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Herald 


INTERNATIONAL 



Stfbuiri! 


PUBLISHED WITH THE NF.W YORK TIMES AND THE WASHINGTON POST 


The World’s Daily Newspaper 


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Paris, Saturday-Sunday, August 23-24, 1997 



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No. -353507 


A French Slap at Pope 

Socialists Call Visit to Tomb a Provocation 


By Charles Trueheart 

Washington Post Sen-ice 


PARIS — The governing Socialist 
Party delivered a stinging admonition 
Fnday lo Pope John Paul H, saying it 
regretted the pontiff’ s decision to pray 
at the grave of a prominent anti-abor- 
tion crusader. 

‘ The meaning of such a gesture can 
only cause discontent and risks en- 
couraging in our country the deter- 
mination of those who wage a struggle 
marked by Intolerance.” the party of 
Prime Minister Lionel Jospin said in a 
statement. 

The extraordinary reb uke was is- 
sued a few hours before John Paul, here 
for a four-day world youth festival that 
has drawn more than a half-million 
Roman Catholic pilgrims, traveled by 
helicopter Friday to the grave of 
Jerome Lejeune in Chalo-Saint-Mars. 
65 kilometers (40 miles) southe as t of 
Paris. 

. Y atican authorities described the 
visit to the grave of Mr. Lejeune, 
formerly a friend and intellectual soul- 
mate of the Pope’s, as private. The 
cemetery was ringed by some 400 
French anti-terrorist forces who kept 
onlookers and reporters out. 

Mr. Lejeune was the founder of 
“Let Them Live,” an anti-abortion 


advocacy group. Just before his death 
m 1994 he had been appointed by John 
Paul to head the Pontifical Academy of 
Sciences. 

A distinguished geneticist. Mr. Le- 
jeune was renowned in scientific 
circles worldwide for his discovery of 
the chromosome that causes Down’s 
Syndrome, a form of mental retard- 
ation sometimes called mongolism. 
Thanks in part to his research, many 
women choose to end their pregnan- 
cies when tests show evidence of the 
genetic defeci in the fetus. 

The Socialist Party statement said 
the French right to an abortion, in place 
since 1975, should be respected, and it 
condemned a protest at a Paris hospital 
this week by anti-abortion advocates 
attending the World Youth Days 
events. 

The Socialist Party joined other abor- 
tion-rights supporters who have crit- 
icized the Pope's visit to the gravesite. 

“The Pope is reopening the debate 
over abortion that once tore this country 
apart and that no one wants to revive,” 
said Yvette Roudy, a former Socialist 
minister of women’s rights, before the 
pontiff arrived in Paris on Thursday. 

“The Pope is welcome in France as 
long as he doesn't meddle in the in- 

See POPE, Page 7 



lid Guc2/A(aicr himim 

The police kept photographers at a far distance on Friday as die Pope 
was led to the grave of Jerome Lejeune in Chalo-Saint-Mars, France. 


Cosmonauts Succeed in Risky Spaceship Repair 


After Delays, They 
Link Mir Cables 
But Put Off a Test 

By David Hoffman 

Washington Post Service 

KOROLYOV, Russia — Two Rus- 
sian cosmonauts overcame pressure 
leaks, dripping water and fatigue on 
Friday to reconnect electric power 
cables successfully inside the crippled 
Mir space station, but they were unable 
to find a puncture in die damaged hull. 

The 3-nour-16-imnute expedition in- 
side the airless Spektr research module 
was hailed by ground controllers as a 
sign that Russia has not lost its hold in 
space, nor its reputation for risky im- 
provisation in oibiL 

“ Nothing can knock: us out of the 
saddle,” a weary flight director, Vladi- 
mir Solovyov, said to reporters at Mis- 
sion Control. 

Despite the relief that the cosmonauts 
had completed their repair mission 
without harm, Russian officials ac- 
knowledged that the success of the ef- 
fort was yet to be tested. 

For technical reasons as well as ex- 
haustion, they said they would wait until 
Monday to check whether the newly 
installed cables would bring desperately 
needed electricity to the rest of Mir. 

As the flight engineer, Pavel Vino- 
gradov, a space-flight novice, and the 


commander, Anatoli Solovyov, Rus- 
sia's most experienced space-walking 
veteran, groped their way through the 
repairs, tension filled Mission Control. 

The duration of their mission was 
limited by the seven hours of oxygen in 
their tanks, and in the first two hours the 
“internal” spacewalk almost fell apart 

The first problem was a valve on Mir 
that had not been properly closed, delay- 
ing the depressurization of an airlock 
being used as a staging area for the 
repairs. 

Then, after that was fixed and both 
cosmonauts had donned their space 
suits, Mr. Vinogradov heard a “hiss- 
ing” sound. It was a leak in his left 
glove. Ground controllers warned ur- 
gently, “This is serious!” 

More time and oxygen trickled away 
as the glove was replaced by a spare. 

Finally, the hatch to the Spektr mod- 
ule, which was damaged in a collision in 
June, was opened. Contrary to fears of 
some experts, no contamination or dan- 
gerous broken glass was reported by Mr. 
Vinogradov, who entered the chamber. 
He did, however, see some white crys- 
tals floating around 

Mr. Vinogradov at one point 
marveled that the module seemed to be 
functioning, except for the lack of air. 

“This module is working,” he said. 
“The fan is spinning- I can hear the 
sounds of the working equipment.” 

Mr. Vinogradov was originally sup- 
posed to attach 1 1 cables, nine of which 
were operational and two spares. Rus- 

See MIR, Page 7 


U.S. Presses Russia 
To Stop Aid to Iran 
By Missile Experts 

By Steven Erlanger 

New York Times Sen-ice 

WASHINGTON — The Clinton ad- 
ministration has been quietly pressing 
Russia for most of this year to stop its 
scientists and military institutes from 
helping Iran develop a new ballistic 
missile that could reach Israel, Saudi 
Arabia and American troops in the Gulf, 
senior administration officials say. 

The Russian scientists’ assistance has 
continued, officials said, even though 
President Bill Clinton raised the matter 
with the Russian president, Boris 
Yeltsin, in private meetings in June at 
the Denver economic summit. 

American officials said they had be- 
come increasingly frustrated with Rus- 
sia's inaction, and they noted that Vice 
President AJ Gore complained about die 
Russians* role in the Iranian project as 
early as February. 

Last month, Mr. Clinton assigned 
Frank Wisner to be his special envoy for 
the problem. Mr. Wisner, who had re- 
tired from government service after be- 
ing ambassador to India, returned last 
week from a visit to Russia, Israel, 
Egypt and the United Kingdom. He 
received new assurances from senior 
Russian government officials that “it is 


exi 


AGENDA 

Judge Sets Date 
For Clinton Case 

LITTLE ROCK, Arkansas (Reu- 
ters) — A federal judge on Friday 
set May 26, 1998, as the trial date 
for Paula Jones's sexual harass- 
ment lawsuit against President Bill 
Clinton. 

Judge Susan Webber Wright of 
U.S. District Court also dismissed 
some elements of Ms. Janes’s com- 
plaint. But she left intact Ms. 
Jones’s claim of sexual harassment 
and emotional distress that she says 
was inflicted on her by Mr. Clinton 
in an Arkansas hotel room in 1991. 

Mr. Clinton has denied that the 
incident occurred and had asked 
Judge Wright to dismiss the law- 







Sports 

Pages 18-19. 

The Intermerkot 

Pago 4. 

iThelHT on-line 

http: '/ vv w’.v . i h t . c o m| 


China to Asians: ‘You Should Worry, Too’ 

Japan- U.S. Military Pact ‘ Utterly Unacceptable' 

pressed public reservations about the 
plan to strengthen the U.S. -Japanese 
security treaty, several — including 
Malaysia, Indonesia and Thailand — 
were privately concerned that it was 
unnecessarily provocative to China and 
could become a serious source of in- 
stability in the Asia-Pacific region. 

“For the first time, China is coming 
out openly to rally support from other 
Asian countries for its position against 
Japan and the United States,” a diplomat 
said. “It’s an attempt to strengthen pa- 
cificist sentiment in Japan and weaken 
Japanese government policy.” 

m Beijing, the official People’s Daily 
warned Friday that if Taiwan was in- 
cluded in the scope of the U.S.-Japanese 

ould“t 


^ W&: 


\ mnfH TtiMn/HiUpr* 


Mr. Li speaking in Kuala Lumpur. 


By Michael Richardson 

Iniemaikmal Herald Tribune 

SINGAPORE — Seeking to rally 
Southeast Asian support. China on Fri- 
day shar ply intensified pressure on Ja- 
pan to reject moves to have a 
strengthened military alliance with the 
United States cover Taiwan. 

Pr ime Minister Li Peng of China, on a 
visit to Malaysia, said that the Japanese 
plan was "utterly unacceptable ’ and 
amounted to interference in China's in- 
ternal affairs. 

He also said that the Japanese proposal 
had “aroused suspicion and disappoint- 
ment not only in China but also in South- 
east Asian nations.” Agence France- 
Presse reported from Kuala Lumpur. 

Western diplomats said that although 
no Southeast Asian country had ex- 


ailiance it would “create a serious siru- 


See CHINA, Page 7 


B-2 Proves Too Touchy to Leave Home 


Mnwastanfl Prices 


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Arriftes 1250 FF Morocco 

Cameroon... 1.600 CFA Qatar 

Egypt _£E 5.50 bunion — 12 Jf ^ 

Fran® 10.00 FF Saudi AiabC- ---^ttSR 

Gabon 1.100 CFA Senegal 1«0CfA 

Italy. 2.800 Lira Spam 

Ivory Coast .1 250 CFA Tunisia *2® 5 

Jordan ^1250 JO UAE- ; 10 “^ 

Kuwait 700 Fils LIS. MU. (Eur.).-.$1 .20j 



By Bradley Graham 

Washington A»il Service . 

WASHINGTON — The U.S. Air 
Force has canceled plans, for now at 
least, to station any B-2 Stealth bombers 
overseas after discovering that moisture 
and extreme weather cause greater dam- 
age than expected to die plane s radar- 
eluding features, requiring more exten- 
sive field maintenance. 

Die decision marked the latest set- 
back for the Pentagon’s ptmier bomtxff 
proaram. following some disappointing 
tesf results and deep cuts in planned 

P ”u comes at an inopportune mnefor 
the aircraft’s persistent congressional 

supporters, wholre “ 

thkvear to add nine more bombers to 


the 21 ordered. The administration re- 
mains opposed to expanding B-2 pur- 
chases. 

Die bomber is supposed to be capable 
of engaging in nuclear or conventional 
attack either from its main site at White- 
man Air Force Base in Missouri or from 
locations overseas. But because its 
stealthy features are so vulnerable to 
water, humidity and certain other cli- 
matic conditions, airforce officials con- 
cluded the plane could not be permitted 
to siay on the ground anywhere unless 
housed in special, climate-controlled 

shelters. , .. 

• This shortcoming was disclosed in a 
report released this week by the General 
Accounting Office, the congressional 
watchdog agency. 

“The air force decided it was un- 


realistic to deploy the B-2 without shel- 
ters, as planned, because some low- 
observable materials are not as durable 
as expected and require lengthy main- 
tenance, some in an environmentally 
controlled shelter after each flight,’ ’ the 
agency said. “In addition, B-2s must be 
kept in shelters because of their sen- 
sitivity to moisture, water and other 
severe climatic conditions.” 

The air force confirmed that it had 
dropped a previous requirement to be 
able to base die B-2 overseas and was 
possible changes in stealthy 


materials and repairprocesses to ad- 
dress the problem. The service noted 
that the bombers could still fulfill mis- 
sions by flying nonstop to overseas tar- 
gets from Missouri. 

The General Accounting report said 


Markets Tremble 
As Volatility Reigns 

Signs of Inflation in Germany 
Turn Jittery Investors Sour Again 


By Erik Ipsen 

International Herald Tribune 


not Russian policy to support Iran’s 
development of a ballistic-missile ca- 
pacity," a senior White House official 
said. 

According to American officials, the 
assistance to Iran is being provided by 
institutes and companies that were an 
integral part of the stale-owned military 
complex of the Soviet Union, which 
controlled the design, construction and 
deployment of all missile s, nuclear or 
otherwise. Since the breakup of the So- 
viet Union and the introduction of Rus- 
sia’s semi-market economy, military 
spending has plummeted, and many of 
these institutes have sought private con- 
tracts and income. 

American officials, long concerned 
that Russian scientists would sell their 
specialized knowledge to countries like 
Iraq and Iran, have tried to develop 
cooperative programs to keep these sci- 
entists at work, with salaries. 

The ass istance of Russian scientists to 
Iran’s missile program has been report- 
ed before, but American officials are 
only now disclosing how persistently, 
and unsuccessfully, the U.S. govern- 
ment has tried to get Russia to stop it 

Deployment of the kind of mid-range 
ballistic missile die Americans are con- 
cerned about could be between two 
years and five years or more away, 
depending on how much help Ran gets 
from Russia and other countries, like 
China and North Korea, officials and 
said. 

ie major concern is dial Iran is also 
See MISSILE, Page 7 


NEW YORK — Disconcerting in- 
flation news out of Germany sear stock 
and bond prices lower in Europe and the 
United States on Friday, reversing 
powerful rallies earlier in the week and 
underscoring the increasingly volatile 
nature of global securities prices. 

Earlier, many Asian stock markets 
weakened as well, although the declines 
were linked to currency instability in the 
Pacific region and the slow Japanese 
economy. (Pages 9 and 13) 

Germany stood out as one of the few 
European and North American markets 
that could attribute its decline to hard 
news. Reports showing German import 
inflation rising at a higher-than -expec- 
ted 4.2 percent per annum clip in July 
and consumer-pice inflation also ex- 
ceeding expectations in two German 
states rekindled fears that the Bundes- 
bank would soon raise interest rates. 

The news helped send the DAX index 
down 168 points, gouging 3.9 percent 
out of the value of German shares in a 
single day. The dollar, meanwhile, slid 
to 1 .8 189 Deutsche marks in New York 
from 1.8365 DM on Thursday. 

Die Ge rman central bank had grown 
increasingly uncomfortable with die 
weakness of the mark as the dollar rose 
toward 1.89 DM earlier this month, and 
while Bundesbank officials had indi- 
cated a rate increase was in the offing, 
no such move has yet occurred. 

A rate rise would be bad news for the 
economy by raising the cost of bor- 
rowing for German corporations and 
consumers. Its prospect was an elixir for 
the mark, although it sent shockwaves 
into the other markets. 

The dollar's weakness hit not only 
stock prices in countries like the Neth- 
erlands, Sweden and Switzerland where 
many large companies derive much of 
their earnings from die United States, 
but it also sent American bond prices 


■ The Dollar I 

New Yo* 

FlKUr *4 PM 

pravkusdoae 

DM 

1.8189 

1.8365 

Pound 

1.6115 

1.592 

Yen 

118.345 

117.225 

FF 

6.1285 

6.1855 

1 

The Dow 



F*wtey dc&e 

previous dose 

-6.04 

7887.91 

7893.95 

I S&P 500 » 

charge 

Friday 8 4 P.M. 

previous dose 

-1.5 

923.55 

925.05 


lower by making them less attractive for 
international investors to hold. The 
yield on the 30-year Treasury bond rose 
to 6.66 percent from 6.60 percent 

As a rationale for a rout of the dollar, 
not to mention the decline in stock 
prices in Europe and America, a bit of 
bad inflation news in the German states 
of Bavaria and North Rhine Westphalia 
struck many observers as weak. “It is a 
total over-reaction when we find out 
that inflation is slightly higher in Ger- 
many and markets around the world sell 
off,” said Caroline Meroz, European 
equity strategist for JJP. Morgan Se- 
curities in London. 

In the United States, the Dow Jones 
industrial average fell as much as 177 
points before recovering at the end of the 
session to finish just 6.04 points lower, at 
7,887.91. Analysts chalked up Friday’s 
early fall to the three successive 100- 
point-plus rallies for die Dow on Mon- 
day, Tuesday and Wednesday, which 
they said had taken pices too high. 

Others saw no logic greater than the 
fact that many of the financial world’s 
heavy hitters were on vacation and in the 
resulting quiet even a whisper of news 
could move markets. “It is a Friday 

See MARKET, Page 10 


A Trans-Atlantic Cheer 

Many in France See Union Victory Over UPS 
As a Vindication of European Social Policies 


By Anne Swardson, 

Washington Post Service 


PARIS — The denouement of the 
United Parcel Service strike has 
brought not just relief to Americans 
but satisfaction to the French, par- 
ticularly to the political left and labor 
unions. 

The UPS accord, in which the 
Teamsters union won substantial vic- 
tories in such area as pay raises and 
full-time jobs, is being portrayed here 
as the contradiction to American 
boasts about the superiority of un- 
trammeied capitalism. 

Frequently irritated by American 
claims that low U.S. unemployment 
and high growth are the result of less 
regulation and free markets, many 
French are reveling in the success, as 
they see ir, of American onions over 
American bosses. 

Ever since the summit meeting of 
the leading industrial nations in Den- 
ver in June, when President Bill Clin- 
ton and his aides trumpeted the Amer- 
ican economic model over the more 
interventionist European versions, 
the French have griped that the “lib- 
eral” free-market way of doing busi- 
ness is not as great as Americans say it 
is. In their view, the UPS strike proves 
that point. 

“The. issue of this strike has ex- 
ploded, in the very heart of the beast, 
the myth of invincibility of liberalism 
that supports general attacks against 
workers the world over,” said the 
French postal union. SUD. 

The militant leader of the French 
union Worker Force, Mare Blondel, 
wrote in a congratulatory letter to John 
Sweeney, the head of die AFL-CIO, 
the leading U.S. labor federation: “It 


is significant to reveal that the noxious 
effects of ultraliberalism lead, here as 
elsewhere, to identical reactions for 
dignity and social progress.” 

He suggested that Mr. Sweeney 
come to Paris so the two labor leaders 
could talk strategy together. 

The UPS strike was seen in France 
as a welcome follow-up to the Denver 
summit meeting. There. Mr. Clinton 
pressed for language in the final com- 
munique praising the United States 
for its “long recovery and successful 
job creation.” 

To President Jacques Chirac of 
France, the summit meeting was an 
exercise in tub-thumping, and he was 

The election of the Teamsters* 
president is voided. Page 3 


having noi 
model and • 


we plan to stick to it,’ ’ Mr. 
Chirac said. 

During the two-week UPS strike, 
the French press cheerfully pointed 
out the parallels between foe Amer- 
ican dispute and French labor actions, 
which occur frequently here. A key 
issue, foe creation of part-time jobs to 
die perceived detriment of full-time 
work, is a preoccupation for French 
unions. Pan-time or flexible work is 
called “precarious” work, and many 
union agreements prohibit or limit it. 

In both countries, governments play 
a role in major strikes. When French 
truck drivers went on strike last fall, for 
instance, foe negotiations were held 
under foe auspices of foe Labor Min- 
istry, just as Labor Secretary Alexis 
Herman oversaw foe UPS talks in foe 

See UNION, Page 7 



A B-2 undergoing trials, which have lasted twice the planned four years. 


the total estimated cost of the B-2 pro- 
gram appeared to have stabilized at 
about $45 billion, which includes de- 
velopment as well as procurement ex- 
penses. But ir cautioned that costs could 


increase if foe flight test program, which 
was planned to take tour years and 
already has lasted eight, is extended 
again beyond next March or if new 
deficiencies arise. 









PAGE 2 


INTERNATIONAL HERALD TRIBUNE. SATURDAY-SUNDAY, AUGUST 23-24. 1997 


Diplomatic Cable Reveals Milosevic in Uncooperative Mood 


BRIEFLY 


By Jane Perlez 

.Vw Yjri rimes Service 


VIENNA — Slobodan Milosevic is 
known in the Balkans for his dismissive 
manner, and the Serbian leader was true 
to form. In recent meetings with a U.S. 
envoy, according to a confidential cable 
written by a Western diplomat and other 
accounts of the sessions. 

The cable said that Mr. Milosevic 
showed “absolutely no give" on turn- 
ing over war-crimes suspects to the in- 
ternational tribunal in The Hague, a key- 
issue for the Clinton administration. 

Asked whether he would allow the 
Organization for Security and Cooper- 
ation in Europe to help moniTor elections 
next month in Serbia, Mr. Milosevic is 
reported to have replied: “No way. 
What has the OSCE done for me?" 

Mr. Milosevic’s dialogue — held in 
English with Richard Holbrooke, the 
American architect of the December 
1995 Dayton peace accords, and 


scattered with four- letter words — gave 
the impression that he was reverting to 
his former belligerent stance toward the 
West. U.S. and other Western officials 
said. The two major protagonists of the 
peace accords mef for the firs: time in a 
year ai Mr. Milosevic's ornate villa in 
Belgrade 10 days ago. 

President Bill Clinton had dispatched 
Mr. Holbrooke on a four-day tour of 
Croatia. Bosnia and Serbia to revitalize 
the sagging accords. 

Mr. Holbrooke, who took issue with 
some of the material in the cable, said that 
he had won some successes in Bosnia by 
persuading authorities there to agree to a 
common telephone code and by gening 
them to agree to ambassadors. 

Mr. Holbrooke said he was gratified 
that the Muslim leaders of Bosnia had 
agreed to an ethnic Serb's being posted 
to Washington as Bosnia’s envoy. 

But in Belgrade, Mr. Holbrooke was 
confronted with an unyielding Mr. Mi- 
losevic. who, according to several U.S. 


officials close to the talks, appeared 
willing to tough it out. 

"He was bidding his price up." an 
administration official said "He was 
taking the approach that we need him 
more than he needs us." 

The cable, written after the top Amer- 
ican diplomat in Belgrade, Richard 
Miles, briefed Western envoys there, 
described a one-way atmosphere ai the 
talks in Belgrade, with Mr. Milosevic 
stonewalling him at every turn. The 
administration official described the 
cable as “accurate." 

For example, on the subject of 
Kosovo, the Serbian province where the 
administration has repeatedly asked Mr. 
Milosevic to halt abuses against the ma- 
jority Alb anian population, the Serbian 
replied, according to the cable: ‘ ‘It is only 
of interest to a few American congress- 
men. We will solve it in our own way.” 

On the overall implementation of the 
peace accords. Mr. Milosevic said the 
West had to be more “balanced." 


Of Biljana Plavsic, the Bosnian Serb 
president the administration is support- 
ing. Mr. Milosevic said: "She is very 
difficult," and went on to say that she 
deserved the trouble she was in with 
other Bosnian Serb officials. 

The administration official said that 
Serbia’s economy was in desperate 
straits, and that Mr. Milosevic dressed 
down Mr. Holbrooke over Washing- 
ton's preventing Serbian access to in- 
ternational financial institutions like the 
International Monetary Fund. 

But Mr. Milosevic, formerly the pres- 
ident of Serbia, whp recently engin- 
eered for himself the title of president of 
Yugoslavia, did not feel he was so po- 
litically threatened at home by the weak 
economy' that he needed to make any 
concessions on war criminals, several 
Washington officials said. 

In drawing the line on handing over 
war criminals to the tribunal in The 
Hague, Mr. Milosevic told Mr. Hol- 
brooke thai the arrest last month of a 


Bosnian Serb war-crimes suspect in 
Bosnia and- the killing of another had 
had "negative consequences," one 
Washington official said 

One of Mr. Holbrooke’s priorities was 
io find a way to get the Bosnian Serb 
leader, Radovan Karadzic, who has been 
indicted on war-crimes charges, out of 
Bosnia and, preferably, to The Hague. 
Mr. Milosevic has considerable control 
over Mr. Karadzic, Washington officials 
believe, and pledged a year ago to ensure 
that he disappeared from public life in the 
Serbian-governed portion of Bosnia. 

Mr. Holbrooke, reached at his va- 
cation home in New York, rook issue 
with the reports of Mr. Milosevic’s 
words, saying: “This is ridiculous 
stuff." He said that Mr. Miles, the U.S. 
diplomat is Belgrade who had briefed 
other envoys, had not been at all the 
meetings and that be would get Mr. 
Miles “on the carpet" for the way he 
conducted the briefing. Bat he did' not 
single out points for dispute. 


Promise of Good Life 
Entices Czech 


Gyp 


sies 


By Peter S. Green 

Inu rnjH'Wa! HtrrjSJ Tribune 


PRAGUE — The old Czech Gypsy 
stood in the courtyard of a Toronto 
motel as she beckoned from the tele- 
vision screen. “Romanies." she said, 
using the name by which Europe's 
G ypsies prefer to be called. * ‘if you have 
any money don’t hesitate, and come 
here. If you stay in the Czech Republic 
you will suffer and be hungry. Come 
here, and you'll live like lords." 

And they came. 

Within days of the program's being 
shown on the Czech Republic's TV 
Nova earlier this month. Czech Romany 
organizations said 15,000 Gypsies had 
asked how- they too could emigrate to 
Canada, as ref ugees from an unrelenting 
tide of racism and poverty. 

New spapers predicted a tide of emig- 
ration and civic groups reported that 
dozens of Czech Gypsies were selling 
their belongings to pay for the trip to 
Canada. 

The Canadian Embassy in Prague re- 
ported more than 350 telephone calls 
daily from Gypsies interested in emig- 
rating. .And several dozen Romany fam- 
ilies fiew to Toronto to seek asylum. 

Then the saga turned nasty. The may- 
or of Ostrava-Marianske Hory. a heav- 
ily Romany district in the industrial 
northeast, announced that she would 
pay at least two-thirds of the airfare for 


Correction . 

An article in the Aug. 16-17 editions 
on the increased air pollution in Paris 
this summer said that few French cars 
had catalytic conveners. French laws 
were passed requiring these anti-pol- 
lunon devices on new- gasoline-fueled 
cars in 1 993 and on new diesel cars since 
1996. The law did not mandate ret- 
rofits. 


any Romany family that gave up their 
city-owned apartment and took a one- 
way flight to Canada. 

In a nearby district. 1.200 residents 
petitioned their mayor to keep Gypsies, 
who had lost their homes in recent 
floods, from moving into their neigh- 
borhood, while a government-ordered 
survey showed that 60 percent of state 
officials thought Gypsies could never 
live alongside other Czechs. 

After a public outcry over the offer of 
plane tickets, and criticism from Prime 
Minister Vaclav Klaus, the Mayor, Li- 
ana Janackova, backed down. 

And by late Iasi week the threat of a 
huge tide of emigration appeared to 
abate, after several dozen Czech 
Gypsies returned from Canada, some 
who decided not to stay and some who 
were deponed. The Canadian Embassy 
in Prague said Friday that about 20 
Romanies a day were flying to Canada 
seeking asylum. 

Before the TV program was broad- 
cast. 419 Czechs, mainly Gypsies, had 
reached Canada and asked for asylum. 

Mr. Klaus met last week with Ro- 
many leaders and pledged to listen to 
their complaints, and Romany leaders 
urged their people to stay home and 
work out their problems. Mr. Klaus 
made no promises, but criticized a re- 
cent government report on Romany 
problems and called for concrete pro- 
posals for action. 

Whether or not more Czech Gypsies 
flee to Canada, the episode has revealed 
just how deeply anti-Gypsy sentiment is 
embedded in a country usually asso- 
ciated with the humanist values of its 
President. Vaclav Havel. 

Two years ago. the United States 
State Department singled out the Czech 
Republic in its annual human-rights re- 
port after thousands of Gypsies were 
denied Czech citizenship when Czech- 
oslovakia was dissolved. 

Left stateless by a legal loophole. 



Ink SjcnTjraki.-Ajsacc Faa-Pra t 

KRAKOW HANDSHAKE — Prime Ministers Vaclav Klaus of the Czech Republic (left), Wlo dzim ierz 
Cimoszewicz of Poland (center), and Gyula Horn of Hungary at their meeting Friday in Krakow, Poland- 


some Gypsies were illegally deported 
by local officials who threw them out of 
their state-owned homes and sent them 
off by train to Slovakia. 

The government eventually amended 
the law, but the Czechs have still to deal 
with the underlying problems of a sub- 
stantial Gypsy minority' — there are an 
estimated’300,000 in the country 's 10.5 
million population — who live largely 
on the margins of Czech society. 

Life for Czech Gypsies is not easy. 
Many “white" * Czechs, called 
“Gadja" by the mostly dark-skinned 
Gyspies. cannot abide the different life- 
style of many Gyspies. Many Czech 
Gypsies live in large family groups, and 
apart from a tiny Romany middle class, 
most are barely literate. 

Unemployment among Gypsies is 
more than 70 percent, and they are beset 
by drink, drugs and petty crime. 

Traditionally, early marriage and 
large families are encouraged, leaving a 
rash of uneducated teenage mothers, 
who can never acquire the skills to break 
out of a vicious circle of poverty, preg- 


nancy and illiteracy. Most Romany chil- 
dren "are dumped from an early age into 
special schools for the learning dis- 
abled, and pushed out of the school 
system when they reach 15 years old. 

" Czechs generally see Gypsies as 
thieves, prostitutes and fortune tellers 
who live on welfare, destroy public 
housing and yet alw ays manage to find a 
reason to sing, drink and celebrate. 

"Among the poor and marginalized 
Romanies.'many live for the here and 
now. for today." says Hana Syslova. a 
scholar of Romany culture.* ’'They 
don’t think about tomorrow. It helps 
them face their misery, but its also the 
root of their problems." 

Few people will offer Gypsies jobs or 
housing, bars and restaurants often re- 
fuse them entry, and police hesitate to 
enforce anti-discrimination laws. 

“Roms are not a nationality of men- 


tally retarded layabouts," said Klara 
Samkova-Vesela,’ a prominent human 
rights lawyer married to a Czech 
Gypsy. 

“It's because racially motivated 
crimes regularly go unpunished that 
Roms have lost ‘all loyalty to this coun- 
try," she said. 

Romany organizations note at least 
28 racially-motivated killings of Ro- 
manies in the past several years, and last 
week two Romany families in Slovakia 
were a racked by skinheads. ■ 

Recently, when two non-Romany 
Czech youths were arrested for threat- 
ening to throw Romany children from a 
moving train, a judge refused ro. treat the- 
crime as racially motivated. ■ 

"The rules are on the books, but few 
people apply them." said Viktor Dobal, 
die ' deputy" government minister in 
charge of minoritv affairs. 


Swedish Warning 
On French Poultry 

STOCKHOLM — Sweden is 
threatening to stop imports of 
French poultry if France doesn't 
improve its salmonella controls. 

“As a last resort, we may have, to 
put an end to die imports, and I am 
prepared to do just that if they don’t 
straighten this out," Agriculture 
Minister Annika Aahnberg told the 
Swedish news agency Tld- 
nin garaas Telegrambyra. 

She said she intended to send a 
letter Friday to hear French coun- 
terpart protesting incidents of sal- 
monella-infected French poultry, 
that have been found in Sweden. 

The National Food Administra- 
tion found Thursday that 300 kilo- 
grams (660 pounds) of turkey ke- 
babs imported from France were 
infected with salmonella. (AP ) 

Turk Leader Pegs 
Late ’98 for Vote 

ANKARA — Prime Minister 
Mesut Ytimaz said Friday that he 
favored late 1998 as the best time to 
hold general elections, the Anato- 
lian news agency reported. 

“I think die most appropriate 
time in that year would be the au- 
tumn," he said, speaking to re- 
porters in the holiday resort of Bod- 
min. “If the pressure is on, it could 
be the spring.’* 

Mr. Yilznaz came to office in 
June at the head of a rightist co- 
alition that wants to keep the Is- 
lamists out of power. ( Reuters ) 

Bodies Uncovered 
Under French Silo 

BLAYE, France — Rescue 
workers found more bodies Friday 
under a shattered grain silo in 
south west an France that exploded 
and collapsed, killing at least nine 
people. 

The rescue workers pulled the 
body of an unidentified man from 
under tons of reinforced concrete 
that crumbled in die Wednesday 
blast (API 

Belarussian Orders 
Russians Released 

MINSK. Belarus — A day after a 
sharp verbal exchange with the 
Kremlin, President Alexander 
Lukashenko backed away from his 
tough stance Friday and ordered 
_fom- , Russian journalists ^released ' 
" from jaiL ATifth journalist; also 
working for Russia’s ORT televi- 
sion network, was expelled from 
Belarus. (AP) 



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TRAVEL UPDATE 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
Evangelical Sunday Service 10:00 
a.m. £ 11:30 a.m j Kids Welcome. De 
Cuserstraat 3, S. Amsterdam Info. 
020-641 8312 or 020-6451 653. 

FRANKFURT 

English Speaking International 
Catholic Parish, St Leonhard, AUe 
Malnzer Gasse 8. 6031 1 Frankfurt. 
Germany. Tel/Fax 069-283177. Mass 
schedule: Saturday 5 p.m„ Sunday: 10 
am Cortessons: 1/2 how before Mass. 

FRANCE/TOULOUSE 

HOPE INTERNATIONAL CHURCH 

{Evangelical}. Sunday 6.30 pm Le Grand 
Noble Hotel. 90 av. de Comebarneu. 
Btagnac. TeL 05 62 74 1 1 55. 

FRENCH RIVIERA/COTE D'AZUR 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
English-Speaking non-denominabonal. 
Tel. +41 61 302 1674. Sundays 1030 
Mttere Stesse ia CH4056 B&seL 

ZUR1CH-SWITZERLAND 

ENGUSH-SPEAKING CATHOLIC 
MISSION; St. Anton Church. 
MinervastraBe 63 Sunday Mass: 8:30 
a.m & 1130 a.m. Services held ui the 
ctypt of St Anton Church. 


NICE: Holy Trinity (Anglican). 1 1 
Bu«a. Sm. 1 1 ; VElfcE: St Huqhs, 2£ 
Resistance. 9 am Tel 33 04 $3 87 IS 


rue 
22. av. 
1983. 


MONTE CARLO 


MONACO CHRISTIAN FELLOWSHIP 
Worship Service. Sundays: 1i a.m. 
9. rue Lows Notary. Monle Carlo. 
TeL 377 92 16 56 47. 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH - 56. 
rue des Bons-Raisins. 92500 Rueil- 
Malmaison Summer Schedule: 9:45 
Worship. 11:00 Coffee Hour. For more 
Info call 01 47 51 29 63 Or check: 
.qeocfes.ctTTEParaV.efra 1 1 352. 

HOPE INTERNATIONAL CHURCH 
Hotel Orton at Pars-ta-Oefense. Qbd.de 
Neutfy. Worship Sundays. 930 am. Rev. 
Dcjugfe MBer, Pastor . T.: 01 43 33 04 06 
Metro i »la Defense Esplanade. 

SAINT JOSEPH'S CHURCH (Roman 
CaWfct. MASS IN ENGLISH S3. 630 pm; 
Sun. 10 a.m.. 12 midday. 6:30 p.m. 
50. avenue Hoche. Parte 8th. Tel.; 
01 42 Z7 26 56. MsOtt Chafes * Gate - Bole. 

RELIGIOUS SOCIETY OF FRIENDS 
(sHent) 
am. 
• bis, rue 

de Vaugrard, 75006 Pans. AI Welcome. 
+33014548 74 23. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near Inabashi Stn. TeL 3281- 
374Q Worship Servks. 930 am Sundays. 

TOKYO UNHN CHURCH near Orrataurxto 
Subway Sta Tat. 340Q-0W7, Worehp SeMces 
Scmtey - 830 a 11.1X1 am. SS at &45 am 


THE EPISCOPAL CHURO-ES 
OF EUROPE (Anglican) 

PARIS and SUBURBS 

THE AMERICAN CATFEDRAL OF THE 
HOLY TRSNTTY, Sm 9 & 11 am. 10:45 
a.m. Sunday School for children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23, avenue George V, 
Parts 75008. Tel.: 33-01 53 23 §4 00. 
Manx George V or Alma Mooeau. 

FLORENCE 

ST. JAMES' CHURCH, Sun. 9 am. Rte 1 
& 1 1 am Rte II. Via Bernardo RuceOai 9. 
50123, Florence, Italy. TeL 3955 29 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
l Episcopal/ Anglican) Sun. Holy 
Communion 9 & 11 am. Sunday School 
and Nusery 10:46 am Sebastian Rrc 
St 22. 60023 Frankfurt Germany. UI. 2. 
3 MlqueLABee. Tel: 49169 55 01 84. 

GENEVA 

EMMANUEL CHURCH 1st & 3rd Sun 
10 am Eucftartsc 2nd &4lh Sun. Manring 
r. 3 roe de Mtrahoux. 1201 Genera. 
TeL 41122 732 80 78. 

MUNICH 

THE CHURCH OF THE ASCENSION. 
Sun. 1 1 :45 a.m. Holy Eucharist and 
Sunday School, Nusery Care provided. 

4, 81545 Munich (Har- 
'. TeL 4930 64 81 85. 

ROME 

ST. PAUL'S WITHN-THEWALLS, Sun. 
830 am Holy Eucharist me 1; 1030 am 
Choral Eucharist Rite II; 10:30 a.m. 
Church School for chiton & Nusery care 
provided: i pm Spanish Eucharist Vie 
I Rome. 


BRUSSELS /WATERLOO 

ALL SAINTS’ CHURCH, 1st Sun. 9 & 
11:15 am Holy Eucharist w#h Chiton's 
Chapel at 11:15. AI other Sundays: 11:15 
am Holy Eucharist and Sunday School 
563 Chauss£e de Louvain, Ohain, 
Belgium. TeL 32/2 384-3556 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY. Sun. 10 a.m. 
Famfly Eucharist Frankfurter Strasse 3, 
Wiesbaden. Germany. Tel.: 
496113066.74. 


EUROPEAN 

BAPTIST CONVBfllON 


BERLIN 

LB-C-. BERLIN. Rothenburg Str. 13. 
(StsgJItz). Sunday. Btole study 10.45. 
worship Service 12.00 noon. Charles 
Warlord, pastor. TeL 030774-4670. 

BREMEN 

LB.G, Hoherdohestr. Hemiann-Bose-Str. 
Worship Sun. 17:00. Pastor telephone: 
0421-78 64& 

BUCHAREST 

LB.C- Strada Popa Rusu 22. 3:00 pm. 
Contact Pastor Me Kemper. TeL 312 3860. 

BUDAPEST 

I.B.C.. meets at Morlcs Zsigmond 
GimnazJum, Torokvesr ut 45-54. Sun. 
10(00. TeL 250-3682. 

BULGARIA 

LBX.. World Trade Carter, 36. Drahen 
Tzankov Blvd. Worship 1 1:00. James 
Duke, Pastor. TeL 669 666. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHIP, Ev.-FraMrchfche Gemetnde, 
Sodenerar. 11-18, 83150 Bad Hamburg. 
Sunday Worship. Nursery & SS: 
1120 AM. Mid-week ministries. Pastor 
Mlevey. CallFax: 06173-62728 
BETHEL I.B.C. Am Dachsberg 92 
(Engteh), Worship Sun. 11:00 am. and 
600 pm. Tel- 069649559. 

HOLLAND 


NICE - FRANCE 

I.B.C. 13 rue Vernier. English service. 
Sunday waning i&30. pastor Rcy Mter - 
TeL (04 93) 32 05 96. 

ST. PAUL DE VENCE - FRANCE 

SL Paul ds Vance - Ranee L&C. Espace Si 
Claire. Level *0'. Bible Study Sun. 9 20. 
Wordto Sun 10:45 Tet (Q493) 320536. 

PRAGUE 

I.B. FELLOWSHIP, Vtoohradska # 68. 
Prague 3. Sun. 1 1«L TeL: (02) 31 1 7974. 

WATERLOO 

WATERLOO BAFTST FELLOWSHIP 

Sun. I9d)0 at Swedish Church, across 
from MacDonalds, TeL: (02| 353 1585. 

ZURICH - SWITZERLAND 

I.B.C of Zurich, Ghetetrasse 31. 8803 
Ruscffflkon, Worship Services Sunday 
momtogs 1030. Tel- 1-4810018. 


ASSOC OF INTO. 
CHURCHES 


Napo* 56, 00184 I 
3339 or 


I or 396 474 3569. 


TRWTTY NTERNATIONAL Imrites you to 
a Christ centered fotowshlp. Jiriy-Aug. 
TeL: 396 488 Service 930 am. Bloemcampiaan 54, 
Wassenaar 070517-6024 nusery prov. 


BERLIN 

AMERICAN CHURCH M BERLIN, cor. 
of Oay Alee & Potedamar Sir, SS. 930 
am. Worship 11 am. TeL 0308132021. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Verdaine. Smday worah(j 9 JO. in German 
1 1.00 In Tel: (022) 3106039. 

JERUSALEM 

LUTHERAN CHURCH of to Redeemer. 
OldCfry.MulstanRd. Encash wurahfrSw. 
9 am AB am welcome. Tel- (02) 6281-049. 

PARIS 

AMERICAN CHURCH IN PARIS. 

Worship 1 1:00 a.m. 65. Quai d'Orsay. 
Paris 7. Bus 63 at door, Metro Alma- 
Marcseu or Invaldes. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service, Sunday School & Nursery. 
Sundays 1 130 am, Schanzengasse 25. 

TeL- (01)2825525. 


Club Med Shuts Israeli Resort Early 

PARIS ( AP ) — Club Mediterranee said Friday that it would 
close its beach resort in northern Israel early this season as a 
result of recent rocket attacks from Lebanon. 

The resort at Ahziv. with cabanas on the Mediterranean 
about 12 kilometers <7 miles) south of the Lebanese border, 
was scheduled to close in early October, a spokeswoman said, 
but now has decided to shut Sunday. 

Hyatt to Operate Bucharest Hotel 

BUCHAREST l APj — Hyatt International Hotels said 
Friday that it would take over one of Bucharest’s Communist- 
era hotels and turn in into a five-star establishment. 


This marks the entrance of a major American hotel operator 
to the Balkan capital. Renovation of the 370-room Hotel’ 
Bucharest is expected to cost tens of millions of dollars and- 
last about 14 months, the company said in a statement It is to' 
open as the Hyatt Regency Bucharest 

Torrential rain swept Hong Kong on Friday, leading to 
flooding, landslides and traffic chaos, after the territory was 
brushed by the tail of a typhoon that passed to the south on its 
wav to the coast of mainland China. i 


I Ull 1L3 4 m 

{afp) um _ 


India has pledged financial aid to Kashmir's tourism 
industry, which is estimated to have lost around $1.6 
billion in revenue since the start of an armed separatist 
campaign eight years ago. (AFPt 


WEATHER 


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Europe 


Htgh LowW 

TOCIKJflUVi 

High LowW 


C/F 

OF 

OF 

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Algarve 

Vtnf. 21/70 pc 

27 -TO 

1*64 r 

Amarerdam 

74/75 

19 M Ik 

27/00 

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Ankara 

34775 

10/50 pc 

2 S 77 

Ui 


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25.77 

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ierra 

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1908 pc 

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76 C 9 

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Borfn 

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BrusaWs 

7730 

1 SflS 6 pc 

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Budapwa 

26 IBZ 

16/01 pc 

27 /BO 

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Copatihsaan 23/73 

16/01 pc 

20/79 

I 960 pc 

CoauMSd 30/86 

19-06 pc 

29-64 

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OubWi 

1 WB 8 

13 « r 

1604 

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EdirOu^ls 

17/62 

14/57 r 

18/04 

8/48 c 

Ftoranca 

38/82 

16/01 pc 

28/82 

17/62 c 

PranWurt 

2832 

1664 C 

2»04 

10/84 pc 

Ganava 

2934 

17 .® « 

27/00 

1*81 PC 

HetoWo 

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12/53 pc 

21/70 

17.02 c 


7393 

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23/73 

1509 til 

YJ9V 

24 m 

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23/73 

14/57 c 

Las Palmas 

3*75 

18 64 pc 

24/75 

1 306 pc 

Uabon 

30/66 

22/71 pe 

27/00 

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Lsnocn 

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1864 e 

2*70 

1 S/S 9 C 

Madrid 

ȴ97 

1664 pc 

34/73 

17/62 pc 

Mabrca 

2 » 1 E 

16161 s 

26-32 

18 / 64 pc 

Milan 

29-84 

17/82 pe 

36/80 

1*08 C 

Moscow 

24/75 

10/01 PC 

25/77 

17.02 pc 

Munch 

2475 

14/57 c 

20/79 

1661 pc 

fica 

2*79 

1 Br« pc 

27/80 

2170 c 

Oafci 

1 WW 

14/57 pc 

23/73 

1661 r 

Parts 

2 WB 4 

19-00 pc 

seiee 

1601 pc 

Prague 

26/82 

18/81 c 

28/82 

1*61 pc 

Rartlavfc 

8/46 

7/44 r 

9/48 

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Hga 

26/79 

17 /G 2 pc 

24/75 

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Soma 

26/79 

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2*79 

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SI Patentxan 24 .T 5 

16/81 pc 

23/73 

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13/50 pc 

2373 

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26*82 

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31.-88 

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2373 

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1 6/04 pc 

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2682 

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Vanca 

27/80 

17/62 pc 

27 <80 

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Vienna 

27-89 

17/62 pc 

27/80 

17 - 6 TS 

Waraaw 

26/79 

13.-55 a 

2 S /77 


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26779 

17.62 c 

27/00 

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Middle East 

ABuOnaN 

43/109 

2*02 a 

43/109 

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Bean 

24.75 

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Cem 

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2*08 s 

3391 

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32 /OT 

1 1/82 a 

34-93 

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Jerusalem 

26/79 

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Luaor 

42107 

l!WX>I 

42-107 22/71 s 

Pns/ffi 

41/108 

27/70 s 

WTMM 

27 -SO* 


Forecast for Sunday through Tuesday, as provided by AccuWeather. 



North America Europe Asia 

The Nortoasi ana most ot Warm and pleasant with Sunny, hoi and dry in Bei- 
New England will have sunshine from Berlin to [Ing and most of northeast- 
beauMul weather Sunday Moscow Sunday through ern China Sunday, but 
through Tuesday, but Tuesday, but showers and thunderstorms Monday wiB 
Maine win nave a lew thunderstorms win be scat- be foUcwed by some cooler 
snowers Sunday Heavy tered across England and weather. Comfortable wtth 
ram will soak the Pacific France. Northern Italy and some sun in Tokyo. Warm 
Northwest. Sunny <n the the Balkan region wtf have and humd in Seoul but M 
Midwest. Continued hot soaking rains, while the may thunderstorm Tues- 
across the Southwest, but rest ol Italy will be sunny day. Heavy rain will soak 
mere will be monsoon and comfortaofe southeastern China, 

thunderstorms. 


Asia 


Today 

Tomorrow 


Mlph 

LowW 

High Lower 


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32/89 

16/61 s 

2577 9/48 pc" 

Bai 

2*04 

21/70 pc 

SO/86 22/71 s 

Banker* 

31/88 

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31/88 25/77 r - 

B**ng 

38/100 

2079s 

37/90 24/78 m 

Bombay 

20/82 

25/77 r 

20/82 2577c 

Caiajna 

31/80 

24/73 r 

31/88 2679 e 

CWang Uai 

3V91 

23/73 r 

31/88 2475t 

Cctante 

30-86 

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29/84 26/79 pc 

Hanoi 

37/BO 

27/80 r 

31/88 28781 •' 

HoCtiiMnh 

31/88 

24/75 r 

31/88 2577 r . 

Hong Kona 

30/S3 

20/79 r 

20/04 2475 r 

■SuTuSQ 

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Srm 23731 

Jakarta 

31/08 

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31/00 23/73 pc 

Karachi 

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ZH/02S 

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K. Luraxa 

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32/09 2475 pc" 

K. Khtabokj 

31/88 

23/73 pc 

31/88 2475 pc 

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27/00 24751 

NawDaN 

35/95 

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34/93 26/79 r 

Phnom Penh 

3088 

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23/04 25771 

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31/08 25/77 r ' 

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29/04 

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Seoul 

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Bhenghai 

32/TO 

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Sngapora 

31/88 

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Tasjei 

32/89 24/75 pe 

32/99 2475 a 

Tokyo 

31/88 

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27-83 1554 pc 
22TI 15/59 pc 
2577 15/59 l 
31/88 IfrOOpc 
31-88 fH-SSpr 
2373 1 3/35 pc 
33.5:1 24/75 pc 
30 66 19-661 
33-86 17 62 pc 
24/75 1 


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32/89 24/75 l 

34/75 is-ei pc 

32/89 2271 I 
41-106 28/821 
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19/66 9/48 ah 

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1354 

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Harare 

2379 

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2373 

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2302 

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2079 

348 pc 

2577 

12-53 pc 

Turin 

28/02 

18/04 ah 

2382 

17/62 pc 

Latin America 

Buenoe ATec 

13/66 

343 pc 

17*62 

346 pc 

Caracas 

2364 

2170 pc 

29 /B 4 

2271 pc 

Lena 

2080 

1301 pe 

2068 

17/82 r 

MaixoCBy 

2079 

12^3 pc 

2271 


F*o deJanetto 28/82 

2170 a 

2577 



16/01 

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1364 

340 pc 

Oceania 

AuddBj*J 

13*55 

340 SI 

17/02 

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SyWwy 

2170 

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COUNTRY/CURRENCY 


: 2 MONTHS 
i NFW55TAND 
PRICE 


2 MONTHS I DISCOUNT 
OFFER OFF 

PRICE COVER price; 

650 S5% I 

1.350 

360 54% 

310 50% 

210 60% 

72 - 60%. 

22 I 53% 

2B-1 j 57': • j 

58.000 , 60*. 1 

12,150 53'% 

101 l 44% ; 

78 I 60% i 

390 I 53% 

32 43% 

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INTERNATIONAL HERALD TRIBUNE, SATURDAV-SUNDAV, AUGUST 23-24, 1997 


RAGES 


r »ncf,pK; 


Burger Recall Grows 

25 Million Pounds of Beef Is Pulled Back 


POLITICAL NOTES 


By Michael Janofsky 

New York Tunes Sen ice 


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'I'ierfr 

Jon,: 


WASHINGTON - A Nebraska 
meat-processuig plant is closing indef- 
initely and is expanding its recall of 
ground beef to 25 million pounds after 
federal investigators found evidence 
that far more meat might be contam- 
mated by a hazardous bacterium than 
originally suspected. Last week, the 
plant recalled 1.2 million pounds of 
meat. 

• Thursday's actions were voluntary 
but they were undertaken by the plant’s 
owner, Hudson Foods of Rogers, 
Arkansas, under an implicit threat from 

_|)the U.S. department of agriculture. Un- 
y less processing and administrative 
problems were corrected, the depart- 
ment would force the plant to close by 
Withdrawing food-safety inspectors. 

• Dan Glickman, secretary of agricul- 
ture, said at a news conference that this 
was the largest recall in U.S. history. 

; Mr. Glickman said federal investi- 
gators found evidence this week dial 
hamburger patties left over from pro- 
duction on June 5 — which showed 
evidence of the potentially deadly bac- 
teria, E. coli 0157:H7 — were added to 
production the next day. 

As a result, the company could not 
guarantee that any meat produced sub- 
sequently would be free of the bacteria. 
This lead the agriculture department to 
press for the latest recall. 

. Every, year in the United States, bac- 
. teria in meat, poultry, seafood, eggs, 
V fruit and vegetables kill as many as 
9,000 people, mostly children and el- 


■ • ' noc-j, 

rirtm 


New Election 
Of Teamsters’ 
Chief Ordered 


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Hr learn 

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. .’C.'Aift s/ 

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The Associated Press 

! WASHINGTON A federal offi- 
cial on Friday threw out Ron Carey’s re- 
election as president of the Teamsters 
union and ordered a new election fol- 
lowing an eight-month investigation in- 
to alleged fund-raising abuses by his 
campaign. 

The ruling by Barbara Zack Quindel, 
a court-appointed election overseer, 
came four days after the Teamsters de- 
clared victory in a strike against United 
Parcel Service. The decision forces a 
new election between Mr. Carey and his 
opponent, James Hoffa. 

Mr. Carey narrowly defeated Mr. 

Hoffa in December. Ms. Qnindel de- 
clined, to, certify" the iestdts ; wbile^she . 
probed allegations that Mr. 7 Carey’s 
Campaign accepted contributions from 
the union treasury and employees in 
violation of federal law. 

As a result of a consent decree signed 
in 1988 to end corruption in the 1.4- 
million-member union, the election was 
underwritten with $22 million in public 

funds and monitored by Ms. Quindek- - -caution to restore the public confi- 


**\y Pfople, and caused millions to fall 
% Colorado accounts for all 1 7 
epes of E. cob poisoning traced to the 
Nebraska plant, and all of those people 
have recovered. K 

Mr. Glickman said: “I believe that 
the action we are taking today, while 
tough, is the only option based on the 
new information our investigators have 
uncovered. This is a big step, but the 
evidence indicates we have contained 
the outbreak.” 

» *^^T? USe a reca ^ * s only voluntary 
Mr. Glickman said, he would ask Con- 
gress in the fall to give the department 
the authority to impose a recall and civil 
penalties against plants that do not com- 
ply with federal regulations. 

Supermarkets and restaurants that use 
or sell ground beef that might have been 
contaminated were removing it and 
were seeking to reassure customers 
about the safety of their products. 

The tainted meat from the Hudson 
plant, in the Nebraska town of Colum- 
bus, is the most prominent case of the E. 
coli bacterium since four children died 
and hundreds of other people became ill 
in 1993 after eating undercooked ham- 
burgers from Jack in the Box outlets in 
die Northwest of the United States. 

That outbreak led to a vice-presi- 
dential commission, which proposed 
more stringent methods of moniioring 
hazardous bacteria in food-processing 
plants. A system of protocols recom- 
mended by tiie commission was a major 
part of the Clinton administration 's ef- 
fort to improve food safety, a $43.2 
million program in the 1998 budget. 

The department of agriculture began 
investigating problems at the Hudson 
plant after company officials expanded 
their recall of ground beef to 1.2 million 
pounds on Aug. 15, the largest such 
recall at that time, from an initial recall 
of 20,000 pounds three days earlier. 

Hudson made the first recall after 
public health officials in Colorado iden- 
tified tbeE. coli 0157:H7 bacteria in beef 
patties in late July and on Aug. 12. 

But Thomas Billy, administrator of 
the food safety and inspection service of 
the agriculture department, said that as 
federal investigators looked deeper into 
plant operations they found the plant 
had weak quality control, inadequate 
record keeping and a routine practice of 
returning unused raw meat into the next 
day's production. 

Mr. Billy said that the company had 
agreed to recall the additional meat, 
which Mr. Glickman said had been dis- 
tributed across the country as four- 
ounce frozen patties to Burger King, 
Boston Market, Wal-Mart. Sam's Cub 
and Safeway supermarkets. 

{Burger King said 1,650 restaurants 
were initially affected, a. quarter of its 
more than 6,000 restaurants, and 700 
still were without hamburger Friday, 
The Associate Ftess reported.] 

