470-00 45450 469.10 +1X70 


Trading Activity 
NYSE 


Nasdaq 


12VW lift 
9m 4TO 
in JPW 
ih ITO 
2 111 

11 I6*w 


» 1ft 
72ft 22V, 
(TO (TO 
7ft 7». 
S OH 

4ft 4TO 
4 STO 

TO ft 
29TO 29TO 
12ft IGW 
1ft ITO 
ITO Ift 
lift, l TV, 


12ft -W 
lift +TO 
lft 

lift -ft 
5V, -V, 

» -VW 
ITO -TO 
2 -TO 
ioto to 
ITO 

3ft -ft 
23V, -ITO 

evw to 


Advanced 

& 

sscs? 


733 ISM Angntta 

2 1 53 1 267 

ire 589 

nS 33TO T«Ptaues 


1371 2062 

1753 1992 

2191 1705 

5515 S7S9 

67 163 

69 (4 


WHEAT (CBOT) 

sooo bu rotnimwn- cents per bushel 
Sep 97 358 351ft 354 -lft 

Dec 97 374 367 369ft -lft 

Mur « 384ft ire 3811. -ft 

May 98 388 380ft 387 +lft 

Est sales 17300 Thin sales 1*202 
Thin open bit 10434* off 1161 


May98 47X20 -1SJ0 

Jul 98 477.20 +1X90 

EsL sales 2X000 Thus soles 24022 
Thus open Irt 91,29* up 1,154 


CANADIAN DOLLAR (CMER) 

10*000 dollars. S per Cdn. db 

Sep 97 J229 .720) .7206+0.0004 51713 

Dec 97 J27D .7240 7243+0-0005 4774 

Mar 78 7272+00005 685 

Est softs 4892 Thus sales 3,543 

Thus open lid S&42X up |9| 


UNLEADED GASOLINE (NMER) 


Market Sales 


4ft ft 
4ft -ft 
STO r*. 
ft -TO 
27ft TO 
MM 
ITO 

raw 


Unchanged 
Tam Issues 
New leans 
New Lon 


C i hyse 

’ll 1 & 

10 6 InmBBons. 


41043 631 B5 

1*6) 20.77 

385 35 575 38 


Livestock 

CATTLE (CMER) 

4*000 Bn- cents per fc. 

Aug 97 6735 6*65 67.22 +065 

00 97 7050 69.95 7*20 + 037 

Dee 97 7150 7110 72.17 -0.05 

Feb 98 73JS 7X50 7X57 -0.05 

Apr 98 7X42 7X15 7X25 +007 

Jun re 7125 71.90 71.92 uftdl. 

EsL sales 10509 Thin series 9,624 
Thin epen bit 9*19* off 1361 


PLATINUM (NMER) 

50 Iwy co.- doBara per truy az. 

Od 97 42*50 41600 42750 -030 

Jon 98 419.90 41*00 4I9JD +070 
Apr re 41400 41400 414.00 +*70 
Est series 1177 Ttnn sales 1482 
Thin open MM. off 14789 


GERMAN MARK (CMER) 

1 2 X 000 marts, s per mart. 

Sep 97 5519 5426 5488+0.0045110542 

Dec 97 .5551 5480 5520+0.0045 4088 

Mar re 5551+-XD045 1,103 

Est. sates 42345 Thin srtes 36538 
Thus open M 1 1X84* off X97B 


Sep 97 67 JO 6545 6*81 +4LM 

Oct 97 6060 59 JO 6034 -*23 

Nov 97 58 JO 57 JO 5032 4U3 

Dec 97 57.95 57.10 5754 -*1T 

Jan 98 5755 57 JO 5749 -0.« 

Feb99 57 J4 -0J1 

Mar 98 5834 -0J1 

Apr 78 6094 -0.01 

Esl sales 3U75 Thin soles 3*472 
Thus open tat 10X249, up *698 


GASOIL UPE) 

U5. dpnarspet metric tan - lets rt WOI Wo „ 
Sep 97 17250 17000 17IJS —HO 2S4M 


Oose I 

LONDON METALS (LME) 

Daltan per mehlc Ion 
AJuarimnn OOgb Grade) 

Sort 1714.00 173X00 I721JB 
Fenwrt 170) JO 170200 1707.00 
capper Cathodes (High Crude) 


JAPANESE TEN (CMEJU 

125 m<Han yen. S per 100 yen 

Sep 97 5600 545® J5l9+aaD09 7*8)3 

Dec 97 5715 J575 8630+00007 2372 

Mar 98 J755 .8746 J746+OJOOB 530 

EsL ma 3X809 Thin sales 27,908 

Thin open tot 7X72* up 2198 


Spot 2246.00 224*00 229X00 
Forward 224*00 225*00 2285 00 

Lead 

Spat 60X00 60*00 597.00 

Faword 61600 6)7.00 61 1ft 


m 

14N 

ISft 

•1 

27TO 

22 

27V. 


RW 

12 

12 

•ft 

2TO 

2 

ITO 

-TO 

TO 

ft 

TO 

•TO 

WTO 

KVW 

10TO 

-ft 

TO 

ft 

TO 

♦ TO 

72ft 

nro 

TOftr 

■2 TO 

HFTO 

ftaft. 

Ota 

-WW 

aw 

34 

V 

-1ft 

ITO 

Ift 

1ft 

-TO 

21 TO 

21 

lift 

•ft 

12ft 

iih 

12ft 

+M 

U 

lift 

lift 

+ft 


Dividends 

Company Par Amt Rec Pay 

stock SPLIT 
Am Bmriwra Insur2 for i 


Company 


osssmissi^ 


Decsralerlnd 
Pafrlsssac 
Fed! Screw 


Per Amt Rec Pay 

O J)7 9-5 9-15 

Q SJ2 8-2S 9-T0 
O .19 9-5 10-1 


Fsl AuslalPrm Inw M S3 9 *29 9-15 


5iHiouaidDiita2farl spin. 
Transocean ORshr2fur 1 spRt. 


I7TO l»ft 
13ft tile 
I1TO 11TO 
Sft 3Sft 
15V, IS 
2ft 6ft 
lift I3TO 
22ft 22V, 
4ft 4h 
ITO Ift 
10 7ft 
7TO 7ft 
15ft 15ft 
Uft lift 
6TO 6ft 

16V. is 
17ft 17V, 
elw te 
I7» 2ft 
ITO III 
4W «H 

I» »ft 
7~, MW 
30ft STO 


1ft 

lift -VW 
ITO -TO 
TV* -TO 
4ft -ft 
lift -1ft 
lift -6 
■ft TO 

sv* -n 

ITO -TO 

MH -TO 

lift TO 
lift -ft 
17ft 

IM -ft 
IITO -ft 

35V. -TO 

15 ‘ TO 
7ft -ft 
lift -ft 

Ift -TO 


INCREASED 

CowxAdolpti O .15 Ml 9-15 

Find Sector Q 1Q75 8-28 9-11 

MatfisanG&E. 0 323 9-1 9-15 

PengrowthEn M .17 B-29 9-15 


FiazenFood 
Fundamental Inv 
GabelD CvSec 
Gabeffl EqTr 
GramvAP, 
HcogeroAlex 
lirtegron Corp 
ManhSuperm 
Martin Marietta 
Mkt-Attanric Rtty 
MM-South Bncp 


Johnston I rat 
Rykoft Sexton 


NGCCorp 
PepsiCo Ir 


EXTRA 

- 180 9-5 10-1 


PepsiCo Inc 
Post Properties 
Scotsman Ind 
TemantCo 
Trico Bncshn 


INITIAL 

Am Banker Insurn _ ,n b- 29 9-12 
I FR Systems _ .05 8-29 9-12 


Wotnwright Bk _ 

Wat-Mcrt Stn Q .067! 

Westwood Cora Q J' 

YPF SocAmmlma x X. 

s- apprax mount per AOR^ 
g- poiroWe In Canadian hmdx: 


REGULAR 

Atotate Corp O J4 B-29 10-1 

Boston Acoustics a .125 9-26 10-24 
CaOber System q .10 10-1 S 11-3 


8 03 8-27 9-5 

.10 8-15 8-18 
O .12 9-17 9-26 
G .25 9-17 9-26 
Q .04 8-29 9-12 
a 36 9-30 10-17 
0 JJ9 9-2 9-15 
O .11 10-17 11-3 
0 .12 8-29 9-30 

Q 34 8-29 9-15 
Q J36 9-15 10-1 

0 .0125 8-26 9+16 
a .125 10-22 11-17 
Q 395 9 30 10-15 
O .025 9-30 10-15 
Q .18 9-1 9-15 

O .16 9-10 9-30 
Q JUS 8-29 9-12 
0 .0675 9-19 10-14 
O 01 9-1 9-22 

x 32 B-27 8-29 


FEEDER CATTLE (CMER) 

5*000 to*- cents per to. 

Aug 97 80.90 8065 8067 +*12 

Sep 97 8*«7 8*35 8060 +032 

Od 97 1130 8*90 8*92 +*07 

N0« 97 8230 81.97 82J0 +037 

Jan 91 B2J5 8230 B240 +035 

Mar 98 8230 8100 8230 +0.4D 

Est sdes 1036 thin softs 4382 
Tbuw open Ird 2X32Xaff57B 


60X00 60*00 597.00 

61600 6)7.00 61117 


656X00 6570.00 656500 657X00 
666000 667*00 667*00 6680 DO 


SWISS FRANC (CMER) 

125000 bancs. S per tame 

Sep 97 6715 .6593 .6654+00042 51,477 

Dec 97 6787 6665 0722+0.0042 2396 

Morre 6791+00042 1065 

EsL sales 1X680 Thin sales 1*926 

Thin opaaM 5X04* off 1.116 


xo it ir/jo i/uuu 
Od 97 174J0 17100 17X00 -X50 I4£3 

No»97 17X50 17400 17*50 -175 *779 
Dec 97 17*75 17X25 176.00 - 2 J 0 1M13 
Jon 98 17730 176 JO 17*50 -ZJ0 W»4 
Feb 98 17*75 175.50 175J5 - 2 JD Sfl36 
Mor*S N.T. N.T. 173LS0 -158 X47« 
EsL sales: 8647. Pres, sate *464 
Prav. open bit.- 81 J05 up 1399 


5365.00 537X00 538030 539000 
541*00 542*00 5430J0 544*00 


Sec CSpecM KM Grade) 

Soot 1681.00 168400 163X00 1638J0 

F or w ar d 152600 152860 151760 1 SI 960 


HOGS-Leoa (CMER) 

40000 lbs.- cenb per to. 

Aug 97 79.15 unCtl 

Oa 97 7122 7102 71.02 -2JH 

Dee 97 69 JO 67 JO 67.70 - 2 J 0 

F«t9B 6*40 6662 6*52 -1J7 

Apr 98 64J0 6X55 6X57 -135 

Est. sales *511 Hurt sdes *754 
Thin open bit 34214 up 29 


High UM Close Chge OpM 


Financial 

US T BILLS (CMER) 


MEXICAN PESO (CMER) 

50*000 pesos, s per peso 
Sec 97 127J0 .12650 .12730 - 2X064 

000014 

Dec 97 .12310 12350 .12275 - 14027 

*00050 

Morre .11877 .11860 .11865 - 5.130 

0.00050 

EsL soles X123 Thin soles X569 
Thin open tad 44061. off 368 


BRENT OIL (IPE) 

y-XdonmorrbdM -lots oruno bonds _ 
Od 97 19.07 1*83 18.99 -*07 88559 

NOU97 1930 18.97 19.12 -COS 16648 

OecS7 1935 1909 1931 - 0.02 700+6 

JmOT 1936 19J)9 1933 -*01 1X736 

Feb9S 1930 19J7 19.18 +0J1 6846 

J0fl98 19.10 1*95 19JM +00) 1547 

EsLsate:19.123. Pre*. sate : 47,769 
Prev. open bdd 161,239 ell 1 1,917 


SI mason- pts ollOO pd 
Sep 97 0492 94.90 9492 . 00 ? 

Dec 97 9484 9480 94J4 +0.04 1126 

Morre 9478 +0 06 709 

EsI. ides 846 Thin sdn 1347 
Tfxrs open bit 1*268 up 454 


PORK BELLIES (CMER) 

4*000 bs.- certs per to. 

Aug 97 8415 BX05 8X50 -245 

Feb 98 7465 71.62 71.62 -X00 

Mar 98 74B0 71.80 71.00 -800 

Est. sdes 1,279 Turn sdes 995 
Thus open bit 4492, off 20 


8MONTH STERLING (LIFFE) 


C500000. pit ol lOOpd 
Sep 97 92J8 9X76 9177 UndL 

Dec 97 9X4* 9X63 9164 — OL0I 

MorW 9X63 4159 9160 -002 

Jun 98 9163 9159 92A0 —002 

Sep 98 9166 9162 9253 —002 

DecW 92.72 9248 9X69 -002 

Mar99 9176 9X73 9X74 —002 

EsL sales 26057. Pier, sates. 3X137 
Prav. open tat. 62X941 all 1.0B9 


5 YR TREASURY (CBOT) 

tiOOOOQ min. pK A A4Ris d too pet 

Sep 97 10706 106-46 107-04 + 09 21X763 

Dec 97 106-52 106-40 106-52 + 07 1*010 

Ed Ides SXOOO Then sales 4*238 

TtMrt open tat 73*778 Off 4138 


FT5E 100 (LIFFE) 

£25 per Index paint 

Sep 97 50150 4847 4847 -155 71832 

Dec 97 N.T. N.T. 4913 -155 6388 

Mar 98 N.T. N.T. 4960 -15S 221 

EsL soles: 1X220. Pro*, safes 1*142 
Piev. open tat.: 79341 oh 502 


I'- 1 -' .... 


Mgh Lw Latest Chge Dplnt 


May » 7*38 7*15 7638 +005 *111 

Jill 98 77.10 7*85 77-10 +*17 1771 


Jill 98 77.10 7*25 77-10 +*17 1771 

EsL sate ISM Thin sdes 1450 
Thin open bit 7*691 up 607 


III." 

r-f 


^ ORLft i,,-i 

Fridaj- 4„ ; «r 


*n«teraa.T 


ejj *■ 

§5’ 

>i'c 

&E 

1 iP* 

I 


Stock Indexes 

SP COMP INDEX (CMER) 

SOOstadew 

Sdl97 93*45 90750 90930 -183518*250 , 
Dae97 93400 91*00 918.00 -2*00 *4S4 

Mur 98 94&10 imdL 1287 

Est. soles N A Thin wiles 6X698 
Thuw open ta! 197*61 off 120 


Siifi, 


h:c W 


o - B i m u di h ggnttod r paewi per 
ilnVAOlb mMb ia Cnadhn hmdN 
evm cn lbtn 9 -poraterty] t s ewri-ramud 


COCOA (NCSE) 


2ft -TO 
ISft ft 
14ft .ft 


7ft 7ft 
Wft 27ft 

30ft 79". 


9ft TO 

BTO -ft 

2ft -ft 

29ft TO 

31 -ft 


l« • It : 
7s 7. 
WTO W- 
C< 111 
>7*. ij>i 


lift <1V, 

IITO II", 

1 ST. ir. 
in. <r.-, 
I7VW 16ft 
l)TO 17ft 
13ft I STO 
16ft 1416 
17ft 17ft 


Stock Tables Exptalned 

Sate fijp nesor e unoMOat Yeorty twghs end lows l eHecJIt ie previous 53 weeks plus Ihe ament 
week, but notftielotesflnuing day. Where ospBorstockdMitondgnwjrtlngta 25 pemnit or m o re 
htebeenpakl the years MgMme range and (fuhtend me shown for the new stodc anb 1 . Unless 
dh e iwfa e nded rates rtjuidends me onnaoKllshuradncrts based an the Idea deami f uL 
a - awdend also extra (s). b - annual rate of dividend plus stock dividend, c- Rquldoftng 
dividend, cc - PE exceeds 99.dd - called d - new yearly tow. dd - lass In the lad 12 months, 
e - (Svidend declared or paid hi preceding 12 months, f - annual rat* increased on tost 
declaration, g - dividend in Canadian hind* subbed to 15% nonresidence fax. i - dividend 
declared attersplit-up or stock dividend i - dividend paid this year, omitted deferred nr no 
□alon taken at latest dividend meettag. k - dividend dedarad or paid this year, an 
occur™ lathes issue wtlti dividends in anean. m ■ annual rate, reduced on last dedoratian. 
n - new Issue in the post 52 weeks. The higtFlaw range begins wtth the start of trading, 
nd - next day delivery, p- initial dividend annual rate unknown. P/E - price-comings ratio. 
4 -dmed-and mutual fund, r - (Svtdend declared or paid hi preceding 1 2 months, plus slock 
dividend, s - stock split. Dividend begins with dale of split Hi - sales. 1 - dividend paid in 
stock in preceding 12 months, estimated cash value an ex-dMdend or ex-distribution date, 
u- new foody Mgh. v . trading hatted, vf - in bankruptcy orraemvenbip or being reoigonUed 
undents Bankruptcy Ad or securities assumed by such companies, art - when distributed, 
ert • when issued/ ww - with warrants, s - ex-dMdend or re-rights, xdis - ex-rfisTrlbulion. 
nr - with our warrants, y- ex -dividend and sales In full, ytd - yteid. z - sales In fulL 


per Ion 
1485 

1488 

+3 

7,164 

1510 

IS1I 

-4 

1X716 

1541 

1547 

unch. 

2X611 

15»7 

1568 

-2 

1X216 

1588 

1588 

-2 

X447 


1610 

-2 

1901 


K 8 1572 1567 1568 

1575 1588 1588 
Sep98 1610 

EsI sate 11A173 Thin write 7.687 
Thin open bn 10*35* rtf tl 


COFFEE C (NCSE) 


37.500 tov ■ cants per lb 
Sep 97 18*00 17335 177.95 -*40 

DK 97 16*00 16*25 161. BS -420 
Mot 98 14830 14530 14*10 3.10 


MOV 98 14800 13930 14030 -810 

Jul re 139.00 13640 13630 -810 
Ert. sate *079 Thus sdn *476 
Thin open mt 20624 up 88 


SI1CARWORLD11 (NCSE) 

11X000 BK.- cents per lb. 

Oct 97 11.03 1130 1136 +0.31 98.763 

Marf8 1X05 TIBI 1235 *027 6*937 

Morre 1UM 11.79 1X00 +0J2 14311 

Jul 9S 11.70 1138 11.90 +032 8.725 

E*1 wries 3*620 Tfairtiete 1*676 
Tlnn open tal 19*258 up 1.798 


10 TR TREASURY (CBOT) 

SIOOOOO pita- pri A 32mh al 100 pd 

Ssp77 109-16 108-31 107-13 . 07 34*316 

Pro- 97 10*06 108-23 1D9-04 + 02 66^88 

Morre 108-26 , 02 1.9*4 

Eri rate 70000 Thus rate 109.288 
Then open tat 41 434* up 5307 

US TREASURY BONDS (CBOT) 

? 8 32nd* ol IOC pen 

SepTT 113-77 1)2-27 1«8» uSv 51X339 
Dec97 113-14 (12-16 111-08 um+ 40161 
Mm 98 112-38 112-11 117.30 u nS T7»>1 
i un,B M2 18 uneft 2328 

Est nrin 460000 Thin rate 494637 

Thin open fed 60*9*5, oil 147?* 

LONG GILT (LIFFE) 

£50000 - pis 8 32nd* erf 100 per 

! ,MI 114-20 — *45 16X572 
D(K97 114-13 11406 11407 —005 7,972 
Fit, rate. 79,241 Prey »ate 37^91 
Prev opentnlj I72J64 atl X717 

GERMAN GOV. BUND (UFFE) 

DM2SIUW) ptertlOOpd M 

c2e97 ™ J67 ‘« n 

MterW »T nt S’ 3 ® -° 19 
marre n I. N T 100.46 — 0 19 ?8**i5 

Est. rate 8*730 . Prm. jgte- 177171} 

Pree. open ml. 28*645 


34M0NTH EUROMARK (UFFE) 


DM1 nriBon- pts af 100 pci 
Aug 97 96 72 9*72 7*71 -OOl 1.918 

Scp97 9*63 7659 9662 —0 02 259,162 

OdW N.T N.T. 96J4 -0 02 L7§ 

Dro” 7*4* 76J7 7*42 -0 02 304742 

Mor« 7631 96 22 9638 -0.02 79*591 

Jun re 76.01 76.07 — 002 718180 

Sop« 9X89 95*1 95 J7 -0.02 151043 

0X57 7564 -001 15X708 
Mar 79 9X47 9X4) 9X45 -OOl 11*837 

Jun 97 7X30 7534 9537 UndL 7*547 

EsI rata. 22*75* Prev. rate- 168377 
Pro*, open tal ^ 1.711.473 up *758 


Commodity Indexes 


Close Previous 
Moody's 1,55*80 1,557 ^0 

Reuters 1,91*50 I.WXBO 

DJ. Futures 149J9 150.17 

CRB 239.19 241 JO 

Sources: MottL AssocMed Press. London 
Inrr FinaKM Futures Exchonoe, Inti 
Petmteum Exchange. 


3-MONTH EUROURA (UFFE) 


ITl 1 mH8on - pli o( 100 pd 

re.14 7119 -040 9*195 
9349 -M4 97394 
MorW 9183 917S 9180 —0413 58707 

Jun re 7+477 94.02 944)6 —0 03 42.731 

Sep re 9432 9416 7430 -0.03 37.218 

DecW 9439 9478 9439 — <un 2*374 

EsI. Balm: 27.710. Pie* rate: 27.127 
Pre* Open tat : 388152 off 1.272 


industrials 
COTTON 2 (NCTN1 
5*000 Ita. conft per lb 

Oel 97 7470 7430 74*6 .0.18 1*051 

Dec 97 7440 7435 7458 *0.10 4L851 

Morre 75J0 7560 7X80 +*07 1X060 


For invesiment 

LFM FORMATION 
Read 

IHEMOIffiVRBOSf 

every Saturday 
in the IHT. 


itcralb^dte^Eribuiie. 


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U.S. Fund Manager 
* Becomes 2d-Largest 
VW Holder. With 


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INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNPAY, AUGU ST 16-17. 1997 

EUROPE 

Yeltsin Calls for ‘Fair’ Sell-Offs 

After Outcry on Privatizations, State to Tighten Control 


PAGE 11 


flirt* fc, c . , _ . . , 

WOLFSRI I xtn rtrt™ , rrench and British companies. 

Capita Cora a U?S y_ '- ,a ™ S lum i wit \ about billion in 

has ^ shareholdings in 

waettf^ of VoUs - German ^ Aough Volkswagen is by 

2S bS car ®aker , s frr *e largest Janus also owns 5 3 
sWhoIder ^ sig- percent of Depfa-Bank, 9 percenr of 

settw ^ir b JrW? UtUal r- fUnds ** Vacuum Technology AG 

setting then sights on Germany. and 4.7 percent of EurobikeAG 

Jan^Sffa Z&J&ff** _But jWis i S O ot likely to force 


ri*jy»in/ m- Our Slug Fwa Oiipaxhn 

MOSCOW — President Boris 
Yeltsin criticized recent privatiza- 
tions of state-controlled compa- 
nies on Friday and said Russia 
must be fair in future sell-offs. 

Mr. Yeltsin also accused Rus- 
sia's former privatization minister, 
Alfred Kokh, of mishandling re- 
cent privatizations. 

