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INTERNATIONAL 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON TOST 


The World’s Daily Newspaper 


Paris, Saturday-Sunday, August 30-31, 1997 



No. 35.613 




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£ 


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IRA Seated at Peace Table 


First British Invitation to Join Talks Is Accepted 


By James F. Clarity 

New York Times Service 


Two British ministers, Paul Murphy and Marjorie (Mo) Mowlam, inviting Sinn Fein to talks on Ulster" 


Crispin Rinh . rU / HniliT > 


Panic in Stocks Infects Hong Kong 


By Philip Segal 

Special to the Herald Tribune 


HONG KONG — Foreign investors 
stampeded out of Hong Kong on Friday 
in the territory’s busiest trading day 
ever, their confidence in Asia shaken by 
rising interest rates to ward off currency 
speculators and aggravated by Malay- 
sian rules that make it harder to sell 
stocks. 

Despite surging to a series of record 
highs this month, the blue-chip Hang 


Seng index is now up just 5 percent so 
fallen 741 points. 


far this year, having 


jost shy of 5 percent, on Friday alone, to 
14,133.08. 

From the opening of the day’s trad- 
ing, mutual fund managers were fearful 
that mass redemptions by investors 
would create the need to raise money by 
selling stocks. The redemptions came 
amid investor insecurity that has spread 
throughout the region, affecting stock 
markets from Bombay to Sydney. 

“Managers have probably sold a lot 
already in Southeast Asia, so inevitably 
they sell Hong Kong," said Mark Ed- 
wards, one of the managers of the T. 
Rowe Price New Asia Fund 


“I talked to three managers this 
morning," said James Osborn, sales di- 
rector at ING Barings. “Two are forced 
sellers of Hong Kong from redemp- 
tions.” 

Many Western mutual funds have 
held blue-chip stocks here over the past 
year or more for their easy convertibility 
into cash — the most successful Asian 
funds have tended to be heavily over- 
weighted in Hong Kong stocks. 

But with die explosion of retail trading 
interest in smaller shares and China- 


B ELF AST — For the first time since 
sectarian violence erupted 28 years ago 
in Northern Ireland, the British gov- 
ernment invited representatives of the 
Irish Republican Army on Friday to par- 
ticipate m formal peace negotiations. 

Marjorie (Mo) Mowlam, the Northern 
Ireland secretary and the highesr official 
in the British province, said she had 
decided, after consulting with security 
officials and Prime Minister Tony Blair, 
that the IRA cease-fire that was renewed 
on July 20 was genuine. That persuaded 
her, she said, to invite to the talks Sinn 
Fein, the IRA’s political wing. 

Sinn Fein accepted the invitation im- 
mediately and wifi enter the formal ne- 
gotiating process in Belfast on Sept 9 at 
die ceremonial resumption of the talks. 
They have been stalled for 14 months. 

“I have reached this decision after 
careful consideration of all the circum- 
stances," Ms. Mowlam said at a news 
conference in Belfast, where the talks 
are to be held, starting Sept 15. 

“In reaching it I have considered 
carefully all of die evidence available to 
me about the restoration of the IRA 
cease-fire and about Sinn Fein’s com- 
mitment to exclusively peaceful meth- 
ods and their wish to abide by the demo- 
cratic process.” 

Sinn Fein will first be required to 
make a formal public declaration that it 


is committed to a peaceful settlement of 
the warfare between Northern Ireland's 
Protestant majority and its Catholic 
minority. Deeply involving British se- 
curity forces, the warfare has killed 
3 ,225 people since 1969. 

Specifically. Sinn Fein will have to 
state that it adheres to the principles put 
forth in January 1 996 by the chairman of 
the talks, George Mitchell, a former 
U.S. senator from Maine. 

The Mitchell principles say, in part, 
that to be admitted to the talks die parties 
must “affirm their total and absolute 
commitment" to “democratic and ex- 


clusively peaceful means of resolving 
political issues.” 

Participants must also agree to “re- 
nounce for themselves and to oppose 
any effort by others to use force or 
threaten to use force to influence the 
course or the outcome of all-party ne- 
gotiations," and “to resort to demo- 
cratic and exclusively peaceful methods 
in trying to alter any aspect of that out- 
come with which they may disagree.” 

This would mean, in effect, that Sinn 
Fein would have to renounce the IRA 


See TALKS, Page 4 


Algerian Night of Slaughter 
Reported to Leave 300 Dead 


By Charles Truehearr 

Washington Post Service 


See MARKETS. Page 4 


One for the Books 

Japanese History Teacher Scores 
Partial Victory on Wartime Truth 


By Velisarios Katroulas 

Imemotional Herald Tribune 


TOKYO — A prominent historian won a symbolic victory 
against government censorship on Friday when the Supreme 
Court ruled that the removal from a school textbook of a 
passage about Japanese germ warfare experiments in World 
War fi was unlawful 

The coon also awarded the historian, Saburo Ienaga, 400,000 
yen ($3,400) in damages. But it stopped short of ruling that 
government screening of school textbooks before publication 
was either unla wful or unconstitutional — the chief assertions 
in an epic legal battle that Mr. Ienaga started in 1965. 

* *1 regret it was not a total victory,” Mr. Ienaga said ara news 
conference packed with hundreds of jubilant supporters. 

“But yon cannot underestimate today’s ruling,” he said 
after his final salvo in a tenacious personal battle. 

A half -century after World War fi’s end, Japan still screens 
school textbooks before publication and is deeply divided over 
what schoolchildren should leant about Japanese atrocities. 

Mr. fcnga argues that history books that depicr the atroc- 
ities are a necessary reminder of the horrors of war. By 



A U.S. Warning 
To Bosnian Serbs 


The United States would support 
the use of force by NATO troops to 
protect BUjana Plavsic, president of 
the Bosnian Serbs, if hard-liners try 
to topple her by force, U.S. officials 
said Friday. 

The warning came as Robert 
Gelbard, the U.S. envoy to Bosnia, 
accused Bosnian Serb extremists of 
inciting attacks on Western troops. 
He warned that the West would act 
forcefully to stop them. Page 2. 


PARIS — More than 300 Algerian 
civilians were murdered in the worst 
single night of slaughter in five years of 
Islamic fundamentalist insurgency 
against the Algerian government, re- 
ports said Friday. 

According to witnesses' accounts 
from the site of the massacres Thursday 
night on the southern outskirts of Al- 
giers, rampaging guerrillas decapitated 
many of their victims and perched their 
beads on walls and doorsteps as a mute 
warning to the survivors. An Agence 
France-Presse photographer reported 
seeing stacks of burned bodies in the Sidi 
Moussa district of southern Algiers. 


The Algerian government acknowl- 
dai 


Friday that 98 people had been 
and 120 others wounded in the 
attacks on three villages in Blida 
Province, and it vowed to “struggle 
without mercy against the barbarous 
criminals until their eradication.” 

Villagers and hospital workers, 
however, told news agencies that the 
number of dead was much higher than 
the official figures. 


The killings on Thursday followed a 
grisly surge of terrorist attacks — rail- 
road and market bombings, roadside 
executions and random throat-slitting 
— in Algeria this month. 

Estimates of the summer's death toll 
never precise in the climate of fear and 
government secrecy that prevails in Al- 
geria. have been upward of 1,500, with 
mtxe than 400 dead just this week. Wom- 
en and children are routinely among the 
victims, often found disemboweled or 
decapitated or both. Abductions of 
young women are also common. 

Less than two weeks ago. President 
Liamine Zerouai, a former general 
backed by the military, declared on state 
television that “terrorism is living its 
last hours in Algeria." 

Homan rights groups and other in- 
formed observers believe that as many 
as 100,000 civilians may have died 
since the current guerrilla war began in 
1992. In January of that year, military 
rulers canceled a second round of elec- 
tions that would have installed the fun- 
damentalist Islamic Salvation Front, a 
party since banned, in power in the 


See ALGERIA, Page 4 


America’s Blues: Prosperity Is No Cure 


By Richard Morin 

Washington Post Service 


See HISTORY, Page 4 


IlNlO ln**iy\r 

Backers greeting Saburo Ienaga after the court ruling. 


WASHINGTON — Despite a boom- 
ing national economy and a soaring stock 
market, most Americans remain pessi- 
mistic about the direction of the country 
and deeply mistrustful of the federal gov- 
ernment’s ability to solve the problems 
that most concern them, according to a 
new Washington Post-ABC News poll. 

The survey found that 57 percent of 
those interviewed said the country was 
headed in the wrong direction. Three out 
of four said they did not trust the gov- 
ernment or its leaders to do what is right 
— a view shared even by those who 
have prospered the most over die last 
four years. 

Those results suggest that prosperity 


alone will not return the ‘ ‘rosy glow ’ ’ of 
optimism and national trust that political 
scientists say Americans have lost in the 
last three decades. 

"The American family is dying, 
crime is going through die ceiling in 
many places, and there are unprecedent- 
ed numbers of fatherless homes," said 
Thomas Seaman, 46, a textile plant man- 
ager living in Hamburg, Pennsylvania, 


they have personally prospered in the 
last four years, half said die country 


Idle country was 

seriously off course. 

In follow-up interviews, many survey 


participants said they were satisfied 
the p 


with the performance of the economy 
/efy conceme 


who was interviewed for die polL 

he added. 


“Something’s wrong, 
even if the economy is right Others 
interviewed consistently stressed vari- 
ous issues related to the country ’s moral 
health, as well as education, race, home- 


lessness and immigration. 

I — 39 percent — of those 


Only4inlO- 
interviewed said the country was on the 
right track. Even among those who said 


but gravely concerned about other prob- 
lems, particularly the moral health of the 
nation and its families. 

Diane Beardsley, 50, a homemaker in 
Woodlands, Texas, worries about what 
her pre teenage children see on televi- 
sion and hear on the radio. With barely 
concealed anger, she offered the popular 
song "Bitch" as just the latest example 
of eroding national values. “Nothing is 
shocking anymore," she said. 

Others see divorce and out-of-wed- 


See POLL, Page 4 


Germans Flock to Sunny Tuscany, a Fond Far ( in Spirit) From Home 


By William Drozdiak 

Washington Pom Service 


CASTELFRANCO DI SOPRA, Italy — 
Each year by this time, the central stone piazza 
in this rustic hillside village overlooking the 
Chianti vineyards has undergone a dramatic 
change in character to reflect one of the most 
extraordinary migratory phenomena in modem 
Europe. 


Mercedes-Benz and BMW automobiles clog 

sort 


every alle y leading into the square. The sof. 
cadences of the Italian language are replaced by 
the guttural sounds of German. Even menus of 
local restaurants alter their style and identity. 


offering such dishes as Spaghetti Bavarian 
Style to pander to Teutonic taste buds. 

Once the special preserve of British expat- 
riates who dubbed the region “Chiantis hire," 
the serene, cypress-filled landscapes bounded 
by Florence, Siena and Pisa have become over- 
whelmed in recent years by a veritable army of 
Gentian tourists in search of the simple pleas- 
ures of life that abound in Tuscany. 

For most of the year, Germans love to dis- 
parage Italy. .... . - j 

They mock the country's chaotic social and 
political structures, they point with disdain at 
the inflation-ridden economy and corruption 
rfut have plagued their neighbors to 


the south for much of the postwar era. When 
German commentators hypothesize about the 
worst-case scenario if their beloved mark is 1 
abolished in favor of a single European cur- 
rency in the next two years, they gaze with 
honor at Italy and conjure up the specter of 
dealing with money like the lira — which 
requires payments in the millions to buy a car. 

But in July and August, a curious metamorph- 
osis occurs in the Gentian soul that banishes all 
of its fear and loathing about La Vita Italians. 
Suddenly, there is no more popular place to be. 

As if on cue, more than 8 million Germans 
head across the Alps — often enduring traffic 
jams 80 kilometers (50 miles) long — for die 


sunshine, good food and effervescent lifestyles 
that axe so lacking at home. 

"A mild frenzy transforms them once across 
the Italian border like salmon going upstream, 
they obey some deep and secret impulse of 
Nature,’* wrote the Italian journalist Luigi Bar- 
zini in describing the annual vacation pilgrim- 
age that brings so many Germans to the country 
they feign to despise. 

“They behave as if they had shed the roles 
assigned to than and the personalities bestowed 
on them by nature, because such roles and 
personalities had suddenly become repugnant 
and alien to them, or as if the rules of the game 
of life had been changed or suspended," Mr. 


Barzrni wrote. This summer, Italians seem to be 
savoring the delicious irony that, for once, they 
are enjoying a new degree of stability and 
prosperity that evokes envy among Germans, 
saddled with a stagnant economy and weak 
political leadership — not to mention their 
inevitable bad weather. 

“We almost feel sorry for the Germans,” 
said Paolo Ciucani, an architect who helps 
renovate vacation houses for foreigners coming 
to Tuscany. “They are so wealthy yet so un- 
happy. Maybe they come here to try and learn 
how to enjoy life. But they end up going back to 


See ITALIA, Page 4 


North Koreans Seek Famine’s Antidote 

Officials From a Hungry Land Visit U.S. to See How Farming Works 

. . . , Th#»ir visit, oreanized bv a Nortii 


By Barbara Crossette 

iVnr Tori Tunes Sen'ice 


KENYON, Minnesota — Choe Kapg 
Ryong was a long way from the 
scorched cornfields, ruined rice paddies 


Newsstand Prices 71 


Anctona 10.00 FF Lebanon LL 3,0001 

Anffles 1Z50FF Morocco. — 18 

Cameroon... 1 £00 CFA Qatar. IMpO*! 

j Egypt 5.50 Reunion 12.50 PF 

France 10.00 FF Sautfi Arabia MM , 

Gabon.. 1.100 CFA Senegd-.....1.1W^j 

[Mjr. _Z8Q0Ure Spain.-,. — “5F“f 

Coast. 1550 CFA Tuns? 

} Jordan 1550 JD UAE. 1000 

[Kuwait .700 Ffe U.S. Mil. (Eur.)--SI^O. 




and hungry, skeletal children of North 

Alone and silent, he stood for a little 
while on the edge of hundreds of acres 
of healthy com, food for the plump nogs 
of the Cannon Valley Cooperative. 
Wading into the dense, bumper crop that 
closed over his head, the slender North 
Korean reached down to crumble the 
soil. He felt the girth of a strong green 
stalk. 1 ,, 

“They seem to tike the farm, a co- 
op manager remarked to an American 

colleague. , . _ 

Mr. Choe is director of seed pro- 
duction and management in die ■ Ag- 
ricultural Commission of North Korea. 
For a week, he and five colleagues — 
two livestock specialists, a crop pro- 
duction official and ^ economic ad- 
visers at the Ministry of 
in Pvonsvane — are -.ounng the united 
ScSs to see how and why fanning 
works the wav it does herv. 


Their visit, organized by a North 
Korean-born American seed expert who 
lives in Minnesota, Pilju Kim Joo, is a 
first When Dr. Joo, an agricultural con- 
sultant who has been visiting North 
Korea regularly since 1994. proposed 
the nip, it was a gamble. 

But to her surprise, Pyongyang re- 
sponded quickly and affirmatively. 

North Korea is in a desperate situ- 
ation. Two years of floods, a summer- 
long drought and decades of economic 
mismanagement by a totalitarian leftist 
government that thought it did not need 
die outside world has left North Koreans 
malnourished and facing famine — and 
the crisis has not yet bottomed out, 
international aid organizations say. 

Seventy percent of the North Korean 
com crop may already be lost, raising 
fears about how millions of people will 
get enough food this winter. 


See KOREANS, Page 4 


AGENDA 


IMF and Kenya Reach Accord on Plan to Free Suspended Loan 


The International Monetary Fund 
has reached an understanding with 
Kenya on measures that will allow the 
resumption of a crucial low-interest 
loan, a fond official said Friday. 

The IMF suspended die $220 mil- 
lion loan July 3 1 , saying that the gov- 
ernment had foiled to combat corrup- 


tion and strengthen management of the 
energy sector. 

The government of President Daniel 
arap Mol said itrecognized the need to 
“address the underlying concerns.” 

Goodall Gondwe. the IMF deputy 
director for Africa, said that a team for 
the multinational organization, which 


arrived in Kenya last weekend, would 
recommend that the second part of the 
loan — $36 million — be disbursed. 

In its statement, the government 
agreed to, among other things, collect 
back taxes due on tons of sugar that 
was fraudulently imported into the 
country. Page 2. 


The Dollar 


New Voile 


Friday PiP.M. prwkusdOBO 


THE AMERICAS Page 3. 

General Defends UJ). Mines Stance 


DM 


1-3085 


1,7945 


Pound 


1.6205 


1.6185 


Yen 


120.80 


119.105 


ASIA/PACIFIC Pages. 

Sihanouk Upturns to Cambodia 


New Season in NFL 
Kicks Off on Sunday 


FF 


6.0861 


6.039 



Friday does previous doee 


-69.45 


7624.98 


7694.43 


S&P 500 


change 


Friday « i P.ML pnwtousdow 


Books. Page A 

Crossword Page 3. 

Opinion... Paged. 

Sports Pages 18-19. 

The Intarmarkat Pages. 


-4J21 


899.46 


903.67 


The IHT on-line '.vwvv.iht.com 


The tong road to the Super Bowl 
begins Sunday with 14 National Foor- 
bati League games scheduled. The ma- 
jor game is Dallas at Pittsburgh, one 
with many questions. 

The biggest one for the Cowboys is 
Deion Sanders. Will his ailing back 
allow the celebrated comerback to 
play and, if he does, how effective will 
he be? Page 19. 






PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAl-SUNPAY, AUGUST 30-31, 199 



U.S. Backs Using Force 
To Aid Bosnian Chief 

NATO Will Defend Plavsic, Officials Vow 


By Doyle McManus 

Los Ait/zeles Tunes 

WASHINGTON — The United 
States would support the use of NATO 
troops to defend the president of Bos- 
nia's Serb Republic, Biijana Plavsic, if 
Serb hard-liners tried to topple her by 
force, according to senior officials. 

“If there’s an attempt to overthrow 
her, NATO forces are there and will not 
allow it to happen.” Richard Hol- 
brooke, a special envoy, said in an in- 
terview. 

Another senior official said: "SFOR, 
the NATO-led peacekeeping force, has 
broad authority to protect the peace pro- 
cess and preventing a coup would seem 
to come under that. If the circumstances 
warrant. SFOR might find itself in that 
position.” 

A decision to send NATO troops into 
a confrontation between the two Bos- 
nian Serb factions, officials added, 
would be made by commanders on the 
ground. 

But the unusual signal of U.S. will- 
ingness to use military force in the 
struggle among Bosnian Serb leaders 
was a clear indication that the admin- 
istration is fully committed to its new 
strategy of supporting Mrs. Plavsic and 
reducing the power of her rival, 
Radovan Karadzic, who is a war-crimes 
suspect 

At a meeting in Banja Luka earlier 
this month. Mr. Holbrooke, acting as a 
special envoy from President Clinton, 
asked Mrs. Plavsic a key question: 
Would she support the Dayton agree- 
ment's principle that Bosnia should re- 
main united, or would she try to secede 
from Bosnia and join Serbia instead? 


“I am a democrat and a nationalist, 
bur I am not a separatist,” Mrs. Plavsic 
replied, according to one official. 

“Mrs. Plavsic is no saint," Mr. Hol- 
brooke said. "But as far as we can tell, 
she has cast her lot with Dayton and 
NATO. She has crossed the Rubicon." 

As for Mr. Karadzic, U.S. officials 
said they had concluded that it was 
probably impractical to try' to arrest him 
for war crimes any time soon. But by 
supporting Mrs. Plavsic in her power 
struggle against him, they said, they are 
serving the main goal of U.S. policy, 
which is to promote a real peace in 
Bosnia. 

"Arresting Karadzic is still a live 
option, but not for tomorrow," a senior 
official said. "How this crisis plays out 
could affect not only whether we arrest 
him. but when.” 

If Mr. Karadzic can be “marginal- 
ized” and restricted to Pale, the official 
said, the United States and its allies 
could simply ignore him — "unless, of 
course, he fell into our laps." 

NATO forces were not providing per- 
sonal protection for Mrs. Plavsic, of- 
ficials said, and they harbored serious 
fears that Mr. Karadzic might try to 
eliminate Mrs. Plavsic either through a 
conp or by assassination. 

A coup appeared increasingly dif- 
ficult to pull on, one senior official said. 
The Serb military was "bottled up” by 
NATO troops on the ground, some po- 
lice units loyal to Mr. Karadzic have 
been disarmed and "SFOR has a heavy 
presence in Banja Luka,” Mrs. 
Plavsic's headquarters, he noloi. 

"One assassin's bullet, of course, 
could change the whole complexion of 
things,” he added. 


AafySfaikdRcotas 

AUGUST SNOW — Katharina Ritzmann, a waitress in a hotel on the Flnela Pass, in the e astern Swiss 
Alps, removing snow from a table on. Friday, as temperatures plummeted across Switzerland. 


IMF Agrees to Resume Loan to Kenya 


Gw filed Oar Stuff Firm Dapur. hrs 

NAIROBI — The International Mon- 
etary Fund has reached an understanding 
with die Kenyan government on adopt- 
ing measures that will allow the resump- 
tion of a crucial low-interest loan, a fund 
official said Friday. 

The IMF suspended the $220 million 
loan July 3 1 , saying that the government 
had failed to combat corruption and 
strengthen management of the energy- 
sector. 

In a statement, the government of 
President Daniel arap Moi said it rec- 


U.S. Envoy Warns the Bosnian Serbs 


r.iuif.kJ ht Our Sjjff vi 

BELGRADE — The United Slates 
envoy for Bosnia. Robert Gelbard. ac- 
cused Bosnian Serb hard-liners Friday 
of inciting attacks on Western troops in 
Bosnia, and he warned that the West 
would act forcefully to stop them. 

Referring to the Bosnian town where 
the hard-line Serbs have their headquar- 
ters. Mr. Gelbard said, referring to the 
Stabilization Force troops : 

"Pale's use of stare-controlled radio 
and television to whip up a violent, 
stone-throwing mob which has attacked 
SFOR troops, attacked international po- 
lice force monitors and other represen- 
tatives of the international community, 
can be viewed only as an act of ag- 
gression against the international com- 
munity." 

"The international community will 
not tolerate these examples of violence, 
nor will it allow the undemocratic ac- 
tions of the corrupt officials in Pale to 
derail the peace process in Bosnia," he 
said at a news conference. 

Mr. Gelbard, who flew to Belgrade for 


talks with the Yugoslav president, 
Slobodan Milosevic, said he would travel 
Saturday to Sarajevo. Pale and the Banja 
Luka headquarters of Biijana Plavsic, the 
Bosnian Serbs' embattled president, un- 
der pressure from hard-liners. 

In Brcko. supporters of the Serbian 
war crimes suspect, Radovan Karadzic, 
capped more than a day of riots by 
turning their fury on a United Nations 
team Friday, pelting them with stones 
and forcing them to withdraw. 

And in the northwestern town of 
Banja Luka, an explosion at the railroad 
station killed the owner of a small 
shop. 

There was no immediate explanation 
of what had caused the blast, which also 
seriously injured two people. 

A UN spokesman. Liam McDowah, 
said nobody was hurt in the stoning, 
near the end of unrest that began Thurs- 
day and was directed against the 
NATO-led Bosnian peace force. United 
Nations police officers, reporters and 
other foreigners. 

The UN team had been trying to 


determine whether it was safe for the 
unarmed UN policemen to return to 
Brcko after being evacuated Thursday. 

In Brussels, North Atlantic Treaty- 
Organization ambassadors met to re- 
view' the situation. 

Alliance sources said they were con- 
sidering changing the mandate of the 
NATO-led peacekeeping force. 

Robert Farrand, the West's interna- 
tional supervisor for the eastern town of 
Brcko. where the melee occurred Thurs- 
day, said the attacks on the U.S. soldiers 
had been planned. 

“Yesterday’s events were clearly or- 
chestrated and planned from the outset 
— the coordinated sirens at 4:30 A.M.. 
the two mustering points for the cit- 
izenry, the demands made by locaf lead- 
ers,” Mr. Farrand said at a news con- 
ference in Brcko. 

Brcko was reponed calm early Fri- 
day, but reporters there said angry res- 
idents had damaged cars and other 
vehicles, including a bus. with license 
plates showing that they were from 
Banja Luka. 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH interdenominational S 
Evangelical Sunday Service 10:00 
a.m. S 11:30 a.nJ Kids Welcome. De 
Cuserstraat 3, S. Amsterdam Info. 
020-641 8612 or .020-6451 6S3. 

FRANKFURT 

English Speaking International 
Catholic Parish, St Leonhard, AHe 
Matnzer Gasse 8. 6031 1 Frankfurt, 
Germany. Tel/Fax 069-203177, Mass 
sdiedute: Saturday 5 p.m„ Sunday: 10 
am Contesstans: VZ hour before Mass 

FRANCE/TOULOUSE 
HOPE INTERNATIONAL CHURCH 
(EvangeScal). Sunday 630 pm Le Grand 
Noble Hold. 90 av. de Comebarrteu. 
Blagnac. Tel: 05 83 74 11 55. 

FRENCH RIYIERA/COTE D'AZUR 

NICE: Holy Trinily {Anglican), 1 1 rue 
Bufa. Sun. Ii; VENCe SI Hugh's. 22, av. 
Resistance. 9 am. Tet 33 04 S3 07 1983. 

MONTE CARLO 

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

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH - 56. 
rue des Bons-Raislns. 92500 Rueil- 
Malmalson. Summer Schedule: 9:45 
Worship, ii. CO Coffee Hour. For more 
Info call 01 4 7 51 29 63 or check: 
Wft) JAfl^.gBOfl«.caTVP0f1sAte8Tyi 352. 

HOPE INTERNATIONAL CHURCH 
Hotel Orion A Paris-b-Oetense. 8 bd. de 
Naufly. Worship Sundays. 930 am Rev. 
Douglas Mller. Pastor, t: 01 43 33 04 06 
M6tro 1 to la Defense Esplanade 

SAINT JOSEPH S CHURCH tRoman 
Cahcfc). MASS IN ENGLISH: SaL 630 pm; 
Sun. 10 a.m.. 12 midday, 6:30 p.m. 
50. avenue Hoche. Pans Bth. Tel.: 
0T 42 27 2B 56 Metro: Chafes de Gajte - Etde. 
RELIGIOUS SOCIETY OF FRIENDS 
(QUAKERS). Unprogrammed (silent) 
meeting for worship. Sundays 11 am. 
Centre Quaker International. 114 bis, rue 
de Vaugiard, 75006 Paris. Afl Welcome. 
+3301 4548 7421 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near KdabasN Stn. TeL 3261- 
3740. Worship Service: 930 am Sundays. 

TOKYO IM0N CHURCH near Omaesando 
&iney 9a TeL: 3400-0047. WtarsHp Sennces 
Sunday ■ 8:30 A 11:00 am . SS at 945 am 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
English-Speaking nan-denom national. 
TeL +41 61 302 1674. Sundays 1030 
Mttiere Stress? 13, CH-4056 Basel. 

ZURICH-SWITZERLAN D 

ENGLISH-SPEAKING CATHOLIC 
MISSION; St. Anion Church, 
MinervastraBe 63 Sunday Mass: 830 
a.m. & 1 130 a.m. Services held In the 
crypt of Sl Anton Church. 

THE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 

PARIS and SUBURBS 

7>E AMERICAN CATHEDRAL OF THE 
HOLY TRINITY, Sun. S & 11 am, 1045 
a.m. Sunday School lor children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23. avenue George V. 
Pans 75(S}8. Tel.: 33-01 53 23 84 00. 
Metre: George V or Akna Maiceau. 

FLORENCE 

ST. JAMES' CHURCH Sun. 9 am RUB I 
& 11 am Rae II. Via BemaTOo Ri/ceflai 9, 
5012a Florence, Italy. TeL: 39/55 29 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
lEpIscopal/Angllcan) Sun. Holy 
Communion 9 4 11 am Sunday School 
and Nursery 10:45 am. Sebastian Rnz 
SL 22. 60323 Frankfurt Germany. U1, 2. 
3 Mtyei-Mee. Tet 49/69 55 01 64. 

GENEVA 

EMMANUEL CHURCH, 1st & 3rd Sun. 
10 am EuchansC 2nd & 4th Sui. Morning 
Prayer. 3 ruede Mcwhoux. T201 Geneva 
Switzerland. TeL 41/22 732 80 78. 

MUNICH 

THE CHURCH OF THE ASCENSION, 
Sun. 11:45 a.m. Holy Eucharist and 
Sunday School Nursery Cere provided. 

4. 81545 Munich (Har- 
/.Tel: 46/09 64 8185 

ROME 

ST. PAUL'S WITHN.TH&WALLS, Sun. 
820 am. Holy Eucharist RftB 1: 1030 a.m. 
Choral Eucharist Rite II; 10:30 a.m. 
Church School lor chldren & Nursery care 
provided: 1 p.m. Spanish Eucharist Via 
Napoli 58, 0W84 Rome. TeL ^6 488 
3339 or 386 474 3589. 


BRU55ELS/WATER100 

ALL SAINTS' CHURCH, 1« Sun. 9 S 
11:15 am. Holy Eucharist vwlh CWttwTs 
Chapel all 1:1 5. Al other Sundays 11:15 
am. Holy EucharW and Sunday School. 
563 Chaussde de Louvain, Ohain. 
Batgum TeL 32/2 354-3556 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
Family Euchanst Frankfurter Strasse 3, 
Wiesbaden, Germany. Tef.: 
49611.30.66.74, 



ST. PAUL DE VENCE - FRANCE 
SL Pai de \fence - France LBC, Espace Si 
Clair g, Level XT, Bible Study Sun. 9:30. 
Worship Sun. 10:45. Tet (0*8G) 320-586. 

PRAGUE 

I.B. FELLOWSHIP, VtnohradSka # 68. 
Prague 3 Sun 11:00. Tel.: 102)311 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHIP 
Sun. 1930 at Swecbsh Church, across 
from MacDonalds. TeL (02) 353 1585. 

ZURICH - SWITZERLAND 

I.B.C of Zurich. GheistTasse 31. 8803 
RuscNikon. Worship Services Sunday 
mornings 1 030. TeL- 1-4810018. 


BERLIN 

I.B.C., BERLIN. Rothenburg Str. 13, 
(Sleglitz). Sunday, Bible study 10.45, 
worship Service 12.00 noon. Charles 
Wartad, pastor. TeL 030-774-4670. 

BREMEN 

LO.CX. Hoherwhestr. Hermann-Bose-Str. 
Worship Sun. 17®). Pastor telephone: 
0421-78648. 

BUCHAREST 

LB.C-, Slrada Popa Rusu 22. 3:00 p.m. 
Conted Pastor V&& Kemper. Tat 312 3860. 

BUDAPEST 

I.B.C.. meets al Morics Zsiqmond 
Glmnazium. Torokvesz ut 48-54, Sun. 
10m Tet 250-3932. 

BULGARIA 

I.B.C.. World Trade Center. 36, Drahan 
Tzankov Bivd. Worship 11:00. James 
Duke, Pastor. TeL 669 666. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHIP, B/.-Fteftttttfcfie Gemerede, 
Sodenesr. 11-18, 83150 Bad Hombure. 
Sunday Worship, Nursery & SS: 
1120 AM Mid-week mtonarfes, Pastor 
M .Levey. CaVFax: 061 796272a 
BETHEL I.B.C. Am Dachsberg 92 
(Engfish), Worship Sun. 11:00 am. and 
fcOOpm. Tel.: 089-649559. 

HOLLAND 

THNTTY WTB3NATKH4AL hvfiBS you to 
a Christ centered fellowship. Jufy-Aua. 
Service 930 am Btoemcamptean 54, 
Wassenaar 070-51 7-6024 raisey prov. 
NICE - FRANCE 

LB.C. 13 rue Vernier. English service, 
Sunday arening 1830. pastor Hoy fcfler- 
TeL (04 S3) 32 05 96 


ASSOC. OF INTa 
CHURCHES 


ognized the need to “address the un- 
derlying concerns." 

Goodall Gondwe, the IMF deputy 
director for Africa, said that a team for 
the multinational organization, which 
arrived in Kenya last weekend, would 
recommend that the second pan of the 
loan — S36 million — be disbursed. 

.He said that the Kenyan Ministry of 
Finance had agreed to take these steps: 

• Strengthen management of the en- 
ergy sector. 

• Safeguard the independence of the 
Kenya Revenue Authority'. 


TRAVEL UPDATE 

Austrian Tourist Trade 
Fears Drop in Visitors 

VIENNA (AFP) — Official figures 
showing a 12 percent drop for July in the 
number” of vacationers visiting Austria 
have prompted fears that the country's 
normally thriving tourist trade is in 
crisis. 

The latest figure published by the 
Austrian National Statistics Office 
came on top of reports that showed the 
coonoy had 5 percent fewer visitors and 
6 percent fewer overnight stays in the 
first six months of the year. 

Many hotel owners blame the bad 
weather and the austerity measures in 
place in many European countries for 
the empty hotels and restaurants. 

Also, the 24 million largely German. 
Dutch and Italian vacationers who visit 
Austria each year are increasingly likely 
to choose hot or exotic locations. 

National Airport in Washington 
experienced its second radar system 
failure in a month, forcing air traffic 
controllers to manually route aircraft. 
Until the backup system resumed work- 
ing nearly two hours later, controllers 
spaced planes 20 miles (32 kilometers j 
apart instead of the more typical five 
miles. f API 

Swissair and Malaysia Airlines 
have signed a code-sharing agreement 
for three weekly flights between Zurich 
and Kuala Lumpur. (Reuters! 

Undercover inspectors in Tel Aviv 
are on the prowl for dog owners who fail 
to clean up after their pets. More rhan 
260 people have been fined about $100 
each in the past month. tAP) 


• Ensure thai the Kenya Anti-Cor- 
ruption Authority will be fully inde- 
pendent and' have a wide mandate to 
investigate corruption and to bring both 
civil and criminal actions. 

• Establish full accountability with 
regard to past financial infractions. 

In its statement, the government 
agreed to. among other things, collect 
back taxes due on tons of sugar that was 
fraudulently imported into Kenya. 

After the IMF's suspension of the 
loan, the Kenyan shilling lost np to 20 
percent of its value against the dollar. 

Political unrest, a dozen deaths at the 
hands of police suppressing pro-reform 
demonstrations ana an outbreak of un- 
explained violence on the Indian Ocean 
coast that has left at least 46 people dead 
continued to unsettle the Kenyan cur- 
rency and to provoke flight by in- 
vestors. 

Mr. Moi must call general elections 
before the end of the year and advocates 
of legal and constitutional reforms be- 
fore then are demanding action or, they 
say. they will boycott the elections. 

Thousands of people fled Mombasa 
for a second successive day on Friday, 
ignoring government assurances about 
their safety. 

Those leaving said they were 
frighrened both of being attacked and of 
being caught up in a sweep by the se- 
curity - forces, which have arrested more 
than 450 people this month. 

■‘There was no point in waiting for 
the security forces to arrive since most 
of us already tasted their brutality," said 
Max Okwaro as he waited to catch a 
ferry away from Mombasa. He said he 
was leaving the region and would never 
retura. 

Residents estimated that at least 
40.000 of a total population of 60,000 
had left the Kwaie district since the start 
of ethnic attacks by gangs on Aug. 13. 

. Throughout the night, men, women 
and children clutching a few belongings 
left homes just south of Mombasa and 
walked to bus and railway stations in the 
city or pushed farther south. 