Department officials conceded they 
did not know how much of the 25 mil- 
lion pounds remained uneaten. 

The company’s chairman, James 
Hudson, said in a statement that de- 
cisions to expand the recall and close the 
plant imtil problems were corrected bad 
been made “out of an abundance of 



f. Sirs'll JjfW FrjfllfPrw 

RELAXING — President Clinton golfing Friday on Martha's Vineyard with Jack Welch, head of GE. 


Politicians Find That Winners 
In Budget Deal Are Thankful 

WASHINGTON — Political parties and congressional 
candidates have received S35 million since 1995 from six 
industries that fared particularly well in the recently enacted 
budget and tax deal, according to a report released by 
Citizen Action- 

In its report, “Tilting the Balanced Budget," the con- 
sumer group concludes that special interests such as the 
tobacco and insurance lobbies continue to use campaign 
contributions to win favorable treatment in Congress — 
even as other Americans feel the budget pinch from Wash- 
ington. 

1 ‘Members of Congress like to look the other way when 
it comes to providing special favors, tax breaks and other 
legislative goodies ro some of their biggest domestic con- 
tributors,'’ said Mike Gehrke, Citizen Action's research 
director. 

Specifically, the report (racks six key provisions in the 
recent budget deal and corresponding political contribu- 
tions by the industries likely to benefit. In every category 
except the airline industry. Republicans received a larger 
share of the donations than Democrats. 

At the top of the list is the tobacco industry. The group 
calculated mar tobacco companies gave $11.3 million in the 
past 30 months; the companies also received a promise that 
they may use a new 15 cent-a-pack tax increase as a credit 
against (he proposed national tobacco settlement. That 
would amount to a $50 billion tax break. (NYT) 


White House Walking Fine Line 
On New Jersey ‘Diversity 9 Firing 

WASHINGTON — The Clinton administration will 
argue before the Supreme Court that a New Jersey school 
board was wrong to dismiss a white teacher to promote 
racial diversity on the faculty, but that the principles of 
affirmative action should be upheld, according to a White 
House official. 

The administration's position in the highly charged case 
is being articulated in a brief to be filed before the court on 
Monday, said the White House official, who spoke 'Thurs- 
day on condition of anonymity. 

The position, largely consistent with what the admin- 
istration's lawyers have been saying in public in recent 
months, is the latest attempt by the White House to fmd a 
comfortable position on an issue that has divided Amer- 
icans for many years. 

The case involves the dismissal of a white teacher, 
Sharon Taxman, by the Piscataway School Board to gain 
diversity in its Business Education Department. (NYT) 


Quote/ Unquote 


Newt Gingrich, the House speaker from Georgia, de- 
fending as fair a $50 billion tax credit for the tobacco 
industry as part of an overall plan: “I think people were 
misreading the tax provision, we’re not cutting a break for 
the tobacco folks.” (AP) 


AIDS ‘Cocktail’ Is Failure for Many 


The FBI already has charged Martin 
Davis with using his position as a con- 
sultant to both the union and Mr. 
Carey’s campaign to skim money from 
the Teamsters’ general treasury and fun- 
nel the cash to Mr. Carey’s coffers. 


e pi 

deuce.” Mr. Hudson said the company 
believed that the source of any con- 
tamination had come from the slaughter- 
houses that supplied the raw, debooed 
meat and not the plant, where the meat 
was processed into frozen patties. 


By Sheryl Gay Stolberg 

Vfw York Tunes Service 

WASHINGTON — Jerry Roemer 
was supposed to be the new face of 
AIDS. 

For a few fleeting, joyful months last 
winter, Mr. Roemer was strong and vi- 
tal Though he had been infected with 
HIV for years, the amount of deadly 
virus in his blood had plunged by 98 
percent, the result of a powerful cocktail 
of new drugs called protease inhibitors 
that brought him back from the brink of 
death. 

After two years on disability, he re- 
turned to his job as a lawyer for the 
Department of Justice, happily inform- 
ing colleagues tharhe had “unretired.” 
Attorney General Janet Reno called him 


an inspiration. His parents kept their 
fingers crossed; for Christmas they 
bought him monogrammed shirts for 
work. 

On Wednesday, Mr. Roemer was 
buried in a graveyard surrounded by 
cornfields near his family’s Nebraska 
farm. 

Mr. Roemer's death, despite fefc 
drugs that many thought would be a 
magic bullet for AIDS . is not an isolated 
tale. A year and a half after protease 
inhibitors came into widespread use in 
the United States, the medications seem 
to be failing 25 percent to 30 percent of 
fee 150,000 people who are using 
them. 

For some, fee complex regimen of 
three drugs does not work from fee 
outset, for reasons doctors do not un- 


derstand. Some people get sick from fee 
combination therapy, which has side 
effects ranging from diabetes to 
diarrhea. 

But, increasingly, doctors are seeing 
people like Mr. Roemer — diligent, 
determined patients who tolerate fee 
drugs and take them religiously, bur for 
whom the benefits simply do not last. 

* ‘There is an increasing percentage of 
people in whom, after a period of time, 
the virus breaks through,’ ' said Dr. An- 
thony Fauci director of fee National 
Institute of Allergy and Infectious Dis- 
eases in Befeesda, Maryland. “People 
do quite well for six months, eight 
months or a year, and after a while, in a 
significant proportion, fee virus starts to 
come back.” He puts the failure rate at 
up to 50 percent. 


CLOTHES CALL By Michael S. Maurer 



ACROS5 
1 Kindergarten 
stuff 

5 Deduce 
11 Like some socks 
14 Outdoes 

19 Loser in an upset 

20 Part of the iris 
bordering the 
pupil 

21 Implant < ,, . 

22 Grammar subject 59 Burns’s partner 

23 Dancer’s SO "Ditto" 

apparel? S2 Send 

26 Money substitute gj Earthy deposits 

27 Preacher's M 

a PP arp| - . . 65 Said, really 

28 Factory worker s 
Bpparaf? 


44 Psychiatrist's 
apparel? 

49 Brutally dismiss 

50 Suffix with disk. 

51 Kansas town 

52 Amount to be 
raised, maybe 

53 A regular type 

54 Cable network, 
briefly 


30 Florida's 

National Forest 
v 3! “Cheers" seating 
,*33 Start of many 
criminal case 
names 

34 The universe on 
day one 

37 Unexpected 
Mows 

39 Actor Peter et al. 

43 Home, to Hans 




l » 


i 


EMBASSY SERVICE 

Furnished /Unfurnished Rentals 


79 Apt family name 
in “The Wizard 
ofOz" 

80 Constellation 
animal 

81 “ costtoyou! 

82 Suffix with 
special 

83 Entomologist's 
apparel? 

55 Miner’s apparel? 87 Sfletrt actress 
Nakfa' 

88 Highly seasoned 
stew 

90 TV Mr. 

91 Joyous hymn 

92 Country 

95 Govt. 
intelligence org. 

96 Meeting room 
staple 

99 Referee's 
apparel? 

103 Pro athlete's 
apparel? 

107 friends 

108 Lawyer’s 
apparel? 

heavily bombed 111 Compact matter 
fnW.W.ir II2Eevs. 

113 Flower part 

114 Mountain 
known locally as 
MongibeUo 

115 Kind of skin or 
home 

116 


66 Author Marsh 

68 Separates, in a 
way 

70 New 

71 Election times 

74 as a pig 

75 Projectionist's 
apparel? 

77 One of fee 13 
orig. colonies 

78 Rhineland town 


YOUR REAL ESTATE 
AGENT IN PARIS 
Tet -t33 (OJ 147 20 30 05 



• A freak summer flood lashed 

southern New Jersey with 13.5 inches 
(34.3 centimeters) of rain in 24 hours, 
leaving behind basements full of muck, 
collapsed overpasses and millions in 
damages but no deaths or injuries. Com- 
munities just inland from Atlantic City 
were the hardest hit. ( AP) 

• The number of children attend- 

ing U.S. schools will reach a record 52.2 
milli on this year, wife fee largest in- 
crease among teenagers, federal offi- 
cials said. (AP) 


• The mass murderer Charles 
Manson has been moved to California's 
highest-security prison after officials 
said they bad caught him dealing 
drugs. (AP) 

• Two elder! y men, one in Montana 
and the other in Washington state, 
died from rabies earlier this year after 
encounters with bats. The deaths have 
prompted federal health officials to re- 
commend feat people be treated for ra- 
bies if they have touched bats, whether 
or not they have been bitten. (NYT) 


Verdict Is Out 
As States Face 
Harder Part of 
Welfare Cuts 


By Barbara Vobejda 
and Jon Jeter 

Washington Post Sen ice 

WASHINGTON — One year after 
President Bill Clinton signed historic 
legislation revamping fee nation’s wel- 
fare laws, social-policy experts and 
state officials around fee country say fee 
sysrem is at an important juncture: The 
real rest of whether the law is a success 
lies ahead. 

While more than 1 million Americans 
have left the welfare rolls in the past 
year, they have been the most skilled 
and fee easiest to place in jobs, case- 
workers and researchers agree. 

Now. states most begin reaching 
deeper into the ranks of those wife long- 
term welfare dependency — adults with 
very little education or job skills, or an 
unwillingness to comply with fee new 
requirements. 

“The system is still in transition.” 
said LaDonna Paveni, a welfare re- 
searcher at fee Urban Institute. * ‘There's 
a lot of stages we haven't gone through 
and until we do, we won't know what 
it’s going to look like in fee end. “ 

That view is at odds with claims of 
victory from Mr. Clinton and governors 
across the country, who point to falling 
caseloads as evidence that welfare re- 
form has worked. The rolls are down 25 
percent since Mr. Clinton took office 

“I think it’s fair to say the debate is 
over.” the president said last week. 

But even if welfare rolls continue to 
decline, that may not offer a true picture 
of whether the law has succeeded not 
simply in moving people off public as- 
sistance, but in helping families lift 
themselves out of poverty. 

Some of the harshest provisions are 
just taking effect, including a ban on 
food stamps to 930.000 legal immi- 
grants, effective Friday, and denial of 
benefits to an estimated 135,000 dis- 
abled children. 

Critics of fee law contend that fee 
harmful impact of the new policies will 
become more visible .in the years to 
come. Nonetheless, some of fee dire 
predictions put forth when fee law was 
signed have been muted over the past 
year as states have pursued less-harsh 
policies than some feared. 

Children's advocates had warned feat, 
under fee new roles, which ended fee 
federal guarantee of benefits to fee poor 
and required recipients to work, states 
might embark on a ‘ ‘race to fee bottom' ' 
— slashing benefits to avoid becoming a 
magnet for disadvantaged families. 

But most states have chosen middle- 
of-the-road strategies and more-subtle 
ways of tightening the system. 

Many states have gradually reduced 
fee size of fee welfare check handed out 
each month, for example, but only Idaho 
has done so since the federal reforms 
were enacted. 

Most states have kept spending levels 
constant, transferring savings from fall- 
ing caseloads into such services as child 
care, transportation and job training, 
according to Jack Tweedie. director of 
the children and families program at fee 
National Conference of State Legisla- 
tures. 

* ‘States did not jer down to that level 
automatically,’’ he said. “It’s clear feat 
there’s a real investment in fee idea that 
we have to do more than provide people 
with cash.” 

At the same time, many states have 
. made it harder for applicants to get on 
fee welfare rolls, by requiring up-front 
job searches, for example, in order to 
discourage families from seeking ben- 
efits. States have also demonstrated 
their willingness to cut benefits to those 
who refuse to comply wife strict new 
work requirements. And they appear to 
be serious about enforcing the various 
time limits being imposed as pan of 
welfare reform. 


2d Tobacco Executive Sees Cancer Link 


H7 Restfti) 

118 Barrier breakers 

DOWN 

1 1956 Peck role 

2 Island south of 
Borneo 

3 Plagiarize 

4 Free 

5 Nero’s successor 
8 Dizzy 

7 Edison 
contemporary ■ 

8 Holler's farmer 

9 Polar worker 
10 Snitch 

U Fed. watchdog 

12 Opportunities, 
so to speak 

13 Resided 

]4 1956 Marilyn 

Monroe film 
15 Collectible 
Dutch print 

]6 Hindu garment 

17 Letters of 
rejoicing 

18 Library Card 
Sign-Up Mo. 

24 Gumshoes 

25 Seely competitor 
29 Ivy Leaguer 

31 Fefla 

52 " Lay Dying" 

34 CastieJocale 

35 Kind of yoga 


QNeu York Tmes/Ediled by ITitt Short z. 


35 Mechanic’s 
apparel? 

37 One of the 
Marianas 

38 Become 

suddenly aware 

40 Engineer's 
apparel? 

41 Shine 

42 Penn and others 

44 Certain office 
worker 

45 Surfsounds 

46 Composer 
Siegmeiscer 

47 Old dagger 

48 Paijersize: 


53 Highlander's 
pnde 

55 Treasure site 

56 Day after 
mercredi 

57 Skeletal parts 

58 Saint — : 

College of 

’ California 

59 Slock up 

61 Form of Spanish 
■tot*" 

65 Continue 

66 Sip 


67 Intimate 

68 Master 

89 4x4 name 

70 E-ZPass 
payment 

71 One of the 
Monkees 

72 Nosy one 

73 Longtime G.M. 
chief Alfred 

75 Evil, to Yves 

76 1884 literary 
hero, informally 

79 Physicist Ohm 

SI Lab reports 

83 Son’s 
designation, 
with the* 

84 Hollywood’s 
B. D. and Anna 
May 

85 Certain HS. 
teams 

86 Good bond 
rating 

89 Yankee 

91 Anne 

McCaffreys 
dragon land 

93 DonMartjuis 
character 


94 Aits 

96 Wonderland 
message 

97 'Men in Black." 
menace 

98 RiveraiLyon 


102 Onetime athletic 
org. 

103 Lasting eflea 

104 Belt-tightening 

105 1971 Grammy 

song “ No 

Sunshine" 


The Associated Press 

WEST PALM BEACH. Florida — 
The chairman and chief executive of 
RJR Nabisco, the maker of Winston and 
Camel cigarettes, said Friday feat he 
believed smoking played a part in caus- 
ing lung cancer. 

The remark by Steven Coldstone , a 
former smoker, was one of the strongest 
statements by a high-level executive of a 
major tobacco company linking smoking 
and disease. Other industry executives 
have acknowledged that cigarettes may 
play a role in causing cancer. 

Mr, Golds tone said he was not a 
scientist and respected the views of to- 
bacco scientists who say there are gaps 
in knowledge about the effects of 


smoking. But he said: “Rightly or 
wrongly, I have always believed that 
smoking plays a part in causing lung 
cancer. What fear role is. 1 don't know, 
bur I do believe it/’ 

Ron Motley, a lawyeT for the state of 
Florida, questioned Mr. Goldstone as 
Florida prepared its $12.3 billion law- 
suit against the tobacco industry. Jury 
selection is under way in fee case. 

“He admitted cigarettes caused can- 
cer, outright and without equivocation, ' ’ 
Mr. Motley said, “He admitted feat in 
fee past mistakes have been made. ’ * 

Mr. Goldstone would not comment 
afterward except to say, “I was asked 
questions by Mr. Motley, and I gave 
very forthright answers.” 


His statement followed a deposition 
Thursday by Geoffrey Bible, chairman 
and chief executive officer of Philip 
Morris Cos., who was the first company 
executive to acknowledge a possible 
link between smoking ana death. 

Mr. Bible admitted smoking “might 
have'’ killed 100,000 Americans. 

Like Mr. Bible, Mr. Goldstone was 
asked such things as whether advertising 
focused on new smokers or whether 
smoking caused fatal illnesses. 

Mr. Goldstone said that if scientists 
discovered a direct link between cig- 
arette smoke and cancer, “these to- 
bacco companies better work like lu- 
natics to find out bow to improve their 
products." 


Simpson Lawyer Suggests Talks 


99 Malt liquor yeast jog child welfare 

100 South Seas grps. 

adventure story 109 li’sgotyourno. 

101 Delete 110 Downed 


Solution to Puzzle of Aug. 16-17 



The Associated Press 

SANTA MONICA, Cali- 
fornia — OJ. Simpson’s law- 
yer suggested publicly for the 
first tune feat he was willing 
to negotiate with Fred Gold- 
man’s legal team about pay- 
ment of a multimiilion-dollar 
court judgment. 

Mr. Goldman’s lawyer 
wanted to see fee offer. 

“If they’ve got a proposal 
they know where we are,’ ’ the 
Goldman attorney, Gary 
Cans, said. 

The Simpson attorney, 
Ronald Slates, said fee first 
step before negotiations 
could begin would have to be 
a reduction of the $33-5 mil- 
lion award, which was award- 
ed in a civil suit that found 


Mr. Simpson responsible for 
the deaths of Ronald Gold- 
man and Mr. Simpson’s 
former wife, Nicole Brown 
Simpson. 

“There probably has to be 
a decision at the appellate 
level on fee dollar figure,” 
Mr. Slates said. “You can’t 
stan negotiating at $33.5 mil- 
lion. That's so far our of 
line." 



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PAGE 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 23-24. 1997 


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Personal Apfootmenis Abs Also Possible l>: 
SOME - VOSSA - LONDON 
LOS ANGELES -SEVGAPORE • HON&KONG 



ASIAN LADES seek marriage. Deb* 
CS BREAKERS, 545 Orthflid RU. TWO . 
Far East Shoepra Ctr. StogapOT 
238832 TeF 65-732 6745 fat fe235- 
3780. rep^iyw.ES.com59iC8&raakBl 


CHARSHATIC Amove Lady 50, Lon- 
don man- interests seeks & meet at ; 
cessful wflaer. 55-75. for mutually stint 
ytafmc retaonsrtp. irate* Photo. Bax 
377 iHT,63Lmg toe London WOE 9JH 


Hie USA — Singapore 


Melbourne 


A YOUNG COSMOPOLITAN (GERMAN) LADY . . . 

SHE IS 34SED ZN THE CS. .BOSTON - NEW YORK* AND EL ROPE IN HER 


ENGLISH BAN Caucasian eariy JffS. 
*d rammed seeks older tamale for so- 
saton Msndsty. retauensna Box 376 
IHT O Long Acre London WC2EJH 



Claudia Pusebel-Knies (Lid.). More than twenty years of experience as the partnership agency with a w°*Ww^teneputafion far establishing 
an tacts among the most distinguished ctentele Educated, cultured personalities of the top of soaety, the business elite and international VIPs confide m us. 

One of the most successful European global entrepreneurs of this branch Ahwhly esteem^^>ulst«mtf n^rbeauiiful American 

A 'wonderfully humourous and very likable, successful man. past 50. impressive and (°* j"™ „ . . . 

elegant 1 88 cm taB; he has just started to enjoy the sunny side at life... A mulftnilionaire, 3,1 

rot 'harmed bymarriage but rather lormecf by ["‘“J J^flaalthy) dlJlSK d the scen4fS 

to focus hs whole attention on Ins private tie and share s with enchant™ future) wife: * * =„ u.mirh Mp« York and Paris, haeon in r.aiifnrni a n n it 


A hnhly esteemed^outstandingty beautiful American 
(of European descent) m her 40s— 

an irresistibly charming, highly cultivated, ratfiant and marveBously natural 


to focus he whole attention on his private life . 


home in Munich, New York and Paris, based in California. Golf, 


staying in the sunny regions of the world, sking. playing tennis, golf and bridge. atencSng *^, 500 ^. MarbeHa. KUbOM, the European Festivals are part of her 

km tnuelfirwi IKeeed iw rhe 1 iCAi and uuhotafer KaHt nf Hiam umidH aninu bi- _u_ „^..u in xkcxm nil 4 m mith ■ - — 


big soaal events, travelling (based m the USA), and whatever both of them would enjoy. mb... she would love to share aH this with tiim', an brtematicnal man of 
This man is ever so agreeable, considerate, gentlemanlike, dynamic, sovereign. European culture... You wiH find in this woman not only the ore to make 
generous: as he doesn’t fool himself he admits that his life is void and wasted without the you happy, (whose looks leave nothing to be desired), but also a real 
charm and esprit. the laughter and the closeness of a wonderful woman.. A dream man! companion and a most presentable partner in social Be 1 


companion and a most presentable partner in social fife* 


Active for you 
on a wortdnitb satis 


Do you tael Impressed? Please call us: You can reach us dally from 3 to 7 pjn„ also SatfSun on Fax (0048)8241-0751 13 

Principal branch office Europe Germany - Ms. Hoffmann. T (0049) 69/242 77 154 or Ms. Zimmermann. T {0043)211/329357 


W early vrs. : :: with grace and refined elegance, a iolng 
BEaLHR. 1. WU'IAS WITH WOVDStfU. LONG DARK HAIR AND BLLE EYES WITH 
A BRIGHT AND CHARMING CHARACTER. FULL OF LIFE. ENTHUSIASTIC AND 
CURIOUS ABOUT EYERYTKINC NEW. SHE IS FROM AN UPPER CLASS FAMILV 
UNIVERSITY GRADU ATE .AND VERY SLCCSSSrVL EN HER PROFESSION . ACADEMIC 
CAREER' SHE LOVES MANY SPORTS ACTIVITIES. FINE ARTS. ANTIQUES 
AND TRAVELLING. SHE CAN FEEL AT HOME EVERYWHERE AND THE PARTNER 
IN HERUFE »Ti BE HER BEST FRIEND AND THE NOMBSt ONE ABOVE ALL 
A FLOHESCE - MONTE CABLO AND THE FAB EAST... 
< > tNTL SUTCESSHT BUSINESSMAN ^TTH GREAT CHARM AND CHARISMA. 
V -CT*' HE IS aaccriEVT AND OWNER OT HIS WORLDWIDE ENTERPRISE. 
WITH WGH LEVEL LMV ESSTY DEGREES AND AN EXCELLENT BACKGROUND A 
WONDERFUL CHARMING AND FASCINATING MAN VERY MASCULINE. 
ATHLETIC AND HANDSOME. A STRONG PERSONALITY. VERY GENEROUS. 
CONSIDERATE. WARM AND WITH A GOOD SENSE OF HUMOR. HE LIKES SPORTS 
ACTIVITIES FOC73ALL. TENNIS, tt ATERSPORTSI. CULTURAL EVENTS. 
ANTIQUES. FUSE .ARTS. TRAVELLING AND HE IS VERY ENGAGED IN 
KlMAMTAiU. AN FROJHCTS A THOl (HT7UL CHARACTER WHO WOULD LIKE TO 
SHARE GREAT .ASPECTS OF FAMILY LIFE. BASD ON LOVE AND TRUST WITH 
THE WGfT WOMAN AT HS SIDE. 

ITAIZAA LADY WITH GREAT CLASS ... _ 


YOUNG LADIES WOHLDWDE seek 
fneods/WaiBiBs Doafe and 40P photos 
free' HERMES, Box 11066CYE, 0-70836 
BERLIN. FAX +49-30-2513318 


MEETING 


Meeting Point 


AMERICAN FEMALE MODE L SEEKS 
relationship with successful, attractive 


O ITALLW LADY WITH GREAT GLASS . . . 

SHE IS IN HER BEST J*‘5T « WITH GR-ACE AND REFINED ELEGANCE. A 
REAL LADY. VERY BEAUTIFUL. WITH A BRIGHT AND CHARMING 
CH.ARACTER SHE HAS AN EXCELLENT BACKGROUND (SEVERAL ELITE UNIV. 
DEGREES-. LIVES ZN HIGH STANDARDS OF LIFE AND OWNS MARVELLOUS 
RESIDENCES CS NEW YORK AND EUROPE. SHE IS SPORTY lALSO OF 

GOLF AND YACHTING CLUBS'. PROFESSOVALLY INTERESTED IN FINE ARTS 
‘COLLECTOR’ ANTIQUES AND OPERA CONCERTS. ETC THE TRADITIONAL 
FAMILY U=E AND BEING THE BEST FRIEND AND COMPANION OF THE PARTNER 
IN HER L^ IS VERY IMPORTANT TO KEH. A 


Weafih is not important 
Tat 434-467-1631. 


from Hamburg, Germa 
at imported. Reply la U 


SULTRY VENETIAN BLOND seels gen- 
tfnnan lor a mutual rewarding Raison 
Csl Brussels: 02-648 6522 


PLEASE CALL I 


WEEKEND IN -MONTE CARLO abet. 
Why dent you caS me - charming 
ITALIAN MISS afehes ® pH you Veto- 
ntfa 39 10) 338 B38S71 AugiEt 


NANNIES/DOMESTICS * ! GENERAL 




RnwanaRy ward, ht^itv etpmrarrd and 
p r ok u tioal vitii oueflea rcfavncB. r 
AVAILABLE NOW 
Opm Monday ■ Saturday i 
Please telephone Sarajane or Alactt on r 

® Tet: +44 171 589 6132 
Fax.- +44 T71 589 0092 
15 Ttoloi SfiM. LDM>3N S+T ZLH MST 


STAFF 0/ DlSTiSCTiOS 


See Mondar'a Intermarkel 


Tor RpmuLmenL Education. 
SfcnuriiL Inirmrf Services. 

Tv adtertite can tart Sarah Mcrshof 
on +4t 171 42ll ii32o 
or fax +U 171 t2>M)338 
A GRE.UT DEAL HAPPENS 
AT TT1E INTER. MARKET 


Auto Rentals 


Colleges & Universities 


Paris md Suburbs 


Residence Hotels 


RENT AUTO DERGI FRANCE VYeetec 
FF500. 7 ttft FF1500 Tel: Pans -33 
iD)1 iXa 5555. Fa* <D/1 4^3 S3 


Auto Shipping 


COLUMBIA STATE UNIVERSITY 
GETA COLLEGE DEGREE In 27 DAYS 

SSJ£\Sl?>£ i- TCJir; 

nrg f2.-3.Tc: ipr. a 
Ya ss lap; :^ran:«c a-d 

3C*=f!Sd H toir s. 


OFFSHORE BANK 


Personals 


! Nannies & Nurses 

I '-T-rHefUl hjr-U'v 

1 « = -PPULi'E INDIE PLV.EMLV 
! OF EXPERIENCED \ i.n UIRELJ 

* NANNIES * GOVERNESSES 

* R.\BV .MATERNITY NT USES 

EXCEL l E \7 CARE ASM RED 
FIE.UE TEL: 1“1 5W S"8» 

OR F.VXs -<4 1-1 838 0-40 
X BEAt fHVMP PLVCE. li*NDOV SW3 


THANK YOU SACRED HEART d .’Kls 
r: Si Jude to craves answered arc 
•r.js cartnoaa nelp PGA 


SAVE ON CAR SHIPPING. AMESCO. 
KrfcCen 2. Antwrp 3eigium 7c P72 
US. Alrca Regular fio-Ro sa>r.r; =ree 
Wet Tel 32,K3i-«39 Fax 


■jfi* — pgr . -T’-rp— * Tw1ati'-r-:c--in 

Class A ==e=r ai liserae. 
1 — .p^- p daisery. MS S60,00a. 

Xassat, Bahamas 
7ej C4T- 2r4-:3e: Far "24S 234-7322 
A0E.-Ts7fers 7T0SL=7r=E 


T% NEAR MVALJDES. nodem apan- 
rrent i£C sqjn Large receptsm mtft 
nartae fecr. & twtams. 4iBy eaeped 
kiEftw. 2 rtwres. terrace. Garage 
avaiable. LYRHOLil Tel *33 (0)1 
22222SE =a -S3 DJ1 39120573 


r«P.t:ii»Tirx(M:l.t.,i 


i««53 


High dass rooms S suies 
Deri. aeeMy & mortWy rates Pars 
Tel+33 (W14S133333 FaKOH-«2SC4S£ 


Autos Tax Free 


Announcements 


Hcralb^Ss^Eribunc 


tmi lnpiir-liOh 


Monroe Nannies 

ATF'.ihC'SL.Y FORT-s .*?• £? 

NANNIES/MATERKiTY NURSES 
GOVERNESSES/MOTHER’S HELPS 

A!! safl are hilly expenenced in fre care 
^ "bfi3 5 j’tttfirtg chiisren & we pm-de 
a ?ery prclessicnai & canng serv.ce i 
= 7:>5 Emily tan Eyssen 

7=u: - , 71|13G»;FAX -tri SSi'S 

-e2=mtsL£YSTa£=T iP'Cy. AT >;4£ 


english speaking 
nanny/mothers help 

mt, 


Domestic Positions Available 


DOMESTIC STAFF-h gpesT ca ira *»:*• 
-Er>:rf ;-s4S95 EiXhrHcuSr 
La"''; -teasteeters i °As- 
av TrcwciiSiT v6S*S 
EnutiTiers; Aga::'.' 44 iD-iTt 1C". 


DCtSTIC SOLUTIONS AGENCY 
T >0 <CK4'4S3 !cr Bitfsn Caift« 
Ccrsa^rs GcacHsdSSiWtoBS. 

Ciacss & stmc; raff 

T=i 4L17- 58? 3 a 3 Fax 171 5S? 4555 


SUBSCRBER CUSTOMER SERVICE: 

For qaeSMB ex qwnes about tre Ce&/- 
er; ol yo-jr .iwsraps. me staus tf yew 
sUKcrcscm or aSxaj] orienrg 2 sitecre- 
?ease call the taTowno rwrterj 
EUROPE. MH30LE EAST AND AFRICA: 
T ^Li FREE ■ Austria 0660 01H 3»»- 
flijn 0500 17522 France OBOC 43"427 
■krrarp; 0550 3425F5 Italy '67 7EX40 
LuteOHii'j j?:-C 27-33 NeiftirtenrJs « 
0225 f” S.veden 020 797023 S.nser- 
ia-4 1r5 “7 UK 0300 S?5?=5 Else- 
sheri - -33) 1 <14^261 THE AMERI- 
CAS: USA Itol-heei 1-E00-B622B34 
Sseahere (»1l :i2 7:22390 ASIA: 
Hcnc Kona 2922 i!7: Indonesia 505 
1323 Japan (ftMeer 0120 464 & 
Korea X~2 OW Ualarsra 221 7055 
BhiLtcines 055 4946 Singaaore 325 
0634 rattan 7753456 Thailand 277 
44« SsoBfere <*352j 29221571 


new TAX-FR5 used 
ALL LEADING MAKES 

Sire day regstrarcr: pesrei 
rarewate'-c 3 5 yer? 
Vfe atsc rp^Ster rars tier 
(expired) toagr- tlax-hes! 


fezKovrrs 

Alfred Eschar Street 13. Cri-0027 Zc 
Te* 01202 76 10 Fax 01392 75 



Real Estate 
for Rent 


Employment 


0pi‘ ,,r 


Educational Positions Wanted 


Paris Area Furnished 


145tu *ir.r; e>a?ua.Ti *mshed R4 
‘reuses dri^nasher. laurdr* prr^ala 
43rt ~r/2TE. Cat Arere i-=3320161 


STERUHG DOMESTICS, ENC. NYC. 
is cuTendy representing many ttgWy 
skSed. taiSers. chefs and goveness tta 
dssra pests ui the UAE or Bsepi Al 
have top refefwces horn the worlds 
tmest rwmes. Tel: 212-661-581L 
Wtp.'tr«,steffingiyconi 


Telecommunications 


Switzerland 


25 YRS 0CEANWJDE MOTORS 

ATfitfmds so#/ d tax-free cars ale: 
Uetteaes. 3IW. Potsme Gsrran 
+lKn~w.«0. tax 4=-2*:44 


New Lower 
International 
Rates 

GsrTiary S' :*~5 


Business Travel 


GENEVA. LUXURY FURNISHED apan- 

' ssss =^'r.'s?udic.< D‘4 bedratm Tel' 
r:i 22 73: 62S5 Hi 22 736 2671 



ATX WORLDWIDE TAX FREE CARS. 
£<071 * slipping * tegfetrsicn ti r*vi S 
ised care ATK NY. TemrcW? 40. 25*_ 
Brasschaat. Belgiun Phone -22 2 
6455002, Fax +"32 2 6457109 -TX, 
aras 1559 


JsCan :z ;=r3 
Frr.cs 33 :r:s 
: JK a :ns 


Real Estate 
for Sale 


NYC. s£l:ls 3-rwrr. ere: Wes side 
ac*tr«“ 2 :e±ccTt- fp-sade Jaft 
cftrrr, fw^i kUcTe-- War* to wntral 

P£T\ .-.^Ir. cew 2:cadaay Door- 
rsi E*sr marL Lf,vmsr 1 year, fur- 
-re: ? wen tacy grand 

:!£d:. Tei *32 .T' 1 42 67 64 0* 



Tnjh i *7 


Domestic Positions Wanted 


NANNY/GOVERNESS. EXPERIENCED 
& maeperxsent German naxreftv. TiSi- 
gual. drrrers Sreree Preswdy emplcyed 
mth 2 baby-ktds in Pans, seeks nw 
ctHlIetiges with baby / kid ddetiy per- 
son in Europe or Pans Mm FF 


LOOKING FOR YOUR ANCESTORS 
in the Netherlands. Belgium France or 
Germany* Corea G J Heine. +31-229 
233369 - Fax +31-229 270235 and t« 
me nap you trace than LfxJiaaia 13. 
1625 ZS fern the Nahartards. 


Legal Services 


DIVORCE 1-DAY CERTIFIED 
CJ or Fax (7141 9fi&as5 Wno. 16707 
Each BW. *137. Hunlhgion Seacti. CA 
92648 U SA- e-mal - vreiormej'jDron 


• No Set Up psss 

• No Ucsnna 

■ Soi Secprid SSanj 
24-hour MuTr&igual Custom? Sara 
’ AT 1 T tijsST; 



DINING OUT 




ia.«W ; mo net * adorrances Pepty to- 
Ehk 275 1HT 92521 Neuti Mdex 


UK A OVERSEAS AU PAIR AGENCY 
NANNIES. MOTHERS HELPS, al faem 
stall 87 Regent SL London Win 7HF. 
Tel 171 494 2929 Fax 171 494 2922 


FEELING kw? - hawing problems? SOS 
HELP cnsis-#ns In English 3 p.m - 
npm Tei- Para |0ii 47 23 00 00 


DIVORCE IN 1 DAY. No navel Wrte 
Box 377. Sudbuy MA 01775 USA Tef 
508443^307, Fax 5IW44M1B2 


kallback 


Greece 


r-«7 and Damn. • 

smui.wa erne 


‘Tt i V mEVfniVILM . 4 

iicralo^^(tnbunc 


THE ADRUrS D»m NFWSKVPER 


PLANNING TO RUN A CLASSIFIED AD? 


Ware Standards are Set not Met! 
G Tut 1206599.1991 
Far. 1206599.1981 
Emal: tafoOkalBxaeluoui 
WMfJanadLeom 


UYCONOS CYCLADES Exdisr.e «- 
ferten sar.3 5 SZ- tied :c '.’ws 
van Tizrr 7.^,-^s 
as# -17 2T -c= 5C-C ■ t ra- ■: r, 


Business Opportunities 


Ploce your Ad quickly and easily, conlod your nearest IHT office or representative with your text. You will be informed of the cost immediately, 
and once payment is mode your ad will appear within 48 hours. Afl major Credit Cords Accepted. 


OFFSHORE COMPANIES. For free bro- 
chae or advee Ttf London 44 181 741 
1224 Fax: 44 101 748 6550^338 
wuwataelancouf! 


FLORENCE (San Gersofej wonderful 
and qua vaa i Marts surourted by 
vineyan and secular trees on the hBs d 
Chart? Pun with ar- mrepixinal view: on 
Momeauto Caste ACoui 900 s^m bufr 


i?BS & 300 sqra of wine & iam cefere 
al should be fi* restored. (Hus 3 ha ot 


EUROPE 


PARS; (HQ) 181 AnOxrin-cLr 
Goufc.92531 
W (01)41 43^395 
For. (01)41 43 93 70 
ANDORRA: Godo A Boimi- 
B ? 27V Pf Andorra LoVab 

f*rrwi*t of Andorra 

Td. 6A7813. Foe 6a7823 
GBMANY. AUSTRIA A CB4ISAL 
BJROPE FrednduBosse 1 5. 
D4Q323 Fmifun 
Td (0691 W1 2500 
fan (059] 971 25020 

■BiatiH i aaMoas 

Mar«daSeutdaBr. 

S7 njeJB Cdrw»05I Bnads 
Td (02J 344-3S09. 

(02)344-0117 
F™ (02) 344-0353 

GiECE & CYPRUS: ftjrrroia Afwn 
SA, 32 Kfouas A*e . firm Cento. 
Bu«ng A' - G» *51 25 MaaiW. 
Adnu.Gneo. 

Td. +301/68 51 525. 

Fat +301/68 53 357 
FMANtfc & Mol la, Ojr Pufabaan AB. 
tradrilanlaeu 236. SF-00130 
HdseAs. Fwilcmd 
W 3589608828 
F» 350 0 446 508 
ItAlT: (am SodtXi. Vo Conic, 6 
20122 bdy 

14-1358315738 Fax (35462573 
hETKBtANDS; DonwM Bodeiber^, 
MqdadtSI E. 1051 HT 
*"Wi.Td' 31.20 6841080 

F«3IJ0 6M?374 
NOSWAT. SWHJEN & DENMARK 
Fen bddl.PO Ba>U5 5040 
f'awfa, Bagen, Nar+oy 
Id. (47)55913070 
Fw: (47) 55 013072 
PORTUGAL W Bdhcp Ldo. P.0 Bax 
1081 2775 (Wf. 
liian. Fartugal 

W 351-1-457-7293 
Far 351-1-457-7352 


EUROPE 


SPAN Afiiedo Unbuff Sarmisib 
AlwtDAIaxna 46dup 
uffue 1 1 -E. 280 16 Madnd. 

Td 4572858 Fa* 4566074 
SW1T2B0AND: MotiIkA Wdtor 
PC BacSIl 
lOPJPA.S-.torbnd 
Td (021) 728 3021 
Fa (021)728 30 91 
TUIXEY 5abaScrd. Curing 
Coddew. 169/5. BeLa, Apt to 
4. ftnada g 60200. Wonbul 
Td (9021 2) 230 5996/232 71 50. 
Fac |90212) 247 9315 
UNITED HNGDCMfc o3 long Acre 
lc«fcn.waE9jH 
Td 0171 836 4902 
Tdv 262009 Fen 2400338 


INTH) ARAB MBATES: Mr EovRoo. 
PO Bear 22156. SKrtah. UnJad 
AnabEnwafex 
Td- ( 06)351 133 
Faa KW37J888 
Taka. 68404 IRNQF 
EfftMUC CF YStait G»W Unbn. 
63 long Acn. Vondcn WC2E 9JH 
Td. 71836 4802 
Fbc 71 2402254 


AFRICA 

EGYPT: talc Radon. ICGearaiS 
Arnfc Mahanden** Cupo.Emi 
Id 34 95 838 
Rx 21274 VTO3U4 
Fax 3444 429 


OU A4anud Adxirra, FUrffm 
863 .Pbo 9 Ca*i 2508 
SoAagodeOda 
Td ( 562)632 7937 
Fax ( 562 ) 632 01 26 . 

E CUA DO R lingi Lcedemn. Icedemw y 
Awpgfai. In'n #105 Y Mdacan 
7MO. Fbo Gmijo« 5 uJ Ecuador 
Td 1593)468 9000 
Foe (593) 468 91 49 


ASIA/P AQFK 


MALAYSIA: Andrew MxAdu 
c/o Uhnan Mdayt (M) BW. 
Tnglad7 Mama FGRM 
No BJeAyiPudu Owra 
Kudo Lumpur 56 100 
Td: |603) 9B1 2814 
Ux (603) 982 7751 


KUSH OFFSHORE COMPANIES £145 
Contact: Irish incorporations Lid. Fax: 
453-51-386921 EJfeft risftnrtUfe 


as should be fJy restored, plus 3 ha ot 
land. Heslonrral desenpuon m G Lens: 
Oriandmi Caidini. Le vide di Rrenre 
11957) By tfw ooner ertt to tfrarty n- 
isrested parties Mai indial enquiry to 
CASSIA RJEUADGE 331 VcsnalKaly 



13 , am SoMmoB. T. 01 45-4&81^4. 


(ff. Ctyaraj t KIRANKS 


Uiiii , •, h 


Y«y 'CoB san pb in tpky, anamedl c tado ori | tagtowd y ec i a tt iM 
aXHtnae bocomiiia vqob in rnXkfc., 

"Fnimierii 97* Ltsr aiiSbieied)^ 

14, rwDeupbki&T: 01 43 364491 


tohfa tata e wUhn Mdw*k 
Rngboal specJuGlin Frere Pandjab. Vary 



THOUMEUX 


Escorts & Guides 


SWnZERLAND-GERMANY-fiELGNM 


MIDDLE EAST 


BAHIAN Fmda f bnga:. PO Boa 
10767 Mcnomo. Bahrain 
Td /Foe 591 734. 

BRAH: DanBxfch. FOB 99. 
Fblztya 46101. bad.Td Aw 
TeL 972-99-586245 
972-99-586246 
Fac 972-99.585685. 

JORDAN. FaauhZaj'hi. PO Bo»' 

81 1738. Aiwrai. Jadan 
TeL 624430 Tic 22277 MKJO 
KUWAIT: Wendy Red. c/o 63 long 
to*. London, WA3 °Al 
Td. 071 8364802 
Fax 071 24)2254 
LBANOK STBA: Rada Afwz. 

IHT. PO Bac 11/99. 

G*n BuAkig, 6h FVxr, 
OalaaShaei BwU Idman 
Td /Faa. p61 II 786564/786576 
OMAN: c/oBdmsn 
Td /Few (973) 50 1 734 
QATAR: Mr Food: YonmoiX. 

GllF GU3BAL GSOUP 
P.O.Bn 15407, Ddu Odor. 

Td F741 

323290/32337V410I29 
Fox 1974)428379 
SAUXABABIArConkic) Icndcm. 

63 Long too, London WC2E 9JH 
Tel 71 B3640O2 
Fax 71 2402254 


5QUIHERN AFRICA 

TwdoM 4 Auaades 
PO Box 4171. 

R~on»2138 
Td ( 2711)803 5092 
Foe (271 1)803 9509 


PBAt Femanfa 5oinweo. Atoaz 
Calderon 1 55, Poo 2. Sm fcdo. 
Leno-27. Psu 
Td. (511) 442 8840 
Tk 20469 GYDSA. 

Foe (511)441 6422 


MPAL Bhean Tnuhna, Met£a Sadi 
Aw (n Lki. laeur^x*-2. 5arnma 
House, PO Ben 8976, tohnardu. 
Nepd Td (977-1)420848 
Fax (W7-II 421 179 


BELGRAVIA 


++31-2M27 28 27 

Zurich-Gefleva-3asel-Bem8- 
FranWurt-Malnz-Wfesfaader-Cologne- 
Bom-DussektorMiunlcIi-Beifc)- 
Braasato-AiMBip + A; VImum 


VENUS IN FURS 

HHR WORLDWIDE ESCORT SERVICE 


NElDfS HIGH S0C£TY*VS(NA*PARS 
COTE D'AZURTURJCtfGENFMUNICH 
Irtemannal Esoxi & Trawl Santa 
Verna ++43-1-53541M al oaft carts 


ASIA/PACIFIC 


PAKISTAN: Ad ScUwttn 
176 Made Sofa s (IVT1 bd 
4l4Raama Canine 
Fdimo Jimdi Road 
touch. 75530. Wata 
Td. 567 3628/6901 
Foe 568 3«33 


LONDON: (0)171-978 6606 

COSMOS Escort Agancy - Credit Cards 


ORCHIDS 

LONDON • EUROPE 


LONDON 0171 362 7000 

All cants. Advance booknp welcome 


‘GUYS & DOLLS ESCORT SERVICE* 
ULAfTROMETTALYUONOOWPARlS 
BEMELUXIUGANO'GERMANY'SPAIM 
COTE D'AZUR ’SCAMJNAVIA'EUROPE 
Tet +33 (01 335 619 0438 Creds Cards 


NORTH AMERICA 

WWYOMiBSHWAv* KWiH 
NewYodc.N.Y 1C022. 

Td- (212) 752-3890 Tolfiw 

(800)572-7212 

Foe 212755-8785 


HONG KONG: Mdopix Bldg.. 7H. 
Hoar. 5DGtaoMr Rood, Horg 
Kong. Td (852)2922-1188 
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PAGES' 


INTERNATIONAL HERALD TRIBUNE, SATURDAV-SUNDAY, august 23-24, 1997 


Goh Lawyer Denounces 
Singapore ‘Show Trial’ 

Case Against Political Rival Goes to Judge 

s1=Sss “SSSS5 

SnV Lwh p nd3y yf- ! urnm ? a Action Party leaders suino ifr 

battle with Prime Minister Goh Chok nam said they agreed the d^onin^r 

S , h0W triai " Goh’s case Sd also SS 

TonfsiSl^ aBntiS' r M *£; Goh won, further hearings would be 
r _L IS- Brm&h ^wyer for Mr. about damages. If the verdict vent to Mr 

Joshua Je >' arelnain ’ all the cases would fail ' 
Jey arc in am of the Workers Party, a c- Mr. Shields attacked the whole stvfe 
aised of defaimng Mr. Goh and 10 other of Mr. Carman’s defense 

SGeo f r^r^ P e S h A f 0n Pany ’ ^ “?* is hard 10 see ^ basis of turning 

used George Caiman, his lawyer, to paint this into a kind of show trial.’ ’ he said in 

MrGoh s government m the worst light, his summation on the trial *s fifth day 
.W? * ««- .Hf “! Mr. OmM-, nithless 


PAGES 


The “offensive nature of the cross- 

examination” of Mr. Goh by Mr. Car- 

1 man. a fellow British libel expert who 
even suggested Mr. Goh had lied, 
should persuade Judge S. Rajendran to 
await! aggravated damages for addi- 
tional insults. Mr. Shields said 

He demanded 150,000 Singapore 
dollars (S100.000) in compensation and 
50,000 dollars in aggravated damages. 

Mr. Carman said any award for the 

- "mere announcement’’ of a police re- 
port ‘ 'should be treated with the con- 
temptuous damages of one dollar.” 

- told the judge Mr. Shield’s case 
was '‘totally untenable.” 

Judge Rajendran adjourned the hear- 
ing and said he would “take some 
time” to consider his verdict. Mr. 


He said Mr. Carman’s ruthless 
grilling of Mr. Goh on Tuesday spread 
notions around the world that Singa- 
poreans lived in a climate of oppression, 
and he quoted two newspaper reports of 
the case. 

One, in The Times of London, was 
headlined “QC Speaks of Climate of 
Fear in Singapore,” he said. A QC, or 
Queen’s Counsel, belongs to the top 
ranks of British attorneys. 

He also quoted a Reuters report pub- 
lished on the front page of the Inter- 
national Herald Tribune hea dlin ed, 
“Goh’s Motives Questioned in Singa- 
pore Defamation Case.” 

“I am not suggesting these are not 
fair and accurate reports,” Mr. Shields 
said. “They are, that is the point.” 



H ns* H' ui- a v« 

Joshua Jeyaretn am, right, and lawyer, George Carman, at court Friday. 


He said Mr. Carman had accused Mr. 
Goh and the People's Action Party of 
trying to use “the heavy artillery” of 
multiple libel actions to' bankrupt Mr. 
Jeyaretnam. 7 1 , and thus disqualify him 
from Parliament. 

Mr. Carman had also accused Mr. 
Goh and the party of using such actions 
to suppress the opposition by saying. 
“People are afraid to put their heads 
above the parapet and become candi- 
dates.” 

Mr. Shields said Mr. Carman had 
charged that Mr. Goh paid "lip service” 
to full democratic principles and had 


Tokyo Says Normalization Talks With North Korea Will Restart 


Reuters 

BEIJING — Japan and North Korea 
on Friday agreed to a new round of talks 
on the normalization of diplomatic re- 
lations after negotiations on the issue 
failed nearly five yeans ago, Japanese 
officials said. 

During two days of talks in Beijing. 
North Korean officials also agreed to 
"allow some Japanese wives of North 
Korean residents to begin visiting their 


homeland soon, the Japanese Foreign 
Ministry said. 

Eight rounds of talks on the normal- 
ization of ties between Tokyo and Pyong- 
yang ended in November 1992. when the 
North Koreans walked Put after Japan 
raised allegations that agents of the North 
had kidnapped Japanese nationals. 

A Japanese official said Friday that 
Pyongyang and Tokyo had agreed to 
resume talks at the ambassadorial level. 


but had yet to settle on a place or date. 

■ 'There was a meeting of opinion that 
the ninth meeting should take place at 
the earliest possible time,” the official 
said The two sides also agreed that a 
first group of Japanese spouses living in 
North Korea would be allowed to visit 
Japan, hopefully in about a month, and 
that Red Cross representatives from the 
two countries would set up a group to 
make preparations, the official said. 


insulted Singapore by suggesting the 
High Court would “rubber stamp” a 
political decision. 

“We invite your honor to take that 
into account in fixing appropriate dam- 
ages,” Mr. Shields said. 

The case stemmed from an election 
campaign in which the People’s Action 
Party called Tang Liang Hong, a Work- 
ers’ Party candidate, an "anti-Christian, 
Chinese chauvinist” who endangered 
harmony in multiracial Singapore. 

Mr. Tang filed police repons accusing 
Mr. Goh and his colleagues of criminal 
conspiracy and lying. Mr. Jeyaretnam. at 
the last rally before' the Jan. 2 elections, 
in which the People's Action Party’ won 
8 1 of Parliament’s S3 sears, announced 
Mr. Tang had filed the reports. 

Mr. Shields has argued that Mr. Je- 
yaretnam timed the announcement for 
maximum political effect, knowing that 
his audience would know he was ac- 
cusing Mr. Goh of criminal acts. 

The People's Action Party leaders 
sued Mr. Tang over the police repons. 
Mr. Tang fled overseas and did not re- 
rum to defend himself, and Mr. Goh and 
his colleagues were awarded 8.08 mil- 
lion dollars in damages for defamation. 
Mr. Goh was awarded 600,000 dollars. 


1 

U.S. Envoy Hits Harshly \ 
At Violence in Kenya 


Reuters 

NAIROBI — The United States hit 
out Friday at corruption and violence in 
Kenya and warned the country that mul- 
tilateral donors might not resume aid on 
the basis of old promises. 

Prudence Bus knell, the U.S. ambas- 
sador. said in a hard-hitting speech dpt 
she observed “disturbing contradic- 
tions” between what Kenyans said and 
did against a backdrop of ominous 
events. 

“Kenya is sending very mixed sig- 
nals at a time when it is host to ominous 
events.” she said, adding that Kenyan 
leaders said they did nor want violence 
while clashes were breaking out in 
Nairobi and on the Indian Ocean coast 
and elsewhere. 

* 'Kenya's government says it is se- 
rious about economic reforms and com- 
bating corruption, yet it has chosen to 
risk economic instability rather than see 
its promises through to completion. 

“We hear commitments to free and 
fair elections, but the political playing 
field remains decidedly uneven,” she 
said. 

“The organized and cold-blooded 
terror that has seized Mombasa and 
coastal areas has robbed families of 
loved ones, shelter and livelihood.” Ms. 
Bushnell said. At least 42 people have 
been killed in 1 0 days of ethnic violence 
on the coast. 

“Tourists are canceling trips to 
Kenya,” she said. “Revenues are drop- 
ping. Some investors are leaving. More 
are postponing business ventures be- 
cause the IMF has withdrawal and be- 
cause of Kenya’s economic environ- 
ment.” 

She said the government had to 
choose ro reduce services or raise taxes 
to cover a $141 million deficit in this 
year's budget because aid was blocked 
following the IMF decision. 

The Kenyan shilling strengthened on 
Friday on news that an International 
Monetary Fund delegation would arrive 
in Nairobi on Monday to decide on a 
date for negotiations on resuming an aid 


package that was halted July 3 1 because 
of high-level graft. 

Ms. Bushnell said some Kenyan lead- 
ers might believe that such problems 
were temporary and thai once the gov- 
ernment won this year’s general elec- 
tion Kenya would be welcomed back by 
multilateral aid donors after it had made 
“new commitments to old promises." 

“It may not necessarily work that 
way,” she said. “Many within and out- 
side Kenya could decide,” she said, that 
“they have ‘been there, done that' and 
don’t want to do it again.” 

Ms. Bushnell criticized politicians 
who said they backed dialogue but only 
wanted to talk to certain people on cer- 
tain issues. 

President Daniel arap Moi, 73, in 
power for 1 9 years, has promised some 
political reforms but has refused to talk 
to an opposition-backed alliance that 
has speameaded the drive for change 
through rallies that began May. 

Ms. Bushnell said hope for Kenya lay 
in leaders who were ready to engage in 
meaningful dialogue and bring change 
through peaceful means and understood 
that the status quo must change. 

"When 1 interpret what is going on in 
Kenya for my government,” she said, 
“1 can provide only one conclusion: 
The state of this country's economic and 
political health is worrisome.” 

She said the United States would not 
be shy about promoting democracy and 
would not hold back criticism because 
of accusations that it was interfering 
with or opposed to the government. 

The United States would speak out 
against violence in Kenya because hurt- 
ing people was wrong and could trigger 
a dynamic in which only Kenya and its 
people would be the losers. 

“We call on the government and op- 
position alike to respect the rights guar- 
anteed to Kenyans under their consti- 
tution and international conventions.” 
she said, adding that the United States 
awaited an investigation into the killing 
of 13 people, some reportedly by po- 
licemen breaking up rallies, on July 7. 


BRIEFLY 


* r - 

l - ** 




»■ - . — 


- kss atf* 

.... -*■ L -" T . .g tfj 






Opponent of Hun Sen Flees 

PHNOM PENH — A prominent opponent of Second 
Prime Minister Hun Sen who disappeared and was feared 
dead following last month's ouster of co-Prime Minister 
Prince Norodom Ranariddh fled the country on Friday. 

■ Pen Sovann, a highly popular former top official in 
what became Mr. Hun Sen’s Cambodian People’s Party, 
left Cambodia with a niece aboard a Kampuchea Airlines 
flight to Kuala Lumpur. 

He f was accompanied to the airport and escorted 
through immigration and customs by United Nations and 
U.S. Embassy officials, including Ambassador Kenneth 
Quinn. 

Meanwhile, fighting flared hqefly in .northwestern 
Cambodia as thousands of fresh troops were reportedly 
thrown in to back Mr. Hun Sen’s battle to seize the 
royalists’ last base. Gunfire and explosions early Friday 


shook the royalist stronghold at O’Smach, a day after a 
fierce battle in which Mr. Hun Sen’s men pulled back 

(AFP) 


fierce battle in which Mr. Hun Sen’s men 
from the edges of the town. 