“Such work will not do," Mr. 
Yeltsin said. “The scandal around 
Svyazinvest and Norilsk Nickel is 
connected to the fact that some 


stake in the AO Svyazinvest tele- 
communications company — 
which brought $1.87 billion into 
state coffers — was fair, the sale 
ignited a torrent of criticism in 


— ------- r— -vm uugci lor giuwm m 

Russian medio controlled by losers domestic product, envisaged in the 


auction will not be allowed to par- 
ticipate. he said. 

Separately, Mr. Livshits said 
Russia would be able to meet its 2 
percent target for growth in gross 


Frankfort 

qax ;v 

' 4500 
4200 
3900 

3600 A 
, 3300 /Mr 
3000.. , 


London -Paris 

FF3£ 1D0(ritfex CAC40 
5200 3250 

5000 .A 3100 


M AM J J A 
1997 


M AM J J A 

1997 


M A M J J A 
1997 


in the sole. 

The winner of both auctions was 
the powerful Uneximbank. which 
had held the Norilsk stake for the 
government in trust. Uneximbank 
officials were part of the auction’s 
tender committee. 

The government is now prepar- 


1998 budget draft, if a new tax 
code were adopted by the end of 
this year and privatization proce- 
dures were improved. 

He said that if Russia were to 
achieve economic growth in 1998, 
the long -aw ailed tax code had lobe 
adopted by the lower house of Par- 
liament. the State Duma, by the 


Exchara* • * .todex" . 'Friday: '■■■■’ Prw. % 

■ - ! ... .Cfcee . . Close Change 

-89M2T *BS2Sfc : : -440 


■ on Aup 1 Thr» ctotro £ 7/7 J i ■ i^mucn mai connected to the Fact that some The government is now prepar- adopted bv the lower house of 

{§ 1.8 billion Dentscta 5X? n£!L *[ans- banks m liteI y to be closer to ing a draft decree, however, which liament. the State Duma, by 

* millirtni niaiks ($981 Dieter Schollbach of Oppenhetm Kokh’s soul. Everything must be wul make such tender terms im- end of this year. 

Only the state of Lo^Sq^v^th 3anus ? “vest- honest, open and legal.” possible. “If the tax code comes into f 

20 Derwnt h«te a 1 Saxony, With ment shows that everything IS go- Mr. Yeltsin n.im«1 Motim &rrnn1inp to Alexander nnlv in thf> cA>n«/( Tinlf af tlw 


__ - : wim 

20 percent, has a larger stake. 

VW shares fell 25 DM on Friday 
to close at 1,292 in Frankfurt Still, 
investors said die Janus stake was 
good news for VW and other Ger- 
man companies. 


ingfioe.” b 

Volkswagen is expected to report 
a strong increase in first-half net 
income Monday amid strong de- 
mand for new models. 

Analysts said they expected VW 


. . c F Analysts said they expected VW 

‘ Foreigners are more and more to report group net profit of around 
taested in Germany,’ ’ said Chris- 500 million DM, compared with 282 


interested in Germany,’ ’ said Chris- 
toph Bruns, a fund manag e for Un- 
ion-Investment-Geseilschaft mbH in 
Frankfurt. “They will use their in- 
fluence to make sure the changes that 
are necessary will come faster. ” 
The Janos investment conies as 
U.S. funds step up their investments 
in Europe, pressuring companies to 
be more responsive to investors. In 
Germany, companies are often faul- 
ted for being too slow to cut costs in 
the face of global competition and 
for being stingy with information. 


500 million DM, compared with 282 
million DM in the first half of 1996. 
Sales are expected to total 56 billion 
DM, up from 50 billion DM. 

(Bloomberg, Reuters) 


honest, open and legal. ” 

Mr. Yeltsin named Maxim 
Boiko as deputy prime minister 
and head of the State Property 
Committee (his week after Mr. 
Kokh resigned. 

Critics had claimed that a con- 
trolling stake in the metals pro- 
ducer RAO Norilsk Nickel was 
sold at auction with unequal rales 
for participants and no real com- 
petition. 

And although officials have said 
that an auction for a 25 percent 


“If the tax code comes into force 
According to Alexander only in the second half of the next 
Livshits, Mr. Yeltsin's deputy year. Russia’s economic growth 
chief of staff, the draft says that will be threatened.*’ he said. 

Mr. Yeltsin must approve the The new tax code, designed to 
terms of sales of large stakes in reduce the tax burden on emer- 
staie compames. prises, passed its first reading by 


“Sales of big state stakes are to the Duma in June. The document 
be governed by presidential de- still has to pass three more read- 


crees, which approve not only the 
fact of sales, but also their terms 
and rules,” Mr. Livshits said. 

The draft also says that compa- 
nies linked to the organizers of an 


ings in the Duma before it is sub- 
mitted for approval ro the upper 
house, the Federation Council, and 
a final presidential signature. 

(Reuters. Bridge News) 


Rate Jitters Jolt British and German Stocks 


Ctxnptrd by Our Sag Fra* DUpatcka 

LONDON — London and Frank- 


ie light morning trading but took a 
bigger dive after New Y ork markets 


Templeton Global Investors Inc., fort stocks tumbled on Friday, opened lower. Trading was thin in 

a U.S. fond, has raised its stake in weighed down by the prospects of most of Europe because of a public 

Renault this month to 5.4 percent higher European interest rates and holiday in several countries. 

from 3 percent Templeton now by the steep losses on Wall Street The Dutch equity markets were concerns’ ’ that inflation was heating pressure because of sliding futures 

owns about 13 million shares in the which applied the brakes to hardest hit with the Amsterdam Ex- up again. prices, the weakening dollar and 

French automaker. Europe’s recent bull market. change Index plunging 4.4 percent Any increase in German interest Wall Street’s drop. 

The California Public Employ- The FTSE 100 index in London or 41.17 points, to 894.42. tales traditionally has a spill-over Chemical companies led the de- 

ees Retirement System, the largest fell 125.50 points to 4,865.80, a Financial stocks led the market effect in the Netherlands and other cline after reporting weak earnings. 

U.S. public e mployee pension fund, drop of 2.5 1 percent while the DAX lower, themselves dragged down by European nations. “A lot of people are running for 

has stepped up its campaign this index in Frankfurt tumbled 78.57 falling bonds amid renewed concern The change in sentiment on Euro- cover out there at the moment” a 

year to bring American-style share- points to 4,152.86, a foil of 1.86 that interest rates could rise in the pean equity markets contrasted Frankfurt trader said. “This is very 

holder activism to Europe, outlining percent near future as German inflation sharply with the optimistic mood that quickly done. It's a bit of a fast 

a set of principles for investing in Both markets were trading lower picks up. has recently powered shares to record correction.*’ (Reuters, Bloomberg) 


Concerns about an interest rate 
increase were fueled by Vice Pres- 


levels on both sides of die Atlantic. 
London’s decline was led by 


idem Job aim Wilhelm Gaddnm of profit-taking in the banking and oh 
the Bundesbank, who said that Ger- sectors. 

many’s central bank had “some In Frankfurt, stocks came under 


ees* Retirement System, the largest fell 125.50 points to 4,865.80, a 
U.S. public employee pension fluid, (hop of 2.5 1 percent, while the DAX 
has stepped up its campaign this index in Frankfurt tumbled 78.57 


many’s central bank had “some In Frankfurt, stocks came under 
concerns' ’ that inflation was heating pressure because of sliding futures 
up again. prices, the weakening dollar and 


Subscriber and Ad Gains 
Lift BSkyB Profit by 22% 


Swiss Watch Firms Post Strong Half 


- CarpUeHy Om- Sttff/m Dijpa^a 

LONDON — British Sky 
Broadcasting PLC, the satellite 
netweak controlled by Rupert Mur- 


rose 22 percent for the year that 
ended in June, to £313.7 million 
($497.7 million}, on higher sub- 
scriber «fld.advartisii£ revenue. — 

Sales increased 26 percent, to 
£1.27 billion, and the network’s 
number of subscribers grew to 
nearly 6.4 miflioD from 5.5 mil- 
lion the previous year. 

The company said it planned to 


proceed next spring with a digital 
network service in parallel with 
its existing analog network. As a 
result of its digital plans, the cost 
of buying programs for the year 
rose 37 percent, to £155 million. 

Despite the results, which were 
at the top end of market forecasts, 
the company’s share price fin- 
ished down 31 pence at 437. Ana- 
lysts blamed the drop on a com- 
pany comment that business in the 
first six weeks of tire new finan- 
cial year had only been “in line” 
with last year. (AFP, Bloomberg) 


CatfUrdhfOvS^FnmDbpj^n 

ZURICH — Swiss watchmakers 
posted an upturn in earnings Friday 
as SMH S A, or Sodete Suisse Mi- 
croelectronique & d Uodogerie, and 
Tag Hener International SA report- 
ed higher first-half results, helped by 
weakness in the Swiss franc. 

Switzerland’s biggest watch- 
maker, SMH, whose brands include 
Swatch watches, said half-year sales 
rose 7 percent, to 1.41 billion Swiss 
francs ($932.5 million), while group 
operating profit was up 32 percent, 
to 162 minion francs. 

Tag Heuer, whose shares have 
been publicly listed in Switzerland 
and the United States since Septem- 


ber, said fust-half sales rose 6.6 
pentent, to 226.2 million francs, 
while net income was up 60 percent, 
at 25 J million francs. 

The figures are further evidence 
of the boost that Swiss watchmakers 
and other exporters are getting from 
a weakening of the Swiss franc, 
which makes their products more 
comietitive abroad. 

Tne improvements also stemmed 
from better demand in some key 
European markets, analysts said. 

“Both companies profited from 
the weak Swiss franc.” said Pierre 
Pinel of Banque Paribas in Geneva. 

SMH produces several brands be- 
sides Swatch, including the luxury 


Blancpain as well as the somewhat 
less expensive Omega and Ratio. It 
said stronger sales in June and July 
had been led by its higher-priced 
segment. The latest figures released 
by the Federation of the Swiss Watch 
Industry suggested a similar trend. 
The cfote showed exports up 7.8 per- 
cent, to 3.86 billioa Swiss francs, in 
die first half. 

_ In London, Doughty Hanson & 
Co. said funds that it managed 
planned to sell about 690,000 Tag 
Heuer shares, or around a 12.8 per- 
cent stake in the company, in a mar- 
ket offering to be completed in the 
week of Aug. 25. 

(Reuters. Bloomberg) 


■ totKfoO-. • •• " HfW1.JP v4LS1 i 

fcfedrtd.;.- ; Cb>a ed' ■■■585.45 j 

• | r VrT - — ' ■’ ■ IW - * 

WJatt;. • v ./€ta»d.V -14405.P » ! 

: ii m t » +»»■ I >■ ■■■*..■ • 

• parftt,. ;r. iCtC*0 ,<3t)»ati:- | ..g t 9gL^r - j 

£ ; '*- 3A5&27 ' W.ifi -iB" 


j Zurich : • >• : - 3^47-fe '.a,6S&90 -1.36 

Source: Tetekurs lmeraatiunJ Herald THhum: 


Very briefly; 

• LVMH Moet Hennessy Louis Vuitton SA sold 10 million 
shares of Guinness PLC, which in May announced a $21 
billion plan to merge with Grand Metropolitan PLC; the 
sale cut lVMH's stake in die U.K. beer and liquor company to 
11.47 percent from 11.99 percent. 

• Fruit of the Loom Corp. declined to comment on media 
reports that Andy McCarter, director of spurning operations, 
would succeed his brother John, who was dianissed this week as 
chief executive of the U.S.-based company's unit in Ireland. 

• Germany's auto production, including cars, tracks and 
heavy commercial vehicles, rose 20 percent from a year earlier 
to 434,000 units in July, the German automobile industry 
association VDA said. 

• AVA Allgemeine Handelsgesellschaft: der Verbraucber 
AG said first-half pretax profit rose to 24.3 million Deutsche 
marks ($13.2 million) from 22 million DM a year earlier, 
while sales rose YU. percent, to 4.9 billion DM. 

• JCI Ltd, South Africa’s first black-owned mining house, is 
considering restructuring itself into three separate companies: a 
corporate parent, a gold company and a commodity concern. 

• Sweden's unemployment rate rose to 9.1 percent in July 
from 8.8 percent the mondr before as schools closed for the 
summer holiday, adding students to die labor force. 

• Roche Holding AG’s first-half net profit rose 9.7 percent 
from a year earlier, to 2.43 billion Swiss francs ($1.6 billion). 

• Alliance & Leicester PLC, the British building society that 

became a bank in April, pasted a 3 percent drop in first-half 
pretax profit to £178 milium ($283 million) after a£28 million 
Charge for conversion COStS. Bloomberg- AFX. Reuters 


>une ana juiy 

Sweden Souts on Its Carmakers 

i Swiss Watch The Associated Press 

similar trend. STOCKHOLM — Swedish highways are loaded with Saabs 

tts up 7.8 per- and Volvos, but the agency diat maintains the roads will not be 
viss francs, in able to use most of the famed Swedish automakers’ cars. 

Saab Automobile AB and Volvo AB are so upset that they 
ty Hanson & are threatening to pull operations out of Sweden, 
it managed The national roads administration has adopted rules for its 
690,000 Tag official cars that are more stringent than Swedish-made cars 
ad a 12.8 per- can meet. The regulations, which take effect in January, 
any. in a mar- require that official cars get 10 kilometers per 0.86 liters of 
aplered in the gasoline (about 28 miles a gallon) and weigh no more than 
1,500 kilograms (3,300 pounds). None of Saab’s models fit 
r. Bloomberg) the bill and only care of Volvo’s does. 


WORLD STOCK MARKETS 


tflgti La* Cloia Prw. 


Hfai La* Oat* Pnv. 


Friday Aug. 15 

Prices In locol currencies. 

Tetekurs 

wgb LM One 


Amsterdam 

, ASM'AMRO 

Aegon 

. ) Ahold 

> Ate Hobei 325. 

Boon Cft J 

BotaWesso* 
CSMom . .J' 

Dontbd*M m- 

DSM »». 

Efawter 
FoffisAnWv 
Grtrenfcs 

G-Broccvq — 


fflsr 


MOWS CM 
rfDoughis 
i Group 


/fcdBordGp 

UuWcA 

OouGdnten 

PWSpsEtac 

RanSstodHdg 

RriWP 

RodOTCD 

Bnttnco 
Raen fo _ . 
RwrfDmch 
UnOMwaa 
VwdaMJ 
VNU „ 

^ WoBeraMom 

Bangkok 


SwnCewentF 
Stan 0» BKF 
TetecHMsa 

SSfflp 

UtdComm 


AEXWaB>M£ 

Pmtou: 93559 

4AM 4A30 46.70 
139 1*0 l <7 JO 

54J0 5A60 573) 
31 £40 7I5J0 323 

135 135.® 13940 
3980 4D 40J0 
101 JO 101 JO 10120 
103 1 03 HU 

197 197 204 

31 31 3120 

81-50 B2J0 86.10 
67 J7 6M0 7CM 
60 60 6220 
100 TOO 107-80 

316.10 316.10 327-ffl 

12070 12170 126 

9A20 9470 ” 

9080 9080 
71 JO 71 JO 

4080 

74J0 7 AS) 79 
64J0 65 6S90 

343J0 34X50 346J0 
245 145 250 

147 JO 147 JO 15580 
> I07J0 107-70 1VU» 
8450 85 87 JO 

19X3) 

, 61.10 •)» 

302*0 20X60 203 

I 117 117 11X40 

I 102 JO 102J0 107.60 
I 44X10 14X10 45X70 
I 10450 105 WB 

« 42J0 4460 

259.10 260 269 JO 


sj a J 

29J25 29 JO 79^ 
jv) 400 410 

167 677 696 

128 128 J* 

OJS 42.75 4X75 
4125 4815 £ 

145 145 M 

117 120 I" 


. High 

Freseniu XSiSO 
FnsartwMa d 1» 

% 

HahWbgZosl 156 

1Q ^ 

sass n 

ESS «6 
ST” ^ 

Mowwanc nw. 

SS*”**™^ 

awe »» 

SAP pW 423JD 

IfSLn '5S 

aefBCTS .. . 
SprfWf£A*0 
SuBthMdiBr »S 

jsr 

YEW 5W 

iS 


Lb* Oan 

3S3 3S530 
158 158JD 
374 37450 
1I1LJ15 71005 
153J0 154 

10X80 10140 
453 453 

89 JO 89 JO 
7440 7470 
678 67850 
96.15 9^0 
1327 1327 

3470 1490 
53650 536JD 
82X50 G22J0 
4050 40J0 
93 93 

6210 6240 

55? 599 60 
8675 8670 
413 41650 
J90 193J0 

S 242J0 

l 17 i9 

» ’1 
m3 1BU0 

769 

1288 1292 


Driefcrtein 
FsJttottBfc 
Gencnr • 
OfiSA 

imprtoilMgs 
Ing** Cod 
tsar 

JctoKaWI 
UbertyHdgs 
LftartyUfc 
iAUeStmt 
Mineral 
Kompok 
' Wedcor 
RendxundTGp 
RtchMwf 
Rirri Ptaflnuoi 
SA Bmwerta 
Sanancar 
Sosol 
SB1C 

TlgirOaH 


35 3480 
3&40 38 

1XS 1040 
97 JO .2 
63 6050 
24JE 2425 
111 199 

67 45 

37X50 373J0 
143 140 

1450 17 JO 

9WS 98 
19^ 19.15 

95.75 9SJ5 
4480 4410 
6475 U 

83 8IA 
14575 14X75 
40 39 JS 

59.75 59 

2209 218 

76 7275 


3S 35L4Q 
3X40 3970 
1050 10J0 
97 97 JO 
Cl 61 JO 
2435 3425 
3 112 
65 65 

372 37150 
14175 14325 
17J5 18J5 
9025 98 

1970 19J5 
9575 9575 
4475 4450 
64 6775 
8125 84 

14275 146 

40 3950 
59 JO »75 
218 22025 
739 77 


Helsinki 

Ease A 

HoWanwWl 

Keaito 

KesAd 

MertPA 

MetroB j 

Wrtso-SertjB 

Neste 

NddoA 

Ortco-YWyewe 

Outotarapu A 

UPMKrowene 

VfltnW 


CSee qolledefc glAM 
PnW lB BSi 357404 
&50 489 50 

228 236 

48 48.10 AM 
7150 739 7450 
2X50 2X10 23 

172 174 J76 

4970 » 

145 145 149 

450 45450 464 

154 183 19X50 

100 100 1W 

52.80 ,W '2 


Markets Closed 

Stock markets in Bombay 
Seoul and most of Europe 
were closed Friday- 

Copenhagen 

* BC Bank 395A S S S 

1 1 Sfo- a 

RS£SfiL"S ««M425oS^£2S 


Hong Kong 

omwriycsfc it* 

SS«* J 

BBP ™ 

Hong Long Dor 15 

as '« 

HendmonLd 7i» 

wser xf 
KSSh, h 

& ?f 

BPSC. 

15 SS^ i 

KS* SI 


tssss g | a 8 — — 

» b 8 1 3 S3 S J® terta 

— — — — — BfcNogBp 

_ . a/OhOSJM Cw KrgGa ni 

Frankfurt 4231.0 wx®** 

*“ uu 

5emenC«r5« . 
TeWfflaiurtMa 


HCBfl 5^148969 
PrOTOCK 1649771 

880 875 9.15 

30.M 319 3270 
1375 M 1 

9175 92 

2580 26 im 

42 42 O 

47J0 47.90 51 

aa Tn 47 .ro 4670 
XM 99 975 

1465 U65 1480 
102 10450 107 

8.90 975 9.15 

70 7075 » 

16J0 1460 1&30 
29.90 30.10 309 
1840 1&J0 1M0 
465 4S5 iX 

269 272 277 

78 8075 81 JO 
259 259 
21 JO 21J5 M 
20J5 209 2W0 
51 5175 
2JD 185 U8 
170 177 

9575 9625 9975 
470 470 40 

730 8 X05 

770 770 7-M 

68 «7S 

3070 3140 3X70 
1/30 1735 I860 


Kuala Lumpur 

AMMBHdgs 12J0 

Ganflng 1JJQ 

MdBonMag 23.10 

NWUlttS«l»F 67C 

PetranoiGo* 99 

Proten IK 

PutficBk 39 

towSvtoriri 770 

RottwonsPM 2575 

IS 

TVnuga icuo 

1610 

YTL 7 


London 

AbbwNafl 89 

AJfiea Doawcq 49 

AngOan Water 7.70 

S3 

*** 

BOTdar* 149 

Boss 874 

BATlnd 579 

OcrKSatfand 424 

BiueCWe 476 

BOC Group 119 

Bc-ofe 8371 

BP3tnd ,X9 

BrtAeflSW 14“ 

BrtAifWWS 
SG 262 

Brt lflnd ' 

.283 

X rg s 

BgrrioljCosWl »-M 

Burton Go 

CubfcWiretess 679 

CadburrSdtn 

Cwtai Ceram 495 

CoroDiUi**’ 79 

Ccrtpa«Gp H? 


CufWl 918.18 
pmten;91874 

12 12 1270 

10J0 109 109 
229 2X80 229 
6 60S 5.95 

970 970 975 

16 SJ W 
378 378 146 

374 378 130 

770 770 765 

2480 25 2430 

735 7.90 735 

89 89 _ 9 

99 9 JO 99 

159 159 16 

670 685 7 


Prated** 
RnteradsGp 
Rank Group 
ReddttCnto 
RffllODd 

ReaTW _ 
RerooUlnBte 
RmrtercHdip 
femm 

R6«; r SDiMS 

RDfisStorro 

Royte B*Sce4 

Kow16SuqA8 

Safemar 

Sotistany 

Sdrodn 

SaUSwaaSe 

Sari Power 

Securtcor 

SmonTieal 

ShaBTnwpR 

Steta 

SroMiNeptew 

SnaihKDnB 

SnWiiM 

Stt«roB« 

StogeCKsTi 

StaxJCtarter 

snijs 

Tescn 

Tlwes Water 
31 Gawp 
T! Group 

ToaBm 
llnflner 
Uld Assurance 
Utdltevs 
llld UtfiHJes 
VwidomeUute 


AM SB 
Mtts 
NkuHdj 


■} % bm«t 

-J CKAGCotaQQ 
i GwimtofliL 

Dgtesa 

SStSS 1 ' 

-vraTeweam 

DRSOihBb* 


BUI 1»“ 

a ft W W-l° 

1 ’s ^ 

1»! ’*3 

"Mill! 