"The government is doing all it can 
to stop the exodus,” said a spokesman 
for the regional police force, Peter Ki- 
manthi. tAP, Reuters) 


Correction 


A headline on the .Americas page in 
Friday's editions misstated the site of 
Louisiana State University. It is in Bat- 
on Rouge. 


Berlin Protected 
Libyan Suspect 

BERLIN — A Libyan airested-in ; 
Rome this week on charges aeag'-ft 
ming from the 1986 bombing of a, 
Berlin discotheque had been in. a 
witness protection program in Ber- 
lin before disappearing last mostly 
German television reported Friday 
Musbah Abulgasem Efier, 
was one of five people indicted. fit-. 
Berlin in February, but was tire only ' 
one who had not been arrested. . in- 
justice Ministry officials have/ 
refused to comment on the case. ! v] 
But Sender Freies Berlin tefe-' 
vision reported that Mr. Eter^had 
been accepted into the Berlin police , 
department’s witness protection; 
program after agreeing to testify.-, 
against the other four. - 

He was put up in a guarded home 
in East Berlin at the end of I996.= c 
How he slipped away was unclear,;* 
the station said 

The bombing in 1986 killed two, 

U.S. soldiers and a Turkish woman:, 
and injured 230 others. - - - (AP) 

Switzerland Limiti^. 
Holocaust Fund 

BASEL, Switzerland — -Switzer- 
land on Friday ruled out demandsro 
pay more money into a special fund - 
for Holocaust survivors and to re- 
vamp the fund's management to- 
dilute Swiss influence. 

"Government funding to boost 
the Holocaust fund is out of'ther 
question, ’ ’ Foreign Minister Flavio 
Corti said in an interview with the 
independent newspaper Bund 
The fund was set up this year 
after international criticism that 
Swiss banks were sitting on mil- 
lions in Jewish assets. f API 

Mir Repairs Delayed 

MOSCOW — A space walk to 
find the holes in the damaged Mir 
space station has been delayed until 
at least next Friday to give the Rus- 
sian-U.S. crew more time to train, 
officials said Friday. 

The astronaut Michael Foale, 
who is likely to accompany the Mir , 
commander, Anatoli Solovyov,- ] 
needs thorough preparation be- J 
cause it has been a long time since 
he trained in a Russian space suit, 
said Irina Manshilina. a Mission' 
Control spokeswoman. 

The National Aeronautics and 
Space Administration has not yet 
given formal permission for Mr. 
Foale to take partin the space walk, 
which was initially scheduled for 
next Wednesday. . (AP) 


Danes Plan Inquiry 

COPENHAGEN — Denmark 
has decided to hold an official in- 
vestigation of its onetime program 
of forced sterilizations, a move the 
social affairs minister, Karen Jes- 
persen, said should have been made 
a generation ago. 

Denmark’s sterilization program, 
from 1929 to 1967, involved 1 1 ,000 
the newspaper Jyllands- 
sten reported Friday. (AP) 


For the Record 





Dr» 

Drf 

T«f 


A 23d case of Creutzfddt- 
Jakob disease, the human version 
of "mad cow” disease, has been 
identified in Britain, press reports 
said Friday. (AFP) 


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BERLIN 

AMERICAN CHURCH IN BERLIN, cor. 
ol Cta y Alee & Botsdamer Sir.. SS. 930 
am. Worship 1 1 ur. TeL 0308132021. 

GENEVA 

EV. LUTHERAN CHURCH 20 rus 
Verdatae. Sunday worship 9:30. n German 
f 1O0«i EhgUsh. Tat <Q 22 \ 3105089. 

JERUSALEM 

LUTHERAN CHURCH of the Redeemer, 
Old Cty, Murtsten Rd. Engfish worsty Sun. 
9 am. AJ are welcome. TeL (02) 6281-049. 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worship 11OT a.m. 65. Oual tfOrsay, 
Paris 7. Bus 63 at door, Metro Afma- 
Maroeau or Invafittes. 

ZURICH 

PROTESTANT 


Speatong, worship 
chool S f 


INTERNATIONAL 
CHURCH English su 
service. Sunday School & Nursery, 
Sundays 1130 am. Schanzengasse 2s. 
Tel: (01) 2625525. 

| SYNAGOGUES 

THE CONSERVATIVE JEWISH COM- 
MUNITY IN PARIS 'Adaih Shalom' 
Invites you to join them for Rosh 
Haahcmah and Yam Kippu services. For 
details and seats, phone 014553 57.47 
or write Adam Shalom. 22 Ws rue des 
Belas Routes. 75016 Pans. 


Europe 


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Forecast lor Sunday through Tuesday, as provided by AccuWeather 



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Jetstream 

North America Europe 

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deisiorms Monday will be and mce Monday and and warm Monday and 
followed by sunny, nice Tuesday. Cloudy wilh Tuesday. Warm and humid 
weather Tuesday. Hoi snowers and a ihunder- m Seoul Sunday wlih 
across Ihe Plains from storm or two In Ph/Is. while showers hkety, then mostly 
Texas to the Dakoias. A Rome will be mostly sunny sunny and ru». Warm and 
Paciiic storm will bring and warm through Tues- humid in Tokyo with a 
soaking rains io the Cas- day. Sournem Spam wtn be snower posstota each day 
cades, while thunder- (tot wttn sunshine. Oul the Heavy rains win soak 
srorms will hre up in the north and west will have southeastern China, espe- 
southem Rockies soaking rams. ctaBy Yunnan provinca. 


Asia 


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l-HWWasMims. -4ftn. st-snow flurrias. 
en-vwTw. race. w-Woaner All maps, toro caw a and data pnnrtdsd by Ac cUW— Bar. Inc. 0 1BC7 


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INTERNATIONAL HERALD TRIBUNE, SATlUDAi'-SUNDAi; AUGUST 30-31, 1997 


RAGE 3 


Military Chief Defends U.S. Position on Mines 


POLITICAL NOTES 


By Dana Priest 

rt js/i/njfyn Post Service 




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, about 500 people every week, most 

0 . ^ em civilians. The same qualities that make land 

WASmNGTON-ThechainmnoftteJoiDiChieft 

of Staff, General John Shalikashvili says he believes and i d 10 dei ? CI r long-lasting 

C.iting the fact that the United States unilaterally 
gave up mines that do not self-destruct and spent $1 25 
nnllion to teach countries to de-mine their lands. 


General Shalikashvili said Thursday in an interview 
with reporters, **I challenge anybody else to show how 
much they have done.” He added, “Yet somehow 
we ve managed lo turn die argument around so that we 
are the bad guys on this issue.” 


million mines laying in 
m GS countries, most in poorer nations ill- 
to remove them or to treat their victims. 
Many Pentagon officials argue that anti-personnel 
land mines, used with auii-tank mines, are an essential 
parr of its battlefield arsenal. 

president Bill Clinton changed course last week on 
the land mine issue, announcing that the United Stales 
would join a yearlong Canadian-led effort to reach an 
international ban on anti-personnel land mines. 


The administration has asked that the draft treaty 
under discussion be changed to allow U.S. forces to 
continue using anti-personnel mines on the Korean 
peninsula and to use self-destructing “smart' * mines 
on the battlefield to protect anti-tank mines laid to stop 
an enemy. 

But, according to Defense Department sources, that 
request was rejected by treaty negotiators during in- 
formal discussions in the last several days. 

■ 100 Countries to Begin Talks on Treaty 

About 100 countries will begin talks Monday on the 
treaty for a ban on land mines, Reuters reported from 
Oslo. Delegates there will spend 19 days drafting a final 
text of a convention banning the use. export, production 
and stockpiling of anti-personnel land mines. 




Drug Czar 
Defies Threat 
To Pay a Visit 


' The Associated Press 

, SAN DIEGO — Despite a ‘ ‘credible 
and serious" threat from a man claim- 
ing to be a member of Mexico's largest 
drug cartel, the Clinton administration 
;drug policy chief has made a planned 
■border visit, though escorted by hun- 
dreds of guards from boih countries. 

. Security officials asked General Barry 
McCaffrey to cancel his visit Thursday 
,to Tijuana, Mexico, but he refused, fed- 
eral officials said. General McCaffrey 
'said he would not be intimidated. 

- He made the trip guarded by rein- 
forcements from the U.S. Marshals Ser- 
vice that were supplemented fry about 
200 Mexican soldiers and police of- 
ficers. 

The threatening call was placed to the 
Federal Bureau of Investigation on 
Tuesday while General McCaffrey was 
in Laredo, Texas, on a tour of the South- 
west border. The caller, who spoke in 
Spanish, told the FBI field office in 
Houston that the killing would be car- 
ried out with a missile attack. 

;■ Review of Certification Process 

The Clinton administration plans to 
re-evaluate the annual process fry which 
the government certifies that Mexico and 
other drug producing and trafficking 
countries are working vigorously to fight 
.the flow of illegal drugs into the United 
States, the Los Angeles Times reported. 

General McCaffrey said during his 
■tour of the U.S.-Mexico border that fed- 
eral officials would consider scrapping 
.the arduous certification process if a more 
■constructive system could be devised. 

! While Mexico has long objected to 
certification, the process has strong sup- 
,pon in Congress, and any effort to change 
it will almost certainly meet tough op- 
position. Many lawmakers believe cer- 
tification provides the only real measure 
of what a country does to fight drugs. 

. General McCaffrey said Tuesday in 
•Nuevo Laredo, Mexico; that “the cer- 
tification process is difficult, but it is a 
question of a law of the land.” 

He added, however, that "President 
'Clinton has asked me to come up with a 
concept that perhaps will suggest a new 
modality of cooperation in the” hemi- 
sphere.” 

He went further in San Diego, saying. 
“We are working on what we can offer, 
not necessarily as a replacement for 
certification but what is a higher-order 
wav of addressing the issue.” 



* lwi> rw»n Thf Pirn" 

General Barry McCaffrey, second from right, visiting a port of entry near San Diego, under tight security. 


Kentucky Warned 
Of ‘Mad Squirrels’ 

i\'iw York Times Senice 

NEW YORK — Doctors in Ken- 
tucky have issued a warning that 
people should nor eat squirrel 
brains, a regional delicacy, because 
squirrels may cany a variant of 
“mad cow” disease that can be 
transmitted to humans and is fatal 

Although no squirrels have been 
tested for “mad squirrel" disease, 
there is reason to believe that they 
could be infected, said Joseph Ber- 
ger. chairman of the neurology de- 
partment at the University of Ken- 
tucky in Lexington, Elk. deer, 
mink, rodents and other wild an- 
imals are known to develop vari- 
ants of “mad cow” disease that 
collectively are called transmiss- 
ible spongiform encephalopathies. 

In the last four years. 1 1 cases of 
a human form of transmissible 
spongiform encephalopathy, called 
Creutzfeldt-Jakob disease, have 
been diagnosed in western Ken- 
tucky, said Erick Wei smart, clinical 
director of the Neurobehavioral In- 
stitute in Hartford, Kentucky, 
where the patients were treated. 

"All of them were squirrel-brain 
eaters," Dr. Weisman said. 


Massacre in a Venezuelan Jail 

29 Inmates Are Hacked or Stabbed in a Gang Raid 


Reuters 

EL DORADO, Venezuela — A total 
of 29 inmates were hacked and subbed 
to death at a remote Venezuelan max- 
imum-security prison in a struggle for 
power between rival gangs, authorities 
said. 

The killers used machetes and prim- 
itive knives, decapitating several of the 
victims. 

Others were badly burned when the 
attackers set fire to their mattresses, 
officials said at El Dorado jail. 440 
miles « 700 kilometers i southeast of Ca- 
racas. 

The carefully planned surprise attack 
started shortly after dawn Thursday, 
when many of the prisoners were still 
asleep, and lasted less than 20 minutes. 

Seeking revenge for the murder of 
one of their gang leaders, a group of 
inmates broke the locks on their cell and 
launched the raid against a rival gang 
transferred from another prison. 

As they approached the victims, the 
attackers shouted a coded warning used 
when guards are conducting a weapons 
search" alerting prisoners to conceal any 
weapons. 

This ensured, officials said, that their 


victims were defenseless, no weapons at 
band, when the raiders broke in. 

The raid was sparked by fierce rival- 
ries between local inmates and a group 
of prisoners moved from the Sabaneta 
jail in western Venezuela as punish- 
ment. putting them further from their 
families. 

All of the dead were from La 
Sabaneta, according to officials. 

Built in 1958, the E! Dorado jail is 
across the Cuyuni River from the min- 
ing town named after the mythical City 
of Gold. 


Dozens of Top Jobs 
Waiting to Be Filled 

WASHINGTON — Seven months 
into President Bill Clinton’s second 
term, about 30 percent of the top 470 
political jobs in his administration re- 
main unfilled. 

These numbers do not include 67 
vacant ambassador positions or va- 
cancies and pending nominations for 
regulatory and independent agencies, 
federal judges, prosecutors. U.S. mar- 
shals and top Pentagon jobs. 

The unfilled jobs — from deputy 
secretaries of major departments to 
the CIA’s chief intelligence collector 
— have been long regarded as among 
the most critical in the government. 

The positions have left an admin- 
istration cluttered with holdovers — 
people who have announced their de- 
parture and remain on the job until a 
new appointee secures the Senate’s 
blessing — and with deputies filling 
in as “actings.” 

According to the White House per- 
sonnel office. 120 top political jobs 
are being filled by "acting” officials. 
In some cases, an official’s term has 
expired but he or she may stay on until 
renominated and confirmed or until a 
new person gets the post. 

Robert 1. Nash, director of White 
House personnel, said recently that 
the Republican-controlled Congress 
must share some of the blame. He also 
noted that the White House had no 
control over how long it takes for FBI 
and tax checks, a process be estimates 
takes rwo to three months. I WP) 

U.S . Employee Risk: 
A Video Game Ban 

WASHINGTON — When mem- 
bers of Congress left Washington in 
droves earlier this month for their 
summer recess, federal employees 


could breath a sigh of relief: Their 
computer games were safe, for now. 

But when the lawmakers return in 
September, their agenda of weighty 
affairs of state will include whether to 
push forward with a proposed ban on 
computer games in every nook and 
cranny of die federal bureaucracy. 

The prohibition is pan of the Senate 
version of a bill that passed in late July 
and funds the White House. Post Of- 
fice, Treasury Department and assor- 
ted other government agencies. 

The amendment, sponsored by 
Senator Lauch Fairclotn. Republican 
of North Carolina, would require the 
removal of existing games pro- 
grammed on government computers 
and bar future purchases of computers 
with pre-installed games. 

Mr. Faircloth hopes to find a spon- 
sor for a similar amendment in the 
House version of the appropriation 
bill. If that does not happen, he says, 
he will fight to have the amendment 
retained as part of a conference ver- 
sion of the bill produced by House and 
Senate negotiators. 

While some labor leaders have ac- 
cused Mr. Faircloth of being techno- 
phobic. the senator said it is gov- 
ernment waste he fears, not techno- 
logical advances. “The taxpayers 
don’t need to be paying the salaries of 
people who are playing games while 
on official time.” he said. 

Senator Faircloth 's amendment 
was the result of an Internet lesson 
gone wrong. While showing the sen- 
ator how to operate bis own Web site, 
an employee accessed the office com- 
puter games. (IAT) 

Quote / Unquote 

Newt Gingrich, the House speaker, 
during a dinosaur dig in Montana, on 
why he thinks Tyrannosaurus rex was 
a predator, not a scavenger “I believe 
he was a predator because I saw ‘Ju- 
rassic Park' and he ate a lawyer, and it 
wasn’t a dead lawyer.” { NYT ) 


Away From 


Politics 


• Four laboratories in Wisconsin 

erred in tests last year that led 10 
people to be mistakenly diagnosed 
with tuberculosis, the federal Centers 
for Disease Control and Prevention 
said. The mistakes, made between 
Match and July, nor only upset the 
patients but also resulted in hundreds 
of unneeded follow-up TB tests on 
their families and hospital staff who 
cared for them. (AP) 

• The Japanese automaker Mit- 
subishi agreed to pay $9.5 million to 
settle a lawsuit by 27 women who said 


they were subjected to obscene re- 
marks, groping and sexual discrim- 
ination at work. The settlement does 
not affect the U.S. Equal Employment 
Opportunity Commission’s accusa- 
tion that Mitsubishi Motor Manufac- 
turing of America Inc. discriminated 
against 300 women at its plant in 
Normal, Illinois. (AP) 

• A retired army officer is suing his 
wife for smoking, asking a U.S. Dis- 
trict Court judge m Chicago to declare 
the smoke from his wife's cigarettes a 
cancer-causing pollutant under the 
federal Clean Air Act. Colonel 
Richard Thomas, 69, who quit 
smoking 12 years ago, said he had 
tried any number of strategies to get 
his wife of 43 years to quit. (APi 


BOOKS 


MAGAZINE MERGER MANIA By David J. Kahn 


. across 

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responses? • 

6 Least Amiable 

12 One who sets up 
shots 

18 Make (or 

20 Radiators and 

such 

22 Camden Yards 
player 

22 'One utihe 
Beverly 
(lidbifhes 

24 The World 

25 Lab vessel 

26 View 
surreptitiously 

28 Concubine's 
. room 

28 Tan 

30 Hcmwthe 

celeb niv's mom 
and dad' 
survived' 1 

37 Contemptible 
one 

38 Theme park 
transport 

39 Human, so to 
speak 


40 Novelist Nin 

42 Name of three 
English rivers 

43 Be against 
change 

47 How the case uf 
commercial 
espionage is 
halted? 

52 duDiable 

53 Cry of delight 

54 Sitter, to a Bnl 

55 Chatter 

56 Nonplussed 

58 Birch bark 

60 Bowling game 

63 Commute 
overseas 
regularly? 

68 Quit 

69 Top 

70 More 
monumental 

71 Short test for 
brains? 

72 Base figure: 
Abbr. 

73 Annual hoops 
event, familiarly 

74 Tasie 


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77 Evening hours, 

1 to Larry King? 

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88 Sundance's giri 

89 Pour 

troubled waters 

90 Where the Via 
del Carso runs 

91 Hath resident 

94 Small 

toy makers: Var. 

95 President Bush 
writes pan of his 

. autobiography? 

101 .Andretti, for one 

102 1920 s White 
House nickname 

103 Greenish-yellow 
hue 

104 Sit in on 

106 'King Rat" 

novelist 

110 Birdie of 
Broadway's 
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! 13 Diving 

instructions. 

maybe 

114 Barely 
perceptible 

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116 Lay hold of 

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118 Krupp family 
city 

DOWN . 

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pilgrimage: Var. 

2 Cousin of a 
lemur 

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program 

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brackets 

8 Angry words 

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sheet 

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madatne 

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figure 

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musically 

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5iai.c 



THE NAPOLEON 
OF CRIME 
The Life and Times 
of Adam Worth, 

Master Thief 

By Ben Macintyre. 336 pages. 

524. Farrar Straus Giroux. 

Reviewed by 
Jonathan Yardley 

O N Jan. 8, 1902, a small, 
feeble man named Adam 
Worth, 3/k/a Henty J. Ray- 
mond, age 57, died in his sleep 
near London. The event drew 
little notice for abour a month, 
after which newspapers in 
England and elsewhere began 
piecing together the remark- 
able story of this strange, elu- 
sive man. Many of those sto- 
ries were dramatic, if not 
outright hyperbolic, but none 
carried the weight of a private 
comment in the files of the 
Pinkerton detective agency: 

“In the death of Adam 
Worth there probably departed 
the most inventive and daring 

criminal of modern times 

In all his criminal career, and 
all the various crimes he corn- 
mined, he was always proud 
of the facr that he never com- 
mitted a robbery where the use 
of firearms had to be resorted 


to. nor had he ever escaped, or 
attempted to escape from cus- 
tody by force of jeopardizing 
the life of an officer, claiming 
that a man with brains had no 
right to cany firearms, that 
there w as always a way, and a 
bener way. by the quick ex- 
ercise of die brain. Among all 
the men Pinkertons have 
known in a life time, this man 
was the most remarkable 
criminal of them alL’ ’ 

Those words almost .surely 
were written by William 
Pinkerton, son of the agency’s 
founder and, in his own right, 
perhaps its most storied fig- 
ure. Pinkerton was an ally of 
the forces of the law, bur as 
Ben Macintyre suggests in 
this biography of Adam 
Worth, he was powerfully 
drawn ro those men and wom- 
en whose sins he was charged 
with digging out and erad- 
icating. None of these aroused 
greater admiration in him than 
Worth, whose diminutive size 
and spectacular thefts made 
him, by common consent, 
“the Napoleon of crime. 

Worth was bom in Ger- 
many in 1844 to Jewish par- 
ents who moved to the United 
States when he was still 
young. Macintyre hypothes- 
izes that “the undersized 


Worth quickly developed an 
outsized Napoleonic com- 
plex” and that it did not take 
long for him to evolve * ‘ into a 
character of many and con- 
flicting parts: selfish, greedy 
and also generous to a fault, at 
once ruthless and sentiment- 
al." Worth served in the Un- 
ion Array and was “officially 
listed as dead" not long after 
Second Bull Run. Still very 
much among the quick, he be- 
came a full-time criminal, 
serving a prolonged appren- 
ticeship in New York City, 
where in the postwar years 
crime thrived as rarely before 
or since. He took on the alias 
of Henry J. Raymond, appar- 
ently inspired by the death in 
1869 of Henry Jarvis Ray- 
mond, ‘‘founder-editor of The 
New Yorit Times” and “stal- 
wart moral voice of the 
age.” 

Macintyre makes much of 
the “rich and satisfying 
irony" of this choice, but it is 
easier to speculate about than 
to document. Suffice it to say 
that in the double guise of 
Worth/Raymond, the young 
criminal became a participant 
in what Macintyre calls "the 
great fraud of Victorian mor- 
ality and appearances,” in 
which persons of public prob- 


ity hid sordid private lives, 
prompting Oscar Wilde to 
write, “1 hope you have not 
been leading a double life, 
pretending to be wicked and 
being really good all the time. 
That would be hypocrisy.” 

If this mostly engaging 
book has a serious flaw, it is 
the author’s penchant not 
merely for over- interpretation 
but for incessant reiteration. 
Better to read "The Napoleon 
of Crime" on a less exalted 
level, as a careftilly researched 
and smoothly narrated tale 
about a clever, complicated 
and engaging man who chose, 
for whatever reason, to steal 
his living rather than earn it 
Macintyre is correct to say that 
such stories hold a perverse 
fascination for us, as evidence 
of which one need only read 
the best parts of this book. 

Jonathan Yardley is on the 
staff of The Washington Post. 


NEW AUTHORS 

PUBLISH YOUR WORK 

ALL SUBJECTS CONSIDERED 
Authors world-wide Invited 
Write or send your manuscript to 
MINERVA PRESS 
20LDBH0UFT0NRD LONDON SW 7 300 


SlVeir York Tamest Edited by Will Shorts. 


36 Sign of damage 
41 Mollify 

43 When repeated, 
etv at a 

celebratory 

party 

44 Intimidate. 

-our 

45 -To fete* 1 

46 Combining the 

ideal 

characteristics 

of 

48 Nipped, with 
-out" 

49 JK3 

Series stadtuni 

50 Reached m 

amount 

51 'The Time 
Machine' pci»'* 

56 Letters on?.. 

telephone am 

57 Redressed. «i:h 
“for" 

5g wi!iiamsti’> 
start 

59 -fo :her. • 

60 Sped** 

til Uftandnchl- 

cnavhc 


-62 Midpoint: Abbr 

63 Camp vehicles 

64 Strain 

.65 Big name in golf 

66 l ight. Prefix 

67 Tax-free bond, 
briefly 

74 Banking game 

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76 Fr.glish !flt 
subject 

78 Most gamesome 

79 Hat. ir.g equal 
angles 

80 Salinger 
dedicatee 

81 Interpret 

82 She had a 
'Tootsie" role 

83 U'.ender 

84 Tpkes 

85 "Das 

Rhemgold 

locale 

66 Telephone 
connections 

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right 

92 Corned Set:' 
alternative 


93 Important sports 105 Letters after 


org 

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briefly 

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flfl Some office 

equipment 
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Gov. Jeanne 
Sbaheen's name 
107 Sportsca«er 
Scully 

IPS Compass 
heading 
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PAGE 4 


INTERNATIONAL HERAT,!) TRIBUNE, SATURDAK-SUNDAY, AUGUST 30-31, 1991 


Cell Phones Ride a Tide of Big-Brother Fears in Hungary 


By Dean E. Murphy 

Los Angeles Times 

KISOROSZI, Hungary — Andras 
Floris, an auto mechanic, enjoys a 


Coif Pub, a popular way station in this 
lazy island village about 25 miles up- 
river from Budapest, the Hungarian 
capital. 

Life many regulars, be also enjoys 
using the telephone, a flashy red model 
that the pub's proprietor, Agnes Bode, 
serves up for about 4 cents a minute. 
But Mr. Floris keeps his calls simple. 
When he has something weighty to say, 
he prefers the cellular phone back at the 
garage. 

“It is more popular to use the mobile 
phones- because they can’t be tapped,” 
said Mr, Floris, 37, his green overalls 
soiled from a morning repair job. “It 
wasn't so long ago in this country when 
everybody was being listened to.” 

Come this Christmas, Kisoroszi will 
celebrate its third anniversary of res- 


idential telephone service, a milestone 
for the Danube River hamlet’s 31$ cus- 
tomers and a telling example of the 
telephone revolution sweeping the 
former Eastern Bloc. 

More than 1 million fixed lines have 
been installed in Hungary since 1993, 
nearly wiping out a 13-year waiting list 
and introducing phone service to hun- 
dreds of villages long dependent on the 
written word or a rare public phone line 
for the simplest of long-distance com- 
munication. 

At the same time, 520,000 cellular 
subscribers have signed up, making 
Hungarians the best-connected Euro- 
peans behind die erstwhile Iron Cur- 
tain. Together, the new fixed and wire- 
less installatio ns have doubled die 
number of Hungarian phone customers 
in just four years. 

* ‘My telephone has become my con- 
nection to the world,” said Gizi Tobias, 
67, a widow who lived her first 65 years 
in Kisoroszi without a phone. “I can’t 
imagine life without it” 


But in Hun g ary and other onetime 
Communist countries, the new love af- 
fair with phones has not come uncon- 
ditionally. Old C ommunis t-bred pho- 
bias and routines are dying hard — 
particularly those about Big Brother’s 
big ears — w hile c ellular technologies 
have so liberated mobile callers that 


many people are crying out for rules of never really Imow, do you?” 
common decency. Although it is impossible to calcu- 

“We tend to look at these changes late, telecommunications analysts say 
from a technological point of view, but they believe such telephobia has helped 
there is a lot of human behavior in- increase the popularity of cellular 
voived,” said Douglas Smith, telecom- phones in Hungary and throughout the 
munications analyst for Salomon former Eastern Bloc. Still, they expect 
Brothers in London. the higher-quality fixed lines will re- 

“The mobile phone in many ways main in high demand, 
symbolizes Western life and Western Hungarian mobile phone subscribers 

business, while the poor quality fixed- account for one- third of mobile cus- 
line networks still represent 'the old topers in CentraLand Eastern Europe, 
•Communist economy and way of life,” with market penetration approaching 
he said. levels in Fiance, Belgium ana Greece. 

No one suggests that the old times are Although rates have dropped draw- 
back, when totalitarian authorities care- matically , it is still relatively expensive 
fully controlled telephone availability to use a mobile phone in Central and 
as a means of repression. But still fresh Eastern Europe. In Budapest, a fixed- 


are memories of suspicious rattles on line customer typically pays 57 ™ 
the lines and, sometimes, an accusatory monthly fees and 4 cents a minute tor 
voice breaking into conversations. local daytime calls. By comparison, ba* 

“We have a saying in Hungarian; Tt sic service for an analog mobile phone 
is not atopic for the telephone,’ ” Mrs. costs about S12 monthly and 25 cents a 
Tobias said. “Every family has certain minute, while the cheapest digital mo- 
secrets that should remain private. I am bile phone goes for about $9 monthly 
not saying anyone is listening , but you and $0 cents a minute. In Hungary, the 
never really brow, do you?” per capita national income is only 

Although it is impossible to calcu- s5,700 a year, 
late, telecommunications analysts say Whether for privacy, prestige or 
they believe such telephobia has helped simple convenience, the rusn to mobile 
increase the popularity of cellular phones has become so m add ening in 
phones in Hungary amt throughout the Hungary that Westel 900 recently is-* 
former Eastern Bloc. Sri 11 they expect sued a Ten Commandments of mobile 


the higher-quality fixed Unas will re- phone etiquette to head off persistent 
main in high demand. comp laints about customer incivility. 

Hungarian mnhjfe phone subscribers The brochure reminds c al le r s not to 
account for one- third of mobile cus- ring up during Sunday Mass, ai^thc 
tomers in CentraLand Eastern Europe, cemetery or in hospitals. It also makes 
with market penetration approaching the seemingly obvious — but often 
levels in France, Belgium ana Greece, unheeded — suggestion not to talk on 

Although rates have dropped dra- (he phone while at the movies, 
matically, it is still relatively expensive Scores of other businesses across 
to use a mobile phone in Central and Hungary have added cell phones to the 
Eastern Europe. In Budapest, a fixed- list of “Do Nots” posted on windows. 


ALGERIA! 1 

Attack Is Wars! Yet * 

Continued from Page 1 

North African country of 30 mflEoit\ 
The outlawed Armed Islamic. GririS 
is presumed by the government tog? 
responsible for the bloody attack* 
civilian populations in Algiers ; tif 
outlying communities. v. ^ 

But an undetermined number of the 
trilling s are believed to be the watfcg: 
government security forces and gpvaafc 
ment-anned militias carrying (KU remg 
als against villages where fee 

The latest wave of massacres fbltoweS 
a brief period of respite and faint cnixenj* 
of hope after legislative elections cnJmfe; : 
5. Mr. Zeroual’s party won the doptifraS : 
but some moderate oroonentsjjf fee^ 
resrime also were elected. * 


Brunei Makes Good on Vow 
To Aid 2 Asian Currencies 


By Michael Richardson 

International Herald Tribune 

SINGAPORE — On a recent visit to 
Malaysia, Sultan Hass anal Bo Uriah of 
Brunei promised that his country, made 
fabulously rich by oil and gas, would 
work with its partners in the Association 
of South East Asian Nations to combat 
the currency turmoil undermining the 
region’s stockmarkets and threatening 
its economic growth. 

Few took the pledge as anything more 
fhan a regal gesture of solidarity, until 
Friday when well-timed intervention by 
Brunei helped several of Southeast 
Asia’s embattled currencies stage a sig- 
nificant rebound from earlier sharp 
losses. 

Analysts said that the partial recovery 
of the Malaysian ringgit and the Singa- 
pore dollar in turn helped the stock mar- 
kets in Singapore and Malaysia bounce 
off their lows, although they still 
suffered heavy losses. 

Singapore's Straits Times Industrial 
Index fell 6 percent at one point before 
pulling back to close at 1,805.64, down 
2.22 percent 

Malaysia's main index ended nearly 1 
percent down on the day, after a roller 
coaster ride that saw it drop over 4 
percent at one point 

While the halt in the currency slide 
may turn out to be only temporary, deal- 
ers said that Brunei’s entry into the fray 
was a warning to speculators that they 
could be burned if they pushed the de- 
cline too far, too fast 

They said that the Brunei Investment 
Agency, a government body that man- 
ages assets worth about S60 billion, ac- 
cording to bankers, sold dollars for the 
Malaysian ringgit and the Singapore 
dollar after lunch, catching the market 
by surprise. 


As a result, the ringgit bounced to an 
intraday high of 2.8630 to die dollar, 
from an early all-time low of 2.9650, 
before drifting back down to about 
2.9050 at the close of trade in Kuala 
Lumpur. 

The Singapore dollar bounded back to 
1.4960 from a 38-month low of 1.5375 
before retreating again to about 1.51 at 
the close. 

Dealers estimated that the Brand 
agency, which is under the effective 
control of the sultan, who is the coun- 
try’s finance minister as well as prime 
minister, sold at least $300 million to 
support the Singapore dollar in thin Fri- 
day afternoon mark ets. 

They said there was simultaneous 
heavy buying by the agency of the ring- 
git and even some Bruneian buying of 
tile Indonesian rupiah, although that did 
not do much to help the Indonesia stock 
market, where the Jakarta composite in- 
dex slid 6.9 percent on Friday. 

“Brunei has always been a net seller 
of dollars against the Singapore dollar 
even prior to the crisis,” said Ishak 
Ismail, market intelligence analyst at 
independent research firm I.D.E-A. 
“But the market was stunned because 
they don't normally buy the ringgit.” 

The recovery of the ringgit and Singa- 
pore dollar lifted the Indonesian rupiah, 
which has frequently been a hostage to 
the fortune of other regional currencies 
since Thailand effectively devalued the 
baht on July 2 in a bid to lower interest 
rates and revive growth. 

“The ringgit appears to be the driving 
force in the region." a U.S. bank dealer 
quoted by Reuters said in Jakarta. “It 
pulled us down since Thursday, and now 
it lifted us back.” 

The rupiah closed at about 2.925 to 
the dollar, after crumbling to an all-time 
low of 3,070 in early trading. 


MARKETS: Hong Kong Feels the Heat 


Continued from Page I 

linked equities this year, big owners of the 
blue chips face a different environment if 
they try to sell. Hang Seng index stocks 
accounted for about 70 percent of trading 
volume a year ago; this week their share 
slipped as low as 10 percent 

With retail investors keeping their 
eyes on stocks other than major property 
developers or banks, fund managers 
looking to raise cash by selling bine 
chips are forced to ask for less. 

“Institutional investors panicked, but 
not the Chinese funds and local retail 
investors. They are quite calm,” said 
Ben Kwong. head of research at 
Dharmala Securities. 

The Hang Seng index tracking so- 
called red chips — stocks of mainland- 
backed Chinese companies listed in 
Hong Kong — fell just 1 percent These 
are overwhelmingly owned by local and 
Chinese investors, traders said. 

While saying the blue chips now 
looked fairly valued, at about 12 times 
expected 1988 earnings. Mr. Kwong did 
not rule out more declines next week. 

Traders blamed part of the market’s 
plunge on new measures announced 
Wednesday by Malaysian authorities 
that make it much harder to sell stocks in 
Kuala Lumpur. 

Foreign fends were already on edge 
after four of the region's currencies had 
fallen by as much as 20 percent since 
July after being allowed to float freely, 
no longer tied to the value of other 
currencies. 


“Malaysia has been a catalyst for all 
the markets,” said Jim Sheridan, man- 
aging director at Goldman Sachs & Co. 
in Hong Kong. ‘ ‘Any time you limit any 
investor's ability to trade they lose con- 
fidence.” 

The Malaysian limits are the second 
this year by a major regional market to 
restrict trading by foreign investors. 

In May. Bangkok prohibited the sale 
of Thai baht to foreigners inside the 
country in an effort to prop up the cur- 
rency. 

That led to a dual-currency system 
and prompted foreign investors to sell 
Thai stocks to collect baht, transfer the 
money overseas and sell it there at a 
premium. Thai stocks fell, and even- 
tually the currency did too. 

“People are concerned,” Mr. Sherid- 
an said. “Now two markets in a bear 
phase have put restrictions in. Could 
others do the same?” 

In its lead editorial Friday, the South 
China Morning Post said the manner in 
which the Malaysian measures were an- 
nounced late Wednesday “has scarcely 
inspired confidence in Malaysia’s cre- 
dentials as an international financial 
center.” 