Tribesman Killed in Indonesia 

JAKARTA — At least one tribesman was shot to death 
and three soldiers were wounded in clashes between, an 
army patrol and tribal warriors in Indonesia's easternmost 
Irian Jaya Province on Friday, sources there said. 

! Simmering tensions boiled over in Timika. a booming 
" town in the shadow of a giant copper and gold mine, after 
‘ the bodies of two Papou youths were found on a highway 

* in the province. . 

“ An armv patrol clashed with a group of Papou tnbes- 
“ men on a' road linking the town of Timika to a new 
: complex at Kuala Kenchana, about 20 kilometers (12 
I miles) farther north. (AFP) 

* 

* China Defends Rule in Tibet 

1 BEUING — China, under fire from a U.S. congressman 

* who claims it maintains a ‘ ‘death grip” on Tibet, onFriday 
► defended its rale over the restive region, saying Tibetan 

- cu irare was thriving and its monasteries flourishing. 

■ Scholars unending a seminar on Tibet invoked Chinese 

- history and die writings of the 14th-century Veneuan 
! explorer Marco Polo to back Chinese sovereignty over 

* the Himalayan region. . , 

- - -The feet that the Dalai Lama's political status was 

. . , i 1. 4<ar Tihnt ,e an 


SSTfSpSTSSt research ^ atheChm.se 

Acadlroy of Social Sciences, as saying. (Reuters) 

Prominent Afghan Killed 

ISLAMABAD. Pakistan — Fourteen people, includ- 
ing the opposition alliance leader, Abdul Rafum 
GhafourzaLwere killed in Thursday s aircraft crash im itbe 
central Afghan townof Bamtyan. accordmg ^official 
Kabul radio, monitored here. {Keuie ; 



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PAGE 6 


SATURDAY-SUNDAY, AUGUST 23-24, 1997 


EDITORIALS /OPINION 


Ifrralb 


INTERNATIONAL 


(tribune 


Pl'BMSHtS UIIH THE >FW WHIK TIMKS VSH THE WttHUWITCJX POST 

Isolating Karadzic 


Convinced that much of the Dayton 
agreement cannot take effect while 
Radovan Karadzic and his supporters 
dominate the Bosnian Serb republic. 
NATO is increasing pressure on him to 
step aside. Wisely avoiding a risky raid 
on Mr. Karadzic's Pale redoubt, 
NATO troops on Wednesday strength- 
ened his chief rival. President Biljana 
Plavsic, by evicting and disarming the 
pro-Karadzic police force in Banja 
Luka, the Bosnian Serb region's 
largest city. Carefully considered mil- 
itary actions like this, together with the 
diplomacy of President Bill Clinton's 
two Bosnia envoys, Richard Hol- 
brooke and Robert Gelbard. can isolaie 
Mr. Karadzic and reinforce the Dayton 
accord in preparation for NATO's 
planned departure next year. 

The arsenal that British NATO 
troops, backed by American heli- 
copters. seized from Mr. Karadzic 
forces went well beyond the limited 
weaponry police forces are allowed 
under Dayton. They included rocket 
launchers and assault and sniper rifles 
delivered in recent days as the latest 
confrontation between Mrs. Plavsic 
and Mr. Karadzic mounted. NATO 
moved in after it was determined that 
Karadzic loyalists were using the 
Banja Luka police headquarters for 
illegal activities, including the tapping 
of Mrs. Plavsic's phone calls. 

During the Bosnian war, Mrs. 
Plavsic was a loyal Karadzic support- 
er. But lately she'has embraced aspects 
of the Dayton agreement, denounced 


Mr. Karadzic for corruption and in- 
vited international monitoring of new 
legislative elections for the Bosnian 
Serb republic. In most of that republic, 
she is outmatched by Mr. Karadzic. 
But with NATO’s help, she might now 
be able to consolidate her position. 

Mis. Plavsic is helped by the fact 
that the British forces who are chiefly 
responsible for security in the area 
have been more willing to enforce the 
civilian provisions of the Dayton deal 
since the Labor government took over 
in London last spring. They took armed 
action earlier this summer against two 
major Bosnian Serb war crimes sus- 
pects and have provided escorts for 
refugees returning to their homes. 

Meanwhile. Mr. Holbrooke and Mr. 
Gelbard met with Balkan leaders earli- 
er this month and insisted that they live 
up to their commitments. Mr. Hol- 
brooke called on the Yugoslav pres- 
ident. Slobodan Milosevic, to distance 
himself from Mr. Karadzic and fa- 
cilitate his arrest and delivery to The 
Hague war crimes tribunal. Accounts 
of Mr. Milosevic's response vary. But 
NATO has usefully reinforced Mr. 
Holbrooke's diplomatic message with 
its calibrated use of force. 

Mr. Karadzic agreed last year under 
pressure to resign. But he has con- 
tinued to dominate politics in the Bos- 
nian Serb region. NATO's actions put 
him on notice that persisting on this 
course will leave him increasingly iso- 
lated and vulnerable to arrest. 

— THE .V£H YORK TIMES. 


Tibet’s Suffocation 


Representative Frank Wolf. Repub- 
lican of Virginia, has never been one 
for the typical junkeL His advocacy of 
human rights and religious freedom 
has taken him to the Siberian gulag, to 
Ceausescu's Romania and to war-rav- 
aged Chechnya. Now he is just back 
from Tibet — the first House member 
to visit that land, he says, since Chinese 
forces moved in nearly 40 years ago. 

What Mr. Wolf found will not shock 
anyone who has followed Beijing's 
brutal repression of Tibetan culture, 
religion, language and people. We 
hope, though, that Mr. Wolf's report 
will awaken some Americans who 
haven't paid sufficient attention to 
Tibet's slow suffocation. China has 
virtually sealed Tibet off. keeping re- 
porters and human rights observers 
out. Mr. Wolf gained” access, along 
with an aide and a Tibetan-speaker. by 
joining a tour group and not adver- 
tising his profession. 

What he found. Mr. Wolf says, is 
repression more brutal than he' wit- 
nessed in Soviet Russia or Communist 
Romania. WTiile Chinese in Beijing 
have won some measure of liberty, at 
least in economic affairs, he savs. 


* ‘there is no freedom in Tibet, period. ' ' 
People are watched and afraid. 

Yet, when they realized Mr. Wolf 
and his associates were from America, 
they were willing to risk imprisonment 
to describe their plight. Most Tibetans 
are not seeking independence but only 
the freedom to speak their language 
and practice Buddhism. 

Mr. Wolf, like many members of 
Congress of both ponies, urges the 
Clinton administration to make Tibet 
— and the hundreds of Tibetan pris- 
oners of conscience — an important 
part of U.S.-China dialogue leading up 
to and during a planned presidential 
summit meeting this fall. He also urges 
U.S. churches? synagogues and cit- 
izens to mount the kind of letter-writ- 
ing. prisoner-adopting campaigns that 
helped sustain Soviet dissidents. 
Tibetans don’t have the kind of di- 
aspora that kept Soviet Jewry, Ar- 
menia. Poland and other captive na- 
tions on the U.S. agenda during the 
Cold War. Bur they have an equal 
claim on America's conscience, and 
their treatment provides a measure of 
the true nature of the Chinese regime. 

— THE U ASHISGTOX POST. 


White House Subway 


How is the Clinton White House like 
a subway? According to Johnny 
Chung, fund-raiser extraordinaire for 
the Democrats last year, you put in 
coins to open the gates. That comment 
was pan of a recent interview with 
Tom Brokaw of NBC News, in which 
Mr. Chung seemed to live up to his 
reputation as a 1 “hustler,” the term that 
National Security Council officials 
used to describe him when they were 
trying to keep him out. Mr. Chung 
visited the White House nearly 50 
times because he arranged for almost 
5400,000 in party donations. He told 
Mr. Brokaw he paid the money be- 
cause that is how the system worked. 

No less startling was Mr. Chung’s 
allegation that the Democratic Party 
was not the only player with an ap- 
petite for money. He also described 
how he was, in effect, shaken down for 
a S25.000 donation to Africare, a char- 
itable organization supported by the 
energy secretary at the rime. Hazel 
O’Leary. Mr. Chung said he gave the 
check to a man who said he was an 
Energy Department official in order to 
set up a meeting with Mrs. O'Leary 
and a Chinese petrochemical official. 
On another occasion, Mr. Chung said 
he gave $50,000 to a White House aide 
to help pay for a Christmas reception in 
the executive mansion, and then 
landed a meeting with the first lady. 

Hillary Rodham Clinton said she 
bad no recollection of such a meeting, 
and the White House denies that it 
solicited the money from Mr. Chung. 
But the NBC News report was filled 
with pictures of Mr. Chung lounging 
around the executive mansion like a 


§ 


guest at a resort hotel. There he was in 
the White House mess hall, or at the 

resident’s movie theater, or at the 

Tiite House bowling alley. 

Though the alleged Energy Depart- 
ment solicitation described by Mr. 
Chung was for a charity, it would still 
be a violation of federal law to have 
carried it out. Moreover, if evidence 
turns out to exist that Mrs. O’Leary 
knew about die solicitation, this would 
be yet another concrete reason for At- 
torney General Janet Reno to appoint a 
special counsel to investigate. Mrs. 
O'Leary has acknowledged meeting 
with Mr. Chung’s associate but vig- 
orously denies soliciting a donation or 
authorizing anyone to do so. 

Tie special prosecutor statute 
should come into play if only because 
of the conflict of interest in the Justice 
Department investigating so many top 
administration officials. But the law 
also is triggered whenever there is sus- 
picious activity by a cabinet member. 
Energy Secretary Federico Pena has 
described the allegation as serious and 
has launched an investigation. 

The White House says it has 
tightened up its procedures on visitors. 
But there can be no cleaning up the 
record of the Clinton campaign “s reck- 
less fund-raising. Nor can there be any 
guarantee it will not be repeated until 
Congress enacts a ban on open-ended 
campaign contributions and cleans up 
a system that continues to poison pol- 
itics, deepen the cynicism of Amer- 
icans and, in Mr. Chung's case, de- 
mean the importance of an invitation to 
visit the White House. 

— THE NEW YORK TIMES. 


HcralbSfeSribuuc 


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Arafat the Virtuoso of Veer , Has Done It Again 

V ... .... T- - it, \ ■trhnrin' iweived DaVTUeOt Of 30 P 


W ASHINGTON — Yasser Arafat 
has survived four decades of 
warfare, Arab conspiracies and even 
the perils of peacemaking iso fart by 
being the world’s most adept political 
chameleon. He shifts his direction and 
his base on a dime, assuring yester- 
day's enemy that together they can 
vanquish the ally he just abandoned on 
a burning deck. 

Ask the Husseins, King and Saddam. 
Ask the Egyptians, the Lebanese and 
the Libyans whom Mr. Arafat played 
off against each other in Arab exile 
politics. And now you can ask the pro- 

K e Israelis who were the Palestinian 
:r’s political base and negotiating 
partners for the past four years. 

Mr. Arafat returned to form as the 
virtuoso of veer on Wednesday by pub- 
licly embracing and applauding the 
Palestinian Islamic extremists whom 
Israel and the United States have de- 
manded he condemn and prosecute as a 
way to restart peace negotiations. 

Tie stomach-churning photographs 
of Mr. Arafat hugging Abdel Aziz 
Rantisi. a leader of Hamas, and ap- 
plauding others who have called for the 
destruction of Israel are the manifest- 
ation of a new calculation Mr. Arafat 
wants the world, especially Washing- 
ton, to understand: 

He has nothing to gain from co- 


By Jim Hoagland 


operating with Prime Minister Ben- 
jamin Netanyahu of Israel. Tie firm 
line Mr. Netanyahu has drawn leaves 
Mr. Arafai with nothing to deliver to 
the Palestinians. Mr. Arafat mast now- 
secure the coalition of Arab govern- 
ments and radical organizations that 
have backed him in the past 

But with Mr. Arafar there is always a 
caveat: Nothing is pennanenL 

Things are rarely as simple as they 
seem, a yon are a Hamas or Islamic 
Holy War leader, you have to watch 
those hands patting you on the back. 
You have to wonder if Mr. Arafat is 
embracing you to join forces, or to get 
close enough to smother you. 

Mr. Arafat's aides spun the embrace 
to Western journalists as a smothering 
act: Tayeb Abdel Rahim emphasized 
that none of the radicals who spoke at 
Wednesday’s rally in Gaza had ex- 
plicitly called for violence against Is- 
rael, apparently at Mr. Arafat’s insist- 
ence. Mr. Arafat is positioning himself, 
this line implies, to outflank or divide 
the radicals if Israel comes np w ith 
improved peace terms. 

It could even be true. Mr. Arafat 
himself at this moment does not know 
where his latest run through the rapids 


iisss: 

withheld since the July jO terrorist al- 


and Hamas are only temporarily useful 
to each other, if they could wield 
power, the extremists would toss Mr. 
Arafat aside as quickly as he would 
them. Hamas is only one more burning 
deck for Mr. .Arafat ro escape. 

The State Department has opted to 
see Mr. Arafai's love-in with the ex- 
tremists as a covering maneuver for a 
major move forward. 

“We have received assurances that 
he intends to cooperate more fully on 
security" in the days to come, says 
James Rubin, the spokesman for Sec- 
retary of State Madeleine AlbrighL 
"We will be watching these devel- 
opments very carefully. Deeds count 
more than words.” 

Mrs. Albright is still firming up 
plans to go to the region the second 
week in September. She intends to ad- 
minister “reality checks” to Mr. Ara- 
fai and Mr. Netanyahu, to see if they are 
prepared to proceed with U.S. ideas 
that would sketch out "a pathway to 
accelerated final permanent status 
talks” on the West Bank and Gaza, 
says an administration official. 

After all the bombs, the inflamma- 
tory rhetoric and the embrace of the 
extremists, Mr. Netanyahu still seems 
not to have written off Mr. Arafat. The 
day after the Gaza rally, the Palestinian 


tack in Jerusalem. 

This is the big mystery for roe. How 
can Mr. Netanvahu repeatedly accuse 
Mr. Arafat of directing proxy terrorism 
ag ains t Israelis, of negotiating in bad 
faith and refusing to keep promises — 
and still negotiate with him? I recently, 
put that question to Dore Goto, the 
Israeli ambassador to the United Na- 
tions and one of Mr. Netanyahn-s - 
closest foreign policy advisers. 

“We decided not to break off the 
peace process as a fraud, or simply to- 
ignore all of Arafat's flaws, when we 
came to office.” Mr. Gold said. “We 
decided on a third option, which was to 
take an impaired process and try to make 

it work.” He added* "Arafat is the Pal- 
estinians' choice, not chits. We have to 
work with him. But this thing can only 
work if you come down on him like a ton 
of bricks and put security up front as the 
main driver of the process.” 

Mr. Arafat’s latest veer toward the 
extremists brings the peace process to 
the b rink. But Mrs. Albright is right to 
go to the Middle East to see jf the 
Palestinian leader has left himself 
enough room for one more Leap out of 
the flames be has helped stoke. 

The Washington Post. 




Shut Down the Propaganda Machine and Arrest the Gangster 


N EW YORK — The United 
States and its friends are 
finally gening serious about the 
Dayton agreements on Bosnia. 
They are acting against the Ser- 
bian gangsters who waged the 
genocidal war and have ob- 
structed the peace. 

That is the significance of the 
seizure by NATO-led forces of 
six police buildings in Banja 
Luka, the largest city in the Bos- 
nian Serb republic. The soldiers 
found thousands of weapons 
stockpiled by police under the 
control of Radovan Karadzic, 
the former Bosnian Serb pres- 
ident charged with genocide 
and crimes against humanity. 

The Dayton accords went in- 
to effect in December 1995. For 
nearly a year and a half after that 
peacekeeping forces did noth- 
ing to carry out such terms as 
the right of refugees to return to 
their homes and the obligation 
to surrender accused war crim- 
inals. Mr. Karadzic, though re- 
quired by Dayton to leave pub- 
lic life, built up a 3. 000-man 


By Anthony Lewis 


paramilitary police force and 
acted more and more openly to 
block the peace process. 

Then, starting last month, 
came a series of moves thai 
reflected a sharp change in 
NATO policy. British soldiers 
arrested one war crimes suspect 
and killed another who shot at 
them. Peacekeepers began pro- 
tecting refugees who returned 
to their homes, so they would 
not be driven out by mobs. 

The move against the Karad- 
zic police in Banja Luka was the 
most dramatic sign of the newly 
intervemionist policy. It put 
NATO squarely on the side of 
Biljana Plavsic, the elected 
president of the Bosnian Serb 
republic, in her struggle with 
Mr. Karadzic. 

Peacekeeping officials bad 
already endorsed one daring 
move by Mrs. Plavsic. When 
the Karadzic-controlled 


as- 


from office, she dismissed the across 


assembly and called new elec- 
tions for October. Under pres- 
sure from Mr. Karadzic — in- 
cluding a brutal assault on one 
judge — the entity's constitu- 
tional court held the dismissal 
unconstitutional. But Mrs. 
Plavsic, with Western suppon. 
ignored that ruling. 

The logic of the new NATO 
policy, and of the situation in 
Bosnia, requires two further 
steps. The fust is to shut down 
the Karadzic propaganda ma- 
chine. Tne second is to arrest 
Mr. Karadzic. 

Television was a crucial in- 
strument in arousing Bosnian 
Serbs to attack Muslim and 
Croat neighbors with whom 
they had lived in peace, many 
intermarrying. And television 
from Pale, the Bosnian Serb 
capital, is one of Mr. Karadzic 's 
main instruments of power 
today, pouring out messages of 
hate.’ Through relay stations 
the Serbian ’ eatitv. it 


dominates the media audience. 

The time has come for the 
NATO-led force to shut down 
those relay stations. That is a 
hard thin g' for a believer in the 
First Amendment ro say. But we 
have no more obligation there 
than we would haveTiad in post- 
war Germany to let Goebbels 
stay on the air. 

The need for action on the 
Karadzic propaganda machine 
is acute because of the assembly 
election called by Mrs. Plavsic. 
If the campaign is dominated by 
hale messages on Pale televi- 
sion. Mrs. Plavsic, and NATO, 
may lose their gamble. 

Because Mr. Karadzic is pro- 
tected by his paramilitary po- 
licemen, his arrest is the hardest 
challenge for the peacekeeping 
force. It is also the most im- 
portant — and not just because 
it would make the author of so 
much evil face justice. 

If Mr. Karadzic is at large, 
Dajton will be at risk: That is 
the’short of 1 l He has a corrupt 
economic empire, profiting 


from control of gasoline and 
cigarette imports. He controls a 
mafia. He keeps alive the ex- 
treme nationalist dream that led 
to so much horror in Bosnia. 

One speaks of a NATO de- 
cision on whether to move on 
Mr. Karadzic. But it is really 
President Bill Clinton’s de- 
cision. and it is one of the 
toughest he has faced. The 
Pentagon has been planning a 
possible operation, but hardly 
with enthusiasm. If the oper- 
ation goes wrong, military fig- 
ures will no doubt leak the word 
that they advised against it. 

Bnt a failure to act would 
exact a heavy price, probably 
including in time a renewal of 
the Bosnian war. The allies 
have to stay the course, and dial 
means strong action under U.S. 
leadership. The Economist of 
London said last month: “If 
there is a lesson of the past five 
years, it is thai half-hearted, or 
timorous. Western intervention 
in Bosnia achieves little. ” 

The Hen York Times. 


I 


Africa: Can a Formula for Stability and Progress Be Found? 


P ARIS — Africa nags for at- 
tention. but is largely ig- 
nored. Yet the immense horrors 
committed by Hutu in Rwanda, 
and then the suffering of the 
displaced Hutu themselves — 
women and children and geno- 
cidal bands alike fleeing 
through the great forest of the 
central Congo, pursued by en- 
emies who showed them - no 
mercy — bear comparison to 
the slaughters and population 
upheavals of World War n. 

Liberia and Sierra Leone, 
like Somalia, have existed in 
conditions of anarchical blood- 
letting and pillage with little 
political coherence, a matter of 
sheer power struggle between 
warlords, sustained by bands of 
children bearing Kalishnikovs. 

Inconclusive outside inter- 
ventions take place; implaus- 
ible elections are held; there are 
attempts at mediation, but noth- 
ing fundamental is solved. 

The charitable nongovern- 
mental . organizations, the 


By William Pfaff 


United Nations and the Orga- 
nization of African Unity 
struggle to give help, but the 
nongovernmental groups in- 
creasingly doubt the integrity of 
their own mission, which tends 
to perpetuate the bloodiest 
power struggles by sparing the 
criminals the consequences of 
what they do. 

In Kenya, tribal violence 
mounts as an apparent result of 
fire-electoral ethnic manipula- 
tions of President Daniel arap 
Moi, member of a minority eth- 
nic, who plays more powerful 
groups against one another. 

An argument can be made 
that all this is due to democracy. 
A nominal democracy, which 
cleared the consciences of the 
former colonial powers, and 
placed the blame for Africa's 
future condition upon the Af- 
ricans themselves. This democ- 
racy was bestowed on narrow 
Westernized elites in states 


whose borders slashed across 
ancient tribal and ethnic struc- 
tures. The new leaders of in- 
dependent .Africa nonetheless 
endorsed these colonial fron- 
tiers because they confirmed 
their own power. 

The result as a South African 
observer as said, has been that 
"political parties become 
vehicles for tribal aspirations." 
He added: "Leaders survive by 
constantly playing the tribal 
card, or by assuming absolute 
power and smothering dissent. 
At worst, power in the center 
cannot be held at 3ll, and 
carnage ensues.” 

Democratic votes have given 
power to majorities who in the 
traditional order had been dom- 
inated by minorities. This was 
the case in Rwanda and Bu- 
rundi. The Nilotic Tutsi people, 
who ruled the Hutu both before 
and during colonialism, now 
have now* reclaimed power. 


Restore the Immigrants 9 Hopes 


N EW YORK — One year 
ago Friday. Congress 
passed, and President Bill 
Clinton signed, a welfare bill 
that among other things elim- 
inated public assistance for 
many legal immigrants. 

Although legal immigrants 
represent only about 6 percent 
of those on public aid, they 
took the brunt of the cuts made 
by the welfare law. Reduc- 
tions in benefits to legal im- 
migrants represented more 
than 40 percent of the savings 
in the new welfare law. Many 
of those targeted to lose ben- 
efits were people who could 
not suppon themselves: they 
were too disabled, too old or 
too frail to work. 

Elderly and disabled- legal 
immigrants panicked when 
they learned that they could 
lose their Medicaid or Sup- 
plemental Security Income. 
They feared that they would 
be kicked out of nursing 
homes and hospitals. For most 
of these immigrants, these 
benefits are the difference be- 
tween having a place to live 
and being homeless. 

Because of a public outcry. 
Congress, in the recently 
passed balanced budget legis- 
lation. restored Supplemental 
Security Income and Medi- 
caid benefits for those elderly 
and disabled legal immigrants 


By George Soros 

who lived in the United States 
before the welfare reform bill 
was signed. But the job of 
restoring the safety net to legal 
immigrants is only half fin- 
ished. The balanced budget le- 
gislation did not fix all the 
problems created by last 
year’s welfare law. 

First, Congress should re- 
store federal food stamps to 
legal immigrants who are 
scheduled to lose them. Be- 
ginning Friday, roughly one 
million legal immigrants will 
lose the food stamps they cur- 
rently depend on. Two-thirds 
of those households have chil- 
dren. As a result, state and 
local governments may be 
pressured to make up at least 
some of the lost benefits, and 
soup kitchens and food pan- 
tries may have to handle larger 
numbers of needy people. 

Second, Congress should 
provide a safety net for legal 
immigrants who arrived after 
the welfare reform bill was 
passed. Such Legal immigrants 
will now be denied disability 
benefits and food stamps, 
should they need them. 

Third, Congress should 
provide the Immigration and 
Naturalization Service with 
the resources and authority 


necessary ro streamline the 
naturalization of prospective 
citizens, without comprom- 
ising the integrity of the pro- 
cess. There are now more than 
1.4 million applicants waiting 
to become American citizens! 
they can expect to wait an 
average of 21 months. 

The welfare reform law 
broke the long-standing agree- 
ment between future citizens 
and their adopted homeland. 
Legal immigrants share the 
same responsibilities as cit- 
izens. They pay taxes. They 
serve in the military. 

The United States has al- 
ways embraced legal immi- 
grants, who enrich our culture 
and work hard to make our 
nation stronger. But just like 
anyone else, immigrants can 
sometimes fall on hard times. 

Mr. Clinton and Congress 
should re-establish the 'con- 
tract between legal immi- 
grants and American society. 
If immigrants come and play 
by the rules, the government 
should guarantee help when 
they need it most. That would 
be a victory to cheer. 

Mr. Soros is chairman of the 
Open Society Institute and 
founder of the Emma Lazarus 
Fund, a charily that helps legal 
immigrants. He contributed 
this to The New York Times. 


They did so with the suppon of 
the related Nilotic people now 
in control of Uganda. 

By adding the former Zaire to 
their new empire, however, 
they have creared conditions for 
a reaction against them. Their 
conquering army is called “the 
extraterrestrials” or “the tittle 
green men'* on the streets of 
Kinshasa, where bitterness 
grows overrule by Tutsi, even if 
die Tutsi are acting through 
Laurenr-Desire Kabila, a Con- 
golese political veteran and 
member of a non-Nilotic Con- 
golese minority. 

Tiny Rwanda's conquest of 
the huge Congo has ricocheted 
onto the neighboring Congo 
Republic, and beyond that has 
shaken all of francophone Cen- 
tral Africa. The fighting that 
broke out this summer in 
Brazzaville, capital of the other 
Congo, pits a president who be- 
longs to the plurality Kongo 
group of peoples, who domi- 
nate the south, against the 
former president, from one of 
the northern groups, who lost an 
election forced upon him by 
France in 1992. With new elec- 
tions in prospect, die two sides 
are fighting to control the sole 
multiethnic zone. Brazzaville. 

The political and economic 
ideologies of the West have 
deepened Africa's problems. 
The World Bank's annual de- 
velopment report this year says 
that the majority of sub-Saharan 
countries are in worse condition 
today than they were at inde- 


pendence. It does not say that 
one reason for this is the World 
Bank. Its early support for 
large-scale infrastructure and 
industrial projects, appropriate 
only to much more sophisticat- 
ed economies, indebted African 
states without producing sus- 
tainable development The 
bank’s later structural adjust- 
ment policies continued an in- 
appropriate attempt to incorpor- 
ate African societies into the 
international economy. 

World Bank and IMF 
policies caused Africa to export 
its raw materials, undermined 
African subsistence agriculture 
and indigenous manufacturing 
and trade, and turned African 
societies into markets for im- 
ported processed foods and ir- 
relevant consumer goods. 

There unhappily is no answer 
to all this. The South African 
writer quoted above, Rian 
Mai an, dreams of a giant Af- 
rican federation from the Nile to 
the Cape, with internal govern- 
ment left to the traditional tribal 
structures. He thinks this is die 
ambition of Uganda's Yoweri 
Museveni. But even if this Af- 
rican federation were achiev- 
able, it would only be a return to ^ •*. 
African feudalism, with lasting 
subordination of majorities to 
minorities — of Hutu to Tutsi, 
in that particular case. 

is this a formula for African 
stability and progress? But then 
one must ask, whar is? 

International Herald Tribune. 

<0 Los Angeles Times Syndicate 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: A Jewish Stale? 

VIENNA — At the forthcoming 
Jewish Congress at Basle, one of 
the main questions for consid- 
eration by the delegates from 
nearly every Jewish community 
in the world will be the advis- 
ability of acquiring Palestine 
from Turkey or. failing that, 
from a conference of the Great 
Powers when the Ottoman Em- 
pire is in the market and Europe 
the auctioneer. This means that if 
Turkey yields to the temptation 
of Jewish gold to save her from 
impending disintegration, there 
will spring up within a meas- 
urable distance of time a new 
nation equipped with modern 
civilization and culture. 

1922: Nationalist Loss 

DUBLIN — The heart of the 
Irish Nationalist Army was 
struck when a bullet from the 
gun of a rebel killed Michael 
Collins at Bandon at 6.30 yes- 


terday evening [Aue. 23]. He 
was travelling with' his usual 
reckless daring in an open car 
from Bandon to ClonakiUty 
when a volley of shots came 
from the wooded country over- 
looking the road. For a half- 
hour the two groups sniped one 
another, and just when it was 
thought that the attackers had 
retreated. Collins fell back- 
ward. with the blood streaming 
from the back of his head. 

1947: A Call to Fast 

JERUSALEM — The National 
Jewish Council, Vaad Leumi, 
called upon all Jews throughout 
the world to observe next Mon- 
day [Aug. 25] as a day of fasting 
in protest against the British de- 
cision to ship the Exodus 
refugees back to Germany. The 
Chief Rabbinate also joined the 
appeal asking all religious com- 
munities to observe the fast 
between the hours of sunrise 
and sunset 



^ \ JL& 


i tw TIUKI AX’ 




PACES 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 23-24, 1997 


'N. X — imoi'HE., ,nuuU31 M-Z4, D , n — _ 

' ln ^sia, Tears for Nikulin, 75, a Clown Who Cheered Up Sad Nation 




1,1(1 t»an«^ 


— WYouoK 



lljl-Tl# 

Yuri Nikulin, a life in the circus. 


Reported Rout 
Of Tajik Rebel 
Opens Chance 
To End Strife 


By Steve LeVine 

New for k Times Service 

MOSCOW — Tajikistan’s strongest 
rebel leader ’has suffered a surprising 
rout, diplomats here say, and his loss 
may strengthen a recent accord intended 
to end the five-year-old civil war in the 
former Soviet republic. 

But the collapse of the rebel leader, 
Makhmud Khudoyberctiev, may have an 
unintended side effect in the compli- 
cated war. Strengthening the hand of 
competing warlcnds could provoke new 
violence in the Central Asian nation. 

Tajikistan’s volatility has alarmed 
Russia and the United States, which are 
worried about the spread of arms and 
militant Islam in an energy-producing 
region that may be vital in the next 
century. 

In the last year, regional concern has 
risen with reports of pockets of popular 
support for the Taleban, the extremist 
Islamic insurgents who took control of 
most of neighboring Af ghanistan last 
year. 

Since the Soviet breakup, the civil war 
and the regional rivalries behind it have 
divided Tajikistan, a nation of 6 mil- 
lion. 

Originally, fighting forced tens of 
thousands of Islamic-Ied Tajiks to flee to 
Afghanistan. The victors carved 
Tajikistan into fiefs run by warriors to 
whom the president, Emomali Rakb- 
monov, now owes his power. 

The civil war has pitted tbo& Afghan- 
based Tajiks against Mr. Rakhmonov’s 
nominal forces. The continual fighting 
has killed more than 30,000 people and 
ruined die economy. 

But this week, witnesses said, after a 
weekiong battle with warlords who were 
aided at least Mice by Russian jets, Mr. 
Khudoy berdiev and 40 fighters vanished 


By Daniel Williams 

Jfrw h.*rt Times Struct 

MOSCOW — In the world of performing am. ir 
p ° ften s * d comedy is inferior lo traaedv 

SywSkmg Week - in ‘ he Russian hrar,: ™'‘- 

xrP 1 ? C0untf y «■ mourning the death of Yuri 
Old CLrcus 01111 *" aclor and c ^ own > n Moscow’s 

It was hand to f in d anyone here without fond 
memories of his performances, impossible to hear 
criticism. 

In the two weeks after he suffered a heart failure 
during an operauon, newspapers and television 
reported his treatment with the kind of detail usu- 
ally reserved for a head of state. 

*!? £ ^ Thursday at 75. the doctors who 
had tTMted him had tears in their eyes when they 
made the announcement. 

President Boris Yeltsin delivered a somber eu- 
logy, and Mr. Nikulin’s rubbery features dom- 


inated the front page of newspapers on Friday. 

"Beloved Like No Other," said the headline in 
Moskovskaya Pravda. 

The affection showered on Mr. Nikulin reflects 
in part Russian love of the circus, which is probably 
Russia's foremost communal experience, espe- 
cially in Moscow. 

Rich or poor. Communist or dissident, Christian 
or Jew. Muslim or atheist, everyone was taken to 
the circus as a kid and they now take their kids. 

Mr. Nikulin used his skills beyond the single- 
ring circus on Tsvetnoi Boulevard, which he dir- 
ected. He became a movie star and then a television 
personality. 

Russians, when asked if they remember his per- 
formances from childhood, may say they can’t 
remember but add that they know they've seen him 
on the big or little screen. 

In movies, he created characters that in ret- 
rospect seem revolutionary for Soviet times — the 
smallish .sad sack, the charming good-for-nothing 
in a country where the new Soviet Man was 


supposed to be an upright and heroic figure. 

His comedy seemed especially apt for the Soviet 
Union under the rule of Leonid Brezhnev, which 
Russians sometimes refer to now simply as “the 
Stagnation." In one film, he and some cohorts sing 
a nonsensical song about rabbits that included the 
refrain, "We don’t care, we don’t care." 

"He showed that it was O.K. not to try too hard, 
!? dr “ lfc -. t0 relax,” said Sergei Ivanov, a historian. 
"A Soviet citizen did not have to take himself 
seriously. Stagnation could be funny." 

Mr. Nikulin began his career shortly after World 
War D. He joined the circus after he was rejected by 
film studios as too ugly. 

Yet. his popularity as a clown — he was in- 
evitably on the losing end of the slapstick — 
transferred to great movie popularity 1 , sometimes in 
senous roles. 

He is best remembered for two comedies from 
the 1960s. In one, "The Diamond Arm," he plays 
a hapless Russian on a tour in Istanbul who gets 
sucked into a smuggling scheme when he slips on a 


watermelon rind and exclaims a curse that happens 
to be a secret code for a criminal gang. 

In Female Prisoner of the Caucasus," he is a 
member of a ring of bumbling kidnappers who 
abduct a virtuous Soviet student. 

Mr. Nikulin joined the Communist Party during 
World War 11, but Soviet repression turned him 
against the system. He supported Mr. Yeltsin dur- 
ing his campaign for president last year. That did 
not stop him, however, from delivering in private 
the kind of irreverent jokes he had collected. 

The last joke he told on television a few weeks 
ago concerned a meeting between Mr. Yeltsin and 
his top advisers. "I don’t understand our scien- 
tists," Mr. Yeltsin says. “We stopped giving them 
salaries, we don ’t provide electricity or gas, and yet 
they come to wort” 

Anatoli Chubais, the architect of Russia’s eco^ 
nomic reform, suggests: "Maybe we can charge 
them admission!" 

Mr. Nikulin’s funeral will be held Tuesday at his 
beloved circus. 



MISSILE: U.S. Presses Russia Over Iran 




_ , V* Hiilijipr Mn/lt-aln* 

Chene and Tony Blair, flanked by Sylviane and Lionel Jospin, toasting Friday in Saint-Martm-D’Oydes. 

In French Village, Jospin and Blair ‘Talk a Bit About Politics’ 


Agence Franee-Presse 

SAINT-MARTIN-D’OYDES, France — Prime Minister 
Lionel Jospin held talks here Friday with his British coun- 
terpart, Tony Blair, who is vacationing with his family, in 
this southwestern French village. 

Mr. Jospin and his wife, Sylviane, arrived by car from his 
nearby political stronghold of Cintegabelle and joined Mr. 
Blair at his vacation residence. 

"This is a meeting between friends." Mr. Jospin said as 
several dozen of the village’s J9S inhabitants gathered 


POPE: Visit to Grave Prompts a Rebuke From French Socialists 


Continued from Page 1 

temal affairs of the republic," she said. 

Church and state have been officially 
separate in France for more titan 90 
years, and “laicism," or the principle of 
the secular state, is stoutly defended 


Jacques Chirac, a Catholic and a con- 
servative who is sharing power with Mr. 
Jospin. 

On Thursday, at the foot of the Eiffel 
Tower, John Paul addressed more than 
500,000 young Catholics from around 
the world. "Dear young people, the 


in the southwest. The reported death of here. Most French citizens describe church believes in you," he 


Continued from Page 1 

trying to develop nuclear, biological and 
chemical weapons that could be carried 
by such a missile. 

Russian officials deny that there is any 
government policy or program to help 
Iran develop a ballistic missile or to 
transfer missile technology to Tehran. 
They say the Russian government has 
adhered to Mr. Yeltsin’s 1994 pledge to 
avoid any further arms sales to Iran. But 
the Russians have not responded in de- 
tail to U.S. evidence that Russian sci- 
entists and institutes are helping Iran 
anyway, American officials stud. 

The United States, by providing de- 
tailed material about what help is com- 
ing from which institute, wants Moscow 
to put an end to the assistance by making 
sure that contracts are canceled and that 
scientists with special knowledge do not 
travel to Iran, the officials said. 

The Iranian missile program was the 
single biggest issue in Mr. Clinton’s 
meeting with Mr. Yeltsin in late June, 
the officials say. Mr. Gore raised the 
matter with the Russian prime minister, 
Viktor Chernomyrdin, in February, and 
it was also a major topic between Sec- 
j«r*i 4 vA*»/i^irr. retary of State Madeleine Albright and 
Friday in Saint-Martm-D’Oydes. her Russian counterpart, Yevgeni Pri- 
makov, when they met late last month in 

1 Bit AJb0Ut PolltlCS 9 “Bat despite a range of assurances, 

the assistance continues," a senior of- 
outside the Blair home. Mr. Blair said they would ‘ ’talk a bit ficial said. 

about politics.” ^ He described it as aid from “a range 

And "about the holidays," Mr. Blair's wife, Cherie, of institutes and organizations of various 

added. types with the necessary expertise" and 

The two couples met at a reception given by the mu- said it included important help on nav- 

nicipality and were to have lunch at the 12th century igation, guidance and rocket motors, 

property where Mr. Blair is staying. Mr. Wisner is expected to return to 

During the reception next to the village war memorial, die Moscow in a few weeks for further dis- 

Blairs’ children, Euan, 13, Nicholas, 11 and Kathryn, 9, cussions. leading to another Gore- 

were presented with a foal of the Pyrenees Merens breed. Chernomyrdin meeting in Moscow in 

late September. 

The State Department spokesman, 
tt / o . ». . James Rubin, who confirmed the Wisner 

71 rrenen Socialists trip, said, “We think it’s important that 

the Russians continue to assure us that 
Pope will celebrate this weekend, they are committed to the highest pos- 
But many of the young pilgrims in- sible nonproliferation standards." 
lerviewed by French news organizations Some experts on the issue, like Henry 

say they do not share all the Pope's Sokolski, executive director of the Non- 
views and ignore the church’s strictures proliferation Policy Education Center 
against abortion and contraception. and a former Pentagon official in the 
A poll taken by the Catholic news- Bash administration, believe that, given 


know what’s going on." he said. 

But another official said: "Are there 
Russian officials who probably know 
more than what they’re saying, and who 
are trying to profit from some of these 
activities? Probably. But the point is that 
the Russians have made commitments to 
us. So we’re trying to ascertain what 
they know and help them to stop it" 

Iran already has some shorter-range 
missiles like the Scud B and an ex- 
tended-range Scud, sometimes known as 
the Scud C. But what the Americans are 
concerned about is a large ballistic mis- 
sile with a range of between 683 miles 
(1,093 kilometers) and 1,243 miles with 
a throwweight of about 3,085 pounds 
(1,402 kilograms), large enough for a 
crude nuclear warhead or a much cheap- 
er alternative, a biological or chemical 
one. 

The missile being developed is so 
inaccurate that it can be aimed only at a 
large target like a city, the officials say. 
and so can only save as a "terror 
weapon." 


Pope will celebrate this weekend. 

But many of the young pilgrims in- 
terviewed by French news organizations 
say they do not share all the Pope's 


Mr. Khudoy berdiev. 32," a chubby vet- themselves as Catholics but few practice Adulation of the 77-year-old 

eran of the Soviet war in Afghanistan, their religion. was widespread among the y 

removes for now the most powerful op- Mr. Jospin, a Protestant, is due to meet people there, whose numbers exci 

ponent of a Moscow- brokered peace ac- die Pope before he leaves Sunday. John most expectations. Even more ar 
cord that was to effect this month. Paul also held talks with President pected to attend two masses 
The accord has been troubled from the — ^ ^ ___ ^ ^ ^ __ 
start, because the government is reluc- 

^ 1 ^™“* ,rMr CT R^ d imo™v rf h^ MIR: Russians Succeed in Risky Repairs 

little power to do so. ....... 

Under the pact, the opposition is to be Continued from Page 1 however, that it may have been anj 


Adulation of the 77-year-old Pope 
was widespread among the young 


Mr. Jospin, a Protestant, is due to meet people there, whose numbers exceeded 
die Pope before be leaves Sunday. John most expectations. Even more are ex- 
Paul also held talks with President 


most expectations. Even more are ex- 
pected to anend two masses the 


out of three young French people 
thought the church had little influence on 
their lives and had a negative impact on 
the fight against AIDS and other sexu- 
ally-transmitted diseases. 


and companies providing the help, the' 
Russian government is being disingenu- 
ous about its lack of knowledge. 

"It makes very little sense to argue 
that the Russian government doesn’t 


Under the pact, the opposition is to be 
led in a Commission on National Re- 
conciliation by Said Abdullah Nun. 

A loose schedule bad Mr. Nuri ar- 
riving earlier this month in Dushanbe, 
the capital, preceded by an opposition 
force of 500 men. But on Aug. 9. before 


sian officials said he attached nine. It 
was not clear why the others were not 
connected. 


however, that it may have been dripping 
from Mr. Vinogradov’s space suit or 
equipment. 

Mr. Solovyov expressed hope that ad- 
ditional battery power as well as solar 


The effort was hampered at first be- energy gathered by the Spektr module 
mse Mr. Vinogradov said one of the would boost the Mir's supplies to 75 


force of 500 men. But on Aug. 9. before cause Mr. Vinogradov said one of the would boost the Mir's supplies to 75 
the opposition could even get back to connectors was covered with dripping percent of the capacity it had before it 
town tile tenuous alliance broke up in a water. Ground controllers urged him to was rammed by an unmanned cargo 
series of clashes. The fighting reached a take out paper towels mid wipe it up. vessel 

climax 10 days ago, when the factions Later. Russian officials expressed Recently, the Mir has been running at 
eaneed up against Mr. Khudoyberdiev. puzzlement about the reports of water in about half its normal capacity, not 

8 rfn Aufl 13 Russian iets made a the craft, which they believe would have enough to sustain many scientific ex- 
bombing min nesu Mr. Khudoyberdiev’s frozen or evaporated under conditions periments, including those that keep 
stronghold, witnesses said, and he fled, inside the Spektr. Some speculated, American and European astronauts fly- 


A. 

-J 


take out paper towels and wipe it up. vesseL 

Later. Russian officials expressed Recently, the Mir has been running at 

S uzzl cmcnt about the reports of water in about half its normal capacity, not 
ie craft, which they believe would have enough to sustain many scientific ex- 
frozen or evaporated under conditions periments, including those that 
inside the Spektr. Some speculated, American and European astronauts 


CHINA: Consternation Over Military Pact 

Pont in. led from Page I China put military 5*waiu 


Continued from Page I 

ation that would endanger Sino- Japa- 
nese ties." _ . 

Japan's chief cabinet secretary. Seir- 
oku Kajiyama, said in Tokyo earlier this 
week that the U.S. -Japanese security 
treaty included Taiwan as well as toe 


ing as paying passengers. 

— "It was a super day!" exulted the 

~ ^ g m | . . Ti 4 - American astronaut on board, Michael 

in Over Dhlltary Jract Foale, who waited in the Soyuz escape 

** vehicle while Mr. Vinogradov and Mr. 

rhma put military pressure on Taiwan. Solovyov worked on the repairs. "We 
In an interim report on the review of carried out everything we set out to do, 
the guidelines, released in June, the and more.” 


United States and Japan did not specify a 
geographical limit to wide-ranging Jap- 
anese cooperation with American forces 


The cosmonauts, wearing space suits 
and floating weightless, also installed a 
new airtight hatch, allowing the power to 


anese cooperation wim wi ugui i i«u.u, ouunui 6 ~ 

that couldinclude mine-sweeping and flow through while keeping the module 
nav al blockades sealed off. 

China suffered under a brutal Japanese What was originally thought to be the 


““"“r — , — fhina suffered under a oruiai Japanese mw. was unguumj uiuu fi m ^ 

Korean Pemnsute and “ to the military occupation before and during hardest part of the job — attaching the 

the Philippines, and that revisions to tfa w *WL n ^ d remains acutely sen- cables — turned out to take only about a 

.ifrtuM rnver the same area. wunu wai u^u * 


alliance would cover the same area- 
* "As there is one China, I don twantto 
interfere with it,” he said. "But we have 
strong anxieties over a possible military 
liberation of Taiwan by mainland 


sitiveto any hint of military assertiveness 
in Tokyo. But diplomats said Friday that 
Beijing also appeared to be using the 
specter of a resurgence of Japanese mil- 
itarism to weaken regional support for the 


third of the time. 

The rest was spent inspecting the 
module, panel by panel, looking for the 
puncture in the hull of Spektr. The col- 
lision drained the Spektr of air. But 



"vav-V- ■! .y.lWWIr TT7:-. 

•***•***£?&■+* •■**** 



China." , . trt iT^Tf.mnese alliance, without which it despite the extensive search, the cos- 

Beijing hM re P““^2^L“tf Jd w^Td^OTiS'fo^^S 10 " 10 ™ u tscoiiid oolsee the hole, although 
invade if Taiwan abandoned its staled ouiq ay m ^ they took videos for future reference 

goal of eventual reunification with the sta “° n J?^V ]1 slarta visit to Singa- A spacewalk is planned on Sept. 3 lo 
mainland and declared independence, or Jf’^X^said that the U.S,Jap- try ® locate the hole. 

if an outside power supported "sensitive topic" The cosmonauts also removed some 

Taiwanese independence. j anese aiuance^^^n sino _ Japanese re . scientific data and computer disks, as 

Mr Kaiivamas staiement created a for China. well as family photos, left behind by Mr. For the first time since the serious 

fur^in toS tom and China. . too™ ttendlySioi Foale when he tody evacuated Spektr collision with the cargo ship cut the 

on pan to develop normal an T wK ^ ^e minutes after the collision. accident-prone Mir's power supply by 



Dm KmfeyrvAtoiiicri 

The mission director, Vladimir Solovyov, in tense concentration Friday 
at the space center as the cosmonauts worked to save the Mir spaceship. 


For the first time since the serious 
Uision with the cargo ship cut the 


Primp Minister Rvutaro Hashunoto is to oeveiup R £ hina was m the minuies after the collision. accident-prone Mir s power supply by whether the energy supply system w 

m visit cmna early next month with Japan. fj?’ Dls by a small They jokingly told Mr. Foale that they almost half, the situation on board working after the operation in Spekfr 

tes ' TwoOTuUerparties “vigilant about Utt a "™ P n 2 ”lc com- were going tol 2 ve behind his exercise seemed set lo get better. scientific module dark and airless sin 

to tiylo improve lies, i w Liberal number of military eluents ™ 5 * Yuri Koptev, head of the Russian the accident. 

i H nt™ovetning c> plicate relations, he adde d. 

alition expressed concern that overt ~ 

£E blamic Extremists Suspected as 63 Are Killed in Attack on Southern Algerian Village 

alienate Japan s giant neighbor- Fram e Pm*' die plains to the south of the capital. About a dozen throats slit or were shot while hying to flee. A woman 

Revisions to U-a.-J P . - _j_ y c ' ‘ ^ people in a young women were also abducted by the sang, sur- in her thirties who had been shot died after the arrack, 

cooperation the fall, are ALGfERS 'T^.^tosoital sources said Friday, vivore of the attack said. Ten other villagers were hospitalized after being 

nance, due to be hiohest mil- village south of Aig'cra* n 1 :iu oe0 f Souhane was Families of the victims in the Zmirli hospital in the shot while trying ro escape the massacre, 

expected to give Japan S ^ The overnight attack in ? fundamentalists eastern Algiers suburb of El Hanach said that all but Among them was a 75-year-old man who was in a 

itary profile in Asia since . believed to be die work • nst the government, one of the victims, which included men, women and coma after being beaten with an iron bar, doctors 


Viktor Chernomyrdin, in February, and j 1 9 1 ? xytt 

it was also a major topic between Sec- MflJQuClB S JdX- WlI6 
retary of State Madeleine Albright and 11 3 t» e « , 

her Russian counterpart, Yevgeni Pri- tailed AxClOrC railftl 

makov, when they met late last month in 

Malaysia. Reuiers 

"But despite a range of assurances, CAPE TOWN — South Africa's 

the assistance continues,’' a senior of- Truth and Reconciliation Commis- 
ficial said. sion said Friday it had subpoenaed 

He described it as aid from "a range President Nelson Mandela’s former 
of institutes and organizations of various wife to testify about suspected hu- 

types with the necessary expertise” and man rights crimes, 
said it included important help on nav- The- commission's deputy chair- 
igation, guidance and rocket motors. man, Alex Boraine, said at a news 
Mr. Wisner is expected to return to conference that Winnie Madifrizeia- 

Moscow in a few weeks for further dis- Mandela would be quizzed about 

cussions. leading to another Gore- the murder of a black youth in the 

Chernomyrdin meeting in Moscow in Soweto township in the 1980s, , 
late September. among other things. 

The State Department spokesman. He said the subpoena had been 
James Rubin, who confirmed the Wisner signed Thursday, 

trip, said, “We think it's important that In the late 1980s. when Mr. Man- 
the Russians continue to assure us that dela was in prison, her bodyguards, 
they are committed to the highest pos- known as the Mandela United Foot- J 

sible nonproliferation standards." ball Club, were accused by Soweto 

Some experts on the issue, like Henry residents of spreading terror in the 
Sokolski, executive director of the Non- sprawling township outside Johan- 

proliferation Policy Education Center nesburg. 
against abortion and contraception. and a former Pentagon official in the One of the bodyguards was con- 
A poll taken by the Catholic news- Bash administration, believe that, given victed of murdering Stompie Sepei, 

paper La Croix indicaredjhar nearly two the military background of the institutes 14. and Mrs. Mandela was finedfor 

and companies providing the help, the' having kidnapped the youth. 

Russian government is being disingenu- The truth commission, set up by 

ous about its lack of knowledge. Mr. Mandela, is probing human 

"It makes very little sense to argue rights abuses committed during four 
that the Russian government doesn’t decades of apartheid. 

! UNION: 

Trans-Atlantic Cheer ; 

Continued from Page 1 , 

United States. Mr. Blondel pointed out 
another similarity between massive 
Bench strikes in December 1995 and the 
UPS strike: In both cases, a majority of 
the public supported the strikers. 

He said he agreed with the AFL-CIO 
that ‘ 1 we need an international solidarity 
to ensure that the American model of job 
creation is not' exported throughout the' 
world.” 

Labor laws are far more protective in. 
France than in the United States. Firing or 
laying off workers is much more difficult 
hare, and social charges paid by em- 
ployers can reach 43 percent of salaries. 
Other elements — five weeks of vacation* 
for instance — also make employing- 
French workers very expensive. 

To American economists, thar ex- 
plains high French unemployment, but it 
is nor usually seen that way in France. 
The French press often depicts the 
United States as a country run by bosses 
where those with low skills must work 
three or four jobs to survive and anyone 
can be fired at will. 

Thus the new LIPS contract "marked 
the return to social needs, in their tra- 
ditional form, to the country of liber- 
alism" in economics, said Le Nouvel 
Observareur magazine this week. 

Actually, said Eric Chaney of the in- 
vestment firm Morgan Stanley, econom- 
ic conditions in the two countries are 
completely different. With unemploy- 
DnK.nfeyrvfeiK* ment at 4.8 percent, workers in the 
vyov, in tense concentration Friday United States have a far better chance of 
! worked to save the Mir spaceship, winning strikes over such issues as part- 

time work than in France, where the 
Space Agency, said the cosmonauts jobless rate is 12.8 percent and the econ- 
would find out on Sunday and Monday omy barely growing, 
whether the energy supply system was "Even if you forget all the ideological 
working after fhe operation in Spekfr. a discussions, * ’ he said, "the big difference 
scientific module dark and airless since is the U.S. economy is overheat ing. Those 
the accident. are very good conditions for unions." 


fM 


itary profile in Asia since worn ™ - 
The revisions stem from a decision y 

Mr. HashimoroandPr^ideni B til Cbnron 

in April 1996to strengthen the US.-Japan 
alliance. The decision was made after 


believed to ? e “T l , oodvwar against the government, 
"ch^Kn bla^d forages in villages ,n 


children, were killed on the spot. They either had their said. 


throats slit or were shot while trying to flee. A woman 
in her thirties who had been shot died after the attack. 

Ten other villagers were hospitalized after being 
shot while trying to escape the massacre. 

Among them was a 75-year-old man who was in a 
coma after being beaten with an iron bar, doctors 


omy barely growing. 

"Even if you forget all the ideological 
discussions, ’ ’ he said, "the big difference 
is the U.S. economy is overheat ing. Those 
are very good conditions for unions." 

And, said professor Jean-Pa ui Firoussi 
of the Institute of Political Studies, the 
debate about whose economic system is 
better is not only excessively ideological 
but can shift with the passage of time. 

"People have short memories and 
now that the American economy is 
growing fast you think it’s the best sys-: 
tem in Ac world," he said. "When there 
is a recession, you will say the contrary. . 
At the end of the 1 970s, Europeans were 
talking about the decline of the Amer- 
ican empire." 




ART 


INTERNATIONAL HERALD TRIBUNE 
S ATU R DAI -SUNDAY. AUGUST 23-24, 1997 
PAGE 8 


When the Romans Came to Britain 


A Rich Celtic Art Flourished, Briefly, Until 43 A.D 


hllt’rnulioruii Her a id Tribune 

L ondon — it was bound to 
happen. In the midst of gen- 
eralized soul-searching. Britain 
is investigating its identity and 
few will like the outcome. Britain as one 
country is a myth that never existed 
prior to the Union Act of 1707 and the 
British past as pan of a single Celtic 
world is a Victonan invention. 

Such is the argument of "Britain and 
the Celtic Iron Age" by Simon James 
and Valery Rigby. one of three illus- 
trated books cam ins the imprint of the 
British Museum that have just come out. 
And such is. beyond doubt, the picture 
that emerges from the newly renovated 
displays in the museum's Celtic Room 
and Roman Room. Not least among the 
surprises is the paucity oF hard tacts 
concerning Britain prior to the Roman 
invasion launched in 43 A.D. by Em- 
peror Claudius. One glance at the Celtic 
room is enough to convince that until 
the early first century B.C. there was not 
much to see. apart from some very in- 
different earthenware pots. 