79.10 W30 s 16 " 


“rsssssi 

s iS !S ® 

I® im Iro 

W2S 9275 W0 ^0 
3825 3656 3700 3|» 
SS 4S0 4550 «# 

7195 7025 1075 W5 
705 767$ TWO 

«25 noo 3200 3^5 
SS 3450 3675 


Qfnac; ill 

ElednwmP"* 14 *^ 

EMI Croup 

m i 

GartACddenl 9J6 

r.FC 3.90 

1183 

^ywcnaie lljff 

GfloWteGp U5 

Epe dMH 2» 

GoWKM 

Shw SS 

35 i 

g 

g* a 

PUO 

Pearson 

«8 


Johannesburg 

/uaojgfflwM B] ® 32 3U0 ^ 

AngtoAn 1 Ce^ 255 JgS 34t» 

SlSSSSS 

”1 "1 S3 ’ 2 j 

Bfldo* . jyo 25 2X10 25J5 

Ct Smith jg 1499 150 153 

CX Beers 


FTSElaQs4US9 
Praviaes: 49919 

7.97 79 89 

476 477 481 

765 767 769 

670 673 430 

U9 19 1J1 

498 499 639 

5L73 JL73 SL90 
1X95 1197 1433 
872 878 831 

5.14 617 573 

ALA 472 473 

475 477 437 

11.12 11.12 119 
79 7.91 7.91 

3J5 3J6 145 

1463 1472 IS 

4.15 617 628 

X54 2J5 29 

S.90 592 507 

89 8J1 87B 

428 437 468 

171 1J1 134 

181 183 X88 

109 2.15 114 

X L» MU n.2S 
177 178 178 
578 5J7 579 

6 603 672 

437 409 494 

730 7 JO 777 

675 677 679 

JJ7 3J1 2J0 

698 601 610 

486 494 436 

565 647 5M 

677 423 437 

675 695 7.10 
1,77 178 139 

970 972 9J1 

338 179 785 

53 1166 1184 
17 127 J 1179 
788 771 8 

532 5* 

X71 1 » 3A9 

478 48? 436 

539 582 5J» 

672 675 678 

574 6J37 
OM 20.76 2140 
ma 1079 1063 
371 194 4* 
7.17 771 770- 

2JB ISO XM 
&28 972 9J I 

233 174 177 

438 444 452 

7.15 775 7M 

— 107 108 

„ &SS 695 
484 4BS 489 

1133 1379 1334 

2J9 2J6 ZJ9 

575 507 576 

795 7.9* 615 
7.61 7 M 7.91 

373 377 3^ 

2 10 XU 771 

& a a 

\s ™ s 

647 652 5J9 


WBteng Hdgt 
HWsetey 
WPP Group 

Manila 

AyotoB 

AroioLmd 

WtPhfflpisi 

CSPH«8T*9 

Monin EkeA 

MdroBonk 

Peftan 

PdBffl* 

PUfiLoogDtet 

SonMJgwiB 

SMPrtOBHdg 


Mexico 

AttiA 
Bonocd B 
CemoCPO 
OfrnC 

EmpModano 

GpoCoxsoAl 

GpoF Bcwner 

GpQ Fw Wsorsa 

CmbCtertMa 

TdMtaCPO 

TelUoL 


Montreal 


BceMobCaa 

CdnTlraA 

CdoUflA 

CTRttISk 

Gaz Metre 

Gt-Wed LiftCO 

Imacco 

mwflanGip 

LafabMGu 

Nal Bk Canada 

AiMrCorp 

Power FW 

OudKarB 

Rogert CeromS 

RuyteBKCda 


AitfA 

DwinonkeBh 
Elm 
HahhmdA 
KHBDerAsa 
MotikHWro. 

Norate Stop A 
HyaraedA 

onuoAsoA 
PdtaiGeaSw 
SuaPenaA 
Sdi&sted 
TianocmW 
Storebrand AM 


608 614 

7J2 7J5 

136 378 

9J2 9J6 

196 3JXJ 
5J7 561 

114 172 

AX 4J5 
X92 X82 

10J5 10J1 
10J3 10.45 
X46 XS0 
602 603 

571 574 

057 189 

449 455 
1853 1690 

7J9 7J5 

42? 428 

196 196 

677 BJ3 
410 431 

1164 1135 
1.79 139 

1079 lias 
87 9 653 

450 443 

699 677 

10.M 1QJ2 
418 416 

409 417 

788 751 

491 490 

5J9 603 

172 372 

1753 1BJ2 
462 462 

7.03 7jD5 
7.05 757 

578 607 

114 121 

833 8J2 

363 154 
454 477 

234 230 

1883 19.08 


PSE fades 24*93 
PnviMi: 2*9X49 

15 1SJ0 1650 
1975 1975 19 JO 
141 142 141 

970 970 9 JO 

80 90J0 81 J0 

505 510 505 

5J0 5J0 570 

200 200 205 

870 875 870 

55 5SJ0 54 
770 770 7 JO 


Beisa Mr 4899.53 
Pnvioec 501461 

SSJD t&fO 6600 
2155 2155 2190 
4170 41 JO 4IJ5 
1426 1450 1420 
4J70 43JD 43 SB 
5670 5770 57.90 
362 364 368 

3100 3600 3610 
3690 37 JO 3780 
13X50 13140 13450 
1986 20.10 20.10 




HtgM Low Oem Pm. 


Sao Paulo Bm^fajRimij. 


HMb uw dm P«. If^e Trib index 


Prices as of3.V0 PM New York me. 


BradeseoPM 

BrahmnPfd 

CMltaPtd 

CESPPfct 

Copd 

Eterohra* 

PeutancoPM 

UgMSMrtcte 


PwnbrasPfd 

PatbtoLia 

SWNodanol 

Souza Czuz 

TeWatBPfd 

Tdemffl 

Tetart 

TetespPW 

Urtbonco 

UteminaaPM 

CVRD PM 


1696 1180 
BOO 80 80080 
5420 5450 
8X00 8X20 
1630 1690 
50780 S11S0 
63080 63612 
50080 50080 
45080 45000 
30600 30780 
20400 20400 
3680 3600 
1690 1690 
14699 14180 
18580 18580 
15X601S2J10 
33400 33400 
37 JO 37 JO 


SI George Bank 

845 

83S 

845 

WMC 

7 A 

7J0 

7J7 


iH 

827 

1088 

826 

11-08 

ill, I Lien fill 
WOtnmaTrtt 

424 

A15 

4 20 


Singapore ■"»»«» 


Alla Pnc Brew 560 
CersbosPoc 575 
OtyDmm 1120 

6W 

EJBS foreign 1690 
DBSLand 4M 

FrawiNtre 970 
HK Land* 141 

jkwJMrShOJ** 780 
JartSfeategfc- 413 
KappeU 620 

a 

OSUnteftF 885 
PartcwoyHd^ 6S3 
Scrobrounna 450 
SJngAlrforeiyi 1160 
Stop Land 7.15 

SlngPresaF K 
SfngTBdihid 172 
SBra Tfaecontm 2J4 
TalLc* Baofc Z82 
Utd Lrdmirtd 187 
LrtdDSeaBkF 1130 
WtagTalHdp 178 
-inUJ.ddbrs. 


PrertoM.-789IJ7 

JO SJ0 5J0 
.10 610 615 

M 11-80 12 

JO 1IJ0 11J0 
1.92 0,94 0.95 

.40 1570 17 

JO 448 441 

70 9J0 870 

1X2 370 778 

J 6 76S 770 

.14 414 418 

70 610 570 

L62 176 362 

64 474 464 

118 4X0 41B 

.70 1X20 1X40 
’JO 8 885 

75 645 635 

70 650 625 

11 11 11J0 

7 785 7 

22 22 2470 

164 364 3J0 

16 16 26 

L7B X80 X74 

84 187 187 

12 1X30 1X90 

I JO 174 170 


Taipei 


CWobTung Bt 
cmaDeivpnrt 
Oiino Steel 
PW Bonk 
Fonnosa Ptartk 
HuoNonSfc 
hitlComra Bk 
Non Yq Ptasfcs 

State K0M Life 


UMMlao 

UldteMdCMn 


Tokyo 


Steck MmM tadR 977070 
Pmtom: 94X274 


14650 14650 
114 114J0 
79 74 

72150 JJ9J0 
31.10 3640 
114 115 

4450 43 

119J0 lie 

57J0 56 

7450 73 

101 JO 99 JO 
152 14150 
47 JO 44 

130 12150 
4450 4150 


14650 144 

11450 11450 
7150 76 

12X50 1)9 

3670 31.10 
115J0 11450 
4X50 4X50 
119 117 

54 5650 
73 72 

10050 99 

152 14250 
4650 4580 
178 12150 
44 4150 


ABnomoto 
Aft Nippon/ 


As** Bant 

Asa hi Chen 

Aul*GkK& 

BkTekyoMtsu 

Bk Yokohama 

BrtdBWtone 

Conor) 

Or*wBsc 

CtauateaiBec 

Dai Wpp Prtnt 

Dalte 

DnMeteKurg 
Dahn Balk 
Dotem House 

DetemSec 

DCH 

Denso 

EasUoponRy 
Bsct 
Faroe 
Fuf] Bank 
Fud Photo 


Stockholm «1 4M«: 3g37 

PreMat*: 3527.16 


snt sm 

3970 394 

44 4311 
1155 Ufa 
32te 32te 
4i7s m 
35 3420 


38ft 31)0 
34ft 36 
2714 7775 
1140 1070 
4X35 6270 


SOU 51 
Ufa 2575 
3970 39J5 
43U 4311 
1160 1865 
32ft 32ft 
41K 41 JO 
3420 3SJ5 
20ft 2075 
17ft 1740 
3X20 38ft 
3615 £ 

27* 27 

1040 1045 
4270 53ft 


OBXfaJte 49487 
P late au 7BH3 

137 134 134 135 

206 202 2Q5JQ 204 

2420 2560 2410 HJ0 

31 30J0 3070 3170 
147 14450 145 147 

44 4S50 45J0 41» 
473 434 4M 473 

410 402 43XS 612 

293 290 292 2rt 

157 15170 155 1» 

SS 553 555 53 

«0 414 414 425J0 

ISO 145 148 150 

130 12870 129 IM 

617 617 617 620 

5140 50 50 «7* 


AGAB 

ABBA 

AsslOomai 

Asira A 

AfasGopeoA 

Arrtofer 

EfetfRftJxB 

WcssodB 

HeraxsB 

inOSfflhwA 

tnwMtorB 

MoOoB 

NanflwntBi 

Ptaartlgfahn 

Scania B 
SCAB 

S-EBaatanA 

StenSoFari 

SkaaueB 

SKFB 

SparhankenA 

S&A 

SvHandksA 

VohoB 


Sydney 


Amr 

ANZBUng 

BHP 

Bon* 

Baablnlaz 

CBA 

CCAmat* 

CpteMWj w 

Carrico 

CSR 

FeteireBrew 
Goodman FW 
IO AusboHa 
Lead Lease 
MUlMte 
Mat/teSto* 
Na)Muhi 8 H 8 g 
News Carp 
PodflcDowp 
Ptaneerlnfl 
Puh Broodcost 
ffioTMa 


10850 110 

115J0 11650 
239 24X50 
132 134 

247 247 

785 JO 2B7JB 

590 590 

345J0 348JD 
306 314 

750 750 

4Q5JO 410 
230 290 

2a m 

27X50 274 

247 JO 252 

215 2)7 

185 ?fi? 
8450 85 

316J0 318 

329 33) 

25050 223 

17450 17650 
136 137 

250 253 

21BJO 22) 


ABOtdavfeE 264420 
Prwte»2627J« 


>70 8.16 
1125 10.10 
1770 I7JI 
3.94 371 

27.73 2690 
1655 1647 
1610 1485 
675 650 

7 652 

5.17 4.93 . 
285 282 

2 1.97 

1107 1X90 
»J5 2986 
1J* IJ4 
1975 1B86 
Xll XOB 
197 190 

XSB 149 
482 474 

116 883 

21 JO 21.10 


874 613 
1075 1082 
17J0 1772 
190 181 

27J0 3670 
1659 IMS 
15 I486 
660 647 

675 649 
616 492 

164 281 

1.99 1.96 
1X90 1X87 
2972 2B-97 
1.74 U4 
1971 1191 
L11 288 

5,95 688 

3j4 in 

4S5 480 

lid 103 
21J8 7185 


HodtOuniBK 
Hitachi 
Honda Motor 
1EJ 

mi 

ftadw 

ffo-Yafodo 

JAL 

Jopon Tobacco 
JVSCD 
KoBma 
Kcnsai Elec 
Kao 

KawsMtfffay 

KawpSted_ 

BnWMpiJRy 

KtateBm my 

Kobe Steel 

Komatsu 

Kubota 

Kyocera 

KralroElK 

LTCB 

MfllbOCTi 

Monk 

MjSsuCmwo 

Matsu Etec ted 

Matsu Bee Wk 

MfisubraW 

MBsubisMCli 

M&ubbtoQ 

MdsUxstaiEst 

Mitsubishi H*y 

mubkMMat 

MfcabisNTr 

MBsd 

MftsdFwtea 
Mfcrot Trust 
Manta Mis 
NEC 

NUoSec 

Nikon 

Nintendo 


Nltad 225: 1932683 
Provisos: 1922X62 

1200 1140 1140 JO® 
710 703 703 702 

3440 3420 3420 3470 

367 «0 842 Mfl 

620 605 405 601 

1010 TO 995 1020 

2350 2330 233 ) 2300 

530 519 5 J 0 529 

2900 3790 2890 37 ® 

3770 3770 3730 

2020 2020 2030 

I 960 1930 1930 1940 

7790 2760 2770 2760 

BS 3 ■ 8 * Ml 853 
1490 J 460 1440 !« 

638 590 623 

1430 1390 1400 1 .. 

768 760 764 756 

73500 7120 a 7130 a 7170 a 
2910 2860 1880 M 50 

5570 a 5500 a 5520 a 5500 a 
%sn 2470 

5030 S 090 

1600 15 J 0 1570 1540 

5050 4910 4950 4810 

1720 1690 1700 1 700 

1150 11 ®' 11 « 1130 

1270 U 40 1240 1240 

3820 3710 3740 3780 

1760 1740 1750 1750 

390 371 383 390 

519 511 Sll 520 

6730 6690 6710 66S0 
445 479 468 

.JOB 9540 a 9420 a 
3450 3«0 3420 3400 
“ 610 tUt 


Jen. 1 . 190?= 100. L» set Chmga % change ynrtodato 

% orange 

World Index 173.09 -1.45 -0.83 +16.06 

Regional Indexee 

Asta/Paafk: 129.93 +0.01 +0.01 +5.27 

Europe 16137 -2.08 -M3 +12.51 

N. America . 202.53 -1.12 -0.55 +25.09 

S. America 165.92 -4.54 -2.66 +45.00 , 

Industrial Indexee i 

Capital goods 224.08 -1.86 -0.82 +31.07 

Consumer goods 187.88 -0.78 -0.41 +16.38 | 

Energy 19220 -2.93 -1.50 +12.59 

Finance 132.82 -0.75 -0-56 +14.05 

Miscellaneous 187.72 -1.88 -0.99 +16.03 

Flaw Materials 185.77 -1.98 -1.05 +5.92 

Service 162.58 -2.14 -1-30 +18.39 

Utwes 184.72 -2.64 -1.58 +14.82 

7770 international HartUd Tribute World Sock Index O trucks the U.& Otter values of 
280 intemationaBy investablB stocks from 25 countries. For more MbimaOon, a free 
booklet is available by wrung to The Trib Mes,18i Avenue Ctiariea de GauBe. 
92 S 2 lNeuOy Cedex. France. Compttea by Bloomberg News. 


NanlUir 

NKK 

Neman Sec 
NTT 

NTT Data 
OpPn*r 
Osaka Ca& 
Haft 
Rohm 

Bk 

Sonkyo 
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INTERNATIONAL HERALD TRIBUiVE. SA Tt^AY-SUTOW, AUGU ST 16 17. 1997 

ASIA/PACIFIC 


PAGE 13 


MOvj. 


£ik>- 

- 

-- S'. 
•riWp.'-' 


i. 


Brierley’s Fairfax Stake 
Is Scrutinized by Panel 

Move Could Force Investor to Unload Shares 


, :\ 


tn Out Surf Pmwi Pnfw. fr, 

L S ovem menr regulator 
indicated Friday that « was trying tS force 
Bneriey Investments Ltd. to divest itself of 

F^ , Ho^ g "™r Per PUb ' 1ShCr J0h " 

v A V SIra V ai L Securities Commission 
said it had applied to the Corporations and 
Securities Panel for a ruling on share trades 
between New Zealand-based BrierJey and 

AGO 1151131 * 3 " fUtUrCS arm ° f MeiriU Lynch 

The commission said Merrill and Bri- 
erley made a swap agreement in March 
covering a 4.9 percent stake of Fairfax, held 
by Merrill. 

Brierley could not buy the Fairfax shares 
directly because the newspaper publisher’s 
other shareholders had voted to stop Bri- 
erley from doing so. At the time. Brierley 
held 1 9.9 percent of Fairfax . 

It is only the third time the commission 
has sought a ruling from the panel, which 
has the power to reverse transactions it 
deems unacceptable. 

The securities commission cannot pen- 
alize Brierley, although it described the 
purchases as "unacceptable conduct.” The 
Corporations and Securities Panel can 
make "any order it considers necessary or 
desirable to prorecr shareholders' rights," a 
spokesman for the commission said. 

When Brierley revealed its 19.9 percent 
investment in Fairfax in December, ana- 
lysts suggested it would eventually sell its 
stake to Kerry Packer, the richesr man in 
Australia. Mr. Packer is prohibited from 
controlling Fairfax because he has tele- 
vision interests, although the government 
has indicated it might loosen its media- 
ownership rules. 

Fairfax publishes the Sydney Morning 
Herald. The Age of Melbourne and the 
national daily The Australian Financial Re- 


view On Friday. Brierley said it would 
u * lts ?. ctIons an d that the statement by 
the Australian Sec unties Commission was 
misleading. 

The commission did not mention that the 
transactions did not require Brierley ’s 
counterparty to acquire, hold or dispose of 
any Fairfax shares ai anv time. Brierley 
said. 

The agreements referred ro are purely* 
economic, synthetic financial transac- 
tions, ’ it said, adding ihat the arrangements 
did not give Brierley "anv riahi or en- 
titlements to any Fairfax shares." 

These synthetic transactions are com- 
mon. Brierley added, and said it was un- 
fortunate that the commission had not 
provided specific guidelines to the markei 
about their use. 

It also said it had first learned of the 
commission's action when the commission 
issued a press release Friday afternoon and 
said the commission had noi approached it 
to discuss the allegation. 

It said it had found the commission’s 
conduct "in this regard, extraordinary." 

Fairfax went into receivership in 1990 
but was rescued with the help of Hollinger 
International Inc., controlled bv the Ca- 
nadian investor Conrad Black. 

For years it has been the subject of in- 
terest among Mr. Black and Rupert Mur- 
doch, who were forbidden to control it 
because they are not Australian citizens, 
and Mr. Packer, who is barred from taking-it 
over because of the media-ownership re- 
strictions. 

Mr. Murdoch, whose News Corp. con- 
trols most of the big papers in Australia not 
owned by Fairfax, gave up his 5 percent 
stake in Fairfax last year. 

.Although bom in Australia. Mr. Mur- 
doch is a U.S. citizen and thus considered a 
foreign in vestor. (B loomhcrg , R enters ) 


CITIC Pacific Shares Stumble 6% 
As Doubts Grow on Link to China 


Bluuniberg News 

HONG KONG — Shares of OTIC Pacific 
Ltd;, the Hong Kong arm of China’s largest 
investment company, fell nearly 6 percent 
Friday amid concern that its links to its main- 
land parent, China International Trust & In- 
vestment Coip., were weakening. 

Speculation dial the company is losing fa- 
vor with CITIC were heightened after another 
CITIC unit, Ka Wah Bank Ltd., said it might 
reorganize and move its home base to Ber- 
muda from Hong Kong io facilitate its ex- 
pansion. . . , 

"Ka Wah Is undergoing some serious re- 
structuring and may be moving up the ranks 
very quickly." said Chris Choy, investment 
director at Pacific World Asset Management 
Lid. "This makes many people wonder if 
CITIC Pacific's position will be as strong as 
before.” 


CITIC Pacific officials did not return calls 
seeking comment 

CITIC Pacific's stock slumped 5.9 percent 
to close at 47.90 Hong Kong dollars ($6.19). 

Trading volume was 25 million shares, 
about 3.4 times its daily average over the past 
ihree months. 

Ka Wah.stock rose as much as 14 percent 
before closing 7.6 percent higher at 14. 15 
dollars. 

Not everyone, however, is convinced that 
Ka Wah ’s proposed restructuring puts the nail 
in CITIC pacific’s coffin. 

“It's still too early to conclude that’s die 
end of the link,” said Adrian Au. an assistant 
fund manager at In vesco Asia Ltd. "I chink 
when people look at CITIC Pacific, they look 
at the capability of the Hong Kong-based 
management, rather ihan the link between the 
listed vehicle and its parent company." 



Mu.-1u.rf Oj.i- .The V 


QUIET CORNER — Gold traders in a Jakarta shopping center looking in vain for 
customers Friday in the wake of the floating of Indonesia's rupiah Thursday. The 
price of gold, which is tied to the dollar, rose sharply as the rupiah slumped. 

Japan Securities Firm Closes 


TOKYO — Ogawa Secu- 
rities Co. said Friday that it had 
shut down operations volun- 
tarily, effective immediately, 
becoming the first Japanese 
securities company to go out 
of business in 1 7 yeans. 

The Osaka-based firm, an 
affiliate of Yamaiclii Secu- 
rities Co., suspended business 
on May 26. The company said 
that its financial difficulties 
were too difficult to over- 
come and that the company 
would be liquidated. 

Ogawa and another Yamai- 
chi affiliate in Osaka^Daichu 
Securities Co., were saddled 
with abour 2 billion yen 
($16.9 million) in debt from 
unpaid stock-purchase con- 
tracts as of the end of May. 

The shutdown could mark 
the beginning of a period of 
consolidation in Japan’s se- 
curities industry. Brokers are 
preparing for a freer and more 
competitive financial indus- 
try over the next five years 
after a sweeping deregulation 
effort, dubbed the big bang. 

Yamaichi itself has lost 
money on its operations in 
four of the last six years. In 
the year ended March 31, it 
lost 5.4 billion yen on op- 
erations at the consolidated 
level. 

Japan's fourth-largest se- 
curities house stands to lose 
more business following its 
implication in a scandal in- 
volving 80 million yen in pay- 
offs to a gangster. 


Eleven top executive*, of 
the brokerage, including its 
president, Atsuo Miki. and its 
chairman. Tsugio Yukihira, 
said Monday that they would 
resign af the end of the month 
to take responsibility. 

The scandal has caused 
similar shake-ups ai Nomura 
Securities Co. and Dai-lchi 
Kangyo Bank Ltd. 

Yamaichi shares fell 7 yen 
Friday, to 263 yen. 

Established in 1881, Oga- 
wa is one of the oldest se- 
curities houses in Osaka. The 
company was posting losses 
because of the general down- 
turn of the srock market. 

(Bloomberg. Bridge News} 


■ Attack Stuns Yamaiclii 

The stabbing death of a Ya- 
maichi executive near his res- 
idence has added security fears 
ro the public-relations prob- 
lems facing companies caught 
in a widening financial scan- 
dal. media reports and firms 
said Friday. Reuters reported. 

The police said they had 
not linked the slaying Thurs- 
day of Koichiro ‘farutani, 
who handled investors' com- 
plaints about share transac- 
tions, to the racketeer payoff 
scandal. 

The Yamaichi firm said it 
was "stunned’ ’ by the killing, 
but could identify no busi- 
ness-related motive for it. 


Hong Kong 

Hang Seng 

1700)- - - —i 

16000 — / 

15000 xflf- 

140M -- - 

isooo’L— A — 


Singapore 
Straits Times 

2275 *- 

■ 2200 . 