Also hammering Hong Kong stocks 
Friday was the fact that a key interbank 
lending rate rose three-quarters of a per- 
centage point to 9 percent, higher than 
the prime lending rate of 8.75 percent. 

Plates have been rising as a means to 
discourage speculators from borrowing 
Hong Kong dollars in order to sell them 
and force die currency lower. 


ITALIA: Enticing the Germanic Soul 


Continued from Page 1 

the same miserable place, so they never 
really change.” 

For centuries, Germans and Italians 
have conducted a complicated love- hate 
relationship. What Germans extol as or- 
der and rectitude are derided by Italians 
as anal compulsiveness; what Germans 
perceive as anarchic confusion is revered 
by Italians as flexible ingenuity. 

Nonetheless, each culture Finds vir- 
tues in the other that seem to draw them 
together. While Italians admire in Ger- 
mans a sense of discipline that has al- 
ways eluded them, Germans find in- 
spiration in Italy’s ait, design and 
climate (hat is so refreshingly different 
from home. 

During the last decade. Florence and 
‘fee surrounding countryside have be- 
came such a popular destination for 
prominent Germans that, for part of the 
su Timer, it seems that much of the na- 
tion's political and business elite packs 


up and moves to central Italy. Roberto 
Giardina. who has written an instruc- 
tional book for his fellow Italians titled 
“Guide to Loving the Germans,” cites a 
long list of German politicians who take 
their vacations in Italy as evidence that 
the German Parliament consists of two 
factions; a * ‘Tuscany ’ ’ group of younger 
German leaders and the traditional 
“Saumagen” list headed by Chancellor 
Helmut Kohl. 

The Tuscany faction, which includes 
Oskar Lafontaine, the Social Democrat- 
ic Party leader, and Joschka Fischer, the 
Greens luminary, is said to possess a 
modem European perspective, tinged 
with Latin sensibilities and a deeper 
sympathy for foreign cultures. 

The Saumagen faction, named after 
Mr. Kohl’s favorite dish of pig’s stom- 
ach stuffed with lard, epitomizes the 
classic fatherland mindset that is redol- 
ent of sausage, beer and oompah bands. 

“This is where Italy is really having 
an impact on Germany,” Mr. Giardina 




Choe Kang Ryong, center, with North Koreans and Americans, admiring corn at a Minnesota research rite. 

KOREANS: Visitors From Hungry Land Are Awed by Tall Com 


Continued from Page 1 Vietnam or other Third World nations, where production goals and methods are 

The North Koreans have asked a lot of determined by the government. 

The officials on this trip told of ir- questions that dance around the one im- “We have’ no private fanners.” 
rigation pumps disabled by an absence portant lesson of this visit that may be said. “We have cooperatives. Of com 
of spare parts, deforested and eroding most difficult to absorb — Minnesota’s the farmer joins voluntarily.” 
hillsides planted with the wrong crops, green wealth has its roots in independent The North Koreans asked many qu 

cutworms devouring fields because farming families, in self-help cooper- tions about productivity. For examp 
there are no pesticides and seed corn of atives and lately in research paid for by ‘ ‘How many people does it take (6 ra 
such low quality that it is sowed in seed and pharmaceutical companies. this many pigs?” and “How many far 
preliminary patches from which the North Korea has a rigid state econ- era work on tills field?” 
green survivors are later transplanted to omy. An official tried to explain its “A centralized economy is good uj 
the real cornfields. relation to agriculture on Tuesday dur- 2 point for poor countries,' ’ Dr. Joo sa 

This week, notebooks in hand, the ing a conversation about the American “Then you need human desire — 
North Koreans have scribbled their way cooperative movement and the very dif- drive for a superior life style, a bei 
through a goat farm, a pig nursery, ge- ferent North Korean cooperative farm, life. Growth comes with desire.” 
netics laboratories, seed stores, grain ^ m 

elevators and dairy farms. They have — 

TALKS: IRA Political Wing Invited to Pa 

on a herd of beef cattle grazing on land G 

beyond die end of the dirt road. They Continued from Page 1 When the talks resume, it is not o 

also staggered through the State Fair. tain that all the Protestant parties w 

Next stop is Missouri and after that campaign of violence, which the party face Sinn Fein across a table. 

Georgia, where another Korean- Amer- has always refused to do. Some of the Protestants still say th 

ican. Park Han Sik, director of the Uni- The invitation was welcomed by the want “proximity talks,” in which t 
versity of Georgia's Center for Global Irish Republic, which is co-sponsor of parties are in separate rooms with i 
Issues, will be the host the talks. They involve 10 political termediaries shuttling among them. 

Mr. Choe, 54, had one word for what parties and the Irish and British gov- Jeffrey Donaldson, deputy chief oft 
he’s been seeing. emments. Ulster Unionist Party, the largest pol 

“Impressive,” he said as he traveled The cease-fire that the IRA resumed ical organization in the province, sa 
along another spacious freeway to an- nearly six weeks ago followed one that it Friday that it would be “very, very d 
other neat Midwestern town under its called Aug. 31, 1994. and then broke in ficult” for him and his colleagues tofa 
shade trees. February 1996, asserting that tbe British Sinn Fein across a table. 

He also had a word for himself: “En- government of Prime Minister Jo.hn Ma- “Ido not believe they are committ 
vious.” jor was not seriously interested in.peace to nonviolence,” he said. 

The Clinton administration has negotiations. Thai government was re- David Trimble, the bead of the U 
pledged about $100 million in emer- placed by the Labour Party this spring, ionist Party, has indicated that he war 
gentry food aid to North Korea, $55 

million of which is in grains and is being ^ - 

distributed by Amigos Internationales, DAT T.*# ».*,*-» i/* a 

CARE, Catholic Relief Services, Mercy JT LPJLlIj: M OHCJ 1SU l LnOUgfljOr AmenCOnS 


questions that dance around the one im- 
portant lesson of this visit that may be 
most difficult to absorb — Minnesota’s 
green wealth has its roots in independent 
farming families, in self-help cooper- 


North Korea has a rigid state econ- 
omy. An official tried to explain its 
relation to agriculture on Tuesday dur- 
ing a conversation about the American 
cooperative movement and the very dif- 
ferent North Korean cooperative farm. 


TALKS: IRA Political Wing Invited to Participate for First Time 


nochuie reminds callers not to regime also were elected. I 

during Sunday Mass, ai the - In My, two senior leaders oF-Sgfc . ,\ 

r qj- in hospitals. It also makes lanuc Salvation Front were releMe dfj 

singly obvious — but often from jail in an apparent opening to goygfl 

i— -suggestion not to talk on eminent opponents who wish to pursue?? 

e while at the movies. peacefalpath to reconciliation. As pajf 

; of other businesses across of its effort to rejoin the political png 
have cell phones to the cess, the Islamic Salvation From ltf|. 

3o Nots” posted on windows. sought tb repudiate the anti-civilian 

oleoce of the Armed Islamic Group, wm 
“ which it once had close ties. . *r : 

Benjamin Stora, a University of Pam 1 
pro fess or who has written 17 books ^ja . 
his native Algeria, said in an interviesT- 
Friday that the nature of the viafeajfr- 
tfaere HaH changed in the last year. 

The Algerian government, he saSg 
has “privatized” the war by CTeatuqggg 
“peasant militia” of about ISO^Gjite; 
armed citizens who cany out many 
-fee attacks on civilians That anrhantiefr; 

invariably attribute to the Armed Is lamvVi 

Group and other terrorists. Hie dvH w®^ 
he said, now pits .“village against vi£ £ --' 
lage, family against family.” v”-\j 

Mr. Stora also said fee Algerian mij - A 
itary was divided between .hanfliheraT 
who want no truck wife moderate ele- ; 
ments of the IslamitrSalvation Front and 
those who sec no alternative to including : 
them in negotiations to end the violence. 
President Zeroual, he said, “is trying to 
situate himself in fee middle of this ~ 
battle” within the military.' . 

The Algerian government’s continu- 
ing assurances that it has turned feetide 
on fee, fundamentalist insurgency have 
continued to bepersuasive to France, fee 
former colonial power until 1962 and 
home to more than a million Algerian 
immigrants, as well as a millio n and a v 
hatf citizens of Algerian heritage. - 
Despite fee intermittent spillover of - 
Algerian terrorist bombings in Paris in ” 

_ 1995 and 1996 and the murder of seven. 

a Minnesota research rite. French monks in Algeria last y*av~ 

France ma in tains a public posture pi j 
J L IT II r* support for the Zeroual government 

ted Oy lall KjOTTI Although Prime Minister Lionel 
J Jospin criticized France’s “blind snp- 

irodnction goals and methods are port” for the Algerian regime before loa- 
ned by fee government. victorious political campaign in France ; .' 

“We have' no private farmers.” he last spring, his foreign minister, Hubert- 
said. “We have cooperatives. Of cotnse. Vedrrae, took a conciliatory line in an 
the farmer joins voluntarily.” interview wife the Paris daily Le Monde. 

The North Koreans asked man y ques- In fee interview, published Thursday, 
tions about productivity. For example: Mr.JVafrine .rated a pprov ingly the “liv- 
* ‘How many people does it take to raise ing reality” of a new “Algerian mul- 
this many pigs?” and ‘ ‘How many farm- tiparty legislature elected in June and . 
era work on this field?” brushed off a suggestion that die June ' . 

“A centralized economy is good up to voting results may have been rigged. 

2 point for poor countries,” Dr. Joo said. “In any case,” fee foreign minister . 

“Then you need human desire — the . added, “it’s up to fee Algerians to find 1 
drive for a superior life style, a better the solutions to their problems among 
life. Growth comes wife desire.” themselves.” 




Ti m ' riti«iflIrVii YalTi 


Continued from Page 1 When the talks resume, it is not cer- 

tain that all the Protestant parties will 
campaign of violence, which the party face Sinn Fein across a table, 
has always refused to do. Some of the Protestants still say they 

The invitation was welcomed by the want “proximity talks.” in which the 
Irish Republic, which is co-sponsor of parties are in separate rooms with ra- 
the talks. They involve 10 political termediaries shuttling among them, 
parties and tbe Irish and British gov- Jeffrey Donaldson, deputy chief of tbe 

emments. Ulster Unionist Party, the largest polit- 

Tbe cease-fire that the IRA resumed ical organization in fee province, said 
nearly six weeks ago followed one that it Friday feat it would be “very, very dif- 
called Aug. 31, 1994, and then broke in ficult” for him and his colleagues to face 
February 1996, asserting that tbe British Sinn Fein across a table, 
government of Prime Minister Jo.hn Ma- "Ido not believe they are committed 
jor was not seriously interested in.peace to nonviolence,” he said, 
negotiations. That government was re- David Trimble, fee head of the Un- 
placed by fee Labour Party this spring, ionist Party, has indicated that he wants 


When fee talks resume, it is not cer- proximity talks. Martin McGninness, 
tain that all fee Protestant parties will the second-ranking official in Sinn Fein 
face Sinn Fein across a table. and head of its negotiating team, re? 

Some of fee Protestants still say they sponded that Mr. Trimble “should-haye 
want “proximity talks,” in which the courage” and “should listen to fee : 
parties are in separate rooms wife in- people who elected him” and negotiate * 
termediaries shuttling among them. wife Sinn Fein. \ Tv 

Jeffrey Donaldson, deputy chief of tbe The Protestant unionists, who want to * 


Jeffrey Donaldson, deputy chief of tbe 
Ulster Unionist Party, fee largest polit- 
ical organization in fee province, said 
Friday feat it would be “very, very dif- 
ficult” for him and his colleagues to face 
Sinn Fein across a table. 

"I do not believe they are committed 
to nonviolence,” he said. 

David Trimble, fee head of the Un- 
ionist Party, has indicated that he wants 


Corps, and World Vision. 

Dr. Joo is a consultant for the last two 
groups. A former seed company exec- 
utive who is now vice president of Ag- 
globe Technologies, a consulting firm in 
Minneapolis, she had to raise the money 
for fee North Koreans’ visit to Min- 
nesota from private sources. She also 
collects money and donations of seed 
and other farming material and equip- 


Cootinued from Page 1 

lock births as a bigger threat than the 
return of economic bad times. 

“The family has pretty much been 
destroyed," said the Reverend Kim 
Midanik, 54, a minister living in Long 
Beach, California. 

Many of those questioned also said 


mem for the North Koreans because they were worried about crime. They 
trading wife North Korea is prohibited were unconvinced by new government 


. _ ... . , . . . , . v»uuiu involve cnaniies m me poDi- 

enunenL Still, just a third of those in- ical status of Northern Ireland that are 
erviewed expressed satisfaction wife opposed by its Protestant majority. 

nFJSESn 1 ^ flTSl * sue ** talks vrill d eal wife 

One politician who has prospered, ap- is disarmament of the IRA and Prot- 

parentJy from fee economy, has been estant paramilitary groups. 

JSIa 1 lfl £ ugh his J° b Si ™ Fein aiSthePrSLfeiit loyalist 

parties linked to paramilitary-groups. 

SL? U th?^ f ^'»rah PerCem bS ‘ »*ethe Progressive^ UnionisKP^ry,^ 
month this was the ..0th consecutive disarmament cmiwIv 


remain British, abhor fee Sinn Fein goal 
of a united Ireland linked to fee Du Win 
government in the south and free of 
British control. ■ A ;, 

Mr. McGuinness and Geny Adams,: 
president of Sinn Fein, insist that they 
will argde’for a united Ireland at thetaSs 
but have made it clear feat they do not 
expect to win this. 

Ms. Mowlam said that a uni ted Ire- _ 
land was an objective that could be !• 
raised at the talks. 

But she emphasized that no agree- 
ment would involve changes in the polit- 
ical status of Northern Ireland that are 
opposed by its Protestant nugority. 

The first issue fee talks will deal with 
is disarmament of fee IRA and Prat- rf; 
estant paramilitary groups. >. • ? ' 

Sinn Fein and fee Protestant loyalist 


by a U.S. embargo. 

The North Koreans said they were 
given 10 days’ notice that they were going 
to the United States, news that shocked 
their families, one said North Koreans 
are more accustomed to trips to Cuba and 


SWITZERLAND 


statistics showing feat violent crime is 
down nationally. 

The survey did find some modest im- 
provement in fee national mood. Fewer 
Americans now than in recent years said 
they were “angry” wife fee federal gov- 


Post-ABC News poll in which his job 
rating has topped 50 percent, extending 
back to July 1995. 

A total of 1.526 randomly selected 
adults were interviewed Sunday through 
Wednesday for the survey. The margin 
of sampling error for fee overall results 
was plus or minus 3 percentage points. 


like fee Progressive Unionists Party, say 
disarmament can only come as part of an 
overall settlement, at fee end of the 
talks. 

They are expected to last until the 
spring, when the British legislation au- 
thorizing them expires. 

'Hie larger Protestant unionist patties 
insist that some disarmament must stait- 
as fee talks progress. 


HISTORY: A Small Victory in Japanese Teacher’s Textbook Case 


Y . \ ‘ 

Ov. '■»„ Florence' Adriatic - ■ 


• Castelfranco 
3 * dTSopra 

* , "4 


: -r4fiBWNiV * 

■vT; ?• r rw Sier 


..a.;-; 


v*Rome 


said “The young leaders, usually from 
the left, now indulge in the healthy 
habits of the sunny south. Kohl and the 
older generation seem to be fighting a 
losing battle with their Saumagen men- 
tality. 

“If more Germans join fee Tuscany 
faction, then there is hope for Europe 
after all.” 


Continued from Page I 

contrast, his opponents, including some 
100 members of Parliament, insist that 
teaching schoolchildren about such 
atrocities fosters a loathing of Japan. 

Nonetheless, pressure from Mr. Ien- 
aga, other like-minded Japanese and the 
survivors of Japanese atrocities in South 
Korea and China has slowly softened the 
government’s stance on textbook screen- 
ing, and today schoolchildren learn more 
about atrocities than ever before. 

Mr. Ienaga, 83, an award-winning his- 
torian who retired in 1986. entered the 
Supreme Court to the applause of hun- 
dreds of supporters, including scholars 
who had testified as professional wit- 
nesses for him. 

At fee same time, a small group of 
opponents jeered In the Supreme Court 
ruling. Masao Ono. the presiding judge, 
said feat since fee existence of a Jap- 
anese bacteriological warfare unit had 
been “accepted by the academia." the 


Education Minispy ’s removal of a pas- 
sage about its activities from one of Mr. 
Ienaga’s textbooks was unlawful. 

“While ‘Unit 731’ has not been re- 
vealed in its entirety, fee existence of 
such a unit within fee Japanese Imperial 
Army with fee purpose of conducting 
germ warfare, and that the unit con- 
ducted live experiments on many 
Chinese and others, was accepted by the 
academia.” the ruling said. 

Unit 731. which has never been ac- 
knowledged by fee Japanese govern- 
ment. conducted biological warfare ex- 
periments on live prisoners in Harbin in 
northeastern China. There were no sur- 
vivors. 

s , i : H “ ct ' 1 w “ unlawful." ,he ruling 
satd. tor fee Education Ministry "to 
order the deletion of the passage " 

Mr. Ienaga had also asked the court to 
rnle on whether the Education Ministry 

rei ? * nghl ? order him ^ ^«cie or 

£s«nXT e . n u° ll ? er P3SSageS in his school 
nisiory lexibooks. 


The Supreme Court rejected his ar- 
guments about the. remaining passages. 
Tney included descriptions of theBattte^J ■ 

or Okinawa m whi cb 160.000 residents 

^ed by Japanese troops, 
of Nanking in which up 
to 300.000 Chinese soldiers and rivil- 

troop$ Were s ^ au S* lte red by Japanese 

..The Education Ministry had asked 
Mr. Ienaga j 0 wire that most of the 
j * 11115 Okinawa died in mass sui- 
es and to tone down his descriptions 
Zip** brutality in fee Rape of 
Nanking in late 1937 and early 1938. 

Ginton Foley as Japan Envoy 

4gence Fnauc-Prvsse 

■ A A '■ % a _ _ 


BUI Clinro nomin ated by President 


-FRIENDSHIPS 





PACE 3* 


nr-n i-T n 


(tTn,LTenAv srnriuHirn -XA. 1W 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAi. AUGUST 30-31, 1997 


PAGE 5 




Sihanouk Returns 
Amid New Fighting 



UN Adds to Sanctions on Angola Group 


Renter 


SIEM REAP Cambodia — King Norodom Sihan- 
•‘-^L a 7 ,V n d ba / k m Cambodia on Friday as factional 
■ northwest of the counuy 

“cfliatioir 8 ^ fr ° m l ^ e ^ or Md recon_ 

Sihanouk arrived in the northwestern rown of Siem 
^Reap on his first trip home since Hun Sen ousred the 
■Tung s son. Pnnce Norodom Ranariddh, as co-prime 
•minister in July. 

The fc ing, 74. flew in from Beijing, where he has been 
-receiving medical treatmenr for several ailments since 
February, and said at the airport that his message for his 

- people was one of peace and reconciliation. 

1 He was greeted by the acting head of state, Chea Sim. 
ana other government leaders, including Mr. Hun Sen 
-and the newly appointed first prime minister, Ung Huoi. 
• 1 he king, a constitutional monarch, has made dear his 
disapproval of Mr. Hun Sen’s overthrow of Prince 
'Ranariddh on July 6 and said he still recognized the 
•i '■ prince as a legitimate prime minister. 

V ■ * Government leaders later met Sihanouk for about an 

- “® ur at, he king's vifla in the center of town. Afterward. 
^Mr. Hun Sen told reporters that the talks with the king 
"had been “very good” but he declined to elaborate. 

^ Despite the king’s call for peace, artillery and small 
'arms fire flared up around the contested Cambodian 
’■border town of O’Smach, 100 kilometers (60 miles) 
northwest of Siem Reap, as the king was arriving. 
’• witnesses on the Thai side of the border said. 

“ A Thai military source said Friday that field radio 
"intercepts from Cambodia indicated that Mr. Hun Sen ‘s 
-troops were closing in on pockets of royalist guerrillas 
, pushed up against the border with Thailand. 


$.-■■ ry. 


•£ apR," ^ ■ 


By John M. Gosliko 

Wuihinth’ii Pitt 5m hv 



Danm Whilc^Jc/Rculrp. 

King Sihanouk, left, and Hun Sen greeting each other 
Friday at Siem Reap airport The king returned to Cam- 
bodia from Beijing, where he has been getting medical care. 


BRIEFLY 


UNITED NATIONS. New York — 
The Security Council has imposed air 
and travel sanctions on Angola’s 
UNITA movement in an effort to~deter 
the former rebel force and ns longtime 
leader. Jonas Savimbi, from increasing 
tensions that threaten to rekindle 
Africa's longest civil war. 

The 1 5-member council unanimously 
endorsed the sanctions after Secretary- 
General Kofi Annan reported that 
UNITA had failed to heed past UN calls 
to demobilize its troops and supply ac- 
curate accountings of how many men it 
has under arms. 

UN officials also said UNITA, the 
acronym for the National Union for the 
Total Independence of -Angola, had 
flouted earlier council sanctions barring 
acquisition of arms by continuing to 
import large amounts of weapons from 
abroad. 

The sanctions resolution was co- 
sponsored by the United States in a move 
chat seemed to mark a final break with 
Mr. Savimbi, once a favored proxy of 
Washington during its Cold War 
struggles against Communist penetra- 
tion of Africa. 

The Thursday sanctions require all 
LIN member states to bar the entry, trans- 
it or residence of senior UNITA officials 
and their adult family members unless 
on official business of the Angolan gov- 


ernment. All UNITA offices in UN 
countries must be closed. 

In an effort to stop weapons supplies 
from reaching the movement, the res- 
olution bans ail flights from or to any 
destinations inside Angola except those 
authorized by the Angolan government. 
Aircraft, plane parts, flight insurance 
and engineering services must be 
denied to UNITA, and aviation equip- 
ment can be brought into the country 
only through government-designated 

entry points. 

The resolution calls on UNITA to 
completely demilitarize all its forces, 
transform its radio, called Vorgan. from 
a propaganda organ to a nonpartisan 
station and cooperate fully with the es- 


tablishment of state administration m 
those areas under its political and mil- 
itary control. 

The sanctions go into effect Sept. 30 
unless Mr. Annan certifies that UNITA 
is moving toward compliance, and the 
.resolution warns that me council will 
consider further financial and trade 
sanctions if the movement remains un- 
cooperative. 

Council members were unanimous in 
emphasizing chat their aim was not io 
punish UNITA but to get Angola firmly 
on the road to peace. To thji end. the 
resolution called on the Angolan gov- 
ernment to give movement the incent- 
ives to take an important and meaningful 
role in governing the country. 


Russia Denies Reports of Arctic Atom Test 


Agence Friiiice-Presse 

MOSCOW — Russia on Friday cat- 
egorically denied U.S. reports that a 
nuclear-type explosion had taken place 
near a lest site in the Arctic, and said that 
the seismic event that was detected had 
been a normal earth tremor. 

Viktor Mikhailov, Russia's atomic 
energy minister, told Itar-Tass news 
agency that Russia’s Novaya Zemlya 
nuclear test site was "closed." and that 
Russia was "fulfilling to the letter" rhe 
Comprehensive Nuclear Test Ban 
Treaty signed in 1996. 


"In this case, there was an ordinary 
earth tremor measuring one io two points 
in the Kara Sea. about 100 kilometers 
from Novaya Zemlya. This is a seismic 
area, and that is well known,” he said. 

On Thursday. U.S. officials said a seis- 
mic event resembling a nuclear test had 
taken place around Aug. 16 near Novaya 
Zemlya and that Washington had asked 
Moscow for an explanation. Pentagon 
spokesmen said the seismic event had 
"explosive characteristics" and was 
consistent with a nuclear test, but that a 
conclusion had not been reached. 


i 


Taiwan Cuts St Lucia Ties 

TAIPEI — Taiw'an said Friday that ii had 
severed diplomatic ties with Sl Lucia in response 
to the Caribbean island’s recent efforts to court 
China. 

The Foreign Ministry said St. Lucia's gov- 
erning Labor Party had been actively pursuing ties 
with Beijing since it won an election in May. 

‘ ‘The Republic of China government thinks the 
action of the St. Lucia government has severely 
damaged our country's interest and dignity,” the 
ministry’s statement said. 

Taipei's decision came a week after local me- 
dia reported that the St. Lucia cabinet decided 
after a 13-hour debate on Aug. 2] to switch ties ro 
Beijing. i Reuters) 

New Zealand Probes Virus 

WELLINGTON — The government vowed 
Friday to find whoever illegally imported a rabbit- 
killing virus after farmers acknowledged spread- 
ing the disease to save their grazing lands. 

To many New Zealand farmers, rabbits are 


vermin that eat crops, denude the land and cost 
billions of dollars in agricultural losses. A group 
of Mackenzie area farmers confirmed that they 
had been spreading rabbit calicivirus disease 
throughout the South Tsland for the last two 
months. 

The virus spreads rapidly through rabbit pop- 
ulations, causing death by internal hemorriiagjng. n rj m a .• 

Officials said that farmers would not be pros- txfllTlOS LlTgCS 1QX rLCtlOfl 
ecuied. but that they were seeking the importers of ° 

the virus. * (APi 


The military source said Indian firing had kil led 
eight civilians, six of them women, and wounded 
a score in the last week, most of them last Sat- 
urday and Sunday. He said one woman was killed 
and two people were wounded on Thursday in the 
village of Karila Haripur. ( Reuters) 


Pakistan-India Exchange 

MUZAFFARABAD. Pakistan — Pakistani 
troops exchanged fire with Indian forces across 
the line dividing Kashmir on Friday, but no cas- 
ualties were reported, a military source said. 

He said the two sides had fired at each other 
with light arms in the Karila Haripur area of KotLi 
district and the border villages of Leepa and 
Chakothi, both in Muzaffarabad district. 

Military activity along the 720-kilometer (445- 
mile) Line of Control has subsided in the last few 
davs after Indian and Pakistani forces used ar- 
tillery and mortars during the weekend. 


MANILA — President Fidel Ramos urged 
legislators Friday to srop bickering over con- 
stitutional amendments that would allow him to 
run for a second term and focus instead on the 
passage of economic bills. 

“What Congress needs to do. and I am not to 
dictate to them because they are doing their things 
onder their own mandate, is to give priority to our 
economic program,” Mr. Ramos told reporters. 

“I’ve been prodding Congress to concentrate 
on our 29 top priority measures in the common 
legislative agenda and not on the other thing that 
has suddenly cropped up,” he added. 

He said he would like to see passage of the final 
component of a tax package, the last reforms 
needed to exit from International Monetary Fund 
supervision. { Reuters) 



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PAGE 6 


SATURDAY- S UNDAE, AUGUST 30-31, 199? 

EDITORIALS /OPINION 


Hcralb 


INTERNATIONAL 



Sribune 


PUBLISHED WITH THE NEW KIRK TIMES AMO TUB WASHINGTON POST 


Pyongyang’s Blackmail 


On Tuesday afternoon, after announ- 
cing the defection to the United States of 
two North Korean diplomats and their 
relatives, a State Department spokes- 
man said that “we have no reason to 
believe" North Korea would in re- 
sponse cancel ongoing bilateral nego- 
tiations. Thar night North Korea can- 
celed the miles (on missile proliferation). 
The next day, a White House spokes- 
man said North Korea’s decision to 
cancel “was not unexpected-" 

In truth, few outsiders know what to 
expect from North Korea’s secretive, 
police-state regime. Along with Cuba 
and China, it is one of the world’s last 
avowedly communist nations, and eas- 
ily the most isolated and regimented. Is 
North Korea’s so-calied Dear Leader, 
Kim Jong B, totally in charge? Hard to 
say. Is there famine among North 
Korea’s 23 million people? Yes, but 
how widespread is much disputed. The 
economic system seems to be failing, 
but political control seems to be hold- 
ing — yet no one is sure. 

The latest defections, including that 
of the highest-ranking North Korean 
diplomat ever to come to the United 
States, may or may not bespeak broad- 
er discontent among the ruling elite. 
Most important, the hypermilitarized 
North might or might nor lash out 
violently at South Korea as its econ- 
omy withers. 

It is this very unpredictability and 
potential danger that explains the at- 
tention U.S. officials lavish on this 
failing state. A kind of blackmail is at 
work. The United States and its allies 
provide North Korea with nuclear en- 
ergy plants in exchange for Pyong- 


yang's abandoning its nuclear- 
weapons program. The U.S. govern- 
ment sends modest amounts of food 
aid, and in return — although no one 
admits this quid pro quo — North 
Korean officials sit down for peace 
talks. U.S. officials dangle the prospect 
of reduced economic sanctions if 
North Korea will stop selling missiles 
to U.S.-declared “rogue states” such 
as Iran. North Korea’s misbehavior is 
its only chip; the latest walkout has to 
be seen in that context 

This capitulation to blackmail is jus- 
tified on tne grounds of a search for a 
"soft landing.” The North Korean 
system cannot long survive, the think- 
ing goes, but it is in everyone's interest 
for it to disappear peacefully and 
gradually — without a war on the 
South, a wave of refugees, mass star- 
vation or chaos. 

There must however, be limits to 
Western accommodation. The Clinton 
administration fortunately drew one 
such line this past week when it ad- 
mitted the defecting diplomats despite 
North Korea *s harangues and walkout 
It rightly has refused to provide 
massive food aid without better con- 
trols to ensure, for example, that rice 
does not go straight to the army. 

The West is right to encourage 
North Korea out of its isolation, but it 
also should remember which side is 
holding the weaker hand. As long as 
South Korea and the United States 
maintain strong defenses across the 
Demilitarized Zone, they can afford to 
wait patiently for North Korea to return 
to the table. 

— THE WASHINGTON POST 


When Science Is Wrong and Theo 



P ARIS — Until now it has been an 
unpleasant little secret that the 
countries which consider themselves 
the most advanced and civilized have 
been sterilizing “undesirable" people 
or taking then* children away from 
them in order to improve the "race.” 
This was going on until the mid-1970s, 
in some places. 

In Sweden, more than 60,000 people 
were sterilized against their will, or in 
their ignorance, between 1935 and 
1976. These were mentally or phys- 
ically handicapped people, or those 
congenitally ill, or socially “undesir- 
able” women who had "too many" 
children and were considered living 
“bad lives.” 

Among them were also Gypsies, 
vagabonds and people who were not 
"of pure Swedish race" (as that race 
was supposed to look, as set forth in a 
series of engraved plates produced at 
the Institute of Racial Biology in 
Uppsala in 1922). 

But let’s not single out Sweden. The 
same thing was going on in other Nor- 
dic countries, and in Switzerland. 

It was going on in the United States 
of America. As late as 1943, 30 of the 
then-48 states had laws on sterilization 
of the genetically "unfit." In most 
states sterilization could be performed 
without the consent of the victim. 

The rationalization for all this was a 
theory for improving mankind pro- 
posed by a cousin of Charles Darwin, 


By William Pfaff 


Francis Galton (1822-1911). It was 
based on Darwin’s arguments about 
natural selection in the plant and an- 
imal kingdoms. It said that humans 
should be “bred” in order to eliminate 
the allegedly unfit and to promote the 
propagation of the allegedly superior. 

Eugenics, so-called, became a pop- 
ular social cause in B ritain after the 
Boer war, stimulated by the fear that 
Britain's troubles were the result of 
‘ ’ degeneration’ ’ of die British 4 'race. " 
Later it was a response to manpower 
losses in World War L 

From that period until the 1950s. 
British children’s charities were send- 
ing children confided to them (some 
illegitimate orphans, some simply the 
children of people who could not afford 
to support mem) to institutions in Aus- 
tralia, where some ended in more or 
less the condition of indentured ser- 
vants, cur off from- their origins. 

All of this was based on clear as- 
sumptions about which “races" are 
superior and which inferior. Burned in 
today's Australian consciousness is a 
comment made by Winston Churchill 
in 1942, when he diverted Australian 
troops to doomed Singapore, in place 
of British divisions. It was revealed 
only SO years later. He said the Aus- 
tralians could be sacrificed because 
they were "bad blood." 


The United' States at that same time 
was unconstitutionally interning its 
Japanese citizens in concentration 
camps, and drafting black citizens 
mainly to segregated army labor and 
transport battalions. Blacks weren't al- 
lowed in the navy or Marines. The 
Navy Department believed they didn't 
have what it takes for combat, and that 
white Americans would not share quar- 
ters with them on ships. 

Thai is the way perote thought, in- 
cluding some who might seem the least 
likely to have thought like dial. In 
IsraeL even in the late 1940s, when the 
Israeli state had barely been estab- 
lished, it now is revealed that hundreds 
of children of immi grant Yemeni Jews 
were literall y stolen from their Arabic- 
speaking parents for adoption by fam- 
ilies of European Jewish origin. 

The blood of Ethiopian Jews was for 
a time segregated in Israel's blood 
banks. The whole relationship between 
Israelis and Arabs, from the time of 
Mandate Palestine, to the present day, 
has been tinged by racism. 

One must judge all this in historical 
perspective. The Darwinian analogy 
with plant and animal kingdoms 
seemed convincing. Programs to "im- 
prove" the race seemed progressive, 
which is why Social Democratic lead- 
ers in Scandinavia were particularly 
attracted to them, as well as “pro- 
gressive’' thinkers elsewhere. 

These ideas were also congenial to 


an intellectual generation in the United - 
Stares and Europe given to larger tbe-- 
oiies of social engineering and social. 



and clearly were ordered and carried 
out with the best of intentions. - -i-i 
If some individuals suffered, that S 
simply was the price of progress. . ■ 
Nazism gave all of this a badnamej 
There is a nervous refusal now to admit * 
iat any differences at all exist between : ; 
groups of people. It is all but 
possible to talk about “race.” Prob^ _» 
ably this is a good thing. Possibly, it-isru 
not, since tee may eventually be a :t 
cost to be paid for the pretense that.; 
mere are no problems here. 

The lessons would seem to be that-; 
progressive theories can be deadly, and .* 
when theories require that people be ; 
made to suffer here and now in the . 
c a us e of some grand future project, we 1 
should just say no. Hie second lesson is ! 
tha t scientists can be just as wrong as ■ 
the rest of us, but when they are wrong 
the consequences can be worse than 
being wrong in other professions. The 
implications of this experience with 
eugenics suggests that we should be 
particularly cautious about the genetic 
engineering which some scientists now 
promote as offering us, once again, a . 
vast improvement to mankind. 

Inter national Herald Tribune. ! 

© Los Angeles Tunes Syndicate. • 


August in Washington: A Blessed Month of Friday Afternoons 


A Poor Israeli Choice 


Had you thought things were quiet 
on the Lsraeii-Syrian front in this oth- 
erwise stressful summer of Israeli-Pal- 
estinian discontent? The Israelis have 
chosen this interlude — no military 
crisis, no peace talks — for an un- 
helpful political initiative involving a 
new dam on the Yarmuk River. The 
previous Labor government had se- 
lected one site in undisputed territory’. 
The current Likud government has 
chosen a new sire a mile upstream in 
Israeli-held territory claimed by Syria. 
It seems the initiative came from Ariel 
Sharon, the “national infrastructures 
minister,” and has been endorsed by 
Prime Minister Benjamin Netanyahu. 

But why a new dam site, and why 
now? If Israel is serious about ne- 
gotiating a peace with Syria when cir- 
cumstances ripen, then it cannot 
simply and suddenly create new facts 
on the ground on its own. Nor, if it is to 
be prudent, can Israel casually make 
unilateral decisions in the volatile area 
of regional water resources. 

Mr. Netanyahu Is said to want to 
signal the Syrians that he rejects their 


demands to go back to the pre-1967 
war borders. But the signal he is send- 
ing is that his government is chewing 
up the basic land- for-peace formula 
that the state parties, including Israel, 
have accepted for nearly 30 years. 