How a new art with its swirling ab- 
stract designs of breathtaking beauty 
came about in the first century~B.C. has 
vet lo be found out. Suddenly its motifs 
appeared on every type of object, from 
cremation buckets, such as the cylin- 
drical wooden vessel covered with 
bronze sheet worked in repousse that 
was found at Aylesbury in i SS6. to the 
marvelous gold torques from Snet- 
risham in Norfolk. 

Not that figuration was banned. The 
handles of the bucket are cast in the shape 
of angular warrior heads, and on the 
upper band of the vessel confronted goats 
are so stylized that lan Stead in the book 
on "Celtic An" describes them as "fan- 
tastic animals. "Bur the focus u'as on line 
and rhy ihm. not on subject matter. 

Color came in a century later, along 
with a new tendency to symmetry. 


Opaque red enamels fill in the cavities 
around the designs, the masterpieces of 
the genre being a harness fitting from a 
hoard at Polden Hills, Somerset, and a 
shield recovered from the Thames at 
Battersea. 

What happened to that culture when 
the Romans arrived is uncertain. The 
only written records are those left by 
writers from the Roman Empire full of 
contempt for the British barbarians. 
Within six years of the 43 AD. landing, 
the Romans founded a colony at Ca- 
mulodunum i Colchester), settled by re- 
tired soldiers. Land was seized from the 


SOUREN MELKL4N 

locals, the daughters of Boudicca, queen 
of the Iceni. were raped, the peasantry 
was pressurized by the Roman money 
lenders. 

A furious uprising broke out. The 
Iceni and the Trinovantes. about whom 
little is known other than these Latio 
names, swept across the colonizers' set- 
tlements. leaving layers of burnt debris 
in Colchester. London and Verulami- 
um, now Saint Albans, which bear out 
the writings of Tacirus and Dio Cas- 
sius. 

With visible admiration for military 
superiority. T.W. Poner notes in the 
third British Museum book. "Roman 
Britain." that "discipline and experi- 
ence had its way." A Roman force of 
10.000. we hear, defeated the Britons, 
whose casualties were 10 times that 
number. Queen Boudicca killed her- 
self. 

Eager to leave the imprint of civ- 
ilization on their new lands, the occu- 
piers brought in imperial images. The 
head of a" life-size bronze statue of 
Claudius was found in 1907 arRendham. 
Suffolk, in the Rjver Aide, most prob- 
ably in the very place where it was 
thrown after being wrenched off the 


body in the course of some other furious 
rebellion. The emperor’s flapping ears, 
big high-bridged nose and min arched 
eyebrows could be those of an actor cast 
for the lead role in a movie on the Mob. 

Not that the mix of lachrymose sen- 
timentality and ferocity conveyed by the 
22-inch (55-centimeter) bronze figure 
of Nero (54-68A.D.j makes his suc- 
cessor more engaging. The emperor 
wears a cuirass with a scrolling design 
of flowers inlaid with silver, copper and 
black niello, which somewhat mars the 
intended martial effect. 

Life must have been strange in the 
Roman-occupied land. Society women 
held parties, indifferent to the turmoil 
around. An extraordinary’ find of 
wooden tablets preserving private let- 
ters in black lettering was made near 
Hadrian' s Wall on the site of the Roman 
fort of Vindolanda. One of these is from 
Claudia Severa, the commander’s wife, 
to Sulpicia Lepidina. the wife of the 
commander of a neighboring fort: "For 
my birthday party I send you my warm 
invitation to come to see us.” Was 
Claudia ever aware of that other mes- 
sage found at Vindolanda. snappily or- 
dering the recipient to "rum that slave 
girl into cash’”? We shall never know. 

T HE military adjusted to their 
faraway posting with varying 
success. Some strutted trucu- 
lently. A gilt bronze statuette of 
Hercules, wearing the lion skin, his 
clenched fist raised, was found near 
Birdoswald on Hadrian's Wall. One 
imagines some legionnaire smugly con- 
templating his role model. Others felt 
homesick. A tribune stationed at Mary- 
port. Cumbria, pined for his city'. 
Saldae, now Bejaia in Algeria. He ded- 
icated an altar "to Fortune the Home- 
bringer." 

Love did not lose its rights. A prudent 
Greek took along his openwork gold 


and All That 

ring with an inscription in Greek capitals 
saying "love charm of Polemios." 

Some Britons collaborated with the 
occupying force. A bronze helmet of 
Roman design is decorated with abstract 
Celtic motifs. Potter reckons that it be- 
longed to a man from the auxiliary 
force. 

Here and there, suggestions of a new 
art in the making at the crossroads of 
two cultures went no further. A larger 
than life-size head of Mercury illumin- 
ated with silent laughter, all in the eyes, 
was found in the Romano-Celtic temple 
at Uley in Gloucestershire. Poner calls it 
provincial work. It is a masterly sculp- 
ture, miles above the pedestrian banality 
of Roman realism. A female head from 
Towcester in Northamptonshire, with 
big staring eyes and a touch of peeve to 
its lips, seems to herald the humor of 
medieval art, which came in 1 .000 years 
or sd later. 

Society in ail its strata yearned for 
new ideas. Religious creeds from the 
East were spreading. A stiver statuette 
of the Egyptian god Harpocrates, found 
in die Thames in 1825. is fitted with the 
attributes of other gods as well — con- 
fusion has always been the hallmark of 
intellectual decadence; 

Mithiaism was similarly modified 
beyond recognition. In a Mirhraeum un- 
covered in London in 1954 and recon- 
structed a short distance away in Vic- 
toria Street, a statue of Mithra was found 
amidst representations of Minerva, the 
Egyptian god Serapis. and for good 
measure, a Bacchic group (now in the 
Museum of London I. 

Christianity was coming, too. In a 
hoard of silver, probably Syrian, found 
at Water Newton- near Peterborough, 
several pieces carry the Greek letters 
Chi-Rho. for Chrestos — Christ. Dating 
from the 4th century, it is the earliest sei 
of silver plate from the Roman Empire. 

For a while, the establishment tried ro 



Female head from Towcester. Northamptonshire, in strongly Celtic style. 


cling to its old ways. The "Corbridge 
lanx.’ ’ a pictorial tray of the 4th century, 
features Apollo, his sister Diana and 
other deities. They look like frozen ste- 
reotypes. The an of Rome, like the 
Empire, was an empty shell. In 410, the 


emperor Honorius sent his famous letter 
inviting the communities of Britain * ‘to 
look to their own defense. ’ ’ Roman Bri- 
tain had ceased to exist. The Angles and 
the Saxons, invaders at first, began to 
settle the land that would be England. 


Jazz for the Eyes: Hot Colors and Syncopated Forms by Stuart Davis 



By Roderick Conway Morris 

Ir.urKM^nut Herald Tribune 


V 


Mrs Ar GJlciy »i PxvtoMci 


"Landscape With Garage Lights." 1932. in the exhibition in Venice. 


’ENTCE — It was character- 
istic of Stuart Davis that he 
should have founded a 
"school" of painting. Color- 
Space Realism, of which he remained 
the sole exponent. A talented and ded- 
icated artist, he won recognition in the 
United States during bis lifetime, and 
since his death, at the age of 71 in 1964. 
his stock there has continued to rise. But 
his work is still comparatively little 
known outside his native land. 

The fact that Davis does not fit neatly 
into any major movement in 20th-cen- 
tury art has both been a factor in re- 
tarding a wider appreciation of his 
achievement and the reason that his 
painting is so interesting today. How- 
ever. more than 60 canvases spanning 
his career, from 1912 to 1963, almost aD 
from American museums and collec- 
tions. are on show at the Peggy Gug- 
genheim Collection until Ocl 5. after 


ARTS 


□ 


Vl~ BIENNALE DE SCULPTURE 
DE MONTE-CARLO 

May 24 - October 31 1997 

an exhibition of 
monumental sculptures 
hi tin public gardens and 
the Monte-Carlo Casino... 

» ...40 artists shown 

Aniuiu. Botero. Chad wick, Colder, 
Indiana. Manzu, Miro... 

'? 



MUSEUMS 


C\ l/VUA S t (A FA 
ter listen ter 


: %**■ A I U 





discover the musee de la musique 
cite de la musique 

Parc do la Viifelce #4 Porto de Pan tin 
221, avenue jean Jaurej 75019 Paris <£i 01 44 84 44 84 
Tuesday- Saturday. 12-8 p.m.. Friday open till 9.10 p.m. 
Sunday. 10 a.m. • 6 p.m.; closed on Monday 


JEWELS OF YOUR MEMORIES 

SYLVIE NISSEN GALLERIES 

HOTEL CARLTON - CANNES 

RENE GRUAU 

PAINTINGS and DRAWINGS 
j== Tel’ 3?«ii) 4 93 38 _ n 4H • Fax. ??<(» 4 93 39 39 S3 = 



FOIRE 

FERRAILLE 


PARIS 

ANTIQUES - BROCANTE 

DU 5 AU 14 
SEPTEMBRE 97 


vommd S *|aia 11 - Momma yaou 1 * an 



Bois de Vincennes 

RER : Vincennes 
Metro : Chfitaau de Vincennes 
Navettes graiuttes - parking 

PARC FLORAL 
„ DE PARIS 


ANTIQUES f 


ANTIQUITIES 

Finest Classical, 

Egyptian, Near Eastern. 

Rhea Gallery 

-by appointment- 

Zurichbergstr. 26 
CH-8032 Zurich 
IH41-1 1 2520620 Fax 2S20626 


EXPOSITION 

FANTIN-LATOUR 

21 A0UT - 7 SEPTEMBRE 1997 

LA COTE SA NT-ANDRE (I sere) 


Dans le cadre du Festival 
Berlioz, 22 au 30 aotit 1997 
Hotel deVille 
de La Cote St-Andre 
TEL : 04.74.20.53.99 


FIAC 

1-6 October 97 j 
Espace Eiffel Branly j 
Paris. I 

International Contemporary . 
Art Fair I 

Country of honour' Switzerland I 


1 


ARTS& AlYTHgirES 

Appears every Saturday. 
Tn advertise conlai-l 
Sarah Wershnf 
in uur London nffirr: 

' Te|. : +441 71 420 0326 
Fax: + 44 1 71 420 0338 
or your nearest IHT uffic 
«ir rejirttmtaljii-. 


which this illuminating retrospective 
goes on the Palazzo detie Espcsiziom in 
Rome, the Stedelijk Museum in Am- 
sterdam early in i 99S and the National 
Museum of ’ American .Art in Wash- 
ington next summer. 

Bom in Philadelphia of artist parents. 
Davis trained in painting in New York 
and spent most or his life in the city. He 
w as chosen as one of five y oung Amer- 
ican artists to participate in the landmark 
Armory Show of 1913. which directly 
exposed him for the first time to Euro- 
pean avant-garde trends. 

"I was enormously excited by the 
show, and . . . sensed an objective order 
in these works which I felt was lacking 
in my own. It gave me the same kind of 
excitement I got from the numerical 
precisions of the Negro piano players ip. 
Negro saloons. and~I resolved I would 
quite definitely have to become a Mod- 
em' artist."’ Davis later recorded, 
identify ing in the same breath the twin 
engines — jazz and European modem 
an — that were to launch the extended 
flight of his long artistic career. 

As the sequence of pictures done 
between the time of the Armory Show 
and about 1930 in the exhibition il- 
lustrate, Davis came under the influ- 
ence of Gauguin and van Gogh. Fauv- 
ism. Cubism and Expressionism. The 
sale of two pictures in 1928 provided 
him the funds to go to Paris until the 
summer of the following year, which 
could, in theory, have completed his 
enslavement ro European prototypes. 
But by then Davis had already demon- 
strated in his "Lucky Strike.” "Cig- 
arette Papers." "Odol" and other com- 
positions of the early '20s, which took 
images from commercial packaging 
(and predated Pop Art by decades), that 
he possessed a strong streak of ori- 


ginality that Ultimately guaranteed his 
autonomy. 

Equally important in this respect was 
his passion for jazz. Perhaps no other 
ams: has ever tried as Davis did ro trans- 
late the sound of jazz into pictorial form, 
but with the hot colors, syncopated forms 
and intricate variations bn themes of his 
marure work, he created a unique visual 
equivalent — as is pointed up by the jazz 
musician and writer Ben Sidran’s out- 
standing contribution to the show's cata- 
logue. one of several commendably con- 
cise and lucid essays by various hands. 

in many ways Davis's stay in Paris 
seems :c have finally inoculated him 
against the potentially overwhelming 
grip of the European artists he admired, 
consolidated his* self-confidence and al- 
lowed him to develop an idiosyncratic 
approach to composition and color, and 
inventive use of fettering < his signature, 
oner, quite prominent, becoming a cal- 
ligraphic "tour de force" in itself i. 

Davis was always an extremely self- 
aware artist and. as is confirmed by the 
many quotations from his writings in the 
catalogue, an arriculare commentaroron 
his own work, and art in general. 

I T would be difficult ro sum up 
bener than Davis did himself, in his 
explanation of "things thar have 
made me want to painL outside of 
other paintings." written in 1943. the 
mu hilarious subject matter that went 
into the making of his pictures, which he 
described as being: "American wood 
and iron work of rhe past; Civil War and 
skyscraper architecture; the brilliant 
colors of gasoline stations, chainstore 
fronts, and taxi-cabs; the music of Bach; 
synthetic chemistry; the poetry of Rim- 
baud: fast travel by train, auto and aero- 
plane which brought new and multiple 


perspectives; electric signs; the land- 
scape and boats of Gloucester* Mass.; 5 
& 10 cent store kitchen utensils; movies 
and radio: Earl Hines hot piano and 
Negro jazz music in generaL" 

During the Depression, Davis became 
seriously politically engaged and die 
time he diverted to writing and efforts to 
help other artists much reduced his 
artistic output. But he never thought of 
employing his painting skills for fee 
purposes of radical propaganda. "An is 
not politics, nor is it the servant of pol- 
itics." as he asserted at the time. "It is a 
valid, independent category of human 
activity." Although Davis's work be- 
came more stylized, it never lost its 
figurative foundations — something that 
is sometimes clearer when seeing his 
canvases in fee flesh than when looking 
at illustrations of them — nor did he ever 
consider himself an abstract artist. Thus, 
even his most seemingly, at first glance, 
"abstract" productions are firmly based 
in a realism striving to distill an essential 
vision of the actual world. Interestingly 
enough, he not only rejected pore ab- 
straction but Surrealism, too. came in for '• 


sharp criticism: "Surrealism denies the 
objective world and is escapist. It denies 
the classic function of art — bold as- 
similation of the environment." 

In 1922. fee artist defined in his note- 
book the qualities a work of art should 
have: "It may be as simple as you please 
but fee elements that go to make it up 
must be positive and direct. . . . The 
work must be well-built, in other 
words. * ’ Davis faithfully earned out this 
credo, both in fee thoughtful inception 
and in fee painstaking care be devoted to 
the physical execution of each canvas. 
The result was some remarkable paint- 
ings that will retain their freshness for a 
long time to come. 




BOOKS 




TO THE HOOP 

By Ira Berkow. 296 pages. S23. Basic 
Books. 

Reviewed by Avery Corman 

I RA BERKO W takes his middle-aged 
knees into local school yards, gyms, 
road games in other cities, wherever this 
eminence in sneakers can find a game. 
Berkow', a sportswrirer for The New 
York Times, turns out to be a Damon 
Runyon-esque competitor in pickup 
basketball games. 

He played high school basketball and 
then for Roosevelt University in Chicago 
and has continued to play through pain, 
triumphs, humiliations, with and against 
friends, strangers, famous ballplayers 
and people he knows only as Green 
Pants, Big Al, Little Al and Monster. 

"To fee Hoop" (his other books in- 
clude "Pitchers Do Get Lonely, and 
Other Sports Stories" and "Red: A 
Biography of Red Smith’ ’) has the ram- 
shackle quality of a pickup game itself, 
combining memoir, character sketches, 
a personal odyssey of family life, and 
sports reporting. 

One of the pickup games Berkow 
describes is a full-court one in Cincinnati 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors world-wide invited 
Write or send your manuscript to 
MINERVA PRESS 
I 2 0UJBR0MPTW F ©. LONDON SW73DQ 


at fee invitation of Oscar Robertson, 
former star of fee Cincinnati Royals as 
well as a champion Milwaukee Bucks 
team. He played full-court ball with 
Oscar Robertson? Yes. but his core tal- 
ent is in extracting fee material feat a less 
interested writer might overlook. 

He writes of his experience with 
Robertson: * * ‘It’s really a simple game,’ 
he said to me as we went into the locker 
room. It s rebounding and defense and 
maintaining control of the ball.’ " 

"When I asked Oscar about Michael 
Jordan, who has averaged 30 points a 
game in his career, he said he was a great 
player." Berkow' said. “I asked him 
how many points Jordan would have 
scored in Oscar’s era." 

” ’We had fewer teams, and the talent 
wasn't as diluted as it is today.' eg id 
Robertson. ‘So I think Jordan’ would 
have scored about 20 a game.’ 

" ‘Twenty a game?' I said. 'But you 
scored 30 a game in that era.' 

" 'Well.' said Oscar, with a shrug. ‘I 
handled the ball more than he does.’ " 

The inside-basketball aspects of the 
book are informed by Berkow s avoca- 
tion. "You mean he’ really does this?" 
one might ask. as he describes wan- 
dering onto courts wherever he is. ac- 
tually trying ro improve his game at 56 
even though he has added a knee brace 
to his equipment 

He tells abour being on a court with 
the former Knicks star Walt Frazier. "I 
was impressed by the vast differences 
berween the amateur and fee pro 
Whenever he fell challenged. Frazier' 
on defense, suddenly expanded before 
my eyes, as if he were being pumped 


wife air. He not only got closer, but he 
also got taller and wider, even fee hand 
that he raised to rebuff my shot seemed 
to grow as big around as an archery 
targeL On offense he astonishingly shif- 
ted into higher and higher gears." 

Like a surfer searching for the perfect 
wave, Berkow is ever in pursuit of the 
perfect pickup game. In Laguna Beach, 
California, he was interested in the ocean 
only as background fora basketball court 
near the beach. He describes a hapless 
time on fee court. "I had done tittle on 
offense and even less on defense." he 
writes. * ‘I picked up my sweatshirt with- 
out saying a word to anyone.” 

I took no notice of the splendor of 
the surroundings, as I had earlier." he m 
continues. "The palm trees, the ocean, * 
fee sea gulls, nothing else existed except 
feat miserable game. ' ’ 

T here is a fair amount about Ber- 
kow '$ personal and family life that 
has too much emotional weight to work 
within the subject matter and structure of 
the book. And anyone looking to un- 
derstand the subculture of ptekup bas- 
ketball, disparate characters coming to- 
gether. how they interact and what it 
wdl rind Berkow *s focus on him- 
self blocking the lane. 

. t , Sti “’ he scores more often than not; 
it s as if we’re hearing from a wise uncle 
who has all these good stories about fee M 
game of basketbalL 9 

-Thfnu H ! ,ose novels incIud * 

i T h iP , ‘! N *J.8 hl *rliood" and ‘ Kramer 

York rZJ Wr °' e T >'< 


ft 


* 





PAGE!' 




usuxc uAVlinl -tU.' -lUi 


a: wjau^auv u«7**taM«tai*te-*l. UKT 



Ob y E ^^ tockPo^ouos" 

t 

' he tHT ™ on the World Wide Web. 

"' h ttP-/ywww.ihtcom 


BUSINESS/FINANCE 


SATURJDAY-SUNDAY, AUGUST 23-24, 1997 





■ •in Dm 


:_;:i 7Ji 
-• 


Baht Slides 
On Central 
Bank Report 

$23.4 Billion Owed 
From, Interventions 

,) ' GwjWnJ by Oar Sktf Fnrnt Dapachn 

BANGKOK — The Thai baht 
.touched a record low against the dollar 
■on Friday, depressing currency prices 
.throughout Southeast Asia, alter the 
central bank revealed it owed $23.4 
billion from futile foreign-exchange in- 
terventions. 

Along with a 4 percent slide in 
Bangkok stock prices, the action in- 
dicated that the 516.7 billion aid pack- 
age led by the International Monetary 
Fund has not restored confidence in the 
Thai economy. 

‘ ‘People are coming to the realization 
that the IMF program may not be 
enough to stabilize the baht,” said 
Daniel Liao, an economist with Nat- 
West Markets in Singapore. 

At the close of trading Friday, the 
dollar stood at 33.95 baht in the domestic 
spot market, up from 32.80 baht, after 
touching a record 34.30. The SET index 
fell to the lowest level since the gov- 
ernment floated the baht July 2, sliding 
"23.45 points, to 559.59. In dollar terms, 
the Thai stock index has lost nearly half 
its value since the start of the year. 

Indonesia’s banks are paying (he 
price of high Interest rates to 
protect the rupiah. Page 13. 

The renewed bearishness about the 
baht came after the Bank of Thailand's 
revelation Thursday that it needed to 
repay $23.4 billion to investors for its 
futile defense of the currency. 

“It is all in die forwards, which will 
be maturing in the next 12 months,” 
said Jimmy Koh, regional economist at 
British financial house LD.E.A. “If 
they are not able to roll these over, it will 
prove very detrimental to Thailand's 
economic outlook." 

Thai foreign reserves stood at $30 
billion at die end of July, but when die 
forwards commitments are taken into 
account, the underlying reserves were 
just $6.6 billion. 

“Thailand still remains a pressure 
point in the region,” said Vincent Low, 
fixed-income analyst at Merrill Lynch. 

'“ He said the amount committed by die 
Sank of Thailand to the baht's defense 
exceeded maiket expectations, adding: 
“It is pretty difficult to roll over for- 
wards of such magnitude because of 
thin liquidity.” 

Thailand has estimated liabilities of 
$23.4 billion on forward foreign-cur- 


iNTERNATiOIVAL FUNDS LISTING 

Track rhe performance of over 1,800 
international finds, everxdax, on the IHT 
site on the World Wide Web . ' 

http:/%ww.ihtcom 

PAGE 9 


rency contracts due by August 1998, a 
current account deficit of about $10 
■--- billion, $45 billion of short-term debt 
and $10 billion of long-term debL Com- 
paring this against reserves of $30 bil- 
Lion and an IMF lifeline of $ 16.7 billion 
means Thai coffers are short of cash, 
Ctaia Woon Khien, head of Asian eco- 
nomic research at Skandinaviska En- 
sktida Banken in Singapore, said. 

“Net, Thailand is short of some $42 
. ^ if billion,” she said, although it is possible 
it can persuade its short-term creditors 
■ * to maintain the credit line as it delays 

payment. 

That’s what Japanese banks are do- 
ing, according to an JTV Television 
interview with the Thai deputy prime 
minister, Virabongsa Ramangkura. He 
said Japanese banks informally agreed 
to roll over 80 percent of the estimated 
$30 billion in loans they have made to 
Thai companies. He said the amount 
was calculated from discussions with 
Thai central bankers, the Finance Min- 
istry and private companies. 

As the baht slid, most regional cur- 
rencies tumbled. The Malaysian ringgit 
fell 0.6 percent, the Singapore dollar fell 
0.5 percent, and the Indonesian rupiah 
lost 2.4 percent Only die Philippine 
• peso rose, gaining 0.4 percent to 29.851 
to the dollar on anticipation of higher 
interest rates to defend the peso. 

In Thailand, banks and .finance compa- 
nies were among die biggest losers in 

stock trading because of fears they would 

be faced to raise capital, diluting die 
stakes of current shareholders. 

(AP. Bloomberg, AFP) 


We If s Fargo's Pip 


??7.9..;. Fluctuation Thursday of Wells Fargo's stock after reports that 
: Warren Buffet frinhn th* r— 


1A /_ ■ rrvno raiyv a aiter reports inai 

rren Buffet (right), the company's leading investor, sold his stake. 


: i:3o p.m. News wires transmit - — • 
■ incorrect reports that Berkshire 
Hathaway had sold its rqajor 
'holtfings of WeiisFargo stock: 


: 2:58 p.m. Wells' Fargo 
■says Berkshire Hath- 
s away rernainsa • 

'= substantial share- : 

' holder.— i ■ a 


2:36 p.m. Trading is halted 
pending news, from Wells Fargo. 


3:2i pjn; 

Trading; 
' resumes 


Sources: Bridge Mo. Systems: Federal F&ngs Business New s: Bloomberg News Nvr/Phoi..AP 



BT and MCI Salvage 
Deal by Cutting Price 

Cost of Takeover Falls $5 Billion 


The Masked Holdup of Wells Fargo 

New Confidentiality on Buffet’s Holdings Sparked Sharp Sell-Off 


By Floyd Norris 

Ate* 1 York Times Service 

NEW YORK — Wells Fargo & Co. 
was the victim of a billion -dollar mis- 
understanding. 

Word on Thursday that Berkshire 
Hathaway Inc., the company run by 
the investor Warren Buffet, had sold 
its entire stake of almost 8 percent of 
Wells Fargo stock spurred a sell-off 
that shaved $1.3 billion from the Cali- 
fornia banking company's market 
value. 

But Mr. Buffet's company had sold 
few, if any, shares in Wells Fargo. It 
was easy to reach the wrong con- 
clusion by reading Berkshire’s newest 
filing with the Securities and Ex- 
change Commission, and the company 
did nothing to dispel the false im- 
pression created by that filing. 

Tie result was chaos in trading 
of Wells Fargo and substantial dis- 
ruption in the trading of two other 
companies that Berkshire had ap- 
peared to have also sold: General 
Dynamics Coip., the military con- 
tractor, and Torchmark Coip.. an in- 
surer. 

The movements reflected both die 
jitteriness of markets and the wide- 
spread respect accorded Mr. Buffen 
for his success in building Berkshire 
Hathaway from a small company to a 
hugely successful one in the more than 
three decades he has run it 

It is common for stocks to leap on 
word that Mr. Buffett has been buying 
diem, and it was no surprise that some 
would sell on the reports that be had 
sold 

Also, Berkshire is the largest holder 
of Wells Fargo stock. 

Neither Mr. Buffett nor any other 


Berkshire official would discuss the 
filing that set off the firror. 

Companies are required to file nu- 
merous reports with the Securities and 
Exchange Commission to keep in- 
vestors informed about what is hap- 
pening. Instead, the report Thursday 
misled many investors, something 
Berkshire could have prevented had it 
wished co do so. 

Like all institutional investors with 
stock portfolios of more than $100 
million, Berkshire Hathaway is re- 
quired to file quarterly reports with the 
commission regarding its holdings. It 
was such a filing Thursday that 
seemed to indicate that Berkshire no 
longer owned shares in the three 
companies. 

The catch was that Berkshire, like 
about 55 other institutions of the 1.800 
that file such quarterly reports, has 
received approval of the commission 
to disclose only some of its holdings in 
the public reports. 

Tie rest of the holdings are listed 
in a confidential report, available im- 
mediately to the commission but to 
the public with a delay of a year or 
more. Institutions seek confidential 
treatment when they fear disclosure 
would damage their investment 
strategy. 

Berkshire appears to have shifted its 
holdings in the three companies from 
the public part of the filing to the 
confidential part. 

The company has often built up a 
position without disclosing it, but mis 
seems to be the first time it has moved 
an already disclosed investment to the 
confidential filing. 

Berkshire could have done much 
more to warn investors what was hap- 
pening. Federal Filings Business 


News, the first news service to report 
that Wells Fargo had vanished from 
the public report, asked Marc Ham- 
burg., a Berkshire vice president, if it 
was possible that the shares had been 
switched from the public filing to the 
confidential one. He would not com- 
ment 

Wells Fargo stock fell from 
$266,375 a share at 1:30 P.M. on 
Thursday, just as the (wrong) news 
first moved on news wires, to a low of 
$25 1 at 2:29 P.M.. a fell of 5.8 percent. 
The stock rallied a bit, to $254.69 
before the New York Stock Exchange 
halted trading at 2:36 P.M. 

Then Wells Fargo said wind could 
have been inferred from other 
Berkshire filings, and what Berkshire 
itself could have disclosed: Berkshire 
remains a substantial shareholder in 
Wells Frago. 

After trading resumed, the price rose 
to $260, down $7.50. or nearly 3 per- 
cent, for fee day — well above the low 
price reached before Wells Fargo spoke 
up. 

On Friday, Wells Fargo stabilized, 
closing up 75 cents at $260.75. 

Rapid, if less pronounced, falls took 
place in the two other stocks that dis- 
appeared from Berkshire’s public fil- 
ing. General Dynamics, which 
Berkshire last reported owning 4.3 
million shares, fell as low as $81.06 
before rallying to close at $82.44, 
down 81 cents. 

Torchmark, in which Berkshire 
owned 662.000 shares, slumped to 
$35.56, but rallied to close at $36.56, 
down $1.06. 

General Dynamics was up $1.1875 
in late trading Friday, at $83,625. And 
Torchroarcb was down 81.25 cents, a! 
$35.75. 


C0*t*lrdb?OurSk&Frtm DafoUhtS 

LONDON — British Telecommuni- 
cations PLC, shaken by the prospect of 
big losses at MCI Communications 
Corp.. cut its offer for the U.S. tele- 
communications company by about 22 
percent under a revised deal announced 
Friday. 

British Telecom and MCI said they 
would proceed with plans to create a 
global telephone powerhouse called 
Conceit PLC, a day after acknowledg- 
ing that they were negotiating a lower 
price. 

“We’ve survived the jolt and moved 
forward,” Sir Peter Bonfield, British 
Telecom’s chief executive, said. 

Under the changes, which must be 
ratified by both companies' sharehold- 
ers, BT would reduce the purchase price 
to about $18 billion from about $23 
billion and give MCI shareholders more 
cash and less stock. 

The changes, which result from last- 
minute renegotiations of terms for the 
acquisition, come a month after MCI 
shocked BT and investors by saying that 
its local phone operations would lose 
$800 million this year — double orig- 
inal estimates — and possibly more in 
1998. 

The new price values MCI shares at 
$32.64, compared to the original valu- 
ation of $41.84 per MCI share. MCI 
shareholders will now be offered 0375 
American depositary receipts in Con- 
cert, the new entity, for each MCI share 
they hold, and a cash payment of 
$7.75. 

The number of outstanding shares in 
the new company will total 83 billion, 
which is 10 percent fewer than the 
companies originally planned to alloc- 
ate. Under the original terms, MCI 
shareholders would have received 034 
BT American depositary receipts, plus 
$6 in cash, fa each MCI share. 

On the London Stock Exchange, Brit- 
ish Telecom stock rose 6 percent, to 
close at 436 pence ($6.92). 

MCI stock fell 56.25 cents to close at 
$30 in New York, having shed 17 per- 
cent of its value Thursday after Che 
companies said they were once again 
talking about price. 

Executives from both companies said 
Friday that the logic of the deal had 
always been right, combining British 
Telecom's deep pockets and experience 
in local telephone markets with MQ's 
long-distance expertise and entrepre- 
neurial vigor, but the price turned out to 
have been wrong. 

The new deal would leave MCI 
shareholders with 25 percent of the 
merged company, compared with the 30 
percent they would have held under the 
original terms. 


But Tim Price, MCI president, said he 
was happy and was looking forward to 
closing the transaction. 

“We came down in price — or re- 
structured the deal — so this would be a 
win-win arrangement for both compa- 
nies,’’ Mr. Price said. 

British Telecom and MCI have 
already obtained all necessary regulat- 
ory approval. 

But one analyst said the deal would 
be hard to sell to MCI shareholders. 
“MCI is going to have to get over that 
hurdle,” be said, “and they're going to 
have to explain why they did this — why 
were they prepared to accept such a 
significant cut.” 

Philip Harris, investment manager at 
Albert E. Sharp, said the price was so 
good that it could point to problems with 
MCI that neither company has yet re- 
vealed. “We’re a bit suspicious of what 
this means for MCI’s current trading 
prospects,” he said. 

(AP, Reuters, Bloomberg) 


Dim Prospects 
For Intel Lead 
To Tech Slide 

Goof&tl by Oar Staff Frtvt flnpoKlm 

NEW YORK — Technology stocks 
fell sharply Friday amid concern that 
sales growth in the semiconductor in- 
dustry will slow in 1998, analysts and 
investors said. 

Combined with a fallin g dollar and 
rising bond yields, the drop in the tech- 
nology sector pushed broad stock in- 
dexes down after three days of gains. 

The Nasdaq composite index, which 
contains many computer-related shares, 
finished down 8.61 points at 1,598.75. 
The Standard & Poor’s 500-stock index, 
meanwhile, dropped 130 points to 
923.55. 

Thomas Kurlak, an analyst at Merrill 
Lynch & Co., cut his 1998 eamings-per- 
share estimate for Intel to $4.90 from 
$5.60, and downgraded his near-term 
rating on the stock to “neutral” from 
“buy.” He also cut his near-term rating 
on Texas Instruments to “neutral" from 
“accumulate.” 

“Our general strategy on semicon- 
ductor stocks has been to take a trading 
approach based on the cyclical nature of 
the industry and the waxing and waning 
of investor perceptions that the cycles 
generate,” Mr. Kurlak said in his report. 

See SLIDE, Page 10 


A New, Silent Car Alarm Is Slashing the Rate of Auto Thefts 


By Peter Pas sell 

New Y ork Tutus Service 

NEW YORK — If you wire your 
home and put a warning decal on the 
window, you're less likely to be burg- 
larized. But frustrated thieves are more 
likely to break into the house next door. 
What would hiropen, though, if you 
carefully concealed a silent alarm linked 
to a security service? 

Burglars would not be deterred from 
entering your house, but they would be 
more likely to be caught in the act And 
you would be doing your neighbors a 
favor by reducing the number of bad 
guys on the street In the language of 
Econ 101, there would be a “positive 
externality” to your choice of alarms. 

Deterrence is most of the point of 
having a house alarm; nobody wants to 
confront a thief in the kitchen. But auto 
theft is another matter. A company 
based in Massachusetts, called Lojack. 
is trying to revolutionize protection 
against car thefts with its own version of 
the silent alarm. 

It apparently works better than any- 
one expected. Two researchers Ian 
Ayes of Yale and Steven Levitt of the 
University of Chicago, estimate that 


adding Lojack to three cars in a high- 
crime area reduces auto theft by one car 
a year. The only catch:. Individual car 
owners must pay for the installation, 
even though the iron’s share of the ben- 
efits go to others. 

Lojack retrieval is built around a 
small homing beacon. Hidden in the car, 

ECONOMIC SCENE 

the beacon waits passively until the 
vehicle is repotted stolen and is re- 
motely activated from a radio signal 
tower. Then, police cruisers equipped 
with tracking receivers can identify the 
stolen vehicle by a five-digit code. 

Since the company was founded in 
1986, it has marketed the system in 12 
metropolitan areas with serious auto 
theft problems — Boston; Miami; Ne- 
wark, New Jersey; Los Angeles; 
Chicago; Atlanta; Norfolk, Virginia; 
Detroit, New York. Providence, 
Rhode Island: Tampa, Florida, and 
Washington. The company would not 
reveal how many cars have been pro- 
tected in each city. But it did provide 
the data to the two researchers for the 
year 1994, who used it to isolate the 
impact of Lojack from other statistical 


factors influencing rates of car theft. 

The results, published by the Na- 
tional Bureau of Research, were re- 
markable. Boston experienced a 50 per- 
cent decline in thefts, transforming it 
from an auto-theft capital to a city with a 
theft rate only slightly higher than av- 
erage. According to Mr. Ayres’s and 
Mr. Levitt’s estimates, going from no 
hidden protection to Lojack in 2 percent 
of cars — roughly the company’s av- 
erage maiket penetration — reduces 
theft losses by 40 percent in central 
cities and about 13 percent within the 
range of Lojack’s metropolitan cover- 
age. 

These numbers sound too good to be 
true, and in one sense they are. 

For while Lojack installation triples 
the probability of arresting a thief, it is 
not much of a direct deterrent because 
relatively few cars are protected even in 
the high-penetration areas. In Boston, 
the city with the most cars equipped 
with Lojack beacons, the chances of 
getting caught in a randomly selected 


stolen car has risen by less than 1 per- 
centage point 

What Lojack apparently does do very 
effectively, though, is to disrupt recidiv- 
ism. Career criminals account for a dis- 
proportionate share of auto thefts, steal- 
ing dozens or even hundreds of cars a 
year. 

So even a s mall rise in the probability 
of getting caught during eacn theft can 
have a large impact on the number of 
professional car thieves in prison. 

More important, most cars are stolen 
for their parts rather than resold intact 
Theft rings typically operate centralized 
stripping centers. Hence, putting a 
“chop shop 1 ’ out of business can lead to 
the recovery of dozens of cars, along 
with the arrests of several professional 
thieves. 

According to the company, Lojack 
has led to raids on 53 chop shops in the 
Los Angeles area alone. That helps to ' 
explain why auto thefts fell 20 patent 
there in the four years after the company 
entered that maiket in 1990. 


If Lojack is such a blessing, what is 
stopping people from baying the sys- 
tem? According to the researchers, 90 
percent of the benefits go to nonbuyers 
in the form of lower community-wide 
theft rates. 

Having Lojack in yoor own car does 
increase the probability of its being re- 
covered quickly, reducing the average 
loss from about $5,000 to $1,000. But 
since insurance usually covers all but a 
small deductible, paying $595 for Lo- 
jack amounts to an act of good cit- 
izenship rather than self-interest. 

The key to making the maiket for 
Lojack work efficiently, the researchers 
suggest, is to require insurers to pass on 
the benefits in the form of premium 
discounts. Massachusetts, New York, 
New Jersey and Rhode Island do man- 
date discounts, but they are only loosely 
linked to the neighborhood benefits. 
And until 1996, Illinois actually pro- 
hibited insurance discounts, a fact that 
probably explains poor sales of Lojack 
in Chicago. 


The Transformation of Berjaya Group 


CURRENCY & INTEREST RATES 


Cross Rates 

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Aug. 22 Libid-Libor Rates *“9- ^ 

Srin French 

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l -month 5VJ-SW 3Vta-3V« IVW'lfe 7tt-7Wi 3t*-3Wi 4V*-4Vni 

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^^^^S^b^o^^Miosinorsimllllanralnaiimloretturnteai). 


Key Money Rates 


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Swtitame 

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UAE (Urban 
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— - Tr - TI«D I!i« J'iS 

p ~ s «-> ; si ss ffisr ■** ,jhb ,J3 ° 

CtaadtaiMar 13933 •»» 

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nobanatmoal-BarKtirtie Fran* < p oW- 


United Slates 
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Prime rate 
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Morril Lgndi 30-day M 

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Caflamoy 

1- monft bitertai* 

2 - axffffi 

l-irwnth iofRrtQ** 

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CWOMT 
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Cnflmoney _ 

1-BWitti tatifbco s 

3- mpnfti inttrtw 
l^ggatb aurebm* 
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Lynch, Bonk of Tokyo 
Cenexeabant Om 0 trenmta. 


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MAW Y0(1( 32060 329 JO 4.3.10 

US ocean per ounce. London offlaW 

ffidnjts- ond Atew Ytortr opeoftp 
arm dosing prices New York Coma 
(Dec) 

Sauae: Rentas. 


Bloomberg News 

KUALA LUMPUR — It took Vin- 
cent Tan 13 years to build one of Malay- 
sia's biggest business empires, which 
spanned gambling, insurance, selling 
bicycles and control of some of Kuala 
Lumpur’s most prized plots of real es- 
tate. 

The 45-year-old chairman and top 
stockholder of Beijaya Group Bhd. then 
took just 12 montits to take apart and 
reshape his $12 billion kingdom. 

Analysts and investors are cheering. 

“It’s much neater and clearer.” said 
Samantha Teo of Nikko Capital Man- 
agement (Singapore) Pte. The resulting 

S i, she said, ‘ ‘is one level rather than 
or four levels.” 

Mr. Tan has spent the last few months 
cleaning house, selling “listed shell 
companies” to raise money, cutting the 
group’s debt load and rearranging key 
businesses to unlock “hidden values” 
within the group. 

With the Malaysian economy poised 
to slow and business feeing higher in- 
terest rates, Mr. Tan is trying to build up 
a defensive shield to weather the slow- 
down, analysts said. 

“He seems to have seen it coming 
much earlier than other people,” said 
K.C. Low, head of research at 
PengkaJen Securities. 


As of September 1996, Beijaya 
Group, the flagship investment holding 
company, had a complex and "ver- 
tical” structure. 

The group controlled nine publicly 
traded companies, a result of furious 
acquisitions in the early 1990s, helped 
by a robust economy and booming stock 
market. 

The companies have a combined 
market capitalization of more than 20 
billion ringgit ($7.20 billion). 

But much of tile profit from those 
companies did not filter down to Ber- 
jaya Group's bottom line because the 
parent had only minority holdings in 
some of the units. Moreover, analysts 
said, a mounting debt load and high 
interest costs started to erode profit 
growth. 

Beijaya Group then posted its first 
ever loss, al 12 million ringgit, in the 
year ended April 30, 19%, even though 
sales grew 47 percent That was Mr. 
Tan's wake-up call. 

Mr. Tan flattened the group’s struc- 
ture by bringing his prized jewel — the 
betting company Beijaya Sports Toto 
— closer to Beijaya Group to gain better 
access to the gambling profits. Beijaya 
Sports Toto provides almost ha if of Ber- 
jaya Group’s profit. ■ 

On March 2 1 . Beijaya Leisure Bhd., 


81 percent owned by Beijaya Group, 
sold its majority stake in Beijaya Sports 
Toto to its shareholders for an estimated 
1.17 billion ringgiL The result: Beijaya 
Group now owns about SO percent of 
Beijaya Sports Toto. 

Mr. Tan also sold three of his publicly 
traded companies to investors more in- 
terested in a stock exchange listing than 
the company's business. 

This allowed Mr. Tan to sell these 
“listed shell companies” while keeping 
their assets. He also bunched his prop- 
erty assets under one company, and 
renamed it. 

The transactions gave Beijaya Group 
more than 2 billion ringgit in cash and 
produced a business structure that ana- 
lysts tike the look of. 

Such drastic corporate reorganiza- 
tions are not uncommon in Malaysia. 
Even rhe government used such a pro- 
cedure when it wanted to consolidate 
control over its business interests. 

In early 1990, Renong Bhd., once a 
defend mining outfit, swallowed all of 
the business of United Malays National 
Organization. Malaysia’s dominant 
political party, in exchange for new 
shares. Renong became a conglomerate, 
with stakes in nine publicly traded 
companies. Control of Renong was sold 
to Halim Saad, a dose party associate. 


PAGE IQ 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAT, AUGUST 23-24, 1997 


THE AMERICAS 


|| Investor's America 



Du Pont to Buy Ralston Purina 


GxtglM bj Om Sksr From DispacBa 

WILMINGTON, Delaware — 
Du Pont Co. said Friday that it had 
agreed to hay Ralston Purina Co.'s 
soy unit for $1.5 billion in stock and 
assumed debt as the largest U.S. 
chemical company expands its ac- 
tivities in agricultural products. 

Hus acquisition of Ralston Pur- 
ina’s Protein Technologies Inter- 
national unit, a maker of soy protein 
and fiber food ingredients with 
$450 million in annual sales, comes 
on the heels of Du Pont's Aug. 7 
announcement of a $1.7 billion in- 
vestment in Pioneer Hi-Bred In- 
ternational Inc., a supplier of seeds 
and genetically engineered agricul- 
tural products. 

Investors appeared to be skep- 


tical that the wager would pay off. 
Shares in Du Pont, which said it 
would take a charge of $1 a share 
this year for its acquisitions and 
divestments, fell $ 1 3 125 to close at 
$64.75. Ralston Purina stock rose 
$2,875 to $91,125 

* ‘it's going to take a while before 
investors are really convinced” 
about Du Pont’s agribusiness 
strategy, said Charles Ober, port- 
folio manager for T. Rowe Price 
New Era Fund, which holds about 
500,000 Du Pont shares. 

Du Pont is going to have to show 
how it will use Ralston's soy unit 
and its Pioneer joint venture to 
make profits, he said. 

But William Young, an analyst 
with Sovereign Asset Management, 


which holds about 1.4 millio n Du 
Pont shar es, said the company has 
the skills to make money in this new 
high-tech business. 

Agribusiness, he said, "offers a 
higher growth rate than Du Pont's 
other businesses.” 

Du Pont said it would also take an 
unspecified charge in the fourth 
quarter to write off current research 
and development at the unit being 
acquired. The acquisition will 
lower earnings by about 1 percent in 
1998, the company said. 

Du Pont also said it will buy back 
shares in the'open market to com- 
pensate for shares issued in the 
transaction. 

The $1 -per-share write-off also 
will apply to Du Pont’s purchase of 


Unit for $1.5 Billion ^ ft 

. ■ , William Kirit, vice president f" 

ourchttmcaloDWinons^m^ and general manager of DuTont * 4 
>enal Chemical fedustnes ; PLC Agricultural Products, said acqui- >. i 

he sale of its graphic fitaa^loffoet ^ nofProteinTech flo 10 g i eswas 

jnnnng business to ' Bayer jxl pont ^ strategy to ex- jV* 

Vefa unit, executive said. _ P** ... .. nni1 y 


_ ItY , William Kirk, vice president 
four conical opera^^ andgSieral manager of DuPont 
penal Chemical Wustnes ; PLC Agricultural Products, said acqui- 

the sale of its graphic fitaa^loffoet Agn^ of p^in Technologies was . 

pnntmg ® ayer part of Du Print’s strategy to ex- 

in fte feed and fooamgredi- 

ftprein T«d»c^ ^ “^‘SS'month. the company 

pany would operate as an independ fonnati0ll of a research 

remain in alliance ^ taKJ53£5" 
Sl Loidsand the existing manage- speed t he dev d^mentagdddivay 
ment team will continue to nm it, be of newrirops for farmers 
said. The soy-protein division op- ' stock producers 

erases in 75 countries and employs In February, Du 
i jnn «««,]» agr eed to purchase all busmess and 

Stiritz, Ralston’s chief ^o^ri^ts for 

executive, said foe sale would eo- used , f <* 

able the company to concentrate on feed, from Pfister Hybrid Co m go . 

Its two raajorarcas - Partita Pet and Holden’s Seed, 

Products and Eveready Battery Co. Inc. (Bloomberg, Ay) ^ 


1 

Jn 


ft? - ’ 




‘ ' ' ’ 1 ; ~ iSSSHJlYfct 
J <•* ' v #• {•* +. i? 

I s 

•^tCiSaS*. 

IS! 


SLIDE: As Bond Yields Move Higher, Dim Prospects for Intel Send Shock Through Technology Issues 


■aw * , m ruoe eww w f w m e ■ ttft v-. i 

*wr?w. 


Continued from Page 9 


yields higher, removing one of foe 
favorable elements that helped pro- 


Source: Bloomberg. Reuters 


Inmatioail HoxM Tribune 


Very briefly: 


UJ5. Companies to Create More Jobs 


WASHINGTON (Bloomberg) — The American job-cre- 
ation machine will not lose steam in foe near future because 
many U.S. companies plan to step up hiring in the fourth 
quarter, a new survey showed. 

Twenty-eight percent of U.S. businesses expect to hire more 
workers during foe fourth quarter, according to Manpower 
Inc. ’s quarterly survey of 16,000 companies, released Friday. 
Only 7 percent of companies plan to cut back, while 60 percent 
expect no change 

^‘Not since 1978 has a final quarter survey reflected 


"Presently, foe stocks are op sub- 
stan daily, the recovery is in gear, 
and perceptions are for more of foe 
same in 1998,” he added. 

But he said that in 1998, the "re- 
covery's momentum will stalk ag- 
gravated by chronic industry over- 
supply.” 

Intel Corp. shares fell 214 to 9514, 
while Texas Instruments Inc. stock 
dropped 6 3/16 to 1 18 13/16. Other 
computer-related stocks, including 
International Business Machines 
Corp. and Microsoft Corp., also de- 
clined. 

Recent reports showing unexpec- 
ted strength in manufacturing and 
jobs growth have driven Treasury 


favorable elements that helped pro- 
pel stocks to records earner this 
summer. Investors are concerned 
that economic growth is too robust, 
which may trigger inflation and lead 
foe Federal Reserve Board to raise 
interest rates. 

• ‘Corporate earnings are just fine, 
but as interest rates move up, in- 
vestors place lower values on 
stocks,” said Geoige Mairs, pres- 
ident of Mairs & Power in Inc., inSL 
Paul, Minnesota, a fund-manage- 
ment firm. "And with stocks near 
full valuations, investors are 
nervous.” 

The price of the benchmark 30- 
year Treasuiy bond dropped 17/32 
to 96 15/32 Friday, pushing its yield 


.up to 6.66 percent from 6.60 percent 
on Thursday. The yield began foe 
week at 6.54 percent 
Next week’s reports on home 
sales, durable goods orders, and 
second-quarter economic growth 


US. STOCKS 


may heighten concern about infla- 
tion, analysts said. 

"People are becoming more con- 
cerned about foe prospects for in- 
flation,” said Neil Toth, who helps 
manage $22 billion in bonds for foe 
Ohio Public Employees Retirement 
System in Columbus. "We could be 
at 7 percent in die next two 
months,” he said, referring to foe 
30-year bond yield. 


Bank, brokerage and other in- 
terest-rate sensitive shares declined 
on concern that foe increased cost of 
borrowing could dent lenders’ 
profits. NationsBank, Salomon and 
Travelers Group all fell. 

Bonds were also hurt by the dol- 
lar's slump against foe German 
marie. A surge in German import 

E ices heightened concern that foe 
undesbank may raise interest rates 
to keep inflation in check, which 
might prompt investors to sell dol- 
lars to buy German bonds. 

The government’s first revision to 
its estimate of second-quarter 
growth, slated for release on Thurs- 
day, probably will show the econ- 
omy grew at a 3.0 percent annual rate 
in the quarter, up from foe govern- 


ment's first estimate of 12 percent, a 
survey of economists indicated. 

Growth probably was fester than 
originally estimated in part because 
exports were stronger than expected 
in June. The government said 
Wednesday that exports rose 0.9 
percent in the mouth to a' record 
$78.42 billion. 

Central bank policymakers left in- 
terest rates unchanged at Tuesday’s 
meeting of foe Federal Open Market 
Committee, as they did m May and 
j u ly — a signal they are comfortable 
with foe outlook for inflation. 

The government last week said 
consumer prices rose at a 1 .5 percent 
annnsl rate in the first seven months 
of the year, foe slowest pace since 
1986. ( Bloomberg . AFX) 


pH" 1 ( 


stronger demand,” foe report said. 
America’s low unemployment v 


America’s low unemployment rate of 4.8 percent makes it 
difficult for employers to find qualified workers. The shortage 
could push companies to offer higher wages to attract qual- 
ified workers. If that happened, consumers could see higher 
prices for goods and an increase in inflation. 


MARKET: Signs of Inflation in Germany Turn Investors Sour Again as Stocks Fall Worldwide 


Continued from Page 1 


• United Parcel Service of America Inc. and aholdout local 
of the International Brotherhood of Teamsters in Chicago 
have reached a tentative contract agreement, ending a strike. 

• Mexico is preparing a 26.1 billion peso ($3.37 billion) 
bailout for the companies that operate dozens of toll roads built 
in foe early 1990s and that are groaning under huge debt 

• AG. Edwards Inc_ the biggest regional U.S. brokerage. 


announced a 3-fbr-2 stock split and an 8.33 percent increase in 
its quarterly dividend, to 13 cents a share. 


its quarterly dividend, to 13 cents a share. 

• Sunbeam Corp.'s chairman, Albert Dunlap, expects the 
American Medical Association to honor an agreement to 
give exclusive endorsements to foe company’s home health- 
care products in return for a percentage of sales, a deal that the 
doctors group has said it wants to cancel. 

• Toyota Motor Corp. will raise prices on its 1998 4Runner 

sport utility vehicle and T100 full-size pickup truck by up to 2 
percent on average. Bloomberg, ap 


in August and no one is around,” 
said a trader at Prudential Securities 
in New York. "Half of my feny was 
empty this morning, and the phones 
have been quiet all day.” 

For all of foe harshness of the 
price swings in foe last week, foe net 
result has been modest In Ams- 
terdam, where stocks were down 
more than 5 parent at one point on 
Friday and where they closed with a 
loss of 3.35 percent of their value, 
they were still up 3 percent for foe 
week. Similarly, a tumultuous week 
left Germany’s DAX down a mere 
1 .6 percent and France's CAC index 
off by Q.6 percent 

"The markets have gone viol- 
ently sideways,” concluded Allison 
Southey, global strategist for 
Nomura Securities in London. “I 


suppose it is to be expected since it is 
August and many European stock 
markets have risen by 50 percent 
thisyear.” 

The American stock mark et 
which often gets blamed for leading 
markets around foe world on a 
roller-coaster ride has produced 
more smoke than fire. By mid-af- 
ternoon on Friday, for instance, foe 
Dow teetered within 20 points of 
where it had started the week. 

"There has been no big rush to 
buy and we have not seen anyone in 
a panic ro sell,” said Bill AlJyn, 
director of share trading at Jefferies 
& Co. in Short Hills, New Jersey. 

Of course, the Dow started the 
week 247 points below where it had 
started trading on the previous Fri- 
day when foe market had its worst 
decline in terms of points, since 
1987. But bruises from that lurch 


healed swiftly and were passed off 
as predictable, if not desirable. 

In addition, analysts say that foe 
markets are due for a breather. 
"You cannot say that any of these 
markets offer any value at this 
point,” said Nomura’s Ms. 
Southey. With prices already high 
by historical standards, she and 
many others insist that any further 
rise would reflect not logic or eco- 
nomic fundamentals as much as foe 
sheer weight of cash still flowing 
into stock markets from New York 
to Helsinki 


The decline of foe Dow dragged 
the dollar down against most Euro- 
pean currencies, however. When, 
foreign investors sell U.S. assets, 
they often convert dollar profits into 
their own currencies. 

"The word for the dollar is 
Dow,” said Vicki Scbmelzer Alicea, 


FOREIGN EXCHANGE 


I Dollar Rises Against Yen 


The dollar rose against foe Jap- 
anese yen on expectations that Ja- 
pan's economy was not growing fast 
enough to warrant a rise in interest 
rates there any time soon. News 
agencies reported. 


corporate currency trader at West- 
deutsche Landesbank Girozentrale. 
Concern over U.S. equities was 
"putting foe fear of God into people. 
The dollar's going to follow.” 

The dollar staged a late-day rally 
against the yen as Japanese eco- 
nomic data dimmed the prospect of a 
rate increase by the Bank of Japan. 

At 4 P.M. in New York, foe dollar 


oted at 1 18.345 yen, up from 
5 yen Thursday. Friday, a 


closely watched measure of Japan's 
economy, foe diffusion index of 
economic indicators, fell to 35 in . 
June from 50 in May. 

Traders are awaiting a report on 
Japan’s July retail sales to be re-! 
leased Friday to determine if die 
increase in April in the consumption 
tax was also dampin g demand. 