2125 V T 

2050 \f\c- 
1973 ■ — - --^4* 


Tokyo 
Nikkei 225 

- 22ffi» - 

- 2m ■ - 

- 20300 — 

- 19000 J 

- IEMqW- 


12000 M AM J~J A ' 1500 M AM'J J'A A M J J A 


1997 189 

Exchange ■ Index 

Hong Kong- ; HangSeng 
Singapore v Straite Timas- 

Sydney MOrdirarfw 

Tokyo 

Kuala Lumpur Composite 
Bangkok . -SET ~ : ~~ 

Seoul Composite Inc 


1997 

Friday Pray. % 
Cfcsa Close Change 

16#B.88 17,307.41 -2.31 

1,953.80 1,891.77 +3^8 

ZS6&28 2;627.4Q +1.4S 

19,326.03 19^22^2 


Taipei 

Manlte 

Jakarta 

Wellington 

Bombay 

Source Teiekurs 


SET 623.25 628.69 -Q .37 

CwtpMdte Index Closed 755.78 - 

Stock kterket Index 9,770.80 9,632.34 Tf44 

PSE ~ 2,4484)3 249349 "-T.79 

composite Index 617.71 • 643.01 -3.93 

NZ5E-40 2,495.63 2,452.bT V l78 


Sensitive Index 


4.320.87 - | 

lni_77U- - i".til H.-rJJ Incline 


Very briefly; 

• Uzbekistan will hold a lender in October or November io 
award foreign investors a 40 percent stake in the Almalyk 
copper smelter. Bids will be accepted until Sepi. 25. 

• China said it would make new negotiating offers this month 
or next to try to advance its application to enter ihe World 
Trade Organization, but ir asked its irading partners to be 
reasonable in their expectations. 

• Coca-Cola Co. has created a carbonated soft drink called 
Smart, to be marketed in China in five fruit flavors. 

• United Communication Industry PLC. a Thai telecom- 
munications company, plans to slash the salaries of 4.CKX) 
workers to ny to cope with the country’s economic crisis and 
said it would be able to repay the shortfall in wages in two 
years, local newspapers reported. 

• Bayer AG said it would invest 500 million Deutsche marks 
($271.8 million) in Thailand in the next five years. 

• PT Aneka Tam bang, an Indonesian mining company, will 
be the only state-owned enterprise to sell shares in an initial 
public offering this year, the Indonesia Observer said, quoting 
Baclius Ruru, the director of state-owned enterprises. 

• The Internationa] Monetary Fund reached agreement 
with Vietnam on an economic program needed for Hanoi io 
receive new loans. Bloomberg, ten. A P. AFP. a FX. Pri Joe St n 1 


China Chooses Europeans for Dam Project 


Gvnptln/to Oar SajffFrvm DtipJKhn 

BEDING — Three European con- 
sortiums, one with a Canadian partner, 
have won contracts to supply 14 sets of 
turbines and generators for the Three 
Gorges dam on the Yangtze river, one 
of the world’s biggest construction 
projects, sources said. 

An alliance between Voith (J.M.J 
GmbH and Siemens AG of Germany 
and a Canadian subsidiary of U.S.- 
based General Electric Co. will supply 
six turbines and six generators, the 
sources said Thursday. 

The British-French group GEC-AI- 
sthom will provide eight turbines, ac- 
cording to the sources” and ABB Asea 


Brown Boveri Ltd., a Swedish-Swiss 
conglomerate, will provide the accom- 
panying eight generators. 

The sources were unable to specify 
the total value of the contracts, al- 
though estimates have put the figure at 
around $800 million. 

Winning this first round of orders 
for power-generating equipment could 
give the companies an advantage in 
seeking more business on the $24 bil- 
lion project, which was started in 1993 
and is to be the world's biggesr dam at 
its scheduled completion in 2009. 

The Yangtze is to be dammed in 
November, marking the end of (he first 
stage of the project- The plan calls for 


26 generator sets with an installed 
capacity of 18,200 megawatts of elec- 
tricity. 

In one set of orders, the group led by 
Siemens will supply six turbine and 
generator sets valued at about $240 
million, according to Zhao Jingsheng, 
head of Siemens's hydropower divi- 
sion in Beijing. 

Six international groups were bid- 
ding for the first-phase contracts. The 
two European-led groups beat a Jap- 
anese consortium Aar included Hita- 
chi Ltd., Toshiba Corp. and Mitsubishi 
Heavy Industries Ltd., as well as oth- 
ers from Russia and South America. 

(AFX. AFP. Bloomberg i 


MOON: Its Eyes on the Sky, LunaCorp Hopes Pathfinder Craze Will Make Its Lunar Dream a Reality 


Continued from Page 9 

"We’re hoping the Path- 
finder will truly be a pathfind- 
er for us.’’ said Mr. Gump, 
president of LunaCorp, in Ar- 
lington, Virginia. It was foun- 
ded in 1989 by a group of 
business executives, scientists 
and former NASA officials to 
pursue space exploration 
privately in the face of dwind- 
ling government budgets. 

The company is trying to 
raise $250 million to conduct 
the first privately financed 
lunar mission in the year 
2000. The goal is to use 
launchers from a California 
company called Rotary Rock- 
et to send up a pair of solar- 
powered robotic vehicles and 
direct them on a nvo-year- 


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Equipped with cameras, 
the rovers would send back 
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Mr. Gump and his asso- 
ciates at LunaCorp do not ex- 
pect their lunar ride to cost 
customers any more than the 
usual theme park offerings. 
Most likely it would be in- 
cluded in the price of a park's 
day pass, Mr. Gump said. 

Wild as it may sound, the 
mission has the backing of 
some important people in the 
space industry — even the 
Sojourner drivers, Brian 
Cooper and Jack Morrison. 

"I’d find it interesting, but 
it would be a lot different than 
(hiving on Mars,” Mr. Mor- 
rison said. 

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rovers would travel abour 5 
miles an hour, whereas So- 
journer moves about 150 feet 
(46 meters) an hour. 


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Transmissions between 
Mars and Earth. 120 million 
miles away, take about 11 
minutes. The time delay be- 
tween Earth and the much- 
closer moon is only about five 
seconds. Finally, the moon 
rovers would be smarter than 
Sojourner — the idea is that 
they would "speak’’ in syn- 
thesized voices to theme park 
visitors. 

But despite the high level of 
support and the technical fea- 
sibility of the mission, Mr. 
Gump and his colleagues keep 
hitting a brick wail: money. 
They don’t have any, and so 
far they haven't been able to 
sell the idea to investors. 

Mr. Gump says he has 
knocked on the doors of 
countless companies, includ- 


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mg Walt Disney Co. and Mi- 
crosoft Corp. Just last month 
an investor from South Africa 
paid LunaCorp a visit, inter- 
ested in building a theme park 
there. 

"Every meeting we go ro, 
everyone says what an in- 
triguing concept it is," said 
James Dunstan, executive vice 
president of LunaCorp. ‘‘The 
problem is that everyone 
wants a radical new idea that's 
withstood the test of time.” 

So LunaCorp keeps push- 
ing back its launching date. 


Originally the company 
hoped for a 1997 send-up. but 
now it's looking like 2000. In 
the meantime, die company is 
staying afloat and paying the 
salaries of Mr. Gump and his 
assistant by developing and 
selling two CD-ROMs aboui 
the moon. This fall it plans to 
release a new arcade game. 
Board members also have 
chipped in some $250,000. 

Soil, LunaCorp and others 
remain optimistic that private 
space exploration is a matter 
of sooner rather than later. 


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How Old Tigers 
Lost Their Roar 
In Recent Asian 
Currency Crisis 

By Conrad de Aenlle 

O NCE THEY were roaring tigers, but now they 
are getting a bit long in the tooth, investors 
probably should not bet against them, bat com- 
mitting moaey to Asia’s four Uttie Tigers and 
tfieir neighboring economies these days would be taking 
a lot of risk as recent events illustrate. 

Investors may not appreciate the irony, but Southeast 
Asia has been among the few places where it was easy to 
lose money during the global asset appreciation of the 
past three years. Before that, investments in the four 
Asian tigers — - Hong Kong, Singapore. South Korea and 
i aiwan — and their fast-growing neighbors, seemed like 
sure things. 

The current crisis, centered on Thailand, is only an 
acceleration of a multiyear slump. Share prices in 
Bangkok fell 70 percent before reversing course sharply 
after the currency, tbe baht, was allowed to float last 
month and immediately fell 25 percent against the dollar. 

The rise of the stock mar- 
ket reflects optimism that 
a cheaper baht will make 
Thai exports seem more 
competitively priced, but 
the lull of the baht made 
the gain barely percept- 
ible to foreign investors. 

In other Southeast 
Asian stock markets, 
which have seen cur- 
^ rency depreciations of up 
to 10 percent, losses in 
dollar terms this year range from 3 percent in Indonesia to 
22.8 percent in the Philippines. Hong Kong and Taiwan 
are the exceptions: Their stock indexes are up 19.7 
percent and 40.9 percent in dollar terms, respectively, this 
year, but as currency turmoil extended to Hong Kong on 
Friday, tbe market lost 2.4 percent of its value in a single 
session. Some analysts think Taiwan, with a burgeoning 
bad-debt problem, could be next 
Currencies, in fact, are the key to what ails the tigers. 
Their economies have been growing faster than those of 
less dynamic countries, reflecting high manufacturing 
output and exports, which depend on capital flows. 

these factors alone would leave the tigers vulnerable 
to swings in the business cycle. Add the pegging of many 
Asian currencies to the dollar, constraining the use of 
monetary measures mat 
other central banks have 
at their disposal, and the 
risk of a Thailand situ- 
ation grows. 

A strong capital inflow 
“boosts the money sup- 
ply and lowers interest 
rates,” Alistair Barr, an 
economist at die Centre 
for Economic Forecast- 
ing at London Business 
School, said. “Invest- 
ment and consumption then go up, and with a pegged 
currency, you can’t say, ‘Let’s raise interest rates.’ ” 
Through die spring of 1995, weakness in the dollar and the 
tigers’ currencies drove a boom in exports and economic 
growth. The tigers seemed a sure tiling to outsiders, and 
inward investment soared. Hie money went into property 
development and new factories — too much in each case. 

The tigers now produce far more computers, semi- 
conductors and other goods than tbe world is willing to 
buy, with depressed prices and lower revenues tbe result. 
Economic growth has slowed, the property bubble has 
burst and banks have collapsed. 

These unhappy circumstances were gravely worsened 
by the dollar’s recent rise, which raised the value of the 
tigers’ heavy foreign debts. More important, because of 
the currency pegs, export prices rose, making unwanted . 

rosuy , and central banks had to work against 
their countries’ industry 
by keeping interest rates 
high to support the pegs. 
At tiie same rime, with 
growth slowing, foreign- 
ers asked for their money 
back. There was no 
choice but to weaken the 
link to the dollar in sev- 
eral countries. 

Korea has gotten into 
much the same fix as the 
other tigers, although it 



goods more cost 








accomplished- it pretty much on tts om Because n has 
been stow to open markets to outsiders, there was no bdid 
waveof inw^investment Instead, they ensured pmm 
savings were funneled into state-owned banks and then to 
the dwebol the giant industrial conglomerates, in the 
b£*p Joa^M in Southeast Asia, production far 

before most of the oto. 

because many of Korea s 
problems — corporate in- 
debtedness and slowness 
of reform in particular 
are systemic, not cyclical. 

It is also recovering sooner. 

After reaching very low 
valuations late last year, 
the market turned higher 

and is one of the few wi the 

right side of zero this year. 

One reason is that the cur " 
rency, ihe Xr falls against the dollar and yen, 

anchored to foreigners. 

Korean goods are pnwO' J®*?. Taiwan’s, was success- 

5 inga^re’s government industlial expan- 

E^yTa^; f ^C Und ' r,heWei8hl 

tantaiizingly cheap to fore ^ Asset Management, is 

investment offices m W^ 1 ^ und5tpcrfonrl5 d to 
resisting the tovesior, it’s getting quite tempi- 

three ycan^ for a ^ ^ two or three years and see 

mg," he said ^^^V^cnhcd event and a long-term 
the currency volatility as cautious.” 

positive, but short term, we are 





'• •*.: •.%. !■ \ • .» . . . 

B Sr 


Prospects for Growth Forecasts for increase in real GDP, in percent 



Gem! L*k//5mcl 


4 Emerging Tigers: Far-Flung and Individualistic 


By Aline Sullivan 


F OR MORE than a decade. 
Southeast Asia has been 
home to the so-called Little 
Tigers: countries with fast- 
growing economies in which long- 
term investments were almost a sure 
thing. Until recently, the region was 
a byword for prosperity, slighted 
only by a very few contrarians who 
questioned whether such rapid 
growth was sustainable. 

That the contrarians had a point is 
now obvious. Money is pouring out 
of the region as it experiences grow- 
ing pains, leaving investors to scan 
the globe for other opportunities. 

Four markets that investment pro- 
fessionals say could be the tigers of 
die next millenium are Chile, Ire- 
land, Pakistan and Zimbabwe. These 
new tigers have small sizes and high 
rates of growth (about 6 percent an- 
nually, or twice that of tiie United 
States) in common, but tittle else. 

Indeed, they also share very few 
characteristics with their Southeast 
Asian predecessors. Cheap labor 
and capital, traditionally the basic 


foods of economic tigers, are no 
longer the big attractions. Instead, 
these countries offer investors 
strong growth based on solid eco- 
nomic foundations and reasonably 
stable governments. 

They are certainly not scrambling 
to emulate the successes of Japan. 
Southeast Asia’s countries did that 
only too well: allowing wages to rise 
and real estate values to soar trans- 
formed the once- fierce regional 
challengers into defendants, vulner- 
able to competition from their less- 
developed neighbors. The new ti- 
gers are more subtle and tracking 
diem is harder work. 

‘ ■There aren’t many parts of the 
world left to discover in the way that 
investors discovered Southeast Asia 
10 years ago,” said Austin Forey. a 
director in the emerging markets 
department at Robert Fleming & Co. 
in London. 

“The only really obvious place 
where that kind of revelation could 
occur is Africa but there isn’t much 
to invest in between South Africa 
and the Sahara. Otherwise, we just 
try to look for good growth pros- 
pects in countries where the econ- 


omy is doing well.” 

Ireland and Chile are certainly not 
classic emerging-market plays, de- 
spite recent annual growth rates of 
about 6 percent. Ireland, the “Celtic 
tiger,” is firmly ensconced in tbe 
European Union, while Chile has 
long been the most stable economy 
in Latin America. 

But both countries are export-driv- 
en and regional leaders in financial 
services, and both are benefiting 
from a reappraisal among investors 
looking for sustainable returns. 

Pakistan is a different story. Asia, 
as any player of the board game Risk 
knows, is a big place, and the sub- 
continent has benefited from the tur- 
moil in the southeast as fund man- 
agers reallocate their assets. 

Pakistan has many of the advant- 
ages of its giant neighbor India, in- 
cluding a rapidly growing middle 
class and some strong export-led 
industries, but it has been plagued tty 
political instability. Reforms are in 
the pipeline, however, and the coun- 
try could become the economic tiger 
of its region, fund managers said. 

As is so often the case in emerg- 
ing markets, the potentially most 


rewarding region is also the most 
difficult in which to invest Sub- 
Saharan Africa has recently posted 
some startlingly impressive gains: 
Its economies grew by a 20-year 
record of 4.4 percent last year. 

Not surprisingly, fund mangers 
have been fast on their feet Ex- 
cluding South Africa, the region 
now accounts for 4.3 percent of die 
assets of the global funds tracked by 
Micropal, more titan double the 2. 1 
percent allocation of a year ago. 

Much of that growth can be at- 
tributed to strong performances 
from the 12 members of the South- 
ern African Development Commu- 
nity, eight of which announced 
growth rates of more than 5 percent. 
Among these, Zimbabwe has be- 
come the darling of international 
investors, thanks in large part to an 
ambitious privatization program. 

Hunting for new tigers in small 
and emerging markets can be an ex- 
ercise in frustration. Every investor 
wants to be the first off the block but 
some managers are critical of what 
they perceive as premature entries 
into illiquid and volatile markets. 

Michael Winter, manager of the 


UBS Asia New Horizons Fund in 
Singapore, is confident that money 
will eventually return to Southeast 
Asia, if only because are not many 
other places for it to go. 

“You cannot shift big money into 
the Asian subcontinent or even into 
Latin America because there just 
isn’t that kind of capacity,” be said. 

Mr. Winter, whose fund invests in 
Korea. Thailand, Indonesia, Taiwan 
and the Philippines, has not had a 
fun summer. Assets have been 
slashed by more than a third, to $500 
million from $800 million. 

“Most of our investors at private- 
banking clients who have been taking 
their money out of Southeast Asia 
and reinvesting it in the United States 
and Europe.” he said. "They were 
right to do it, of course, but I think at 
least some of it will come hack fairly 
soon. The U S. looks overvalued, and 
there are veiy few other markets that 
can soak up big money.” 

Our four new tigers may not yet 
be sufficient receptacles for the huge 
sums flooding out of Southeast 
Asia. But theirgrowth prospects and 
stable politics make them worth 
considering for at least a portion. 


Chile 


Ireland 


C HILE is often the first stop for investors 
entering Latin America's volatile mar- 
kets, and with good reason. In contrast 
to its neighbors, whose boom-bust economies 
were plagued by debt and hyperinflation, Chile 
installed economic policies in the early 1980s 
that produced steady growth and falling in- 
flation, and its private-sector pension plan is a 
model for the rest of Latin America. 

Last year, however, Chile seemed to fall 
from grace. The country was hit by a severe 
drought: economic growth slowed, and the 
Central Bank kept interest rates from falling. 
Disappointed investors headed for the boom- 
ing markets of Brazil and Argentina, whose 
economic ills were diminishing, and Mexico, 
where recovery from the disastrous 1 994 peso 
devaluation was gaining momentum. 

The International Finance Carp. Latin 
America dollar index rose 14.1 percent for 
1996, but its Chile index plunged 17.2 per- 
cent. “People thought Chile's stock market 
would do badly, and it actually did worse,” 
said Geoffrey Dennis, global emerging mar- 
kets strategist for HSBC James Capel. 

But fortunes can change quickly in Latin 
America’s unpredictable markets, and today 
Chile’s prospects are markedly improved. The 
drought has ended, and long-awaited interest- 
rate cuts have materialized, pushing short-term 
rates down to 6.75 percent from 7 JO percent, 
with an additional quarter-point cut expected 
by year’s end. The stock market has surged 30 
percent in dollar terms this year, although Mr. 
Dennis, for one, does not see it as expensive for 
Latin America. Meanwhile, Brazil, especially, 
looks stretched after a nm-up of 5 1 percent in 
dollar terms since January. 

Mr. Dennis turned bullish on Chiieearly this 
year, and he remains positive. “It’s the ul- 
timate safe haven market in Latin America,' 
he said. “If U.S. interest rates rise before the 
end of the year, we would expect Chile to 
outperform the rest of the region, which is 
more dependent on foreign capital flows. 

Longer term, things look bright as well, like 
the Asian tigere, Chile boasis a personal savings 
rate of more than 20 percent, and an economy 
growing al a solid 5 w«nf ro 8 pafcenl 
annually. Moreover, its $30 billion private pen- 
sion plan provides a huge poo! of liquidity for 
investments. Economic growth is driven fay an 
expanding middle class, which is gaining dis- 
posable income, and a program of government 
spending on bridges, ports and roads -pariof 
fplan to make Chile a nude center between 
Asia and southern Latin America. 

Still views on Chile vaiy considerably. We 

think the Chilean market has nached its fair 
value for the year” said Rcnato Grandmoni of 

Continued on Page 17 


N OT ALL TIGERS live in the tropics. 
The so-called Celtic tiger paces the cool 
damp ground of Ireland, transforming 
ihe country’s long-depressed economy into the 
fastest growing in Western Europe. 

Investors are pumping money into Ireland 
at a terrific rate, and for good reason. De- 
veloped, stable and firmly ensconced in tbe 
European Union, Ireland is nevertheless post- 
ing the kind of economic growth usually 
associated with emerging markets. Its gross 
national product soared by an average of 7.8 
percent over each of the past three years and is 
expected by many analysts to continue grow- 
ing briskly to the end of the century. 

. virtually all the news from Ireland is 
cheery these days. The general election on 
June 6 produced a new prime minister, Bertie 
Ahem. He and Prime Minister Tony Blair of 
Britain have already had some success in 
promoting the Northern Irish peace 
process, including securing a cease- 
fire declaration from the Irish Re- 
publican Army on July 20. 

The republic's economy may prove 
a stronger selling point for Irish na- 
tionalists. In Dublin the government is 
somehow managing to beep inflation 
in check while overseeing surging 
growth. House prices jumped by al- 
most a third last year, consumer 
spending reached record levels but 
interest rates remain at historic lows. Nev- 
ertheless, inflation docked in al just 1 .6 percent 
in 1996. At the same time, Ireland enjoys 
significant grants and tax concessions from the 
EU, allowing it to operate an expanding off- 
shore financial management center in Dublin. 

Even unemployment, for years the thorn in 
this tiger’s paw, is abating. Ten percent may 
sound enormous to Americans and Asians, 
but, coming from a country where as many as 
a fifth of working-age people were out of a job 
in the mid-1980s ana some 200.000 were 
forced to emigrate in that decade alone, the 
rate seems blessedly small. 

Today the government is advertising in Bos- 
ton, New York and other cities with big Irish 
populations, begging the best and brightest of 
the country’s emigrants to come home. Irish 
living standards are on target to match the EU 
average by the middle of the next decade and 
exceed those in Britain even earlier, according 
to a recent forecast from the government’s 
Economic and Social Research Institute. 

Prospective investors will find some Irish 
slocks still well worth buying despite a jump of 
almost 40 percent in the Irish Overall Index so 
far this year, analysts said. Building and con- 
struction slocks are still surprisingly cheap, for 

Continued on Page 17 


Pakistan 


F OR THOSE who still doubt that stock- 
market investors look to the future in- 
stead of the past, consider Pakistan. 
Except for Hong Kong red-chips, or issues 
tied to mainland China. Pakistani stocks have 
risen more than any in Asia this year. That is 
not bad for a country whose financial fate lies 
in the hands of the International Monetary 
Fund and which has been pommeled by sec- 
tarian and communal violence as well as pests 
that have attacked its major cash crop, cotton. 
Also, ihe banking system is in terrible shape. 

Now, with a new government that seems to 
be saying and doing some of the right things, 
investors figure the dark days are over. The 
Karachi Stock Exchange index has surged 
42-5 percenr in the year to date in dollar terras, 
mostly since the government of Prime Min- 
ister Mian Nawaz Sharif assumed power in 
February. 

Pakistan benefits from its sim- 
ilarity to India, but there are draw- 
backs as well. Until this decade, the 
two were about equal in industrial 
development, but India’s reforms 
got underway sooner because its cur- 
i rency crisis in 1991 that forced it 
under the IMF’s wing first. 

In a sense. Pakistan has to work 
harder for foreign investment, since 
some of India’s attractiveness lies in 
» its size. The country is expected to 
overtake China in terms of population by the 
middle of the next century. With around 127 
million inhabitants. Pakistan is not a small 
country. bu( it has only about 14 percent of 
India’s population of 9 1 3 million. 

It is difficult to imagine things getting much 
worse than when the government of former 
Prime Minister Benazir Bhutto left office late 
last year. On her watch, payrolls at gov- 
emment-ran companies rose by 50 percent in 
three years, and government bank borrowing 
in the final year was almost four times the 
targeted level. International donor pressure to 
tax the countiy’s richest people, the agri- 
cultural landlords, went unheeded- The IMF 
suspended credit, and Pakistan came within 
weeks of running out of foreign exchange. 