Secretary of State Madeleine Al- 
bright is planning to go to Damascus to 
talk with President Hafez Assad on her 
first official trip to the Middle East 
next month. The dam site decision is 
hazdly the most important item on her 
Syrian agenda, but it puts her in the 
defensive position of having to account 
for an arbitrary Israeli move. Israel has 
large and major security concerns that 
must be worked out with any new 
relationship with Syria and that can be 
worked out only with the active par- 
ticipation of the United States. 

why would a sensible Israeli gov- 
ernment of any political stripe want to 
further complicate its relations with its 
one great patron, on an essentially di- 
versionary issue, at a moment when a 
difficult new phase is opening up in 
Middle East peace-seeking? 

—THE WASHINGTON POST. 


W ASHINGTON — Cir- 
cumstance or perversity 
occasionally motivates me to 
spend all of August working in 
the nation's capital. 

Both contributed this year, 
and I want to thank them. Head- 
ing into Labor Day, those who 
stayed behind celebrate (he Au- 
gust that wasn’t. 

Washington normally earns 
the title of Lagos on the Potomac 
in these 3 1 days. Not this August. 
Spared little else in a year of 
municipal disaster and misrule, 
Washington escaped most of the 
sullen Conradian days of the 
tropics that annually turn the 
streets into a skein of Turkish 
bathhouses by 1 1 A.M. 

If Marion Bany won’t watch 
over us. Someone Else will. 
How else to explain an August 
of spariding blue skies, golden 
weekend afternoons with mu- 
nicipal tennis courts easily 
available and quiet evenings on 
which downtown parking 
places and tables at good res- 
taurants go begging? 

In a news sense, the picture 
was more complex. Little of 
significance has occurred 
abroad or at home so far this 


By Jim Hoagland 


August. Unless the few remain- 
ing hours of die month bring 
forth something cataclysmic, 
the best that journalists and dip- 
lomats could stir up overseas 
was a struggle in Bosnia over 
how to pronounce Biljana 
Plavsic and Radovan Karadzic. 

But the fact is August has 
recently become a blockbuster 
news month, be it Saddam Hus- 
sein invading Kuwait, Mikhail 
Gorbachev getting overthrown 
and restored. Bill Clinton 
ling past a motionless 


>rge Bush in polls to even- 
tual victory, or Mr. Saddam in- 
vading Kurdistan last year. 

So where was the Iraqi dic- 
tator this month? Probably on 
vacation. Even bloodthirsty tyr- 
ants could use a day off. 

I'll take credit for the pre- 
vailing international quietude, 
just as your bringing an um- 
brella to work guarantees it will 
not rain. I was here, poised by 
the word processor, as I was not 
in August of 1991. That year, I 
awakened on a remote Spanish 
Mediterranean island to the 
news of the Soviet coup. Loud 


gnashing of teeth and many 
cuss words followed. 1 had for 
the first (and last) vacation de- 
cided not to bring along even a 
typewriter. Boris Yeltsin and 
the tanks showed me the folly of 
the ambition to be ambitionless, 
even temporarily. 

At home, die best ibis sum- 
mer produced was the discov- 
ery that the Clinton White 
House has given campaign 
fund-raising — and giving — a 
bad name. 

Done nothing wrong, die 
president muttered before flee- 
ing the Potomac to disappear 
into the manicured wilas of 
Martha’s Vineyard. He pro- 
tested that he would have com- 
mitted "unilateral disarma- 
ment” if he had refused to host 
cash-laden convicted felons, 
Chinese arms merchants. New 
York investment bankers and 
others with the price of admis- 
sion to the White House. Some 
cast of characters. Some logic. 

But the story line of this 
year’s campaign finan ce scan- 
dal shifted as "it became clear 
that the Clintonites had indus- 


trialized the selling of access to 
the president. They set up as- 
sembly lines Henry Ford would 
have envied. And they gave 
guilt by association new depth. 

The first stories blasted the 
president and Congress for as- 
sociating with the assorted sor- 
dids who paid the politicians’ 
television advertising bills. The 
suggestion that the Chinese 
Communists had slipped cam- 
paign money to Manchurian 
Candidates in the United States 
especially made American hair 
stand on end. 

But now it is the reputation of 
the fund givers that is sullied by 
being associated with this 
White House. When The Wash- 
ington Post prominently dis- 
played a story about Maurice 
Tempelsman on Page One on 
Aug. 2, it jammed die damning 
phrases “international dia- 
mond dealer" and “a generous 
contributor to the Democratic 
Part}’" into its opening 12 
words. The newspaper thenpre- 
sumably wounded Mr. Tem- 
pelsman forever by disclosing 
in the second paragraph that he 
was “a .frequent White House 
visitor." 


How would you like to be 
called that right now? i 

Mr. Tempelsman is a legend 
in African political and busi- 
ness circles for his moneymak- 
ing abilities and daring: He had 
come to the White House to 
discuss a creative, if improb- 
able. plan to reconcile Angola's 
UNTTA rebels with the gov- 
ernment. For that impudence he 
must go through life known as 
“a frequent White House vis- 
itor." Tough .luck, Maurice. 

Convicting people of being 
frequent White House visitors 
was about all the outrage we 
who stayed behind coulfl 
muster in a mellow D.C. Au- 
gust. After this Labor Day.Wj:. 
will neither look nor act like 
bandaged survivors of Shiloh (ft 
Verdun, shuffling out of the 
way ashamedly as the tanned, 
relaxed and condescending val- 
cation forces return to the .of- 
fice. We, too, have memories.. 

ft was not the month of Sun- 
days that August in Paris is. 

But this year Washington in 
August was a month of Friday 
afternoons. I'll settle for that 
any year. 

The Washington Post. 7 


Teamsters and Democrats Who ’ s Goin g t0 Rein 131 the Tin-Pot Immigration Dictators? 


After decades of corruption and mob 
influence, the teamsters’ union has not 
had an easy time cleaning up its repu- 
tation. It would thus be a sickening irony 
if those involved in the union’s latest 
problems turned out to include the 
Democratic Party. What has come to 
light so far suggests that a scheme was at 
least discussed in which the Democratic 
National Committee would raise money 
to help Rem Carey, the teamsters* pres- 
ident, in his re-election campaign last 
year in return for teamsters' contribu- 
tions to the Democrats. 

The Justice Department is said to be 
investigating the Democrats’ links to the 
teamsters as pan of ixs general exam- 
ination of fraud in the union’s election. 
Two union consultants have been in- 
dicted for allegedly diverting union 
funds to Mr. Carey's re-election effort 
by laundering them through independ- 
ent groups. On the basis of these al- 
legations. a court-appointed monitor has 
nullified Mr. Carey’s victory. 

The monitor, Barbara ZackQuindel, 
did not address the question of whether 
the Democratic Party was also in- 
volved in the fraud charges. But The 
New York Times and others have re- 
ported that Richard Sullivan, a former 
senior official of the Democratic Na- 
tional Committee, had suggested that 
the party’s assistance to Mr. Carey’s 
election campaign would encourage 
contributions by teamsters. Such as- 
sistance would be against the law, 
which prohibits anyone outside a union 
from giving money to a labor official to 
influence his actions. The Democratic 


National Committee maintains that 
any such suggestion was neither 
agreed to nor put into effect. 

For much of its recent history, the 
teamsters were reliable supporters of 
Republicans, but that changed with 
Mr. Carey’s election in 1991. In the 
last election, the teamsters have by 
some accounts contributed more than 
S2.5 million to Democrats. 

Whatever nuns out to be the truth in 
this case, there is no question that both 
Mr. Carey’s and President Bill Clin- 
ton's re-election last year drove their 
organizations to extremes in their des- 
perate need to raise funds. Whether 
that desperation drove them into each 
other's arms remains to be proved. But 
the Justice Department needs to in- 
vestigate the issues aggressively. The 
very possibility that such linkage ex- 
isted provides yet another reason Janet 
Reno, the attorney general, should seek 
the appointment of a special counsel 
who can guarantee that the inquiry 
would be conducted impartially. 

Perhaps the most important change 
would be a ban on open-ended party 
contributions by labor unions, corpo- 
rations and wealthy individuals: the 
“soft money" donations that circum- 
vent federal limits on donations to in- 
dividual candidates. Supporters of le- 
gislation to ban soft money say they 
will try to bring it up in the Senate next 
month. The teamsters ’ case makes it all 
the more urgent to ban soft money as a 
major step toward cleaning up the na- 
tion’s political pollution. 

—THE NEW YORK TIMES 


W ASHINGTON — Mar- 
tina Diederich was in a 
German tour group traveling 
around the United States three 
years ago when she met Baxter 
Thompson near New Orleans. 
They fell in love, visited each 
other's families, got engaged. A 
year ago, they were married. 
What followed was not bliss 
but, thanks to the U.S. Immi- 
gration and Naturalization Ser- 
vice, a nightmare. 

Mrs. Thompson came to the 
United States on a visitor's visa. 
After their marriage, she ap- 
plied to adjust her status to per- 
manent resident. They planned 
to live in Alexandria, Louisi- 


By Anthony Lewis 


ana, where Mr. Thompson had a 
contracting business. 

Last February, the couple 
went to Germany to visit her 
parents. Before leaving, each 
called the New Orleans office 
of the INS and asked whether it 
was all right for her to leave the 
country while her application 
for permanent residence was 
pending. Each was rold yes. 
That advice was false. 

When Mrs. Thompson flew 
back to New Orleans, in March, 
she was told to report to the 
immigration office within 30 
days. She and her husband went 


there on April 14. Her name was 
called, she went into an office 
— and didn't come back. After 
a while. Mr. Thompson asked 
where she was. An official 
answered: "She’s in jail." 

Mrs. Thompson had been 
taken to the New Orleans Parish 
Prison and held there for eight 
days. Her husband was not al- 
lowed to visit her. On the eighth 
day, with no notice to Mr. 
Thompson, she was taken in 
handcuffs to an airplane, 
chained to her seat and flown to 
Germany under guard. Her 
mother, told that she would be 


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i Shavings From a Bar of Silver 9 


A SHEVILLE. North Car- 
olina — On a clear day 
you can see Cold Mountain 
from here. What Charles Fra- 
zier calls its "blue bulk" is 
about 40 miles yonder. And 
Americans by the hundreds of 
thousands are traversing the 
“clouded, humped" terrain 
hereabouts by reading Mr. 
Frazier’s spellbinding novel 
"Cold Mountain." 

The story of the novel’s 
success speaks well of the na- 
tion’s literary taste and the 
publishers, reviewers and 
booksellers who shape and 
serve it. This is a story like the 
one the novel tells, one of re- 
gional and local particularit- 
ies. with national resonance. 

Mr. Frazier, 46. who toiled 
on this, his first noveL, for six 
years, lives over near Raleigh, 
where he and his wife raise 
horses and a daughter. His 
novel takes readers on a long, 
eventful, sometimes harrow- 
ing walk from a Confederate 
hospital in Raleigh to the 
mountain late in 1864. It is a 
trek Mr. Frazier imagines for 
his great-great-uncle Inman, 
who. like his namesake in the 
novel, left the Confederate 
cause after Petersburg. 

Inman’s is a walk on the 
wild side, through a semifron- 
tier society on the losing side 
of a war.. The murderous 
Teague and the Home Guard 
— and some of the book’s 
darkest moments — come 


By George F. Will 


from the historical record. 

“Cold Mountain” is not a 
Civil War novel like, say, Mi- 
chael Shaara's "The Killer 
Angels.” it is not about fa- 
mous men fighting familiar 
battles. Rather, “Cold Moun- 
tain" is a love story involving 
a soldier who has learned 
“how frail the human body is 
against all that is sharp and 
hand" and who is seeking "a 
life so quiet he would not need 
ears." He hopes that by reach- 
ing Ada he can blink away 
“the metal face of the age" 
and put away what years of 
warring have given him: a 
sense of being nothing but "a 
hut of bones. ' 

Mr. Frazier breathes new 
life into delectable old words 
of regional dialect (a foolish 
person is "clodpated'’). He 
writes tike a man frolicking in 
the language with the energy 
of the trout he describes as 
"bright and firm as shavings 
from a bar of silver.” 

His book's success radiated 
from the Southeast region, 
where every bookstore and 
newspaper received galleys or 
early copies. The publisher, 
Morgan Entrekni of Grove/Al- 
lantic, believed die book jus- 
tified the gamble because 
"when you finish it you can’t 
not talk to someone about it." 

A grand fact about contem- 


porary America is that the lit- 
erary marketplace works re- 
markably well. It does 
because the brotherhood and 
sisterhood of the book busi- 
ness — including publishers, 
their traveling representa- 
tives, reviewers for local 
newspapers and booksellers 
— love books. 

Elaine Petrocelli and her 
husband run Book Passage, an 
independent bookstore in 
Corte Madera, just outside 
San Francisco. The store, a 
sort of year-round literary 
seminar, has about 400 author 
events a year. She says that by 
the time their initial order of 
40 copies of "Cold Moun- 
tain” reached her store, the 
staff was passionately com- 
mitted to the book. They have 
now sold 1 80 copies. 

Mr. Frazier credits similar 
stores nationwide, such as the 
one in Blytheville, Arkansas, 
called That Bookstore in 
Blytheville, and Lemuria in 
Jackson, Mississippi. 

By now “Cold Mountain" 
has ignired a self-sustaining 
word-of-mouth chain reac- 
tion. The First printing, around 
Memorial Day. was" 25,000. 
Shortly after Labor Day the 
13th printing will put the total 
over 500.000. For Mr. Frazier, 
and for friends of serious lit- 
erature, the numbers are it o 
borrow his words) as soothing 
as creek noise. 

Washington Post Writers Group. 


on a plane to Frankfurt, drove 
eight hours from her home near 
Hanover to meet her there. The 
plane landed in Hanover. 

Why did all this happen? Be- 
cause she was not supposed to 
leave the United States while 
her application for adjustment 
of status was pending. Mrs. 
Thompson had a valid visitor's 
visa. But the immigration of- 
ficials knew she wanted to be a 
permanent resident, so they 
classified her as someone Dying 
to enter the country by fraud 
And they treated her as if she 
were a vicious criminal. 

Mr. Thompson tried to keep 
his business afloat in Alexan- 
dria under the strains of sep- 
aration. But two weeks ago, he 
gave up, sold everything and 
went to join Martina in Ger- 
many. So far, lawyers’ bills and 
other things have’ cost the fam- 
ily upwards of $10,000. “This 
beautiful little lady," her moth- 
er-in-law. Cynthia Thompson, 
said of Martina. "I never would 
have imagined this could hap- 
pen in the United States." 

Under the immigration law 
passed last year, anyone who 
comes to the United States with- 
out the right documents is sub- 
ject to "expedited removal," 
without a hearing or review, and 


is banned from the United States 
ibr five years. Mrs. Thompson is 
Dying to have the ban waived 
The immigration officials in 
New Orleans could easily have 
told Mar tina Thompson mat she - 
had made a mistake and should 
fly back to Germany on herown 
and apply there far an immigrant- 
visa. That way she would hot 
have been banned for five years i 
for an innocent mistake. Bin they: 
wanted to show their power! ;■/*“ 
“Here’s an agency dial’s his - 
torically notorious for arbitrary 
action,” the Thompsons’ l»»k- 
yer, Lawrence Fabacher of New - 
Orleans, said “Under die nevy 
law it has been given powers drat 
increase exponentially its oppor- - 
tunities to act arbitrarily, iliik- 
family has been devastated" 
When British immigration 
officials recently acted outs 
rageously, John Prescott, acting 
as prime minister in Tony 
Blair’s absence on vacation, in- 
tervened to correct them as soon 
as he heard the news. Is anyone \ 
in our government ready to call 
our tin-pot immigration dictat- 
ors to account? And is anyone 
ready to lead the way to amend; 
ment of a law that gives bu- 
reaucrats such dangerous, un- 
reviewable power? 

The New York Times. • 


IN OUR PAGES: 100, 75 AND 50 YEARS Am 


1897: Zionist Congress 

BALE — The Zionist Congress 
addressed a telegram to the Sul- 
tan, thanking His Majesty for 
the good treatment accorded to 
Jews in Turkey. At the sitting of 
the Congress to-day [Aug. 30] 
the Zionist programme for the 
re-establishment of the Jews in 
Palestine, with publicly recog- 
nised rights, was unanimously 
adopted amid applause. 

1922: Minor Border Flap 

SAN DIEGO — American 
flappers must do their flapping 
on the Volstead side of the in- 
ternational boundary, at least so 
far as Southern California is 
concerned. Mr. Herbert Sallee, 
probation officer for San Diego 
County, has declared an cm. 
bargo on unchaperoned minors 
at the Customs gate to Tia Juana 
and will urge that similar action 
be taken at all border cities. 
According to him, scores of 


youngsters have been ■ 
Mexico in search of p 
banned this side of the 
14-year-old girl, fro 
piego, eloped aero 
boundary with a 21-^ 
Mexican last week a 
married in Tia Juana. 

1947: Bullfightei 

MADRID — Manuel Rc 
— Manolete — the grea 
wealthiest bullfighter th 
has ever seen, died afr« 

gored by a bull. When hi 
to acknowledge wild a 

from the crowd, a worn* 



- — -ivwuuid 

Manolete had refi 
because it was not s 
style. Manolete, wi 
was a direa contra 

ularideaofabullfit 

more than six fee 
thin, and slightl 
kneed. His big sad i 
delight ofthecaricr 






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INTERNATIONAL HERALD TRIBUNE 
SATURDAi-SUNDAY. AUGUST 30-31, 1997 

PAGE 7 


Forging New Beauty ^ Melting Pot, Where East Met West 


Out of Ruhr’s Ugliness w 


By Michael Gibson 

hue rnniotul Ht ruU Tnbmit 

G elsenkirchen. Germany — 

Resembling nothing so much as 
an oversize oil-drum, the Ober- 
hausen Gasometer can hardly be 
called a thing of beauty. Yet this landmark, 
budt m 1929 and dosed in 1988. was re- 
cently recycled and is now a vast, im- 
pressive exhibition hall on two levels. 

The rest of the 118-meter (387-foot) 
budding rowers above the visitor, a dark 
and overwhelming space capped with a 
distant ring of skylights. A glass elevator 
takes one to the roof of the structure and a 
windy view of the surrounding landscape. 

. Responsible for this transfiguration is an 
institution misleadingly called the Inter- 
national Building Exhibition or I.B.A. (In- 
ternational Bauausteliung Emscher Park). 
Established in 1989 by the government of 
North Rhine- Westphalia to clean up and 
help transform a gutted Ruhr area where 
most coal mines and steel mills have closed 
down over the past 20 years, I.B.A. has a 
10-year life span and,”by the end of its 
mandate, will probably have spent some 4 
billion Deutsche marks (S2.2 billion) on 
more than 100 projects, about 20 of which 
involve the arts. 

With its dwindling population, the Ruhr 
today is heir to some monstrously beautiful 
industrial installations. It is also saddled 
with the Emscher. once a fresh and winding 
river now a 70-kilometer (40-mile) open 
sewer that voids its refuse into the Rhine. 

The “Emscher Park” in the organiza- 
tion’s title signals that the greening of the 
Ruhr is a priority. Housing, too. is a big 
issue and I.B.A. has prompted the con- 
struction or renewal of 6,000 lodgings. 

But the changes have also led to die de- 
struction of a number of the region's weirder 
and more memorable structures. This 
prompted I.B.A/s director. Karl Ganser, to 
gather a staff of advisers, including Chris- 
toph Brockhaus, curator of the Lehmbruck 
Museum in Duisburg, to determine which 
buildings should be preserved as landmarks 
— and what should be done with them. 




T HIS initiative has led to some sur- 
prising transformations. The Gas- 
ometer was one, the former 
Thyssen steel mill near Duisburg 
another. With sprawling grounds and a 
mass of magnificently ugly machines, it has 
become a spectacular venue for concerts, 
theatrical events and ah exhibitions. The 
site is much visited in the evening by people 
who come to $£.e its baroque forms drenched 
in colored fights ’i n staJ fSoby Jonathan Park ' 
— 'who also handles such matters for Pink 
Floyd and the Rolling Stones. 

The Zollverein ' XD coal pit in Essen- 
Kaltenberg shut down in 1986. Built in the 
1920s by Peter Schupp, an architect, and 
Man in Kremmer. an engineer, it is the 
largest (and some say the most beautiful) 
colliery built anywhere in the world at that 
time. 

Its Baubaus elegance has made it a hope- 
ful candidate for the Unesco World Her- 


Symphony concert at a former steel 
mill, now an arts venue, in Duisburg. 

itage list, and the interior of its boiler room 
has recently been refurbished as a design 
center by the architect Norman Foster. 

In neighboring Gelsenkirchen. Nord- 
stem. another major colliery built by the 
same team, was largely destroyed before 
Brockhaus got to it. Vet he was sufficiently 
impressed by Uhar remained ro suggest 
creating a permanent installation there. 
Turning to the German composer Hans 
Ulrich Humperr and the Israeli artist Dani 
Karavan. he invited them to create a Ge- 
samtkunstwerk in the two remaining build- 
ings and the long conveyor bell ramp con- 
necting them. 

Humpert’s music, a collage of accordion, 
mechanical sounds and choral singing, elo- 
quently punctuates Karavan's sensitive, 
minimal treatment of the industrial site and 
its machinery. Karavan has preserved and 
sometimes framed some of the machinery 
under glass, while also using other ma- 
terials. including plants, coal, steam, and 
even X-rays of miners" lungs. 

Pmomcino thmiion nililH. 


pressed with photographs of miners' grimy 
faces, there another one covered with aold- 
vtsitors understand that the site they are 
walking through has become a memorial to 
generations of men who led harsh and 
sometimes dangerous lives below ground. 

Karavan is currently working on a proj- 
ect for the renovation' of Duisburg harbor, 
where a synagogue designed by Zwi Heck- 
er will also be built to serve 3.000 Jewish 
faithful (mainly immigrants from Russia) 
now living in the area. 


litrvrimriiXhit H nult] Tribune 

W ASHINGTON — It was 
one of the most aston- 
ishing meetings of East 
and West. That Iranian 
culture propagated by Turkish rulers 
on the Indian subcontinent should 
have come to mix there with strains of 
West European influence brought in 
by Christian missionaries and traders 
sounds improbable enough. 

But it happened, and the visual 
outcome was just as strange, as may 
be seen in a fascinating two-part art 
exhibition at the Arthur M. Sackler 
Gallery. Part One, organized by Milo 
C. Beach, director of the Sackler and a 

SOUREN MEIJKIAN 

leading scholar in the field, is devoted 
to the 44 illustrations of a Persian 
chronicle on loan from the Royal Col- 
lection at Windsor Castle, the “Pad- 
shah Nama." which records events 
under Shah Jahan (1628-1659). It is 
on view here until Oct. 13. then will 
reopen at the Metropolitan Museum 
in New York on Nov. 18. 

Parr Two. "The Jewel and the 
Rose: Art for Shah Jahan.” an out- 
standing anthology of paintings and 
calligraphy from Iran and Islamic In- 
dia lent by the collector AbolaJa Sou- 
davar, can be seen until Feb. 1. Beau- 
tifully hung by Massumeh Farhad, 
associate curator of Islamic Art, it 
serves as an illuminating backdrop to 
the “Padshah Nama” show. 

A few 15th-century calligraphic fo- 
lios from Herat, the great metropolis 
of ihe East Persian -speaking world, 
illustrate the Iranian art of the book in 
its form most admired by the Mogul 
emperors. Two pages from a manu- 
script of Ferdowsi's 10th-century 
poem in 50,000 couplets. “The Book 
of Kings” ("Shah-Nameh”), com- 
missioned by Shah Tahmasp (1524- 
15761. are a reminder that after stay- 
ing at the Iranian court in 1544, Em- 
peror Homayun persuaded one of its 
masters, Mir Sayyid Ali. ro come ro 
Lahore, where he set up a new atelier. 
Thus did the Mogul school begin in 
the 1550s. 

In the following 70 years or so, 
artistic developments of a complexity 
that has yet to be unraveled, took 
place. Painters from all over Hindus- 
tan. as Islamic India was known to 
East and West alike, flocked to the 
Mogul court. A different spatial or- 
ganization, a new interest in the natural 
world, vegetal and animal, a growing 
concern for distinctive portraiture, ap- 
peared in their works. While the Per- 
sian poetry of Islamic India, produced 
in huge quantity, was in the main 
indistinguishable from that of Iran, its 
painting moved light years away from 
its sources, irrepressibly attracted ro 
experimentation and exoticism. 

Eastern-fashion chinoiserie took 
off like wildfire under Jahangir 
i 1605-1627). Western engravings, 
Netherlandish paintings, even small 
English miniature portraits were in- 
terpreted in the Eastern technique of 
book painting. 

Yet. all along, a very Iranian era- 






urn-. 
















M 'Tii» 




xmm:. i 

* ■ 08&. ^ 




H M. Ourt> Eiiuhnh I!, *r R19 4 Litaf) . WuuUv C« lr 

‘The Death of Khan -i- Jahan." by ‘Abed, circa 1633. 


dition must have been' kept up. A 
remarkable manuscript of * ‘The Rose 
Garden” by the Persian poet Sa’adi 
belonged to Shah Jahan. One of the 
miniatures signed by Balchand, 
whose name tells us that he was a 
native Indian, points to a deliberate 
return to the format of the late 16th- 
century Iranian school. A tendency to 
adumbrate trunks, rocks, clouds, the 
personalized expressions of the char- 
acters betray, very slightly, the impact 
of Europe. 


W ITHOUT that aptitude of 
Mogul artists to function 
in multiple modes, the 
“Padshah Nama" would 
be incomprehensible. One of its paint- 
ings, signed by the same Balchand. is 
totally different in its rendition of a 
dramatic episode — as a lion was 
clawing a hunter it had thrown on the 
ground. Prince Khurram. the future 
Shah Jahan. rushed forward to strike it 
with his sword, saving the hunter. 

The paintings signed Payag in 
“The Rose Garden’* and the “Pad- 
shah Nama” do not resemble each 
other either. Payag’ s painting of 
young Prince Khurram presented 


with a ruby and pearl aigrette by his 
father. Jahangir, is a Mogul exercise 
in internationalist painting. The scene 
is set in the Hall of Public Audience, 
the Diwan-i Am, at Agra. Jahangir is 
sealed in a gallery on first-floor level. 
A rug of Western design is thrown 
over the marble railing. On the wall 
behind Jahangir, painted panels at the 
top represent Jesus holding up the 

f 'lobe of the world, flanked by a man 
ooking like a Dutch burgher and by a 
peasant woman with a head scarf, as if 
Joseph and Mary had been intended 
by the artist. Far to the right, Mary 
appears again, copied from some 
Italian model. 

Jesus, in Islam, is a major prophet 
and a Koranic Sura (chapter; is de- 
voted to Mary, who is highly revered. 
An early Arab source describes the 
Prophet Mohammed shielding with 
his hand the image of Mary in the 
Kaaba while pagan images were be- 
ing whitewashed. 

Payag. .who took the bold step of 
representing them in Western garb, 
must have been aware of this. He was 
also clearly acquainted with Persian 
literature. The age-old notion of the 
bull and lion, err other conflicting spe- 


cies, reclining together in peace thanks 
to the universal justice dispensed by 
the sultan, sung by poets like Anvari. 
is illustrated in the middle of the im- 
age. Add a lighthearted sense of the 
incongruous. At the top of a pole car- 
ried by one of the officers is a gilded 
bronze frnial inspired by an early 
Baroque chimera, slightly Indianized. 

For idiosyncratic originality, 
however. Payag was outdone by 
’Abed, whose grim rendition of the 
execution of rebels is one of the most 
surprising images ever painted in 
Hindustan. It betrays extensive expo- 
sure to European models. One of the 
faces could have been lifted from some 
portrait by Francois Clouet. A touch of 
Baroque Surrealism in the Italian taste 
can be detected in the handling of the 
knee protections of a standing warrior. 
Done like Venetian masks, they snarl 
in disgust at the gory scene that they 
witness. 

In another painting. "Abed shows 
he knew something about German 
drawings on blue paper from the 
Danube school. Depicting the recep- 
tion of Prince Khim-am by his father, 
Jahangir, in the Diwan-i Am, he 
painted on a uaJJ the grisaille figure of 
a mullah holding the globe as two 
angels hover above him. The angels 
look Germanic at first glance. On 
closer inspection, one is seen to hold 
his arm pressed across his breast and 
the other to be joining his bands. 
Thus, the first angel deferentially sa- 
lutes in the Islamic Iranian fashion 
and the other in the Indian way. The 
multicultural sophistication of Mogul 
artists had no limit. 

I T is a difficult exhibition to fol- 
low. The images of the 
manuscript are disparate. They 
were not painted in the blank 
spaces left in the manuscript by the 
calligrapher, but glued on, sometimes 
trimmed, and fitted with margins. The 
authors date them all to the reign of 
Shah Jahan. But several do not easily 
fir with what is known of the 17in 
century, such as, for example, the 
miniature signed by Ramdas in the 
Devanasari alphabet, which faces a 
scene by Murar to which it bears no 
connection. 

A hideous thought creeps into one's 
mind. Could this manuscript have 
been dolled up with miniatures in 
Lucknow when it was bought before 
being “presented" to Lord Teign- 
mouth in 1799? The military pressure 
of Britain was felt by all the rulers, 
Muslim and Sikh. They loathed it. 

The old hostilities may persist. The 
Royal Library at Windsor Castle al- 
lowed me manuscript ro travel ro 
Washington. New York. Los Angeles. 
Fort Worth. Indianapolis and New 
Delhi. Lahore, the ancestral town of 
the author of the “Padshah Nama,” 
called Abd ul Hamid Lahori, was not 
included, nor any other city in 
Pakistan, the successor state to the 
glorious culture of Islamic Hindustan 
whose 50th independence anniversary 
is also being celebrated, as the ex- 
hibition book emphasizes. Our world 
may be global, but only up ro a point. 


AUCTIONS 


^ ARTS 


pip 


ff t 




jmk HK.; 


IPNe?"',® jt. 


Highlight* Iti'iih our uupniunt or German and Aiwnars Art 
on '> October will be oil view in die follow iiii: auc-*' 


NEW YORK 

STUTTGART 

HAMBURG 

DUSSELDORF 

BERLIN 

MUNICH 

ZURICH 


3-4 SEPTEMBER 
8-9 SEPTEMBER 
11-12 SEPTEMBER 
15-16 SEPTEMBER 
18-19 SEPTEMBER 
22-23 SEPTEMBER 
25-27 SEPTEMBER 


For detail*' ot venue- plea-c contact 
Anne Bun. ui London on : 44 1 J 1 - v '' 1 -4^2 or 
Uirgid Seyc-ciie-X'iurj ut Du-.-eJdon - Ll> '' 

“SELLING GERMAN ART TO THE WORLD" 

CHRISTIE’S 


ANTIQUES 1 

r* One hour fro m Paris - HiglmmAl. exit no- - q 

J COMF1 EGNE |, 

■ Fro m Sept 5-8 1997 i ■ 

J 30 th antique show I 

} * St Nicolas Hall - historical site J 

I Presence of expert 1 

F ree entrance upon presentation efthi > 


CommiSsa ir<— -Pi iseu r 

* . n.e de u Granpi-Baldtiere. 73009 ftris 
Te!„ 3?. fO J.-T.7P.B) _3b 
F«iv 33 'Oi 1.42 4".05.64 

PARIS - DROUOT RICHELIEU - ROOM 1 

Se ptember 25 and 26, 1997 at 2:15 p.m . 

ISLAMIC WORKS OF ART AND MANUSCRIPTS 
AN7IOUII1ES 




SrC .TJ 


A Kufic QumnLc 
pugg «ii i vttuin 
Earty 

9tb Century A.D. 


Catalogue an request S 20 
On view: 

Wednesday September 24 froml 1 a.m. to 6 p.m. 
Experts: Mrs A.M. and C.B. KEVORKIAN 
21 . Quai Malaquais 75006 PARIS - Tel.: 33 '01 1.42 .60.72.91 . 
In New-Tork. please contact Mr. Peter BroAdhead. 

Tel.: L2I2.971-9MI. 
httpi/Avww. drcwot.com. 


auction sales 

IN FRANCE 


PARIS 


I HIPPODROME DE LONGCHAMP 

Tel.: 33 (0)1 44 30 79 50 

Monday, September 8, 1997 

\i s pm. COLLECTOKS' MOTOR CARS and MOTORCYCLES 
1 UTO.MOB1UA. On view; Hippodrome de Lnngchamp. 
•itmrd.iv i'i. Sunday 7 September, from 10 a.m. to 8 p.m. 
\Lnduv. September s. from 9 a.m. Etude TAJAN, 37, rue des 
Tl'iihunn* “t-O* Pari*. Tel.: 33 1 53 30 30 30 -Fax: 

\ j;,;, M BROOKS Europe. 81 Westside. London. 

>wi’4.\Y. Td.: OW n 228 H000 - fax: -h <© 1"1 5«5 0830. 

nr } DROUOT RICHELIEU 

Ji 4 9, rue Drouot 75009 Paris - Tel-- 01 48 00 20 20 
Wednesday 17 - Thursday 18 September 1997 — 

Room 9 2 15 p.m. LMPOKTANT WIVES and SPIRlfTS . 

TAIW. me des Mathurins ”5008 Paris, tel.: : 
? ; V?30 yo - fax- 33 <0)1 53 30 30 31 . 

rv vpw- YORK please contact Kettv Mateonrouge «Sfc Co. 
£- in E*.i -nth Street, fifth tW. N.Y. 10021. Phone: 

<r • ~3~ 38 13 - Fax: <212) 861 H 5*. 


JEWELS OF YOUR MEMORIES 

SYLVIE NISSEN GALLERIES 

HOTEL CARLTON - CANNES 

RENEGRUAU 

PAINTINGS and DRAWINGS 

Nm i -tw TeL S3t»> 4 QJ 3H ”0 40 - Fix. SKliJ 4 93 39 39 45 ■=— 


FABIUS Fqeees 

ANTIOUMPCS 

PAINTINGS - DRAWINGS 
SCULPTURES 



152. BOULEVARD HAUSSKANN 
75008 PARIS 


1-6 October 97 
Espace Eiffel Branly 
Paris. 

International Contemporary 
Art Fair 

Country of honour: Switzerland 



DO YOU LIVE 

ev Helsinki? 

For a hand-delivered 
subscription on the day 
of publication, 
call 00 33 1 4143 9361 


T 01 45 62 39 18 
FAX 01 45 62 53 07 


i INTERNATIONAL EXHIBITION | 

THE PRINCIPALITY' ! 

| OF MONACO ! 

I 700 YEARS OF HISTORY j 


RERKD 

Paris-Knofcfcft-Le Zoute-Bruxofles 




Recounting the Grimaldis of Monaco’s 
long History’ through an exhibition where many 
testimonies, documents, paintings, objets d'art 
or simply souvenirs are gathered together. 

This is what this retrospective is all about. 


Salon des Beaux Arts 

P-14 September 1997 
Stand NK6J 
TeL 00 32 75 85 tK>6i 
■ Le Louvre des Annqualrrs » 
2. Race du Palais Royal 
9. AJkr Mijlitor. J».\7rtaa 
F - 75044 Paris Crdex 1)1 
TcLOl 42 60 1940 
Tririax- (>I 42 6o [9 41 


ANTIQUITIES 
Finest Classical, 

Egyptian, Near Eastern. 