"I’m more bullish dollar-yen 
than anything else,” said Joe Pe- 
done, a corporate currency salesman 
at Dai-Icho Kangyo Bank. “It 
doesn't lode like domestic demand- 
is picking up there. If next week’s 
n umbos are low, that will push back 
a rate hike further.” 

Against European currencies, the 
dollar fell to 6.1285 French francs 
from 6.1855 francs, and to 1.4985 
Swiss francs from 1.5143 francs. 
The pound rose to $1.6115 from 
$1.5920. 


WOULD 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday's 4 P.M. Close 

The tup 300 most ocfiw stores 
up toft e dosing on Wol Street. 
The Associated Press. 


sm* ragn u» ii*s a* Indexes 


Most Actives 


Sifts Hlgb Lot late Cfrgs 


6V> 5ft 

10 to* 
MVt MM 
WM 10*, 
T* 1 
» 7M 
» l» 
in 9m. 
Uft lJVi 

life fli 
Pi n 
im nit 
lit i« 

I St MU 
4fc 4ts 
» 1H 
28M M*. 

11 MM 

H» 10 

I 1 
ISt 1» 
W*1 M 
7MW 7M 
IMM in 
m IN 
m a 
im in 
lift 1st 
» m 

M 


m im 
SV, Bt 
m w. 

2n m, 
m at 
ISM UM 
Stt « 
ion IBM 
SMt » 

an 

is* i m 
n ». 
m im 
9* St 
W* ISM 

in m 
t*M 1«M 


Dow Jones 


Indn TTS&M 709195 771449 70&U9 -9.04 

TQM aS3o 293452 290151 293452 

LOT 228.12 23) JE 22U1 23 US *1.94 

Ctanp 242414 2459 JO 241422 245927 ,230 


Standard & Poors 


•J* Industrials UOSJ91084JO 108X58 
Tmiwi M7 34 MtOt 


2 m n 

SVk A 
IS fit 
5 fit 
on 9 
m t* 

3M W 
11 IM 

5V, 5H 


667.35 66193 665-53 
199.12 196.16 196J4 
10BJ7 10490 10641 
93947 921.35 925-05 
9)4.77 095.65 899-31 


VM. 

101350 £614 
90194 IM, 
£2704 45V, 
S0S4 33*1 
44967 44 M 
38660 105 
35637 45*, 
35611 36*1 
35370 MV, 
34282 6491 

ssr- 

223)5 «V, 
32l?« I2W* 
31577 16V» 


Law MS 
62 65** 
IM 14 
U Wfe 
37V: 32=Vb 
43Vb 43*t 


Aug. 22,1997 

Kkjh Law LflkBt Cage OptaJ 


Htgfi Low Latest Qqe Optat 


High Low Latest C hge OpW 


H*^i Los, latex! Cage O0M 


da wet 
34*1 3P*. 
53d 59*4 
£711 64n 


Grains 

CORN (CBOT) 

£000 btj nMmm- eei* per bushel 
Sep 97 272*1 270*1 271*4 -lit 37.288 

Dec 97 278 274*1 777H -It 17+972 

Mar 99 286*5 282V7 286M andi 40375 

May 98 290*4 287*1 290*1 undl 10956 

Jut 98 293*1 290 293b +U 10279 

Sep 98 276 273 274 -1 1,583 

Dec VS 272*1 269 271fe -IM iai88 

EsL into 90000' Uv> soles, 80102 
Tier* open M 293.747, up 11033 


ORANSE JUKE CHCTTO 
1 5*000 fcL- anti per lb. 

Sep 97 68-50 67 JO 67 JO 4L5S 9,941 

NOV 97 70.50 6940 6945 4US 13.138 

Jon 78 7W1 7240 7175 -US 6492 

Mar 98 7620 7540 7573 -US iWB 

Est. sales H-A-TOm sate U09 
Dm open hr 34.963. up 249 


10-YEAR FRENCH SOV. BONDS {MAT1F1 

FF5oaooo-ptsonoopd 

Sep 97 12M6 129J6 129^4-06815X970 

Dec 97 9090 9830 9046— (U8 14254 

EsLuriac 130701. 

Open laL: 167324 up 633. 


Mar 9* 9X96 9XB8 9X92 -005 54986 

Jun98 9421 9414 9418 -004 44539 

Sep 98 9434 9428 9433 -003 37,322 

OK 98 9440 9434 9437 -005 70685 

». sates: 44490 Prov ides: 349S2 
Prev. open Wj 38X655 up 1.157 


HU Im ue Cfe 

479J6 cni n 478.92 4LB4 

607 ST. 60638 4U4 

44038 440.16 


Nasdaq 


^S^i 15 


28133 28532 
dUS 44407 


If I8*t 
an 
sn si* 
27H m 
life WM 
IW 12M 
5 4M 
MM M 
5» » 

»■ jSl 

zim Jin 


19 1(M 
I 7MM 
57M S1H 

iin wm 

25** 25n 

» 2tt 

3*1 3 

21 It JIM 
II 12*1 

22** m 
N 3*1 
4V» 4 

811 fit 
M » 
17M 13*1 

MM 13M 
11H II n 
I7H IM 
«fe ill 
Ml «M 
MM M 
14M 1451 

3U 3*t 
fit S*M 
M MM 
I 7 

4 fit 

U 38M 

m m 

67M St 

T25M 13 
5*1 5*V 

MM M 

IM 1» 

» n 

fit 4MM 

40H 3M| 

W m 

l» 12 
tin on 
ion wm 
ion *8*i 
3M 3M 

MM « 
S* 5 

s*v. m 

«l 4 

iim ion 


15 lftl 
11 10MM 
IP* IW 
IBM 101 
4fe fit 
fit WM 
lt*t 159 
21M Wt 
J2M 31M 
WA IP* 
48 47 

JJM 20** 

wt ion 

4 MM fit 
TV* J 
IM «t 

H IM 
4H 4*1 

an zn 
ism an 
im n*t 

UM 14 

5 5 
7n 7 
nn iim 
fit 4** 


Nasdaq 


159475 157477 159875 
1270-76 125466 127074 
1707 JO 169499 170578 
170486 1692-47 170486 
2031738 70T 075 202406 
1010.71 100X34 1009.17 


91778 85* • 
90387 ID2M 
8B297 137H 
77947 SIMM 
69411 77M 
67701 40(i 
43401 m 
60074 257* 
56520 47*1 
56345 75t'a 
55627 53 
49618 56(1 


tm sn »** 

S7W B4*» 4t 

"Wiioyi -3H 


49 w son 

74MM 76(4 -Me 

3BV: 40/1 id 

» .We -3*1 


SOYBEAN MEALCCBOT3 
100 tons- doBnn per fcm 

Sep 97 239 JO 23460 239.60 -*X4D 1X603 
Oct 97 212-90 211750 212J0 -020 1X895 

Dec 97 20X10 200150 20X20 -070 4X616 

Jan 98 19930 19000 19X50 -080 7,074 

Mar 96 19SJ30 19X50 19400 -170 9372 

May 90 19400 192JR) 19X00 -230 4388 

Est. met 21.000 Thra sate 17586 
TlMra open M 109.950 up 1,405 


Metals 

GOLD CNCMX) 

100 Buy at- doBon per Iruy ch. 

Aug97 337 JO 32X50 32420 vXOO 3M 
Sq>97 32480 -1-3.00 2 

0097 329 JO 32X20 327 JO +X00 1X001 

Dec 97 331 JO 32X00 329.70 +110 109.558 

Feb 90 33X50 32X50 33140 +110 14691 

Apr 98 333.30 +120 &393 

Jon 98 33X60 33X40 33560 +130 7J97 

Aug 98 337 J0 +130 X121 

0(3 98 34X10 +140 Til 

EsL sales 464100 Tlura sate 26J1 6 
Tim open m 19409, up B2 


ITALIAN GOVERNMENT BOND 0JFFE7 

itl 200 minor - pte anoopd 

Sep 97 136J8 13540 13X09 -OM 94428 
Dec 97 10847 107.70 108J6 -0-53 214518 
Est sales: 5X231 PwvLiiJee: 4X224 
Pree.apenlnL: 11X046 aR 550 
U80R 1 -MONTH (CMER) 

S3 irAflan- pis of 100 pet 

Sep 97 9436 94X 9436 uncJv 16.170 

0097 9434 9432 9433 undl. 7.948 

Hoy 97 9429 9427 9429 undL 7376 

Est. sate NA Unra sales 1,792 

TlMra open ini 39,177. up 288 


Industrials 

COTTON 2 (NCTH) 

50000 la.- raft per Ul 
0097 7X80 7165 7149 -0110 7J88 

Dec 97 7X95 7X75 7X82 -007 42J11 

MB-98 7X1S 7X01 75J8 -003 124® 

May 98 7535 7X65 7335 unc#L 4903 

J*498 7635 7630 7633 -0.17 4897. 

Est sate NA Unra site XJ26 
Un« open M 79,941 up 635 


HEATING OIL DIMER) 


4SM 45 

TMt 75** 
51*1 52*1 


54M 55 -4M 


SOYBEAN OIL (C80T1 
6X000 lbs- cents perfc 

Sep 97 23.10 2X75 2X97 +002 14437 

0097 2X30 2X90 2X16 +006 14301 

Dec 97 23.70 2X21 2X46 +001 CMS 

Jan 98 2X85 2145 2166 -004 8164 

Mar 98 2410 2X75 2X97 undv 4533 

May 98 24X5 2X80 7405 -OIS X152 

Ect sales 17,500 Unra sales 10943 
Ultra open bit 9X900 ofl 2377 


64434 44094 44UO -173 


Dow Jones Bond 


67997 97MM 90*1, 92MS, +14. 

10®* 27*t 26H tri Jj 

16W *Ve 5*4 SMm 3M 


20 Bands 
tOUflStfes 
10 Industrials 


13187 It <«1 n 

9474 ** *t MM -tn 

8280 13*M \Vt% 1311 

4885 13*1 17** 12V. +VM 

6592 fit fit 4*1 -*M 

6442 30MM 304M 30t> -V. 

MO 32M JIM 37 -M 


SOYBEANS CCBOT1 
&000 bu nMmwn- cents per bushel 
5ep97 663*1 653 661*6 +3*1 1X185 

Nor 97 624*1 61691 621ft -2ft 83574 

Jan 98 626ft 610 623ft -7M I7J18 

Mer9B KM* 629 633ft -l*b 7J76 

May 98 642ft 637 641 -1 X402 

Est sales 474100 Unra sate 3X963 
Unra open M 13X044 up 461 


HI GRADE COPPER CNCMX] 

2X000 Bos.- cents per ft. 

Aug 97 100 JO 98.10 10CLQ0 +0J5 

Sap 97 10030 9750 99.95 +085 

Od97 100.25 9X20 100415 +070 

No»97 100.05 «8J» 10005 +095 

Dec 97 10040 97-60 9925 +065 

Jan 98 99J5 9820 9905 +075 

Feb 98 9925 9X00 9925 +060 

Mar 98 9920 9720 98.90 +0J0 

Apr 98 9X30 -055 

Est sdes 1X000 Thus sdes 7J97 
Unra open tat 4X6H . off 81 


EURODOLLARS (CMER) 
SlmWarHfeaflOOpct 
Sep 97 9428 9425 9427 unch. 48X069 

0097 9419 9417 9418 UOCh. 4587 

Dec 97 9412 9405 9409 undl. 484932 

Mar 98 9403 9X96 9400 001 34X900 

Junftt 9X92 9X8S 9X88 -CJ02 277,922 

Sep 98 9321 9175 9179 002 221^94 

Dec 98 9X70 9364 9X67 -04Q 18X675 

Mar 99 9X69 9X61 91M OM 131.705 

Jon 99 9X61 9X56 9X59 .003 102447 

Sep 99 9356 93J3 9X55 004 8X389 

Dec 99 9149 9X46 9X47 005 74425 

Mar 00 9148 9X45 9146 006 6X158 

Ed- sate NA Thtra sate 339 J64 
Unra open W X77X974 up 8,701 


Sep 97 5480 5130 

5X41 

-(107 

27®6 


Od 97 

5535 

5415 

5477 

816 

39576- 


Nov 97 

55l80 

55.17 

55.17 

-0.16 

19.909 

t: 

Dec 97 

5685 

5687 

5687 

-an 

21,704 

x 

Jan 98 

57® 

5650 

5657 

-Oil 

14619 



57® 

5687 

5682 

•0.06 

9863 


Mv«l 

5655 

5687 

5687 

+004 

7569 





Est sales 1LA. Uen tote 5X064 
Unra open lid 15X491 up 2400 


UGHT SWEET CRUDE DIMER) 


XOOObbt- tfoKore perbW. 

Od97 19 J8 1963 19 JO +00*104684 

Nmi97 19.98 19.78 1921 +<UD 446S7 

2“ ,,jr7 +WM 50070 

2 - 05 19so ,9S2 +aw 

*05 19.91 1923 +004 1409S 

Mer98 20X5 1923 19.93 +004 9.1» 

sales N A. Unra sales 11X942 
Thtra open bit 40X454 aR 14446 


Trading Acttvfty 


17ft 16* 
1811 10 
111 IM 


Nasdaq 


fit 4ft 
24 27ft 


Mmceii 
Dedbied 
Unchanged 
Tddlswes 
In Hiatts 
He* Lues 


993 909 Advanced 

1906 1937 Dedinetl 

542 Ltasxnpw! 
3377 33B8 Total dues 

57 116 NmHfths 

28 10 New Lam 


993 1815 

3416 2238 

1913 1705 

STM 5750 

45 210 

<7 64 


WHEAT (CBOT) 

XOOO bu mMimim- certs per tnatiel 

Sep 97 372ft 368 368ft -ft 19.906 

Dee 97 387ft 382)1 383ft -1 5X673 

Mar 98 399 394 39616 -16 1 4888 

May 98 400ft 397ft 398 -1ft 1,984 

Esl sales 1X000 Unra sate 19J84 

Unra epan bd 10X841, afl «37 


SILVER CNCMX) 

XOOO tay at- amts per troy at 
Aug 97 467J0 +17.80 24 

sea 97 47000 44450 46020 +17.70 3X788 

Od97 471.90 +17.70 78 

Dec 97 4774X1 45A00 47X30+17.90 JAMS 

Jan 98 47620 47020 47620+17.90 S 

Mar 98 48100 46400 482.00 +18.10 10287 

May 98 48*20 47100 48620+1020 X076 

Est. sate 3T200 Unra sate 1X212 
Unra men in 80634 an 375 


BRITISH POUND (CMER) 

6X500 paanfeS per pound 

Sep 97 12148 120® 12084 +.0168 5X761 


PLATINUM OiM ER} 


50 hay az. - doaars per tray or. 

Oct 97 41620 40920 409® -2.60 10.273 
Jan 9fl 41020 40190 40X90 -160 2220 

Apr 98 40000 390® 390® -220 425 

JM9B 394® -220 2 

Est. tales MA. Thus sate 1,133 
Unra open W 1X3JX off 3»4 


Market Sales 


Livestock 

CATTLE (CMER) 


DeeP? 12072 12900 12026 +2164 1,189 

Mar 98 12940 +2162 200 

Est. sales MA Unra sate 9.714 
Unra open Int 52.159. up 414 

CANADIAN DOLLAR (CMER) 

10ftfllWdoUcra.fperC<fadh- 

Sep 97 .7198 .7172 J1 94 +02019 64813 

Dec 97 .73® J207 7231+02019 5jm 

Morn .7760 7151 J260+00019 717 

Est. sate NA Ultra soles 1X790 

Unra open lid 71 J»4 up 6259 


NATURALGAS (NMER1 

S IOOOO mn bhra. S per nn bta 

97 2260 S5kl 2253 +0286 3U08 

97 X48S 2-370 2275 +0277 JL794 

W»97 2230 2220 2210+41078 17,974 

Efcc97 2-ns 2250 X725 +4L063 19,104 

J«n« 2.730 2265 2736 +0241 1X503 

FM.98 2260 2480 2250 +0JS5 1X758 

&f. sates NA Unra sate 71,990 
Unra open H 22449X OH 1J99 


14 UA 
m pn 


Adimced 
Deemed 
unmoved 
ToU agues 
New MOM 

ncwlSSs 


194 SC __ 

365 305 NYSE 

165 172 Antex 

W 727 

9 4 InmSBorts. 




Aug 97 
OCJ97 

6780 

6545 

66-37 

057 

*682 

T-ra, 

ra*r. 

*980 

67® 

68.92 

+085 

48-09 

460 

con. 

Dec 97 

70® 

69® 

7XJ7 

*082 

22.744 

46254 

60X56 

Feb 99 

7150 

71.90 

77-55 

+0.12 


2658 

3 199 

Apr 98 

7450 

7190 

7657 

+ai5 

4513 

59539 

70353 

Jun98 

71® 

7X75 

7135 

+X1D 

US 


Ctee PravioiK 

LONDON METALS (LME) 

Orilm per mcMc ton 
Ahnfi eu fe OHgRCrtet) 

Seal 1671.00 167X00 168SD0 1688J0 

FOneard 1626ft 1627ft 1631.00 163X00 


GERMAN MARK (CMER) 

1 2i0X maikSi 5 per imb 

Sep 97 2545 2449 2520+0207310X732 

D«C97 2575 2527 25S2+0J074 i.7K 

Marts 2600 2583 2583+02074 1J76 

EsI. sates N A Thus sate 37296 

Unra apai bit 107210. atr 2296 


UNLEADED GASOLINE (NMEIS 


IA 19* 
*5V* Z5M 
15ft 14M 

Z7H 27 
int id* 

19ft IM 

12 1l"% 

ft ww 
ft ft 


Unra open M 9X668 an 557 


1OIM Grade) 

217X00 217300 719X00 219X00 
U61® 216X00 71 8320 218X00 


Dividends 

Company 


Per Amt Rec Pay Company 


Per Amt Rec Pay 


93 ft M9fe 
«nti ypft, 
24ft 24 
Ife IW 
23ft 71 U 
13H 13ft 
131* 13ft 
ft ft 
1ft lift 
12 nos 
IH lVk 


IRREGULAR 

Ton* Energy _ 339 9-2 9-12 


. 035 8-ffl 94 


STOCK SPLIT 
EdwtmfeAG 3 for2spfli. 
EmcolnH2brl spin. 


FstMerltCOrpZfarl splX 
P-Com Inc 2 »r 1 spGJ. 

Praffttn Inc2torl spOL 


4b 4 
iw is 
2ft 16, 

(ft ft 


im m 

.!_?« .{ft 


IM 15V 

171* m 
Jen 35** 
Uft 2 
I94* 19ft 

T* n 


it sn 

m, ar-s 


T. «B, 
fil 4ft 


3 Tt H« 
38ft 38 ft 

5 at 
10V* Tft 
l*ft MA 
Wt Tfi* 
at* nit 
IM 134 
lift 11 
3Sft 31 
16ft Itfe 

izn 12 A 
iim Ion 
15ft 15ft 
IM 234 
4th 4 
17ft T7 
Ift lit 
10 98 

ft ft 
» IA 
1JH UH 
l«ft lift 
1911 lfi* 
'*« IM 
81 «M 
29ft 2M 
lift IM 
4** *n 

7n rn 

t*l 96* 
mu ny 
7*1 7 

Wt 108 

;** 1*5 

52* 5*^ 

37ft 37 
ft "4* 
lft 1) 
16ft Ift* 
7ft ift 
JV. 4*1 
131* 11V. 

lift lift 


STOCK 

OHzaisUnA - 1% 9-1 9-30 

MM-Amlnc _ 10% 9-2 9-15 


INCREASED 

Pst Fed Fin KY. Q .14 9-15 10-1 

Global US Fd A Q .1275 8-26 6-29 


SPECIAL 

GuHCdaRemi ad _ J] 8-29 9-12 


EdwanHAGR 
Emca Inti 
FstMartCpn 
Home Depot n 


INITIAL 

. .13 9-5 10-1 

. .05 9-2 9-lS 

- ■!* >2 MS 

. .05 9-T1 9-25 


Amenst Intfustl 
Amertam Bk CT. 
Cbramel Bkshn 
Cyprus Amax 
EjkoI indust 
Hudson & Bay Cog 
lidiuiuhr Brands 
Limned Inc 
MTS Systems 
Martefl INc 
Pac Scientific 
Perm- Amer Grp 
PnUn Elmer 
RtedmantNotur 
RMano Foods 
Rasa Stares 
Sdendflc Anantta 
SITi Jersey Ind 
5Jerfina Bncp NY, 
TWokMCorp 
Trl -County Bncp 


I 9-12 9-30 
1 9-12 9-26 
; 9-12 10-1 
10-10 11-3 
10-6 10-22 

10-8 10-31 
9-5 9-16 
9-5 9-16 
9-5 10-1 
9-12 10-3 
9-19 1X6 
9-5 9-19 
9-2 10-1 
9-24 10-15 
9-10 10-13 
9-5 106 
9-9 9-24 
M0 930 
9-15 9-30 
8-29 9-13 
9-2 9-30 


FEEDER CATTLE (CMER] 

50000 Bk.- ants per fe. 

Aug 97 80.90 80® 80.10 +037 

Sop 97 80® 79.00 8032 +075 

Dd97 79J7 71.90 7VJS +027 

Nov *77 BOSS 80.17 8072 -0-05 

Jar 98 1135 B0.«0 01-25 -017 

Mar 98 81.15 8060 81.05 -020 

EsL sate X883 Thin sate 4467 
Unra open mr 2L856. up 86 


61X00 61400 60X00 *0600 

62400 62X00 617® 61X00 


JAPANESE YEN (CMER) 

12J BflHon yen S per 100 yen 
SepJT -8648 J479 648! -00079 77.001 

DeeW J760 .8588 J593 -0JH79 X416 

MorflS 6709-06079 538 

§*1. tees NA Unra sate 11647 
Unra open Int 7V,964 up 1.246 


S®97 6X30 65.75, 0® +033 

OctW 61JJ0 60.15 6091 +0.73 

Na*97 5X15 S7M 5X11 +0J2 

»>C W 57 JO 56.90 S7J3 +044 

S19 “** S7HS +036 
FMiae 57-35 0.10 5735 +036 

57.85 +036 

Apr98 60 JO +036 

Ed. sMes n A Thin sales 4X181 
Unra open Inf 1 1 IMS. all 2® 




Spot 655X00 656500 659000 660000 

Forward 665X00 665400 669000 6700410 


Spot 533SOO 514500 533X00 

Forward smxoa 539500 538000 53904)0 


nee (Specw HM Grade) 
Spot 16644)0 16684 
Forward 148400 14864 


166X00 16654)0 1669 JO 
1486410 148848) 140900 


SWISS FRANC (CMER) 

12S4300 hones. S per franc 

Sep 97 .6735 .6620 .6492+0 0072 5X678 

Dec97 -6003 67® 67*0+00071 S3 

Mor«B .6855 .6819 4828+0J070 1J5B 

EsL tales N A THUS sales 94)21 

Unra open Ini 54® 1. (A 350 


HOGS- Leon (CMER) 

40488) fes.- cents per W. 

Aug 97 71.15 uneft. 

Oct 97 714)5 69JS 714D +0.77 

Dec 97 67® 66J5 0® +0X5 

Feb 98 66.95 6X70 66.92 +0® 

Apr 18 62-B7 6X30 6170 +X20 

EH. sate 5+287 Unra sales X6M 
Unra epen bit 30X41, up 230 


High Low dose Chge 


PORK BELLIES (CMER) 

40000 Us.- cants per*. 

Auq 97 86,77 BXS5 86X7 -0.02 

Fob 18 7X00 tfi-50 710 +00 
Mar 98 7X20 69® 71.95 +055 
Est sate 1JI l nws ten 701 

Thus open Ini 4334 afl 1 JO 


Financial 

US T BILLS (CMER) 

SI mHon- pb of 100 pet 

Sap 97 6494 9691 9492 +001 IMS 

M®98 9475 +002 I4D1 

EsL sate N A Unra solas 262 

Unra open lot 1X491. up 14 

SYR TREASURY (CBOT) 


MEXICAN PESO (CMER) 

50X000 pesos, s per peso 

Sep 97 .12785 .12670 .12775+48)603 21.864 

Dec 97 .12290 .12190 .!228oto04M 144m 

MarM .11840 .11760 11850+00426 iSfij 

EH. sate NA Thus talei 9,m 

Unra open felt 6X451 off 441 


GASOIL OPE) 

P»metrlc tan - Ms m 100 tens 
Sra97 168.00 166JD 16450 —7 50 21.297 

148JQ l48 - 7S 17,133 

J*Wi97 171 JO 17X50 16X25 —2430 7,777 

Dec 97 17X25 172J5 17X50 —700 I4IM 

ft! JJA3S 17X25 17X50 —1.75 1193 

2* M 17X50 17X50 —1.25 &246‘ 

Mar98 N.T. N.T. ITXOO — 0.75 X476' 

&X sales; 2X567 . Prev. sate : 1X711 
Prwr. open biL 82599 up ],na 

BRENT OIL OPE) 

5^^ DnoT ^ff T ba 7?- t0<s ft i-a» ten* 

**3 97 1X67 J8JD 1854 Jim e+i++ 


Moaopa sbi- pb & 648a or 10 a pd 

Sap 97 106-58 106-77 106-45 -13 191239 

Dec 97 106-35 106-20 106-27 - 14 32.781 

EsL tolas 5X500 Unra tees S*,«oo 
Unra epan W 22402X up X766 


HAONTH STERLING (UFFE1 

ESOOOOO - pH of 1 00 pej 

Sep 97 9172 9257 92J0 —0X1 104*04 

Mor9B 92-53 92.47 92_5T —am ini 77 c 

Junn 9256 92® 920 duu SkS 

SteW 9X62 9254 9X58 ^ gS" 

D9C9B 9259 9263 9254 -057 47,960 


uXm ’“J 8-50 1X54 +0X3 8X142 

r£2n IE'S IM 1 1143 *WC^ 22568 

W75 +0.01 204H9 
1M2 1X79 UndL - 1X359 

Nte« IHl }gJi *° m 7Mi 

Mnr9B 1X36 1X75 1854 +X01 I ff? 

|attees:2758I. Pm. sales ; 42®6 
Pro*, open bit: 14X923 up X964 


74012 

^ open mL 644928 up B.745 


a-raipMfc^apprexaaala amaaiit per 
sherWADR; Hteb In Caaadtei fbncMi 
uwnoofciy; MMtMy; s-seteranraral 


COCOA (NC5Q 


** Stock Tables Explained 


4S 4*. 
Wi 16 


Itft IS** 

17 MS* 


,i°* St 
19>« 10 ■ 


Sate figures at uncffelnL Yearly IhUis and tea iBflBd the previous SB *rtelB phis itw currant 
■raek. >rl nantae btetfteWng day. When aspW vstodi cflekfend omounflns to 25 petcradar mare 
ha beat paid, he yean ihfpHMr range and Mdwd oro sh«m for Rn new dodo only. Unless 
aOwiwfce noted rates cfivMendo off annual dsfatmanenls based on tie West dedaratton. 

0 - (SwWwhI also extra ID. b • annual rate of (flvfdend plus stock dividend, c - UQuidotfng 
dividend, a - PE «meds99xld - colled, d - new yearly km. dd - toss in me Iasi 12 months. 
■ ■ dividend declared or paid In preceding 12 months, f - annual rate, increased on last 
dedaratton. a * dividend hi Canadian funds. sub)ed to 15% non-res kknee tax. i - dividend 
dedarid otter split-up or sod* dividend. | • dJvrdend paid !t»i» year, omitted deterred or no 
odlon token at latBst dhndend meeting, k - (SvWend declared or paid this yoor. an 
accu mutative Issue rath dhMends In amears. m - annual rate reduced on lost dedorntion. 
n - new issue in the past 52 weeks. The high-taw range hegim with the start attiadlng. 
ltd - next day defivery. p • initial dividend annual rate unknown. P/E - price-earnings ratio, 
q - dased-ena mutual Fund. r> dividend dedarod or paid in preceding 12 montns. plus stock 
(Bvtaend. s - stock spin. Dividend begins with date of spiff, di . sales, t - tsvtaend pout in 
slock in preceding 1 2 raonihs. estonaiw cash value on a>-dlvidend or ex-distribution dole, 
u • new yearly nigh, v • fratSng halted. W - In bankruplcy or receivership orboing reorganlred 
under the Bankruptcy Ad. or securities assumed by sudi companies, wd - when distributed, 
w! - when issued/ ww - with warrants, x - ex-dividend or ex-rights. uCs - ex-dstributlon. 
iw- without warrants, y- ex-dividend and sales in tulL ■ ywld. I- sales in fulL 


10 me Me tans- S pw ton 
Sm97 1592 1564 

1583 

-22 

1.186 

Dec 97 

1612 

1568 

1601 

-17 

39549 

Mar 98 

1639 

1619 

1629 

-17 

24639 

May 98 
Jinn 

1659 

1638 

164 

-16 

12.252 



1666 

-18 


Sep 96 

1688 

1683 

1683 

■73 

3,904 


« r j;nT«EASURY»OTl 
sioaoooprbhprBA32ndtar mpd 
Sep 97 100-07 I OB-21 108-27 ■ 12 314®9 

Doc 97 108.28 108-11 108-1* -12 1W3 

Mar98 10X07 10M5 10BOS -12 1*44 

&t. sate 190091 Thra sate 12X970 
Thtra open Int 4IX30& up 5.2S4 


EsL tees 8.91971*1 tees IX7ST 
Thtra open M 101-062. up IJ67 


COFFEE COKSE) 


17500 In - carts per lb. 

Sop 97 1)6.00 17050 1/1 Jo -025 
Dec 97 14X30 1S7® 1S93S -250 
Mar 98 ISO 00 14450 146.25 -1.25 

May 98 16400 11950 140.75 -150 
JI89B 1 39 JO 12400 13X75 -1.75 
EsL ten 1925 TIMS sain 1X153 
Thus open inf >7,981, afl $14 


US TREASURY BONDS ICBOTJ 
® flcJ4IOXDOO-pis & 37ndi oMaD pen 
Sep*7 IIHW 112-06 ) I2-I6 - 23 486.114 

0*C97 117-21 111-24 112-04 .« 

H2J1 11.-70 111-25 • M XlSu 
111-12 -25 1388 

EM. srtes 55X000 Unra vSn 371.781 

Thtra open bit 99X276 ut( 893 


W IS? Sfl ^ 

DecW 94.42 96J8 9639 29^2 

Mar » 96.28 96.23 9633 —OM ra» 

rS M ss^S S 

fun 99 9539 M37 0534 

EjjLsate. 206.231. Prev. sales; 184.760 
P»e». open bd.. 1.602590 up IJ49 


Stock Indexes 

SP COMP INDEX (CM^I 
3wws Ind e x 

55.97 9275Q 906JK 92250 -415 181160 

2£S 93300 <n6J1 ° 92EJD -8.05 1Z414 

Mai-98 94t80 unde jjos 

U J -0 * **- Thtra sate 6X741 

Thira open bin 9X791 oH TJ78 


CAC 40 (MAT1F} 

PPMpMWwpoM 

SS-S 2S? 7 -? ’ _ao 29733 

5, SSJO 28915 29145 —5X5 24934 

7' ar ™ XT. N.T. 29660 — 5BJ Uffl 
J*m98 N.T. N.T. 29375 —580 i|S 

Est. soles: 24119. 

Open toL 7X814 up 2.241 


LONG GILT MJFFE) 

BMW - fh X 33nd»u| lOopd 

Ste W 1 14-36 113-70 ll+S _o.25 ]6Q71H 

Dec»7 116-15 113-18 11334 


SUGAR WORLD 11 DtCSEl 
11X000 lira- cents per lb. 

Oct 07 1157 11.79 +0.19 

Mar 98 12JM 1184 1208 +&11 

May 98 12-00 1184 11® +0.14 

Jill 98 11.87 11-75 1187 +X10 

EsL sate 1&434 Tlurs sabs 20529 
Thus open let 700,737. off 1041 


UPS; **a 

Pnnf. open ml- 1 TLv S4 off 2.004 


GERMAN GOV. BUND iufpo 

□Mzsaooo.pisatioopa 

IS? -43 ,<n - 82 l03 « —0.61 754771 
DM 97 10155 1(8)96 101 IS I<L41 »|J3 

’y- 1 * 9 110.160 

Pray, open bit - 7KU94 oil 11 77 


WWONTHWGR (MATIF) 
FF3njBttm.pl, on 00 p<| 

y52 9649 9657 
9fcM 94® 

Mar» 94.32 96.16 %19 

fiSSS W08 96-02 96J5 
95 94 9588 9s« 
W.75 95.69 9SJ3 
uS 05 9553 9555 

Jun« W43 «-38 95M 

59pW 95 27 95 J6 95+4 
E«r sate: 74716. 

Dpwr «0.. 240579 aft 1839. 


" X01 **816 

-084 3*955 
-084 31,277 
-005 25.166 
-0.04 3X274 
-085 20575 
-00* 2*129 
-087 X* 34 
-085 


FTSE 108 (UFFQ 

£E rb ‘SS. poW 

SJJ-O <9608 <9840—10X8 70558 
D«97 51360 <9640 49558-1038 

&OS3 

r™. open bit: 78.171 off 42a 


Commodity Indexes 


ffiBSaSBBS* 

S2J ZS£ sa 


P twta u s 

ifSSL* 1.54S50 1JS5.90 

DJ^tfures ••85OS0 

CRB ^ ljg-73 145.75 

jfiSSSSaaawr^ 


Exctoanpe. 




1 


iJrftooSA J& 


- • — ■ anuu * ■ >MJU U : 


I. ko: B . .—■ > LX*Wii«afil.4i_H» . . 


RACE 3 


Bill 


Jj EU Finds U.S. Allies 
f For Weakening 
> BA- American Pact 


'W;/, 




CVw?»W/r. OarSuffFmnhqufha 

r r ®^VSSELS — The European 
Union s top antitrust official said 
Friday that U.S. lawmakers shared 
his concerns about the British Air- 
ways- American Airlines alliance 
raising speculation that the two ear- 
ners might scale down their plans 
Karel Van Miert, the European 
commissioner for competition, said 
the two sides had found common 
/ ground on several issues, including 
the EU's demands for steep con- 
cessions on giving rival airlines 
takeoff and landing slots at London's 
Heathrow Airport 
Many analysts now say the carriers 
will form a looser marketing pact 

Muslim Cleric 
Approves of 
Bank Interest 

Agence Frjnce-Presse 

ABU DHABI — A leading 
Muslim cleric said in an in- 
terview published Friday that 
he approved of bank interest, an 
issue that has split Muslims 
worldwide. 

"I will give you a final and 
decisive fatwa," or Muslim 
edict, said Sheikh Nasr Farid 
Wassel of Egypt, the most pop- 
ulous Arab nation. 

"So long as the banks invest 
the money in halal,” or per- 
mitted fields, the mufti tola the 
United Arab Emirates daily AJ 
Ittihad, “then the transaction is 

halal -'* 

“The issue is an investment 
from money," he said. * ‘Except 
this, it is prohibited. * ' 

“There is no such thing as an 
Islamic or non-lslamic bank,” 
he added. “So let us stop all this 
controversy about bank in- 
terest.” 

Many Muslims oppose bank 
interest, considering it usury, 
which is prohibited under Is- 
lam. Most strict Muslims pur 
their money in banks that do not 
deal in interest 


“It looks as if they're heading 
toward Plan B,” said Guv Kekwick 
of Goldman, Sachs & Co. 

British Airways PLC shares fin- 
ished down 5 pence at 564 tSl 0.38; 
In late trading in New York, stock in 
AMR Corp., the parent of American 
Airlines, was down $] ip* ai 
S104.875. 

A 12-member delegation from the 
House of Representatives Transpor- 
tation and Infrastructure Committee 
met Friday with Mr. Van Miert, fol- 
lowing meetings with Robert Aylin® 
chief executive of British Airways! 
and Richard Branson, the chairman 
of Virgin Atlantic Airways who is 
the chief critic of the alliance. 

Mr. Van Mien has been among 
the most vocal opponents of the plan 
by the two carriers to share revenue 
across the Atlantic. io funnel pas- 
sengers to each other throughout the 
world and unite their frequent flier 
programs. The alliance was pro- 
posed in June 1996. raising intense 
opposition from rivals. 

British Airways and American 
Airlines have until the beginning of 
September to reply to demands 
made by the European Commission 
in return for clearing their proposed 
alliance, a spokeswoman for rhe EU 
executive body said Friday. 

An EU draft recommendation 
called on the airlines to give up 350 
weekly slots at Heathrow, enough 
for 25 daily competing round-trip 
flights. American Airlines said the 
demand was steep enough to wreck 
the alliance plan. 

Many analysts said that the scale of 
the opposition have proved too great 
and mar the carriers had already be- 
gun to speak privately about a looser 
plan. A simple "code-sharing” 
agreement, for instance, would allow 
them to put their flight prefixes on 
each other's routes beyond gateway 
airports and sell them as their own. 

(Bloomberg. Reuters) 

■ Iberia Hunger Strikers Eat 

Forty-four employees of Iberia 
Air Lines of Spain, who had been on 
a hunger strike on the island of Ibiza 
over working conditions, began eat- 
ing again after agreement was 
reached with the carrier’s manage- 
ment, AFX News reported, quoting 
anion sources. 


INTERN ATIONAL HERALD TRIBUNE, SAnUDAY-SLNDAY. AUGUST 23-24. 1997 

EUROPE 


East Europe Targets Tourists 


PAGE II 


By Justin Keay 

Vnni/ ft-' ihi- HciuU rnhunt 

SOFIA — It isn't so much the 
small towels or creative interpre- 
tation of soap — visitors to Eastern 
Europe have known about these 
shortcomings for years — but 
when you cannot find a single wall 
socket in your hotel room, the va- 
cation takes on a whole new as- 
pect. even if it only did cost $350 
for a week’s stay. 

What is keeping the travel in- 
dustry in Romania and Bulgaria 
from showing the kind of rapid, 
foreign-exchange-eaming growth 
of neighboring” countries such as 
Hungary and the Czech Republic, is 
the Communist-era mentality that 
so far has minimized investment in 
facilities and infrastructure. 

Until now, maybe. New center- 
right governments are prioritizing 
privatization and restructuring in 
the tourism sector in a bid to draw 
visitors — and much needed for- 
eign exchange, particularly from 
such key markets as Germany and 
France. 

"Officials have finally realized 


that tourism can be switched on 
fairly rapidly,” says James Flan- 
nery. a European Union consultant 
working in Bulgaria's Ministry of 
Tourism. 

By Balkan standards, activity 
has been swift. Romania’s capital. 
Bucharest, has abolished a dual- 
pricing policy, under which for- 
eigners were charged several limes 
more than locals for hotels. In 
early May the government an- 
nounced it was to increase private 
sector activity — currently under 5 
percent of tourism earnings — 
through the sale of 53 tourism 
companies. This will lead to the 
eventual privatization of hundreds 
of restaurants and hotels, includ- 
ing properties in choice locations 
such as Poina Brasov and the 
Black Sea coast, throwing them 
open to Western investment. 

In Sofia, Bulgaria's capital, au- 
thorities have abolished visas for 
most European nationals and an- 
nounced plans to press ahead with 
privatizing hotels and attracting 
Western investment, in line with a 
tourism master plan started last 
year and sponsored by PHARE, the 


EU's program to aid Eastern 
Europe. “We are at the foundation- 
laying stage.” Mr. Flannery said. 
' 'We seek to improve training and 
look at the whole issue of mar- 
keting. There is a lot to be done.” 

Last year only 2.8 million people 
v Lsited Romania, less than a 1 Oth of 
the number who visiTed much 
smaller Hungary. In 1995. 8 mil- 
lion visited Bulgaria, but that was 
20 percent down on 1994. 

Both countries boast fine 
beaches — many of Bulgaria’s 
have the EU’s coveted Blue Hag 
Award for cleanliness and safety 
— and impressive mountains with 
adequate, albeit aged skiing fa- 
cilities. They also have an abund- 
ance of attractive historic cities. 

Romania faces the biggest 
hurdles. Years of under- invest- 
ment under the dictator NIcolae 
Ceausescu and inactivity by the 
previous, leftist government have 
left facilities at 'many resorts in 
shambles. 

Bulgaria, which adopted a tour- 
ism master plan in 1 996. a year after 
Romania rejecred-a similar plan as 
too radical, is better placed. 


Tax Plan Hurts French Carmakers 


Bloomberg AWj 

PARIS — Shares of Renault SA 
and PSA Peugeot Citroen SA, among 
Europe's leading producers of diesel 
vehicles, fell Friday after the French 
government indicated it was consid- 
ering raising its tax on diesel fuel. 

Such a tax rise would weaken 
demand for diesel cars, further hurt- 
ing French automakers, whose do- 
mestic new-car sales were already 
tumbling. 


Renault shares finished down 6 
francs at 163 (S26.19), while 
Peugeot shares fell 21 francs to 
670. 

Representatives for the two 
companies said they did not want to 
comment because the government 
had yet to make a decision. 

Diesel currently costs an average 
of 4.40 francs per liter, compared 
with 6.31 francs per liter for un- 
leaded gasoline. Some 39 percent of 


Acquisitions Lift Rabobank’s Net 17% 


Bloomberg News 

AMSTERDAM — Rabobank 
Nederland said Friday that its first- 
half net profit rose 17 percent from a 
year earlier on acquisitions and in- 
creased demand for its services. 

The bank, the Netherlands' third 
largest after ABN Amro Bank NV 
and ING Bank NV, said it earned 994 
million guilders (5477.9 million). 

Rabobank said it expected net 


profit for the year to be higher be- 
cause of continued growth in the 
Netherlands and overseas. 

The bank's acquisition of a 50 
percent stake in Robeco Groep NV, 
an asset-management group, was a 
key factor in its results, raising com- 
mission income and adding 2.5 bil- 
lion guilders to its loan portfolio. 
Rabobank has an option to acquire 
the other 50 percent of Robeco. 


Frankfurt ; 
GAX " 


Lwicfoir 
KIBE m Index; 






jyw / .. wm 

/u/lj 

3300/ty^ i 440C 

fyl~ 

3000 M AM J J A • m 

'M A M J 


Amsterdam 
Brussels ^7 

Ftenkfurt '• 
Copenhagen 

..Dab •; - 

London;-'. 
Madrid • 

Milan 

Parte ' ■ : 

SjQckhotny" 
Vteww ~s 
Zurich 

■Source: TBtBkurs 


DAX • . 

HSXGenemi - .: • 

■ ‘08X • i. /.V *S‘ 

: rrs£top.,V;' 

MffiTEL- 

:.CAC.40T'Vr^' 

SX IS. ■: 

'atjc... 

SPt : V 


index . CAC 40 

' 3250 

2950 yT^ 

fit ■’ 2800 -X — 

rj J~A • M A M TJ A 

1997 

Friday" VjPrtW ..% • 

! Close ■ Close.- -Change 
v$5fcS9 - .-135 
. 2,3^34;. .2,420.60 -2.20 

: -MJ8MH -3.94 

63&44. "637.14 -1.05 

3A4T.48 ,3.557.70 -3.2? 
680.37. . .J3&Z7- -129 

4£01.1O 4,978.90 . 
■s&ss ! saatg.; ■ -q.is 

.',44198 ' 14357 -1.18 

,2« : 2^67^ -L7S 
.3,496.06 3,494.86 -2,54 
1,33002 1,38521. -4.15 

;,$SfoOS 3,640.75 ' -2,90. 

lniemaui«u) Htnlil Tribune 


all cars in France use diesel fuel, 
according to the French car asso- 
ciation CCFA. 

The newspaper La Tribune said 
the government could increase tax 
revenue by 28 billion francs if it 
made diesel fuel as expensive as 
gasoline. Such a windfall could help 
France reduce its budget deficit, 
making it easier to meet the fiscal 
criteria to qualify’ for the single 
European currency in 1999. 


The acquisition of 50 percent of 
Agricredit Acceptance Coip. by 
Radobank's De Lage Landen unit 
also helped earnings, the bank said. 

Rabobank's private-sector lend- 
ing rose 14 percent domestically, to 
173.7 billion guilders, and 17 per- 
cent internationally, to 50.1 billion 
guilders. International lending rose 
in part because of the strength of the 
dollar and pound. 


Very briefly* 

• Aegon NV’s second-quarter net profit rose 31 percent, to 
503 million guilders <5241. 8 million), against the like quarter 
last year . It said strong gains in revenue from life and pension 
insurance should help ftill-year earnings grow 25 percent. 

• Bayer AG. the German chemicals and pharmaceuticals 
group, said it planned to spend a record 5 billion Deutsche 
marks (52.69 billion) on research and capital investments in 
Europe this year. 

• Mercedes-Benz AG, the luxury car-making division of 
Daimler-Benz AG, said ir would price its new ML230 sports- 
utility vehicle at 60,950 DM when it goes on sale in Germany 
early next year. 

• Karstadt AG’s first-half sales dropped 1.3 percent, to 12 
billion DM, as the retailer closed some of its Hertie department 
stores. 

• Nordbanken AB, said it saw nothing to prevent it from 
resuming merger talks with Skanndinaviska Enskilda 
Banken AB, although no such talks were under way. Talks 
between the state-controlled Swedish bank and S-E-Banken. 
which is part of the empire of the Wallenberg family, failed in 
early February. 

• Interbrew SA of Belgium said it had sold its bottled water 
and carbonated beverage unit, Chaudfontaine Monopole 
SA, to a group of international investors. The amount of the 
sale was not disclosed. 

• The London Tea Brokers’ Association reported that 
sharply reduced Kenyan production had helped push whole- 
sale tea prices to their highest levels in more than four years. 

• Saga Petroleum ASA’s president, Asbjoera Larsen, an- 
nounced in Oslo that he would step down after 20 years of 
leading the concern. 

• Oerlikon-Buehrle Group of Switzerland said Enm Thomke. 

chairman of its Bally shoe and handbag unit, resigned because 
of ‘ ‘irreconcilable differences . ’ ’ Bloomberg. Reuters. AP 


WORLD STOCK MARKETS 


High Low CJom Prev. 


Friday* Aug. 22 

Prices In local currencies. 
Telekom 

High Lew Oo*o Pm 


Amsterdam 


ABN-AMRO 
Aegon 
AMd 
Ataj Nobel 
Boon Co. 

Boh Wesscw 

C5Mcvo 

DcrttsdwM 

DSM 

Elsevier 

Forth Amev 

Getronta 

G-Breccra 

Haaemeyw 

Heftekm 

HoMOMfKCKI 

HureDoogto* 

INC Group 
KLM 
KNpBT 
KPN 

NeNovdGp 

Nutrido 

OceGchtten 

PhMpsEtoc 

Potwmsn 

Rcn&dHdO 

Robeco 

Rodanco 

rV tti nm 

KOOftCD 

Rarento 
Rrrrai Dutch 
Uimvercva 
Venue* hill 
VNU 

Wafers Klcva 

Bangkok 

AdvIntoSvc 
Bangkok Bkjj 
KnjnaThni Bk 
PIT Exp lor _ 
Siam Cement F 
Siam Com BKF 
Teteewnnsta 

TToIfoto&F 

UtdComm 

Bombay 

Bote Auto 
HnSjsTLwer 
HhutostPehm 
ind Dev BK . 

lTC T_ 

McMMMfTal 
ReOanc* rod 
State Bklmgi 

Steel Arthartlr 
Tata Eng Lott 

Brussels 

Abnoofl 

BofCDlntf 

BBC 

Coirayt 

DeflwtteUan 

Eta cjmM 

Etechufino 

Ferns AG 

Geraert 

GBL 

Gtn Banque 
Kmfle&n* 
PetrafHH 
Powwffn 

SEATS 

SpNoy 
T igdebel 
UCB 1 


4530 40J0 

ia» in 

57 JO 52-50 
338 331 JO 
14550 136 

4030 3330 
10050 99.(0 
11050 10450 
20730 1P7J0 
3250 3050 
8850 S3 
*5 6130 
(0.90 59 

70650 99 

339-M 324 

131.90 136 
9250 8950 
9SM 91.10 

76 7240 
48.10 45 

79 JO 7550 
(650 6250 
345 33150 
251 244 

157 JO 145.10 
1 1250 105 

85 B0.1D 
200 196 

UX 62 

201.90 200 

11750 116.70 
10950 10110 
452S0 433 

109 1K150 
4550 43 

259 24(50 


4450 45.40 
156.10 156.20 
5550 58 

334 JO 33850 
142 146.80 
3950 40JQ 
10050 103 

107 11150 
201 207.80 
31 32.90 

85 88.70 
63 6550 
(0 61 

10150 70650 
331 344 

12950 13250 
90 93J0 
93.70 96.40 
7450 7750 
4650 47.90 
7750 B0 

65 66.70 
34250 35190 
247.90 25120 
15050 15950 
111 112.90 
81 JO 8650 
19750 203 

6350 6150 
20050 205 

117 118 

10550 111 

M 45750 
106 109.90 
4350 46 

252-70 260-90 


High Low aos*- Prwy. 
Deutsche Barik 11630 113.10 113.10 11950 

DeulTetekom 39J5 3850 38J0 40 

DnsOierBorA 7850 7670 7670 80.90 

Fratnta 352 335 335 355 

Freseoha Med 13870 135 13550 146 

Fried. Knipp 38050 366 3(6 389 JO 

Gflbe 11250 10650 10850 11150 

HeWe&gZnd 156 153 155 157 

HanhElpM lotuo 9950 9950 101-30 

HEW 450 450 450 450 

Hoddtaf ?1 88 & 93 

Haedttt 73 70.70 70^ 73 

Kontadl 67( 670 670 685 

Ishfoeycr 1DWD W « 101.90 

U«k 1285 1 230 1235 1 321 

UintOBP 36J0 3550 3560 37J5 

MAN 535 521.20 522 S3850 

Mcmnemom 887 871 B83 9Q5 

MetntQeseBsdioftJlSD 4M0 4080 
Metro 95 93J0 93.80 93J0 

Munch Rueek R 585 57850 57850 610 

Preussag 549 54150 545 552 

RWE B2J0 B1J0 IIJB B4» 

SAPpftf 421 417 414.78 43950 

Sdienng 194J0 189 1B950 198K 

SGLCarbar 231 229 230 232 

11850 116.60 116 12380 

Sprtngw-CAxd) 1625 1620 1620 16H 

Soednitier 898 891 895 905 

nvuM 434 42S50 <2550 447 JO" 

Vebc 10250 10170 101 55 10S70 

VEW 575 573 573 573 

Woo 806 793 794 818 

VU&wgen 1335 1315131870 1385 


SASmtenes 

141 

13780 

Semanca.- 

3? 

35 

5arat " ‘ 

6A75 

K) 

SBK 

220 

219 

Tiger Oss 

7635 

75 


SAPpU 
Schema 
SO. Carbon 
Stamens 


SET BriSK 55959 
Prertora: 58384 

200 180 183 2M 

210 196 204 210 

2675 2475 25 2^5 

340 346 350 362 

MO SM- 588 (U 
103 93 91S5 JW 

39.75 3750 3S5D 40^ 
4450 47.25 4150 45 

124 113 117 124 

111 105 109 111 

Sw rjOitalea c 4847-67 
Prertcmv 423443 

853 837 B49J5 852.75 

1406 137D137675 144175 

484 45775 4B4J5 

10475 9875 9875 106 

53650 516.75 51875 544 

26475 25250 25675 Z71 50 
249-50 344-50 349 365 

3TB 30975 312 320^ 

5175 "2050 20.75 22 

M3 M 344 366.25 

BEL-jBtactocMg-M 

prwtaw; 20950 

1700 1650 1665 1710 
7630 7300 7600 7*» 

IS SS SS8 S8 

'i « '?M « 
i £ B 
sis as i ^ 
JS & ;I 

14575 13730 1^5 ^ 
14175 13500 13900 1«25 
4910 4340 

10400 9770 W2W UMW 
3240 3380 3455 

21100 20550 J0950 21000 

1477 c 14625 

127500 12W0 127450 


Helsinki 

EnuA 
Hulriomokif 
Kamlro 
Kflsin 
Merita A 
Metro 8 
Metso- Sarto B 
Neste 
Nokia A 
Orion- Yhfymae 

MS®* 

U r»WUIIHEIw 

Vofmet 


HEX CauerTritadcX: JJ41-48 
pTtriacs: 3SS7J8 

49 4750 4750 49 

22350 220 221 224 

<8-10 4680 47 4B 

73 7150 7150 
23 22 22 JO 2120 

16950 161 J63 167.10 

49 46 48.90 SI 

13950 13450 J36 U1 

455 434 438 462 

187 184 184 187 

97 94 

136 133 13350 137J0 

7950 77 77 JO 80.10 


Hong Kong 

nn ’ 3 §f 

QtfBjrPodflc 11^ 


CKnaLJoW 

□ncPadnc 


2545 
39 JO 

46.10 

Bk 4540 

4 9 JO 

Hang Lung Dev UJ5 

h3h»oS jS 
HKtKw 1 M 0 

HutahhunWh 7&a 

3 

Dev 

ownwriS 
Peon Oriental i£ 
SHKProW. « 
Shun Tak Hdgs 4J® 
SbaLandCo. 7JS 
MhCWnoPosl 7.10 
SwhtPncA 
Whori Hdgs 
Whealodc 


Hongs*** 1343J-7S 
Piwtaor.l5654J3 

845 850 855 

30.10 30 JO »» 
12.75 1355 1130 
8550 8750 88.75 
2450 2480 2|30 
38J0 39 39.70 

m x 45.10 4d30 
jTAO 45 40 4440 
195 9.10 9.10 

1450 1455 1485 
101 10250 10250 
855 9J5 9 

S15P 68 60-25 

16M ^ “ 
28 2820 28- <• 
1745 17« IB 
4i3 A78 AC 
257 2S8 263 

76 76-50 77-75 

gif 22 ^ ^ 

-”$$$ 
173 177 2.77 
1J4 1J8 1-37 

»W 93JS 96i» 
jaO 450 455 

755 7.70 7 JO 

65 6525 67-25 
29 JO 2950 
1745 1780 17-W 


Copenhagen 

400 378 385 

253 347 3® 

WoflFas tin &s 3J? 

gBB ™ | S $ 

sssKa # j ■£ 


Jakarta 

AshO Inti , _ 

Bklntl tadon 

BkUegom 

GudangGnm 

indocenwi} 

Indofood 

fnriosot 

Sanpoema Hw 

Semen Gr^K 

Tdotomw*®* 


c “ f “£SSm« 

m ■ tis | 

1200 tiDO 1150 122 

9375 8875 |«0 

3725 3425 3450 3OT 

1 S US S 

SS B B S 

M25 3400 3400 3525 


Kuala Lumpur qyp gg fSS” 


AMMBHdgs <120 

Genfing 10.70 

MdBonkiog 2130 

MdlnttShipF 645 

Prtnjnas Gas 9 JO 

Proton 8 

Public Bk . U8 
Benong 130 

Retorts World 7J5 

Rothmans PM 2125 

51me Darby 8 

TefefcanrMaJ 9J5 

Tenoga 9J5 

utd Engiiwers 16 

YTL 680 

London 

Abbey Natl BJ4 

Afced Dotneaj 448 

AngBon Water 7.72 

Argos 640 

AsdaGroup 155 

Assoc Br Foods 5J4 

BAA 5J3 

B andaffl 14.19 

Ba% 127 

BATInd - 5l 23 
BsnXScoHand 4J0 

BlnaCrtie AX 

BDC Group UJ8 

Boots 8J2 

BPB Ind 147 

Brit Aeiosg 1451 

Brit Airways 6.70 

BG 1*5 

BrttLond 5.97 

BrflPeltai A99 


Frankfurt 

AMBB 1765 

ASksnzHdq 42050 
Altana 141.90 

BSBtrtn 47.95 
BASF 65 JO 

Boyer Hypo 6* 6950 

Batr.Vtnrretxmk 97 JO 
Bayer 7145 

B c tais ri crt 8550 

"1345 

QUGCobhta 165 
CMIMTZMflk 6840 
DcbatarBeru 140.40 
De9una 98J0 


DAX40BU1 

Pr ^4B357 

^ ISjo nuso 

47 JO 47.80 £5 

UX 64^5 ^ 

ill 

tEUi 

'h <bs 


Johannesburg 

jBf“ 

cSSjWi ^ W 152 ^ 

D* jk«5 35 3550 

b» Hubs 

194 190 vn 194 

^ 373 

.ri <n 14050 747 

SSI& ® 

K * f gg 91» n| 

Neaaor 454S 4AJ0 

R ®P i S l « GP 67 is 66 66J5 67.75 

Rfchemort -,5? go 80 

p.H-t piattnuni o«J5 79.7a 


sssv 

Gencor 

GFSA 

gar 

SfnS 

SfflS 

man 

Nonpdi 

ito rtm r 

Ren*nn*Gp 

Richemont 


Bril Steel 1.77 

Bril Telecom 4.93 

BTR , 126 

Burmoh Cbstrol 11.02 

Burton Go 1J7 

Ctflrie WlrNeas 5.77 

Cadbury SdlW S.« 

CurttonComm 5.17 

Curnnl Urton 7J7 

CornpassGp 6JD 

CourtouMs 3-28 

Neons 646 

Etedioamiponmrts 4. 84 
EMI Group SJ3 

Energy Gnus 6J7 

Enterprise OS 687 

Fam Colonial 1.75 

GenlAccideitf 943 

GEC 181 

GKN 11.98 

Glaxo Wfencome 11*5 

GronadaGg 8.16 

Grand Mst 5J8 

GRE 

&renofl*Gp 4.90 

Guinness 5J0 

GUS 641 

IS^HIdlJS XJA 

ICI 1040 

Impl Tobacco 190 

iser -I 

Land Sec 9.18 

LaiiTto 2.74 

Legd Genl Grp 4^ 

uSim* 

LucrisVoilty 2 

MvHSpencer 
WlFpC 417 

tterwrAB* I!" 