Little wonder Pakistan now has the lowest 
debt rating of any Asian country. It has been 
downgraded twice by Moody's Investors Ser- 
vice since 1995, and now stands at B2, well 
below investment grade. Creditworthiness 
matters, because to miss internal ional debt 
payments leads lo higher borrowing costs for 
everyone, businesses included. 

The market is counting on a new agreement 
with the IMF. reached last month, which 
would release $1.6 hillion in money pre- 

Continued on Pajje 17 



Zimbabwe 


L IONS axe more commonly associated 
with Zimbabwe than tigers. But in 
terms of economic performance there is 
no doubt that the country is the tiger of 
Southern Africa. 

In just one year, Zimbabwe's stock market 
capitalization has doubled. The total, $6 bil- 
lion, is still very small by the standards of 
developed markets — the Johannesburg 
Stock Exchange is capitalized at $283 billion, 
for example — but it makes Zimbabwe by far 
The most attractive market a region that is 
enjoying unprecedented growth. 

The 12 members of the Southern African 
Development Community all registered growth 
last year, eight of rhem at a rate of 5 percent or 
more. Such progress would be extraordinary 
anywhere, but if is astonishing in a region that 
until recently was tom apart by war. 

“Africa used to be tarred with the same brush. 
If there were problems in one countty investors 
would ignore the rest,” said David Masters, 
senior analyst at the Boston office of Micropal, 
the London-based fund data company. 

“But Southern Africa has changed, and 
now that people are waking up to ihe op- 
portunities, there are going to be considerable 
inflows into the region over the next few 
years,” he said. 

Zimbabwe is the region's most populous and 
prosperous country apart from South Africa 
and die obvious target for investors. It accounts 
for 0.5 percent of the assets of the 106 global 
emerging-marker funds tracked from Micro- 
pa!, up from 0.3 percent Iasi year. That gives it 
the lion’s, or tiger's, share of allocations to 
Southern Africa excluding South Africa, which 
rose to 0.7 percent of the funds’ portfolios, up 
from 0.4 percent a year ago. 

Indeed, a number of funds dedicated to the 
region has sprang up in recent years. Morgan 
Stanley invests 21 percent of its $327 Africa 
Investment Fund Inc. in Zimbabwe. The fund, 
which trades on the New York Stock Ex- 
change, has gained 27. 15 percent so far this 
year.' A further 43.1 percent of its assets are 
invested in South Africa. 

Other funds that now invest heavily in 
Zimbabwe include: Alliance's Southern 
Africa fund. Barings' Simba Fund, the GT 
Africa Funds, the Merrill Lynch Middle East 
and Africa funds and Calvert New Africa. 

Raymond Goldblatt. Capetown-based 
manager of Fleming’s $86 million New South 
Africa Fund, devotes virtually all the fund lo 
South Africa and Zimbabwe. 

“The Zimbabweans are managing their 
companies in environments of very high in- 
flation [2 1 .4 percent in the year to June 30j so 
their company earnings look very good." Mr. 

Continued on Page 17 








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INTERNATIONAL HERALD TRIBUTE. SATURDAl-SUNDAi. AUGUST 16-37. 199- 


PAGE 17 


Faith-Based Investing: A Few Numbers, a Little History, a Lot of Hope 


I N A MOVE that took the world completely 
by surprise, Steven Jobs of Apple Com- 
puter Inc. announced earlier this month that 
Microsoft Coro., once a hated foe. had 
agreed to invest SI 50 million in his beleaguered 
company and become its strategic partner 
Apple stock, which had slumped to $13 a share 

“ Sfi S?2 a *“? °t S5 r ° F"° y* 3 ** a S°- shot up 
to $29 the day after the Jobs press conference; it 

has settled back to about S23, an increase of 
more than 75 percent in six weeks. 

Whether Apple, which has lost 51 .7 billion in 
the past two years, will now thrive is still an 
open question. But Microsoft’s help has given 
the company a huge boost. 

In the resuscitation of Apple, there is an 
important lesson for small investors: A cora- 
pany with a great brand name and great products 
will find a way. Jr is nearly impossible, even for 
a hotshot stock analyst, to figure out just how 
such a company will get on track again, but there 
is a good chance that it will. 

. I.crall the strategy grounded in this concept 
“faith-based investing.” It should not be con- 
fused with throwing darts at the financial pages 
or going with a hunch. Faith-based investing 
works only with the right stocks. 

You need a company with the following 
characteristics: 

• Price has been beaten into the ground on 
bad news and worse prospects. 


* Si^ ance ^ remains strong. 

* Product lines are varied. 

* X r3c ^ recor ^ i* extensive and impressive. 
•Brand name remains untarnished. 

Apple is certainly a faith-based stock, but it is 
not a perfect example. For instance, while the 


h.ts doubled since it was created in a merger wo 
years ago. 

Fora la nh -based investing story 1 that’s still in 
the works, consider AT&T Corp. With man- 
agement in disarray, competition fierce and the 
spin-off of a valuable asset (Lucent Technol- 


company had nearly $2 billion in cash at the end ogies. Inc . ). the company has suffered over the 
SLI aS J V f ar ’ 11 1S wk, rivdy young and has a fairly past few years. Profits have declined in three of 
mjted line of products. ’ the past four quarters. But AT&T has one Of the 

A better example is Inter- 

?vI^ na l,.®l SU !. eS 4 MaChL r JAMES CLASSMAN ON INVESTING 

j-orp.. which had practically 

f U P fo r dead by Wall Street when, out best brand names in the world, plus S2G billion 

of the blue. Louis Gerstner, a journeyman cor- in shareholder equity on the balance sheet and a 
P° ra,e executive with no special expertise in dividend of 3 percent. 


technology, arrived on the scene in 1993 and 
revitalized the companv. Within four vears. the 
stock rose from to §107 from S21 (adjusted fur 
splits l. 

No one could possiblv have guessed that Mr. 
Gerstner would be hired, that he would devise a 
brilliant strategy or lhat it would work. Bui a 
faiih-based investor could have figured that 


best brand names in the world, plus S2G billion 
in shareholder equity on the balance sheet and a 
dividend of 3 percent. 

The company lias sorely disappointed in- 
vestors, and selling pressure pushed shares 
down from $46 in December 1995 to S31 this 
past April — a 30 percent decline while the 
market as a whole was rising 26 percent. 

.Amid this carnage. Robert Torrav of the Torray 
Fund was among ihe few money managers gob- 
bling up AT&T'shares. When I’wrote about Mr. 


IBM's brand was so strong, its balance sheet so Torray on March 9, AT&T was the hand’s top 
sound and its products so varied that something holding at 6.6 percent of the portfolio. 


would happen to pull it out of the dumps. 

A few years ago. wjih the Cold War over and 
military budgets being cui. an ideal faiih-ba^ed 
category emerged in defense stocks. Look at 
McDonnell Douglas Corp., which has septupled 
in five years or Lockheed Martin Corp.. which 


"I think it's an excellent ompany.” he said at 
the time. “It's a great brand name, with good 
finances.” It was also cheap, at a price-to- 
e amines ratio of 1 1 . or about half the level of the 
market as a whole. 

Mr. Torrav acknowledged that he could not 


possibly know how AT&T would solve its 
problems, but it continued to hold a strong 
marker position and had shown its mettle in the 
past. With its P/E ratio now at about 14. it may 
still be a bargain. 

A faith-based strategy frequently turns up 
stocks that I'm food of calling “branded wall- 
flowers” — companies with great traditions 
that have been shunned by investors because of 
recent problems, sometimes 
minor. 

~ A year ago, I pointed to 

Merrill Lynch & Co. as a perfect example of a 
branded wallflower. Unloved, it was trading at a 
P/E of 8. Since then, it has more than doubled, 
and. with a P/E of 15, may be a little pricey. 
Other stocks that were identified as branded 
wallflowers then — Dana Coip., Citicorp and 
NationsBank Corp. — have also soared, but 
their P/Es are still lower than the market as a 
whole. 

But perhaps the best evidence chat faith-based 
investing works is a wonderful mutual fund called 
Lexington Corporate Leaders. The fund was 
started in 1935 on a simple premise: We’ll buy an 
equal number of shares in 30 great companies that 
we’ll hold forever. We’ll sella company only if it 
is merged out of existence, is de-Iisted from the 
New York Stock Exchange or stops paying div- 
idends. We won’t add new ones. 

The fund, which Value Line awards its top 


ranking, has performed brilliantly . Over the past 
three, five and 15 years it has finished in the top 
quarter of its invesrmenr category, according to 
Momingstar MmuaJ Funds; If' you had put 
$10,000 into the fund on Jan. 1, 19S7, you’d 
have $49.63 1 on July 3 1 , 1997; over that period, 
the average fund in its category would have 
grown to only S42.253. “Despite murmurs of 
disbelief from active managers,” wires Mom- 
ings tar’s analyst, “this fund continues to out- 
. perform its peers with only a static portfolio.” 

Lexington Corporate Leaders merely owns 
terrific companies, some of which have been 
through hard times and all of which have made 
major changes over the past 62 years in how they 
do business. Typical holdings include Allied- 
Signal Inc., which started hfe as a chemical 
company but whose lop divisions now are 
aerospace and automotive parts, and General 
Electric Co., which moved from lightbulbs to 
power plants, jet engines and financial services. 

The fund also owns Eastman Kodak Co., 
Union Pacific Corp.. Travellers Group Inc., 
Mobil Corp.. American Brands Inc, and, of 
course, our old faithful friend. AT&T. 

^uilnnjihHi fW Service 

For further information, call: 

•LEXINGTON' CORPORATE IF NllERS I 101 nS 7XO w wd.free 

• U'lifttftr (. Pitaf I *<'<35>.0u<6 

• TORRAY FVSD 1 Xil -*0 or within ihe L Wirt Suiev. 1 

XOi;.' Ni*d 


Chile 

Continued from Page 15 

Merrill Lynch & Co., where the biggest bets are on Mexico and 
Argentina. (.Merrill's house view is that U.S. rates will not 
increase again this year and may even fall). 

In London, the $1 billion Schroder Latin America fund is 
somewhere in the middle. After starting die year with a 13 
percent chunk in Chile, its managers took some profits, but 
they are now poised to buy again. “We’re starting to see real 
value, and we think 1998 could be a very good year,' 1 said 
Olga Tascon of the hind’s management team. 

_ Enthusiasm is running high for Enersis SA, the country's 
big electric utility, which has been aggressively taking stakes 
in the privatizations of electricity distributors in Argentina, 
Peru and Brazil. The excitement steins from the announce- 
ment two weeks ago that Empresa Nacionai de Electric idad 
SA. Spain’s electric utility, would take a controlling stake in 
Enersis. creating a regional powerhouse. “Together, they’ll 
have purchasing power of about $3.5 billion to $4 billion for 
upcoming privatizations in the region, and there’s a lot of 
room for more growth,” said David Hurd, Merrill Lynch’s 
Santiago-based electric utilities analyst. 

The country’s banking sector is also attracting attention. 
Ms. Tascon of Schroders sees a value play in Banco Sam- 
ander-Chile, a domestic bank that Banco Santander SA of 
Spain took control of a year ago. With a restructuring of its loan 
portfolio almost finished, the bank is building steady fee 
income from its network of automated teller machines and its 
position as the largest issuer of credit cards in Chile. 

Ms. Tascon finds Banco BHIF attractive as welL despite a 
more than 30 percent run-up in its share price this year. This 
smaller bank is pursuing a niche strategy of lending to 
consumers and small to medium-size companies. It also is 
diversifying into brokerage and financial advisory services, 
including mutual funds. 

Another theme that has paid off for investors in Chile is one 
of buying strong domestic companies that are expanding 
successfully throughout die region. A favorite is Embotel- 
1 ad ora Andina SA, the Coca-Cola bottler for Santiago, which 
is doing a robust business in Brazil and Argentina. Its Amer- 
ican depositary receipts are trading around $21, and Merrill 
Lynch has just raised its target price to $26 over the next 12 
months. Ms. Tascon favors Compania Cervecerias Unidas 
SA. a brewery that also bottles Seven-Up. “Their second- 
quarter results were very good, they’re doing a good job. 


Ireland 


Pakistan 


Zimbabwe 


especially in Argentina, an 
tries,” she said. 


f’rt moving into other coun- 


Juditb Rehak 


For more information: 

• aU. IKE COMPANIES menOcoaJ «* traded at rbe No* Vert Srock EvdMflg* as doto- 
dencoiinaJcd American depositary jeceiJK* 

• SCHRODERS LATIN AMERICA FUND. Tet: 44-171-658-6000 


„ Continued from Page 15 

example, despite share price gains, of about 50 percent last war. 
RMC PLC. Heiton PLC ana Grafton PLC are all trad in 2 at 
between 9 and 1 1 times their estimated 1 997 earnings, compared 
with an average multiple of 15.2 for the sector in Britain. 

Joe Burnell, an analyst at Davy Stockbrokers in Dublin, 
suggests CRH PLC, Ireland’s largest building company, 
which has lagged its peers because the bulk of its earnings are 
derived from outside Ireland. "Investors tend to lump it with 
the U.K. building sector which has done poorly because the 
strength of sterling is hurting rheir international operations." 
he said. “But under 25 percent of its business is in Britain. 
Ireland accounts for a quarter and the U.S.. where 
revenues are certainly healthy, almost a half. ” 

Liam Igoe. an analyst at Goodbodv Stockbrokers, 
recommends sugar company Greencore PLC. “A lot 
of international food companies are setting up in 
Ireland and they all want sugar and flour from Green- 
core,” he said. But at 13 times 1997 earnings it looks 
cheap compared with its Continental counterparts at 
about 17 time earnings. 

Apart from the building and construction indus- 
tries. finding a pure play on Ireland can be a problem 
for foreign investors because so few successful Irish 
companies are purely domestic. A population of just three 
million makes expansion overseas critical for all but the most 
local concerns. 

“Any company here worth its salt runs up against capacity 
constraints pretty quickly and then diversifies overseas," said 
Oliver Mangan, an analysr ar AIB Capital Markers in Dublin. 

‘ ‘But the financial stocks such as AIB and Bank of Ireland are 
still good plays on the Irish economy.” 

. Funds may be the obvious route but investors in Ireland 
appear to have better luck buying shares directly. The $96.4 
million Irish Investment Fund, for example, which is listed on 
the New York Stock Exchange and run by the Bank of Ireland 
Asset Management Ltd., has returned only 14.3 percent in dollar 
terms so far this year after gaining 23.2 percent last year. 

The £70 million First Ireland Investment Trust is a similar 
but better-performing fund run by AIB Investment Managers 
in Dublin and listed on the London Stock Exchange as well as 
Dublin. After five years of strong performance, it significantly 
underperformed the. stock exchange index in 19% but has 
since recovered to outperformed it slightly. The fund’s share- 
holders agreed Wednesday to allow the fund to buy back some 
of its shares in an effort to boost its trading price, currently at 
a 10 percent discount to net asset value. 

Aline Sullivan 

For more information: 

• IRISH INVESTMENT FUND LN’C.. si iieH-fec mthrUS.i 1 KXU6S 6475. 

• FIRST IRELAVD INVESTMENT TRUST, tel. ? V» I 661 7077. 


Continued from Page 15 

viously suspended. That Pakistan’s problems would then be 
over is hardly a sure thing, however. In the past decade it has 
entered into six IMF programs, bur each was haired mid-term 
when the country failed to meet its key conditions, such as 
reducing government spending and imposing taxes on ag- 
ricultural income. 

Will real reform be the outcome this time? Investors think it 
might be, yet Pakistani stocks are still cheap by international 
standards. They are now trading at 11.6 rimes projected 
earnings for the year ending June 1998. and 9.4 times the 
following t ear’s, according to the Jardine Fleming brokerage. 

If the IMF deal should work. Qaisar Hassan. a Jardine 

analyst, figures stocks would rally anew, perhaps as 
much as 30 percent more by December. 

Before then, he foresees some declines among the 
country’s top stocks as some investors lock in profits 
from this year’s great ran. His top pick for right now 
is Muslim Commercial Bank, previously state- 
owned and the only large bank in the country to be 
listed. With the Sharif government committed to 
allowing banks to close unprofitable branches and 
curb their bloared payrolls, MCB is forecast by 
Jardine Fleming to record a staggering 640 percent 
increase in earnings this year. 

A caveat about investing in the Pakistan market, which 
appears to offer a selection of more than 700 stocks: Do not be 
fooled by the illusion of great choice. Other than perhaps the 


who runs me million Regent tracinc Mogul fund, "il- 
liquid means you can’t trade this company at all at any mice 
for many years. The price on the screen is the last trade. That 
may have been made nine months ago.” 

Managers recommend sticking, at least initially, to the 
biggest and safest companies: Pakistan Telecom, for example, 
and Hub Power Co., a private-sector power generator whose 
revenues are denominated in U.S. dollars. 

Philip Segal 

Fur further information on buying Pakistani stocks: 

NOS -US. RESIDENTS have * Dumber of apneas: 

• Tbc Mogul Fund. 44 1 7 1- 3 16-0007. 

•The Jai&nc Fleming Psfaslsn Trial 852- 2145-S7 1 7/44- 1 7 1 -638-5858 

• The Credu Lvwuuu Rikmea Growth Fund 65-5JS4C08 

• The Thornton Minagemcnr (Auil Pitaoin Fund. 852- JC6-M4(. 

FOR VS RESIDENTS. Morwir Suntey'i doted-end Pabiun Lnntmeni Fund liw train na ihe 
New Yorit Suck Ewhange Tel- 212-296-7100 or WM57-S449. 

FOREIGN INVESTORS can aim buy thermo brgcti stocks in Pakistan. Pakistan Telecom and Hob 
Pittktr. via global depenury receipts traded on [be Lueembaojt Stock Eutanp. These can be 
mere com emeni ih«o buying the Pakistani chares directly, but if ihe rape* foils against Wes'era 


Continued from Page 15 

Goldblatt said. He favors the beverage hotels and leisure 
company Delta, the bank NMB and ihe budding company 
Portholds. The New South Africa Fund has gained 21 percent 
so far this year. 

Investors in Africa and further afield bemoan what they 
perceive as a shortage of stocks in Zimbabwe, a common 
complaint in emerging markets. Not surprisingly, local in- 
stitutions have an extremely low proportion, just 5 percent, of 
their investments in the stock market. 

“There is not nearly enough to buy, and buying can be a 
self-fulfilling prophecy,” Mr. Goldbl3tt said. “By the time 
you put through an order ar 1 0 Zimbabwe dollars a share, you 
find that it has shot up to 1 1 dollars a share.” 

The country's ambitious privatization program should help. 
“The recent privatization of Dairy Boards of Zimbabwe Ltd. 
was a huge success and we expect the same from the Com- 
mercial Bank of Zimbabwe and the Cotton Company of 
Zimbabwe iarer this year.” said Simon Ried. a broker at 
Edwards & Co. in Harare. “It is still very early days but all of 
this is very good news for us in this country.” 

Shares in these three companies should be available to foreign 
investors by October, when exchange controls will be relaxed, at 
least for some offerings. By then, investing in Zimbabwe should 
be simply a matter ot picking sectors ana stocks. 

Agriculture, notably tobacco, is still the big earner, ac- 
counting for about 15 percent of gross domestic product last 
year after jumping almost 50 percent in local currency terms. 
Indeed, a prolonged dry season and resulting poor harvest in 
1 995 caused Zimbabwe’s GDP growth to shrink to 3 percent, 
or about the current U.S. rate. One year and one good rainy 
season Iarer. it shot up to 6 percent. 

The manufacturing sector is gaining fast, however. Ana- 
lysts expect it to rise by 7 percent this year, thanks to improved 
consumer demand for beverages, tobacco and clothing. By 
next year manufacturing should be the largest contributor ro 
growth. Manufacturing stocks should rise 48 percent next year 
in local currency and 32 percent in 1999, they predicted. 

The outlook for Zimbabwe's mining induspy is equally 
rosy. Although the marker remains depressed this year by low 
international metal prices, the Edwards & Co. analysts expect 
gains of 8 percent in 1998 after the Hartley Platinum mine 
comes on stream at the end of this year. “The high level of 
exploration activity currently being undertaken provides a 
measure of excitement for this sector," they said. 


AJine Sullivan 


cumtKiet. wdoet the value of tie COR. 


For more information, call: 

• FLEMING'S New South Africa Fund. 2721 7-W 7(07. 

• MORGAN STANLEY Afros lavewncni Fund Ini. 1 21 2 762 7600 

• MERRILL LYNCH Middle EjM Afnca Fundi I 212440 Kipo 


When Child Surpasses Parent 

Fund’s Success Highlights Hazards of Selling on Past Record 


By Edward Wyatt 

-F YOU BLINKED, you might have 
missed it. But last month, Hartford 
Capital Appreciation briefly achieved 
.what only a handful of broad-based 


new portfolio would be managed in a sub- 
stantially similar way as its sibling. 

But being managed in a substantially 
similar way does not mean that funds per- 
form in a substantially similar way. And 
while here the difference worked to the 
benefit of fund investors, it has worked the 


dSe^tg^morethan lOOpereL/ina ford cloned last year have underperformed 

their corresponding annuity portfolios by 


IAIULMIW unwww — 

quite a feat, even for a brand-new fimd like 
this one, which began investing shareholders 
cash on July 25, 1996. (The fund s rollingl2- 

i clinrvd n niL from 


three to five percentage points. 

Part of the 55 percentage-point differ- 
ence in performance can be explained by 
the fact that annuities generally have far 

. . . .1 ^..1 A.-J. uiki).k 


cash on July 25, 1996. mtuna smmngs* Soh^e^ns^thanmSmal fubds, which 


folio from which it was cira s JT-j Wj the variable annuities. The annuity 

folio— oVeree “ by ^! n ^^ti?f— un- portfolio starred with about $3 billion of 
with the same investment objetuv^! lhc ^ started with none, 

derlies two variablearnnun^ lmutu ^any 0 f the small-capitalizanon stocks 

with an insurance feature) also sold by ^V^nbuted to the fund’s performance 
Hartford Life Insurance were nol a significant part of the annuity 

' Insreadofgaimngabout lOO^rcen r ere Mr.Paxuiell raid, “because there 

thepastyear^eannumesrenmred^y fot be a prayerof getting 

45 percent. Tfrat, of cotttse^s ^ contn bute .meaningfully to 

sneeze at. but it is less than those much bigger portfolios, 

received bv investors in the runa portfolio strateuy v anes as well. In the 

XhTtaie of the Hartford ■ Capital Ap- ^ ]ook {m 

predation portfolios serves as i ' g ^s jfftree to s ix m onths." Mr. 

Investors about the jSmeD said. The annuity ponfobo s reraet 

strategy that is growing ^ however, ■■ismuchlonger-sixnionthsto 

«* a^stabSed pen- of & rau raal fund's gains 

folio to sell a new. umested manual fwd. ^ investraaBm rookies 

toorical : perforinMce i5 ws . R „- beengomgup. _ ^ ^ Finandal 


ftecon^ssionraclfflK g the ruling, gates ia^stora^sysren 


Technologies 
which makes computer sound 


annuities in a new ftina sp* r — — - 


Competition Hits 
Offshore Fees 

Purveyors of offshore 
fends have long been like the 
owners of duty-free shops at 
airports: Customers are pay- 
ing less in tax, so the mer- 
chants think it is only right to 
keep some of that savings for 
themselves by charging more 
for services. 