Rhea Gallery 

-by appointmem- 
Zurichbergstr. 26 
CH-8032 Zurich 
?(4 1 -1)2520620 Fax 2520626 



' - ScpranbcT <S to < XxoIxt 3<> * 

Sallo cl li < iuiton - Hspacer Fontvic ille 
MONLAC'.O 


1 




PAGE 8 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAT, AUGUST 30 - 31, 1997 


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* R 


Bank Pays 
$15.5 Billion 
For Barnett 

NationsBank Takeover 
Is Sector's Biggest Ever 


BUSINESS/FINANCE 

SATURDAY-5UNDAY, AUGUST 30-31, 1997 


International Rinds Listing 

Track the performance cf over 1,800 
international funds, everv daw on the IHT 
site on the World Wide Web. ' 

"* http: / ywww.ihtcom 

_ RAGE 9 


1 


. CKARLO n e, North Carolina — Na- 
tionsBank Corp. agreed Friday to buy 
Barnett Banks Inc. for $15.5 billion in 
stock, in one of the biggest U.S. bank 
takeovers. 

The nation's third-largesr bank said it 
would exchange U875 shares of its 
stock for each share of Jacksonville, 
Florida-based Barnett. That is equal to 
$75.18 per Barnett share, a 37 percent 
premium over Barnett’s Thursday clos- 
ing price. 

Buying Barnett, which has $44 bil- 
lion in assets and holds 20 percent of the 
deposits in Florida, will make Nations- 
Bank the biggest in Florida. 

“This merger vaults us to a com- 
manding position in the best growth 
markets in the US..” said Chief Ex- 
ecutive Hugh McColl Jr. of Nations- 
Bank . 

NationsBank is paying about four 
times Barnett’s book value — or assets 
minus liabilities — making the deal one 
of the most expensive takeovers in 
banking history. The company pur- 
chased Boatmen’s Bancshares Inc. in 
January and agreed in Jane to buy Mont- 
gomery Securities for $1.2 billion. 

The banks said they would cut $915 
million in costs by 1999, with the 
takeover starting to add to profit that 
year. 

Barnett share prices soared $13.8125 
to $68,625 on Friday after it resumed 
trading following the annrmnrj»m «» p t 
NationsBank shares closed $3,625 
lower at $59.6875. 

Speculation that Barnett was shop- 
ping itself around lifted the company's 
stock Thursday, with 1 .6 million shares 
traded, more than three times the daily 
average. Barnett traded as high as 
$56.93 before closing at $54.87, up 
$2.37 a share. 

Jacksonville, Florida-based Barnett 
has maintained for years that it wanted 
to remain independent. The company 
has always been a very attractive merger 
candidate, according to analysts. 

Barnett, with $44 billion in assets, has 
more than 600 branches in Florida and 
southern Georgia, and about 22,000 em- 
ployees. It ottos consumer lending in 
41 stales, though most of its business is 
in Florida. 

The primary commercial lender in 
Florida, Barnett controls about 20 per- 
cent of deposits in the state, followed by 
First Union Corp. of Charlotte, with 17 
percent, NationsBank with 12 percent 
and SunTrust Banks of Atlanta with 10 
percent. 

Na tio ns Bank operates in 16 states 
and the District of Columbia, and has 
assets of $240 billion. 

“It’s an opportunity for someone to 
capture some 20 percent of the banking 
business m Florida,” said Geoffrey Si- 
mons, an analyst with Robert W. Baird. 
“That’s very attractive.” 

Florida is growing, he said, and it 
would probably continue to do so for the 
next few years. 

“So this would allow NationsBank to 
come in and dominate in Honda,” Mr. 
Simons said. 

Barnett may have decided it needed 
to combine with a bigger institution in 
order to increase its investment banking 
business, be said. 

Analysts said Barnett’s management 
might have wanted to cash out at current 
high prices — ' based on high stock- 
market levels — before its growth rate 
began to slow. 

The sale, which faces government 
review, is expected to be completed 
early next year, die companies said. 

“This is the right merger at die right 
time for both our companies,” said 
Charles Rice, chairman of Barnett. 

Mr. Rice will become chairman of 
NationsBank after the retirement of 
Andy Craig at die company’s 1998 an- 
nual meeting, the companies said. 

Mr. McColl, who is widely con- 
sidered the master of bank purchases 



5 ma KizhdudHaaca 

SORRY, WE’RE CLOSED — A man peeking Friday into a Bom- 
bay bank as financial institutions across India remained shut for the 
second and final day of a strike by more than 13 million employees. 


Bundesbank Gives Dollar a Lift 

Investors Sell Marks as Prospect of Rate Increase Recedes 


Compiled by OtrSatfFmm Dispirits 

NEW YORK — The U.S. currency 
rose against the Deutsche mark and 
most European currencies as concern 
ebbed that the Bundesbank would raise 
German interest rates. 

The dollar also surged against the 
Japanese currency, rising above 1 20 yen 
for die first time since May 9, after 
economic reports Friday highlighted 
U.S. strength and Japanese weakness. 

Rising new-home sales and manu- 
facturing output in die United States 
suggested the economy might be strong 
enough to spur a rise in interest rates. In 
contrast, new-home sales in Japan 
plummeted and industrial production 
remained weak, reinforcing expecta- 
tions that interest rates would stay at 
their all-time low for at least the rest of 
the year. 

The dollar also benefited as a haven 
from tumbling currencies in Southeast 
Asia. As interest rates are raised to 
defend those currencies, growth in the 
region will be crimped, hurting Japan’s 
chances of recovery and denting the 
yen. analysts said. 

The dollar’s rise against the mark came 
after the Bundesbank sought Friday to 
debunk a published report that suggested 
that die central bank’s president, Hans 
Tietmeyer, had ruled out an increase in 
official interest rates in the near future. 

Almost all media coverage of Mr. 
Tietmeyer’s remarks Wednesday to a 
journalists’ forum had reported that it 
was an “open question’ ’ whether or not 
interest rates would change, said Man- 
fred Koerber. the Bundesbank’s chief 
spokesman. 

However, Mr. Koerber criticized one 


particular newspaper report but refused 
to give the newspaper’s name. That 
paper had reported Thursday that Mr. 
Tietmeyer fell no need to raise interest 
rates soon despite the weakness of the 
mark. The report, Mr. Koerber added, 
had suggested that the central bank’s 
policy on interest rates “could remain 
relatively calm” in the near future. 

“This, of course, isn’t the actual ten- 
or of Tietmeyer’s remarks,” he said. 

“Tiettneyer neither gave evidence for 
a rate hike nor a further easing. This is an 
open question — a matter which is not 
yet resolved and one that, as usual, hinges 


French Economy 
Locked in Doldrums 

Bloomberg News 

PARIS — France’s economy is mak- 
ing little headway in climbing out of its 
stagnation, figures on industrial pro- 
duction and unemployment released 
Friday show. 

Manufacturing output fell 0.2 percent 
in Jane, the government said, as a de- 
cline in production of consumer goods 
wiped out g ains in car production. And 
while the overall unemployment rate 
fell to 12.5 percent in July from June’s 
record 1 2.6 percent, the first drop in two 
years, it also contained signs or weak- 
ness: The gain was entirely in seasonal 
jobs. 

“Nothing on the domestic front seems 
to be getting any pick up,” said Joanne 
Perez, an economist at Merrill Lynch. 
“There’s no evidence of a recovery.” 


on several factors,” Mr. Koerber added. 

The report prompted the spokesman 
to make clear Thursday that Mr. Tiet- 
meyer bad not given the all-clear signal 
on a potential near-term increase in in- 
terest rates in an attempt to prevent 
further media reports in that direction. 
Mr. Koerber's remarks were reported 
Friday in the newspaper Handelsblatt. 

“His comments were a long way 
from signaling that the coast was clear,” 
Mr. Koeiber told the financial daily . 

‘ ‘He didn ’t mean ro downplay dungs 
to such a high degree," he added. 

The reports gave the dollar a lift, and 
in 4 P.M. trading in New York, it was 
quoted at 1.8085 DM, up from 1.7945 
DM on Thursday. 

It also rose to 120.80 yen from 
119.105 yen. 

Meanwhile, Prime Minister Jean- 
Claude Juncker of Luxembourg on Fri- 
day welcomed Paris and Bonn's renewed 
determination to create a single European 
currency and said he was sure die two key 
partners were united on the issue. 

Mr. Juncker, whose country holds the 
European Union's rotating presidency, 
said a statement by Chancellor Helmut 
Kohl of Germany and Prime Minister 
Lionel Jospin of France after their talks 
Thursday should have dispelled any 
doubts that the project would be real- 
ized. 

“It was dear for everyone that the 
euro was coming on time, on January 1, 
199 9,” Mr. Juncker told Germany’s 
ZDF television. “Now it’s been af- 
firmed again for everyone." 

In Augsburg, Germany, Finance 

See EMU, Page 10 


Ukraine Tries Again to Free Economy 


By Justin Keay 

Special to ihr Herald Tribune 


Ukraine’s new prime minister. Valeri 
Pustovoitenko. was appointed late in 
July by President Leonid Kuchma, the 
latest in a succession of five politicians 
to take on the job.Charged with kick- 
starting lagging reforms, boosting for- 
eign investment from its current de- 
risory level of SJ-2 billion and encour- 
aging growth, he faces an uphill task. 

‘‘Europe’s biggest unexplored mar- 
ket,” to quote the phrase used by the 
official literature, has disappointed in- 
vestors on almost all scores. After six 
years of independence, growth is still 
negative while privatization has moved 
at a snail’s pace. 

July saw some positive develop- 
ments. Observers were encouraged by 

ECONOMIC SCENE 

the resignation of the reform-averse 
prune minister, Pavlo Lazarenko. The 
state budget was finally passed, albeit 
seven months late. 

Yet, Ukraine has yet to attract sig- 
nificant amounts of large-scale foreign 
investment since the demise of the So- 
viet Union. The situation has slightly 
unproved over the course of this year, 
reflecting low inflation and a committee 
established with foreign investors to 
monitor financial conditions in the 
country. 

The weak attraction for investors is 
banning the country’s economic devel- 
opment 

“In Ukraine, this is where reform 
progress has been weakest" said Mi- 
chael Friedlander. head of economic 
research at Noranra International in 
London. “Foreign investment aids re- 
structuring and the development of ex- 

port-orientatedindustries. 

Nomura two weeks ago underwrote a 
$450 million one-yearnote for Ukraine in 
the country’s debut chi the international 
bond market and the issue has done well. 
It was sold at a >ieJd of abom 9.44 percent 
and ended this week at 8.80 percent 
illustrating some investor confidence. 

Bat more typical of Ukraine’s recent 
history was Motorola Inc.’s March de- 
cision to withdraw from a potentially 
lucrative satellite-communications deal, 
blaming an unstable business environ- 
ment. Foreign investors are accustomed 


problem, several said, is Ukraine’s il- 
logical and onerous tax system. 

The system allows authorities to de- 
mand levies well in excess of 100 per- 
cent often retroactively and without 
warning. Businesses that the tax system 
has not discouraged or pushed into 
bankruptcy have instead been pushed 
underground. 

"When transition started in Ukraine, 
the shadow economy was around 12 
percent of GDP. Today, it is at least 50 

S ttcent and maybe even more,” said 
aniel Kaufmann. former World Bank 
representative in Kiev, now with the 
Harvard Institute of International De- 
velopment. 

Despite widespread recognition of 
the problem, the Parliament (the Rada) 
has rebuffed attempts to reform the tax 
system. 

At the beginning of the year, then 
Deputy Prime Minister Viktor 
Pyznenek presented apackage to the 
Rada that he said would lower the bur- 
den. simplify collection and thus ac- 
tually increase the overall tax take. 

Four months later, in April, he 
resigned in protest at the Rada’s failure 
to pass die bill. In late June, the Rada 
finally passed the reform, in a watered- 
down version, with only two of the 
original 11 proposals going through. 

The remaining nine are to be discussed 
in the coming month. 

What astounds observers is that the 
Rada’s resistance to the reform has per- 
sisted despite warnings that the econ- 
omy faces negative growth this year and 
in 1998 following last year’s 10 percent 
contraction in gross domestic product. 

In a study that incorporates findings 

taken from a representative survey of 50 

firms in Kiev and Lvov, Mr. Kaufmann r • 5 C L 

argues that Ukraine's tax and import JO SOW S oOeeCtt 
duty regime have bred systematic mis- n , . pi 
reporting. MjOlsterS ulUWeS 

Finns typically “hide” 40 percenr of 
their profits, over-report their costs by (Jt i flO/MSO/l' Luf 
135 percent and, thanks to onerous J 
payroll taxes, which include both social Bloomberg News 

security contributions and a special PARIS — Tbomson-CSF 
Chernobyl tax, under-report their shares rose 2.6 percent Friday 
payroll by 51 percent after Prime Minister Lionel 

Mr. Kaufmann suggests that high Jospin promised “important 

rrd in decisions” on consolidating 


nies to spend dealing with it over matters 
such as licenses and paperwork 

Mr. Kaufmann's sample found that 
over 1996, companies spent an aston- 
ishing 40 percent of the working day 
dealing with officials, 10 percent more 
than in 19 95. This compares with 30 
percent in Russia, but only 15 percent in 
Lithuania and a mere 8 percent in an- 
other developing market a continent 
away: El Salvador. 

Given such figures, it seems hardly 
surprising that private enterprise prefers 
to exist in the shadows, where at least it 
will know how much protection money 
must be paid to organized crime. 

Yet, theeffect of a sustained gray 
economy is significant. 

Not only do these companies not con- 
tribute to tax revenue but, because they 
do not officially exist, they also cannot 
borrow from legitimate sources and can- 
not, therefore, grow. This, in turn, im- 
pacts on Ukraine’s long-term develop- 
ment and undermines growth prospects. 

■ Daewoo-Ukraihe Venture 

Daewoo Corp. of South Korea and 
Ukraine's government have approved a 
preliminary agreement to start a $1.28 
billion joint venture with die carmaker 
Avtozaz. Bloomberg reported from 
Kiev. 

According to the agreement, which 
both sides still must sign, the venture will 
produce 150,000 cars within four years, 
including Daewoo models and General 
Motors Corp. Opel models, rising to 
250,000 cars within seven years. 

The investment is the biggest in 
Ukraine’s history. 


VESA and RWE Doubling 
Stake in Mobile Phone Firm 


CaoqnkdbtOor Stiff Fmm Pispatchrs 

BERLIN — VEB A AG and RWE 
AG said Friday that they would buy 
Thyssen AG’s stake in Germany's 
third-largest mobile telephone com- 
pany for 2.87 billion Deutsche marks 
($1.59 billion) in cash and debt, in a 
bid to attack the country’s telecom- 
munications market when it opens to 
competition next year. 

If the transaction is approved by 
regulators. O.tel.o — RWE and 
VEBA’s joint telecommunications 
venture — will double its stake in E- 
PIus Mobilfunk GmbH to 60.25 per- 
cent. 

Among major challengers to 
Deutsche Telekom AG, the dominant 
provider, only O.tel.o lacked control 
of a mobile phone company. 

“It puts O.reLo in the driver’s 
seat,” said John Clarke, an analyst 
with Daiwa Europe Ltd. 

“The acquisition of the E-Plus 
shareholding is a big and important 
step toward a rounding-out of our 
telecommunications strategy,” said 
Ulrich Hartmann, management board 
chairman of VEB A. 

The purchase of the 30. 1 25 percent 
stake, for 2.26 billion DM in cash and 
613 million DM in assumed debt, 
effectively marks Thyssen’s with- 
drawal from the telecommunications 
market 

“From a strategic point of view, 
said Hans-Peter Wodniak of Credit 


Lyonnais Securities, “it didn’t make 
sense for Thyssen to hold on to its 
minority stake in E-Plus as the com- 
pany has said it wants to focus on its 
main steel and trading activities." 

O.tel.o already controlled a fixed 
telecommunications network. 

“The agreement gives us the op- 
portunity to align E-Plus more closely 
with O.tel.o," the chief executive of 
O.tel.o. Ulf Bohla. said. “We now- 
have fi.xed-netw ofk. cable and mobile 
and that makes us more attractive to 
customers." 

But Theo Kitz, an analyst with 
Merck. Finck & Co., said," “Man- 
nesmann will be the strongest com- 
petitor to Deutsche Telekom because 
they started a lot earlier.” 

E-Plus has 700,000 customers, 
compared with about 3 million each 
for Mannesmann and Deutsche 
Telekom. Subscriptions have surged 
in the past two months since E-Plus 
introduced a service with no monthly 
fee, Mr. Kitz said. 

“I think it will break even by 1998 
or 1999 at the latest and be profitable 
by the end of 1999,” he said. 

E-Plus must invest 2 billion DM to 
3 billion DM to close gaps in its 
net work . 

VEBA shares rose 1 percent to 
close at 98 DM, while RWE shares 
fell 1 .9 percent to 8 1 .50 DM. Thyssen 
fell 1.5 percent to 415 DM. 

(Bloomberg, Reuters) 


SS* » have been interested in 

Before but bi - SK ‘ 


taxes explain Ukraine’s poor record 
attracting foreign investment, and the 
Finance Ministry's inability to meet 
revenue targets, thanks to a “Laffer- 
curve effect” 

Almost as bad news is the amount of 
time die bureaucracy requires compa- 


executrve. 


CURRENCY & INTEREST RATES 


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the defense industry, partic- 
ularly in aeronautics and elec- 
tronics. 

The French government 
owns 58 percent of Tbomson- 
CSF, Europe’s largest maker 
of defense electronics. Paris 
has said it wants to reorganize 
the defense industry as part of 
a European restructuring to 
compete with U.S. rivals. 
Some of that might include 
sales of government stakes to 
investors. 

Thomson-CSF shares 
closed at 163.10 French 
francs ($26.97), up from 159 
francs. 

Mr. Jospin made the com- 
ments in a speech before a 
conference of French ambas- 
sadors. He said governments 
wanted to face up to “vety 
strong American com; 
tion” and a “resolutely 
pean option” was needed 

Executives at defense 
companies such as British 
Aerospace PLC and Daimler- 
Benz Aerospace AG have said 
France has been holding up 
restructuring across Europe 
because of its insistence on 
reorganizing Us domestic in- 
dustry first, which it has foiled 
to do in numerous attempts. 

In the past 18 months, the 
French government twice put 
up for sale its majority stake 
in Thomson-CSF, but can- 
celed the sale each time. 


REWARD OF UP TO 
2 MILLION DOLLARS 



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

The U.S. Government may also provide for the protection of identity and the possible relocation of persons who 
furnish such information and their families. 

Any person with information about these murders should contact the nearest U.S. Embassy or Consulate. In 
Greece, call the U.S. Embassy at 720-2490 or 729-430 1 . In the United Slates, call 1-800-437-6371 . 

You can also write to: 

In Greece: In die USA: Via the Internet: 

The Embassy of the United Slates HEROES httptiM-ww.heroes jiet 

Attention: HEROES P.O. Box 9678 1 

91 Vas. Sofias Avenue Washington, DC 20090-6781. USA 

101 60 Athens, Greece 


r 






PACE 10 


INTERNATIONAL msttAin TRI BUNE, SATURDAY-SUNPAY, AUGUST 30-31, 1997^ 

THE AMERICAS 


The Dow 




30-Year T-Bond Yield 


— * 6J0* 

— — — 

1 1 130 -- 


— — “ — 7“ ~ Wall Street Declines 

Real Security Begins at Home gjump in Bonds ' 


How Kroll Investigators Worked on Their Own Case 


i t2Q 


M ' J ’ J A 


“IT $ 110 ' M A M J J 
" 1997 




mm 




Source: Bloomberg, Reuters lawmiiwui HenHTHhwi 

Very brief lys 

Plan Quadruples TV Royally Fees 

WASHINGTON (Bloomberg) — Copyright royalty fees 
that satellite companies pay for the right to retransmit distant 
network TV programs would more than quadruple tinder a 
copyright arbitration royalty panel plan submitted to the U.S. 
copyright office. 

Broadcasters and satellite companies have been unable to 
agree on what changes should be made to the current rates, 
which expired this year, and a copyright arbitration royalty 
panel stepped in to recommend rate changes. 

Brazil Insurer May Change Hands 

SAO PAULO (Bloomberg) — Banco Excel Economico SA 
and its U.S. partner, Cigna Corp., announced a contract Friday 
giving them the option to buy Brazil’s largesthealtb insurance 


Excel and Cigna would take over management of Golden 
Cross Saude S A for three years, an Excel spokesman said. 
After that, the companies would have an option to bny the 
company, he said. 

• Juniper Networks Inc. said that 3Com Corp., WorldCom 
Inc.’s UUNet Technologies unit. Lucent Technologies Inc., 
Northern Telecom Ltd-, Ericsson LM and a joint venture of 
Siemens AG and Newbridge Networks Coni, would buy a 
total 242 percent of the company for $40 million, helping it 
produce equipment that speeds the flow of information over 
the Internet 

• Friendly Ice Cream Corp„ the operator of Friendly's res- 
taurants, plans to sell two- thirds of its shares in an initial public 
offering valuing the frozen dissert maker at S ISO million. 

• General Electric Co.’s GE Capital unit may have illegally 

collected credit-card debts from more than 17,000 bankrupt 
customers and will make some refunds, the company said in 
court papers. Bloomberg 


By Joseph B. Treaster 

Hew York Tones Service 

NEW YORK— Jules Kroll has 
made a career of directing delicate 
and confidential investigations. 
Most often his clients have been 
foreign governments, major Wall 
Street firms and the biggest cor- 
porations. 

But fra* several months this year, 
he engaged in a quiet operation for 
perhaps the most important clients 
of all: himself and ms colleagues. 

The operation ended with Mr. 
Kroll’s backing away from a mer- 
ger deal with an old friend and 
going with another suitor who had 
offered considerably more money 
and authority. 

Mr. Kroll shook hands with his 
friend Derek Smith last December 
on a plan to fuse Kroll Associates, 
the world’s leading business-in- 
vestigations firm, with Mr. 
Smith’s big insurance data-collec- 
tion organization, which was about 
to be spun off from the consumer- 
credit checking company, Equifax 
Inc. In April they publicly an- 
nounced their intentions. 

Bat beginning early in the year 
Mr. Kroll was courted relentlessly 
by Thomas O'Gara, an Ohio en- 
trepreneur who made a small for- 
tune building b o m b proof, bullet- 
proof limousines and was 
obsessed with becoming a large 
player in the more glamorous side 
of the corporate security industry. 

By all accounts, Mr. Kroll, 
whose firm tracked down Saddam 
Hussein’s hidden fortune and 


helped redo security at the World 
Trade Center after the terrorist 
bombing in 1993, repeatedly told 
Mr. O’Gara. that he expected to go 
through with the deal with Mr. 
Smith. 

But Mr. O'Gara did not take no 
for an answer, and Mr. Kroll never 
entirely closed the door. 

After several meetings and 
phone calls with Mr. Kroll and his 
bankers this summer, Mr. O’Gara, 
phnirman of the company, and his 
brother Bill, who served as chief 
executive, sweetened their propos- 
al with an offer to put Mr. Kroll in 
charge of a new combined com- 
pany to be called Kroll -O'Gara. 

Over dinner, three days after the 
O'Garas made their final pitch, 
Mr. Kroll told Mr. Smith that the 
original deal was off. 

“It was probably the most dif- 
ficult dinner of my life,’ ' Mr. Kroll 
said the other day at his glass and 
steel office tower on Third Avenue 
in Manhattan. 

Mr. Smith, while disappointed, 
said he had no hard feelings and 
p lann ed to continue working with 
Mr. Kroll. “I respect Jules,” he 
said through a spokeswoman. 

The final deal represents 


something of a coming of age not 
only for Kroll Associates but also 
for many in the investigations in- 
dustry that Mr. Kroll pioneered. 

"Corporate entities are starting 
to understand the value of what 
Jules does and what we do,” said 
Terry Lenzner, a former Watergate 
investigator and founder of the In- 
vestigative Group in Washington. 


But one question is whether Mr. 
Kroll, whose subcontractors have 
sometimes been accused of skirt- 
ing the edge of propriety in the 
firm’s quest for valuable intelli- 
gence, can continue to operate as 
successfully as part of a public 
company. 

The planned merger with Mr. 
Smith’s company, for all its ad- 


Smith’s company, for all its ad- 
vantages for Mr. Kroll and his 42 
managing directors, was still not 
ideal 

While Kroll would have its own 
identity, Mr. Kroll and his col- 
leagues still worried that they 
would be swallowed up. 

The proposal from the O'Garas, 
Mr. Kroll said, was mare of “a 
merger of equals.” 

The merger will create one of 
the world's biggest investigations 
and security companies. 

Combined, the company will 
employ more than 950 people in 39 
outposts worldwide and will have 
annual revalues, analysts said, of 
more than $200 million in 1997, 
nearly three times die take for Mr. 
Kroll’s company last year. 

With American companies ven- 
turing into new markets around the 
world, and mergers and acquisi- 
tions popping along at a record 
pace, the corporate security and 
intelligence business is soaring. 

Corporations are hiring inves- 
tigators and security experts to dig 
into the backgrounds of business 
rivals and potential partners and 


are asking for help navigating the 
twisted byways of die global econ- 
omy. 


Ccxf&dbrOxrSagFmtTi Dtp *** « 

NEW YORK— Stocks fell Fri- 
day amid a slump in the bond mar- 
ket, but gams in smaller-name 
stocks and technology stocks 
helped underpin blue-chip shares. 

“The stock market is holding up 
petty well, given Chicago Purchas- 
ing Managers' Index data, which 
was very strong,” said Charles 
White, managing director of Avatar 
Associates. 

The Dow Jones industrial aver- 
age dosed 72.02 points lower at 
7,622.42. The Standard & Poor’s 
500 Index fell 4.19 points to 
899.48. 

The technology-heavy Nasdaq 
Composite Index, rose 5.92 points 
to U58724. 

Wall Street was again dogged by 
speculation that the Federal Re- 
serve Board could raise interest 
rates after the latest crop of data that 
show die economy to be picking up 
steam. 

The government that reported 
consumer spending rose 0.8 percent 
in July, the strongest monthly in- 
crease since a l.l percent jump in 
January. 

The strong level of consumer 
spending was expected to keep the 
economy on a roll at least through 
the end of the year. 

In another report, July home 
sales gained 0.9 peaxent, and the 
Purchasing Management Associ- 
ation of Chicago reported an un- 
settling rise in its prices-paid index 
to 65.8 in August from 61.6 in July, 
as manufacturing activity picked up 
more than expected. 

The economy is in better shape 
than expected. On Thursday, the 


EMU: Dollar Gains on News From Asia and Talk of Bundesbank Backpedaling 


Continued from Page 9 

Minister Theo Waigel reiterated that 
Bonn would abide by a watertight 
reading of the entry rules for a com- 
mon European currency when coun- 
tries were selected for participation 
early next year. 

“Germany will apply the treaty 
criteria in a strict ana narrow way in 
the spring of 1998,” Mr. Waigel 
said. f 

Germany will reduce its public 
deficit to 25 percent of gross do- 
mestic product next year, well with- 
in the limit required for entry into 
the European single currency, Mr. 
Waigel said, adding that conditions 
were right for the future single Euro- 
pean currency to be strong. 


The government expects this 
year’s deficit to be 3 percent of 
GDP, be said, implicitly rejecting 
predictions by experts that Germany 
could miss the 3 percent target stip- 
ulated by the Maastricht treaty on 
European monetary union. 

In Washington, several Interna- 
tional Monetary Fund directors said 
they saw a risk that Germany’s 1 997 
budget deficit would narrowly ex- 
ceed the 3 percent target. 

A statement released after the 
IMF's annual review of the German 
economy said the Bundesbank's 
monetary policy should reflect 
“broader EMU-wide objectives,” 
such as the need for price stability in 
Europe and the need for a sound 
single currency. 


Meanwhile, Mr. Jospin, on his re- 
turn from the trip to Germany to 
reinforce ties with France's main 
European ally, renewed Friday his 

FOREIGN EXCHANGE ~ 

pledge that France would be ready 
to launch a single currency in 
1999. 

He also reaffirmed that France 
would limit its budget deficit to 
meet Maastricht treaty terms for 
entry to a single currency. 

“France will be ready for a single 
currency on Jan. 1, 1999. while re- 
specting the treaty.” Mr. Jospin told 
a meeting of French ambassadors. 

The French government last 
month said it would raise company 


taxes to bring the deficit to near to 3 
percent of GDP. 

It also pledged to reduce the def- 
icit further in 1998. 

Separately, the Italian economy 
grew a surprisingly strong 15 per- 
cent in the second quarter, the 
strongest expansion in two and ahalf 
years, led by exports and govern- 
ment incentives to buy new cars. 

Issuing preliminary figures, Istaf, 
the statistics office, said the economy 
rose 1 .7 percent from die year-earlier 
period, also above expectations. 

The dollar also rose to 1.4935 
Swiss francs from 1.4845 francs and 
climbed to 6.0861 French francs 
from 6.0390 francs. The pound was 
atSl.6205, down from $1.6185. 

( Bloomberg , Reuters) 


gross domestic product, the broad- 
est measure of the economy, was '■ 
revised to a 3.6 percent annual rate 
in the ApriWune quarter, rather 
than the 2.2_percent rale reported* 
month ago. But the good news was 
that inflation remained at the lowest 
levels since the 1960s. 

In the bond market, foe bench- 
mark 30-year Treasury, which 
gained a full point Thursday on foe 

US. STOCKS 

inflati on data, fell 15/32 to 96 30/ 

32, raising its yield to 6.61 percent . 
from 657 percent on Thursday. k 

* ‘This economy is growing raster w 
Than people want to dunk it is,” said 
William Dawson of at Federated 
Investors in Pittsburgh. “It in- 
creases foe likelihood foe Fed will .... 
move again this year.” 

Paul Rich, a trader at BT Broker- 
age in New Yoik, said foe market 
was l oo kin g ahead to Sept. S, when 
foe government reports on the latest 
monthly emp loyment statistics. 

“That's the number everyone 
-watches,” he said. 

Some so-called cyclical stocks 
— those flint outperform in times of 
economic expansion — felL - 

AlliedSignal declined, General 
Motors fell and Aluminum Co. of 
America also declined. 

Shares of oil companies, which 
do well in economic expansions, * 
felL Chevron declined 1% to 77 7/16 t 
, and Exxon dropped. v 

McDonald's ended up V4 at 4714 
even after analysts at Merrill Lynch - 
and Morgan Stanley, Dean Witter, - 
Discover & Co. cut earnings es- 
timates for foe world’s No. I fast- - 
food company. 

Toy Biz and Marvel Entertain- 
ment Group fell after the New 
York-based Marvel said late Thurs- 
day that it was unlikely to complete 
a previously ann ounced deal with 
its lenders and Toy Biz to merge 
with the comic-book company. 

Versa Technologies ana Applied 
Power gained when Vasa, a maker 
of components and systems said it ' 
was considering a $138 million 
buyout offer from Applied Power. 

VideoLabs gained when the 
maker of professional image capture \ 

devices said that the U5. Immfc .- 
gration and Naturalization Service t 
will use its FlexGtms, desktop video 
cameras, to aid enforcement efforts. 

Netscape Communications 
climbed 1 3/16 to 39 13/16 after 
Novell and Oracle said they would 
use its Netscape Navigator client 
software as their preferred browser. 

( Bloomberg , AP. Reuters ) 


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U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday's 4 P.M. Close 

The top 300 most active shares 
up to the dosing on Wafl Street. 

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m m 

3ft 2ft 
M IS* 
«k St 
m in 
wv» zm 
71» 2W» 

4 A* 
2N lift 
7ft m 

at » 
n in 

EM Uft 

Ift T* 

m m 

20 h 2ft 


MV. 2 M 

31ft 31ft 
in* i» 

UM UM 

m im 
i m 
Wt 2fli 
7 ift 

in* in* 

io« i» 

TV* 71* 


M 7ft 
Jft M 
35 Ml 
!ft 2*t 
Ht St 

in 12* 
** » 
Tft Ift 
lH 1M 
A r» 
to 3 
2ft 7» 
AM 
M *t 
10ft II 
13 m 
lott im 
v ** 

ft ft 

A* ift 

9k n% 

M M 

ii im 

ft ft 
TOM 9k 
in* is 
v» to 
in m 
0ft 8ft 
Tft tft 
m tn 
AM tto 
Ift Ift 
Hft 21ft 
2ft 2 Vi 

'«t in 
» 9k 
At «. 
Mt 9 
irv» m 
1ft IM 
1HI lift 

in 17 

uk nn 

22ft 27V. 

20k 20ft 
5 1ft 
2ft tft 
Sft M 
ft ft 
27** 17* 

hi in 

i » 
to 7M 
J*M 9* 
17ft IM 
IM Ift 

4*i Sft 

■ m 

D Sft 
4 It At 
r» l 
ft *. 
m 4ft 
ltM 14M 

n* 7?» 

U IM 

4ft Jft 

isn isn 

101 Oft 
25*. JAt 
Sft U<t 
4*7 4 l , 

4ft 41. 

5ft 5*. 


107* I Oft 

n 7k 

m a 

4 35* 

23 2ft 


3 2M 

m ism 

4M 4'* 
5WI SW. 
3» 25M 

lift 19 
2*t 2 

5k Sft 
Sft 3k 
91* M 

1 >ft 
5U at 

Ift 3 
9Vj m 

2M 7*1 
54 U 
12 11k 

in 34Vt 
2M 2ft 
M ft 
4M tft 
4M St 
7 til 
SM St 
lilt lift 
2M1 19ft 
2k 7*1 
47ft 4&Vt 
9ft Ift 
15*i 15W 

2ft 2k 
21* 2BM 
BM 149) 

IMt 9ft 
Ilk UM 
4ft 4M 
m 47 
n*t 22ft 
aw i n 

15 f 

k ft 
414 Jft 
7* 7H 
19ft IBM 
25ft Uft 
25ft 25ft 
13ft 1 2ft 
19ft Wt 

2 1* 
2ft 2*1 

4 Sft 
7 n 

in 12 

Jft 4k 
2ft HI 
lit IM 
2ft 2M 
in in 
in in* 

■ IM 1ft 
24M 1IM 
7k 7M 
I ft 
4M « 

7 M 

SVi SM 


flJ X 29ft X 

200 in ion 10k 

272 lift lift lift 
2203 IM lk 1* 
317 14 13k 1JH 

21B 27** 2791 27k 

1 14 lift UM Ilk 

d n*i dm ntt 

157 3VU 2ft Sft 

114 in m in 

Ilf 4 Sft 5M 
425 1ft IM in 

44i m in in 

391 Jft Sft 5ft 
302 M ft It 

52* Tft IM 2ft 

OT 4k 4M 4M 
BSJ1 91k. B9ft IN 
1445 41ft lift 41 OH 
110 in Ilk 10k 
IH 7H DR 04 
124 71ft 20*1 21 

IX 15M 14k 15k 

549 « ft M 

4A 2 U* 1ft 
8 1 Ml 

04 1ft 1H IM 
404 tft 99) 9M 
IB 12k Ilk 12 
2031 lUt 3M 3* 
1145 Xft 38M 39W 

1510 Jft At Jft 

iso m 17k in 

131 17ft 17ft 17M 
1223 Kk 24ft 23ft 

115 40 lift 40 

IX 17ft 17V| 171* 

^ fcS If «M 

234 Bk 23M 25ft 

H 2k 2M 2k 

, 1ft lh IM 

B! IH 111 1ft 

184 iok ve 

71 3*1 3ft 3ft 

& iJ5 ,S? 