National Grid 2.73 

Noil Power SX 

Noiwesf * 

Neil 7.72 

Navricn Union 842 

cvmge 2-'jf 

P40 6^ 

Pennon 747 

PBhingtan 147 

PonwGen . 

Premterfw™* SJ2 

Piu*rtfoJ ^ 

RaBmxkGp 785 

Rnrw Group ^ 

RecUttCdm 9.76 

6 SB 

SSSWlrt"? U 

SSk l ffi 

rmcgU m 

RolsRoyce 

a 

gS* i 

iSgjr 

Securicor ^ 

Severfl Trent 

sShNeplww 

fSS 1 

SthemEJeC 

>g 

Tote 8 Lyle ^6 

3 

3! Group t" 

TICK? 122 

TornUns .Hg 

Unlever '52 

Utd Assuran* 
UtdNe.vs 7.1« 


Ufd Utilities 
Vendome Lx urs 
VBdotone 
Writareod 
WiBoms Hdgs 
Wohetay 
WPP Group 
leaxn 


High Low Omt Pm. 

7J8 695 698 7.05 

491 485 490 4.92 

3-33 109 125 -3JI 

629 610 613 837 

3J3 351 3-53 3J59 

464 456 458 462 

2.90 2-80 281 2.92 

19.85 19.26 19 JO 1984 


High Lm One Pm. 


Prertoes: 90934 

0 12 12 

0 10-70 1070 

D 2180 22 

6 645 615 

5 9.1S 930 

0 7.90 60S 

8 3.4) 148 

2 336 3 JO 

Cl 740 7-55 

5 2625 2635 

5 7 95 7.90 

5 685 8(0 

0 085 965 

0 I5JD 16 

5 670 680 


FT-SE 100: 4901.10 
Previous: 497609 

736 837 629 

460 461 4.77 

789 789 769 

6J1 6J5 640 

180 181 184 

SjQ2 5.03 5.15 

560 863 673 

1387 14.09 I4J6 
610 615 632 

606 609 617 

414 416 419 

402 404 419 

10.98 1188 1135 

7.83 7.93 8 

142 142 148 

1436 1442 1451 

652 654 

286 283 

586 692 695 

BJ5 678 698 

432 440 - 430 

US US 1.75 
413 436 410 

M2 MS M6 

10.79 1089 10.97 
134 136 136 

653 586 5J9 

532 683 696 

585 614 5.14 

& $ 

120 333 339 

684 666 683 

487 468 482 

641 582 585 

631 637 

679 697 
1.72 1.73 136 

924 9J5 980 

385 172 381 

1180 1183 11.93 
1108 12.29 12-76 
60S 8.07 614 

675 5.79 657 

170 2.75 286 

485 485 487 

585 675 5.76 

633 638 637 

607 609 615 

21 SS 20.33 21.15 
988 laio 1040 
384 287 190 

7.15 7 JO 784 

256 289 283 

934 9.07 938 

282 244 3.73 

446 449 654 

7.13 735 784 

1.97 1.96 187 

580 5X7 558 
470 474 473 

1333 1343 13.70 

284 265 277 

633 635 547 

786 7.94 8.B3 

757 7.60 788 

134 135 340 

285 286 113 

643 647 6-51 

782 7.62 786 

144 145 147 

789 787 7J5 

517 5.17 545 

697 600 604 

783 7.70 780 

343 346 345 

985 987 9.78 

2 96 383 110 

545 SJH 674 
210 216 222 
620 435 646 

293 197 297 

<80 P.97 70-70 

1040 1044 1042 
241 243 247 

£84 588 588 

5J4 636 ite 

175 176 38S 

6 641 446 

1832 182} I*** 
735 7.38 785 

434 4Jt 4J2 
279 182 283 

R45 848 847 

418 622 638 

10.93 70.96 1182 
1.76 1-76 1-78 

1048 1075 1135 
£Q3 835 834 

458 6*2 659 

7 7.07 785 

9,90 1035 1080 
420 425 431 

610 616 620 
785 787 7.90 

S 675 6W 
585 SJ» S.W 
313 3.T5 1M 

17.91 17.« 1880 
430 430 4J5 

4.97 7.01 7.17 


Madrid 

Acerinai 

ACESA 

Aguos Borceton 

8 ^° 
Banesto 
Banklrrtw 
Bco Centro Hisp 
Bco Popular 
Bco Santander 
CEPSA 
CorUnenfe 
Ca^apfre 

FECSA 
Gas Natural 
iberdnla 
Pryai 
Rspsol 

ScvfionoEtac 
Tahacntara 
TetatorUcn 
Union Fenosa 
Votenc Cement 


DainorsteBk 
Elhem 
Ha&undA 
KvawnerAso 
Norsk Hydro 
Notate SkogA 
NyaxnedA 
OrktoAMA 
Petlrn GeoSw 

ssr A 

TnmeceanOft 
Storefirond Am 


2 6490 26110 
1800 1775 
5580 S5Q0 
7950 7710 
4145 4040 
1415 1385 
7900 7720 
5840 5770 
34300 33970 
4390 4260 
4630 4570 
3300 3160 
8450 8170 
319S 3120 
1241 1200 
6770 6650 
1785 1730 
2905 2840 
61 B0 . 6050 
1370 1330 
BQ40 7920 
4045 3995 
1200 1160 
2765 2735 


Manila 

AyotaB 

Araks Land 
BkPhflpISl 
CAP Homes 
MaidoElecA 
Metro Bonk 
Petron 
Pa Bank 
Phi Lots DbJ 
San Miguel B 
SM Prime Hdg 

Mexico 

AHaA 
Banocd B 
CemuCPO 
CTroC 

EtnpModma 

GpoCasoAl 

GpaFBcomer 

Gbo Fin tribune 

Kmb Cknk Mex 

TetavtsoCPO 

TeiMexL 


ABesnmAssic 

BcnCflrrnJJal 

Bcu Rdeuraro 

BcodRoma 

Benetton 

CredOo Itafano 

Edison 

ENf 

Hot 

Generoi Asst 
I Ml 

INA 

& 

Metflo banco 

MertMbon 

OfiveJfl 

Parmalat 

PsdR 

RA5 

Roto Banco 
S Paolo Torino 
Tflecooi tola 
TIM 


Montreal 

Bee Mob Com 
CiittreA . 
Ota-LMIA 
CTRlrfSac 
Gaz Metro 
GMNestUeco 
bnasco _ 
Investors Gtp 
Lotto w CM 
HatlBkCmada 
Power Corp 
PowsHni 
QuebearB 
Rogers Cormo B 
Royal Bk Ota 


14590 14300 
4410 4305 

5925 5845 

1600 1540 

26550 25350 
3650 3500 
815) 7960 

10185 9950 

5620 5460 

36700 36050 
16035 15880 
2405 2555 

5360 5250 

7740 7505 
11420 11080 
]1D4 1089 
700 682 

2645 2590 

4740 4635 

14870 14560 
22600 217CC 
1289S 12390 
10755 10430 
5875 5700 


50ta 501A 
27 26 

38*4 38 

4185 4385 
1830 1885 
33 32Vi 
•4030 39.10 
35 15 

2055 Mfc 
.18 17M 

39 38’a 
3TA 

2670 2640 
9.90 

6280 6085 


13280 12S 

205 199 

2580 2480 
29 JB 28.90 
138 132 

N.7. N.T. 
411 400 

405 39! 

287 280 

10 IS 

546 532 

424 414 

156 151 JO 
126 12280 
660 639 

SO-SO 50 


Belsa to(tacStt-54 
PmtaaK5a.lt 


26200 26560 
1795 1790 
5540 5580 

7920 7950 
4110 4155 

I4T0 l-m 
7m 7880 
5800 5850 

34280 34570 
4315 4410 
4630 4600 
3230 3360 

8200 8300 

3160 3190 

1215 1230 

6700 6790 
1740 1785 
2650 2940 

6090 6200 
1360 1370 

7950 8040 
4Q25 4065 

1190 1200 
7760 2765 


PSE tariee 2428J3 
PrevtooK 345984 

17-50 16J5 17 17.75 

1835 18 1125 IB-50 

142 140 140 141 

9.10 BAC 170 9 

81 7980 79.50 BOSQ 
500 48750 490 490 

5A0 5.40 5-50 580 

198 191 192 . 197 

885 87S 875 89S 

56 5580 5580 55 

780 7-40 780 7JQ 


BabaMUx: 4991.15 
Prevtaus: 507087 

6280 6110 6580 
2140 2400 24.10 
41.90 S?JX 42A5 
1446 14.50 1466 

4280 42.25 42.70 
5880 58.50 5940 
380 360 346 

34JD 3450 35. 00 
3580 36.15 36J0 
12880 12880 13230 
19.96 2105 2080 


MIB Tetemrdtco: 1419680 
Previous: 14367 80 


Accor 

AGF 

AtrLWulrie 

AJcoM AJOT 

A^n-UAP 

BoncolfE 

BIC 

BNP 

Canal Fins 

Canefour 

Casino 

CCr 

CeWern 

QirktSa Dior 

CLF-DeOo Fran 

Crerfil Agrtcota 

Danone 

EB-Aamtnine 

EndaxttaBS 

Eurodisney 

Eurotunnel 

Gea Eaia 

Haves 

Imetnf 

Lafarge 

Leerand 

L-dreal 

LVMH 

A.jcheUn B 

Paribas A 

Pernod Picard 

Peugeot CH 

Pinaud- Print 
Promodes 
Renault 
Retel 

Rh- Poulenc A 
Sanoil 
Schneider 
SEB 

SGSThom-jOn 

Ste Generate 
Sodexho 
STGababi 
Su« IGe) 

Suez Lyon Eaux 
Syntoiktao 
Thomsen C5F 
Total B 
Ustaar 
VMeo 


CAC-W: 390433 
PraMK 395733 

MS 954 970 

30 Tl\ 22580 
W v 24 925 

7» 794 809 

-10 406 410 

*1 701 718 

.10 48260 498.70 
-10 283.40 28880 
009 1021 1024 

143 3863 3956 
80 28180 28480 
•.10 315 324 

M3 644 680 

727 938 951 

W8 549 5b3 

16* 1266 1 770 1 0 

715 924 933 

701 707 723 

J17 821 827 

85 8.70 B70 

>.75 (85 6 90 

bBB 696 706 

80 376 384.90 

S36 847 665 

tOt, 410150 417.90 
187 1087 1137 
210 2227 7321 
110 1424 1456 

80 3SS 359-70 
30 43730 44160 
194 294 29980 

570 670 691 

530 2730 2760 

133 2154 2196 

80 1(3 169 

U0 1717 1725 

80 24780 248 nO 
566 604 600 

334 314 334.70 

155 970 795 

557 580 6W 

773 784 794 

796 2802 2869 
152 867 B76 

15 16-30 16 JO 
554 664 667 

719 732 765 

•ID 15170 ISO 
W9 609 621 

80 110.90 11480 
30 370 37580 


14460 14850 
4365 4440 

5875 5960 

1567 1580 

25900 26400 
3600 3650 
8010 BUS 
10040 10160 
5905 5580 

36500 36900 
15890 16200 
2580 2415 

ay; 
7555 7650 
11275 11 ' 


2645 2650 
4700 4750 


12580 1 2710 
10630 10720 
5740 5840 


BradescoPfd 
Brahma PM 
CemiaPM 
CESPPId 
Cupel 
Eteliobras 
ItoubgncoPtd 
Light Senridas 

WlKLw 

PouSMa Luz 
id N nci end 
Souza Cruz 
Tutebnjs Pfd 
Telemlg 
Teterf 
TelespPW 
UnibatKE 
UslmtanPtd 
CVRD PW 


Dacam 

Daewoo Heavy 
Hyundai Eng. 
iGa Matas 
Korea El Pw 
KonoExchBk 
LGSemfcw 


Samsung D&Ury 
Samsung Elec 


IwfcstrtaU Sake 351 &5S 
Pmtousi 35U32 


5tU5 SOU 

26.05 27415 

38.05 3S60 
4385 44 
18.15 1115 

33 3385 
39 JO 41 

35 36.9S 
X<o XW 
1785 17.95 
36.70 39.15 
36U 3785 
26*6 26.70 
9.90 10.10 
62 62,15 


OBXtodtaCiNJ? 
Prwtaas: 6B937 


12880 132 

202 20650 
25 2580 
2930 2980 
136 138 

N.T. 46 
406 414 

400 404 

284 288 

152 155 

540 545 

422 431 

154 1S1J0 
12280 126 
639 670 

50 5080 


Singapore 

AstaPocBim* N.T. 
Costas Poc 488 
Gty DevBs 11.90 
11.70 
■ 0.90 

1780 

DBS Land 02 
Fraser 4 Weave 9J0 
HKUnd • 
JardMottasn 
JardSJMtoflk* 196 
Km* a 
KeppelBank 

Keppel Fels 

Keppel Land 434 
OCBCtore|5i 1280 
OS Onion mF 835 
PartaiavHdgs M0 
5tanbaufflig 6.90 
Sing A^toroign 1780 

Sing Land 7J0 

Stag Press F 2 aB0 

Sing Tcdi Ind 3^46 

SlngTeteamm 2-43 
Tot lie Bert 2.76 
UMlnOosMal l JOB 
UUDSwBkF U10 
Wing Tot Hdgs 3.64 
'rtnUAdatan. 


Electrolux S 
Ericsson B 
HanrmB 
InceothfeA 
investor B 
M0D0B 
Nordbanken 
PharmTUplohn 

Sandvfl.fi 

Scania B 
SCAB 

S-E Ban ten A 
Stinndia Fors 
SkanshaB 
SKF B 

Sparoanten A 
Store A 
Sv Handles A 
Volvo B 


High Low Oaw Prw. 

608 577 5S9 604 

357 33880 34380 35180 
324 302 312 3lB 

740 721 724 744 

SOS 399 A4 409J0 
27980 266 Z73 28180 

256 247 248 252 

282 271 277 280 

250 34180 245 2i9 

225 221 223 22680 

183 176 182 182 

8580 S3 84 86 

328 313 320 329 

331 322 325 33280 

223 214 21&80 224 

18280 176 177 1B4 

139 13080 13480 139 

249 242 244 249 

21780 21080 21480 218 


Sydney 

Amcor 

ANZBMng 

BHP 

Botal 

Brambles Ind. 
CBA 

CCAmata 
Cotes Myer 
Omom 
CSR 

Fasten Brew 
Goodman Fid 
tOAwTrafc 
Lend Lease 
MiMKdn 
Not Au St Bonk 
Nat Mutual Hdg 
News Carp 
Pacific Dunlop 
Pioneer Inti 
. Pub BroodaKt 
Rtorinto 
SI Geuge Bonk 
WMC 

WestpacBWng 

WoodsHtoPer 

WaoWrertns 


AflOnfcarteK24»J9 
Previous: 2649 JO 
» 835 BJ1 145 

» 9J7 9.92 10.13 

I 17 JBb 1788 17J1 
I 3.90 3.95 3.97 

I 2780 2781 2889 
1 15J6 15J9 1586 
I 15.15 1530 1580 
M0 4J4 ASO 

i 688 664 683 

i 4. El 4.92 A99 

I 288 160 283 

i 1.93 135 1.98 

i 12-83 13 ILB6 

I 29 JO 2987 3089 
186 186 1.71 

i 1982 19.12 19J7 
289 Ml Ml 

f 5.76 581 585 

I 384 140 161 

! 484 485 4.68 

! 7.95 B 8.10 

> 20-38 20.38 20.74 


L32 

835 

837 

7JI 

730 

735 

813 

801 

B.02 

1130 

11.12 

11.18 

4.15 

411 

413 


Sao Paulo 


Taipei Stock Marin! tadex 1002085 

‘“i tatn< u 


1080 1085 

730.00 73080 
4980 50. 71 
7KM 72-20 
1680 1680 

47180 475.00 
63080 63580 
47700 47780 
40080 40680 
27780 277.00 
IBfLOO 16380 
3S.00 35.10 
9.90 9.91 

13380 13481 
16780 167.00 
14180 142.00 

319.00 32081 
3&4D 38.40 
1186 1140 
2580 25.71 


CeapasRetattaL- 73482 
Pmriws: 73987 

92000 90000 90200 90200 
7800 7530 77S0 7590 
20400 20200 7^5 

12300 12700 12900 17700 
25400 24900 25100 15500 
5450 5000 5290 5330 
48000 44000 48000 48000 
61500 60100 61200 61000 
48000 47100 48000 47700 
72300 71200 72500 72000 
9500 9110 9150 9*00 

320000 504000 520000 SUOOO 


Cathay Ufa Ins 
Chong HwaBk 
□uoaTunqBL 
Own Devrtpmf 
CWno Steel 
First Bank 
Fonrosa P las be 
Hud Nan Bk 
ind Comm £5- 

Nan Va Plashes 
Shin Kang life 
Taiwan Semi 
Tatung 

UtdlwboEtaC 
(ltd World Chin 


Tokyo 


Straits Tnnat; 194584 
Prevhwt; 194687 

N.T. N-T. SJ0 

480 454 480 

11.30 1180 11 
11J0 1170 11.70 
089 0.90 S.90 

17.10 1730 17J0 
488 412 4.12 

8.90 PJ0 8.90 

120 33J Uf 

730 7 AS 7J5 

3.92 192 482 

685 685 6.10 

3J2 332 160 

A41 4S0 A46 

iM 430 488 

12.70 12.90 17-90 
8.10 &15 

6 JO 6 JO &40 
680 6.90 495 

1230 12J0 12J0 
735 7 JO 735 
2410 2450 24.10 
38! 104 .380 

Un 242 142 

235 2.75 126 
W 188 18* 

1180 14 1410 

160 160 162 


Stockholm sxuwwumolm 

Piwfaus: 349486 

A GAB T99J0 10450 107 10950 

ABBA 12350 118 17050 12450 

AsslDoman 148 243 U6 247 

AStHA 13150 127 12950 133 

AttoBCopcuA 254 242 245 25150 

Autoliv 306 298 305 205 


AsnNBaWt 

AsahiChem 

AsahiGHns 

strakyaMOai 

BA Yokohama 

Bridgestone 

Caron 
Chubu Elec 

Chirtofa/Ete: 

Dai Nipp Print 
Daifi 

DaUcHKang 

DaiwaBank 

Datura House 

DahraSec 

DOI 

Denso 

East Japan fy 

EUai 

Fame 

Fug Bonk 

Fun Photo 

Fuptsu 

Hadflunl Bk 

Hitadri 

Honda Motor 

IBJ 

IHI 

Itochu 

tto-Yokado 

JAL _ 

Japan Tobacco 
Jusco 
Knwna_ 
KsnsalEtac 

Kao 

KmaMUHvy 

KuwaSted 

KWdNIpp Ry 

Kim&tawy 

Kota Steel 

Komatsu 

Kubota 

Kyocera 

KjfusmtEtec 

Manttani 

Moral 

MoJsu Contff) 
Matsu Etec Ind 
Matsu EhxVA 
MasuWhi 
MitsuOUilCh 
MifsttrisniEi 
ATiBstafahl Ed 
MBsubtehi Hvy 
Mitsubishi Mot 
Mitsubishi Tr 
Mitsui 


PrertBUS: IO0ZS.U 
143 143 14550 

113 11350 11550 
82 8450 83 

122 133 136 

-20 30.20 3030 
-» 114 11550 

LSD (350 6450 
120 120 12250 

55 5550 5558 
50 7550 7750 
9B 99 99 

160 163 164 

45 45 4540 

135 137 13750 

63 63 6350 


Nft*e) 125: 1M50.17 
Prev-WK 19157.12 
1160 1170 1170 

700 700 715 

3380 34M 3380 

m 910 90S 

645 648 '660 

930 941 952 

2230 2230 2J20 

512 512 520 

2700 2730 MB 

3440 3450 3560 

2010 2010 2030 

I960 HUD 1940 

2710 2730 2770 

841 B41 863 

1440 m um 

639 650 669 

1400 1400 1430 

750 754 767 

6WO 7000Q 725W 

Z700 2720 2790 

5OTo 52100 5380O 

MSI 2440 2500 

4720 4730 4758 

15X 1530 1590 

4530 4600 4790 

1580 1590 1630 

1120 1120 1170 

11BQ 1200 1230 

3500 3540 3620 

1690 1690 1753 

360 360 374 

506 584 

6890 6920 
468 475 473 

93000 9350a 9480a 

3260 3290 3430 

615 640 666 

2190 2190 2230 

1780 1790 1810 

470 470 482 

298 300 301 

69J (iffl 688 

994 985 980 

170 170 179 

NO 819 834 

48) 490 496 

8480 8570 8730 

IPSO 1950 1970 

567 599 609 

427 430 427 

1910 1960 1920 

4430 4460 4580 

2230 2230 2300 

1310 1310 1330 

1240 1240 1250 

303 385 307 

561 567 533 

1620 1630 1690 

798 303 810 

499 709 700 

1650 1690 1720 

1020 1030 TOSO 


fllQ Yrib Index FnC« as oi 3:00 PM. New York pm. 

Jan. 1. 1993 ^ 100. Laval Clsanga %ehang« yaartodate 

% change 

World Index 171.08 -3.03 -1.73 +15.31 

Regional htdaxea 

Asia/Pact ftc 125.75 -3.38 -2.62 +1.88 

Europe 182-S4 -2.22 -1.20 +13.24 

N. America 202.36 -4.04 -1.96 +24.98 

S. America 180.19 -1.92 -1.18 +39.99 

Industrial tadaxas 

Capital goods 223.20 -6.07 -2.65 +30.59 

Consumer goods 186.71 -2.78 -1.47 +15.66 

Energy 194.45 -3.90 -1.97 +13.91 

Finance 130.94 -2.85 -2.13 +12.43 

Miscellaneous 184.50 -2.59 -1.38 +14.04 

Raw Materials 184.80 -2.42 -133 +5.37 

Sendee 161.71 -1.40 -0.86 +17.76 

Utmes 160.03 -1.81 -1.12 +11.55 

77» International Harold Trim Worfd Sock hide* O tracks th« U.& Obftsr wtoss o# 
2 BO mtemanoneVy InvatnUe stocks from 25 couOnes. For/meintormavan, a free 
bcoktes is avertable by writing id The Tnb Index. 181 Avenue Charles de Caude. 

92521 NotriSy CedBK France. Complied by Bloomberg News 


High Low Close 
Mitsui Fudosi 1450 1400 1420 

• ns m m 

5370 5320 5370 
1550 1530 1540 
2340 2250 2270 

612 600 600 


Mitsui Trust 
Murotu Mfg 
NEC 

NBckoSec 

Niton 

Nintendo 


NfapcSsr 3 

7W 

543 

777 

530 

787 

531 

774 

543 

N town Steel 

311 

300 

311 

306 

Ntescn Motor 

756 

736 

736 

747 

NKK 

197 

191 

191 

194 

Nomura Sec 

1650 

1610 

1630 

1650 

NTT Data 

1150b 

1120b 

1120b 

170b 

5440b 

5250b 

5260b 

5450b 


OjjPHfaer 
Osaka Gas 
Rfaofl 

Rohm 13900 

5alcura Bk 
SonStyo 
Scttwo Bank 
Sanyo Elec 
Secnm 
Sefcu Rwy 
SetosuICnern 
Sektaul House 1170 

Seven-Eleven 8910 

Sharp 1320 

ShtkokuEIPwr 1930 

SWmizu 
Shin-etui Ch 
5hteekh> 
stjtrooka Bk 
Softbank 

Sorry 11300 

Sum Homo 
Sumitomo Bk 
SumttChem 
Sumitomo Elec 1920 

Surait Meta) 287 

Sums Trust 1210 

ToishoPhonn 3130 

Tatedo Chert! 3^0 

TDK 9700 

Tabaka £1 Pm 1950 

Total Bank 1040 

Toido Marine 1440 

Tokyo El Pw 2Z70 

Tokyo Etocfron 7250 

Tokyo Gat 
Tokyo Carp. 

Tonen 
ToppanPrlnt 1850 

Tonrylnd U0 

Tashiha 731 

Tostom 
Terra Trust 
Toyota Motor 3140 

Ybsnnovdri 2 «o 

a-.xlOblxxi'Ooa 


602 605 603 

268 271 270 

1760 1770 1870 

13600 13600 14000 

748 750 795 

3900 3950 4100 

1510 1530 1590 

454 454 466 

84S0 B500 8600 

5260 5260 554) 

1020 1(00 1060 

1120 1150 1170 

8760 8790 9900 

1300 1310 1330 

1910 1910 ?930 

615 626 653 

3070 3100 3170 

2120 2120 2190 

1190 1200 1230 

5650 5680 5720 

70900 1)000 71400 

963 983 1000 

I860 I860 1910 

470 472 470 

1880 1900 1920 

280 282 283 

1160 1170 1190 

2990 3000 3120 

3350 3370 3500 

9500 9500 97M 

7920 1RP 75® 

1010 1020 1040 

1400 1 410 1 450 

2250 2250 2270 

7070 7100 7440 

280 280 M3 

618 626 6* 

mo mo na 

1000 1810 18® 

796 B30 809 

720 725 730 

2490 2520 248" 

990 W 101 

3050 3050 31® 

2880 28 90 2950 


Toronto 

AbltlblCanL 
Atari? Energy 
Atom Atom 

Anderson Eta) 
Bk Montreal 
BkNnrn Scotia 
BorrttGotd 
BCE 

BCTelecornm 

BlochemPhann 

BomtantarB 

Comm 

C1BC 

Cdn Natl Roil 

CdnNatRu 

UnOcddPta 

CemPodfle 

Caratno) 

Dotnscn 

Domtar 

Donohue A 

Du PorrtCda A 

EdpafitOKan 

EurnNowMng 

FtrirfaxHtd 

FaJconhildge 

Fletcher QwlA 

Franco Nevada 

GttfQWRa 

Imperial 01 

taco 

I Ft- Enoray 

LoI<flawB 

Uewen Grain 

MflcreBBIdl 

Magna IntIA 

MflfnarrtX 

Moore 


TSE Indvstritts: 644989 
Preview 6732^7 


25.15 2A65 

37.15 31® 
S3 4935 

17J5 17.15 
SU5 53.95 
62i5 61.® 
32J0 32.10 
39.® 3880 

34.15 33J0 
37>4 37.10 
27* 27.15 

50J0 5020 
37.40 3A4S 
® 66 te 
37 JO 3680 
3580 35V6 

41.90 41.10 

3791 3630 
29J5 28 Vi 
11.95 1185 
32J5 32 

33 32<4 

23M 2314 

2285 21M 
395 3B8 

26.90 26.05 

m 23<4 

33 31.® 

1730 ra.ro 

7540 7165 
2945 3885 
49 JO 4BM 
20 Vi 20.05 
43«t 4JJ0 

17.90 17J5 
91V5 V0V4 
1285 1185 
2830 77 JO 


Newbridge Net 

NormdalfK 

Norcen Energy 

Nthern Telecom 

Novo 

One* 

Pflncdn Petal 
Petra Crta 
Ptocer Dome 
Paco Pettm 
Potash Sask 
Rennftsantt 
RtoAtoon 
Roacf^CaJilrt B 
SeagroraCa 
SheiCdo A 
Suncor 
Talisman Eny 
TecfcB 
Telegtata 
Teius 
Thomson 
TorOam BanL 
Transabo 

TransCiia Pipe 

Trimark FW 

TraecHahn 

TVXGold 

WestooostEny 

Weston 


High Low 
6585 63*» 

2735 2765 
34.90 3430 
740 137 

ll\i 1140 

3 1 .65 31 V» 

26<* 26 
2545 2490 
2480 2415 
1155 1135 
102.60 100M 

3120 3455 

33.70 1120 

me 27 
4980 49.15 
22.40 22.70 
4685 4570 
4465 44 

27V> 2640 

48 4714 
TTk 27 
3245 31 

4085 4030 

17.70 17 JO 

26J0 2585 
64-90 61 '5 

31M 31W 

755 . 71. 
269. 2685 
934. 92U. 


Vienna 

BoeMer-uddeh 
Credtionst PW 
EA- General 
EVN 

Ftotttofen Wten 
OMV 

Oesi Elektrtz 
V A Stall 
VATedi 
Wlenerbog Bou 


ATX todex: 132082 
Pnrvbnsi 130831 

1015.90 985 9B6.10 1023.10 

601.90 575.10 596.90 590 

3185 2910 2980 3150 

1574 1480 IS* 1579 

513 496 499 514 

1778 1677 16921790.90 

867 857-30 85740 868 

5® 533 535 575 

2389 2300 Z3D0 2393 
2520245250 2469254885 


Wellington ««£»!£ 

AirNZettdfl AA5 440 443 445 

Briefly irnt 1J9 »JB lJB 1J9 

Carter Hoft orB 345 340 3 40 347 

FtetaiCh Bldg Ul U9 4» 48 

HKWQiEny 580 5.75 i® 

Bdcft ChForst 1.92 187 187 1.93 

FlBtchCh Paper 340 3J5 138 344 

Lion Nathan 484 4 4 487 

Telecom NZ 785 780 783 785 

WDsonHaton 11.90 11,90 1190 1190 


2585 2540 
3) J1.15 

4.70 5045 
1745 1745 

54.10 54.90 
61.95 62.90 
3240 3230 

39.15 39.95 

3390 34 

37.10 38 
2755 2735 
SOJQ 50JO 

36.70 3780 

69.90 70-30 
3685 37* 
3580 36 

41 JO 41.90 

37M STM 
2BM 29te 
11 JO ».» 

32 3214 

33 33 
70 2190 

338 395 

26 JO 271* 
23U 2385 
33 32 

11.75 11.70 
7540 74 W 
3930 39.90 
4985 5040 

20.15 70-70 
4» 4314 
17M 

91 92 

12 12 
2785 28 Vi 


Zurich 

ABBB 

AttecfibB 

AlUSttueR 

Ares-EerenoB 

Alai R 

B ear Hdg B 

Brittle Hdg R 

BK Vision 

Ota Spec Oiefll 

□ortaidR 

CriSi^sseGcR 

EJeWrmwttB 

EnMJemte 

ESECHdg K 

HttderhonKB 

UediteraJLBB 

NestttR 

NwartisR 

Oerlikn Bueft R 

PargaroHWB 

RtitsmVten B 

Richemont A 

PtrrtlPC 

todwHdoPC 

ScMfldwPC 
sgsb 
SMHB 
Surer R 
Suits* Reins R 
SAIr Group R 
UBS B 
WtoterthurR 
ZHfttl AssarR 


SP(tadK352SJ6 
PtevtoOK 3660.75 


2406 2320 
599 540 

1388 1354 
2540 2410 
870 870 

2285 2200 

4i nr 

1130 10B5 

136.75 131 

1075 1026 
18780 17935 
53» 536 

6805 . 6760 
4660 4560 
1324 1275 
584 582 

1880 1820 
246 2173 
168 15480 
1860 )S» 
918 902 

2151 2100 
335 329 

13775 13425 
39880 38680 
1935 1850 

3005 2930 
910 BM 
1160 1105 
2102 2023 
1955 1894 
1553 1514 
1367 1305 
409 58S 


2345 2427 
543 564 

1368 1395 
2450 2540 
B70 880 

2225 2300 
4IS5 4135 
110Q 1140 
133 13780 
1029 1084 
1B2 189-50 
536 539 

6S0Q 6305 
4560 4630 
1276 1336 
582 586 

1830 1880 
21 » 2276 
164 169.75 
W50 1680 
916 930 

2100 2164 
333 330 

13450 138&5 
390 40180 
1909 1960 
2930 2993 
893 915 

1130 1160 
2035 2120 
1907 1955 
1523 1564 

1333 1377 

388 671 



PAGE 12 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 23 - 24, 1997 


Friday’s 4 P.M. Close 

NoSonwWe prices not rafledmg We frotfeseJaewfiwe. 
The Asaoaa ted Press. 


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PAGES 



TlinU l fc 

UL-UH Ik tui<u:wk. » t 4 k *W 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 23-24, 1997 


PAGE 13 


ASLAyPACIFIC 


* P^sunism Infects Tokyo Stocks 

Nikkei Drops 2.65 % and Bond l ie/* ft,// „„ & orwmif ftioom 


Coined* Our Staff F™ Dojwfc, 

TOKYO — Pessimism over Japan's 
fiagile economy caused stocks to tumble 
Friday and pushed yields on Japanese 
government bonds to record lows 
The economic gloom, coupled with a 
downturn on Wall Street on Thursday 
spurred investors to take profits in blue- 

chp shares analysts said. driving the 

benchmark 225-share Nikkei average to 

lts ‘? w “ t ‘ l : ve l“ near ‘y four months. 

The Nikkei dropped 506.95 points, or 
2.65 percent, to finish at 18 650 17 

The slump in stocks helped reinforce 
the view that Japan’s central bank will 
not be able ro raise key interest rates 
soon, encouraging investors to load ud 
• on yen bonds. r 

As bond prices rose, the yield of the 
benchmark 10-year government issue 
slipped to 2.04 percent from 2.06 per- 
cent on Thursday: Many investors pre- 
ferred to buy more secure Japanese gov- 
ernment bonds rather than park their 
money in shares of financially vulner- 
able companies, brokers said. 

In the stock market, some investors 
are cashing in their positions to ensure a 
profit on their books before the Sept. 30 
end of the financial first half. 

“Since it is difficult to conjure up a 
bright outlook for the market,” said 
Tadahiro Kamogawa of Yaraaichi Se- 
curities Co., “investors are being driven 
to lock in profits as early as possible.” 

A recent spate of weak consumer- 
spending data has led economists to 
reassess the economic recovery, with 
some lowering their forecasts for 
growth for this year. 

Consumer enthusiasm had been ex- 
pected to wane after the national sales 
tax was raised in April to 5 percent from 
3 percent, butpredictions that die slow- 
down in spending would be over in June 
have proved overly optimistic. 

Domestic car sales skidded in July, 


and the Trade Ministry has said that 
provement. 05 W ‘" ™ 

fplPf^? 1 ? erir ! tore sales * meanwhile, 
r f ° Urth cons ecutive month in 
near,y 6 percwi com- 
paredwnh the year-earlier period. 

The negative impact of the rise of 
the consumption tax and other tax in- 
crases will be greater and more long- 
lasting than we thought.” said Peter 
Morgan, senior economist at HSBC 
James Capel. 

Mr. Morgan cut his growth forecast 
for the year ending March to 1 .9 percent 
from 2.2 percent. 

Traders said bond prices were likely 
to nse again next week, pushing yields 
to new lows. They said a production 
report would confirm that the economy 

Yamaichi to Bail Out 
Daichu Securities Unit 

kikiriW to Oar Saif F n<m B/yukAi, 

TOKYO — Six companies owned by 
Yamaichi Securities Co. will buy 1 bil- 
lion yen ($8.5 million) worth of new 
shares issued by the ailing Yamaichi 
affiliate Daichu Securities Co.. Japa- 
nese press reports said Friday. 

The brokerage asked Yamaichi for 
help because its ratio of net assets to 
liabilities was near even; the capital in- 
jection would raise the ratio to 2-ro-l. 

Daichu suffered losses of about 1 
billion yen because of difficulties re- 
lated to margin trading, the reports said. 
Daichu and another Yamaichi affiliate, 
Ogawa Securities Co., which closed last 
week, were saddled with close to 2 
billion yen in debt from unpaid stock- 
purchase contracts as of the end of 
May. (Bloomberg, Bridge News) 


was too weak to allow the Bank of Japan 
to raise interest rates. 

“There is no risk that interest rates 
will reverse their course.” said Akio 
Yoshino, senior economist at Credit 
Suisse Asset Management. “The 
benchmark yield could hit 2 percent.” 

Bonds have soared and yields have 
sunk — the benchmark yielded as much 
as 2.75 percent in late May — on weak 
reports on personal spending. 

The Ministry of International Trade 
and Industry is scheduled to unveil pro- 
duction figures for July on Friday. 

Traders expect Jaly output, a key 
measure of economic strength, to show 
that the economy remains sluggish after 
the sales-tax increase. 

In addition ro the July headline Fig- 
ures, investors will focus on ministry 
predictions for August and September 
to get a feel for the strength of the 
economy in the JuIy-to-September 
quarter, said Soichi Okuda. senior econ- 
omist at Nippon Credit Bank Ltd. 

“If August and September show a 
drop, which is very possible, that could 
give bonds a big boost.” Mr. Yoshino 
said. 

Production could fall in those months 
because weak domestic demand is caus- 
ing inventories to build up, he said. 

Weak production figures could con- 
vince investors that the tank an. a key 
central-bank report scheduled for re- 
lease next month, will show the econ- 
omy is too weak to withstand higher 
interest rates, analysts said. 

“Only exports are doing well right 
now,” said Masahiro Inoue. portfolio 
manager at Sumitomo Marine & Fire 
Insurance Co., "while personal ex- 
penditure is lousy. It's going to take a 
little more time for that to sink in. so it 
still looks like the benchmark yield will 
go below 2 percent.” 

(Reuters, AP, Bloomberg ) 



V-il TIKI ^nrrfFnrr^Pirir 

Alan Bond leaving court in a prison van on Friday. 

Bond’s 2d Sentence 
Extended to 7 Years 


Bloonihern News 

PERTH. Australia — Alan Bond, a bankrupt en- 
trepreneur. was given an extended seven-year sentence 
Friday for his role in the biggest corporate fraud in 
Australia’s history. 

In February, Mr. Bond was sentenced to four years in 
prison after pleading guilty to improperly using loans of 
1.2 billion Australian dollars (S895.2 million) from Bell 
Resources Ltd. 

The government prosecutor had appealed the short 
length of the sentence, and on Friday, an appeals court ruled 
that the original sentence was “manifestly inadequate.” 

“It was a sentence so disproportionate to the se- 
riousness of the crime as to shock the public con- 
sciousness.’ ’ they said, explaining their judgment, saying 
the original trial judge had paid too much attention to" Mr. 
Bond's personal circumstances. 

Mr. Bond, 58, is serving a three-year sentence for 
misleading his own company about the value of a paint- 
ing by Edouaid Manet. He will serve the seven-year 
sentence for fraud consecutively to that conviction. 


Investor’s Asia 


Hong: Kong 

Kang. Seng 

17000 

16000 

15000 

14000 
13000' 

i 2M0 m v Tm'jTa 

1997 


Singapore 
■Straits Times 


Tokyo 
Ntkkei 225 



1900 M AMJJ 
1997 


"“r.rjj, 

1997 


•Exchange 

• Index 

Friday ■ 
Close 

PfBV. ■ % ■ 
Close . Change 

Horig 1 C ong 

Hang Seng • 

1 M 29.75 15 , 654.03 

- 1.43 

Singapore 

■ Straits Times 

1 , 945.44 

1 , 946.57 

- 0.06 

Sydney Y . 

AjliOrdlnaftes 

. 2 ^ 20.30 

2 , 64&70 

- 1.11 

Tbfcya • 

Ntftfcei ‘225 . . 

18 , 650.17 

19 , 157.12 

- 2.65 

[ KuafcUtmpyr Composite ... 

905 , 00 .- 

909.24 

.- 0.47 

Bangkok ' 

SET 

559,59 

583,04 

' 4. 02 

SSou? ....“ 

C<ar?iowte Index 

736^2 

73 S .47 • - 

-039 

Tiripef ;• 

Stock Market Index 10,02055 

tO. 02 S.T 3 - 0 . 05 ) 

Manila 

PSE 

2 , 428.73 

2 , 459.04 

- 1.23 

Jakarta '• 

Composite Index 

574.40 

603.06 

- 4.75 

WeBington 

NZ 5 E -40 

ZA97.77 

2 , 516.85 

- 0.76 

Bombay 

Sanative Index 

4 , 047.57 

4 . 156.18 

- 2.61 

Source; Telakurs 


[ni'.-nuiimul htaaJJ Tribune 

Very briefly: 


Jakarta Stocks Plummet 
On Fears of Bankruptcies 


Cvertptledtn Our Stag Fran Duparhn 

JAKARTA — Indonesian stocks 
fell to a 10- month low Friday, amid 
concern that a weak rupiah and high 
interest rates could hurt profit growth 
and trigger a rash of company fail- 
ures. 

The benchmark Composite Index 
in Jakarta dropped 28.66 points, or 
4.75 percent, to 574.40. 

Bank shares led the decline amid 
concern that soaring interest rates, 
aimed at easing a currency crisis, are 
pushing some of them to die brink of 
collapse. 

Panicked customers rushed to 
withdraw money from branches of at 
least one bank. 

“It’s no longer a question of earn- 
ings — the banks look extremely 
cheap on that basis — it’s a question 
of whether they can survive,” said 
Lin Che Wei, research director at Soc- 
Gen -Crosby Securities in Jakarta. 

Interest rates have soared as Bank 
Indonesia, the central bank, sought to 
shrink the supply of rupiah in the 
banking system, making it more dif- 
ficult to speculate against the cur- 
rency. 

Overnight interbank loading rates 
have hovered near 100 percent this 
week, and some smaller banks have 
had to pay as much as 200 percent for 
short-term funds. 

“The banks have pushed the entire 
market down,” said Adrian Tan of 
Deutsche Morgan Grenfell. “The li- 

S uidity squeeze is a real thing, and 
ie price of doing business, espe- 
cially for banks, has gone way up.’ * 
Several Asian currencies have 
come undo: attack since Thailand 
floated the baht July 2 after it came 
under pressure amid a crisis among 
property lenders and a rising current- 
account deficit. 

The rupiah, which gained about 9 
percent this week on the back of the 
punitive interest-rate increases, lost 
ground Friday. The dollar finished 
here at 2,675 rupiah, up from 2,661 
on Thursday. ■ 

Among bank shares that fell Fri- 
day, pT Bank Danamon was the 


worst hit, closing down 125 rupiah, 
or 14 percent, at 775 rupiah, a 27- 
month low. Danamon shares took a 
drubbing on speculation that it was 
having problems paying depositors. 
The bank denied any liquidity prob- 
lems but admitted that there were 
rushes for cash from customers at 
some of its Jakarta branches. 

When such speculation starts. 
Frank Shea, senior advisor to Dana- 
mon’s board of directors, said, “it 
takes on a life of its own.” 

Customers in the ethnic Chinese 
neighborhood, of Kota in the capital 
made large withdrawals from Dana- 
mon branches in the past few days, 
lining up outside for cash and in some 
cases being forced to wait as Dana- 
mon brought in more money. Mr. 
Shea said the company was having 
no trouble funding its operations. 

Fait of die problem, Mr. Shea said, 
was that high interbank rates were 
encouraging nearby competitors to 
try to eat into Danamon’s business. 
Rival branches were offering “one- 
hour specials” to depositors, giving 
them berter-than-normal exchange 
and deposit rates. 

“It’s cheaper- to get money from 
the guys down the street” than pay 
close to 100 percent in the overnight 
market, Mr- Shea said. 

Also weighing on the company’s 
shares was speculation that large 
Danamon depositors were withdraw- 
ing funds from the bank to take ad- 
vantage of three-month government 
treasury bill yields that have surged 
to 28 percent in the past two weeks 
from 1 1 percent. 

Standard & Poor’s Carp, said 
Thursday that it was cutting its out- 
look on three Indonesian banks, in- 
cluding Danamon and the government 
controlled PT Bank Negara Indonesia, 
to “negative” from “stable.” 

S&P said Danamon ’s rapid ex- 
pansion — its assets have more than 
quadrupled to 22 trillion rupiah in the 
past four years — hud created con- 
cerns that its borrowers might be- 
come insolvent in a high interest rate 
environment. (Bloomberg. AFP) 


Daiwa Investigated for Payoffs 


C^rpded to Cur SijJf Fium 

TOKYO — Daiwa Securities Co. said Friday 
that authorities were investigating whether it paid 
off the racketeer who extorted millions of dollars 
from other large financial companies such as 
Nomura Securities Co. 

The brokerage provided records of trades made 
after 1993 to the Ministry of Finance, a Daiwa 
spokesman said. “We don't know of any improper 
dealings by our company,” he added. 

The Tokyo Shimbun reported that Daiwa was 
being investigated for allegedly issuing $8.5 mil- 
lion in payoffs ro Ryuichi Koike starting in 1993. 
The scandal has already ensnared Nomura, Dai-lchi 
Kangyo Bank Ltd., and Yamaichi Securities Co. 

Sokaiya . racketeers who exton money and other 


favors by threatening to expose dubious deals by 
companies or by threatening to disrupt sharehold- 
ers’ meetings, have long been a feature of Japan's 
corporate landscape. Payoffs to the racketeers have 
been banned since 1983. 

Mr. Koike has been arrested and has told pros- 
ecutors that he held accounts in all of Japan’s “Big 
Four” brokerages. 

The Kyodo news agency said that in 1993, 
Daiwa sold Mr. Koike golf-club membership rights 
through an affiliate company for 200 million yen 
($1.7 million) and later bought the rights back for 
400 million yen. Daiwa also allegedly gave Mr. 
Koike 800 million yen in cash in 1994 to com- 
pensate for trading losses, Kyodo said, quoting 
industry sources. (Bloomberg. Reuters) 


• Hong Kong’s key inflation indicator rose 1.2 percent in 
July, resulting in a 6.5 percent increase since July 1996. 

• Samsung Group is pursuing a takeover of either Kia 
Motors Corp. or Ssangyong Motor Co.. The Korea Eco- 
nomic Daily reported. Bur a company spokesman said the plan 
bad been discarded because of the financial liabilities and 
Samsung’s preference io expand in electronics. 

• Korean Electronics Industries Cooperatives said that 10 
South Korean electronics makers would begin making amp- 
lifiers. condensers and speakers at two plants in Pyongyang, 
North Korea. 

• Vietnam’s prime minister, Vo Van Kiet, has urged gov- 
ernment agencies to ease the privatization process of some of 
the 6.300 companies remaining in government hands and to 
persuade citizens to buy shares. 

• Teikoku Oil Co.’s shares rose 9.6 percent this week, closing 
Friday at 455 yen ($3.85 ) against their L8-year low Monday of 
415 yen. after the oil and gas company said it discovered a 
natural gas field off the coast of Japan. 

• Indonesian imports of red meat will rise to 196,000 metric 
tons in 1999 from 30.000 tons this year and reach 346.000 tons 
by 2003, according to Frieda Nalapraya. chairman of the 
country's Meat Importers Association. 

• Chinese sales of durable goods totaled 3.2 trillion yuan 
($384.6 billion) in the first half, up 12.5 percent from die like 
period in 1996, the Xinhua news agency reported. 

• Sembawang Corp.’s first-half profit before special items 
rose 30 percent, to 22.2 million Singapore dollars ($14.7 
million), against the first half of 1996, but net profit, at 23.3 
million dollars, fell by 67 percent Tbe shipbuilding company, 
which also has interests in media, construction and engineering, 
forecast that full-year profit would exceed 1996 earnings. 

• Liang Court Holding? Ltd. said first-half profit rose 87 
percent, to 7.6 million dollars. Sales for the S ingapore property 
developer increased 1 30 percent, to 99.7 million dollars, led by 
projects in Singapore, Australia, Malaysia and Britain. 

Bloomberg. AFP. AP. Bridge News 


Philippine Airlines 
Posts $17 Million Loss 
As Expenditures Rise 

Bloomberg News 

MANILA — Philippine Airlines Inc. 
posted a net loss Friday of 502.8 million 
pesos ($16.7 million) in its first quarter 
because of leasing costs and advertising 
expenses. 

Operating expenses for the period 
ended June 30 rose 23 percent, to 9.02 
billion pesos, while sales grew just 14 
percent, to 8.97 billion pesos. 

The Philippine flag carrier, known as 
PAL, posted net profit of 148 million 
pesos in die first quarter last year. 

PAL announced Thursday that it was 
suspending flighrs to tbe United States 
because U.S. regulations requiring it to 
use aircraft, pilots and crew leased from 
an American carrier were causing 
"staggering losses." 

The company is trying to revive its 
fleet with a $4 billion modernization 
and fleet renewal program that involves 
acquiring 36 new aircraft through 1999. 
It also has been trying to overhaul its 
image with a battery of television and 
print advertisements plugging it as 
“Asia’s Sunniest Airline.” 

Financing charges, the bulk of its 
nonoperating expenses, rose 17 percent, 
to 408 million pesos, from a year earlier. 
Total assets rose 10 percent, to .55.2 
billion pesos, following the acquisition 
of two aircraft 


Last-Minute Loans Keep Haitai Afloat 


Can&dby OwSkffFmm fluparts 

SEOUL — A last-minute 
pledge of emergency loans 
kept South Kona’s Haitai 
Group from default on Fri- 
day. 

Cho Hung Bank, the 
group's mam creditor, said it 
would extend 15.2. billion 
won ($16.9 million) in emer- 
gency loans to the group, 
whose flagship Haitai Con- 
g fectionery is the country’s 
second-largest candy maker. 

“Haitai provided its real 
estate as collateral,’' said 
Park Young Shik, a Cho 
Hung spokesman. 

Under Korea’s bankruptcy 
law, if companies miss debt 
payments for two consecutive 
days, they are considered 
banfaupt. • , 

Meanwhile, Hanil Bank 
said it would provide 3.9 bil- 
lion won in loans to Haitai 
International Inc-* M unlisted 

company 

j Haiiai’s debts totaled 2.95 
| trillion won at the end of 
1996. It had assets of 3.4 tril- 
lion won. 

Stock in all three listed 
Quits of rhe Haitai Group fell 
sharply. Haitai Electronics 


stock 


tumbled by its daily 

sible low of 8 percent 

to 7,620 won. Haitai 
Confectionery plunged 7.9 
percent to 8,470 and Haitai 
Stores fell 7.8 percent ro 
4,710. „ . . 

Without the bailout, Haitai 
would have been the latest 


by creditors because it 
doesn’t appear to be prom- 
ising,” Mr- Lee said. “It has 
no assets to sell and rescue 
itself. ” (Reuters, Bloomberg ) 

■ Easier Borrowing 

Seoul is to ease rules on 
foreign borrowing by large 



Korea s 
ates, inclu 


40 eonglomer 
g the Kia and 
Hanbo groups, have gone 
bankrupt or been put under 
bankruptcy protection since 

January. . . , t 

Earlier Friday, the heads of 
South Korean merchant 
Kants agreed to refrain from 
ca lling in loans until financial 
markets had stabilized m re- 
cognition of the problems 
faced by many South Korean 

companies. 

The banks also recommen- 
ded specific steps by the gov- 
ernment to ease their finan- 

head of re- 

at HSBC James Opd 

Securities, said Haitai 
group’s future was daunting. 
^ “The group may not be 
bailed out from bankniptcy 


pinch 

bankruptcies, Agenee 

France-Presse reported. 

The Finance Ministry said 


large businesses would be al- 
lowed to raise 90 percent of 
tile funds they need by issuing 
foreign currency bonds, up 
from the current 80 percent 
limit. 

A ministry source said 
there was no need’ to con- 
tinue regulating foreign cur-, 
rency borrowings by large 
corporations because local 
banks now faced difficulty 
securing foreign loans be- 
cause of lowered credit rat- 
ings. 