That is changing. Research 
by Upper Analytical Services 
Inc. shows that competition 
among offshore centers is for- 
cing down charges on funds 
while increasing the variety 
of legal and tax structures 
available to fend managers, 
which in turn makes it easier 
for investors to find the most 
suitable products. 

"Regulation, legislation, 
speed of authorization, tax- 
ation — they're toting to 
make it easier,” Stig Eriksen, 
joint editor of Lipper’s Off- 
shore Fund Industry Direct- 
ory, said of authorities in the 
numerous offshore domi- 
ciles. 

“It does materially affect 
choice. Jurisdiction mat- . 
ters.” 

Charges are falling be- j 
cause fend managers have 
more choice, too. In addition 


Legal Citizenships 
2nd Passport Arranged 

TEL: +44 1624 801801 
FAX: +44 1624 801800 

DsTTERNATIONAL com pany 
SERVICES LIMITED 


to keener competition among 
the centers themselves, there 
are more firms vying to 
provide services to manage- 
ment companies. 

“Pricing is going down be- 
cause costs are going down in 
administration and custody.” 
Mr. Eriksen said. "With 
competition hotting up. fund 
managers can no longer jus- 
tify higher charges than those 
on domestic funds.” 

Lipper’s tome, containing 
information on 6,000 off- 
shore funds in 21 centers, is 
intended for institutional 
money managers and other fi- 
nancial professionals. Priced 
at £1 ,695 or $2,795. it will not 
go flying off the shelves at 
your local book shop. 

Anyone interested in the 
directory, which includes a 
CD-ROM with data, can con- 
tact Upper at Vector Court. 
Farringdon Road, London 
EC1R 3 AD, England. The 

? hone number is 44 171 520 
100. (IHTJ 


Don’t Leave Your 
Audit Without It 

One of the more intriguing 
sections of the newly passed 
tax legislation in the United 
States is that Americans will 
be able to pay their taxes with 
a credit card. 

But don’t rush to call your 
card company for details. The 
soonest any decisions will be 
made on how to implement 
such a program is spring 
1998, said a spokesperson for 
the U.S. Department of the 
Treasury, who added: “We 
want to get feedback from the 
companies first.'' 

That will not be difficult, 
according to Robert McKin- 
ley, president of RAM Re- 
search. a credit card data 
company. He said he expec- 
ted plastic purveyors to rush 
to get in what could be a huge 
bonanza. “They’ve already 
done studies that figured pay- 
ing taxes with a card would 
mean anywhere from $50 bil- 


lion to $100 billion in rev- 
enues to the industry.” he 
said. He figures that would 
translate into roughly $ 15 bil- 
lion to $20 billion in interest 
rate fees for card companies 
— paid by cardholders. 

It remains to be seen, 
however, who will pay the 
“transaction fee” (2 percent 
for Visa and Mastercard, or 
2.7 percent for American Ex- 
press) that card companies 
normally collect from restau- 
rants and merchants, since the 
tax legislation prohibits the 
government paying such a 
fee. Given the high stakes in 
an market chat is already sat- 
urated. Mr. McKinley thinks 
the card companies will fig- 
ure out some way to deal with 
it, possibly by adding it on to 
the cardholder's charges. 

As steep as the combined 
interest and other fees mighi 
be, they are unlikely to deter 
American consumers, who 
prize convenience, Mr. 
McKinley said. He also raised 


ITC 


INTERNATIONAL TELEPHONE COMPANY 

WORLDWIDE CALL BACK SYSTEM 

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


the possibility of piling up 
points for frequent-flier miles 
as well. If that sounds far- 
fetched, he noted that you can 
now use credit cards at U.S. 
post offices to pay for 
everything from stamps to 
overnight mail — and accu- 
mulate frequent-flier miles 
with many such purchases. 

The deal works only for 
individuals, however. Mr. 
McKinley tells the story of 
some purchasing managers 
using credir cards to buy thou- 
sands of dollars of postage for 
their companies and then ap- 
plying to collect free plane 
tickets. “lr took the card 
companies about six weeks to 
figure it out,” he said. The 
feature has been canceled for 
businesses. tfHTI 


UreiT j 1 

WORLD WIDE I 


Since 1975 ow *crBtw» »am ot dw 
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PAGE 18 


Star Stays at Home 


soccer Barcelona pulled out of 
a £12 million ($19.2 million) trans- 
fer deal for Liverpool’s internation- 
al forward Steve McManaman after 
refusing to accept his demands for 
£2 million ($3.2 million) a year, 
press reports said Friday. McMan- 
aman seemed happy that Barcelona 
had refused to meet his demands. 

•‘McManaman is asking for a 
huge amount of money,” said Juan 
Gaspait, Barcelona vice president. 
“It’s just impossible for us to pay 
that much to one player. ” 
McManaman, 25, said he was 
surprised when Liverpool told him 
to discuss the move with Barcelona. 
He said he was happy “still playing 
in the city where 1 come from.” 

Instead, Barcelona said Friday it 
had paid Deportivo La Coruna 4 
billion pesetas ($25.7 million) for 
Brazilian midfielder Rivaldo-f/tf*) 

• Newcastle United, which is 
managed by Kenny Dalglish, the 
former Liverpool player and man- 
ager, added another ex- Liverpool 
star Friday when it signed striker 
Ian Rush, 37, on a free transfer from 
Leeds. Earlier in the week. John 
Barnes joined Newcastle on a free 
transfer from Liverpool. f Reuters ) 


Sampras Falls to Swede 


tennis Pete Sampras, the de- 
fending champion and No. 1 seed in 
the RCA Championships in Indi- 
anapolis, lost to Sweden’s Magnus 
Lars son on Thursday, snapping his 
winning streak at 13 matches. 

Lars son. seeded I6th in the tour- 
nament and ranked 37th in the 
world, served strongly to eliminate 
Sampras, 7-6 (8-6). 4-6, 7-6 (7-5). 
Sampras said he had trouble read- 
ing the bounce of the balls used at 
the tournament. 

Andre Agassi, the No. 14 seed, 
advanced to the quarterfinals with a 
7-5, 6-1 victory over Alex Corretja 
of Spain, the third seed. It was 
Agassi's first victory this year over 
a player ranked in the top five. 

• Arantxa Sanchez Vicario. 
whose world ranking has slipped to 
No. 1 1, lost to her doubles partner, 
Mary Joe Fernandez, 6-4, 6-3. in the 
du Maurier Open in Toronto, f API 




- flEK 

par m 





Pete Sampras meditating dur- 
ing his loss to Magnus Larsson. 


Coach Feels the Heat 


football Howard Schnellen- 
berger, the former Oklahoma foot- 
ball coach, is named in a lawsuit 
Filed by a player who suffered a 
heat stroke in August 1995. 

Bryan Ailey says he suffered 
severe dehydration while practi- 


cing in extreme heat and humidity, 
and that this resulted in a heat 


and that this resulted in a heat 
stroke. 

In addition to physical injuries. 
Ailey said he suffered emotional 
injuries and eventually had to with- 
draw from school. f AP) 


Sports 


SATURDAV-SUNDAY, AUGUST 16-17, 1997 


World Roundup 


wmm 


■■ 




mm ' 


Love Lost in the Trees 
Following his Desire 


By Leonard Shapiro 

Wa&in.er..w Posr Sen ice 


advantage over four other players 
amona the early finishers: Jeff Maggert 
who shot 69 on Friday: Phil Blackmar 


urn 





w/s 



' ■f-'r'. 


MAMARONECK. New York — Giv- 
en die choice, Davis Love 3d said he 
would prefer a PGA Championship to a 
place on the L'.S. Ryder Cup team. The 
way he has played through the first two 
days at Winged Foot in "the 79th PGA, 
berth options are very much available to 
the 33-year-old, a winner of 10 PGA 
Toot events who has never prevailed in 
38 previous major championship at- 
tempts. 

Love, a co-leader with John Daly 
after Thursdav's first round with a 4-un- 


(68): Costanrino Rocca f 69) of Italy, and 
curoris'tne Shigeki Maruyama (70) of 






PGA Golf 





TjStSTv' 




Shigeki Maruyama of Japan lining up a putt during the PGA Championship's second round Friday. He shot 70. 


der-par 66, was still on top of the lead- 
erboard after his second round Friday, 
played in hazy, humid conditions on a 
course that was drying out and tough- 
ening up by the minute. 

Love had a wild ride of a round, 
including a double bogey at the 16th after 
an errant second shot behind a tree but 
still managed to come in at 1 -over 7] and 
was the early leader in the clubhouse 
with a 36-hole total of 137. 3-under par. 

Winged Foot was not yielding nearly 
as many low numbers Friday morning as 
it had Thursday, when 22 players in the 
field of 1 5Q posted sub-par first rounds. 
In the 1984 U.S. Open at Winged Fool 
only four men broke par after the first 18 
holes: in 1974, when the U.S- Open was 
also at Winged Foot, no one came in 
under par in the opening round 

With most of the bigger names, in- 
cluding Daly ana Tiger Woods, teeing 
off later in the dav. Love had a one-shot 


A Lighter Daly Puts the Dark Days Behind Him 

Wjston-ihT. Pen Sen ice is about 35 pounds fishier than t 

M AMARONECK. New York — l ant age Po (>1/ / MICHAEL WlLBON year ago. He says he has more 

Don ‘task John Daly to look into : now. more stamina, can concent! 

the future. Don't even ask him Remember, we're lalki ns about a man He missed the cut last week at the ter. 


Wiiikumer. Pen Sen ice 

M AMARONECK. New York — 
Don ‘t ask John Daly to look into 
the future. Don't even ask him 
to look through the rest of this weekend. 

Yes. he tied the competitive course 
record by shooting a 66 Thursday. But 
John Daly can’t afford to daydream. The 
only way he can negotiate life right now 
is in little baby steps. And even that 


might not be good enough for a man 
with a history of destructive excesses. 


with a history of destructive excesses. 

You know what Daly did when he left 
Winged Foot Golf Club on Thursday 
after shooting that absolutely absurd 
66? He went to an AA meeting. Al- 
coholics Anonymous. 

“I’m always scared of what's going 
to happen next." he said, "so I don’t 
want to get too excited. I used to pump 
my fist in the air when I made some putts 
and stuff.” He added. 4 'You don't know 
whar’s going to happen next. I'm just 
trying to keep my emotions level." 

Daly was the story, the whole story 
and nothing but the story on Day I at the 
79th PGA Championship. Anybody 
who tells you he had expected to see 
John Daly atop the leader board after 18 
holes is either a fool or a screenwriter. 

Daly himself said he was "pretty 
much in shock" over his 66. 

Tiger Woods, who was happy to lake 
a backseat, but only for a while, said, “I 
know Ernie (Els), Justin (Leonard) and 
myself were talking about it. and we’re 
very proud of him for doing that." 

Paul Azinger said of Daly: "He does 
look good, and you can tell he’s very 
competitive right now. There was a rime 
when he wasn't as competitive, where 
he was kind of going through the mo- 
tions and really didn't care. Today he 
cared. He cared greatly, and you could 
see it in his eyes and his attitude, and it 
was a noticeable difference from several 
months ago." 

We don ’t dare say he looked the John 
Daly of old, because who. in God’s 
name, would wish that on him? 


Remember, we 're talki ng about a man 
who at 31 years old has come dan- 
gerously close to total self-destruction. 

He won a PGA championship at age 
25 in August 1991. and four months later 
he destroyed a hotel room in South 
Africa in a drunken rage, fit June 1992 he 
was forced off an airplane in Denver 
after becoming intoxicated and confront- 
ing a flight attendant In 1993 he was 
charged with third-degree assault on his 
then-wife Bettye. then entered a reha- 
bilitation center in Arizona. He pleaded 
guilty to harassment of Bettye; the as- 
sault charges were later withdrawn. 

His life has been like this for the past 
six years, one drama after another, his 
massive excesses making those around 
him run for cover. He received divorce 


He missed the cut last week at the 
Buick Open. 

Then all of a sudden, as if completely 
out of nowhere. Daly came up with his 
best day of play in a long, long time here 
at golFs fourth and final major of the 
year. He caught fire and birdied the 
three most difficult holes on the course 
— 16.17 and 18 — to sit atop the board, 
tied with Davis Love HI, at 4-under. 

"It's just a wonderful feeling to bird- 
ie all three of those," he said. "It was 
three of the hardest holes in golf, or 
pretty close to iL” 

At 195 pounds (88 kilograms). Daly 


is about 55 pounds fighter than he was a 
year ago. He says he has more energy 
now. more stamina, can concentrate bet- 
ter. 

"Golf and the disease is pretty sim- 
ilar." he said Thursday. "Golf is an 
addiction: so is alcohol. .And I'm learn- 
ing — it's taken me a few years to learn 
that I can't think ahead. I can't plan the 
future." 

A lot of times on a golf course, he 
said, he used to tell himself, " * If I get 
through these three holes, I can get this 


surprising Shigeki Maruyama (70) of 
Japan, playing in his first PGA Cham- 
pionship. Colin Montgomerie also shot 
71 and was 5-over 145 and likely to 
make the cut. unlike Jack Nicklaus, who 
shot 76 for a two-round total of 150. 

Love is No. 10 on the U.S. Ryder Cup 
points list. The top 10 after the PGA 
automatically make the ream to play the 
Europeans at Valderrama, Spain, on 
SepL 26-28. Even if he doesn't make it 
on points, the consensus is that the cap- 
tain. Tom Kite, probably would pick 
Love as one of his two wild-card se- 
lections. 

Love is only 1 1 points ahead of Mag- 
gert, who is No. 1 1 in the race. Top- 10 
Finishers at the PGA will earn points and 
the champion, if he's American, will get 
300 paints. 

Love said, *Tm really not feeling too 
much pressure from the Ryder Cup. I 
want to play in it very, very badly. I'm 
here first to win the PGA Champion- 
ship. I feel like I've got enough game on 
this golf course to win iL” 

On Friday, Love stumbled at the start 
with bogeys on the first two holes, in- 
cluding a 3-pun on the first when his 25- 
foot (7.5 meter) putt from the fringe 
above the hole slipped past the cup and 
picked up speed, nearly rolling off the 
green 30 feet down the other side. He 
managed to putt from there in two. 

He made birdie putts of seven feet and 
! 2 feet at No. 5 and 6, before 3-putting 
for bogey from 25 feet after a glorious 
recovery on his second shot from behind 
three birch trees blocking his path to the 
green. He took a huge swing and lofted 
cleared the treetops by inches, but 
missed a five-foot putt for par. 

Tree trouble led to his double bogey 
at 1 6 after he had moved ro 5 -under with 
a birdie oh the previous hole. He was 
forced to hit a low shot toward the green. 


The ball ran through a trap, hit the top lip 
and staved in the sand. He blasted to 12 


and stayed in the sand. He blasted to 12 
feet from there, but barely missed the 
bogey putt to post six on his card.' 

Maruyama got to 4-under for the tour- 
nament through 12 holes before making 
bogeys at 13 and 15. He parred from 


there, and the 27-year-old who plays on 
the Japanese tour demonstrated that his 


par-5' — and you just can’t do thaL So 
basicaliv. it's one day at a time and one 


basically, it's one day at a time and one 
shot at a time. It’s very hard to do that, 
but it makes me a little more patient and 
more at ease with myself." 


the Japanese tour demonstrated that his 
tie for 10th place at the British Open last 
month at Royal Troon was no fluke. In 
Japan, he has won twice this year, with 
more than $500,000 in earnings. 

"If there wasn’t any rough. I'd love 
the course," he said, no doubt speaking 
for the entire field. 


papers while playing the 1993 Masters. 
He was suspended from the PGA 


He was suspended from the PGA 
Tour in November 1993 for picking up 
his ball after missing a putt in the second 
round of the Kapalua International. 

He scuffled with a 61 -year-old man at 
the end of the World Series of Golf in 
August 1994 and went into self-im- 
posed exile a month later. 

He won the British Open in July 1 995 
but by October 1996 admitted he was 
engaging in "social" drinking. By 
March 1997 he was back in the alcohol 
rehabilitation program at the Betty Ford 
Center after a drinking binge in Florida 
forced him to withdraw from the Players 
Championship. 

His third wife, Paulette, recently filed 
for divorce, and Wilson, the sporting 
goods company, terminated his $30 mil- 
lion endorsement deal. 

In June he ducked into the clubhouse 
— quitting — between the ninth green 
and the 10th tee at Congressional, with- 
out telling his playing partners or U.S. 
Open officials, saying he simply wasn’t 
physically or emotionally ready to 
handle competitive golf just yet. 


Caniggia’s Wife Nixes 
Maradona’s Passion 


The Asnviuicii Press 

Diego Maradona and Claudio Caniggia. former team- 
mates on the Argentina team, this week renewed their 
partnership at Boca Juniors of the .Argentine first division. 

But Caniggia’s wife. Mariana Nannis. has laid down 
some conditions. If Boca scores. Maradona and Caniggia 
can hug. but they can't kiss — especially on the lips. 

Maradona and Caniggia last year celebrated a goal for 
Boca with a long kiss on the lips that became known in 
Argentina as the piquiio . the peck. 

Maradona pledged at the beginning of the season to kiss 
Caniggia every time he scored. 

"All I ask him is that he doesn’t make a fool of himself,” 
Nannis said of her husband. "It's immoral." 

“That type of thing will never happen again in my family 
because my children deserve respect and it's no example to 
them," she said. "So 1 spoke to him about it. 1 don’t expect 
it to happen again.” 

Maradona. 36, began his latest comeback in July. Canig- 
gia, 29. returned to the club this week after a year’s absence. 
Both their careers have been marred by drug bans. Between 
them they have been banned for 43 months. 





TV Hi.ilfb— 

Caniggia, left and Maradona celebrating with a kiss. 


Scoreboard 


BASEBALL 


Major League Standings 


AMERICAN UUUMH 

CAST DIVISION 



W 

L 

Pet 

GB 

Baltimore 

73 

42 

A35 



New York 

71 

48 

597 

4 

Toronto 

58 

60 

.492 

I6W 

Boston 

59 

63 

-4B4 

I/Vy 

Detroit 

56 

64 

467 

T9 1 * 

CENTRAL DIVISION 



Cleveland 

61 

56 

.521 

— 

Chicago 

58 

60 

492 

y.H 

Milwaukee 

57 

61 

483 

4',i 

Minnesota 

51 

69 

425 

11 Vi 

-Kansas CHy 

49 

68 

.419 

12 


WESTDIVISMN 



Seattle 

66 

52 

JB9 



Anaheim 

67 

S3 

558 

— 

Texas 

58 

62 

483 

9 

Oakland 

49 

73 

402 

19 

NATSONAL LUMK 



EASTBmEKSN 




w 

L 

Pd 

GB 

Atlanta 

75 

47 

415 

— 

Florida 

69 

SO 

-580 

4'*i 

New York 

67 

53 

-558 

7 

Montreal 

60 

59 

504 

13V, 

PMadetphia 

42 

75 

JS9 

30» 

CENTRAL DrirtSION 



Houston 

AS 

56 

-537 

— 

Pittsburgh 

59 

61 

492 

S'6 

SL Lotus 
rinrbiiwiH 

S« 

CO 

66 

450 

10‘A 

UIMBIUU 


67 

437 

1/ 

CMcnga 

49 

73 

402 

I6'6 


WESTDIVIMaN 



Sen Francisco 64 

54 

ssr 

— 

Los Angeles 

66 

55 

S4S 

1*6 

San Diego 

58 

63 

479 

9*6 

Colorado 

57 

64 

471 

ID’S 


TMWUT'l UNISCCMtlS 

AMERICAN LEAGUE 

Amtactan M0 «0 Ml— S 9 O 

.Milwaukee 010 000 000 — J 6 I 

D .Spring rf and Td.Gnrene; J .Mercedes. 
Fetters (91 and Lewis. W— O. Springer, 8-3. 
L— J. Mercedes, 4-7. HRs— Anaheim. 
.Td. Greene 171. Howell I0J. 

.Minnesota ON 0)8 000-1 6 0 

.Boston Mi ooo 0s * — 6 8 i 

■ Radte Swlndefl (81 and Stetnfaactv 
•Snppan. Card (0] ond Hattebeig, Haseimon 
-(7). W— Support 6-1. L— RotJhe 16-7. 

-Detroit MI 000 000— I * 1 

rim lend 002 on «*— u is o 

- S.Scndt«.GailkiTd(7). TaJonestBi.Jarws 
•!B) and Casamm Nagy. M. Jackson (9) and 
’S. Alomar. W-Nngy l?-8. L-S. Sanders 4- 


10. HRs— CtevetamL Ramirez noj. Thome 
(31), Justice (33). S. Ala mar (16). 

Kansas City 200 010 020-8 10 0 

New York 100 010 S3*— 10 13 0 

Banos. Ofson (6), Caskm 171. MlJParei (7). 
Whisonant (81 ond MlSweeney. O.Welh. 
Stanton (81, M. Rivera (B) and Girardl W— D. 
Wells 14-5. L— Ofson 1-1. Sv-M. Rivera 07). 
HRs — Kansas City, CDnvts 2 (21). Dye (3). 
Oakland 302 002 221—12 is 2 

CMcnga 300 030 000-5 9 1 

W .Ada ms. Groom (5). A. SmoO (7). 
Johnstone (9) ond Moyne CCasffla 
McElroy 14), Simas (6), C. demons (8) and 
Fabregas. W— Groom 2-2. L— McElroy 0-2. 
HRs— Ooktomt Sftrire PS). Giambi (13), 
En. Young (3). Chicago, F. Thomas (28). 
NATIONAL LEAGUE 

Chicago 000 200 001—3 7 2 

Soi Francisco 031 010 20*-7 11 1 
Tapani. RTods (7), Semis and M. 
Hubbard (7); Estes. R Hernandez (8). Beck 
(0) and BerryhIIL W— Estes 15-4. L— Tapani 
2-2. HR— San Franascn, Muefter (6). 
Montreal 000 000 000— d 4 0 

Las Angeles 001 000 DO* — 1 5 0 

PJMortmei. Urbina (8) and FtotLlMir, 

i.Valdea, Radinsky CO) and Piazza. W-J. 

Valdes 7-10. L-P. J .Martinez 144. Sv — 
Radinsky (2). HR— Los Angeles. Piazza 06). 
Cndnati 200 OM 020 0-4 9 0 

5an Diego 001 002 001 1—5 10 2 

(10 bmbigsiG-Whlte, SuHnran (8), Shaw (0) 
and J. Oliver; Ashby, n. Waned (81, BachHer 
(81, Hoffman (10) and Flaherty. Romera (HU. 
W-l loffman 5-4. L— Shaw 3-2. 
HRs— CnonnalL Edu. Perez (II), Nimnatly 
(3). San Diego. G. Vaughn (13J. 

Now York 0M 051 000-6 10 0 

SL Loots 000 020 000-2 7 I 

BJ-Jones. Wendell (8), McMichaet (8). 
Raps (9) ond Pratt Osborne. Frnscntorc 16). 
Pefkovsek (81 and PoanozzL W— BJJanes 
13-7. L— Osborne 2-5. HRs— Mew Yurt, 
Alfanza IB). St. Louis. DeShtekfa (10). 

Japanese Leagues 


Latte 41 48 2 .461 10'., 

Kintetsu 43 53 2 411 1! 