194 in 15ft 15ft 

b it im n 

MX m it ii 
■ ji a an 
in in* it is* 

m nn 7t*t Tim 
4» 1ft 1ft IH 

tlJ 4k 4*t 4M 

140 Tft 7ft TIJ 

» 3ft Vh 2ft 

W IN M 10ft 
IB Xft XM lift 
144 JM Jft 3ft 

TH 3ft 3ft Jft 

454 S in* 29Vt 


Dow Jones 

Opn LOW loct CD*. 

IIKXf 7S51J2 771145 7404JA 7422X2 -72311 

Turns 28TOB3 2082.93 2115505 2B70.T7 -4J1 

U61 231X4 33155 231.14 231J7 -0.1V 

Camp 240181 241&07 X330M 2397J5 .14X4 

Standards Poors 

I ft ifaw M| 

Ml* Law Oon 4 KM. 

Industrials 1077501057^71062^7 1057 J3 
Transp. 655.90 64727 64935 643.73 

UtHfes 19952 196.94 19759 19755 

Finance 10459 102.95 103.71 10241 

SP500 915 90 89655 90267 899.48 

SP100 887.98 86956 B7450 868.94 


ConpMtM 47184 449.10 470X8 

tndusfetab 400X2 59197 59559 

Tramp. 431/0 -07X1 M 

Unity W2-05 279-31 mil, 

FlnonCB 439.54 41SJ4 437.26 


wo* uny Lon ca*. 
64ft 63k 65V* +1V* 
1ft 1ft 1ft -ft 
60ft 57ft 59ft -3ft 
SBM 571* 57ft .ft 
40ft 45 4St -2ft 
69 64V* 671* +12 ft 

64 ft 62ft 62ft +ft 
9ft 9 9 _ 

121ft I1Wlll7ft -7ft 
102ft 100ft 100« -1* 

mt* 30ft 39 -k 
47ft 45M 47M +ft 
Btt 7ft Sft ♦ ft 
36H 35ft 16 -*« 

44ft 43ft Oft -ft 


Nasdaq 


Nasdaq 


mm tow lot c**_ 

I59lil 1579J4 ira7jg +SSB 

178634 1778X9 I3H193 +364 

172007 1707X1 1712X4 +2-39 

mm 171365 I 722J9 *313 

2047 JM 20Z2XI 204323 +14X0 

101X58 1007X1 101134 +121 


65122 64924 650.11 


96096 9J*t 
B3635 SO 
83456 38ft 
75423 kin 
71098 ZD 
64539 43ft 
60210 19M 


47190 133ft 
46793 83 
45543 76ft 
45493 50ft 
409*9 48*1 
33737 94ft 


91ft 92ft 
47*4 49ft 
36ft 38ft 
ft ft 
2**4 an* 

4144 42ft 
IBM 19*1 
29ft 29ft 
m S3M 
131* 132ft 
BOk Eft 
7 At 75*1 
40ft 499k 
47ft 40 
94ft 9At 


Dow Jones Bond 


20 Bonds 
lOUtBffles 
IQImtustitals 


Trading Actfeity 




cm rw, N 05 * 51 ! 

155 ira Aatancea 

1« I £9 Daeflmd 

SB 534 unciraigea 


25578 9INi *9ft 90ft +k 

12403 6** 5ft 6ft tft 

7844 13ft MM 12 +Tft 

& % n A *5 

5218 4ft Jft Jft -ft 

4945 4ft 4*4 4ft *ft 

4583 30ft 79ft 79ft .1ft 

3741 ft ft ft +ft 

3504 35ft 31 33k +1* 


1779 1978 
1578 2059 
2099 1708 
S4S0 5745 

'I ^ 


Aug. 29, 1997 

High Low UOesl digs OpW 

Grains 

CORNtCBOT] 

iOOO bu rttntanira- cents per busltei 
SepOT 269M 264Vj 265ft unctL 24264 

Dec 97 273 268 269ft uixti 189,108 

Mor9B 281 277Vi 277ft undv 47,186 

(Way 98 285ft 282 282ft inch. 11727 

JM98 289 285ft 285* undt 19J13 

Sep 98 275 271 272ft undL 1X68 

Dec 98 272 268k 270ft unch. 10850 

EsL uriei BOOOO Thirs sales 64497 
TUBS open H 30&224 off 748 

SOYBEAN MEALK30T) 

100 ton*. doBanpertan 

S 97 25580 248J0 25550 unctv 16235 

97 222-50 21600 221X0 onctv 19^718 

Dec 97 208-50 20400 20710 unch. 4X024 

Jon 98 20450 20150 2D3J10 tmdu 9J43 

Mar 98 200JH 19650 19690 undv 9483 

May 98 199-50 195.50 19670 UOCll. 6630 

Est sates 2AOOO TTitrs tabs 30X46 
Thus open Ini 1 10082 off 2,767 

SOYBEAN OIL KSOT) 

66000 fos- cents per to 

5*0 97 22A4 2250 2260 undL 7JJ16 

On 97 2105 2175 2284 unch. 12234 

Dec 97 23X0 2357 2220 unch. 39X63 

Jan 98 2353 2225 23X0 unctv 10075 

Mar 98 23.78 2148 22*1 undv 7,012 

May 98 2X75 2265 2175 undv 2807 

EsL sate 26000 TMr* sate 28X«8 
Thin open M 89552. up L3I7 

SOYBEANS (CB0TJ 

4000 bu mHnwm- cento per bushel 

Sep 97 670 661 666 undv 9522 

No* 97 631 617ft 625ft unch. 87,178 

Janes 634 622 627ft undv 19,725 

Mores 641 630ft 635ft undv 8161 

May 98 647ft 640 642ft undi. 4694 

EsL wAe 38500 Thus sdos 34595 

Hurt open M )4IUt2&up207D 

WHEAT KSOT) 

4000 bu niMnHim- cento par burtid 

Sep 97 382 374ft 378ft undv 7.751 

Dec 97 398 390ft 394 unch. 68048 

Mares 40M» XNH 4ft5M ancft. «UW 

May 98 409ft 404 407 undL 2119 

EsL sttos 3SJXU Tiers uta <7595 

Thus open mt 10M0& up 1J10 


ESTK 2£ 

BS VSS 

Dividends 

Company 


Market Sales 


302 277 

286 285 NYSE 

if* \S Arne* 

*2 Nasdaq 

1 5 InmSOcms. 


Ted v Prrv. 

4 « OB. 

40658 576.12 

18.13 2751 

45959 664X0 


Per Amt Rec Pay compaqr 


IRREGULAR 

Carp Bancor Esp .2372 9-5 9-15 

Den Wooddde _ JJ25 9-12 9-19 

STOCK SPUT 
Gleason Corp 2 tori spin. 

STOCK 

Chaster VallryBcp - 5% 9-4 9-18 

PaWotBkCp _ 20% 9-8 9-22 

ScwItwettSJKGp - 10% 9-15 10-1 

REVERSE STOCK SPLIT 
Sunrise EdvartSya 029 shows of common 
tor each shore held. 

WesbnortGp Hktysl tor 5 reverse split. 

INCREASED 

AmerWaadmaifc O XQ 9-17 10-1 

Fsf Fedl Btarh Ark - -86 9-12 9-26 

Southwest Sec Gp Q M 9-15 10-1 

REGULAR 

Atatwma NaUBai O .115 9-14 10-3 

BCE Inca Q M 9-1S 10-15 

Bevetly Bancorp Q .06 10-3 10-15 

Brandywine Realty Q J6 9-9 10-9 

CVRefc O J9 9-17 IM 


Per Amt Rec Pay 

Chester VaBeyBcp O .11 9-4 mb 

China TbeHldg Q SJ2 9-16 9-30 

Dreyfus CA Mun Nl .05 9-12 9-26 

Dreyfus MunUncc M Jlse 9-12 9-26 

Dreyfus NY Mun M X>5 9-12 9-26 

DreynnStratMim M J155 9-12 9-26 

Dreyfus Strei G*t M .0625 9-12 9-7A 

Dreyfus Stmt Mun M JK7 9-12 9-26 

Fat Shenongo Bcp Q .IS 9-30 10-24 

Fst State Cp O .09 9-15 10-1 

Fd Amer Hkhto Q 20 9-8 9-17 

Hancock PotPfd M. 09625 9-8 M0 

HurtMta Q -095 10-1 10-9 

IftgfesMMs Q .165 10-3 10-13 

Ipalco Enterpr Q 2S 9-19 10-15 

James Rhretilahr Q .14 9-10 9-22 

LatatawCasa Q .04 9-15 10-1 

Mlnerab Techs O -025 9-10 103 

MoSl B&Cdag Q .IS 9-26 11-1 

Ottawa Fnd O .10 9-12 9-30 

Paranmo Bancorp Q 35 9-5 9-19 

People# BkNC O .12 9-5 9-19 

Teton Ranch 5 JH5 11-21 12-5 

Toronto DomBkff O SS 9-78 7M! 

UtdFIre&Cae Q .16 9-2 9-15 

WabhireABSiir Q .065 9-10 9-24 

Weston Geo LMg O 2S 9-15 10-1 

o-oaaiKb Mppradmata nmount per 
shoWADR; fOOTOlile to CaanSan fads 
BHnon^MUor»*ff7JS-»*fiit<iinool 


450 

» 

29M 

2*1 

■ift 

fS 

k 

M 

M 

-ft 

tw 

1ft 

its 


189 

Ilk 

1)U 

■» 

• 4 

Ml 

B 

T 

lik 

41% 

lift 

i 

*k 

’J? 

S3 

u 

IZVi 

13 

111 

in. 

DM 

1J1 

-Hi 

74 

3 

J 

> 

m 

789 

12W 

lilt 

lift 

ft 

1200 

MM 

lift 

14M 

ft 

IH 

176. 

12ft 

12ft 

_ 

M 

«■ 

711 

Ift 

ft 

425 

15k 

14ft 

15k 

•ft 

552 

8k 

111 

Ik 

■Vi 


Slock Tables Explained 

Sato figures are uncf5daL Yforty hlgts and lows reflect the previous 52 weHn plus the ament 
weeic but ndB ie la test t nxina da y. WhereqspagstoLkii»l(JBndcirTiour*igVi 25 pweerter mere 
has bwi paid Hie ywis high-low mnge and dMdend are shown far ihe new stocks only, unless 
cRWifttoitotoGiBtei 0> {fiwd*nds ore rxniMlrfiihuiMnierds based on ftw West deda rat ofL 
a -dividend also extra Cs).h- annual rate of dMdend plus stock dMdend. c- liquidating 
dividend, cc - PE exceeds 99xU - caned, d - new ye«fy low. dd - h» In the Iasi 1 2 menms. 
t - dividend declared or paid in preceding 12 months- f - annual rate. Increased an Iasi 
dedai'oSon.g- dividend in Canadian funds, subject to 15% non-resWenca fax-I-cftridend 
declared after spiit-up or stock dividend. I • dividend paid this year, emitted, deferred, or no 
action taken at latest dividend mwtfrip. k • dMdend declared or paid this year, an 
accumulative issue wOh dividends In arrears, at- annual rate, reduced on lastdedmatton. 
n - new Issue In the pest 52 weeks. The higtviow range begins with the start of trading, 
ad-next day drfvery. p- Initial dMdend annual rate unknown. P/E • prtce-eamlngs ratio, 
q- clased-end mutual fund r- dividend declared or paid In preceding 12 months, phis stack 
dividend s - stock spilt. Dividend begins wBh date at spin, sts ■ sales. I ■ tfvfdend paid In 
slock in preceding 1 2 months, estimated cash value on ex-dlvidend orex-dtohibuffon dole, 
u - new yearly high, v ■ trading halted vi ■ in bonkiuptqfoneceivetshipnrbeing reoqjoniwd 
underthe Bankruptcy Ad. or securities assumed by such flompaides.wd-wtKndstribvted 
wi -when issued/ ww- with warrants, x - ex-dvidend or ex-rights. x®S ■ ex-ddhributton. 
tm • without warrants, y- er-dhridand and soles in fulL yld - yWd z- salts in ML 


Livestock 

CATTLE 4CMER) 

4AO00 tos.- esnto per ttv 
Odl 97 6755 6487 67.20 4.02 

Dec 97 69.10 68J7 6875 -007 

Feb 98 7100 71X5 71x2 -a 20 

Apr 98 7395 7362 7373 -030 

Jun 98 70.70 7325 7340 -0.17 

Aug 98 7075 7300 70.00 4L30 

EsL sees 11,741 Thirs satos I9J06 
Thus open H 964S1. up 685 

FEEDER CATTLE tCMER) 

50000 lbs- cents per to. 

Sep 97 79 JO 7345 7367 -0X7 

0097 79J7 7342 78X2 -0X5 

NW97 BUS 79X5 79J2 -OJS 

Jan 98 81 JO 8035 8060 -OX7 

Mar 98 81.15 80X0 80X3 -OX7 

Apr 98 8035 80X5 80X5 -0X5 

Est. store 3177 Thus wire 5878 
Thus open M 71302. tot 244 

HOCS-Laaa (CMER) 

40000 toL- onto par to. 

Od 97 70X2 7025 70X5 -4UB 

Dec 71 6737 67.17 67J7 -0.07 

Feb 98 6435 6685 6635 JUB 

Apr 98 62J5 62x0 62.65 41.10 

Jun 98 67J5 6725 6730 4105 

Est. store 1483 Thus store 6374 
Thirs epM Ini TL362. up 60 


4335 <730 67.77 4135 1943 

68.75 6737 67.80 41X5 3fl 

6302 -0.19 08 

1 1,115 Thvfe setae 1X33 
tlWXXTOoffjei 


Food 

COCOA (NCSE] 

10 metric tons- S pw ton 
Sep 97 1735 1688 I68B ♦? 967 

Dec 97 1760 1700 1717 -3 41X41 

Mar 98 1783 1710 1731 -18 27337 

M OB 1795 1750 1750 -18 12.170 

1 1805 1 767 1767 -18 2442 

Sep 98 1817 1784 1786 -18 4386 

EsL Hire 12X17 Thirs soles 15,290 
Thus open W 104J2& up M63 

COFFEE CmCS El 

37300 (ba.- onto mv h 

S0P97 19300 lEsO 19130 +4X5 712 

Dec 97 180.00 17330 179.90 +4X5 10645 

Mar 98 16330 1593M 16170 +185 1924 

Mar 98 15730 15270 157 JO +2XS 1339 

Jto98 19X5 14830 152X5 +2.70 UIB 

Est sales 6J37 Tlnrs store 7724 

Thui open tat 1&7HL off 57 

SUCARWORLD 1 1 <NC£E) 

112X200 IPs.- cetesper to- 

0d97 1174 1131 11X0 4108 89X77 

Mur 98 12.10 11.90 12.01 4UD 7*730 

May 98 IIJM 11.94 11.95 -034 17X07 

JiriM UJ7 11.75 11.75 -008 11.718 

EsL store 21709 Thus wto* 213*6 

Thin open Mt 205X97. up 215 


Mgh Low Latest Chge Optra 

ORANGE JUICE CNCTN) 

1 5300 tos^ cents per to. 

Sep 97 69.00 6730 6735 -065 4.129 

Nov 97 71X5 6975 69.95 -075 1*318 

Jen 98 7425 7230 7100 4L75 7M 

Mar 98 7725 7530 7600 -040 *838 

EsL iotas ttA. Thin store 7X34 
Thm open « 3*497. up 177 

iterate 

GOLD (NCM20 

100 troy ol- donors per trtiy ot. 

Sep 97 3ZX30 +0X0 46 

0(397 32680 32300 32350 +040 1 5336 

Dec 97 32830 32630 327X0 +030106X74 
Feb 98 330X0 329.10 329.10 +030 15221 
Apr 98 33230 33130 33130 +030 5X00 

Jun 98 33*60 33310 33310 +030 8X39 

Aug 98 33630 +020 Ll-S 

EsL store 16000 Thirs sales 38X48 
Thus open tat 1 9*61 3, off 1577 

HI GRADE COPPER (NCMX) 

25300 tbs.- ants per Dv 

S «7 10090 9620 99.10 +2L55 9272 

97 10020 9730 9920 +2.15 2.107 

No* 97 9930 9750 99X5 +230 1X88 

Dec 97 100.90 9650 9920 +2.15 ZL53B 

Jan 98 99.10 +105 772 

Feb 98 78JU +125 725 

Mar 98 99.60 97.00 98JU +135 3353 

Apr 98 9aj® +135 538 

MOV 98 9830 9730 9830 +1.90 1364 

Est store MOO Thus sate 16951 
Thirs Open M 46.978. up 747 

SILVER (NCMX) 

&000 hey oz.- cents per fray ol 
S ep 77 47030 45930 461X0 -130 7294 

OcJ97 46420 130 78 

Dec 97 47730 46600 46850 -250 51598 

Jan 98 47010 -250 23 

Mar 98 48150 47*00 475X0 -250 11500 

Mar 98 48*00 479.70 479.70 -250 1202 

Jto 98 48*00 -250 1291 

Est iotas 16000 Tlnrs sates 47548 
Tlnrs open Int 81X10. up 43 

PLATINUM (NMER) 

SO bay ca. oo<an per Iroy ar. 

Od97 40V 50 40730 407 JO undv 9349 

JtalW 405 M 4020 47ZSU undL 21792 

Apr 98 39720 undu 438 

Jut 98 393.20 undv 2 

EsL sate NA Thus sate 11,153 
Thus open Int 13381. up 106 

Clow Previous 

LONDON METALS O-ME) 

Dtotars per mebtc Ian 
Wto w hwn (mph Grade) 

Spot 161*00 161730 1623ft 1626ft 

Foment 163100 163*00 163730 1637ft 

Capper Cdfesdre (Hlfh Grade) 

Spot 218700 719030 717130 217*00 

Famrati 218230 218*00 216130 216100 


Spot 64130 64230 632ft 633ft 

Fontud 65000 45130 64130 64230 

IHduri 

Spot 669S30 670530 649030 650030 

Fanrata 479530 679630 658530 659030 

Tin 

Spat 538500 539030 536530 537030 

forwent 542S0C 543030 541030 541530 

Ziac (SpecM Mqh Grade) 

Spat 163100 1637.00 166X30 166930 

Porwred 149230 149300 150100 150330 

HWi Low Ctee Chpo Optra 

Financial 
us T BILLS (CMER) 

SI mBSon- pis oflOO pcL 

rE5« if! 4 9473 «■*» unch- «X10 

2?.Z 9AB4 9 * J9 *** -032 2567 

Mor98 94JS 333 1,189 

fet stoes 502 Thus sotoi 993 

Ttars open M 10.24* otl 225 

^TREASURY (CBOT1 

1 1 oaooc jsrfn- ph A 64B*s ol 100 pd 

Sep M 107-01 106-39 106-48 - 10 131510 

Dec 97 106-46 106-18 106-28 -11 9(1194 

EsL sales 61.750 Tlnrs rate 119346 

Iten open M 271,706 up 1.494 

Bgrttfiaw?.*, 

2*2 l* 1 ® 106-12 108-22 - 08 196.786 

Mar 98 108-1) 10835 108-11 -08 1736 

IS J **?.* y**l. Thus store lei.iTo 
Tiurs dpm fan 4KL81* tof 49e 

US TREASURY BONDS KBOT) 

Saw*’ 01 ,0 ° P«> 

J51„ H3-28 112-24 113 34 -17 327320 

i'2-12 112-24 -17 J71 J02 

11M1 11230 ll3 S 

rv™ 111-00 .17 2539 

EsL rates 450,000 Thm rate 574377 
Thus open fen 63*457, up 24X42 

J£«CILTIUFPE) 

Est. rote; 5*308 Prev. store- fl| J39 
Pm*, open oil- leuus up 

GERMAN GOV. BUND (LlFFE) 
pMMUJOO-teeflOOpd 

SepW 102.48 10236 IIB19 —nnamna 

"J NT 100X1 -0.09 ii 

Pre**aMlirt U S;^ ,!v 50 ^ 182042 

Pre*. open in|j 790.044 w 


I Kgfa Low Latest Chge OpW 

10-YEAR FRENCH GOV. BONDS CMAT1F) 
FF5DH000 - pis of 100 pet 

9 Sep 97 13000 129X6 129X8 +036 155X04 

8 Dec 97 9830 9831 9852 +036 l&UD 

3 Mre98 9820 9830 9732 +036 0 

9 Est rales: 92X07. 

open int: 170554 of! 1537. 

_ ITALIAN GOVERNMENT BONO (LlFFE) 
ITLZ00 mi H oa -ptsoflOOpd 
Sap 97 135.93 I35L35 13538 -005 81453 

Dee 97 10831 107.54 107J6 -035 32.96) 

Mar 98 N.T. N.T. 10830 —035 Q 

EsL store: 48390. Pwv. store 70318 
Pro*, opsn Oita 11*314 up 2489 

U BOR 1 -MONTH (CMER) 

S3 nMan- pts of 100 pcL 

S 97 9437 9*35 9*35 undv 1&648 

97 9*34 9*32 9*33 undv 8X13 

No* 97 9*30 9*26 9*28 -031 9306 

Est. rotes *2)2 Ulirs sate *076 
Thus apea hit 41, 787, up 1,717 

EURODOLLARS (CMER) 

Si makm-pii to 100 pcL 
Sop 97 9*28 9*25 9*26 undv 467,145 

OdOT 9*20 9*17 9*18 -031 *470 

Dec 97 9*13 9*06 9*09 -032 511440 

Mar 98 9*06 93.96 93.99 -034 357X32 

Jun 98 9396 9334 9138 -034 27*836 

Sep 98 9335 9174 9178 -034 717488 

Dae 98 9344 93X1 9365 -035 190604 

Mar 99 9370 93J9 93X3 -034 13*281 

Jun 99 93X5 93X4 9358 -034 10*892 

Sep 99 93X0 9350 9354 434 85X89 

Dec 99 9353 93X3 93X7 -034 73748 

Mar 00 9353 9344 93X7 -034 6*477 

Ert. store 395414 Tlars sales 462X26 
Thus open mi 2X08 778 up 7,963 

BRITISH POUND (CMER) 

62X00 pounds.! per pound 

Sep 97 1X240 1X153 1X194+03034 4*914 

Dec 97 1X168 1.6092 1X132+03034 1X07 

Mar98 1X066+03034 217 

Ed. store *260 Thirs rate 6X31 

Thin open hit 48 739, off 233 

CANADIAN DOLLAR (CMER) 

1 0001)0 dtoton. S per Cdn. (Ur 

Sap 97 .7220 4799 .7210+03001 57X74 

Dec 97 .7257 J237 4246 undv *777 

Mar 98 7280 7275 7275 unch. 730 

EsL sate 10X12 Thin note 6X77 

Thus open H 68297, up 574 

GERMAN MARK (CMER) 

128000 mnta, S par mark 
S’™ -S 14 -5533-03041 9*061 

5*2 -SIS "SS -5545 -03041 *912 

Mar 98 -5635 .5590 .5596 -0.0041 1,534 

Ert sate 31,26V Thus store 41,111 
Tlnn open M 10*67* ad 854 

JAPANESE YEN (CMER) 

1 85 mOUon pm. S per 100 yen 

rSS.2 -2SS -2S -SI --° 1M 87X16 

Dec 97 J532 3369 3389 -3135 

MOT 98 3502 3500 3502 - .0137 578 

EsL sate 30625 Thu-s store 21X63 
Thin open M 91X57. up *356 

SWISS FRANC (CMER) 

725.000 Irena. 1 par franc 

Sep97 X770 X696 X712-03036 50763 

Dee 97 X827 X767 X782-OJM37 3MO 

Mar98 *852-03037 1X61 

Est. sate 12X27 Thin sate 18703 

Thus wen Ml 587231 up 914 

MEXICAN PESO (CMER) 

500000 pmm S perpreo 

S«p97 .12790 .12745 .12752 -.00319 21380 

Dec 97 .12292 .12260 .12262 -30278 ™ 

Mar 98 .11842 .11810 .11872 -30284 5355 

&L soles *481 Tlnn solas *158 

Tmn open lot 48011 up 100 

M60NTH STERLING (UFFE) 

£500000- ots on 00 pd 

^ - 0 - 01 1081175 

pecW 92,53 92-51 92-51 — aril 127.9*13 1 

** ”A7 ZSS. 08921 i 
Jun« 92-53 72X0 nS0 uSS 'tJS 
S22 W J 6 92JB +03) 5S3K i 

Ok9S 92.70 92.66 9ZM HhOOl s uuy i 

MOT99 9177 9173 MTS «3M 

EsL rate: XLX55. Pm. store 703SB 
Plev. open biL: 666.28S up 1X63 

! 

Hr?? i 

WW V6J4 9*29 9*3Q _j}m nrjnan ’ 

&0M 9190 «re «Sf ~ 0M 211 1787 

£2 JS36 — 032 151,760 j 
254 s 9559 9861 —0X3 160X8) 1 

M-W J846 95X0 98X2 —032 129.7A1 f 

JW.99 953, 9SJ3 ^ S * 

Prev. open Wj 1X71373 off *335 f 

J^OKTH P1B0R (MATIP) ( 

** 9*53 9*55 +031 47 017 - 

Stew S*m +03! S:«2 

9678 96 24 9674 UndL 30.1M 

M98 Sts S S^SS-rSSi Sto 

sepffl 9898 98.92 9893 Undv 28X47 

Ett rates: 51.261. A 

Open 88:262X03 Off 1,219. R 


HRjh Uw Ltooct Chga OpW 

Mar 98 9135 93JR 9334. +031 58X09 

Jun 98 9*11 9*07 9439 +031 4*933 

Sap 98 9428 9*25 9426 +4UN 3*947 

Dec 98 9438 9425 9*36 +031 30715 

Est. store: 3816* Prav.stoOE 5&4S ' 

Prar. open W- 391X85 off 1,774 


Industrials ■ 

COTTON 2 (NOW 
50X00 fo.- cants par lb. 

Oct 97 7225 7235 7270 -053 7791 

Dec 97 7375 72X0 7233 -8LS6 47X28 

Mar 98 7*25 7370 7*20 -040 18944 

MOV98 7530 74X0 7*95 -055 58U 

Jut 98 75.90 75X5 75X4 -0X5 8585 

Est. rtoesNA Thw rata 10570 

Thin apea W 87226, up 90 

HEATING OIL (NMER) 

42300 Oto. cwris par gal 

Sep 97 5270 51 S 5135 -0X6 ■ M*6 

OCt 97 5435 53.10 5122 -036 4 *934 j. 

Nov 97 aiO 5*32 5432 -071 ZLffll Afjs 

Doc 97 5*15 55X7 55X7 -021 22730 . 

tan 98 5635 5*17 5*17 -021 19283 . . 

Feb 98 57.15 5*47 5*47 -021 10.794” ' 

Mar 98 5*70 5537 55.97 -016 UM 

Est. sales NA Thin store 33346 

Thus open tat 15074* o8 4J31 

UGHT SWEET CRUDE (NMER) 

1300 bbL-doOan par hbL 
Od 19-7* 1933 1931 +003 102X51 

No* 97 1935 19X6 1974 +007 49387 

D'C’J 19.94 19.75 1933 +037 49338 

£55S 12-22 , ?- B0 29301 

]”2 19 - BJ 1937 +007 1*984 

Mar 98 19.90 1935 1937 *007 10222 

EsL sate N A Thin rate 73336 
Thus open M 40*197, off 1X77 

NATURAL GAS (NMER) 

10000 mn bkn, s per mm Hu 

S 97 £515 undL 3308 

97 2760 2.6*0 2715 +0J1W 50841 

Nov 97 2360 £745 2320+0355 21.039 

Doc 97 £930 2X50 £920+0360 71X64 

tan98 £933 £850 £910 +0330 71.207 

Fed 98 £695 2X25 £670 +0370 1*708 

EsL sate NA Thin soles 75X41 
Thus apn tat 21&297, up *0(4 

UNLEADED GA50UNE (NMER) 


Friday. Zk 


Amsterc'sr 


Arhv:=: 

m 

ici'uz. 

:Ci 

i=s 6K! 

39 ar 

fc-T2r*=r 

SJY 

Ewre- 

G dr c 
-- 

■bji-s.- 

irarne- 

Hx^r-rr 

•Jl 

*6"s* 

“J hts fc-v 
* ' Itaca “ 
toOrrjc- 

Vrpr 

} ii:- 

&" 

~rlKz 

ST 1 

UrWv- 

^bir 

WlU 

•kite, j- 


Bangkok 


jlCcy. r 


UttfCctJ- 


S 97 »X0 65-10 UX5 +0-94 7,100 « 

97 61.90 60X0 61.10 4.08 45,142 MT, 

Jta»97 58 JO 57X0 57X0 -023 14376 T - 

Dec»7 5720 5730 5735 -309 1Z734 

tanM 5720 54X0 5730 +031 11379 

FebVJ 5730 5730 5730 +021 £367 

5779 undv S02* 

Apr98 40X9 undL 2X01 

EsL rote N A Thin store 5*120 
Thus open tat 10*529. off *041 

GASOIL OPE) 

?« taeWc km - lets to 100 tans 

SSPl? . ,UJ0 i«J5 + 0L25 1*718 

Oa97 6775 14530 16*50 UndW 18372 
1»-S? J 67 - 50 148JD UndL HLS65 

JKc J22-S ,?D - 5D UndL iw 
£*"22 JJHS 12-59 mjs UlKh - "u* 5 

ftbW 17225 17125 17175 —025 6X98 

Mar 98 17125 17030 17D75 — 025 2X52 
Brt. sates: l*2a. Pirn, sate : 11771 
Prav.open lot: 87202 up 920 

BRENT OIL OPE) ■ 

P« tata? - tats of 1300 bands 
2?S IK? IK 1 +*n 71731 

NOW7 1870 1833 11X1 +037 29266 

2Sfl 1S« SS 18J0 +a0S IM* 

JIS SS 1874 +-035 1*225 
ES" ’£7 ’K? '5^ +aos 4X20 

N.T. N.T. 18X6 +035 Ml* 

EH store: 17X23. Prev. store : 22X01 
Prav. open InL: 159,900 Dll 1247 

t 

Mar 98 93930 919.00 92930 +10.05 1349 

Ed. sate NA Thin rate 80229 

Thin open tat 205X59, up 1X38 

FTIE 108 (LlFFE) 

£25 par Irate point 

?7 48483 48403 48243 —303 

SSS ^T 0 ^?sg5=^ SS 

ttssavz** 

CAC40 (MAT1F1 
PFTOOpertadoiptoni 

S 78 - 0 27W3— 793 12X89 

Dec97 «l in S 115 -44S 3W00 

NteM ? a5 * ° —453 1,268 

**98 030 0.00 28783 — 443 *580 

Est Stoo* 4524* 

Open tat 6*610 off S70& 


sy=.--, . 

!| %fc - 


.J+5: 

:V* : 

fiSis. >. 


Coiranodtty Indexes 


WWNTNEUR0URA (LlFFE) 

HT. Iranian - pts to in pd 
5ep« 9£Z3 ajju 9325 Undv 
D*97 V3J4 9150 ns liom 


mSS* liH" 'j™ 

IS ™ 

sfflE2£gsssur- 


Yys'c* 



PAGE 3' 






-■•wnaiit k I » W*n«lKr 


tf cnKBfilUV SFPTCSUICB U; l4K. 


" »<•< 


CSFB Fires 
Trader in 
Options 
Scandal 


SuffFmmDbft aretes 

LONDON — Credit Suisse 
rzrst Boston said Friday that it 
had fired an options trader over 
allegedly unauthorized trading 
mat led to losses of as much as 
$10 million. 

The investment banking arm 
of Credit Suisse said dial Philip 
Penner left within the last few 
weeks and that the case had been 
referred to the Securities and 
Futures Authority of Britain. 

“We informed the SFA of 
the situation and we believe 
they are currently investigating 
Mr. Penner, “ said Susie Pine- 
Coffin, a spokeswoman for 
CSFB in London. 

She refused to comment on 
the circumstances of Mr. Pen- 
ner’s departure. 

Mr. Penner could not be 
reached immediately for com- 
ment. 

The losses at CSFB may be 
the latest in a series of losses at 
financial services companies in 
the City of London caused by 
lone traders or fund managers. 
Nat West Markets disclosed* this 
year that a former trader had 
caused p 7 million ($124.3 
million) in options losses. Last 
year, Deutsche Morgan Gren- 
fell paid more than £400 mil- 
lion to investors who had lost 
money through unaut horized 
trading by a fund manager. 

Banking sources said Credit 
Suisse was believed to have 
closed die positions dial led to 
the options losses, thereby 
stanching further losses. 

They also said the trades frad 
not involved client money. Lo- 
cal newspaper reports Friday 
suggested that the trader con- 
cerned bad worked for Credit 
S uisse's client management de- 
partment. 

Richard Fanant, head of Se- 
curities and Futures Authority, 
was quoted as saying that Credit 
Suisse appeared to have “op- 
erated very efficiently in this in- 
stance.*' (Bloomberg, Reuters) I 


INTERNATIONAL HERALD TRIBUNE, SA TURPAY-SUNDAY, AUGUST 30-31 , 1997 

EUROPE 


PAGE 11 


EU Examines Guinness - Gr andMet Tie-Up 


CoifUed * Our SxfFnm Dbpoxhn 

BRUSSELS The European 
Commission will meet next week 
with executives from Guinness PLC 
and Grand Metropolitan PLC to dis- 
cuss its concerns about the compa- 
nies’ planned merger, a commission 
spokesman said Friday. 

Antitrust lawyers said the com- 
mission was likely to demand modi- 
fications to the £24 billion ($38 8 
billion) deal because of its size, es- 
pecially in the whiskey market. 

The commission, which enforces 
European Union antitrust policy, sent 
a formal statement of objections to 
the companies last week. It declined 
to discuss the statement’s contents. 

“It’s a statement and not a de- 
cision,’ said Thierry Daman, a 
commission spokesman. The EU 
executive body wifi deliver its rul- 
ing by Ocl 27, he added. 

The British companies said in May 
that they would combine to form 
GMG Brands PLC, which would be 


the world’s biggest liquor business 
by sales, with Drands like Johnnie 
Walker scotch and Gilbcy’s gin, as 
well as Burger King restaurants, 
Pillsbury foods and Guinness beer. 

Bernard Arnault, chairman of 
LVMH Meet Henri essy Louis Vuit- 
ton SA, a French drinks and luxury- 
goods company, has campaigned to 
have LVMH included in the deal. 
After selling Guinness shares and 
buying GrandMet . shares, LVMH 
holds stakes of more than 1 0 percent 
in both companies. 

Guinness and GrandMet rejected 
Mr. Arnault’s offer to merge their 
companies with LVMH’s Moet 
Hennessy cognac and champa gn e 
unit Mr. Arnault also wanted the 
companies to spin off their non- 
beverage businesses. 

Seagram Co. of Canada also has 
criticized the merger, and has asked 
for a thorough review of the deal by 
antitrust authorities od both sides of 
the Atlantic. 


Seagram and Allied Domecq PLC, 
another large competitor, would be 
dwarfed by the merged company. 

hi a statement in June after 
launching its investigation, the 
European Commission said GMG 
would control 40 percent of the 
whiskey market in certain European 
markets. It was particularly con- 
cerned that the merged company's 
share of distilleries in Scotland 
would enable it “to influence the 
market position of their competitors, 
as well as their pricing policies.’* 
Corporate combinations that go 
into so-called second-stage inves- 
tigations usually require changes to 
get EU regulatory approval The 
commission rarely blocks deals, pre- 
ferring instead to request changes. It 
has blocked only eight 'mergers and 
acquisitions since 1990, but it has set 
tough conditions for others. 