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Good News 

to our readers in Marseille 
and the Southeast of France: 
The IHT is available 



(13) BOUCHES 

DU RHONE 

AIX EN PROVENCE 

Lb Havana 

57. Cours Mirabeau 

Mosque Presse 
37 Bh/d du Rot Rene 
Ktosque Presse 
Place Bellegarde 

Ktosque Presse 
Race du General de 
Gaulle 

Ktosque Presse 
Place Jeanne cf Arc 
Ktosque Presse 
Place des Piicheurs 
Ktosque Presse 
Place de IHOtel de Villa 

Maison de ta Presse 
23, Cours Mirabeau 

AIX LES M1LLES 
Tabac Presse 
°Le Mercure", Bat A 
Rue Amp&re 

ARLES 

Ktosque Presse 
Place Lamartine 

Maison de la Presse 
40, Rue de la ROpubique 

Presse Ranoe-LoUn 
Boulevard des Lices 

CABRIES 

Lb Temps de Lire 
Centre Clal GEANT 
Plan de Campagne 

CARRY LE ROUET 

Maison data Presse 
1, Route Bieue 

CASSIS 

Maison de la Presse 
4 Aw. Victor Hugo 
Presse 

13 Aw. de la Vlguerie 


MARSEILLE 


Au Fkyaume du Souvenir 

30. Quai du Port 
CygnecfOr 

29. Quai des Beiges 

Msto Presse 
6, Rue de Breteuil 
Ktosque Prosse 
Place du Gal de Gaulle 
Ktosque Presse 

15, Place de la Jolietts 
Ktosque Presse 

3, Cours Puget 
Ktosque Presse 

31, Cours Puget 
Ktosque Presse 
Place Gabriel P6ri 
Ktosque Presse 
1, Ave.du Prado 
Ktosque Presse 
614. Aw. du Prado 
Ktosque F*resse 

16, Place F6Jix Baret, 

Presse 

99, Aw. de la Rdpublique 

Tabac Presse 
425, Rue Paradis 

Tabac Presse 

Centre Commercial 
Casino-Valentine 


184. Cours Victor Hugo NlMES 


Kiosque Presse 
Cours Gimon 

SAUSSET LES PINS 
Presse 

11, Rue Fouque 

V1TPOILES 

Presse 

Place de la Mairie 
EYGUIERES 


Mason de la Presse 
Centre Commercial 
-La Coupote- 

Presse de ("Esplanade 
Bd de la Ltoeration 


ST GILLES 


Maison de la Presse 
20, rue Gambetta 


UZES 


MART1GUES 


Ubralrie 
7, Cours du 4 


1, Ave. du 14 Juillet 

PELISSANNE 

Pmsss 

77 Ave. Carnot 


Rue Bosgetin 

(84) VAUCLUSE 

AVIGNON 

Khedive 

6, Race de I'Horioge 
La Havana 

14, Rue de la RSpubiique 
Maison de la Presse 
34, Cours Jean Jaures 

Presse 

Centre Commercial Gare 
Routttre 

Presse Carnot 
11, Place Carnot 

Prnssd Papeterie 
Centre Commercial 
Route Nationale 7 

Tabac Presse 
Centre Commercial 
Mistral 7 
TomTp 

51 , Rue Joseph Vernal 

CAVA1LLON 

Mison de la Presse 
13. Aw. Gabriel P6ri 

ORANGE 


Maison de Ie Presse 
7. Bd Gambetta 

(34) HER AULT 
CARNON PLAGE 

Hall de la Presse 
Centre Commercial 
-Sollgnac** 

CLERMONT L'HERAULT 
Maison de fa Presse 
28, Route Nationale 

GANGES 

Maison de la Presse 
1, Rue Blron 

LODEVE 

Maison de la Presse 
25, Grande Rue 

MONTPELLIER 

Point Presse 

Rue du Cherche Midi 

Point Presse 
1. Place de la Com£die 

Presse/Tabac 

Centre Commercial 
-Le Polygons- 

PALAVAS LES FLOTS 


PROVENCE 

. L'Ctoale 

Maison de la Pressa 

Maison de la Presse 

1. Pus Notre Dame 

21, Quai Georges 

12, Blvd Mirabeau 

Maison de la Presse 

Ctemenceau 

STES MARIES DE LA 

40, Rue Caristfe 

Presse Ocdane 

MER 

(30) GARD 

17, Quai Paul Cunq 

Maison de la Presse 

CAST1LL0N DU GARD 

PEROLS 


Rue Francois Medina 

SALON DE PROVENCE 
Mag Presse 

2aBlvti du Mar&tal Foch 
Maison de ta Presse 


Presse de CastiHon 
Place du 6 Mai 


LE VIGAN 


Presse/Tabac 
Centre Commercial 
-Auchan- 


Vlgan Presse 
9, place (fAssas 





THE WORLDS DAILY NEWSPAPER 


v 



PAGE 14 


Friday's 4 P.M. 

The 1,000 mosMiwted National Market securtfies 
In tenns of datarvoJi>& updated twiceayeor. 
The Assocniea Press 


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SATURDAY-SUNDAY. 
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PACE 13 


&£:!!!& 






V. W' 






■«< 


Total: S60 billion 

Rest of 

world^aflK^ss^ 


Europe 


Industry 'majors' 

Disney Film Entertainment* 
U.S. Universal MCA (Seagram) 

^ Warner Bros. 

Paramount 

pr Cotumbia-Sony 

20th Century Fox (News Corp.) 
Polygram FHm Entertainment 







Source. Dresdner Kiemwon Benson 


' ; ; k 


^ Torain - v J° nes Heft) and Will Smith in Tristar Columbia Pictures’ “Men in Black”; characters in Disney's animated feature “Hercules”; Jason Patric hanging on to seaplane in Twentieth CenturyFox’s “Speed 2.” 

The Business of Show Business: Looking Behind the Curtain 


The Elusive Celluloid Portfolio 

amiss. !®rsrai«r-, » 


S ummertime in the Northern 
Hemisphere: where better ro es- 
cape the long, hot days than a 
movie theater? If you see a film 
that you like, then your ticket was a 
good investment, but trying to buy a 
piece of the company thar made the 
l j movie is a far more complex trans- 
action, and one fraught with a lot more 
risk than sitting through a B -grade 
flick. 

For one thing, it is hard to invest in the 
movie business. There are a handful of 
publicly traded entertainment compa- 
nies that own the major studios, but 
these giant conglomerates own lots of 
other properties, so if you want to get a 
- piece of-the -movie business - this - way; 
you will have to buy lots of other things 
along with it. 

The major play ere are conglomerates 
] such as Walt Disney Co. News Corp., 
PolyGram NV, Time- Warner Inc. and 
Viacom Inc., several of which have ex- 
panded in recent years through headline- 


The Entertainers 

Sales by sector as a percentage 
of total sales, 1996 

Broad- 

Music Rim casting Other 

■ m m 


m 


, Seagram 


! Time 
i Warner 



j Polygram 


Source: Hoovefc Handbook 


grabbing media acquisitions. Seagram 
Co. and Sony Corp., although substan- 
tially based in the manufacturing sector, 
have important film and entertainment 
interests, and their other operations are 


Europe and emerging markets. 

Sony, on the other hand, draws 78 
percent of its income from the sale of 
electronic equipment and only 17 per- 
cent, from music and film. Globally its 
market splits into three broadly equal 
parts covering Japan, the United States 
and Europe. 

Walt Disney Co., although possibly 
the most global of international media 
companies, has recently sold some of its 
peripheral interests in a bid to refocus on 
its core activities of film, television, 
theme parks and merchandising. 

The best way for investors to get the 
type of exposure to the entertainment 
market they want is to take a close look 
at just what each of the majors does, say 
analysts. It may also be 
better to consider indi- 
vidual corporations rel- 
ative 40- the -markets 
they operate in rather 
than against other 
companies. 

Guy Lamming, a 
media analyst with 
Goldman, Sachs in 
London, favors Poly- 
Gram, despite some of the problems that 
have dogged its music sales in recent 
years. 

4 ‘A good proxy for PolyGram to grow 
music revenues is the forecast for total 
revenue sales growth.” he said. “We 
estimate that the figure should increase 
from 2 percent in 1996 to 6.6 percent in 
1997 . If this is the outcome, then Poly- 
Gram equity owners should start to ex- 
perience a now erf relatively good news 
rather than profit warnings.' * 

B ut he warned that tapping into 
predicted music sales growth de- 
pended heavily on PolyGram’s 
ability to overcome marketing diffi- 
culties in the music industry. Apart from 
an inevitable slowdown in the growth of 
CD sales as the transition from other 
music technologies matures, music 
businesses need to confront shifting 
consumer patterns, the spread of dis- 
counters and the continued problem of 
piracy. 

Mr. l -amming said retailing has 
suffered from the absence of anew “hot 
sound” thar has the broad appeal that 
punk, disco and rap had in the pasL 
Consumer tastes are currently fragmen- 
ted into a number of music types such as 
hip-hop. country and dance. 

• ‘The current strength of pop with the 
Spice Girls. Hanson and the Bee Gees is 
not expected ro lead ro a new sound 
emerging," said Mr. L amm i n g. 

There seems little reason why Poly- 
Oram should be better placed to win 
sales ahead of its major music com- 
petitors such as Bertelsmann AG, EMI 
Group PLC or Time Warner. But its 
earnings may be set to get a boost from 
the company's diversification into tele- 
vision and 'film production, said Mr. 

T ^PolyGram Filmed Entertainment has 

. ■ - . i ia charphnlHpiX 


Small Entertainment Companies Spawn Large Ideas 


By Judith Rehak 

A r first glance, the entertainment 
industry might seem to be the 
exclusive province of giant 
conglomerates like Walt Dis- 
ney Co., Time Warner Inc. and Sony 
Corp., whose multi billion-dollar empires 
encompass everything from movies and 
music to books and cable television. 

But there is a lot to be said for the 
smaller players, according to analysts 
who follow such companies — and 
profits to be made for investors as well. 
To start, they are less complicated to 
evaluate because they stick with a single 
line of business or a few closely related 
ones. Small is better, 
they contend, because 
a chief executive can 
really focus on the 
business, in contrast to 
conglomerates, where 
bigger, unrelated 
management teams 
mean there is more 
room for conflict and 
error. 

“Meaningful growth is also easier for 
smaller companies because it's off a 
smaller base/ ’ said Sean McGowan, an 
entertainment analyst for Gerard Klauer 
Mattison, a New York City brokerage. 
“Disney is talking about 15 to 20 per- 
cent growth every year, but that gets 
harder and harder because you can only 
get so much out of die film market, and 
you can only squeeze so many people 
into a theme pane.” 

Underscoring his point, Mr. McGow- 
an has a buy recommendation out right 
now on a company called Equity Mar- 
keting Inc., .which has a niche in the $65 
billion licensing industry, an integral 
part of the entertainment business. He 
expects the company to ring up about 
$140 million in sales tins year, compared 
with only $15.3 million when its current 
management took over six years ago. 

‘ ‘What I like about Equity Marketing 
is that it isn’t a capital-intensive busi- 
ness that needs millions of dollars.” 
said Mr. McGowan. 


The company borrows the name re- 
cognition or "equity” from popular en- 
tertainment characters to make promo- 
tional toys under license. Its biggest 
customer is Burger King, which gives 
away the toys with its popular "Kid’s 
Meals,” often timed to coincide, with 
movie releases. Two major successes, 
for example, were toys from Disney 
hits, “The Lion King" and “Toy Sto- 
ry.” Other winners were Bugs Bunny, 
the Mighty Motphin Power Rangers and 
Izzy, the mascot of last year’s 
Olympics. 


Craig Bibb, an analyst with 
Paine Webber Inc. in New York, likes 
Dave & Buster’s Inc., a company that 
was launched and is still run by two 
entrepreneurs from Little Rock, Arkan- 
sas (actually named Dave and Buster), 
one in the restaurant business and the 
other who ran a video arcade. The two 
joined forces to build elaborate enter- 
tainment centers, now numbering 10 
across the United States, with four more 
on the drawing boards. 

Not surprisingly, some of the be- 
hemoths. such as Disney, are muscling 




luna bw/Hi'lxhiii(Mihi> 

Customers playing video game at a Dave & Buster's complex in a mall. 


The company is also diversifying into 
related areas, such as the production of 
entertainment-character toys for retail 
stores, and acquiring smaller compa- 
nies, including one that makes small 
metal racing cars under license from the 
National Association of Stock Car Auto 
Racing that are given away as premiums 
at gas stations. Mr. McGowan said he 
thought its sales could double over the 
next four years. 

With its huge domestic market, the 
United States is often an incubator for 
new concepts in the industry. One of the 
latest is “site-based entertainment,” or 
one-stop entertainment and restaurant 
centers. 


into the site-entertainment arena. But 
they do not compete directly with Dave 
& Buster’s, whose complexes are dir- 
ected toward adults, said Mr. Bibb. 

He described the centers as having 
“the latest video games, virtual reality 
games, beautiful pool tables, bowling. 'a 
murder mystery theater, sports bars and 
quality food,” with the mix depending 
on the location. ‘ ‘The one in downtown 
Chicago has a sports bar, and it's jam- 
packed when there’s a basketball 
game.” he said. 

The complexes are highly profitable, 
according to Mr. Bibb, with revenues 
per center running from about S12 mil- 
lion a year to nearly $20 million for top 


performers. He projected earnings per 
share of $ 1.10 this year, compared with 
87 cents in 1996. 

Dave & Buster's is also exporting its 
concept. In a joint venture with Bass 
PLC, it recently launched its first en- 
tertainment complex outside the United 
States in Birmingham, England. Similar 
deals are under discussion for the Pacific 
Rim and Latin America, said Mr. Bibb. 

There is at least one entertainment 
category where Americans do not dom- 
inate, however. When it comes to arcade 
‘ ‘fighting and racing' ' video games, the 
Japanese exceL While it is not as well 
known or as big as Sega Enterprises Ltd. 
or Nintendo Co., Namco Ltd. has the 
approval of Reinier Dobbelmann, com- 
puter software and games analyst with 
SBC Warburg (Japan) Inc. 

“In their niche, which is arcade-style 
games, Namco is often more innovative, 
and better than Sega," he said. 

Namco is known for its interactive 
fighting video games. Among the latest 
are Tekken 3, a 3-D combat game that 
the analyst said is likely ro sell a milli on 
copies in its home version; Ace Combat 
IL where the player pilots a fighter jet in 
combat, and Soul Edge, which features 
medieval fighting with swords and 
axes. 

The company also builds arcade- 
game equipment, but its game software 
is the "swing factor” in terms of prof- 
itability, said Mr. Dobbelmann. Indeed, 
a deal with Sony to provide the software 
for its popular Play Station, a home 
game machine, is proving to be a bon- 
anza for Namco. Net profit soared 48 
percent for its financial year that ended 
in March 1997, fueled by sales related ro 
Play Station. 

The video game maker has some oth- 
er advantages over its competitors. In an 
industry that has "a long and colorful 
history,” and is often seen as high risk, 
Namco is conservatively managed, and 
lower risk, said Mr. Dobbelmann. 
Namco ’s share price has risen roughly 
30 percent, to a close on Friday at 4300 
yen ($36.68) since he recommended it a 
few months ago. but he said he still liked 
the stock. His target price is 4,800 yen. 


A Risk-Free (No Kidding) Bet on the Stock Markets 


Up a hundred points, down a hundred points. In 
this tumultuous market, many small investors are 
reluctant to commit any new money. At such giddy 
heights, fear of losing a bundle is not unfounded. 

Bot what if I told you that there's an investment 


interests, and their otner operations are benefit to shareholders 

in largely complementary fields. Most been of d . . ^ far f^ed t 0 

ofthl audio owners also arc in the blUion ^ 

KtaSv- ... 


music and television businesses. 6 m ha? invested. 

10 grow twice, as fast as the average average annual earn 
gross domestic product in developed ■ ^ a ^^und at the film 

countries over the next five years. polvGram shareholders remain 

Even if you decide that the big en- cubing from a low of 

tertainment conglomerates are the way .jjj * 54 q\ in February to 12^ 

to go. fisuring out which company of- has fallen back 

fas the best prospects can be tough. 111.50 guilders. 

Analysts say that valuing one J 01 *™?’ Moreau Stanley Dean Witter in New 

honal media corporation against anotf 1- ^ optimistic aboui an early 

er is difficult and mostly unrewarding. Yakuuss VP ^ music sector. 
The various media sectors that they op- mont h it recommended 

erate in, together With the dtvfflsny Of Warner as a strong buy because of 

international markets, makes them al- T rf ce of i, s various cable- 
£tnost incomparable. . prodocnon interem “ 

, V Netherlands-based PolyGram. for ex- “Son to the company's comnutmem 
ample, although currently trying to its debt burden. Accortogro 

break into film fand television produc- "“J™ a media analyst, the 

tion. remains heavily influenced by 

V^uds in the music industry. Geograph- rnntinued on Page 

its sales are weighted toward Lonnnu 


UrUClU .-ae-a-v—*— = - 

ra edia analyst, trie 


But what if I told you that there's an investment 
that will give you no downside but an unlimited 
upside? An investment with a guarantee against loss 
but no restrictions on gain? 

In fact, there are several such investments trading 
on the American Stock Exchange: they are low- 
priced and easy to buy and sell. 

These securities, which are actually 
derivatives, vary in their details, but a J a U E £ i 

typical one works this way: If the 

Standard & Poor’s 500 Stock Index, a 
popular market average, goes up, you get the entire 
increase, often plus a bonus. If it goes down, you get 
your initial investment returned in full. 

Talk about having your cake and eating it too. 

Most of these invest ments are issued by Merrill 
Lynch & Co. and called MITT S, or i ndex target-term 
seenrities. Although the fust MITTS were launched 
five years ago, few investors are aware of them. All 
MITTS have an expiration date, and that first series 
closed just this week, but there are at least a dozen 
more being actively traded, with new ones — in- 
cluding a MITTS geared to the Russell 2000 Index of 
small-cap stocks — on the way. 

To give you an idea of how the typical MITTS 
works, let’s look at the first one: 

In January 1 992, Merrill sold shares of this MITTS 
(its symbol on the Amex is MTD for $10 apiece to the 
public. Each share carried a promise to pay, in 
August 1997, an amount equal to the percentage 
increase in the S&P over that period, plus an extra 15 
percent, times S10 and the original $10 back. There 
was another promise: If the S&P was lower in 1997 
than it was in 1 992, investors wouldn *t be penalized. 
Merrill would still return the SI 0 initial investment. 

When the shares were issued, the S&P was 412. 
On Thursday, it was 925. That’s an increase of 125 
percent. Add 15 percent of that and you get a total 


increase of 143 percent — times $10 equals aboui 
$14 per share. Add the original $10, and the shares 
are worth $24, which is almost exactly how they 

stood on the Amex at the end of the week. 

lik e all stocks, you don't have to buy MITTS 
when they are issued- You can buy and sell them at 
any time, using any broker. 

They come in lots of flavors. Merrill, for instance, 
offers MITTS linked to a technology index (symbol: 
TKM), a health-care index (MLH), a European index 


JAMES GLASSMAN ON INVESTING 


(MEM) and more. A new inflation-adjusted one will 
guarantee that investors gel (heir $10 back plus an 
adjustment for increases in the Co nsume r Price In- 
dex. Bonuses (if any) for all these MITTS vary. 

PaineWebber sponsors what it calls “stock index 
return securities,” based on the S&P 400 Index of 
mid-cap stocks (symbol: SIS). Salomon Brothers 
Inc. has a MITTS-style Nikkei security due in 2002 
dial pays the increase in that Japanese index plus a 42 
percent bonus. 

So what’s the catch? There are several, but none is 


specially significant 
First, these shares (i 


First, these shares (or. technically, units) are ob- 
ligations of Merrill Lynch — or any other issuing 
company, or even country. If something nasty hap- 
pens to the issuer, and it cannot make good on its 
guarantee, then you are out of luck. 

Think of these securities as debt After alL, Merrill 
Lynch calls them “protected growth notes. '* You lend 
Merrill $10 and, instead of paying you, say, 7 percent 
interest a year, the company pays you “contingent 
interest” in a lump sum at the end of several years. 
The amount depends on what happens to the S&P 500. 
Of course, as with any debt, Merrill promises to give 
you your principal back. The top U.S. brokerage could 
default, but the chances are remote. 

Second, there can be a tax problem. The U.S. 


government now treats MOTS as th ough t hey were 
zero-coupon bonds (some earlier MITTS escaped 
that designation). “The investor has to accrue in- 
terest inc ome,” Robert Willens, a tax specialist who 
follows MITTS for Lehman Brothers, said. 

Third, Merrill guarantees only that investors re- 
ceive the initial offering pric e back , not the current 
trading price. For example, a MITTS series that's due 
in 2001 (symbol: MIX) was trading Friday at $13-56 
per share. But four years from now, Merrill promises 
only to renirn $10. For that reason, 
you may be more comfortable buying 
more recent issues, such as the series 

with the symbol MIM, due in 2002 

and now trading at $10.50. Or t he ne w I 
small-cap, European and inflation-adjusted MITTS. 

Fourth, you get no dividends. Even in this low- 
dividend environment, the money you forgo can 
exceed the 15 percent kicker — especially if stocks 
are zooming. For example, while th e S&P g ained 125 
percent over the life of that first MITTS, its return 
(with dividends reinvested) was about 160 percent, 
according to Bloomberg Business News. 

Finally, understand that Merrill and the other firms 
that offer these inves tments aren't charitable insti- 
tutions. While MITTS seem too good to be true, they | 
aren’t. For instance, even though you get your money i 
back if the S&P drops, you get no interest, and Memh 
has had the use of your money for several years. 

Also, history shows that the stock market doesn't 
fall that much. Ibbotson Associates examined every 
five-year cycle since 1926 and found that the S&P 
suffered a decline in only seven of 67 periods. If that 
pattern holds, then Merrill's odds of having to pay 
back the full principal despite a drop in the S&P are 
roughly one in 10 . 

But, then again, the pattern may not hold, es- 
pecially in a market that many analysts believe is 
seriously overvalued. “This is not a bad deal at all,’ ’ 
says Mr. Willens. “What investors love is getting 
their principal back.’ ’ 

Washington Post Service 


Continued on Page * 7 














PAGE 16 


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*. uru * « ii Tttnu :xi‘. VEUKESKLH'. SEPTEMBER 2k l^T 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 23-24, 1997 


PAGE 17 


THE MONEY REPORT 


Critical-Illness Insurance: Banking on a Lump Sum to Bridge a Crisis 


■By Ann Brocklehurst 


T hose who been the victims of 
serious illness know that it can 
damage not only their physical 
well-being but their financial 
neaitn as well. If treatment and re- 
covery takes an extended period of 
time, it is not only necessary to replace 
lost income to avoid dig ging into sav - 
mgs but also to find fnnds to pay for the 
many non-medical expenses often in- 
curred due to illness. 

To help protect themselves from the 
consequences of serious unexpected 
illnesses, many people without em- 
ployee benefits are turning to so-called 
critical illness insurance. Although its 
name makes it sound like a health 
policy, critical-illness insurance is not 
designed to pay medical costs but 
rather to help individuals diagnosed 
with a life-threatening condition cope 


loss mc °me and the extra 

their m he® 1 *- 

relativ5S ^ ab,ll *y durance, which is 
iSL pensive and P a * s benefits 
StJISS CnlS ' cntlca l‘i , Iness policies 
provide claimants with a 
lump-sum payment 30 days after the 

*S SlS certain specified life- 
ifceatenmg diseases such as cancer, 
stroke and heart attack. 

It appeals to the self-employed and 
single people who have no need for life 
coverage, said Martin Chapman, a 
marketing product manager at Norwich 
Union Life & Pensions Ltd. in Britain 
“Sa kind of selfish benefit." ’ 

•ii in South Africa, critical- 

illn^s insurance began being marketed 
in Bntam and Australia in the late 
l^SOs and has recently been introduced 
m Canada. 

Related types of insurance are sold in 
the United States and Japan, and in- 
dustry officials expect to see similar 


producrs introduced in other countries. 

Critical-illness premiums and the 
extent of coverage vary- from one 
policy to another and also depend on 
the age of the clients. In Britain, a 30- 
year old in good health will pay about 
£10 to £15 per month ($16 to $240) for 
£50,000 ($80,300) worth of coverage. 
In Canada, premiums range from less 
than 5.95 Canadian dollars (S4.25) per 
month for 18- to 34-year-old 
□on smokers seeking 20.000 dollars of 
coverage ($ 14,350) to some 100 dollars 
per month for 55- to 64-year old 
nonsmokers buying 50,000 dollars of 
coverage. Some policies require min- 
imal medical tests. 

Although there used to be some ma- 
jor differences in the diseases covered 
when critical-illness injury was first in- 
troduced in Brirain. Norwich Union’s 
Mr. Chapman said that most policies 
now cover the same set of illnesses. 
Along with heart attack, cancer and 


stroke — which he estimates are paid 
for by 85 to 90 percent of the premium 
— other conditions such as multiple 
sclerosis, kidney failure and organ 
transplants are funded by 5 to 1 0 percent 
of the premiums. Increasing the number 
of conditions covered was not only 
good value for consumers but good 
business for the insurers, he explained. 

According to Ronnie Martin, market 
manager for life and health at Britain's 
Royal & Sun Alliance, about 5 percent 
of the British working population has 
some form of critical-illness insurance. 
Of the 1.3 to 1.5 million policies he 
estimates to be in force, just over half 
are in connection with mortgages and 
the total number of policies arranged in 
1996 rose 50 percent from 1995." 

“The critical- illness market is over 
three times the size of disability," said 
Mr. Chapman. Although he sees dis- 
ability insurance, which pays out reg- 
ularly after a claimant is disabled, as a 


complementary product to critical-ill- 
ness insurance, he said that most people 
would not have both. Furthermore, 
even though disability insurance costs 
more, “you can have a heart attack and 
be back to work before die end of the 
deferred period." he added. 

Critical-illness insurance has also 
been designed to appeal to specific 
markets. Earlier this year CIGNA Life 
Insurance Company of Canada 
launched its ' ‘Women's Health & Hope 
Plan," the first coverage in North 
America of its kind that applies only to 
women. 

It provides benefits on diagnosis of 
any one of six specific women's cancers 
as well as general cancers, heart attack, 
stroke or coronary -artery surgery. 

Monica Wright-Roberis. a breast- 
cancer survivor who worked to en- 
courage the introduction of such in- 
surance products, now serves as 
CIGNA's spokeswoman. At the time 


she was diagnosed, she was self-em- 
ployed and did not qualify for disability 
insurance. She found herself unable to 
work and having to pay for extra ex- 
penses such as taxis to the hospital, 
child care, vitamins and even a wig. 
While critical-illness insurance has 
not yet caught on in the United States, a 
product known as cancer insurance has 
been available since the 1960s. 

Unlike the typical lump-sum payout 
of critical-illness insurance, cancer-in- 
surance payments are based on medical 
events such as surgery, the number of 
days of radiation and the number of 
days of chemotherapy. 

For further information: 

■ AMERICAN HERITAGE LIFE INSURANCE CO. AXToo- 
ccr Insurance Dll iuoil telephone: I 90- 902-2574 

• CIGNA CANADA * Women i Health and Hope Plan. iek- 
P&one. 1 S 00929 -O 60 fc 

• NORWICH UNION LIFE & PENSIONS LTD. neb we: 

»»* nor-i-wh-umon cnoW 

• ROYAL Jk SUN ALLIANCE, neb >Ue. n'tvu.iqal-and- 
SLirullbUKe com 


The Stage Gets Crowded: New Entertainment Era Dooms 6 Cozy Monopolies 9 

Inp R/n*itnh ir sraoum., J: , -T i M- 


■ foe Raviich is executive director of 
the Communications. Media and Tech- 
nology Group at Goldman Sachs In- 
ternational. He spoke with Conrad de 
a Aenlle about prospects for the global 
V entertainment industry. 

Q. There are two ways, broadly speak- 
ing, to make money entertaining people: 
providing content or providing access to 
content Which of the two seems to be 
more profitable these days? 

A. The important tiring to keep in 
mind is that both forms of business are 
facing new challenges and competition. 
As access to consumers has broadened 
with technological advances, distribu- 
tion companies must make greater ef- 
forts to brand themselves, compete ef- 
fectively and learn to manage their 
customers. Similarly, content companies 
are seeing costs rise as talent has begun 
pushing up prices and vertically inte- 
grated distributors are squeezing prices. 

The fundamental paradigm shift in 
the entertainment ana telecom industry 
is the forced transition from cozy mono- 
j .. poly to competition. This doesn’t mean 
I \ t that values will go down, only that the 
i ’/ differences between Winners and losers 
I will be much stalker than in the past 
\ Q- Cable TV companies were on the 
, wrong end of a U.S. Supreme Court 
! ruling earlier this year, when the court 
1 said they had to keep offering free time 


to local content providers. How much of 
an impact do regulatory and court de- 
cisions have on share prices in the tele- 
phone and cable TV businesses? 

A. Regulation is a significant driver 
of valuation. Government regulation in 
Europe, such as foreign ownership lim- 
itations or even restrictions on domestic 
ownership, can limit takeover activity 
and the consolidation that is often dic- 
tated by the natural economics of many 
of these businesses. 

The regulatory climate internation- 
ally is changing very quickly as gov- 
ernments realize they need a modem 
communications infrastructure to at- 
tract foreign capital. As a result, you see 
important events such as the breakup of 
Nippon Telegraph & Telephone or the 
reduction in time of Singapore Tele- 
com's monopoly. 

Q. So Continental Europe is bringing 
up the rear on liberalization? 

A. One of the great misconceptions is 
that the U.S. government is so laissez- 
faire while Europe is so restrictive to- 
wards media companies. Regulation of 
cable TV and local phone in the U.S. 
remains one of the most complex and 
burdensome regimes anywhere, whereas 
die EU is really breaking new ground in 
forcing competition and liberalization 
across a broad front Investors should 
avoid generalizations and focus on the 


types of businesses and the individual 
countries in which they operate. 

Q. What impact is the Internet having 
on the entertainment industry? 

A. If you talk to the CEOs of most 
businesses today, they say it’s not im- 
pacting business much at all. No one’s 
listening to digital radio. They're not 
sucking down digital music from web 
sites. I'm a bit of a skeptic cm all of this. 
It's ail been overhyped way too much. 

Q. American film and television 
companies are perturbed by shrinking 
audiences. Meanwhile, some of the hot- 
test stocks in Britain are owners of 
bookshops. Are those heralding the 
dawn of a brave new world in enter- 
tainment being a little hasty? 

A. I don't think that is quite fair. What 
is happening quite clearly is a signif- 
icant expansion of competitive choices 
for a consumer's discretionary income. 
In Europe alone, there are now 50 mil- 
lion multi-channel homes, from zero 10 
years ago. Multiplex cinemas are being 
built at a dizzying rate in Europe and 
Asia, creating thousands of new 
screens. You are also seeing the in- 
ternationalization of a variety of forms 
of location-based entertainment from 
Universal Studios theme parks to Hard 
Rock Cafes. Traditional media is bound 
to suffer loss of market share in a period 
of such dizzying growth. This industry 


FILM: Investors Face a Challenge in the Search for Movie Stocks 


Continued from Page IS 

improved revenue growth throughout 
the group's units and apparent pirns far 
the corporation to acquire farmer busi- 
nesses could lift the share price to $58 
by the end of the year and $66 by the end 
of 1998. It currently is near $52. 

Mr. Bilotti was also heartened that 
Time Warner has dropped plans to buy 
‘ the 25_5 percent stake that U S West 
Media Group held in Time Warner En- 
tertainment Co. This unit owns the 
Warner Brothers studio, the HBO cable- 
television channels and Time- Warner 
Cable. The continuation of the U S West 
Media holding gives investors an al- 
ternative way of buying into Time 
, | Warner. If the shelved buyout goes 
If ahead , later, the shareholders of U S 
■ West Media may be in a position to 
profit Bui buying U S West Media also 
means owning that company’s cable- 
television systems and telecommunica- 
tions properties outside the 14 states that 
are home to U S West Communications 
Group, the Baby Bell. 

Sony has fared well, apparently hay- 
ing overcome some of the problems it 
suffered following the $4.8 billio n pur - 
chase of Columbia and Tristar pictures 
in I989 - „ ■ 

While Sony remains on a roll with its 
shares more than 20 percent higher than 
when the Money Report looked at the 
company in April, some of the steepest 
growth has come from Sony Computer 
4 Enter tainme nt, its computer-game unit 
$ that makes the Sony Playstation, a mar- 
ket leader. Since it was founded in 1994. 
the company has registered a phenom- 
enal ninefold increase in revenue, which 
totaled 335 billion yen ($2.85 billion) in 
its 1 996 f inanc ial year, while its bottom 
lfa * advanced from a loss of 2 billi on 
yen to a profit of 1 6.5 billion yen during 
the same period. 


World ssdos in billions of dollars. 
1996 


Sales 

1995 market 
share 


. . '16.1% . 

Sony Music' 4.9 

14.7 



MCA Music* 1.3 

5.8 


■r;i si?- 

Warner Music 3.9 

15.1 




Music sales by region, S billions. 


Other 

4.2 


Europe 


Total: $39.6 bil. 


N. America 


| Source: Dresdner Ktetn wort Benson iht j 

many of its divisions, and particularly 
those in audiovisual field, continue to 
record robust growth. 

Sony has also recently scored well at 
the box office with films such as “My 
Friend’s Wedding" and “Jerry 
Maguire.” The science fiction comedy 
“Men in Black” looks set to continue 
die trend and has earned $200 million so 

far for Tristar Columbia Pictures. 

As with Sony, Seagram draws the 
bulk of its revenue from its basic busi- 
ness, in this case beverages. Its media 
interests are centered on television pro- 
duction, movies and theme parks. Ac- 
cording to Morgan Stanleys Mr. 


Scmy Cbrnputergete most of the credit cojding *£=*** 

for cracking a market long dominated by following the introduc- has fallen from a] 

Nintendo Co. through its imroduchM of ^ h X^de? aiTts California Uni- . $37 to about $30. 
a competitive distribution system and its twno two __ Tenninator n 3- Investors in Ai 

decision not to restrict software that oth- inm«ifKk — attendance has were reminded of 

er companies could write for its ma- D and JBMBCWn. ^ eotertainmen 


ically. one possible weakness is last 
year's $19 billion buyout of Capital 
Cities/ABC Inc. While ABC gives Dis- 
ney the immediate advantages of a dis- 
tribution network reaching 90 million 
homes, it is now more exposed to the 
ups and downs of cyclical advertising 
revenues. 

In the longer term, Disney will also 
face stronger competition from rival 
theme park operators and animated film 
producers, said Mr. Farber. 

S o far, however, investors are 
happy enough with Disney’s 
global presence and the merchan- 
dising benefits its strong brand image 
provides. Its share price is currently 
trading at about $78. 

Viacom’s current performance is less 
stable. Good returns from its investment 
in MTV Networks have been offset by 
continued problems at Blockbuster 
Video, a music-and- video retailer. The 
company gets about a third of its annual 
sales from the video, music and theme 
park business, including the Paramount 
movie studio. 

Jessica Reif Cohen, a media analyst 
with Merrill Lynch & Co., said that 
although investors may have now fully 
discounted Blockbuster’s negative im- 
pact, it is too early to say when the video 
store chain will begin to strengthen. 

“Although we perceive minimal 
downside from the current share price, a 
lack of catalysts and momentum keeps 
us hesitant to upgrade our intermediate- 
term neutral rating.” she said in a recent 
report on Viacom. 

The 1994 acquisitions of Paramount 
and Blockbuster, which cost $17.5 bil- 
lion, require large annua] writedowns of 
goodwill, an accounting expense that 
reduces the company’s reported earn- 
ings per share, and this makes it difficult 
to value Viacom on the traditional basis 
of its price-to-eamings ratio. 

Since early July Viacom’s share price 
has fallen from a year high of just under 


a competitive distribution system and its non oi Terminator n 3- Investors in Australia 's News Corp- 

decision not to restrict software that oth- inm«ifSk — attendance has were reminded of how fickle the media 

er companies could write for its ma- D and luras and entertainment business can be this 

chines. Nintendo, on the other hand, only enterta inment divisions week. 

"allowed what it considered to be quality Seagramen^ ^ ^ montils ended Poor results, caused largely by dis- 
software to reach the market Kazuya g bant was the music and theme appointing receipts at Twentieth Cen- 

Yamamoto. an analyst at Daiwa Institute June 3 a bant ^ ^ ^ Fox Film & from movies 

of Research, said Sony’s more open ap- had earnings before “Speed II” and “Volirano. confoun- 

Lproach brought on board such software H^nreciation and amort- ded Rupert Murdoch s 20 percent profit 


l poach brought on board such ironware 
r kings as Square Co. and Enix Corp. 

A n investor attracted by Sony 
Computer’s prospects faces the 
following wo choices: to buy 
Sony Corp. or Sony Music : Entertam- 

? fo £e unlisted compuier 

: 8 a ^>kolto, computer software malyst 


interest, taxes, depreciation amort- 
ization of $603 million, up from S5a0 
million a year before, but die fihn sec- 
tor’s cash flow edged down to $373 
million from $379 million. ? 

The success of Seagram s parks is 
part of an increasingly competitive mar- 
ket faced by another moviemaker, Walt 
Disney Co. Gary Farber an media wd 
entertainment analyst with NatWest Se- 
curities in New York, recommended 


forecast for this year by delivering only 
25 percent. , .. , , . 

Its share price fell back slightly when 
the news was announced but recovered 
later and closed Friday at 5.81 Aus- 
tralian dollars l$4.33), still ahead of its 
low for the year of 5.67 dollars that was 
recorded in May. • 

Analysts credited the strong stock 

S irfonnance to a timely decision by 
ews Corp. to repurchase 1.3 billion 
Australian dollars of its preferred 
shares, pulling a large chunk of its cap- 
ital out of circulation. 

Still, after mixed results at its many 


& 6,000 yea, ^^“lompaay as a ^ 

although it trades now at on y . holding in the media and entertainmen results at its many 

Whifefony Music, which ^ up !_ a comparative* nnleveragrf r ^ yst s th u 

£82billion yen powerhouse *^wo§ld be waiching the results of 

A on Sony Computer for P r ™S;_ a ii er recognizable bmds that wetelieve upcomin g movies io gauge the 

"vision's profitability has a much ^ ^ver a consistent level ,of earrnng compa Jy * s prospects. If you want to do 

®pactontheparenLSotty CojP-’ growth over the long term, he • ^. k front of the silver 

TtoSed a profit of 397.07 billion yen. he ±al several factors •• x £ in ic,'' “Alien 4: The 

^ Hitoshi fenimaya, an jjaly rt s dll risked undermining D . lsney j'*^ ^Section “Home Alone 3” and 

eJ cctronics industry at Goldm^.S^ Liposed 20 percent earmn^gi^ Anastasia.” 

asserted that Sony Corp. target over the next five years. Iron m - 


is becoming increasingly competitive 
and the winners will be those that can 
create the product people want, control 
their costs, establish the best brands and 
maintain customer loyalty. You will 
still see dominant players emerging or 
maintaining their positions because 
they run their business well, but noi like 
the old days when businesses had mono- 
poly licenses and a free ride. 

Q. Culture doesn’t 
cross borders very eas- 
ily. Except for Walt 
Disney, the great fran- 
chise holder of Amer- 
ican popular culture, 
are there any truly 
global entertainment 
providers? 

A. The clear trend is 
that the only product 
thar travels across borders is American 
films. This translates into two important 
practical lessons. Local programming in 
each market is incredibly important and 
valuable, but because it doesn't travel, 
producers must figure out how to con- 
trol their costs and create an economical 
consumer base, easier in France than in 
Hungary just because of market size. 
Conversely it creates an opportunity, 
should they choose to exploit ir, for the 
Hollywood majors to create internation- 
al brands and build equity value around 
the world. 

Traditionally, they have been pure 
wholesalers of their product libraries 
and only now are you beginning to see a 
real shift in the way they are moving into 
channels, brands and other value-en- 
hancing businesses. Murdoch and News 
Corp. is probably the best example, but 
you are also seeing Universal ana MGM 
starting to really capitalize on their film 



and television libraries. 

Q. Developed nations have been try- 
ing through international trade bodies to 
compel emerging countries to protect 
intellectual property. Is a resolution in 
prospect and what impact would it have 
on entertainment stocks? 

A. This is a major issue for a wide 
variety of companies. Piracy of music 
and video remains a huge problem for 
content companies and 
the digitalization of 
content and the growth 
of the Internet will 
only make the problem 
worse. As the principal 
source of creative con- 
tent, the U.S. has be- 
come a relatively 
lonely champion of in- 
tellectual property pro- 
tection, and it often must rely on an 
increasingly limited regime of national 
or international enforcement 

Q. This is supposed to be a recession- 
proof industry; when the economy sags, 
people still want to have a good time. Ate 
these good defensive stocks to own? 

A. While it is true that even in a 
recession people will still use the phone 
and spend money on entertainment, a 
downturn in the advertising market 
combined with shrinking discretionary 
income can have a big impact on the 
profitability of certain types of enter- 
tainment businesses. More important, 
this sector will continue to have big 
volatility as a result of technology shifts 
and changes in regulation, regardless of 
the economic climate. 

Q. Do you expect many acquisitions 
among content providers and distrib- 
utors? 

A. The convergence between content 


and distribution is a constant theme of 
this business, as each seeks to protect its 
position in a more competitive envir- 
onment. You can clearly see one variant 
in News Corp.’s worldwide distribution 
business, which thrives on such vertical 
integration, and another in the way that 
Disney or Viacom is attempting to sell 
universally appealing content. 

The distribution business is generally 
more conducive to takeovers between 
rival distributors because of the natural 
economies of scale, while the local or 
national nature of so much creative con- 
tent makes it much less so. If you’re a 
Hollywood studio, there’s not much in- 
herent value in acquiring a local piece of 
product The exception is the music 
business. The economies of scale are 
greater and you can distribute more 
cheaply. 

Q. Which markets will see the 
greatest growth and opportunity for en- 
tertainment companies around the 
world? 

A. Europe has seen incredible ex- 
pansion or the private entertainment 
sector over the last lOyears and it is still 
moving up the growth curve signifi- 
cantly, but I think Asia represents the 
real area of growth for the next 10 years 
just because of its incredible productiv- 
ity, size and demographics. 

It will leapfrog the U.S. and Europe in 
technology. The use of fiber in the com- 
munications networks and the provision 
of broadband services will begin in Asia 
before it will be working in the U.S. In 
terms of media, in many ways Asia is 
where Europe was 10 years ago. Of 
course, the political situation can be 
more volatile and opportunities must be 
reviewed carefully, but the opportunity 
is enormous. 


BRIEFCASE = 

The Trusty IRA 
Has 4 New Faces 

As Americans get serious 
about saving for retirement, 
Washington may give the 
IRA a major boost The Tax- 
payer Relief Act of 1997 has 
created a new IRA program 
thar gives most Americans 
more access to their accounts 
by not only helping them ac- 
cumulate a retirement nest 
egg, but letting them save for 
college or buy a first home, all 
in a tax-sheltered environ- 
ment Like most tax changes, 
however, the rules are com- 
plicated and financial ad- 
visers caution against making 
investment decisions until all 
options are reviewed. 

“It is indeed very confus- 
ing.” said Thomas Och- 
senschlager, a partner at the 
accounting firm Grant 
Thornton in Washington. 
“There are so many 
choices.” 

But advisers are still cheer- 
ing the changes and financial 
institutions are gearing up for 
a resurgence in IRA activity. 

“This is the most exciting 
□ews in retirement planning, 
probably in the last 12 
years," said John Coscia, 
IRA marketing director at 
Merrill Lynch & Co., which 
has about 2 million accounts 
with $116 billion in assets. 

The new rules, which take 
effect Jan. I, essentially cre- 
ate four types of accounts: 
The first is an expanded ver- 
sion of the existing deductible 


IRA. The second, known as money is used for a first-time 
the Roth IRA, is a nonde- home purchase after five 
ductibie savings account in years, 
which all earnings escape in- Roth income limits are 
come tax. The third is the more liberal. Individuals 
ament nondeductible IRA earning under $95,000 annu- 
that has been around for ally and couples earning less 
years. The fourth is an Edu- than $150,000 annually can 
cational IRA contribute up to $2,000 

Those with existing IRAs apiece each year. Contribu- 
have the option of converting lions phase our as income 
them to a new type of account, rises. 

Choosing the best one will de- Those who cannot take sti- 
pend on a person’s income and vantage of either the Roth or 
tax bracket as well as the law’s deductible IRA because their 


income eligibility ceilings. 

To qualify for an annual 
deduction of up to $2,000, 
single income-tax filers can- 


incomes are too high can still 
contribute up to $2,000 a year 
in the nondeductible IRA. 
The contributions are tax de- 


not make any more than * ferred until withdrawn. 


530,000 a year — a $5,000 Contributors to the Roth as 
increase from the current well as the deductible and 
level — if they are panic- nondeductible IRAs escape a 
ipating in a pension plan or 10 percent early withdrawal 
other - qualified retirement penalty if the money is used to 
plan like a 40100. The pay qualified education ex- 
threshold rises to $50,000 by penses or for first-time home 


related to college education. 

(AP) 

Bank of Boston 
Targets Argentina 

Bank of Boston Coip. 
plans to open three invest- 
ment centers in Argentina as 
part of a campaign to main- 
tain its lead in the country’s 
mutual fund industry where 
assets have already tripled 
this year. 

The centers, the first of 
their kind in Argentina, will 
offer advice to small savers. 
Boston Asset Management is 
the Argentine market leader 
with more than $1.1 billion 
under management in its 12 
funds. ( Bloomberg ) 

Jordan King Opens 
Door to Investors 


the year 2005. Die level for purchases. 


Jordan’s King Hussein has 
issued a decree endorsing the 
abolition of a 50 percent ceil- 
ing on foreign ownership of 


joint filers rises to 550,000 Roth contributors get the abolition of a 50 percent ceil- 
from $40,000 and to $80,000 added benefit of not having to ing on foreign ownership of 
by the year 2007. pay tax on homebuying with- Jordanian equities in four ma- 

The Roth IRA, named after drawals limited to $10,000, jor sectors — banking, ins ur- 
Senator William Roth. Re- provided the account is main- ance, transport and telecom- 
publican of Delaware and the rained for five years. munications. 


publican of Delaware and the 
Finance Committee chairman 
who came up with the idea, 
offers a different approach. 
Taxpayers geT no deduction 
for deposits, but the earnings 
are not taxed when with- 
drawn, provided that the ac- 
count is kept for at least five 
years and that the holder is at 
least 59.5 years old or the 


The Educational IRA also 
has restrictions, although 
many families will be able to 
take advantage of it Single 
filers earning up to 595,000 
annually and couples up to 
$150,000 can invest up to 
$500 in an account in a child’s 
name that could later be with- 
drawn tax-free for expenses 


mumcaoons. 

Financial analysts see the 
long-awaited sTep as crucial 
to the prospects of foreign in- 
vestment in the country. 

( Bridge News) 


E-mail address: moneyrepi?iht.com 


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PAGE 18 


ik JVrEB.NATIflML AM# # | 

licralb^^enbunc 

Sports 


SATURDA¥-5UNDAy, AUGUST 23-24, 19^T*^( 


-• *■ tV=p 


World Roundup 


9.90 for Fredericks 

ATHLETICS Frankie Fredericks 
of Namibia woo the 100 meters in 
9.90 seconds at the Van Damme 
Memorial Friday, beating world 
champion Maurice Greene and 
staying on course for at least part of 
20 kilograms in gold at stake in the 
Golden Four competition. 

Gabriela Szabo of Romania, the 
5,000-merer world champion, also 
won her third “golden" race and 
will get part of the 5500,000 prize if 
she wins again on Tuesday in Berlin, 
the last of the Golden Four meets. 

Fredericks held off Greene in a 
tight finish by just .02 seconds, 
while another U.S. runner. Tun 
Montgomery, took third in 9.94. 

Szabo, the 5,000 world cham- 
pion, finished in 14 minutes 44.21 
seconds, beating Paula Radcliffe at 
14:45.51, and Sally Barsosio. Each 
athlete who wins his or her event in 
Oslo, Zurich, Brussels and Berlin 
gets part of the 20 kilograms of gold 
at stake. 

Haile Gebrselassie of Ethiopia, 
who is out of contention for the 
gold, finished the 3,000-meter 
event in a season-best 7 minutes 
26.02 seconds (AP) 

Berger Sets the Pace 

formula one Gerhard Berger 
of Austria clocked the fastest time 
during a rain-affected opening prac- 
tice Friday for Sunday's Belgian 
Grand Prix in Spa-Francorchamps 
with a time of two minutes and 
6.802 seconds. (Reuters) • 

England Wins Test 

cricket Phil Tufnell shook Aus- 
tralia when he snapped up 7 for 64 in 
the sixth and final test Friday at The 
Oval in London. He caused Aus- 
tralia’s last seven wickets to tumble 
for 80 mi the second day. They were 
all out for 2 18 in reply to England 's 
first innings of 180. (Reuters) 


FIFA Steps Into Fray 

SOCCER FIFA, soccer’s world 
governing body, will question Ger- 
man officials next week about a de- 
cision to order a first-division march 
to be replayed because of a ref- 
ereeing error. The last time the Ger- 
man soccer federation made a sim- 
ilar decision. FIFA threatened to ban 
it from the World Cup for disreg- 
arding the principle that a referee’s 
decisions are irrevocable. {Reuters) 



Jo— Minurl 

Emiliano Brembilla of Italy celebrating victory in the 400-meter freestyle final in Seville on Friday. 

Russia Relay Team Sets Record 

Italy’s Brembilla Is Third Fastest Ever in 400 Freestyle 


Reuters 

SEVILLE — Russia's 4xI00-me- 
ter freestyle relay team of Alexander 
Popov, Roman Egorov, Denis Pi- 
menkov and Vladimir Pyshnenko set 
a European record Friday when they 
clocked three minutes 16.85 seconds 
at foe European Swimming Cham- 
pionships. 

Popov led them off in 49.02 
seconds, 0.07 quicker than foe 49.09 
with which he won foe individual title 
Thursday, and Egorov, Pimenkov 
and Pyshnenko finished the job in 
3:16.85. 

Egorov, Popov, Vladimir Predkin 
and Pyshnenko set the previous mark 
of 3: 17.06 at the Atlanta Olympics in 
July. 

Emiliano Brembilla of Italy out- 
raced his rivals to win the men’s 400- 
meter freestyle. 

Brembilla destroyed Paul 
Palmer's hopes of a third gold here 
when he overtook foe pace-setting 
Briton in foe second 100 ana 
stretched away to win by more than 
two seconds' over fellow Italian 
Massimiliano Rosolino, with Palmer 
finishing third. 


Brembilla clocked three minutes 
45.96 seconds, making him foe foird- 
fastest swimmer ever in the event. 

Rosolino, foe silver medalist be- 
hind Palmer in Tuesday’s 200-meter 
freestyle, took another silver in 
3:48.11, and Palmer foe bronze in 
3:50.03. Palmer's other gold medal 
had come in foe 4x200 freestyle re- 
lay. 

“It was a wonderful race." Brem- 
billa said. “I did not expea to do it so 
well. It was better than I hoped.” 

Drizzle fell during foe finals, after 
foe hot sunshine of foe preceding 
nine days of foe 12-day meet. 

Metre Jacobsen of Denmark re- 
tained her 100-meter butterfly title in 
a great duel with Martina Moravcova 
of Slovakia, foe fastest qualifier from 
foe morning's heats. 

Jacobsen, fourth at foe turn, swept 
through on the second length and 
touched in 59.64 seconds to edge out 
Moravcova, whose 59.74 was slower 
than her 59.67 morning heat. Jo- 
hanna Sjoberg of Sweden took the 
bronze in 1 :00.07. 

Alexander Goukov of Belarus, in 
fourth place at the halfway mark 


behind Russian pace-setter Andrei 
Korneyev, came through strongly on 
the last lap to add the men's 200 
breaststroke gold to foe 100 he won 
Tuesday. 

Goukov won in 2:13.90. touching 
a half-second ahead of Korneyev. 

Agnes Kovacs of Hungary, who 
broke her own European record in 
winning foe women's 200 breast 
stroke Wednesday, added the 100 to 
her collection of gold medals in 
1:08.08. 

Svidana Bondarenko of Ukraine 
took foe silver in 1:08.87. Brigitte 
Becue finished third in 1 :09.42. 

• 

Ireland's triple Olympic champi- 
on, Michelle de Bruin, has pulled out 
of Saturday’s 2 00- meter individual 
medley at the European swimming 
championships because she is tired, 
Irish team sources said Friday. 

De Brain. 27. who won two golds 
and a silver in a punishing schedule 
on the first three days of the swim- 
ming program, still plans to defend 
her 200- merer butterfly title Sunday, 
foe sources said She wants foe extra 
day’s rest to prepare for it. 


U.S. Tennis Center Gets 
Thumbs-Up on Face-Lift 

With Open on Horizon, Players Seem Pleased 


By Robin Finn 

iVnv Kiri Times Str ict 


N 


EW YORK — Harry Marmion, 
president of foe United States 


Ashe, foe athlete and humanist who won foe 
1968 Open and until his death in 1993 
campaigned to make tennis as accessible to 
inner-city youth as it is to the children of 
suburbia, was another step, but it took a 


Johansson Takes the Lead 

fighting to stay in a qualifying position, 
Sam Torrance of Scotland, battling to sect 


Ovtipilrd K Our Sluff From Dujwfara 

DUBLIN — Defending champion Per-Ul- 
rik Johansson tied foe day-old course record 
64 set by Colin Montgomerie to snatch a one- 
shot lead from the Scot in foe second round of 
foe European Open on Friday. 

The 30-year-old Swede said he could not 
remember ever hitring as many shots that were 
perfect in a round he described as “almost 
better than sex." 

Johansson must have made a powerful im- 
pression on his playing partner, the European 
Ryder Cup captain, Seve Ballesteros, as he 
consolidated his place on foe team to face the 
Americans at Valderrama next month. 

Earlier, Montgomerie added a second round 
69 to his opening 64. which had broken foe 
previous course record by one stroke and 
which unheralded Fredrik Jacobson of Sweden 
had also matched on Friday morning. 

Johansson, who made his Ryder Cup debut 
in 1995, finished on 132, 12 under par. Mont- 
gomerie was on 133 with Costantino Rocca of 
Italy also consolidating his team place with a 
68, even with Daniel Chopra of Sweden and 
Per Haugsrad of Norway at 135. 

The halfway cut fell at 2-over par and Jose 
Maria Olazabal of Spain just made it into the 
weekend in his bid to qualify automatically 
for foe Cup team. He is currently one spot 
away from doing so, with this event and next 
week’s BMW International Open in Munich 
bringing the qualifying to a close. 

Olazabal struggled to a one-over 73 on 
Friday. The European money leader. Ian 
Woosnam, also scraped by with a second 
successive 71. 


and 

gto secure a 
ninth successive appearance, all failed to 
make foe cut. 