FRIDAY'S RESULTS 
CENTRAL LEAGUE 
Chumchi 3. YaVutt 1 
Hiroshima 5, Honshin 3 

PACIFIC LEAGUE 
Kintetsu 3, Latte 1 
Orb 11, 5eibu S 
Nippon Ham 4, Daiei 1 


FOOTBALL 


NFL Preseason 


TBURSOAY'S RESULT 

Kansas City 30. CaraBna 10 


CFL Standings 


EASTON DIVISION 
W L T PF 


Toronto A 2 0 12 I 

Montreal 4 3 0 B I 

Hamilton 16 0 2 

Winnipeg 1 7 0 2' 

W 8 SHEM DIVISION 
Edmonton 6 2 0 12: 

Brilisri Columbia 4 3 0 8 1 

Saskatchewan 4 3 0 B 1 

Calgary 4 4 0 8 : 

THURSDAY'S RESULTS 

Taranto 38, Edmonton 14 
Calgary 35. Winnipeg 24 


PGA Championship 


Scares Thursday Irani the Urol round of die 
RLE mi Aon PGA Cham plonstopon die 6SBT- 
yard. par- 7U (35-3S) West course at winged 
Foot GoH Club in ISaniaronedc. PLYj 


CENTRAL LEAGUE 



W 

L 

T 

Pet 

.GB 

Yakutt 

58 

38 

1 

404 

— 

Yokohama 

50 

42 

0 

343 

6 

Hiroshima 

48 

46 

0 

311 

9 

Chunrctu 

47 

52 

0 

475 

12's 

Houston 

43 

52 

1 

453. 

14 V. 

Yomiuri 

40 

56 

0 

4(7 

18 

PACIFIC LEAGUE 




W 

L 

T 

Pet 

GB 

Ortx 

51 

37 

3 

380 

— 

Setbu 

SI 

42 

2 

348 

2". 

Nippon Ham 

47 

so 

1 

485 

8". 

Daiei 

47 

50 

0 

485 

8'; 


John Daly 
□avis Love III 
Robert Alfenby 
Paul Azinger 
Tam Kile 
Justin Leonard 
ShigeJu Maruyama 
Onto Perry 
Paul Stankowskl 
Bob Tway 
Greg Norman 
Tom Byrum 
Cartes Franco 
Jim Furyfc 
Lee Jtenzcn 
Steve Jones 


35 - 31 — 6 * 

31- 35—66 

32- 35-67 

35- 33—68 
31-37-68 
34-34—68 
34-34— 68 

34- 34-68 
33 35-68 

33- 35-68 
3436-68 
33 36-69 

36- 33-69 
33-35—69 
38-31-69 

35- 34-69 


Tom Lehman 
Jeff Maggert 
Doug Martin 
Phil Midrebon 
Maiy O'Meara 
Castantina Rocca 
Phil Btadunor 
Marie Brooks 
Ofin Browne 
David Duval 
Emla Els 
Ignacio Garrido 
PaufGoydos 
Lee Rlnksr 
Payne Stewart 
Tiger Woods 
Bab Boyd 34 
Mark Ca Icavecchie 
John Cook 
Fred Couples 
Fred Funk 
Taylor Smith 
Jay Haas 
Scott Hoch 
Yosrrinari Kanefco 
Andrew Magee 
John Mono 
LarryMbe 
Eduardo Romero 
Tom Watson 
BiBy Andrade 
Thomas Biom 
Ross Cochran 
Stove EUdngtan 
RtekFehr 
Relief Goasen 
Tim Herron 
Jeffrey Lankford 
LenMantaco 
Ron Philo, Jr. 

Dor Pooler 
Steve Lowery 
Frank Nabto 
Nick Price 
JoeySmdetar 
Craig Stadfcr 
Lanny WadkifK 
Jay Dan Blake 
Michael Bradley 
Jim Carter 
Brad Fasan 
Hate Irwin 
Par-U Ink Johansson 
Bernhard Longer 
Kenny Perry 
Vitay Singh 
Stew Strieker 
Kevin Sutherland 
David Toms 
Kirti Triplet! 

Fuzzy Zoe Her 
Cuv Boras 


35- 34-69 
34-35-69 
34-35-69 
34-35 — 69 

32- 37-69 

36- 33—48 
36-34-70 
38-32-70 

33- 37—70 

3545- 70 

34- 36—70 

34- 36—70 
3347—70 

35- 35—70 
33-37-70 

32- 38—70 
37-71 

38-33 — 71 

36- 35-71 

3447— 71 

3645— 71 
3536-71 
3506-/1 

33- 38-71 
3536—71 

3546- 71 
3546-71 

3536- 71 
38-33-71 

34- 37-71 

37- 35—72 

34- 38 — 72 

36- 36-72 

37- 35—72 

3646- 72 

3537- 72 
37 35-72 

38- 34-72 

3448— 72 
36-36-72 
3646-72 
36 36-72 
3646-72 
36-36-72 
3646-72 
36-36—72 
36-36-72 

35- 38-73 

36- 37-73 

36- 37-73 
34-39-73 

3746- 73 
32-41—73 

38- 35-73 
3535-73 
3548—73 
34-39-73 
34-37—73 

39- 34—73 

37- 36-73 
3607—73 

3747- 74 


Paul Brood hursl 
Darren Clarke 
Robert Cqjnei 
Dudley Hart 
Brim Hennmger 
Peter Jacobsen 
Scott McCarron 
Cotoi Montgomerie 
Jack Nicldaus 
David Ognn 
Craig Parry 
Clarence Rose 
Bob Ford 
John Lee 
Bob Sowards 
Jeff Shimon 
Sam Torrance 
Duffy Waldorf 
Lee Westwood 
Stuart Aopieby 
MflroBrisky 
Nick Faldo 
Mike Hulbert 
Peter Lonord 
Billy Mayfair 
JoeOzoki 
Steve Schne iter 
John Stone 
Tommy Tones 
Christopher Too Ison 
Ronnie Block 
Stewart Cink 
Robert Dcmnwi 
Glen Day 
Ed Fiort 
Kefly Gibson 
John Hickson 
Pete Jordan 
5hawn KeEy 
Larry Nelson 
Jesper PamewK 
Loren Roberts 
MUeStandly 
Curtis Strange 
Bruce Zabrtski 
Billy Ray Brawn 
David Frost 
Mike Burke 
Grander Chamhtee 
Ben Crenshaw 
Padraig Harrington 
Jay Overton 
Mo rkWtebe 
ton Wousuam 
John Mohaffey 
James 0. Mason 
PeteOoklay 
Hal Sultan 
8 non Wotts 
Rob Wilkin 
Chris Tucker 
Bob MakasJu 


3747-74 

38-36-74 

38- 36—74 
30-35—74 
37-37-74 
37-37—74 

39- 35-74 
30-35-74 
37-37—74 
39-35- 74 
36-38 — 74 
37 37-74 

36- 38—74 
37 37-74 
3535—74 
39-35-74 

37- 37—74 

35- 39—74 
17-37—74 
37-38—75 
37-38—75 
39-36-75 

36- 39—75 

37- 38-75 

36- 39-75 
34-41—75 

34- 41-75 

37- 38-75 

36- 39—75 

37- 38-75 

39- 37-/6 

40 - 36—76 

40- 36—76 
3538-76 
37-39 — 76 
37-39-7* 

41- 35—76 
3538—76 

35- 41—76 
3538—76 
37-39-76 
3538-76 
3538-76 

3541— 76 
41-35-76 

3538— 76 

36- 48—76 

36- 41—77 

37- 48-77 
37-40— 77 
39-35-77 

37- 40-77 
3530-77 

3539— 77 

38- 40—78 

3542— 78 

3548-78 

39- 39-78 
3548—78 

40- 35-78 

4538- 78 

4539- 79 


Wayne C-rady 
Mark Fuller 
Darrell Kestner 
Jose Maria Okuabal 
John Paescni 
Frank Dobbs 
Frankie Minmo 
Jerry KeOy 
Bre! Taylor 
Jim White 


41- 38-79 

42- 57-79 
39-40-79 
39-40-79 
41-38-79 
4545-80 
39-41-80 

43- 39-81 
41-41-82 
46-36-82 


SOCCER 


EIHDOMAM OH*, Wttmns OOP 

QUAlJFTtKG ROUND. FHST LEG 
Babers J. Budapest) Vasixtn 3 
Cwmbran Town 2. Notional Bucuresti 5 
Dynamo Batumi 4. Ararat Yerevan 2 
Dinamo Daugavpils 1. Kopaz Ganja 0 
Gfenavon 1, Legra Warszawa I 
Havnar Boitfekig I. Nicosia I 
Hibernians 5 vestmaimoeyia 1 
HJK Helsinki 1. Red Star Belgrade 0 
KHmoinack 2. Shetboume 1 
Levshi-1914 Sofia 1. SKSIavan Bratislava 1 
Nit Pmrmje 2, US Luxembourg p 
Sadam Tallinn 1. Beishina Bobruisk t 
5 toga Jugomognaf 1. NK Zagreb 2 
Zalgins Vilnius 5 Hapocf Beer Sheva 0 
ZUnbru 1. ShaWtfyor Donetsk 1 

RUUOM LEAGUE SOCCER 
Las Angeles 2. New England 1 
STANDINGS: Eastern Conterence— D.C. 
« points; Tompa Bay 31 New England 25 
Columbus 7X NY-NJ 19. Mfaatani Confer 
one*— Kansas CUy 3&- Colorado TL Do Has 
3ft Los Angeles 76. Son Jose 21. 


NATIONAL LEAGUE 

ATLANTA— Opffoned INF Ed Grovanota la 
fiicnmond. IL Designated LHP Dean Hart- 
graves tor assignment. 

CHICAGO— Acquired INFMmvry Alexander 
Yjam N.Y. Mots to complete earlier trade. 
BASUrBAU 

NATIONAL BASKETBALL ASSOCIATION 
CLEVELAND— Signed MikeFrnteiia, coach, 
to 5- year contract extension through 2002. 
uTzm— Re-signed G Howard Eistey. 

FOOTBALL 

NATIONAL FOOTBALL LEAGUE 
Indianapolis— Waived RB Ale* Smith. 
WR Tony Lanier, P Mark Gogfana RB Jared 
Koalafiefa DB Harold Lusk and DT Gary 
Haynes. 

new England— S igned CB Butter Bynote. 
Tennessee — R eleased P-PK Ty Aftobeiry. 

HOCKEY 

NATIONAL HOCKEY LEAGUE 
Buffalo— S igned G Mika Bates. 
ca noun a— S igned G Mike Fountain (a 
multiyear contract. 

CHICAGO- Announced retirement of D 
Steve Smith. 

Dallas— Signed LW Jason Boherili and D 
Frederic Bouchard to 3-year contracts. 

N.r. island EPS —Announced G Tommy Sa- - 
la was awarded r -year contract by ami Iralor. 

N.Y. RANGE es-Named Craig MacTavish 
assistant coach. 

VANCOUVER-Signed G Tim Keyes 


Monday, Aug. 18 


TENNIS. Boston, Massachusetts - ATP 
Tour. Ui. Pro Championships, through Au- 
gust 24i Commacfc. New York — ATP Tour, 
Waldha urn’s Hamlef Cup, through Aug. 24- 
AHanTa — WTA Tour, ui. Hardcnirt Cham- 
pionships, through Aug. 24. 

TifESOAr, Aug. 1 9 

soccer, Vaduz — WOrid Cup OuaJKylng. 
European Zone, Liechtenstein vs. IcelaiNL 

Wednesday, Aug. 20 


soccer. Various sites — World Cup 
OuaHytng. European Zone, Bosnia vs. Deo- 
mart, Finland n. Norway, Hungary vs. 
Switzerland, Estonia vs. Austria Belarus vs 
Sweden, Bulgaria vs. Israel Czech Republic 
vs. Faroe Islands. Turkey vs. Wales. Ireland 
vs. Lithuania Romania vs. Macedonia Por- 
tugaJ vs. Armenia Ukraine vs Attmnxj. N. 
Ireland vs. Germany. South American Zone! 
Uruguay vs Chile. Ca La mb la vs Bolivia 
Ecuador vs Paraguay. Venezuela vs Peru. 

ciueiCET, Colombo, Sri Lanka — Sn Lan- 
ka vs. India second one-day Intomational. 

Thursday, Aug. 21 


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The Week Ahead 


TRANSITIONS 


Saturday, Aug. 16 


UUHBJUJL 
AMERICAN LEAGUE 

am ANEii*— Released DH Eddie Murray. 

■oston— R ecoNed RHP Joe Hudson from 
Pawtucket. l|_ 

Chicago— A cquired RHP Julien Tucker 
from Houston Astros tor C To nv Pena As- 
signed Tucker to Hickory. SAL O phoned 
RHP Chris Demons to Nashville. AA. Bought 
coni rads Of LHP Mike SiruHui and RHP Kei- 

m Fpufhc from NashvSto. 

Kansas— P ur INF Jose Otfennan on 15-day 
disabled fel. T ranstamed 1 B Joe ViwsUoKam 
Artery disabled Ibl. Recoiled INF 
tod Hanson iron Omaha AA. Bought con- 
trod of 1 B Lorry Sun on from Omofrg 

10 Col brand to 

A ™ n !“ ,or Pteycr to be named. Re- 
coiled OF Bren! Bredc from Suit Lake, PCL 


athletics. Monaco — IAAF Grand Pri« 
meeting. 

RUoby UNION, Dunedin — New 
Zealand vs Australia. Trt-Nattons series 
soccer. Venous sites — World Cup 
Qualifying. African Zone. Egypt vs Liberia 
Tunisia vs Namjpta, South Afncc vs Conga 
Zambia vs Democratic Republic of Congo. 
Togo vs. Angola Zimbabwe vs Cameroon, 
Malacca vs Gabon. Ghana vs. sierra Leone. 

Suhpay, Aug. 1 7 

cycling, Rochester. England — Leeds 
Intemoltonoi world Cup rant 
soccer. Various sues — World Cup 
Quatifyinq, African Zona Guinea vs Nneria. 
Togo vs Angeto. Toronto — emftittioa Cana- 
da vs. (ran. 

chick**. Colombo — Sri Lanka vs India, 
nmane-day match. 


aour. DuWus Ireland - PGA European 

Tour. European Open, through A. jg . 2s 
Akron. Ofno — U-S. PGA Tour. NEC Wortri 
Sctiesaf GoH. through Aug . It Surrey, firtfezi 
Columbia - US. PGA Tour. Greater 
cauver Open through Aug. 24. 

cricket, London — England us. a U s. 
traBa. sixth lest through Aug. 25. 

Friday, Aug. 2 2 

cole. Beavercreek. Ohio — US lpt.a 
S tar Bonk LPGA Classic, through Aug.Si 

Saturday, Aug . 23 

RUOBY UNION. Pretoria South Africn 
Tr,. Nations South Africa vs. Australia 
cricket. Colombo, Sn Lanka — Sri Lon- 
ko vs. indm, ftora one-ttay rntematicmol 

Suhpay, Aug. 2 4 

AUTO RACING. Spa-Francnr^m ' 

Belgium - Formula One 

Czech Republic. Washington ^ conta? ill 
Champions Cup final. '-NCACAF 



i 







RAGE 19 



SPORTS 



Johnson, the AL’s ‘Big Unit’ Lefty, Is in Control 


By Jennifer Frey 

Washington Post Service 

B altimore. — Randy 

Johnson had control of the 
television dicker in the 
visitors’ locker room at 
Oriole Park at Camden Yards. He 
watched CNN. He watched local 
news. He watched The Weather 
Channel. He flicked from station to 
station. 

No one complained. Johnson 
sprawled his 6-foot- 10 body across 
a leather couch, arms crossed, his 
Jips pressed so tightly together that 
his mustache and goatee almost 
touched. A group of fellow Mariners 
sat nearby. Not one asked for a sta- 
tion change. They all knew better. 

“The day he’s pitching, you just 
don’t wam to say a whole lot to 
him,’* explained Jay Buhner, the 
Mariners’ right fielder. “He’s pretty 
much in a different frame. You can 
telL just by the way be carries' him- 
self. You leave him alone.” 

Johnson had a long, long time to 
sit and stew Thursday evening. 
After an electrical failure dimmed 
the overhead lights at Camden 
Yards, both teams sat until 10 P.M. 
before the game officially was 


called off because of shadows on the 
field. And ‘though no one would 
admit it, the thought of facing John- 
son’s 100-milf'per-bour fastball in 
dim light was a factor in the de- 
cision. 

The Orioles’ pitcher Mike Muss- 
ina had his doubts about playing 
under those conditions: "It’s 
against Randy Johnson. 1 mean, 
come on." 

Instead, the Orioles would have to 
come back Friday for another day of 
Johnson- induced indigestion, a con- 
dition frequently seen among left- 
handed hitters when Johnson is 
scheduled to pitch. 

While “the Big Unit,” as he is 
known, flipped channels in the vis- 
itors’ clubhouse Thursday, the Ori- 
oles’ manager. Davey Johnson, pos- 
ted his lineup card down the hall. 
The lone left-hander on the list was 
Brady ' Anderson. In the space 
labeled “extras,” the lefty column 
read: Tarasco. Baines. Surhoff. Pal- 
meiro. The right-handed column 
was empty. 

“The only left-hander I know who 
likes tohft against him is Brady.' ' the 
Orioles’ manager said. “Brady is 
different. Brady likes a challenge. 
Brady takes it personally.” 


Anderson has eight bits off John- 
son. which doesn’t sound like much, 
but many American League left- 
handers are still trying for their first 
— if they face Johnson at all. 

‘ ‘There iso ’t really a secret,’ ’ An- 
derson said, then paused a moment. 
"Well, one thing is, you actually 


gotta play." 
Colorado : 


Colorado slugger Larry Walker’s 
image took a hit when he took a day 
off — while in pursuit of the magic 
.400 batting average — when John- 
son faced the Rockies in an inter- 
league game. Walker, however, has 
some pretty good company. Among 
the Orioles, Harold Baines admits 
he never has faced Johnson. 

And over the past five seasons 
Rafael Palmeiro, one with the Texas 
Rangers and four with the Orioles, 
Palmeiro has missed seven games 
when Johnson was the starter. If it 
weren’t for Johnson, Palmeiro 
might be chasing Cal Ripken's con- 
secutive games streak. 

“It's not jusi that it could be a bad 
game,” said Palmeiro. “Itcaocreate 
a bad week. He's that dominant." 

That Johnson started this season so 
strongly is remarkable, given that he 
pitched just five games in 1996 be- 
fore being sidelined with back prob- 


lems and undergoing surgery for a 
herniated disk during the off-season. 

*Tm really not too surprised at 
anything he does anymore,” said 
Seattle’s manager, Lou Piniella, 
“but he really has had a fantastic 
season, especially taking in consid- 
eration the problems he had last year 
and surgery he had over the 
winter.". _ 

Going into the game Friday, 
Johnson had a 2.35 earaed-run av- 
erage, second in the American 
League to Toronto’s Roger Clem- 
ens. and has struck out a league-high 
243 batters. 

He trails Gemens, who has 18 
victories, by two, and opponents 
have hit a league-low .192 against 
him. 

T HOSE numbers, though, 
only solidify Johnson’s 
standing as the game's most 
dominating left-hander, a 
title he claimed in the ’95 season. 

The AL’s Cy Young winner that 
year, Johnson pitched the Mariners 
into the postseason with a three-hit 
complete game against the Angels 
in a one-game playoff. Then he won 
Game 3 of the Mariners’ division 
playoff series against the Yankees 


and came out of the bullpen — on 
one day’s rest — to win Game 5. 

“Stuffwise, he’s as nasty as there 
is," Davey Johnson said. “Don 
Drysdale was nasty on right-handers 
like he is on left-handers. There 
aren’t many guys 6 feet 10 inches 
who throw three-quarters who don’t 
have any problem coming up under 
your chin.” 

It always will be Johnson’s heat 
that makes the biggest impression 
on people. Opposing hitters have 
nightmares in which his' fastball is 
the star. It even costs some of John- 
son’s own catchers some sleep. 

Two starts ago, the Mariners’ 
catcher. Dan Wilson, had a stiff 
neck, and backup John Marzano re- 
placed him. 

It was Marzano' s first time catch- 
ing Johnson in a game, and although 
Johnson pitched only six innings, 
Marzano woke up die next day and 
could not believe the soreness in the 
back of his left shoulder. The force 
of the ball as it hit his mitt had taken 
a toll. 

That day, Marzano mentioned the 
soreness to Wilson, who laughed. 

“Are you kidding?” Wilson told 
him. “Every time I catch him. I 
wake up sore.” 













Ted frwire-ftewr 

An Orioles official, Joe Foss, left, caucusing with the 
umpires’ crew chief;, A1 Clark, and the Seattle n\an- 
ager, Lou Piniella, about the malfunctioning lights. 



•""**’*■ 1 1 1 "• ' • v - — - ~~ ~ [VnrKaup.' Araxr Franur-Prcwc 

ON THE RUN — Brett Perriman, right, a Kansas City receiver, being tackled by Lamar Lathon, a Carolina 
Panthers linebacker, in an exhibition game. The Chiefs won, 30-10. Lathon made the most controx ersial play 
of the game; a hit that gave Chiefs’ quarterback Rich Gannon a chipped tooth and a cut mouth and tongue. 

Cowboys’ Newton ‘Dealing With Assault Case 

— ... ... . r,.i, , ... , C alla.iA^ occmiit 


The Associated Press 

DALLAS — Is it extortion or sexual 
assault? 

Thar’s the question being posed by 
lawyers representing the Dallas Cow- 
boys offensive guardNate Newton and 
a woman who says Newton raped her. 

Money is apparently the issue, if you 
listen to lawvers for both sides. 

Newton ‘s attorney, Howard Shapiro 
of Plano, Texas, says it’s nothing hot 
extortion. Her lawyer, David Cole, 
says Newton and Shapiro have re- 
peatedly tried to buy her silence. 

Newton, 35, has nor been charged 
with any crime. He declined to talk 
about the case Thursday as the Cow- 
boys were breaking up training camp at 
Austin. 


On his weekly hourlong Dallas radio 
show Thursday night, Newton did not 
directly address the allegation but said 
he, his wife and two sons were de- 
termined to survive the episode inract. 

“My wife is dealing with it,” he 
said. “She has the option of every other 
wife. She chose to stick by her man, 
and my hat’s off to her, and I know it's 
a hard situation for her.” 

Newton, apparently referring to his 
affair with the woman who is now his 
accuser, said he had made “a mis- 
take.” 

“A mistake has been made we re 
not proud of, but we will deal with it as 
a family, regardless of what anybody 
out there thinks." Newton said. 

Cole comends that three days after 


June 15. when the alleged assault oc- 
curred. Newron and his attorney in- 
vited the 3 1 -year-old woman to a meet- 
ing and offered her S60.000 to not 
repon the alleged incident. She did not 
have an attorney at the time. Cole 
said. 

Shapiro denied he had arranged the 
meeting or made an offer. He said the 
woman had asked for the meeting and 
demanded S80.000 to keep quiet 

Cole said his client may pursue a 
civil suit as well as the criminal case to. 
obtain compensation for her suffer- 
ing. 

J ‘She is entitled to money — you bet 
she is entitled to money,” Cole said. 
“But she is also entitled to seek justice 
for the crime.” 


It Was a Dark and Frustrating Night 

Game Called as Lights Fail in Baltimore; Yankees Drub Royals, 10-5 


The Associated Press 

A first-place team gave its sellout 
crowd anything bur first-class treatment. 