Following the statement of ob- 
jections ana the hearing, which are 
routine steps in detailed investiga- 


Philips Settles Grundig Obligations 


Investor’s Europe 


CanpBal byOvr Staff From Dupaxtes 

EINDHOVEN, Netherlands, — 
Philips Electronics NV said Friday 
that it would pay Grundig AG 400 
million Deutsche marks ($221.1 
million) to settle its obligations to 
the German electronics maker. 

Philips also agreed not to dispute 
Grundig’s 1996 losses, the last 
Philips would have to absorb under 
a 1984 agreement It made Philips 
liable for the losses and obliged to 
pay a dividend to shareholders. 

Philips said that under the terms 
of the deal it would pay final com- 


of the deal it would 
pensation of aroun 


ly final com- 
400 million 


DM, of which 225 million DM had 
already been paid 
Philips, which formerly owned 
30 percent of the loss-making 
Grundig, lowered its stake to around 
5 percent in January 1997. Since 
then, it has been in a dispute with the 
German company over how much it 
should contribute to cover 
Grundig 's losses. 

According to Philips, ■ Grundig 
deliberately brought forward large 
extraordinary charges to inflate its 
1996 losses and to receive more 
compensation from Philips. 

In July 1 997, Philips threatened to 


go to court in order to have 
Grundig’s 1996 accounts nullified. 

The settlement alters Grundig’s 
share ownership, Philips said. 

Botts & Co., a London invest- 
ment h ank to whom Philips sold 
26.6 percent of its Grundig stake in 
July, would divest its total 43 per- 
cent holding of Gnmdig’s capital to 
an unnamed group of Bavarian in- 
vestors. 

Grundig said Friday it had nar- 
rowed its losses in the first half of 
1997, to 69 million DM, as sales fell 
S percent, to 1.27 billion DM. 

(Bloomberg, Reuters, AP ) 


Telefonica’s Profit Rises by 17% 


CoofSal bf Om- Staff Firm Dapaxba 

MADRID — Telefonica de Es- 
pana SA said Friday that strong re- 
sults from its cellular-phone and in- 
ternational operations helped lift 
first-half net income by 17 percent 

Spain's dominant telephone com- 
pany said its profit rose to 84.42 
billion pesetas ($540.9 million), up 
from 71.89 billion pesetas in the 
year-earlier period. 

Revenue rose 18 percent, to 1.12 
trillion pesetas, including a 67 per- 


cent gain in revenue from basic ser- 
vices. 17 percent from international 
business and 13 percent from mo- 
bile-telephone service. 

The results were in line with ana- 
lysts' expectations, and show “that 
Telefonica has a high growth po- 
tential,*' said Javier Borrachera of 
Spain's Central Hispano Bolsa. 

Sh rinking profit margins in fixed 
phones and the prospect of more 
competition in Spain forced Tele- 
fonica to expand into Latin America 


and cellular phones. That strategy 
attracted British Telecommunica- 
tions PLC and MCI Communica- 
tions Corp., which signed an al- 
liance with Telefonica in April. 

Telefonica, which is the largest 
foreign phone operator in Latin 
America, plans to invest in Mexico, 
and is considering taking a stake in 
A van tel. a long-distance carrier, 
said Francisco Blanco, Telefonica’s 
investment-relations director. 

(Bloomberg, Reuters) 


tions, the companies will have until 
the end of September to persuade the 
commission that its fears are ground- 
less or offer concessions, usually in 
the form of asset sell-offs. 

“Speaking in a very general son 
of way, you would expect die mer- 
ger to be cleared on concessions,” 
an antitrust lawyer said. 

The commission will then submit 
a draft decision to an advisory com- 
mittee of antitrust experts from the 
15 EU states. 

Published reports in Britain have 
quoted Karel Van Micrt, the Euro- 
pean competition commissioner, as 
saying he had “serious objections” 
to the deaL 

Shares of both Guinness and 
GrandMet dropped Friday in Lon- 
don, with Guinness closing down 1 1 
pence, at S46, and GrandMet down 
12 pence, at 566. LVMH's shares 
also fell, finishing at 1,263 francs 
($208.04) in Paris, down 77. 

( Reuters . AP, Bloomberg, AFP) 

Krupp Plans 
New Talks on 
Thyssen Merger 

Compiled by Our SugFrm Oapetcha 

ESSEN, Germany — Fried. 
Krupp AG Hoesch-Krupp said 
Friday that a fall merger with 
Thyssen AG remained possi- 
ble, as Krupp agreed to pay its 
rival 257 million Deutsche 
marks ($142.1 million) to settle 
the consolidation of their flat- 
steel operations and reported 
that first-half net profit was un- 
changed. 

Krupp*s chief executive. 
Gerhard Cromme, said the firms 
would begin talks “ shortly *’ mi 
a merger. Krupp sought to take 
over Thyssen in March. The 
firms later agreed to merge their 
steel operations into a venture 
that was 60 percent owned by 
Thyssen and 40 percent by 
Krupp. 

Higher taxes and a 60 million 
DM charge related to the mer- 
ger of the steelworks erased a 
10 percent increase in Krupp's 
first-half pretax earnings, 
which were 204 million DM. 
The company estimated net 
profit at 134 million DM. un- 
changed from the fust half of 
last year. (Reuters, Bloomberg) 












Source; Tetefcurs 


lnJenutiomJ HcnJd Trjbnnc 


Very brief lys 

• America Online Inc.’s German service plans to expand 
operations and services. It also reported that membership 
doubled in die last nine months, to more than 400.000 users. 

• Germany’s high telephone costs make Internet use more 
than twice as expensive as in the United States, discouraging 
use of the global computer network, according to a study 
commissioned by the Economics Ministry. 

• Daimler-Benz AG has hired 250 permanent workers as it 
steps up production of its new A -Class subcompact six weeks 
before the car goes on sale. 

• Royal PIT Nederland NV’s first-half net rose a less- than - 
expected 9 percent, to 1.32 billion guilders ($652 .5 million), 
as higher sales were eroded by costs related to the takeover of 
fee Australian transport company TNT Ltd. 

• Topdanmark A/S, Denmark’s feird-largest insurance com- 
pany, said profit rose to 250 million kroner ($36.3 million) as 
revenue from investments and premium income rose. 

• Britain had a public deficit of 4.9 percent of gross domestic 
product in 1996, down from 5.5 percent in 1995, when 
measured according to Maastricht treaty criteria, government 
statisticians reported. 

• Deutsche Lufthansa AG’s shares closed down 75 pfennig, 
at 36.20 DM, as investors decided feat the airline’s net profit 
would be eroded by higher taxes. 

• Finland’s GDP grew 0.5 percent in June from May and 6.6 
percent from June 1996. Growth in May was 5 percent higher 
than in May 1996. 

• Swiss consumer prices rose 0.2 percent in August and were 
05 percent higher than a year earlier. 

• South Africa’s trade balance in goods swung to a deficit of 

1 16 million rand ($24.7 million) in July from a surplus of 3.2 
billion rand in June, breaking four straight mourns of sur- 
pluses. Reuters, Bloomberg. AFP, AFX 


WORLD STOCK MARKETS 


Hist Lour One Pm. 


Hfgft tow C tout Pm. 


High Lam Qosa Pm. 


Friday Aug. 29 

Prices In toad currencies. 

Tetakurs 

High law Oom Prav. 


Amsterdam 


ABK-AMRO 

Aegon 

AhoM 

AboNoM 

Boon Co. 

aobMfeuaH 

CSMon 

DcrttsdiePei 

DSM 

Elsevier 
Forth Afflev 
Getrona 
frfiracoo 

Hamnetts cm 
H um Doughs 
IMG Group 
KLM 
XNPBT 
KPN 

i NedtoydGp 
Nuhtaa 

• OceGrtnton 
PWSpsElec 


39.90 4030 
151 151.10 
5030 5170 
31 £20 3Z5 

12130 121.70 
34 3520 
9450 96 

10350 104 

19150 18750 
3050 30.90 
8150 8050 
4150 050 
57 JO 57.40 
10450 10450 
32050 319 

11450 11550 

85.10 84.10 
8850 9050 
6480 4550 
5370 45J0 

72.10 7120 
6020 62 

314 315 


RandsfluJ Hdfl 

Robeco 

Rodomcn 

RoBncn 

Rorerto 

Raw! Dutch 

Urrawercva 

tfcwfe* ton 

VNU 

Waters Kieva 

Bangkok 

AdvInfcSvc 

Bangkok Bit F 
KnraqThotBk 

PTTExpior „ 
Store Cement F 
Sara Com BkF 
Tefecmasia 


Bombay 

BoMAato 
Hindus! Lever 
HMoetPoltra 
tad Dm Bk 
■ TC 

MohoMwrTri 
Reflancemd 
Stott Bklndto 
Sleet Authority 
Tata Eng Loot 

Brussels 




14530 142J0 144.70 14470 
1GB5D 106.10 1 06.10 JOB 
3250 79.10 7950 8150 

189 18750 188 192 

61.10 6030 MM 62J0 

190 188 189 193 

117 116.70 11620 11650 

10410 102.10 10120 10350 
416.90 41020 411 415 

7fl2JO 99 WtJD 100 
4250 41 4258 43 

24S 240.10 24050 24550 

SET torttt S82J3 
Pierian* SUJt 

164 148 161 160 

170 161 169 180 

23 21.75 2250 2350 
326 302 332 312 

524 492 524 HO 

8650 7950 8650 8550 
2875 27.25 27J5 2975 
40 37.25 3950 41125 
98 94 99 102 

107 99 107 101 

Sena 30 Wo: 387408 
^Protean 3962.15 

80750 7B650 801 80475 

1366 13401M05013S275 

48650 471-25 477 75 489.25 
9975 9£75 9075 96® 
511 490 492 5W 

25025 23650 23950 253 

HW 327.25 32950 337 

30250 23075 285 30125 

1950 2025 2050 

330 335 339 


Alnonfl _ MW 

Barcotnd 7300 

BBL 87* 

CBS 3040 

Cdrorf 177» 

DettnUBUon 1720 

EtotimM . 7JT0 
Bedrafino 305 

Forth AG 

Gemot 3340 

GBL 5550 

Gen Barque 14000 

KredHbcnk 13325 

tSB 

M H 

SX i«o 

DCS 119000 


Copenhagen 


Codm 
DfflOjco 
Den Dora** Bk 
EWSwndhfoB 
OS 1912 B 
FL5MB 
KobLMBon 
NnNatofkB 


TifflBcBfcn 

IMfamakA 

Frankfurt 


AM8B 1658 

Ujte Z» 

Aflac? Hdfl 400 

13750 

UBftta 4470 

BASF 62.60 


g53E£* ss 

& SS 

CKAGCetoM 165 

^Prefer Ben: 13UD 
“•WSo 88.50 


. . Htsh Lore .1 
DeotsdreBroili 10550 105.10 
DeidTeMore 3625 35-75 
Dradrwn Bonk. 7170 6950 

FffiMdus 325 308 

FreseatosMed 12650 125JD 
Fried. Krupp 386 37450 
Gehe 11050 W7 

HeWettJflZrel 136 133 

HenMpM <2 9050 

HEW 450 

HccHM 85 

Hoecfrd 7175 70 

Kcntodl 630 621 

Utrnyer 9M0 8970 
Unde 122S 1200 

Lurtfwnaa 3770 3470 
MAN 493 

Ma w arumB 826 

MetafigexisduRJO^ 3855 

Metra 8190 8fl 

Munch RuecKR 546 518 

507 498 

SAPtfd 399 M 

tssxn ,77 sas 

SfcMBB 1VMS 1WJ 

Springer (AxeQ 1580 1580 

Suedardmr Mi 

ar 

VEW 572 570 

Vtag 750 741 

vS&Wfl 1302 1291 


10550 10830 
36 37.10 
7170 7250 
32S 315 

12530 128 

386 37270 
110-40 10750 
13450 137 

91.10 5050 

44S 455 

85 8550 
71A5 7150 
623 642 

89.10 9150 
1215 1205 
3430 34SS 

495 51130 
836 8S3 

4050 3940 
8250 8450 
53S 560 

50650 515 

SL» 33 
398 40170 
17570 1 B0.75 
224 22450 
110JU 11255 
1580 1600 
846 850 

415 47150 
96 97.10 
572 572 

74950 762 

1295 1307 


Helsinki 

EmoA 

HuhSaraaUI 

Ketnira 

Kesko 

Motor A 

Metro B 

Mebo-SertoB 

Neste 

Nokia A 

Qrion-YWYmc* 

OutDtannpuA 

UPWiKyrnmene 

Vdred . 


HEX Ga wd tofcc ggjj 

pmtancssnja 

4750 4&10 47 4770 

215 211 215 218 

48.10 4750 48 

7050 6950 6950 7050 
2150 21 JO 21^ 7Z20 
155 150 15050 13 

4550 44 4$ 4650 

136 132-10 134 13 

0270 414 420 42 AS) 

179 173 175 178 

89 8650 8650 W-50 
131 J* 12750 I2B5B I3IJ0 
79 79 79 


BEL-20 MR 231881 
Proton* 231544 

1600 1530 1590 1600 
7300 7120 7290 7250 

87* ^ 847$ 8710 

3 Q4) 2970 3005 299 5 

17700 173® 175ffl 17700 
1720 1695 1710 1715 

.2310 7200 7310 72® 
3435 3420 3420 34® 

7300 69» 200 7M 

3340 3200 3340 3260 
ctoi 5410 5550 5520 

14000 13775 13925 13SW 
13825 13600 3875 3825 
13400 131® IE?* 

4875 4840 487S 48® 
10275 9960 1<J»| 101H 

3330 3200 3320 3350 

,!SS,!g 8 ilgS.!<S 

gen "SSSSS 

378 363 348 25 

3» 3*1 344 3SJ 

930 924 925 t33A 0 

38038 370 3rt 37? 

Xfr ft AiJ 650 

<!00«407MO*«»*®®0 
289289 281000 38000 2^ 

1 

s & & s 

^ w is | 

3S940 ®2.16 423 

wutWw 

pranao* 3923A5 

16® 1620 3650 

2 MX 4470 

s d 3 4 

, ww ojjjfi 93.70 » 

* si is 

« a 1 ^ 

I6S 154 145 IJJ 

6240 6*® 

'rf»S 1« 


Hong Kong 

Grttny Pocffic U* 

ass n 

0*wUaW 36.90 
CTtoPodfc 43 

J 

HrerpLunflDw 

sc: is 

HereJersonLd 65® 
HK Chino Cat _15 

Hopevrefl Hdgs 475 

’S 

Dev 22.90 
nPiHdo 19® 
2835 
48® 

MMBIPiw 
PeariOitonW 1-® 
SHK Props. 90® 

She Loud Ca LA 
StoaunoPre* 6J5 
SwtrtPKA « 

WhartHdg* 

WheetoCk 7455 


H qnflSeoy l4|35JS 
Pienons. 74974 W 


Jakarta 

Aslra litft , 
Bktntllndon 
Bk Meg«p 
GofloogGonn 

todDcttnem 

toficfcsoC 

tndosflt 

SOtnpoancHW 
Seme n Gre^ . 


741 1® 14175 

141 

UtSUtSSes 

£95 

6* 

£90 

£92 

3£5C 35 

35 

3£50 

Vendorne U trts 

4£1 

4* 

460 

464 

*175 4275 

<d® 

*375 

Vadat one 

118 

102 

111 

110 

TV) 235 

21D 

2J3 

^VtoSbreod 


773 

BJJ7 

7.98 

71 M 

70 

7175 

WSDorasHOgS 

151 

3M 

3M 

JJjU 




Vfc*sdey 

448 

443 

444 

AM 




WPP Group 

2J7 

2J1 

177 

2J5 


Ssok 

SBJC 

Tiger ores 


Kuala Lumpur 

tEST* 11 9® 1040 10® 

Mta Bonktag 2010 19 19® 20.10 

Mot trill Ship F 6 496 6 5.10 

PehgaasGss 8J0 785 805 7JS 

Proiai 860 7.95 8® 840 

PufaScBk 3JU 2-70 7Ji 3 

Renow 3-02 176 3 3 

Resorts Work! 420 4® 1 40 SM 

RoShmamPM 25 23® 23® 24® 

5tae Dartrt 7 A® 6® 4® 

TeUuaMal 89S 815 8® 890 

Tew® 8.® 7® 870 870 

UWEngreera 13 11 JO 11® 12® 

YTL iW 436 446 5 


7® 7® 810 

2740 27AS 28® 
12® 12® 13 

80 8125 8775 
22® 22® 2410 
35® 35® 37® 

4070 4 1 ® 42® 

3070 33 34® 

770 7® 8* 

1170 14 14® 

92® 93® 98 

8 820 845 

6175 4425 67® 
1440 14® ISIS 

J6® 27.15 27® 
1420 16® 17® 
4<0 4J8 472 

no ^ J* 
6425 64® 71-25 
n® 22® 23 

17® IT JO & 
79.25 1935 ®SS 
mx v) 48® 4870 

i® iS z® 

1J2 IJ7 1® 

J Jl J 

s a 

« 75 5075 43 

M fflJB 2875 
1580 16.10 1585 


Madrid 

Acerines 

ACESA 

A gumBnia ton 

Aigentoin 

BSV 


»- T - Vi W 
S w m 

97S 87S 925 

p S I 
z a i 
b g b s 


Johannesburg 

258® 151 255® 

nS 

AVM1N U« 5A« SU5 55JS 

BE- 3 ,SS ilS 

SS; Is uM “S ^ 

FdM*St 37« J1JS 

Genew £ un 96 95-75 

GFSA /j iii efi 62 42 

BToS 115 H g Of »» % 

uoeHrW? S i® 145® 

J S S3 4 
BStS- ^ M 


London 

Abbey Hart 838 

Allea Ooreecq 4£ 

AngBan Water 7® 

Aipos 427 

Asdn Group 1® 

Assoc Brftods S19 

BAA 544 

Bcrdays 1422 

Bass 831 

EAT tod j 822 

BankSadtato 4T7 

Blue Code 402 

BOC Group 1078 

Boat 801 

BPBlat 842 

BfflAefDsp I44D 

BrtiAlrereys 549 

3G 171 

Bmuart 581 

BrtJpQJto 882 

BSJvB 437 

173 

BjflTeteenm 
BTR 272 

BttnuahCasM JOSS 
Barton Gp 175 

Cable w&dess 545 

Cadbury Scftw 578 

Cartac Canal 493 

Cncunl Untoa 7® 

CanpcssGp 673 

Oxrlaakb 317 

Dtsms . 453 

Ekdroamponerts 463 
EMI Group 5® 

1ESS3 S 

FomCotoreal 1 ® 

GartAcddert 9.15 

GEC 1B3 

GKN K-84 

GtoroWrttoome 12® 
Greranlo Gp 817 

GroodAAto 5.77 

GRE 276 

GteenaSsGp 477 

Guinness 

GUS 432 

H^HtdpS 1890 

|C1 1807 

impITabaas 1 W 

&Etr | 

Lotto Sec 9SD 

I rtemn 2® 

Lead Gent Grp 453 

uStosTSBGp 7® 

LoBKVarttY 1-S7 

M 

NoCPow 
NtoVtesl 

fSrwWi Union 3® 

0 roitoc 
P&O 
Pearson 
POWopton 
PwerGtfi 
PreIrteft>n* , 

P rod rrM AM 

RnmnickGp 
RonkGroup 
BedriltColm 
R«Bcnd 

R^Utnifidl j® 

Reuters HiJgs 4m 

GEsu m 

B 8 El I 

ast*"" § 

SoriNewcoslle 130 

ScdPower 451 

ZaruT££S 

sSZnT**- -= 

S?"** 10 S 

SttoBlMK 
smitwlnd 

StnemEtoC 

SS' 

T^esWflter 7-rt 

3lGfiW rS 

TICWP fs 

i«r 

UHj Assurance 4® 

UtllNM 


FT-SE 108 4817® 
Prerioos: 484540 

818 830 838 

A® 467 446 
772 77S 772 

6J3 522 4.18 

144 l® 1® 
5.10 5.19 512 

5® 5® 5X3 

1193 1413 1431 
822 827 837 

513 517 520 

406 416 407 

333 387 404 

1862 1045 1883 

772 7.99 803 

3J8 3® 339 

1433 1444 1439 
634 6 ® 847 

244 270 246 

£65 574 581 

85® 863 8 * 

425 434 431 

1® 1.73 172 

198 398 402 

104 118 207 
10.18 1035 1 840 
132 134 134 

5® £41 543 

£69 £72 537 

487 491 4® 

7 38 7® 7.46 

6.15 £15 634 

112 115 115 
£4B £51 £54 

460 462 4® 

£48 556 5® 


1 ® 171 

9JJ7 9.16 
3J2 378 

1134 11.78 
12J5 1233 
£12 823 

£47 578 

172 238 

472 476 
547 557 

£27 £32 
£1S £19 

1838 1887 
9.98 1812 
185 187 
735 731 
2 ® 162 
898 9J7 

2 ® 2 ® 

453 447 

733 735 

1.97 1-97 

£85 £93 

469 470 

1335 1342 
246 259 

£68 £57 

7® 7.95 
742 7® 

341 140 

217 2 09 

6 ® £54 

7.25 7JH 
146 \M 
m 776 
£23 5.1 8 

£09 £09 

7.73 734 

154 346 

952 937 

290 297 

546 548 

117 117 
£26 635 

198 2.97 
933 9.98 
1804 10.13 

236 236 

U6 in 

5 5.18 
ITS 176 
432 438 

ILffl 1883 

734 735 

435 440 

263 164 

878 £72 

417 427 

10.75 1087 
174 136 

536 536 

83i a® 

445 464 

£82 £87 

£27 909 
410 416 

409 413 

7.93 m 

482 478 

5« 52 

199 IW 
17-09 1736 

£28 433 

6 ® £90 


Bco Centre Hlsp 

Bco Popular 

BarSartatoer 

CEPSA 

Codtoento 

CorpMaptro 

Eaten 

FECSA 

Gas Natural 

Iberdrola 

Prrca 

fersol ^ 

Scy fflanoB ec 

Tdracdnu 

Tetetortca 

UrjcmFenoea 

VOtenc Cement 


Manila 

AyataB 

AwdaLond 
ttPWpW 
CAP Homes 
Mania EtocA 
Metro Bar* 
Pelton 
POBon* 

PW Long Oct 

San Miguel B 
5M Prime Hdg 


Mexico 

Alto A 
BanacdB 
Cemex CPO 
GfraC 

Erep Moderxi 

GpoCnnaAl 

GpcFBaxw 

GpoRnWrona 

KrobCtartMa 

TdevisaCPO 

TetMexL 


Beta tads: 57U2 
AnfweSKO 

1990 25070 25460 
1780 1810 1775 
5410 5530 5490 
7530 7570 7650 

3990 4005 4020 

1415 1425 1420 

76® 7730 7690 

5560 5630 5620 

4000 34D70 34090 
4200 4240 4290 

4®C 4535 4510 

31® 31 as 329S 
83® 8400 85® 

30® 3070 3100 

1200 1200 1200 
S64C 5850 6690 

1710 1710 1720 

2840 2850 28S5 

60* 6020 60® 
1340 1155 13® 

8010 8T20 8040 

3945 39® 3985 

1165 1180 1 1 80 

2795 2805 2790 


AfleounAoJc 
Ben Coma Hoi 
BcnFUeorom 
Ben si Boron 
Benetton 
Cjwflto ftoBano 
E*on 
EM 

Generali Aesic 

IM 1 

MA 


MorteDsor 

OAetK 

Ponnoiol 

PtreS 

RAS 

SPotofStoD 

Tdecom ttoJto 

rw 


Montreal 

Bee Mob Cam 

OtoTtaA 

CdnUtUA 

CT Hal Sac 

GaiMeta 

Gt-Weri Lffeco 

fans® _ 

IWtoton&p 

UtttowCos 
Not) BkConoda 

QutotoarB _ 
Rogers CamraB 
BoyaIBkCdo 


2635 2685 
37 A B85 
OU 4360 

IB ini 

33 ® 33 

3945 3935 
31713 33 

20 20 
1780 1780 
30 X.10 
3716 3680 
2£90 B80 
9A5 985 

A£30 65 


DMitonkeSk 

Eton 

HofshmdA 
KwenwAso 
Norsk Hydro 
Nooks StogA 
NyeomedA 
Orkla AsaA 
Pettai GeoSoc 
imoPettoJA 


TransoceanM 

Star^mmdAsa 


133 128® 
200 1 JS 
25® 25 

30J0 »A 0 
134® 132® 
44 43 

398 392 

405 394 

277 275 

149® 147 

539 526 

450 438 

1® 157 

1® 123 

710 710 

49.10 48® 


FSEtodBc2(eU2 
PlOTiam; 207187 
1125 1425 14 

13® 15 1175 

1* 114 119 

4J0 5 5 

68 ® 71 73 

290 335 407® 

ISO US *45 
120 1 ® 180 
675 770 7® 

M ® 53® 
£70 £30 £40 


Baton todeK 4621 24 
Pravton: 4709.20 

5980 59® 61® 
2085 2095 21.95 
3730 3730 39.10 
1330 1338 7408 
4095 4095 42J50 
52® S3® 55® 
3.10 339 X40 

31.95 32.15 33-75 
3490 35® 36® 
128.10 128. TO 131® 
17® 17® 18® 


Accor 

AGP 

AJrUqotoe 

AJcMAMh 

Aas-UAP 

Barafrt 

bk: 

BNP _ 

Dual Plus 

Carretour 

Casbio 

CCF 

Cetotam 
CWsttreiDtor 
CLF-OcAaFran 
&rttf Agricijfc 
Danone 
Bf-Aguflotne 
Eridanta BS 
EDrxSsner 

Etruturavd 

GeaEaa 

Havas 

knew 

LVMH 

MW>dmB 

Porte* 

Pernod Heart 

PeuoeotCIt 

PinoiO-Print 

Presnodes 

Penaaff 

ResH 

fifi-PtoatoncA 

Sancfi 

Ti In ireTitor 
jaiawT 

SEB 

SGS Thomson 

SteGenetee 

5odaho 

SIGotwin 

Suei(de) 

Suei LvooEnun 


CA&40: 277049 
PmfMt; 102441 

910 910 920 

3T120 217 7T9 

925 929 938 

74J 744 79) 

384 387 390® 

666 669 691 

426.10 439 438® 

259 259 263® 

963 979 98S 

3650 3661 3770 

286 302 296® 

297.10 30030 302® 

*11 613 630 

B53 BS5 091 
520 524 S33 

1277 1277 7286 

902 904 919 

670 675 697 

790 790 B2D 

836 8 ® 3_65 

6J5 705 7 

676 678 7* 

360® 37a* 345® 

828 848 842 

390.10 392 398® 

1071 1074 V087 

2149 2167 2206 
1253 1263 1340 

339® 341 344.10 

417 418® 428 

283 283® 290® 

677 681 690 

2555 2592 2599 

21* 2189 2217 

150® 154 1» 

16* 17* 1729 
219 222® 226 

S 583 606 

32330 314J0 
W0 950 946 

548 561 560 

7S1 754 771 

2706 2745 2762 
823 834 845 

15.10 15.10 • 15® 
608 611 634 

711 733 715 

156.10 16310 159 

5A9 5 x 4 

10170 105J0 107.90 
361 365 371 


sso Paulo 


DWHH r it 

CaaaPkS 

CESPPM 

Cope) 

EWrabms 


MIBTtoeatetcKlOlUi 
Provtoos: 14B7OB0 

147* 143* 147* 145* 
4400 4J1S 4ffl0 44® 
61* S77S 61* 6010 
1570 1530 1570 1548 

25550 251* 25550 254® 
3650 3560 3650 3580 

8240 0020 8240 BIX 

93® 9450 9350 9795 

5485 5380 5420 5460 

37250 36 600 37200 37200 
16395 16105 16395 16295 
2575 2525 2575 2575 
5420 53* 5420 5385 

7745 7530 7745 7* 

118* 11160 11490 HOT 
1075 10S9 10» 1073 

725 OS 715 732 

27® 2630 2735 MM 

4585 4445 4445 *620 

14965 14650 14985 149» 
220* 217* 21700 21»0 
123* 121 * 123* 123* 
104* 101® 104® 10215 
61® 5630 im 5710 


Seoul 

□□am 

Dmao Heavy 

IGa Motors 
Korea EJPrvr 
Korea Ex* Bk 
LG Seaton 
PrtBnglmflSt 
Samsung Oktay 
SrenxnagBac 
Stinhanaaet 


OMU BfetoitoB 70437 
pnvtovs: 71646 

91*0 891* 900* 9*00 
7710 75* 76* 7710 

200* 196® 190* 201* 
127* 114* 118* IS* 
24500 233* 236* 2*00 
5330 5150 5150 53M 

43SW 401® 401* 435* 
600* 560® 57900 567® 
465* 456* 456® 465® 
725* 703* 70*0 7 13* 

485000 47*00 4780* 4B85® 


UMTtobMECttM 

PmtoKuSSSJl 


5DV5 5030 
2£Q$ 2£4Q 

3715 F'S 

43® 4160 
IB 1L15 
33 33® 
39® 3915 
3120 34H 

SO 2010 
17 JO 17® 
38.10 38.10 

3716 37 
2190 UK 

m r® 

6115 <£10 


Singapore 

Asio Poe Brew SJO 

Ctoh«P« 

OtyDvrito 

iMH.Fflni. 

DBS tort-tan 
DBS Loud 
Fraser i tore 850 
HKUnd* 3 

JadMotomn 1 7® 
JanfSMagic* 174 
Keppet A B « 

KeopetBonk 
KeppdFob 
KmolLAM 


QBXMB6U54 

PmtoOE*77J3 


130 130 

2 * W 
25® 25® 
30® 30® 
133 1 34® 
44 41® 
386 394® 
405 3«6 

277 276 

149® 147 

S29 540 

450 432 

1® 157 

127 124 

710 710 

49.10 49 


£65 
3® 
4.14 

£12 

OOCfeRton 11® 

OS Union AP 7.10 

Portaony Hags 5.70 

5enbcwang £65 

5tog Air tote* 11 

SjftgLaml £85 

Stag Prats F 21® 

Sing Teds Ind U3 

Stog TeJecaia 2® 

TaLee Bart; 2J4 

UtdlDduM 1 ® 

UMOSteBfcF 11.* 

WtogTBlHdgt 3® 

’:ki US.Oo/tn. 


SMbThnclMM 

Pmtoasj 184£62 

wo S I9 
1 * £08 £08 
9® 9® 10® 
Si 870 10® 

OK 084 088 

13J0 M 16® 

S “J ffi 
tt 

3® 170 3® 
120 5® 5® 

3,16 116 3® 
184 338 £10 

1* 194 £16 

9* 11-® N* 
in £85 7.10 

140 £70 S.9S 
S* £ 45 6 ® 

10 11 11® 

£45 £70 £70 

1810 19.10 21® 
2 ® L32 164 
in 2 Ji a® 

271 UT 376 

1 1 JO 1J7 
10® 11* 12.10 
3JB 120 U4 


Stockholm « Htoa ggu» 


AGAB 
ABBA 
AssEQoohS) ' 
Astro A 
AAssCepcoA 
Autoflv 


114 110 113 no® 

115 113® 114® 11150 

242 236 239 241 

1® 121 125® 129 

241 237® 237® 241 

308® 303 302 305® 


EjedrotuxB 
Ericsson B 
Henne* B 
l a c reiO v a A 
Invertor B 
WoOoB 
Nortbmken 

Phmnta^eho 

ScontoB 

SCAB 

S-E BankenA 
Stareflaftn 
SkoastoB 
SKFB 

SpartmkeflA 

StoraA 

SvHamteA 

VbtvoB 


Hi* Le* das* Pm. 

565 S® 560 SS 6 

332 326 328 333 

303 292 297 301 

730 720 726 725 

388 382 38X50 388 

267 260 260 7M 

250 242 250 245 

270 265 267 269 

242 235 239® 237 

217® 213 216 216® 

175® 173 174® ITS 

B 8 B2 84® 82® 

310 301 305 310 

319 312 312® 320 

213 207® 213 210 

174 170 171 173® 

126® 123 125 127 

244® 237 242 241 

203® 199® 202 203® 


Sydney 

Amcor 

AKZBldng 

BHP 

Bate 

Brambles hi 
CBA 

CCAnmfl 
Cotes M»rr 
fwmirfl 

CSR 

Fosters Brew 
Goortrowi Fid 
KUAustrelo 
Lsrto Leas# 

MUBI Mm 
NuJAusIBcb* 
Nat Muted Hdg 
NevfcCorp 
Podflc Dureop 

Pkneerlntt 
Pab Broodcast 
BtoTlrtO 
SI George Bank 
WMC 

INoatwarths 


AB0rthntos:2S93M 
Previous: 2431 J* 

£24 815 824 8 * 

1003 9 M 978 10.18 

17.12 1£82 17J8 17.25 
401 194 197 402 

2745 2£73 26J0 27J5 
15® 1485 15JU 1125 
1438 1174 13® 1440 
6J5 6.10 634 437 

631 665 6 ® 690 

4B9 470 482 490 

U1 156 L57 20 

1.95 1* 1.95 1.97 

1186 12 ® 12 J 0 12 * 
3019 29 JO 2935 30J5 
1M 1® 1® 145 

18-96 18® 1090 19J6 

2.10 2 2 j 02 212 

6.13 6J1 613 603 

152 140 3® 1® 

4® 445 458 4® 

8 7-78 ■ 810 

2D-27 19* 2011 2DJ4 
013 7.90 004 015 

7.10 685 690 7.12 

B 7® 789 006 

11J1 1079 10* 11-04 
£19 £05 £16 4* 


BrortescoPM 11* 10® 10* 11.10 

BmtngPfd 7 <loio 7»®73wno tow 
50.490 Ate 48® 51* 
78* 74® 76* 78* 
15^90 15J0 15J0 15* 
Etotrenras «s* 458* 467® 49CLM 

ItoutxrarPfd 6 ®* 6 K* 629® 660310 

UgW 5emoas 43£* «* «LM OB® 

LHjrtprK 410* 400* 400* 422* 

pSroCasPto 282* 264* 269® 290* 

PouSstoLnz 190* 187® 187® 19110 

M&wtf 37510 P* VOO ** 

SoraoCnJZ 1054*005000 105000 1O50M 
TeteturuPM 136® 12830 13040 136* 

160* 150* 150*163*0 
143* 138* 14070 1" — 
TeiespPB 340* 321*328*0 

IMbaaCB 38790 36.70 38.790 __ 

UdntotePfd UJ50M1.1600ai®0011.CT* 
CVRD PW 2650* 2 5000 2 550*2680* 


Market Closed 

The stock market in Taipei 
was closed Friday due to a 
typhoon. 