So, too. did Ballesteros, who needed an 
eagle three at the last to stay alive. He went for 
foe green with his second shot but just caught 
foe water on the left and finished with a 
double-bogey seven to miss his 12fo cut in 14 
events this year. Torrance, a Briton who shot 
78-75 for a 9-over 153, has played in foe last 
eight Ryder Cups but is 16fo in foe standings. 
He has only next week left to earn a team 
spot- 

in the opening round of foe NEC World 
Series of Golf in Akron. Ohio, Tiger Woods 
and the defending champion PhiTMickelson 
shot 67s to share the lead. 

Not only did Woods have a sore ankle, was 
tired and run down and made bogey on foe last 
hole at Firestone Country Club, bm he also 
had to contend with a wet course and strong 
CTosswinds that played havoc with the shots in 
the winners-oniy tournament. Only 14 of foe 
46 players broke par. 

In the Greater Vancouver Open, in Surrey. 
British Columbia, Tom Byrum who set foe 
course record in last year’s final round, 
lowered it to 8-under-par’ 63 Thursday to take 
a one-stroke lead over Payne Stewart and Len 
Marti ace in the opening round. 

In the U.S. Amateur championship in Lem- 
ont, Illinois. Joel Kribel of Pleasanton. Cali- 
fornia. survived an extra-hole match in foe 
morning, then crushed his opponent Thursday 
afternoon to advance to the quarterfinals. Kri- 


bel paired the first playoff hole in his second- 
But Bernhard Langer of Germany , already round march against Ian Kennedy of Baton 
assured of a place. Thomas Bjorn of Denmark, Rouge. Louisiana, to win. ( Reuters. AP) 



T ennis Federation, ventured out revote by foe board to make it official, 
to Queens on a recent afternoon to “I think we might have been a little 

scout for some player reactions to the re- selfish in our first thinking, that because we 

put all foe money in, we should name it for 
foe USTA..’ ’ said Marmion, who noted that 
a significant portion of foe association’s 
$14 millio n yearly debt service on foe fa- 
cility will be covexed by foe $9 million in 
revenues it expects to earn from foe sale of 
the stadium's 90 luxury suites. 

In another Open business decision, 
Marmion and Julia Levering, his first vice 
president, said they favored a hands-off 
policy by foe USTA regarding foe seedings 
Car foe Open. 

Last year's president, Les Snyder, raised 
a ruckus by ignoring computer rankings and 
seeding foe Open on a .selective basis, 
which motivated foe 1996 French Open 
champion, Yevgeni Kafelnikov, to boycott 
the event 

This year. Kafelnikov, who is ranked 
Third, is seeded that way. In its seedings 
made public Tuesday, all 16 spots on foe 
men's and women's sides of foe draw were 
in accordance with the computer rankings.. 

■ Will the Mayor Show Up? 

Clifford Krauss of The New York Times 
reported: 

Officials of the the U.S. Tennis Asso- 
ciation say they are uncertain whether May- 
or Giuliani will inaugurate foe Arthur Ashe 
Stadium on Monday night. 

Colleen Roche, Giuliani's press secre- 
tary, said that foe mayor's Monday night 
schedule was very busy and that his aides 
were uying to iron it ouL 

But tennis officials expressed concern 
that foe mayor's lack of response was linked 
to a political battle that goes back to foe 
1993 mayoral race between New York’s 
No. 1 Yankee fen and New York’s No. 1 
tennis aficionado, David Dinkins. 

It was Mayor Dinkins who negotiated foe 
deal with foe USTA that made the new 
23,000-seat stadium possible and that will 
keep foe tournament in Flushing Meadows. 
Queens, for at least 25 more years. 

Under foe contract, the association was - 
given 21 acres of parkland, doubling foe 
size of foe National Tennis Center, and the 
expansion and new stadium were paid for 
by the tennis association with financing 
through tax-exempt Industrial Develop- 
ment Agency bonds. 

But Giuliani took issue with a provision 
that foe city would be obliged to pay Fines of 
up to $325,000 if aircraft from La Guaidia 
Airport flew over during Open matches. 

After winning foe eleaion. Giuliani pub- 
licly urged Dinkins to allow him to review 
the deal, but foe outgoing mayor shrugged 
off foe protest and signed a contract with foe 
tennis association. 

A senior tennis official said that foe as- 
sociation had hoped to present foe mayor 
and former mayor Together at the stadium, 
but that Giuliani’s aides had objeaed 
months ago. 


5254 million USTA National Ten- 
nis Center, which will open for business 
with next week's United States 

Pete Sampras, the Open’s 
champion, gave Marmion a thumbs-up as 
he prepared for his title defense. Jim Cour- 
ier took a break from shagging practice 
balls to compliment Marmion on foe out- 
come of the United States Tennis Asso- 
ciation's extensive and controversial renov- 
ation and rebuilding of a site that bad been 
foe reviled ugly duckling of the four Grand 
Slam events. 

Since foe tournament relocated to Flush- 
ing Meadows-Corona Park in Queens in 
1978, it had not held its own with Wimble- 
don and foe French and Australian Opens, 
and not just because the former World’s 
Fair site had once been a dump. When 
players were asked to name their least fa- 
vorite Grand Slam event, most of them, 
including Americans like Courier, men- 
tioned the crowded United States Open. 

Thai is why Marmion. a Queens-bora 
Long Island resident, was floored when 
Courier, a workhorse who is rarely free with 
his compliments, smiled at him. 

“Fantastic.” Courier said as he cast an 
appreciative glance around foe state-of-the- 
art 23.000-seat Arthur Ashe Stadium 
where, in just over two weeks, the 1997 
men's and women’s Open champions will 
be anointed. 

Marmion is hoping that foe Open’s pay- 
ing customers, many of whom are irate over 
ticket price hikes and sealing redistribution, 
agree with Courier. 

“We were foe last of foe Slams to re- 
build. bur I think we've come up with 
something Far beyond your standard tennis 
stadium,*" Marmion said of the USTA’s 
efforts to bring foe Open into foe 21st 
century. 

The USTA. whose United States Open 
cause' was championed by former Mayor 
David Dinkins, has still not won over May- 
or Rudolph Giuliani. But Marmion seemed 
confident that the unveiling of this fan- 
friend ly facility could be the first. step in 
convincing the public that the USTA is 
looking to unite tennis with the masses. . 

Besides giving this complex, which is 
open for public use 300 days a year, its $254 
million face- lift, Marmion pledged that foe 
USTA would dedicate more of its S135 
million yearly operating budget to foe ex- 
pansion of tennis at the grass-roots level. 

“We’re trying to shed foe elitist image," 
said Marmion. whose first gesture in that 
direction was renaming foe President's Box 
foe USTA Box at Arthur Ashe Stadium. "I 
want to democratize this organization, and I 
want to see it get tennis out of the country 
clubs and into foe parks, shed for once and 
for all foe image of tennis as a country-club- 
only sport." 

Naming foe new stadium for Arthur 


Ivanisevic Wins; Novotna Is Out 


ell B.A.T'Rmrr, 

Colin Montgomerie lining up a putt at the European 
Open on Friday. He is in second place after two rounds. 


CemipilfUt* Oar Stuff FnwDispjtcha 

COMMACK. New York — Goran Ivan- 
isevic of Croatia, ranked No. 4 in foe world, 
straggled to a 5-7. 6-2, 7-6 O-A) victory over 
foe No. 95 player, Nicolas Lapentti, a qualifier 
from Ecuador, to gain the quarterfi nals of foe 
Hamlet Cup. 

Michael Chang, No. 2 in the world, took 
only 49 minutes to boost his record for foe year 
to 49- 1 2 with a 6-0, 6-2 victory Thursday over 
Todd Woodbridge. a member of the Australian 
Davis Cup team who had upset Chang in foe 
opening round of this year's Wimbledon. 

Chang, who, like Sampras, has five tour 
victories this year, is 12-3 against Wood- 
bridge. who is No. 1 in the world in doubles 
with his countryman. Mark Woodforde. 

"It was nice to have an easy match," said 
Chang, who earned his only Grand Slam title 
in the 1989 French Open at the age of 17. 

In women "s tennis, foe top two seeds are out 
of the U.S. Women’s Hardcourt Champi- 
onships in Stone Mountain, Georgia. 

The No. I seed. Jana Novotna, lost to foe 


Scoreboard 


BASEBALL 


Major League Standings 


AMERICAN LKAOtll 



East division 




w 

L 

Pet 

GB 

Both mare 

80 

44 

.645 

— 

Nen York 

76 

50 

-603 

5 

Boston 

« 

64 

-500 

IB 

Toronto 

60 

66 

.476 

21 

Detroit 

59 

67 

■46B 

22 


CENTRAL DIVBION 



Cleveland 

65 

59 

-524 

— 

Chicago 

S3 

64 

A96 

I* 

Milwaukee 

62 

64 

.492 

4 

Kansas dry 

52 

72 

419 

13 

Minnesota 

53 

73 

416 

13'v 


WEST DIVISION 



Seattle 

71 

56 

-599 

— 

Anohefm 

69 

59 

-539 

2'i 

Tews 

60 

67 

472 

li 

Oakland 

51 

77 

-39B 

OTv 

NATIONAL LIAO (IV 



EAST DIVISION 





W 

L 

Pet. 

GB 

Atlanta 

n 

49 

■614 



Florida 

73 

55 

-584 

4 

New York 

6B 

58 

£4Q 

9-j 

Montreal 

62 

63 

496 

15 

PhltadefpiM 

45 

77 

J69 

30'.-: 

CENTRAL DIVISION 



Houston 

67 

60 

528 

— 

Pittsburgh 

63 

64 

496 

i 

SI. Louis 

58 

68 

460 

8Vi 

Clndrtnat) 

55 

69 

443 

lffi 

Cfrtcnga 

50 

77 

JW 

17 


WEST (HVTSfON 



San Francisco 

71 

56 

.559 

— 

Los Angeles 

69 

58 

543 

2 

Colorado 

41 

66 

430 

IQ 

San Diego 

61 

66 

480 

10 

THURSDAY'S UNESCOKBS 



AMERICAN LEAGUE 

Toronto 000 010 002-3 9 0 

CNcngo 220 000 02*— 6 0 0 

Hentgen. Ptesoc (0) ond OBnetv Drabak. 
T. Casltlto (6), Foirtka (7). Kaictmcr (91 and 
Fotweffos. W— Drobek, 10-a. I— Henfgen, 
13-8. Sv— Katthiw (8). HR— Chicago. F. 
Thomas 09). 

Boston 100 101 300—S ID 1 

Oakland 150 HI «bt— 13 17 0 

Avery, Lacy (3). Brandenburg (01 and 
Haul man; Lorraine. Johnstone (71. Mahler 
(9} and Go.WUBpms. W — Lorraine. 2-0. 
L— Avery, 6-4. HRs— Boston. M. Vaughn 
(27]. Oakland. J. McDonald (41. Beiihom (5]. 
Canseco (23), GkanM (161. Splezio (10), 
En. Young (4). 

Bal tim ore 201 OH DIO— 4 9 0 

Kansas aty 000 001 110-3 7 0 

Krlvda Mffls (61, Orosco (7), A. Benitez (01. 
TuMattiem (B), RaJAym (9} and Holies: 
Appier, Casio n (8), Carrasco TO ond 
Macfaitane. W— Krtvda 2-0. L — Appier 7-1 1. 
Sv— PaJVIyen (30). 

Dfltrott 001 080 DM 001—2 9 0 

Milwaukee 001 0M 000 000-1 S 0 

(1? innings) JU.Ttmniuaii Bracafl (SI. M. 
Myers CBJ. WkeJI (9). ToJones (12) and 
Casanova, WoJbecR (ID; EUred Dovts (71, 
Fatten (7). DoJonm (10). WkJunon (12) 
and Levis. W— Mice* 3-2. b-Mdunan 4-6. 
Sv— ToJones (24). 

amtaad ON 020 202-4 12 1 

Saattte 010 130 Q2x— 7 8 0 

Colon. Plunk (5). Joanne (6), M. Jackson 
(7). Aran mother (81 ond Borders; Mayer, B. 
Weds (6), Spollortc 17). T) rutin (7X SJoaimb 
TO and Do.WHson. W— Moyer l 34. l— C olon 
2-A. Sv— Stocumb (21)- HRs— Cleveland. 
Thome (34). Seattle, A- Rodriguez 09). 

New York 101 000 DM 011-4 10 0 

Anaheim ISO ON on 010-3 13 1 

(12 timings) 

Petmta M. Rivero (9>. Sfaman (IGi. Nelson 


(12) and Girardc 0 .Springer. Hole TO. 
Perdval TO. DaJAar (111. P. Harris 02) ond 
Kreifter. Turner (10). W— Stanton 6-0 L— P 
Hants 2-3. Sv-Netton (21. HRs— New Yort. 
Se-WIITiams (161. T. Martinez (40). 

NATIONAL LEAGUE 

SL Louis M0 1M Ml— 2 2 0 

Manfred MQ 031 09*— 3 9 3 

Osborne. Peftovsefc (B) and DiWlea 
MUohnsan, Telford (7). (Jffaina TO and 
Widger. tv— M (Johnson, 1-1 . L— Osborne. 2- 
4. Sv— Urbina (20). 

Las Angeles DM MO 10O—1 5 0 

New York 000 102 OOc— 3 6 0 

Camflarri, Guthrie i7). Drerforr tB) and 
Penza- Crawford. McAtiduet T.. Jo-Franco 

(9J and Pran. W-Creurford M. L— Candtottt 

9-5. S»— Jo.Franco OH. HRs— Los Angeles. 
Piazza (281. New Yen*. Boerga IB>. 

Second Came 

LaiAngetro 202 000 MM 7 1 

New Yorik 010 TOO 000—3 7 2 

park, Radinsky (7), Hafl TO. Ta.iYorreU TO 
and Prince; R.fieea Wendell T-. Rojas (9) 
and Hundley. W— Part 13-6. L— R. Reed 10- 
7.Sv— TaAVofRlI pi). 

Son Diego 200 <10 110-9 13 0 

Pittsburgh 201 1M 0M— 3 4 I 

Hitchcock, Uorymon 71 Worrell (B). 
Hoffman (91 and CMemamjez. F.Cordova. 
Ruebel (4), Wallace (6), Sodowsky (7), 
Christensen pj and KendelL W-Hifchucfc 
9-7. L— F. Cordova 9-7. HRs— San Diego. 5. 
Finley (231. Cmniriti ri7l, G Vzughr. ru; 
Pittsburgh. M. Smim (5). 

Colorado 000 210 1M— « 8 0 

Houston 240 301 MK-10 15 1 

R.Bofley. Holmes (2J. Leskanic (J).S. Reed 
(7) and Monararinp Hott, T Martin 17). 
Hudek ;7). B. Wagner (9) and Ausmire. 
W— Hon 8-9. l-R Bailey O-P. 

HRs — Comrade, Sums ^£',. Hjuswn. Biggio 
(1BJ, Bagwell (34. 


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■ I.1.IIIUI 

NFL Preseason 


THURSDAY'S GAM IS 

New England 28, Philadelphia 14 
MiaDil28. Washington 7 
Indianapolis 16. Dettori 7 


CRICKET 


■NOLAND VS. AUSTRALIA 
SIXTH T E ST . SECOND DAT 
SniDAV. M LONDON . ENGLAND 
England- 1 80 Ond 52 for 3 
Australia: 21 B 


signed OB Chris Drftoe. 

GREEN bay— Claimed CB Joe Rowe off 
waivers from ST. Louts. Waived LB Regale 
ClorV 

Jacksonville -W aived CB Curbs Ander- 
son. Claimed QB Steve Matthews off waivers 
front Kansas Qty. 

MIAMI— Claimed S Bracer Walker off 
waivers from Cincinnati. Signed LB Eddie 
Sutter. Waived WR Jasper Strong. 

HEH York GIANTS— Re-slqned DT Ray Ag- 
new. Waived DE Jamal Duff. 

new york jets-C la lined WR Ray Loots 
off waivers from the New England. 

ST. loins— W aived OL Gerald perry. 

SAN FRancjscd— S lg nod DE Marvin Wash- 
ingtan to t -year contract. 


FRIDAY'S RESULTS 

CENTRAL LEAGUE 
Hiroshima 4 YckuttJ 
Yokohama £ "tomluri i 
Chufdehl ia Haretiin 5 

PACBTC LEAGUE 
Nippon Ham & Ora 5 
Latte X Kintetsu 1 
Setou 9, Dmei 7 


HUNCH HWT MVHION 

Comtes A Bordrou* 2 
Strasbourg l. Nantes 2 
STAMDINOK Parts Sf Germain f points; 
Metz ft MaiseHfc 7. Bostic h Toulouse 7; 
Bordeaux 7. Strasbourg 3. Le Havre 4- Mona- 
co 4: Lens 4; Guingamp i Lyon 3 Nantes 1 
Auttrre 2 ; Montpelier 2. Chateauroux 1; 
Rennes 1; Cannes 0. 

DUTCH FIRST DIVISION 

MVV Maastricht 0. Fcrenuord3 


TRANSITIONS WEEK AHEAD 


BniliftFL 

AH EH re AN LEAOUE 

CHICAGO— Optioned RHP Carlos Castillo to 
Nashvtile, AA. Recalled INF Cto-s Norton 
from Noshvifc. 

SEATTLE-Opttoncd RHP Ftfoe Ura ond 
INF Brent Gales to Tacoma PCL Activated 
CF Rob Docey from 15-doy daablod Us! Put 
OF Leo Tinsley an 15-day disabled Ird. Re- 
asHea SS, Andy Sheets from Taasmo. 

NATIONAL LEAGUE 

COLORADO- Wphred RHP Bill Swift. 

NEW YORK— RecaSed LHP Yortis Porez 
from Norfolk, IL Optioned Inflekler Shawn 
Gilbert to Norfolk. 

MONTREAL— Put PHP Dave Veres on 15- 
day disabled lts». Bought controcf of PHP 
Shovne Bermett from Otfowa l L 

FOOTBALL 

NATIONAL FOOTBALL LEAOUE 

DENVER— Signed CB Tim Mayor. Waived 
LB Godfrey Myfes. 

Detroit— V/ oivad DT Kevin Sheehan. Rc- 


Saturpat, Auo. 23 

archery, Victoria Canada — World Tar- 
get Championships, to Aug. 23. 

cwcnjtt, CotombA Srt Lanka— Sil Lanka 
w. India Itwfl arxvdayfttaTOtioiiai London — 
England vs. Austin la shth test to Aug, 25. 

OOLF. Men: Duobn, Ireland — European 
Open, to Aug. 3* Akron. Ohio— NEC Wnrid 
Sew* M GolL to Aug. 2* Sumy. Bitthii 
Cofumba — Greater Vancouver Open. (0 
Aug. 24 . Women: Beavercreek, onto — Star 
Bank LPGA Classic to Aug. 2* Mlshlma - 
Caierplllor-Mitsubishi Ladles, to Aug 24 
ruddy UNION. Pretoria South Africa - 
Til-Nations. South Afrfeo vs. Australia 
•wisiminq. Sovwe, Spain — men, uiam- 
en. E uropeon championships, to Aua. 24. 

TENNIS, men: Bastoa Massachusetts — 
U5. Pro Championships, to Aug. 24 Com- 
modv NewYoiV — Wahfbaum-5 Hamlet Cup. 
to Aua 74 women- AHont* _ u.S. Hardcourt 
ChamDkmsnips. to Aug nj 


WORLD UNIVERSITY GAMES, Paler- 
maSIcPy— to Aug. 31. 

Sunday, Aug. 24 

ATHLETICS. Cologne, Germany - 
Cologne WeltUasse; Reykjavik. Iceland — 
ReyMavik Marathon. 

auto racino, Spo-Froncorschompi 
Belgium — Formula One. Belgian Grand 
Pfh. 

soccer. Bratislava Slovakia — World 
Cup QuaUfyhg, Slovakia vs. Czech Pepublrc 
Wshlngton - CONCACAF Champions Cup 
final. 

CYCLING, Geneva Switzerland — World 
Cup. GP Suisse. 

Monday. Auc. 25 

X 0 * - U*. Open Tennis 
Championships, to Sept. 7. 

Tuesday, Auc. 26 

?^ ln - l4AF - Grand Prtt 
I5TAF 77 (class li. Carl Lewis farewell 
■occer. Vorious sties. Switzerland - 
UEFft Cup. second qualifying rouna return 
leg 

Wednesday, A uq. 27 

rj!®^ VortQTC - European 
Cnamptons Cua second qualifying round, re- 
rum leg. 

Thursday, Auo. 28 

ini Q f >L f l Germany — BMW 

international Open, to Aug. 31: Milwaukee - 
Greater Milwaukee Open, to Aug 31: 1 lost*. 
X, tT" ~ H '“ n ’ Ws » Augusta, to 

socem, Venous stK-s - European Cup 
WuinodCup, guolihrlng round return teg. 



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No. 5 seed, Amanda Coetzer, 1-6. 6-3,. 6*1, 
Thursday night, and foe second-seeded play- 
er, Monica Seles, withdrew from foe event 
because of a high fever and sore a throat 
The winner of foe last two tour events in 
Los Angeles and Toronto. Seles said she 
hopes to recuperate by next week to be ready 
for foe U.S. Open. 

Seles, who defeated Naoko Sawaiuaisu of 
Japan on Wednesday night, was unable to 
play Thursday against Sandrine Testud of 
France, who now will face foe third-seeded 
plaver. Iva Majoli, in Friday’s semifinals. 
Majoli, of Croatia, outlasted Brenda Schultz- 
McCarthy of the Netherlands. 6-2. 7-5. in the 
quarterfinals. 

Coetzer plays the No. 4 seed, Lindsay Dav-. 
enport, who beat Dominique Van Roost of 
Belgium, 6- 1 , 7-5. Thursday. ^ 

• Heavy rains forced the" postponement of 
ail four second-round matches scheduled 
Thursday at foe inaugural $303,000 Pro 
Championships. The matches were resched- 
uled for Friday. MP. Reuters) 


1*000;: - 


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Friday, Auq. 2 3 

AUTO RACINO. HefeinU Flnkmd - 
1.000 Lakes Rally of Finland, to Aog. 31 . 

“° Lr - ^ MMwnv, Pennsylvania _ 
Prastturgn SentorCtasIcto Aug. 31 ; Women 
NairHa japan -cayo konwlsu Ladies Cup. 

soccer Nyoa Switzerland — draw tor . 
European Champions Cup group matches.’ t 
nror-rouna pairings tor European Cup win * * 
nersv.up and UEFA Cup. . 

WRBSTuno, Krasnoyarsk, Russia — 

£ton. (Freestyle World Championships, to^ 

Saturday, Auc. 3 Q 

^OR^'NO.DaOas-^A.G^’ 
0C,9ium ~ 

aou> Women: Springfiofg, Illinois 

Farm RaH Classic, to Sept. 1 
Rowing, AiguMelertfi, France _ WnHrt 
Championships, to Sept.?. Wortd 

•occer, Windhoek, Namibia _ . 
national friendly. Namibia v^ZcnnWa ^ 

Sunday, Aug, 31 

AMERICAN FOOTBALL 

NFL regular season begins ' ' ork ~ 

Vancouver Dartington, Ca^, IWn ' lnt}y v 
to racing. NASCAR W.ncttm r M 

Soulhe^soo " W. Dew 

sir™™ ' w ™ ’ sssfflss? : 










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utuiintuiui \K tt tmESftU.rfJ'TESBER 51, 


FACES 


INTERNATIO NAL HERALD TRIBUNE, SATUR DAY-SUNDAY, AUGU ST 23-24, 1997 

SPORTS 


PAGE 19 


1 I F 


' f-Uf, 


; -a V 


"""Vi 



Dodgers and Mets Keep Spinning Their Wheels 


The Associated Press 

A doubleheader split didn't help the 
Los Angeles Dodgers or the New York 
Mets. 

“It's hardly the ideal situation," said 
the Mets* catcher. Todd Hundley, after 
New York beat Los Angeles, 3-1, 
Thursday to stop a four-game losing 


* , ■ q Wo^trd 

JJoJpnms Shawn Wooden picking off pass intended for Albert Connell. 


Dolphins’ 3 Interceptions 
Help Steamroll Redskins 


u'Hit 

\ . | ’ i i . ‘ t - 

j ^ 


r The Associated Press 

MIAMI — The Miami Dolphins 
couldn't have asked for much more 
from their 28-7 exhibition victory over 
the Washington Redskins. 

The Dolphins jump-started their 
snuggling running game Thursday 
night, came up with three interceptions 
and got the big play coach Jimmy John- 
son had been looking for. 

Charles Jordan ran back a punt 96 
yards for one score and rookie Sam 

NFL Roundup 

Madison -picked up a fumble and 
scrambled 58 yards for another. 

Washington committed five 
turnovers in the first half and looked far 
from ready for the regular season from 
either the starters or the backups. 

Two very weak passes by Gus 
Frerotte landed in the hands of Dolphins 
defenders in the first quarter. Tim Jac- 
obs caught the first interception at the 
Miami goal line, halting Washington’s 
most impressive drive of the game on its 
first possession. 

The Redskins scored their only 
touchdown with 7:36 left in the game 
when Albert Connell caught a 20-yard 
pass from Trent Green. 

The drive was set up by an inter- 
ception by Keith Thibodeux. 

Miami averaged just 73 yards rushing 
in four previous exhibition games, but 
had 76 yards in the first half {done 
against Washington and finished with 
144 yards on 41 carries. 

Cotes 16. Lions 3 Coming off the worst 
exhibition loss in franchise history — a 
45-3 drubbing a week ago in Seattle, the 
Indianapolis Colts felt a challenge. 

*‘We had to come back as a team,” 
gain Sean Dawkins, who caught four 
passes and scored a second-quarter 
touchdown as host Indianapolis de-. 
feated Detroit Lions, 16-3. in the final 
exhibition game for both teams. 

Dawkins was one of several Gaits 
who didn’t play at Seattle because of 
injuries. Wide receiver Aaron Bailey 
and linebacker Quentin Coryatt were 
two other returnees. 


“It felt good going out there and 
playing again." said Coryatt, who 
played for the first time this year after 
sustaining a groin injury early in train- 
ing camp. 

• 

Coach Dave Wannstedt has named 
Erik Kramer as the Chicago Bears’ 
starting quarterback, giving him the nod 
over recently acquired Rick Mirer. The 
Bears also gave Mirer a three-year. $10 
million contract extension that included 
a $2.6 million signing bonns. 

• 

Receiver Michael Westbrook missed 
Thursday's exhibition game against 
Miami as punishment for punching 
teammate Stephen Davis. Westbrook 
didn't attend the ream's annual Wel- 
come Horae luncheon Wednesday. 

• 

The NFL fined die Carolina Panthers 
linebacker Lamar Lathon $20,000 for 
his hit to the face mask of Kansas City 
quarterback Rich Gannon a week ago. 


BASEBALL ROUNDUP 

streak, then lost the second game, 4-3. 
“We’ve got to try’ to stay close and be 
more consistent.” 

Los Angeles remained two games 
behind first-place San Francisco in the 
National League West New York, 
which lost the series opener Tuesday, 
h3s dropped 9 of 12 and is 5 W games 
behind Florida in the wild-card race. 

“Sure, it would have been nice to win 
both, and we had opportunities to/ ' said 
the Dodgers’ Todd Zeile, who drove in 
three runs in the second game after 
getting ejected for arguing in the opener. 
“But at least we won the series." 

The Dodgers won mainly because of 
Chan Ho Park, who got his eighth vic- 
tory in nine starts. He drew many 
Korean fans to Shea Stadium and got 
some of the biggest cheers of the night. 

“It feels absolutely like a home 
game,’* said Park ( 13-6). who gave up 
three runs and six hits in 6% innings and 
struck out six. He has lost just once since 
June 27. 

“You can see his confidence build," 
said the first-game loser, Tom Candiotti 
(9-5). “It’s gaining speed." 

New York put runners at the comers 
with one out in the eighth, but Darren 
Hall got Matt Franco, pinch-hitting, to 
ground into an inning-ending double 
play. Todd Worrell finished for his 3 1 st 
save in 38 chances. 

The Mets’ starter, Rick Reed (10-7), 
allowed all four runs and six hits in six 
innings. 

In the opener, Joe Crawford shut 
down Los Angeles in his first major 
league start, and Carlos Baerga hit a 
two-run homer. 

Crawford (2-1) allowed one run and 
three hits in six-plus innings, giving up 
Mike Piazza’s 28th homer in the sev- 
enth. 

“I’ve been wanting to give Joe a 
chance to start.” said Bobby Valentine, 
the-Mets’ manager, who made the de- 
cision after Wednesday night's game 
was rained out. “With all their right- 
handed hitters, I drought he was going to 
be O.K." 

Crawford, who relies on a changeup. 


made 12 relief appearances before get- 
ting die start. And he was especially 
pleased that Valentine turned to him 
with the team in a funk. 

Greg McMichael escaped a two-on, 
none-out jam in the eighth, gening a 
break when Nelson Liriano forced the 
lead runner at third on his sacrifice 
attempt. John Franco pitched the ninth 
for his 3 1st save in 36 chances. 

•‘You’ve got to execute the bunt, and 
a veteran player didn’t do it." said the 
Dodgers’ manager, Bill Russell. 

The Mets’ Rev Ordonez made a spec- 
tacular backhand play on a sixth-inning 
grounder, throwing out Eric Young 
from deep shortstop while on one 
knee. 

Astros 1 0, Rockim4 The Ki I ier B 's aU 
delivered as Houston beat Colorado at 
the Astrodome. 


Jeff Bagwell and Craig Biggio each 
horaered, Sean Berry had a two-run 
double and Derek Bell had his fourth 
straight multihit game. 

Ellis Burks horaered for the Rockies. 
Lany Walker set a career-high with his 
102d RBL one more than he had in 
1995. 

Padres 9, Pirates 4 Steve Finley and 
Greg Vaughn both ended slumps with 
home runs as visiting San Diego 
stopped Pittsburgh’s three-game win- 
ning streak. 

Finley, in an 1 l-for-67 rut, drove in 
three runs. Vaughn, in a 1 -for- 19 skid thar 
included eight strikeouts, had three hits. 

Keu Caminiti hit his 17th home run 
and Tony Gwynn had a sacrifice fly, 
giving him 101 RBIs. 

Expos 3, Cardinals 2 Mike Johnson 

earned his first major-league victory. 








[mid UcNru/Reuif r» 


Derek Jeter, the Yankee shortstop, soaring over Craig Grebeck of the 
Angels to complete a double play as New York edged Anaheim by 4-3. 


Can Fans and Fortune Spoil Brett Favre? Not Yet 


; By Mike Freeman 

' ~ : JVrw- York Tunes Service 

TORONTO — Everyone stares. Is 
that . . . ? No, can't be. Isn’t Brett Favre 
taller? 

In Green Bay, Wisconsin, he’s the 
Man. More popular than Vince Lom- 
bardi, able to leap into the Lambean 
Field stands in a single bound. 

He has always been on top of the 
tundra, but now the Favre phenomenon 
has gone global. 

If Favre was popular before Green 
Bay beat the New England Patriots in 
Super Bowl XXXI, he is now the Elvis 
of the National Football League. It has 
been a rip-roaring, money-making off- 
season for Favre, the most valuable 
player of the Super BowL His wallet is 
ratter. 

People want him at their charity 
events, their golf tournaments, book 


signings. Everyone wants a piece. 

As a quarterback, he is at the top of his 
game. As an ambassador for die NFL, 
his impact is much larger. 

His recent trip to Canada for an ex- 
hibition game began at a mass news 
conference a week ago. 

The reporters grilled him. After the 
news conference, Favre threw a pass to a' 
couple of kids, who lighted up like 
Christmas trees. And he signed dozens 
of autographs, ignoring no one. 

Some sports agents estimate that 
Favre has already made $2 million to $3 
million from endorsements and other 
deals. That is in addition to a seven- 
year, $47.5 million contract that in- 
cluded a $12 million bonus he signed in 
the off-season. 

All that money, bat here he was at a 
news conference, wearing a white polo 
shin, tattered blue jeans and beat-up 
canvas shoes. 


But that's who Favre is. A million- 
aire, yes, but someone almost anyone 
can speak with, be comfortable with. 

Favre has tried hard to stay the same 
person who likes to fish, watch tele- 
vision and just play football. 

“That's probably the hardest part — 
staying yourself," Favre said in an in- 
terview. “There are so many demands 
on my time that sometimes I just want to 
stay on the golf course all day and talk to 
no one. But I’m not going to change who 
I am. The only thing I'm going to do is 
be more cautious because now it seems 
that more people around the country and 
around the world know who I am be- 
cause of the Super Bowl. 

“What 1 do now is stay around the 
house more. I play a lot of golf." 

“Has he changed? Are you kidding 
me?” the Packers’ coach, Mike 
Holmgren, said. “I had to beat on him to 
get him to buy a nice pair of shoes for 


this trip. He really hasn’t changed at all. 
The thing about Bren is that he has a 
heart of gold.” 

He stays the same, despite die money, 
the fame, book deals. 

Oh, the book. 

“The book thing, ugh!” Holmgren 
said. “We haven’t talked about ityet but 
he knows it’s coming. I think the book is 
going to stick to him for a long, long 
time." 

“The Book Thing" as the Packers 
are calling it is actually a reference to 
Favre's book, ‘ ‘Favre: For the Record,’’ 
which is scheduled to be published next 
month. To say it is controversial is an 
understatement 

“It takes a brave man to write the 
stuff he did," said Reggie White, one of 
Favre's teammates. 

Favre admitted his addiction to 
painkillers, mainly Vicodin. and his use 
of alcohol. 


combining with Anthony Telford and 
Ugueth Urbina on a two-hitter as host 
Montreal beat St Louis. 

Johnson (1-1), a 21 -year-old Cana- 
dian, was acquired July 31 from Bal- 
timore fora player to be named. 

Johnson also got his first big-league 
hit and scored the go-ahead run in the 
fifth inning on Mike Lansing's two-run 
double. 

In American League games: 

Yanksaa 4, Angels 3 Tino Martinez 
became the first Yankees player to hit 40 
home runs since Reggie Jackson in 
1980. and New York beat Anaheim in 
the 12th inning on Derek Jeter’s single. 

Jeter’s infield hit scored Joe Girardi, 
who bunted for a single with two outs 
againsi Pep Harris (2-3) and moved up on 
a single by Rey Sanchez. The Yankees 
won for the 10th time in 13 games. 

TTie Angels have lost six of seven. 
Tony Phillips, playing for Anaheim for 
the first time since being arrested Aug. 
10 on a felony charge of cocaine pos- 
session. went 2-for-3 with three walks. 

Martinez tied Seattle's Ken Griffey 
Jr. for the major league lead in homers, 
connecting with two outs in the 1 1th off . 
Darrell May. Martinez leads the majors 
with 1 19 RBIs. 

Marina rs 7, Indians 6 Roberto Kelly, 
acquired a day earlier from Minnesota 
for a player to be named, had two hits 
and scored a run in his Seattle debut. 

Kelly singled to set up Edgar Mar- 
tinez’s tiebreaking, two-run double in 
the fifth inning at the Kingdome. Kelly . 
batted second while Alex Rodriguez, 
who homered, was moved to fifth in the 
order. 

Athlatics 1 3, Rad Sox 6 Jason Giambi, 
Ernie Young, Jason McDonald and Jose 
Canseco all homered in die third inning, 
marking just the 40th time in major 
league history that a team has connected 
four times in an inning. 

Mark Bellhoro, who went 4-for-4. 
and Scott Spiezio also homered for Oak- ; 
land Boston last allowed six home runs 
in a game in 1980. 

Oriolas 4, Royals 3 Rafael Palmeiro ■ 
hit a two-run doable in the first inning 
and scored on Cal Ripken's single in the 
eighth as Baltimore beat Kansas City. 

The Orioles improved the best road 
record in die majors to 44-22 

Randy Myers, die sixth Oriole pitch- 
er, earned his team-record 38th save. 

Tigers 2 , Brewers 1 Tony Clark drove 
in the go-ahead run with a grounder in 
the 12th innin g, and Detroit won at 
Milwaukee. 

Bobby Higginsoo and Travis Fryman 
singled with one out off Bob Wickman 
(6-6). Clark followed with a high boun- 
cer to second baseman Fernando Vina, 
who could only get an out at first base. 

White Sox 6, Blue Jays 3 Frank 
Thomas hit a two-run homer and host 
Chicago won its third straight game. 

Thomas, leading the AL in batting at 
.347, hit his 29th home run. He has 38 
RBIs in 40 games since the All-Star 
break. 

■ AL Investigates Irabu Incident ■ 

. The American League is investigat- 
ing an incident in Wednesday night's 
game between the Yankees and the 
Anaheim Angels in which the Yankee 
pitcher, Hideki Irabu, was called for a’, 
balk. The New York Times reported. 

The Yankees’ third baseman, Charlie 
Hayes, told teammates that the second- 
base umpire, John Hirschbeck, who- 
made the call, made a profane comment' 
about Irabu’s nationality, an accusation 
that Hirschbeck strongly denied. 

“It did not happen," Hirschbeck 
said. “ ‘Japanese’ was never said. I did 
cuss. Thai's pan of the game. But I 
never said anything racially. On the- 
lives of my famil y, that is the truth." 


DENNIS THE MENACE PEANUTS 


U€VEDECIPB?WESH0ULP UJElLTW TO RND OUR BROTHER . /SnSKifi 1 

gp moms ON TOUR FAMILY 5PKE..HE KNOWS MICKEY MOUSE, o I 

SfrAmwms doS uw o is vaw wealthy, and can | O' \ the street^ 

CAN T A FFORD THREE &£T US J085 IN HOLLYWOOD. ^ CQ) 10 — 


CALVIN AND HOBBES 


HERE \S A PROUD OTf. 
FULL OF HAPPY. PROSPSaOOS 

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PAGE 20 


INTERNATIONAL HERALD TRIBUNE, SATUBDAY-SUNDAT, AUGUST 23-24. 199 1 


DAVE BARRY 


Here’s Mud in Your Ear! 


M IAMI — Recently I spent several 
days touring the California wine 
country, and I must say that it was a 
wonderful experience that I will remem- 
ber until long after I get this mud out of 
my ears. 

I'll explain the mud in a moment, but 
first I should explain that die wine coun- 
try is an area near San Francisco that is 
abundantly blessed with the crucial nat- 
ural ingredient that you need to have a 
successful wine country: tourists. There 
are thousands and thousands of them, 
forming a dense continuous scream of 
rental cars creeping up and down the 
Napa Valley, where you apparently can- 
not be a legal resident unless you own 
a winery named after yourself. Roughly 
every 45 feet you pass a sign that says 
something like “The Earl A. Freb- 
blemunster And His Sons Earl Jr. 
And Bud, But Not Fred. Who Went Into 
The Insurance Business, Winery.” 

When you see a 
winery that you like, 
you go inside for wine- 
related activities, which 
are mainly (1) tasting 
wine, and (2) trying to 
adopt thoughtful facial 
expressions so as to ap- 
pear as though you have 

some clue as to what 

you are tasting. Some 

wineries also give guided tours wherein 

they show you how wine is made. 

The process starts with the grapes, 
which ripen on vines under the watchful 
eyes of the head wine person (or “pois- 
son de la tete”) until exactly the right 
moment, at which point they form a 
huge swarm and follow the queen to the 
new hive location. 

No, wait. I’m thinking of bees. When 
the grapes are ripe, they're harvested 
and stomped on barefoot by skilled 
srompers until they ( the grapes) form a 
pulpy mass (called the “frontage”) 
which is then discarded. Then the head 
wine person drives to the supermarket 
and buys some nice hygienic bunches of 
unstomped grapes, which are placed in 
containers with yeast — a small but 
sexually active fungus — and together 
they form wine. 

The wine is then bottled and trans- 
ported to the Pretentious Phrase Room, 
where professional wine snots perform 
the most critical pan of the whole op- 
eration: thinking of ways to make fer- 
mented grape juice sound more complex 
than nuclear physics. For example, at one 
winery I sampled a Pinot Noir (from the 
French words pinot. meaning * ‘type of.” 
and noir, meaning “wine”) and they 
handed me a sheet of paper giving many 
facts about the wine, including some- 
thing called the “Average Brix at Har- 
vest”; the pH of the grapes; a detailed 
discussion of the fermentation (among 
other things, it was “malolactic”); the 
type of barrels used for aging (“100 
percent French tight-grained oak from 


Wine is bottled 
and transported to 
the Pretentious 
Phrase Room. 


the Vosges and Allier forests”); the type 
of filtration (it was “a light egg-white 
fining"); and of course the actual nature 
of the wine itself, which is described — 
and this is only part of the description — 
as having “classical Burgundian aromas 
of earth, bark and mushrooms; dried 
leaves, cherries: subtle hints of spice and 
French cxtk’ and of course the flavor of 
■‘blackberry, allspice, cloves, vanilla 
with nuances of plums and toast” 

Yes! Nuances of toast! I bet they 
exchanged high fives in the Pretentious 
Phrase Room when they came up with 
that one! 

At another winery, I stood next to 
some young men — they couldn ’t have 
been older than 22 — who were tasting 
wine and making serious facial expres- 
sions and asking a winery employee 
questions such as: “Was '93 a good 
year for the cabernets?” I wanted to 
shake them and shout, “What's 
WRONG with you!? 
When I was your age, I 
was drinking Sunshine 
Premium brand beer 
(motto: “Made From 
Ingredients' ’ ) at $2.39 
a CASE!” 

Needless ‘ to say 
these young men also 

bad cigars. You have to 

worry about where this 
nation is headed. 

Anyway, the other major tourist thing 
to do in wine country is to go to a town 
called Calistoga and take a mud bath, 
which is an activity that I believe would 
be popular only in an area where people 
have been drinking wine. My wire and I 
took one at a combination spa and 
motel, where we were met by a woman 
who said, X swear, “Hi, I’m Marcie, and 
I'll be your mud attendant. ' * 

Mareie Jed ns into a room containing 
two large tubs filled to the brim with 
what smelled tike cow poop heated to 
104 degrees. We paid good money to be 
allowed to climb into these things and 
lie there sweating like professional 
wrestlers for 15 minutes. Marcie — who 
later admitted that she had done this 
only once herself — said it was sup- 
posed to get rid of our bodily toxins, but 
my feeling is that from now on, if I have 
to choose between toxins and hot cow 
poop. I’m going with the toxins. 

But I have to say that once 1 got out of 
the mud. I felt a great deal bener than 
when I was in the mud, and I am con- 
fident that one day. if I take enough 
showers, people wtil stop edging away 
from me on the elevator. So let me just 
close by saying that, although I have 
made some* fun of the wine-country 
experience here, I really do feel, in all 
sincerity, that “P Snot Noir and his Nu- 
ances of Toast” would be a good name 
for a band. 

©1997. The Miami Herald 
Distributed by Knighi-ftidderlTribune 
Information Services. 


Melodrama and the ‘Love- Addiction Thing 5 


By Joan Dupont 

International Herald Tribune 


L OCARNO, Switzerland — At the 
50th edition of this movie lover's 
festival in Locarno, a group of Amer- 
ican auteurs turned out for a retro- 
spective of their favorite films. 

Martin Scorsese goes for Jacques 
Tourneur’s black western, “Canyon 
Passage according to a book pub- 
lished for the occasion. Gus Van Sant 
admires Robert Redford's "Ordinary 
People," macabre Abel Fenrara was 
touched by Woody Allen's “Zelig," 
and Allison Anders, who started out 
with “Gas, Food. Lodging.” about a 
dislocated family, thrilled to Douglas 
Silk's melodrama of stifling togeth- 
erness, “There’s Always Tomorrow.” 

"I like that movie so much I’m 
thinking of remaking it.” says .Anders, 
who does not look like somebody who 
delves in dark melodrama — vivid red 
hair and lipstick, with tattoos and 
buoyant in shorts and sneakers. "I’ve 
gotten scripts for remakes of 
‘Strangers on a Train' and ‘Gloria.’ 
Who wants to remake a Hitchcock or a 
Cassavetes? But Sirk wasn't entirely 
happy with this film, so 1 feel maybe I 
ran do something. His brilliance was 
knowing where to put the camera.” 

Made in 1956, two years after An- 
ders was bora, “There's Always To- 
morrow ' ’ is about a neglected husband 
(Fred MacMurray), a cold wife (Joan 
Bennett) and the woman he loves (Bar- 
bara Stanwyck). 

“Amazing how Sirk, a European, 
got the 1950s American family down 
to perfection,” she said. “It’s so beau- 
tifully sad and subtle: Melodrama is all 
about holding back — I learned that 
from Martin Scorsese who is always 
asked why Daniel Day Lewis doesn't 
leave his wife in ‘The Age of In- 
nocence.' But the culture made it im- 
possible.” 

Anders who grew up in Kentucky, 
says she became aware of the history 
of American films through European 
filmmakers; after graduating from 
UCLA film school, she went to work 
on Wim Wenders’s "Paris, Texas.” 

“But as a kid, I watched old melo- 
dramas with my grandmother,” she 
said. * ‘The first film I hooked into with 
my idea of romantic love was ‘A 
Stolen Life.’ Bene Davis plays twin 
sisters. One is sensitive, artistic: the 
other, a tarty party girl, gets the boy. * ’ 
Yes, she laughs, “I sure have sisters 
in my movies; I'm the first of three 
sisters. I have a very competitive re- 
lationship with my middle sister and 
an easy-going one with my little sister, 
who works for me; she’s my assistant 
nanny, gardener.” 

Anders made her first ultra-low- 
budget feature, "Border Radio," when 
Jim Jarmusch was doing “Stranger 
Than Paradise.” “And in ‘Gas, Food, 



Allison Anders says she became aware of the history of American films through European filmmakers 


Lodging, ’ I named the town Laramie. 
New Mexico, to honor Anthony Mann, 
who had always shot in New Mexico. 
So we have the immediate, obvious 
influence of European cinema, with 
the benefit of American influence — I 
see it in Jarmusch too.” 

Anders went on to make “Mi Vida 
Loca,” about Latina gang girls in Los 
Angeles, then “Grace of My Heart,” 
about a singer-songwriter’s struggle 
and rise, which Scorsese helped pro- 
duce. “I’ve been very fortunate to have 
two amazing artists as my mentors. I 
had Wim and I have Marty. Wim was 
the person who made me want to make 
movies. I wrote him fan mail for a year 
and a half, and eventually he called and 
said he wanted to see my film. It was 
the first movie I made at UCLA.” 

She had won a grant, saying that she 
w as going to work on * 'Paris, Texas. 
“I told him I had lied, and he said, 
well, I guess you have to come work 
with me. Wim is so generous and. yes. 
almost puritanical, which Sirk is tod — 
only the kids in his movies a re more 
puritanical still.” Anders, who has 
three children, girls of 23 and 20, and 
an adopted boy, 7, finds her own kids 
* ‘very judgmental. 


“In my generation, we said, now 
we'll have three different father fig- 
ures for you. and several mother fig- 
ures," she said. “But this '50s tiling 
has come back with a vengeance, with 
this intense focus on the family unit. 
The return of the housewife is scary; 
these professional women are going 
back to the home because they don’t 
trust anybody to raise their baby. 
They’ve wrestled their career to the 
ground and these control freaks are 
going to run the home like that? 

“So here we have Fred MacMurray 
again, die husband who is not having 
intimacy with his wife because she's 
enmeshed with the child — she never 
gives the baby a minute's rest! These 
women have tittle time for their sex 
life, the husband is neglected, and his 
kids don’t relate to him either." 

She has always been obsessed with 
what she calls "this love-addiction 
thing. " * ‘When you have two people in 
a low-intensity relationship, you have 
to stan something somewhere else to 
keep that marriage going. Until re- 
cently, I thought Sirk's ending in 
‘There’s Always Tomorrow* was just a 
compromise to keep the couple to- 
gether. Then I realized it makes perfect 


sense because the mother has created 
her intensity with the child and so the 
father creates a romantic, intimate, 
soulful relationship outside the mar- 
nag e — it doesn't have to be sexual.'* 

Anders, the recipient of a MacAr- 
thur grant, feels she has been lucky to ■ 
get to work again in a field where there 
are few women. “You can do the big 
comedies, they let women be funny, 
but there aren’t too many of us doing 
films with vision.” 

She says her association with 
Scorsese on " Grace of My Heart” was-, 
amazing. “And he turned me on to 
Frank Borzage." Another European- 
American filmmaker, Borzage was fa- 
mous for “Humoresque” (1920k “A . 
Farewell to Anns’’ (1932), "Three 
Comrades” (1938). “and wonderful 
movies that showed how people can't 
really be together unless they’ve re-^ 
solved things in the past, particularly 
pain that has to do with family, 
tragedy.” 

“These guys — Sirk and Borzage 
— formed ray feelings about families 
and romantic love, which I think films 
should do." she said. “If they don’t 
throw some kind of light on your life., 
what’s tiie use?" 


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T O tiie or not to tile? That is the 
question in Los Angeles, where pre- 
servationists fear the Hollywood Walk of 
Fame could crumble under a construc- 
tion project. Pan of Hollywood 
Boulevard is being tom up for a subway, 
and that could afreet 122 of the 2,095 
bronze stars, names and medallions set in 
squares of terrazzo tile. What would 
Martha Raye say? Or Danny Kaye? Or 
Johnny Weissmuller of Tarzan’fame? 
Theirs are among the stars that would 
lose tiles to tiie jackhammer. 

□ 

Princess Diana and the man said to be 
the new love in her life have jetted off for 
their third holiday together in five weeks. 
London newspapers said Friday that Di- 
ana, 36, and Dodi al Fayed, *42, were 
joining his father, Mohamed al Fayed, 
in the south of France and would again 
be cruising on the family's yacht, Jotukal 
— now dubbed the "loveboaL" The 
Mirror quoted ‘ ‘close friends ’ ’ as saying 
the couple were laughing off claims by 
Kelly Fisher, an American model, that 
she had been jilted by the Harrods heir 
for the divorced princess. Meanwhile, 
the woman who replaced Diana in the 
affections of Prince Charles, Camilla 
Parker Bowles, was reported to be leav- 
ing for a holiday in Spain. But while Di 
and Dodi flew to Nice on a Harrods Gulf 
Stream jet. Camilla was said by the 
Evening Standard to have booked a 
cheap charter flight to Malaga. 

□ 

Robert De Niro has fallen in love with 
the tiny island of Filicudi off the coast of 
Sicily, according to Italian newspapers. 
The food may be part of ir. De Niro and 
his entourage dined on a mouthwatering 
array of Sicilian seafood at a local res- 
taurant: fresh tuna ravioli, wild fennel 
risotto, swordfish, tuna sausage, octopus 
with eggplant, and stuffed squid — all 
washed down with white wine. De Niro, 
whose new movie, "Cop Land," will be 
featured at the Venice film festival, 
which begins next week, was so taken 
with the wild beauty of remote Filicudi. 
the reports said, that he anchored his 
yacht there and rented a villa. 



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France 

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Cars from the “Cadillac Ranch" being reburied in Texas. 


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The bride marched down the aisle in 
satin and pearls, pasi the potato chips, 
cookies and S3.99 shins. Her groom 
awaited her in rhe floral department. 
And so Dennis Lee and Clara Mae 
Ambra were married at the Big Y su- 
permarket in Springfield, Massachu- 
setts, where he first popped the ques- 
tion. As shoppers gaped, the couple 
exchanged vows in front of the market’s 
wooden bench where he proposed three 
months ago. "He couldn't wait.” said 
the bride. “He’s very romantic.” 

□ 

“Cadillac Ranch" near Amarillo. 
Texas, has been dug up to avoid urban 
sprawl. The Pop Art ensemble — 10 
graffiti -covered cars buried in a wheat 
field — was moved down the road a 
piece by its millionaire owner. Stanley 
Marsh, to escape the westward expan- 


sion of the Panhandle town. "Cadillac 
Ranch.” created in 1974. was eulogized , 
in a Bruce Springsteen song. 

□ 

Tough times have fallen on Malibu, 
the wealthy California enclave that has 
weathered five disasters in six years. 
“We're pretty much close to broke.” 
said Arnold York, publisher of the 
Malibu Times. How could this be in a 
community of homes owned by people 
like Johnny Carson, Sylvester Stal- 
lone. Frank Sinatra, David Geffen. 
Jeffrey Katzenberg, Bruce Willis and 
Janet Jackson? “If you look at the 
history of Malibu, it's about fires, mud 
slides and floods,’ ’ said planning com- 
missioner Tom Hasse. “One good 
storm, York said, “and the Malibu 
Pier could be sitting in somebody's liv- 
ing room on Pacific Coast Highway.” 


A Grand Hotel \ the Adlon^ Reopens in Rerlin 

Agencc France-Prcssc Allhnuoh rho fire w.ic 


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B ERLIN — Fifty-two years after it 
was gutted by a mysterious fire. 
Berlin’s legendary Adlon hotel, which 
housed such illustrious guests as Greta 
Garbo and Charlie Chaplin, has risen 
from the ashes to reopen on Saturday. 

Devastated by fire five days before 
the end of World War H, the Adlon. 
situated a few hundred meters from" 
Hitler's chancellery, had hitherto mi- 
raculously escaped damage, despite 
British and U.S. bombs that flartened 
the surrounding city. 

The new Adlon has been rebuilt by 
the Kempinski hotel group for 435 mil- 
lion Deutsche marks (S235 million 1 on 
the original site at Pariser Platz, op- 
posite the historic Brandenburg Gate. 


Although the fire was never officially 
explained, it is believed that it may have 
been started when drunken Russian sol- 
diers ransacked the Adlon’s wine cellar 
in May 1945. 

' ’The war never made it into the hotel, 
where everything was as normal.” re- 
calls Walter Store, the Adlon's recep- 
tionist from 1939 to 1945. “We had 
electricity up to the end. champagne, 
fresh lobster and even Coca-Cola." 
v B . uilt * n 1907, the Adlon inspired 
Vicky Baum to write “Grand Hotel." 
wmch was made into a movie starring 
Garbo, herself an Adlon guest. Other 
notables at the original hotel were Al- 
bert Einstein and Thomas Mann. 

Even during the 12-year Nazi reien. 
within the confines of the Adlon guests 


always came first. Admiral Karl Doe- 
mtz, chief of the German Navy and 
Hitler's successor for a few days, was so 
impressed he decided to buy' the hotel 
bed he had slept in. 

He said he had never slept so well 
for weeks," Store said. "I called Mr. 
Adlon and he said: ‘If he wants a bed, we 
wjj] provide one.’ “ 

Store met them all: capricious guests, 
princes and diplomats, who frequented 
the hotel amid strict etiquette and ex- 
treme refinement. ■ 

For Store it could not have been oth-tH 
eiwtse. The Adlon, owned by Louis 
Adlon, was the capital’s top adless. 

31111 their henchmen 
were instead seen at the Kaiserhof hotel, 
opposite the chancellery.