A power outage that left a bank of 
lights darkened forced the postpone- 
ment of Thursday night’s Manners-Ori- 
oles game at Camden Y ards. but the fans 
had to wait around for hours to find out 
what was going on. 

“The worst thing is, they didn't say 
anything,” said Bob Segal, a fan from 
Baltimore who left the park at 9:50 P.M. 
— 2V* hours after the scheduled starting 
time and 10 minutes before the public- 
address announcer finally informed the 
crowd of the postponement “I think 
that creates a lot of ill will.” 

The trouble at Camden Yards began 
when the lights were turned on before 
the game. Only a few bulbs in the bank 
of lights along the first-base line were 
illuminated, so the starting time was 
pushed back. 

The problem was eventually located, 
but when the lights were turned on at 
8:45 P.M.. there were still about 25 
bulbs that remained dark. Although it 
appeared as if the field was bathed in 
enough light, the game remained 
delayed. 

.After several discussions involving 
the umpires* crew chief, Al Clark, both 
managers, several Orioles officials and 
the field's head groundskeeper, Paul 
Zwaska, the game W3S finally called off 
at 10 P.M. 

The Seattle manager, Lou Piniella. 
said the Orioles suggested around 9:45 
that the teams try to get the game in. but 
he refused. 

“By that time, ray players were un- 
dressed and my starting pitcher was in 
the shower,” Piniella said. 

Yankees 10, Hoyata 5 In New York, 
Tim Raines capped a four-hit night with 
a go-ahead, two-run double in the sev- 
enth inning. 

David Wells (J4-5) won his fourth 
straight stan, pitching TA innings as the 
Yankees won for the fifth time in six 
games. Tino Martinez drove in four runs, 
raising his league-leading total to 1 13. 


But the victory came with a cost for 
New Yoric. whose second baseman, Lu- 
is Sojo, hitting .307, suffered a fractured 
wrist when he was hit by a pitch. 

The Yankees gained a half-game on 
Baltimore in the AL East 

Indians 12, Tigers 1 In Cleveland, 
Manny Ramirez, Jim Thome, Sandy 
Alomar and David Justice all homered 
for the Indians. 

Ramirez had three hits, including his 
19th homer, and two outstanding 
catches in the outfield. 

Red Sox 6, Twins i In Boston, John 
Valentin’s bases-loaded triple high- 
lighted a five-run eighth inning. 

It was the sixth straight loss and ninth 
in 10 games for the Twins. It also was 
the second straight loss for Brad Radke 

Baseball Round up 

(16-7). whose streak of 12 victories in 
12 stans was broken last weekend by 
New York. 

Angels 6, Brewers i Todd Greene hit a 
three-run homer and knuckleballer Den- 
nis Springer pitched a six-hitter as Ana- 
heim snapped a three-game losing 
streak by winning in Milwaukee. 

Rickey Henderson, acquired by Ana- 
heim on Wednesday in a trade with San 
Diego, starred in left field and led off. 
Baseball’s all-time stolen-base leader 
went O-for-5 but got on base and stole 
third in the ninth inning. 

Before the game, the Angels released 
Eddie Murray, one of only three players 
in baseball history with more than 3.000 
hits and 500 home runs. 

AtMsties 1 2 , While Sox 5 Jason Giambi 

and Malt Stairs each hit two-run homers 
and run-scoring doubles to lead Oakland 
past the host White Sox. snapping Chica- 
go's four-game winning streak. 

Giambi hit his 13th homer in the first 
innin g and Stairs hit his 18th in the third 
to give Oakland its seventh victory in 18 
games. 

In National League games: 

Dodgers i. Expos o Otis Nixon, ac- 
quired bv the Dodgers from the Toronto 


Blue Jays on Tuesday, robbed David 
Segui of two home runs as the Dodgers 
beat visiting Montreal. 

Nixon, playing in his second game for 
the Dodgers, leaped above the center- 
field fence to catch Segui’ s towering fly 
ball in the second inning, then reached 
just over the wall while on the run to 
snare Segui’s liner with a runner on base 
in the fourth. 

Segui has hit a career-high 1 3 homers 
this year. 

Nixon, 38, said with a laugh: “He 
was staring at me after I caught the first 
one. He was really staring at me after I 
caught the second one. 1 didn't look at 
him. he's too big.” 

Mike Piazza hit a 1-0 pitch from 
Ramon Martinez over the back wall of 
die left-field bullpen with two out in the 
third for the game’s only run. Despite 
the loss. Martinez (14-6) lowered his 
NL-leading earned run average to 1.70. 

Giants 7, Cubs 3 In San Francisco, 
Shawn Estes won his 1 5th game and Bill 
Mueller hit a three-run homer as the 
Giants matched last year’s victory total 
of 68. 

Estes, struck out 10 and allowed tive 
hits in IV? innings. He retired 1 1 straight 
batters in the fourth through seventh 
innings in winning his ihird straight 
decision. 

Padres 5, Rads 4 In San Diego, Tony 
Gwynn. back after missing five games 
with a kidney ailment, beat out a ground 
ball for a fielder’s choice in the 10th 
innin g to give the Padres a victory. 

Gwynn went 2-for-5 to keep his av- 
erage at .383. 

Mots c, cardinals 2 Bobby Jones won 
his 1 3th game for die Mets. and Edgardo 
Alfonzo's grand slam broke open a one- 
run game in the fifth to give New York 
the victory in Sr. Louis. 

Jones ( 13-7) had been 0-4 with a 6.70 
earned run average since beating Pitts- 
burgh on June 20. 

One of the Mexs’ new relievers, Mel 
Rojas, who had allowed six runs in four 
innings since coming over in a trade 
with the Cubs, pitched a perfect ninth. 



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PAGE 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, AUGUST 16-17. 199\ 


DAVE BARRY 


Promotionally Speaking 


How to Shop Till You Drop on Vacation 


M IAMI — So there I was, sitting 
under the hot lights, when sud- 
denly Vicki Lawrence leaped to her feet 
and started yelling at me about the death 
penalty. This happened in Los Angeles, 
on the TV show * ‘Politically Incorrect. ' * 

People yell a lot on that show. One time 
I was on there with Micky Dolenz; he 
yelled at me, too. Back when I used to 
watch The Monkees on TV. I never 
dreamed that one day, one of them would 
be yelling at me personally regarding 
current events. This is a great nation. 

Guests are encouraged to express 
strong views on “Politically Incorrect,” 
because it makes for better entertain- 
ment. The host. Bill Maher, could name 
any topic at ail — say, monetary reform 
in the 17th-century Netherlands — and 
we guests would immediately be at each 
other’s throats over it, even if we were not 
totally certain what “Netherlands” are. 

I was on “Politically Incorrect” be- 
cause I was on a book tour. You go on 
whatever show they tell you to go on, in 
hopes that the hosr will 
at some point hold your i 
book up to the camera, I Jet a total 
causing consumers all ___ _ . 

over America to rush to stranger commit a 
bookstores to purchase major act 0 f cr e I 
it. You will basically do J ® 

anything to get your on my hair. 

book on TV. For ex- 

ample, a few days earli- 
er, I let a total stranger commit a major 
act of gel on my hair. 

This was on the “Today" show in 
New York. I was sitting in the makeup 
room, drinking coffee, trying to wake 
up. and the makeup person, after study- 
ing my head, called the hair person over, 
pointed at my hair and said: ' 'See? This 
is exactly what I was talking about.” 

Then they both laughed, and the hair 
person, before 1 knew what was hap- 
pening. applied 37 pounds of Industrial 
Concrete Strength gel on my hair, and 
thus I appeared on national television 
looking like Eddie Munster. This would 
have been fine if the reaction of the 
world at large had been to rush out and 
purchase my book, but the actual re- 
action, to judge from the people I know 
who saw the show, was to ask: “What 
happened to your hair?" 

Bui getting back to Vicki Lawrence: 

She was yelling at me about the death 
penalty, and 1 was yelling back at her. 
while simultaneously — and 1 am NOT 
proud of this — holding my band over 
the mouth of anorher guest. Sol Wachr- 
ler, a former chief judge of the New 
York State Court of Appeals who got 
into trouble over a woman and went to 
jail and. needless to say, wrote a book. I 
was silencing him so dial I could better 
express my verv strongly held views on 
the death penalty, although now I hon- 
estly cannot remember what those spe- 
cific views were. 

I do remember that before the show, 
when I was in the waiting room with 


Vicki Lawrence, somebody brought up 
her hit song, "The Night the Lights 
Went Out in Georgia,” which has an 
extremely complicated plot I have nev- 
er met anybody who understood what 
rha r song is about, so I figured this was 
my big chance to find out. 

“What is that song about?" I asked 
Vicki Lawrence. 

“I have absolutely no idea.” she 
said. 

Here’s a coincidence: Vicki Lawrence 
was once a regular on “The Carol Bur- 
nett Show," and earlier that same day, I 
met: Carol Burnett! Yes! A comedy god- 
dess! A star who, in my mind, is bigger 
than all the ex-Monkees combined. She 
and I were waiting to appear on the early 
morning news show on Los Angeles TV 
station KTLA. I still don’t know why 
Carol Burnett was there; I don’t think she 
has a book out. I do know that we were 
both preceded on the show by a lengthy 
live news report in which the reporter 
wound up stripping down to her bathing 
suit and — I am not 
making this up — tak- 
aJ ing a shower with a live 

. iguana. 

osnmit a The next day, I was 
nf crpl 011 a show called 

. & “Home & Family.” 

IT. which is broadcast from 

a house on the Univer- 
sal Studios lot, jusr a 
short distance from the house where 
Tony Perkins stabbed Janet Leigh to 
death in "Psycho.” I found myself sit- 
ting on a long sofa with — these are just 
some of the people who were on that 
sofa — two co-hosts: Olympic dec- 
athlon champion Bruce Jetmen an Itali- 
an cookbook author two large, spher- 
ical home-improvement contractors 
wearing matching bright-yellow over- 
alls that would be visible from Mars; 
two women who wrote a book about 
something like how to feed a family of 
117 people for 23 cents a day. and a 
complete set of quintuplets. 

Every now ana then, for no apparent 
reason, we’d all jump up and move, 
herd-like, into another room, where 
we'd watch somebody show us how to 
do some Home and Family thing such as 
baste a turkey. For all I know, that show 
is still going on. After a while, without 
being formally excused. I just sort of 
drifted outside and left, moving briskly 
past the "Psycho” house. 

Yes, the book tour was a lot of effort, 
but it increased the overall public aware- 
ness of my name. I know this because my 
last appearance was on “The Late Late 
Show With Tom Snyder.” and at one 
point, when we came back from a com- 
mercial, Tom Snyder, who was not jok- 
ing. introduced me to the audience as 
“Chuck Berry.” 1 was not offended; I’m 
a big fan of Chuck. But if he has a book 
out. I want a piece ot the royalties. 

S' 1997 The Miami Herald 
Distributed by Tribune Media Seniccs Inc. 


Inienulioml Herald Tribune 

P ARIS — For weeks before the French leave on 
their August vacations, newspapers and 
magazines are filled with warnings about traffic 
jams, about sun damage, about gouging landlords 
and pizza sellers, about botulism and pollution. It is 
enough to make sensible people stay home but no 
one, of course, is that sensible. 

On the other hand, guidebook writers are practical 
if not sensible. A lew years back a new guide 
suggested that instead of idling on beaches people 


MARY RLUME 


spend their holidays visiting factories. Why risk a 
curdled mayonnaise when you can see stoves, vege- 
table peelers or aprons being manufactured or, for 
that matter chickens being eviscerated? Why not 
watch simulated road accidents at a Peugeot factory 
instead of real ones on the auroroure. Why take 
holiday snapshots when you can visit a photo-pro- 
cessing lab instead? The guidebook, not surprisingly, 
does nor seem to have had a second edition. 

A more successful book, now in its third edition, 
recommends that intend of lolling about vacationers 
simply shop until they drop. Marie-Paule Dousset ’s 
“Guide des magasins d’usine,’ ’ published by SeuiL is 
a 564-page guide to 1,300 factory outlet stores. Not 
only does she cover all of France’s departements but 
she also ventures to those parts of Germany, Italy, 
Switzerland and England closest to France's borders. 

It’s a great idea given that French tourists to New 
England, for example, are already more familiar with 
the name of L.L. Bean than Paul* Revere and in New 
York the big thrill is no longer the Circle Line but bus 
tours to discount stores in Tower Manhattan. 

Do us set gives Michelin- style ratings to her entries 
and includes maps in which museums or cathedrals 
do not figure but, to take the example of Troyes, a 
medieval city east of Paris, such sites as Bebe Con- 
fort, Adidas and Levi’s are clearly marked. 

Troyes, where textiles have been made since the 
1 2th century, gets star rating because its department, 
the Aube, has the highest number of factory. outlet 
scores in France even if its total of actual factories has 
decreased. Troyes itself boasts a purpose-built outlet 
area called McArthur Glen and another called 
Marques Avenue, with a mews called Marques Av- 
enue Maison. McArthur Glen, explains Dousset, is 
an American import whose architecture resembles 
Disneyland and whose denizens include Nike, Ralph 
Lauren, Kenzo and Courreges. 

But the crafty shopper is also advised to make 
certain that brand names are not cheaper in other 
regions. If you are serious about a pair of Burlington 
socks, for example, you should consider not only the 
Aube but also the Haute-Saone or the Val d’Oise, 
while for Charles Jourdan shoes if you are bn your toes 
you will crisscross the Ardeche, the Aube, the Drome 
and even Bicester (prononce: Bissteu-r ) in England 

England, or at least those parts nearest France, 
wins praise as the European country with the most 
outlet stores. Some are actually located near factories 
so a search for a bargain Burberry may. says Dousset, 
take you past “a postcard village where Miss 
Marple's thatched cottage might well be found.” 

With a commendable lack of chauvinism Dousset 
does not mention William the Conqueror or 1 066 and 
all that when describing Hastings, confining herself 
to 50 percent discounts on armchairs and sofas that 
are “ires British.” No mention of Henry James or 
Miss Mapp, of course, when it comes to Rye or of the 
white cliffs of Dover where the local discount wins 



m 





m 


l |lU !t ‘ 

j ' J B 


r . — 


' mixed praise for having a pleasant environment but 
few familiar brand names. 

Brand names are of course what it's all about from 
Absorba children’s clothes ro Zeller Keramik in 
Germany. In general Germany is not a shopper's 
haven, its discount centers being too widely dis- 
persed and its sizes being too. welL German. So auf 
Wiedersehen (prononcez oxide rzenf. neighbor. 

With the exception of Lake Como, just over the 
Italian border, factory oudets are rarely in the more 
attractive pans of a country. Vacationers who think to 
combine a shopping spree with a day on ihe beach had 
better think again. Those on the way to Sainl-Tropez 
be warned: There are only three quite minor discount 
centers in the entire Var depanemenr. and the Alpes- 
Maiitimes isn’t a whole lot better. If you must 
vacation on the extremely fashionable lie de Re. 
remember that neaibv La Rochelle has only one 
dinky-sounding discount store "which does not in- 
spire the bargain hunter's usual giddiness," and those 




who feel they must visit the lovely countryside of the 
Dordogne will have to be content with one store that 
sells reduced change purses and wallets. 

In a rare bit of synergy a Lycra discounter is 
opposite the public swimming pool of Begles in the 
Gironde (Bordeaux country! but in general serious 
shoppers must go to serious places. Grim Roubaix in 
the north sounds like a shopper's paradise (and 
McArthur Glen will add to the fun in 1998 ) t provided 
you are looking for textiles, which vary from Rubelli 
io polyester lace. The Aveyron must be as unspoiled 
as is claimed since its one big brand-name discount is 
Laauiole knives (other treats include flannel pajamas 
at only 198 francs, or about S32 1 . 

Dousset asks readers to send in addresses for her 
next edition, so vacationers will be traveling with pen. 
as well as shopping bag. in hand. It's a guidebook thar 
is in tune with the times, said one critic. Certainly 
shopping is less dangerous than pleasure-seeking and 
the final resulr — a flattened wallet — is the same. 


I r.- 
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A MODEL who says she 
was engaged to the mil- 
lionaire playboy Dodi al 
Fayed before his reported 
fling with Princess Diana is 
suing him for breach of con- 
tract after seeing a picture of 
him kissing Di. Kelly Fisher 
broke down in tears at a Los 
Angeles news conference as 
her attorney related how her 
client had been “shocked” 
and “shamed" by the “kiss 
photo.” The British tabloids, 
which have been having a 
field day with the princess’s 
summer romance, lost no 
time in branding al Fayed a 
two-timer. "You’re a Dodi 
rorren cheat,” blared TTie 
Mirror’s front-page headline 
Friday. Even the highbrow 
Times gave over its front 
page to Fisher and the 
dazzling engagement ring 
she says al Fayed gave her. A 
spokesman for the al Fayeds 
was quoted as saying that 
Dodi Knew Fisher but had 
never been engaged to her. At Attorne 
the news conference, the at- 
torney, Gloria Allred, said that al 
Fayed led Fisher “emotionally all the 
way up to the altar and abandoned her 
when they were almost there." While 
Diana relaxed at sea, the lawyer said, 
Dodi was spending time, by day and by 
night, on a neighboring boat with Fish- 
er. The attorney said Fisher learned of al 
Fayed* s links with Diana not from him 
personally, but from the now-famous 
"kiss photo” published around the 
world that purports to show an embrace 
between al Fayed and the princess. “He 
betrayed her and has humiliated her," 
said Allred. The suit contends that al 
Fayed offered Fisher 5500,000 to shift 
her career so she could spend more time 
with him; it alleges that she received 
$60,000 and a check for $200,000 that 
bounced. The model, who declined to 
give her age. has appeared on the covers 
of EUe. W and other magazines. 

□ 

A 116-year-old Canadian woman has 
been confirmed by the Guinness Book 
of Records as- the world's oldest living 





speech was mysteriously at- 
tributed to him on the Inter- 
net. The June 1 column by 
Mary Scbmich of The Chica- 
go Tribune started: “Ladies 
and gentlemen of the class of 
1997: Wear sunscreen." 
Somehow, a rumor started 
that Vonnegut had delivered 
the line at MIT. 


As tens of thousands of 
Elvis fans prepared to join an 
all-night candlelight vigil on 
Friday night until daybreak - 
Saturday outside Graceland, Ijf; 
the Presley mansion, those " 
who couldn’t journey to 
Memphis, Tennessee, were 
also making their feelings 
known. The' vigil was being 
held facing the hillside where 
Presley, his parents and pa- 
ternal grandmother are buried 
in a garden half-circled by 
Corinthian columns on one 
side and a kidney-shaped 

a** ....... . . . , swimming pool on the other. 

Attorney Allred holding Fisher s hand — with ring. Flowers, trinkets, stuffed an- 

. imals and posters from absent 

person. Marie-Louise Meilleur, who fans are strewn across the graves and 
bves in a nursing home in CorbeiJ. srand sentry up and down the walkways 
northern Ontario, wilnum 1 1 7 on Aug. leading from the Meditation Garden, as 
29. Born m lSSOtnKamouraska, Que- rhe graveyard is called. Every few 
bee. Medleur has taken over the age minutes a imiformed guard drives up in A 
record from Jeanne Catment of a golf cart and plants one or two more P, 
France, who died recently at 122. Meil- tributes. Dolors, Linda and Pollv. 
leur s step-granddaughter. Nicole Boss, hometowns not listed, have sent an ever- 
when asked the secret of Meilleur’ s green wreath inset with a plastic mini- 
longevity. said. ‘ She often says: ’Work ature model of Graceland decorated for 
and prayer. But I know that she doesn t Christmas with a pink Cadillac, like the 
like meaL Meilleur has more than 300 one Elvis once owned, parked outside, 
descendants spread over six genera- Beth and Katfaie from Sl Louis. Mil- 
lions. She has outlived rw 0 husbands souri. chose a guitar, spray painted 
and eight of her 12 children. black with a message written in gold: 

n "20 years, 20 million tears." The Of- 

\r * k , * 1C1 ^ ^an Club of Denmark has sent a 

Kurt Vonnegut, whose purported bank of red carnations imbedded with a 
advice ro college graduates recently shot cross of white ones. On the swimming 
around the world on the Intemer. has pool fence is a banner reading 1 * Elvis — 
decided to yeak. for himself. The nov- We thank you for the freedom you gave 
ebstwiU address Rice University s May us — Brazilian fans." From Berlin 
i?* S c conunencemenL VVe wanted the came a yellow and red heart with a color 


i 


WaJJv, 


lives in a nursing home in CorbeiJ. 
northern Ontario, will turn 1 17 on Aug. 
29. Bom in 1880 in Kamouraska, Que- 
bec, Meilleur has taken over the age 
record from Jeanne Catment of 
France, who died recently at 122. Meil- 
leur’s step-granddaughrer. Nicole Boss, 
when asked the secret of Meilleur’ s 
longevity, said. “She often says: ‘Work 
and prayer.’ But I know that she doesn’t 
like meaL” Meilleur has more than 300 
descendants spread over sLx genera- 
tions. She has outlived rwo husbands 
and eight of her 12 children. 

□ 

Kurt Vonnegut. whose purported 
advice to college graduates recently shot 
around the world on the Internet, has 
decided to speak, for himself. The nov- 
elist will address Rice University’s May 
1998 commencement. “We wanted the 
Class of "98 to hear the real thing,' ' said 
the university's .president. Malcolm 
GiHis. Vonnegut agreed to speak after a 
whimsical take on a commencement 


E hoto of Elvis in the center. And at the 
ead of the gravestone is a knee-high 
bronzed obelisk tipped with a tricolor ^ 
saying. 4 ‘Paris Remembers Elvis. ' ' ™ 


Coming Soon? Drive-In Movies Score Summer Hit 


By Evelyn Nieves 

Nen- York Tunts Scr\-ice 

A VON. New York It s show time at the Vintage Drive- 

In bur the audience isn't ready. Two hundred cars have sat 
idling, lined up for half an hour. Now they want to unwind 
The cars fumble through gravel paths, claim a patch of grass 
and pitch camp. Out pour the lawn chains, blankets, Wal-Mart 
coolers. Mattresses, too. A Ford Explorer carries two of them: 
a toddler-sized mattress on the roof and a bigger mattress 
where a man is lying, gazing at the Big Dipper, on the hood.' 

On the screen, Jodie Foster is a scientist fig h tins the powers 
that be for her right to search for extraterrestrial life 
The mosquitoes are out The air smells like skunk. 

It could be 30 years ago. 

And this is only pan of why the Vintage Drive-In is creating 


such a stir. The biggest reason is that it is new. New! At a time 

! ri are d - vin S- and most are gone. 

CrT i. OVer hl Shways. there are empty white screens where 

Frankie once wooed Annette and Bruce Lee entered the 
Kv a ^™r,5?/ r t ,ght ^ eek f old -j he Vintage Drive-In. bordered 
^ aboul J. 5 miles (25 kilometers) east of Rochester, 
has become something to celebrate — - like a new wooden 
roller coaster or a vanilla malt. 

m phiplex ^<1 miles away showing the same 
f . C ? tl,Jc l t - But the Vintage is the place io ro. This is 

whl rh!» • a ^ erS had j° ,urn awa - v cars £»* Saturday nigbL 
d r e , m s s ? cond scr een was opened on Sunda'v night 
and Why the theater s co-owner. Paul Dean, can’t help sound- 
ing like a Lottery winner when be talks about iL P 

All I keep hearing is that this is ,he best familv en- 
tertainment. he said. The business has been terrific."