Tokyo 

ABnomto 
A* Nippon Ak 

su 

AsoWOwb 
A sohl Gloss 
BkTdqroMbu 
Bk Yokohama 
Bridgestone 
Can* 

Chute Elec 
Qi ooo4d Dec 
DolNIpp Print 

DoMddKong 
Dor»a Bank 
□atom House 
DctwaSec 
DDI 
Dense 

East Japan Ry 
EM 
Fonuc 
FuiBoik 

Hn dijlte Bk 

Honda Motor 

BJ 

IHI 

ttodH 

no-Yctak 

JAL 

Japan Tobacco 

Jusca 

.KaEraa 

iSbSQk 

Koo 

KaveasaU Hvy 

KtoM Stool 

KkddNIptiRy 

KHiBrewre 

Kobe SM 

Komatsu 

Kitocto 

Ktocen 

Kwsha Bee 

LTCB 

Manibent 

Marat 

Matsu Corn 

Mate Etoc tod 

Mate Elec Wk 

MBsubtoto 

MfeubfahlCh 

MMB 

MltebUdEst 

MAsubWilHvr 

NUtebfiMMrt 

MfcubohiTr 

MSsul 


NBM22S: 1822MZ 
PiMltBSlieiaS 

1130 1090 11* 1130 

709 702 708 707 

32* 31* 31® 304} 

875 859 874 874 

636 623 62B 643 



6300U 471 Oo 
2660 26* 
5500a 5260a 
2330 22TO 
4640 4530 

1510 1470 
4650 4530 
1450 1410 
1150 II* 
1120 1090 
37® 36* 
1670 16® 
370 365 

M 06 
6510 5300 
503 480 

9740a 9590a 
3220 3070 
635 613 

2250 2710 
1780 179 


7*0 2010 
19® 19® 

2520 2610 

624 824 

14* 14® 

635 638 

1290 1410 
760 7® 

6300a 6410a 
26* 2650 
5500a 5400a 
2290 23® 
4620 46® 

1470 1510 
46® 4650 
14® 14* 
USD 119 

mo n« 
3720 36® 
16® 16® 
368 373 

497 511 

6500 6500 

5* 490 

9690a 99*a 
3220 31® 
634 635 

22 ® 2220 
1780 1770 


472 

465 

471 

472 

299 

290 

299 

293 

6® 

674 

679 

6BS 

989 

969 

977 

984 

170 

1* 

165 

168 

790 

747 

7® 

803 

495 

472 

JB6 

479 


The Trib Index /**•*<* 3*0 pm m* ***** 

Jan. 1. 1992 - 100. Laval Changa % change ynrtortm 

% change 

World Indax 167.26 -3.17 -1.86 +12.15 

Regional Endow* 

AsiB/PadbC 119.20 -3.61 -2.94 -3.43 

Europe 177.76 -2.12 -1.18 +10.27 

N. America 199.73 -2.17 —1-07 +23.36 

£ America 154.70 -10.41 -6.30 +35.19 

Industrial IndrotM 

Capital goods 216.42 -1-83 -034 +28.62 

Consumer goads 183.48 -1.97 -1.06 +13.66 

Energy 192J21 -426 -2.17 +12.59 

Finance 125.58 -2.94 -2^9 +7.63 

MsceOaneous 172.09 -6.62 -3.70 +6.37 

Raw Materials 179.61 -4.53 -2.46 +2-41 

Service 156.77 -4.11 -2.55 +14.16 

Utffies 156.72 -5.66 -3.49 *92.4 

The International Herald Tritune World Slock Index Attacks the U.S. Ooear values o! 
230 Intemtlonafy anresable stocks Item 25 counilea. For mom Information, a tno 
backfalls avaOabla try wrftng to The Trto fndax.181 Avenue Charles tie Gautia. 
92S2lNauttyCadBK France. CompaedbyBloomberoNom. 


ffigb I 

MfedPudosn 1®0 

Mitsui Trust 710 

MumtoMfg 
NEC 13® 

NBdroSec 2030 

rakon 574 

mrtetoo 100* 

NIppEwresS 794 

NlpponOi 542 

NtoPonStad 306 

779 

NKK 193 

NomoroSec 1610 

NTT 11306 

NTT Date 5350b 

Op Paper 610 

OeataGas 276 

Rtoh 1640 

Rohm 123* 

SokwaBk 7® 

Sacricyo 36*0 

SaaMi Book 1510 

SmyoSec 430 

Secare 8570 

SeftwRiw 52® 

SeUsoiCfem 1020 

Sektsul Home 1150 

Seven-Eleven 8670 

Sharp 1210 

SHkakuBPwr 19® 

Shtatza 640 

SMri+touOl 3120 

Shfeeido 1970 

5htrookaB* TMD 

Scfibor* 49* 

Sara- 105* 

SomBoroo 1*0 

5ttebreoBk 17* 

Sund Olere 472 

Sumkoreo Elec 1 H30 

SwnflMriol 280 

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PAGE 3' 



INTERNATIONAL HERALD TRIBUNE, SATURDAI-SUNDAi: AUGUST 30-31, 1997 


RAGE 13 


ASIA/PACIFIC 


Japan Data Show Stagnation 

Industrial Output Lags, and Housing Starts Drop 28 % 

earlier, a iareer-ihan-expecied drop 
and especially dramatic following 


C.wOWto OurSugFnw 

TOKYO — A batch of new eco- 
nomic reports, including industrial 
production and housing stairs data, 
indicated Friday that Japan's econ- 
omy has fallen into a stagnation that 
could last the rest of the year, ana- 
lysts said. 

Industrial output data for July 
rose 1. 1 percent from a month earli- 
er, a figure largely in line with pre- 
dictions. But the government 
towered its forecast for the July- 
September period to show it ex- 
pected no growth from the previous 
quarter and to reflect that output was 
no longer gradually increasing. 

‘’The prolonged stagnation of the 
recovery is now fixed," said 
Takashi Kiuchi, chief economist at 
LTCB Research Institute. 

A Trade Ministry official said the 
fall-off in consumer spending after 
the national sales tax was raised in 
April was still affecting production 
and that the number of" sectors with 
excess inventories was increasing. 

"The economy is pretty weak,” 
said Jason James, strategist at HSBC 
James Capel. "1 think the outlook 
for production is going to be pretty 
weak throughout the rest of this year 
and that inventory adjustments may 
even drag on into next year." 

At the same time, the government 
reported housing starts in July fell 28 
percent to 1 1 3,495 units from a year 


Kia Group Likely 
To Go Bankrupt, 
Analysts Assert 

A genet Fronvtr-Prrssc 

SEOUL — South Korea’s 
ailing Kia Group is likely to go 
bankrupt when its grace period 
for loan repayment expires in a 
month, analysts said Friday. 

The Yonhap news agency 
quoted an unidentified Finance 
and Economy Ministry official 
as saying that there was little 
possibility of creditors’ extend- 
ing the grace period beyond the 
expiration date of Sept. 29. 

The official also denounced 
Kia Group’s head, Kim Sun 
Hong, for making the situation 
more complicated by refusing 
to step down, and its labor un- 
ion for opposing a drastic 
downsizing. Yonhap said. 

An analyst, who asked not to 
be named, said, "The govern- 
ment wants to kick out the Kia 
management and hand Kia over 
to Samsung." . . 

While Samsung Group has 
denied it, the conglomerate has 
been dogged by allegations that 
h was lobbying the government 
to take over Kia Motors. 

Should this scenario be 
played out, the Kia manage- 
ment would resign, and Kia 
Motors would be immediately 
placed under court receivership 
for a few months, he said. 

"The creditor banks would 
then Find a ready buyer — Sam- 
sung,” the analyst said. 


the- declines of around 10 percent in 
theprevious three months. 

Trade Minister Shinji Sato was 
quoted by the Jiji news agency as 
expressing ‘ ‘ vague anxiety ‘ * over the 
economy, saying currency rates were 
unstable and there were differences 
in economic performance between 
regions and firms of different sizes. 

But the deputy minister of the 
Economic Planning Agency, Shim- 
pei Nukaya. said the slowdown in 
the recovery was within expecta- 
tions. Eichiro Kinoshita. Bank of 
Japan executive director, said it was 
too early to judge whether the re- 
covery trend had changed due to 
sluggish consumption. 

Concerns over the recovery have 
dominated financial markets after 
Eisuke Sakakibara. a key Finance 
Ministry official, was quoted as say- 
ing he was more concerned about 
the economy than he had been two 
months earlier. 

“If that is what Sakakibara is 
willing to say on the record.” Jane 
Berryman of Technical Data said, 
“you have to ask yourself what is 
really being said privately. I think 
there are some actually very pro- 
nounced private worries in about the 
way the economy is performing." 

Tokyo stocks finished Friday at a 
four-month low, with the bench- 


mark Nikkei 225 index briefly fall- 
ing below the key 1 8,000 mark be- 
fore ending at 18.229.42: 

Meanwhile, the yield on cash 
bond prices hit a fresh low of 1.985 
percent. Bond yields have been set- 
ting record lows this week ou 
spreading worries over the econom- 
ic outlook, sliding below 2 percent 
on Tuesday for the first time ever. 

Providing only a minor salve to 
the rash of pessimistic news was a 
slight fall in the unemployment rate, 
which was 3.4 percent in July 
against 3.5 percent in June, as dis- 
missals declined and service and 
construction companies added 
workers, the government said. 

While rbe jobless rate was lower 
than economists forecast, fewer do- , 
sitions were created by manufac- 
turers, retailers and transportation 
companies, reflecting a slowdown 
in consumer spending. 

The 2 -percentage- point increase 
in the national sales tax on April 1 
has stunted spending on cars, elec- 
tronics and homes, forcing compa- 
nies to retrench. 

The Labor Ministry said the num- 
ber of jobs offered to each applicant, 
a key measure of the labor market, 
remained at 0.74 for the second 
month, in line with economists’ fore- 
casts. The so-called jobs- to-applicant 
ratio is at its highest since last Oc- 
tober. (Reuters, AP, Bloomberg) 



KctaJ hilri.’Acmi* Fwit-Pimt 


MOVING TO HARD ASSETS — Customers bargaining in a 
Jakarta gold shop Friday as the rupiah dropped further. 


As Prices Drop, MIM Net Falls on Fewer Gains 


Bloomberg Aw j 

BRISBANE. Australia — MIM 
Holdings Ltd.. Australia’s largest 
base metals mining company, said 
Friday that second-half net profit 
fell 34 percent on sharply lower one- 
time gains, weaker commodities 
prices and reduced copper sales. 

The profit of 73.5. million Aus- 
tralia dollars (S54.3 million) for the 
six months ended June included a 
one-rime gain of 31.4 million dol- 
lars. The 111.7 million dollars 
second-half net profit last year in- 
cluded a one-time gain of 92 milli on 
dollars. 

Excluding one-rime items, after- 
tax profit more than doubled to 42. 1 
million dollars in the second half. 

This was above analysts’ highest 
expectation of 37.9 million dollars, 
and nearly double the average pre- 


India Rebuffs Demands 

For Maruti Chief to Quit 

Afeuce FnuKC-Prrsse 

NEW DELHI — Industry Min- 
ister Murasoli Maran said Friday 
that India would not be pressured by 
Suzuki Motor Corp. of Japan over 
the chief executive of the country’s 
largest joint-venture ca rm aker, in 
winch it has a 50 percent stake. 

The feud is the latest between 
India and Suzuki over the 12-year- 
old Maruti Udyog Ltd. venrure. Su- 
zuki has rejected New Delhi’s nom- 
ination of Ravela Bhaskarudu to re- 
place Chairman R.C. Bhargava. 


diction of 16 analysts surveyed by 
the Estimate Directory. 

■ ‘Jr has been a good second half. ’ ’ 
Chief Executive Nick Stump said. 
“We’re seeing cost improvements 
right through our operations. 

Mr. Stump forecast continued 
cost reductions in the current year. 

“We’re looking for a satisfactory 
half and full year, one that’s im- 
proved on this year,” he said. 

The one-time gain was mainly the 
result of a restructuring of MIM’s 
interest in .the Newlands-Collins- 
ville- Abbot Point coal project. 

Full-year net profit fell 64 percent 
ro 61J million dollars, with a one- 
time gain of 29.2 million. Sales fell 
16.7 percent to 2.15 billion dollars. 

Mr. Stump said the lower Aus- 
tralian dollar protected the company 
from falling commodity prices in 


the second half. He said the outlook 
for zinc and copper, the two key 
metals ii produces, is mixed 

■ Charge Lowers Telstra Net 

Telstra Corp. posted a drop in 
annual profits after accounting for a 
huge one-time charge before its pri- 
vatization later this year, news agen- 
cies reported from Sydney. 

The telecommunications giant 
said net profit dropped 30 percent, to 
1.62 billion Australian doU 


lollars. in 
the year to June, after accounting for 
a 1.73 billion dollar write-off. 

Sales grew 5 percent, to 15.436 
billion dollars. 

Telstra said the results were in 
line with its strategy to continue to 
increase revenue while improving 
productivity and reducing the 
growth in its cost base. 


The one-time charge was made 
up of redundancy costs, a charge on 
broadband network rationalization, 
asset writedowns and a provision for 
a loss on its Jindaiee radar project. 

The profit is Telstra’s last as a 
wholly government-owned com- 
pany. Canberra plans to sell one- 
third of Telstra by the end of 
November in an initial public of- 
fering expected to raise about 10 
billion dollars. 

It is also the last earnings result 
Telstra will announce under old 
government laws restricting com- 
petition in the telecommunications 
industry. 

Besides its telephone interests. 
Telstra also owns half of Foxtel. a 
ay television operator, with Rupert 
urdoch’s News Corp. 

(AFP. Bloomberg) 


M 


Singapore Land Development Fees Rise 


Blixmiber? \eui 

SINGAPORE — The government announced Fri- 
day that it had increased development charges on 
residential land by an average of. 4 1 percent, in a 
potential blow to hard-pressed Singapore developers. 

The government charges real estate developers a 
cost per square meter of land depending on how much 
the developer plans to increase the usable floor space 
of a particularparcel. The changes are made a nnuall y. 
takin g current property prices into account. 

-This will add to me cost of land and the cost of 
development,” said Leong Chi Meng. a real estate 
analyst at Vickers Balias Investment Research Pte. 

During the past five years, the effect of rising 


development charges on real estate companies and 
their projects has been muted by rising home and 
office prices. 

“But now that we’re in a period of falling prices, 
this could have a more significant impact,” Mr. 
Leong said. 

The new rates take effect Sept. 1, the Urban 
Redevelopment Authority said. 

Development charges for residential property 
range from 800 dollars ($530.50*) per square meter to 
4.700 dollars. 

Charges for commercial land will be increased by 
an average 35 percent to a range of 1 ,000 dollars a 
square meter to 5.200 dollars. 


Investor’s Asia 


.terigSeng 

17000 a 

: 16000 

; 15000- 
14000- 
13000- 

JJA 

1997 


Singapore 
Straits Timas 



Tokyo- ,-.v - • • 

Nikkei 225 

2275- 22000 

2200 , .21000 - 

2125 

2050 “V^F'- 19000 - 

1975 - -- 18000^ 



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493.96 "S90.S7 ' -BJS7: 


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Sensitive todax 

3^76.08 .3^63-15 

Source: Telekurs 


lniemjii><iul HmUTitlvoc 

Very briefly: 


• Seiyu Ltd, a Japanese retailer, will take an estimated 3.1 
billion yen ($26.1 million) one-time loss in its first half after 
closing five stores as pan of a restructuring program. 

• Toshiba Corp. will close International Video Products 
Ltd., a Singapore joint venture with France's Thomson 
Multimedia Asia Ltd. that produces videocassette recorders. 
Instead, the Japanese company will increase VCR production 
in China. 

• Indonesia will grant tax exemptions to six major compa- 
nies.. including the publicly traded polyester maker PT Poly- 
sindo Eka Perkasa, its PT Texmaco Perkasa engineering 
unit and PT Kianl Kertas, a newly established pulp and paper 
giant controlled by Mohammad (Bob) Hasan. 

• Amcor Ltd„ an Australian paper and packaging maker, sold 
two loss-making assets — its McKinley paper mill in New 
Mexico and Hoffefder Group, a corrugated cardboard box 
maker in Germany — as pan of plans to “clear the decks’ ’ and 
increase profit. The company posted a loss of 80.1 million 
dollars ($59.2 million) in the year ended June, compared with 
a 338.8 million dollar profit in the previous year. 

• Bank of Thailand Governor Chaiyawat Wibulswasdi said 
he would meet with creditors of Thailand's ailing financial 
institutions in Singapore and Hong Kong next month to 
discuss the extension and roll-over of loans to the sector. 

• South Korea’s Ministry of Finance said it would raise the 
limit on foreign srock ownership in Pohang Iron & Steel Co. 
and Korea Electric Power Corp., to 21 perceot from 18 
percent, in order to bolster the sagging stock market. 

• Japan and China agreed to continue bilateral talks early 

next week in Beijing on China’s bid to join the World Trade 
Organization, having failed to reach an agreement on lib- 
eralization of Chinese trade practices in three days of talks in 
Tokvo. Biuvmbcr;'. AFP. Bridge ;V*u r. Reuters 



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PAGE 14 


INTERNATIONAL HERALD TRIBI NE, SATURPAY-SUNDAY. AUGUST 30-31. 1997 




As an extension of the news and commentary the International 
Herald Tribune brings to its readers, the newspaper has a successful 
and highly-respected worldwide summit and conference program 
that focuses on economic and political issues. The program for the 

second half of 1997 includes: 


World Water: Financing for the Future Istanbul 

September 30-0ctober 1 

Romania Investment Summit Bucharest 

October 29-30 

Oil ft Money Conference London 

November 18-19 

Southern Africa Trade ft Investment Summit Gaborone 

November 18-19 


For further information on any of these events, please contact Brenda Erdmann Hagerty, 
International Herald Tribune, 63 Long Acre, London WC2E 9JH. Tel. (44 171) 420 0307 

Fax: (44 171) 836 0717 E-mail: bhagerty@iht.com 






■ : 





THE WORLD’S DAILY NEWSPAPER 





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Airline industry Outlook 


SBC-Warburg forecasts to 1 999 for 29 leading publicly listed 
airlines, international air-passenger traffic forecast to 2000. 


Net profit 


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The Ride on Airline Stocks May Soon Require Seat Belts 


By Conrad de Aenlle 


A nyone who gazes ar a jet tak- 
ing off and wonders how they 
get those things to fly might 
reasonably ask the same ques- 
tion about the companies that own them. 
Fares keep shrinking, costs are creeping 
higher, new carriers offering discounted 
tickets are always entering the market, 
yet business is booming. 

The world 's airlines earned about $ 1 4 
billion in total in 1995 and 1996, an 
excellent recovery from the early parr of 
the decade, when they lost about $20 
billion. 

The return to profitability has come 
despite conrinual erosion in yields — 
the revenue generated for each traveler 
flying a unit of distance. The lower 
yields have been more than com- 
pensated for by greater numbers of pas- 
sengers. boosting total revenue. At the 
same time, airlines have been able to 


reduce costs even faster than yields have 
fallen. 

But while the companies themselves 
are buoyant, their stocks are having 
trouble staying airborne. Shares of 
American carriers have doubled since 
late 1 994, when their financial troubles 
dissipated, but that came after they lost 
20 percent of their value in the first four 
years of the decade. Furthermore, the 
marker's gain over the last seven years 
has been double that of the airlines. 

Elsewhere, the picture is mixed. 
European carriers have climbed, thanks 
largely to the rise in the dollar. That 
boosts the value of their international 
revenue, although for doUar-hased in- 
vestors ir lowers share values. 

Asian airlines’ stocks have done 
poorly. The flag carriers of Malaysia, 
Korea and Thailand have been losers 
through most of the 1990s. Even Caihav 
Pacific Airways in. bubbly Hong Kong 
has fallen over the last five years. The 
best of the lot is Singapore Airlines. 


which has risen steadily, but along a 
very- gentle slope. 

The weak share performance reflects 
skepticism that low costs are here to 
stay. During the last recession, man- 
agements drove hard bargains with em- 
ployees, extracting concessions to forgo 
pay raises or take cuts with the promise 
that their loyally would be rewarded in 
better times. The better rimes are here 
and employees want their cut. 

"Labor is being very feisty now," 
said Kevin Murphy, an airline analyst 
for Morgan Stanley, Dean Winer, Dis- 
cover & Co. "They want more than 
inflation would dictate." 

The cabin crews at British Airways 
have been especially feisty. The carrier, 
regarded as one of the industry's best, 
estimated that their three-day walkout 
earlier this summer would reduce earn- 
ings by £125 million (S202.3 million), 
more than even the most pessimistic pun- 
dits had forecast. A recent 5 percent fall 
in its shares on the day BA announced a 


Airsick? Try a Well-Grounded Antidote 

Airport Stocks Offered in Europe May Allow a Safer Parking Place 


By Digby Lamer 

O n July 24, the day Rome air- 
port was launched on the Itali- 
an stock exchange, its price 
soared so steeply that trading 
was stalled temporarily by local reg- 
ulators. 

v From an issue price of 11,000 lire 
i (S6.28), it rose 32 percent to close on 
* Friday at i 4,536 lire. The reason it fared 
so well has more to do with the in- 
vestment strength of airports than the 
fact that it was priced at a discount, said 
analysts. 

In fact, Aeroponi di Roma SpA, was 
issued at the top end of its expected 
range and was far from being a pri- 
vatization give-away. Despite this, the 
portion of the issue reserved for private 
investors was oversubscribed 10 times, 
while institutions were even more 
anxious to get a piece of the action, 
oversubscribing 21 rimes. 

Airports are generally attractive to 
investors, largely thanks to steady 
growth in air-passenger transport Ac- 
. < cording to figures from the Airports 
| Council International, 6 percent more 
W people flew in 1996 than in 1995. The 
Asia-Pacific region grew fastest at a 
rate of 6.9 percent with North America 
I following at 6.3 percent and Europe at 
! 6.2 percent. 

Although this growth is not reces- 
sion-proof, airports have proven to be 
^ resistant to economic lows. 

: Wyn Ellis, a transportation analyst 
5with SBC-Warburg in London, said mat 
airlines had largely succeeded in stim- 
ulating air traffic. He said that 1991 was 
the only year this decade in which the 
number of passengers declined. 

* ‘Being natural monopolies with high 

barriers to entry and serving a growth 
market, airports are high-quality invest- 
ments," he said. "The e arni ngs stream 
lends to be reliable and predictable, and 
earnings have proved remarkably re- 
« sDient during periods of economic ad- 
f Wrejty.” 

• . The only apparent downside is that 
Investors hiave only a few listed airports 
to choose from. Apan from Aerqpau di 
Stoma, there are three others: BAA rLU 
*6e British airport authority that man- 
ages London’s Heathrow and Gatwick 
. azxporzs; Fluehafen Wien AG in \ 1CCU ^ 
and Copenhagen Airport in Denmark. 
jTwo Australian airports were sold re- 
cently but were not offered publicly. 
!^fu tore candidates for at least partial 
fnvarization include the adports m 
SStigart, DusseJdorf. Milan and Am- 
sterdam. "A lot have been thinkins 
fcjfa it since BAA pn^ 02 ®?- 
KtifereVunlikelv to be a sudden rush of 
"ffcwions. ar least in the near future- 
Sid Matthew Stainer, a transportation 
toftiyst with Morgan Stanley Group 
Jwtopel PLC in London, 
v Bitt even though airpon stocks oner 


Airport Stocks 


Aeroponi di Roma 


1 -4- 
}: 


MIBTELmdax— i 

r i .•> 1 


FTSE100 .1 


BAA : : 


Rugftafan Wen 


ATX index :4 

. K- - ''I 


, . ' J-K ' 

Copenhagen Airport 



Denmark Stk. MkL i-.f; 


■ssr 


'Soorctt Bloomberg 


good returns with a lower-ihan-average 
risk, airport investment is still poten- 
tially h azar dous. In particular, it is dif- 
ficult to arrive at a fair share-price valu- 
ation due to the heavy investment cycle 

° f often ebb and flow between 

undercapaciiy and overcapacity A con- 
stant expansion program aimed at en- 
compassme all expected passenger 
growth would lead airports to conunu- 
Ss run excess capacity and tins would 
meanthat a portion of capital invest- 
ment would provide no return. 

M r Ellis's favored airport au- 
thority is BAA- He expected 

shares to rebound close wtheff 

recent high of 614 pence : (59.94) from a 
S 554.50 pence. H* optimism is 
based on the expected benefits .of fte 
alliance between Bnosh .Airways PIX 
and American Airlines. The planned 
sharing of air routes and passei^ers wiU 

issiis 

wavs and American- tfta{ it 

B.AA has also overcome 


would be hit by a large one-time tax bill 
levied against privatized businesses by 
Britain's recently elected Labour gov- 
ernment. Mr. Ellis had calculated that a 
tax based on BAA's total returns since 
privatization might have saddled it with 
a tax bill of £27 1 million. If that were the 
case, he estimated that BAA would have 
to cut its earnings estimates for this year 
by 6.7 percent. 

But Britain's Chancellor of the ex- 
chequer, Gordon Brown, chose not to 
penalize privatized businesses so 
severely. Although the exact cost to 
BAA most still be settled, the revised 
range is between £60 million and £100 
million, analysts said. 

As the only fully privatized airport, 
BAA has also beenfberter able to invest 
in airport infrastructure than those air- 
ports in which the state is still a sig- 
nificant investor. As a result, BAA has 
invested in expansion of retailing and 
restaurant services and has plans to ex- 
pand its business in airports to foreign 
airports. 

Mr. Stainer agreed that BAA is "in- 
teresting” but is he is less enthusiastic 
about the airport sector as a whole. 

"The stock price performance of air- 
port stocks has been much more subdued 
(than airlines), with Copenhagen and 
Vienna ' International underperforming 
their respective markets since the start of 
the year and BAA just managing to 
outperform the LUC. market," he said. 
Regarding BAA, he is unhappy that 
BAA paid over $660 million for the 
retailer Duty Free International. He be- 
lieves the company will be unable to add 
the type of value it wants to the retailer. 

In* the case of Flughafen Wien AG, he 
recommended that investors watch out 
for any plans by the Austrian govern- 
ment to float the remaining state-owned 
portion of the business. Among the 
quoted airports, Vienna has enjoyed the 
fastest passenger growth in recent years 
and this has been won mostly from the 
expansion of its East European routes. 
Passenger traffic grew 7 percent in 1996 
but growth is expected to fall back to 5 
percent this year. 

A major downside is that Vienna's 
geography makes its aiipon more vul- 
nerable to competition than most other 
airports. Its proximity to Munich and 
Zurich plus worries about the future of 
Austrian Airlines, risk outweighing the 
airport’s benefits. The share is currently 
trading at 485 schillings ($38.16), hav- 
ing fallen from a high of a little under 
614 schillings earlier this year, 

Copenhagen Airport’s shares have 
also fallen back slightly, dropping from 
a peak of 780 kroner ($ 1 1 3.36) in July to 
its current level of 733.16 kroner. This is 
due partly to the impact on earnings of a 
heavy investment program aimed at 
turning Copenhagen into a North Euro- 
pean hub. It is also enlarging its capacity 
as a terminal and developing rail ana 
road connections with the city. 


small decline in first-half earnings 
marked the culmination of a 20 percent 
drop since the stock peaked in May. 

A strike by pilots at American Air- 
lines was averted only after intervention 
by President BiU Clinton, but higher 
wages are certainly coming at large 
American carriers. 

Much of the drag on airline stocks is 
due not to the effect that such disputes, 
or any other factor, have on the compa- 
nies' fortunes, but to the 
fact that for analysts and 
professional investors, f 
those fortunes are chron- [ . » B * 

ically hard to gauge, Pri- ^ 

ring and capacity fluctuate 
with the economic cycle, 
yet most flights take off 
whether frill or empty. The result is the 
sort of swing in profitability that has 
been seen in the last few years. 

"The structural problem of the in- 
dustry is that it has a high fixed-cost 
component,” said David Lee. an analyst 
at the fund manager T. Rowe Price. 
“There’s so much leverage; it’s very rare 
that they hit earnings estimates." Trad- 
ing in airline stocks "is typically a game 
dominated by momentum investors as 
opposed to longer-term buy-aod-hold in- 
vestors. They’re volatile. People buy 
them wi* the thought of selling them. ’ ’ 

In such a volatile industry, it is no 
surprise that opinion is polarized, par- 
ticularly concerning the Americans. 
Goldman, Sachs & Co. concedes that 
valuations are cheap, but with good 
reason. Congress is likely to hit the 


industry for $1 billion more in taxes 
than had been expected, its analysts 
forecast. 

"Until the tax issues are resolved and 
reflected in estimates," they counsel, 
"we suggest that airline investors take a 
less aggressive posture." They reckon 
the new tax will cut 1998 earnings by 10 
percent aeross the industry. They re- 
commend two companies. Delta Air 
Lines and Continental Airlines, which 
they say will increase their 

3 earnings sufficiently de- 
spite the tax hike. 

Mr. Murphy at Morgan 
Stanley is more hopeful. 
The tame economy, with 
persistently low inflation 
and interest rates, makes 
U.S. airlines "particularly good val- 
ues," he said. His favorites are AMR 
Corp., American Airlines’ parent,' Fed- 
eral Express and Comair Holdings, a 
regional carrier. 

One thing the industry has going for 
it, in the opinion of Marc Pinto, a port- 
folio manager at Janus Capital Corp., is 
a “benign pricing environment driven 
by each carrier’s desire to exploit its 
niche market and not cross over into 
their competitors’ strongholds." 

Janus is one of the three largest share- 
holders in UAL Corp.. the parent of 
United Airlines. Mr. Pinto likes its route 
network, which extends from its hub in 
Chicago to the American West and 
across the Pacific. 

Other American carriers he recom- 
mends are Delta, Alaska Air Group and 


Comair. Elsewhere, he prefers KLM 
Royal Dutch Airlines ana Lufthansa of 
Germany. 

Guy Kekwick of Goldman. Sachs 
also likes KLM, whose stock, he says, is 
priced cheaper than others in Europe. 
His opinion of the European industry 
overall, however, is poor. 

"The economic environment in 
Europe for the airl ines over the last three 
years, while improving, has not been 
inspiring," he said. Neither is the out- 
look for the nexr five years. Demand is 
expected to grow 6.6 percent annually, 
compared with 7.1 percent globally. 

European carriers are subsidized and 
heavily regulated, keeping ticket prices 
steep, but they still have trouble making 
money. Costs are high and passenger 
demand is falling. And while discoun- 
ters in the U.S. market have made little 
impression because the big carriers are 
matching their fares, they offer a sterner 
challenge in Europe. 

Morgan Stanley is again more op- 
timistic. Its European airline analysts 
expect the stocks of Lufthansa and KLM 
to outperform their home markets. The 
same goes for British Airways; the bad 
news from the strike is fully discounted 
in the share price, they say. 

In Asia, the bank has “outperform” 
ratings on Malaysia Airlines and Cathay 
Pacific and is neutral on Thai Airways 
International. All Nippon Airways and 
Japan Airlines. The Japanese carriers 
have added capacity at a high rate, de- 
spite the weak domestic and regional 
economies, although the rate is slowing. 


Charting a Course Without Magellan 


I n a surprising move last week. Fidelity Investments 
announced that its Magellan mutual fund — which, 
with 4.3 million shareholders and $63 billion in assets, 
is the world’s largest — won’t be taking new cus- 
tomers when September ends. 

Magellan, managed from 1977 to 1990 by Peter Lynch, 
one of the great all-rime stock pickers, trailed the market 
averages from 1993 to 1996, then recovered this year with 
a new manager (it’s returned 21.7 percent, precisely even 
with its peers), and cash has started to flow in once more. 
That’s the problem. 

Robert Pozen, the new president of Fidelity’s mutual 
funds, told me he worried that "when September’s numbers 
are out, we ’ll start getting $400 million or $500 million a 
month" in new money from investors impressed with 
Magellan’s returns- That would mean manager Bob S tan sky 
would be faced either with in- 
vesting in stocks he really doesn’t ■ ■ 


want to buy or with piling up cash. James eiAssw 
Since Mr. Stansky, unlike nis pre- 
decessor Jeff Vinik. believes that a stock fund should be 
fully invested in stocks, neither alternative was palatable. 

So you ’ve got another month to buy Magellan before the 
window shuts. But don’t rush. It’s not such a terrific fund, 
anyway, and I’ve found some good alternatives. 

Even if it stays at $63 billion, Magellan, is too big to 
maneuver very well; the manager can’t quickly buy a lot of 
stock in even a medium-sized company because the pur- 
chase will push up the price (as a fast exit will push it down). 
When Mr. Lynch ran Magellan, it was much smaller, and he 
could make large bets on companies like La Quinta Inns 
Inc., Taco Bell and Hanes, maker of L’Eggs hosiery, a 
famous discovery of Mr. Lynch’s wife. In 1983, for in- 
stance, when Magellan whipped the Standard & Poor’s 500 
index by an incredible 16 percentage points, the fund had 
only 5801 million in assets. 

Mr. Pozen describes Magellan as a “broad-based, cap- 
ital-appreciation, go-anywhere fund." It owns 463 stocks 
of various shapes and sizes, though mainly large. Mr. 
Stansky buys troth growth (that is, fast-rising) and value 
(ignored and perhaps underpriced) companies. Top hold- 
ings are unsurprising; they include General Electric Co.. 
Philip Morris Cos., Citicorp and Merck & Co. 

There’s a mystique about Magellan and, as Mr. Pozen says, 
“a lot of misunderstanding. ” Mr. Lynch was such a brilliant 
manager that he attracted investors who had never put a 
penny in a mutual fund and didn’t quite know why they were 
doing it now — except that they hid read it was going up. 

So. when I asked Mr. Pozen what he would tell a 
customer who, after Oct. 1, might want to invest in Magel- 
lan but couldn’t, he replied, "The first thing I would say is, 
‘What kind of fund are you looking for?’ A lot of people 
who owned Magellan owned it because of the cachet. What 
some of them really wanted were dividends.” 

Dividends, alas, are not high on the list of Magellan’s 
objectives. What its managers have wanted is stocks — any 
stocks — whose prices will rise within a year or so. 

The best way to describe Magellan is as a “core hold- 
ing" — with enough diversification to be the largest, or the 
only, stock fond in your portfolio. (StilL a prudent investor 


JAMES GLASSMAN ON INVESTING 


should have three or four other funds with narrower ob- 
jectives, plus individual stocks.) 

The purest alternatives to Magellan in the Fidelity stable, 
Mr. Pozen says, are Capital Appreciation and Contrafrmd . 
I’ve been a satisfied in vesror in Contra for many years. 

Since 1 992, Magellan has returned an annual average of 
19.6 percent; Capiral Appreciation, 18.9 percent; Con- 
trafund, 21.5 percent. Among Mr. Pozen’s other sug- 
gestions were Fidelity Fund (20.8 percent), a growth and 
income fund that has a little more stability from dividends, 
as well as Growth Company (20.9 percent), which buys 
riskier stocks and has changed managers lately. 

Some of the best alternatives to Magellan can be found 
outside Fidelity. Gerard Breitner, who heads Excomp Asset 
Management Co. in New York, invests his clients’ money 
exclusively in mutual funds. He doesn’t use Magellan, for the 
obvious reasoa "The prob- 
Jem,” he says, “is thai it’s gotten 


an un iNvtsTiNG [00 ] arge- ft’ s become an 

index fond. It can’t be nimhle." 
For investors looking for a large-cap food with Magel- 
lan's profile, Mr. Breitner recommends T. Rowe Price Blue 
Chip Growth. “It’s a super fund,’ ' he says, with only about 
$ 1 billion in assets.The only problem with Blue Chip is that 
it’s just four years old, but co-managers Tom Broadus and 
Larry Puglia have long experience. 

Mr. Breimer, however, urges investors to look beyond 
big stocks. "The opportunity is in smali-caps," he says. 
"They haven't caught up." A small-cap fund as a core 
holding? It's not a bad idea — especially if the fond shies 
away from the riskier stocks. 

Three such funds, says Mr. Breitner. are Neuberger & 
Berman Genesis, which has returned 20.8 percent annually 
on average over the past five years; Baron Asset , which has 
gained 1 9.8 percent this year, compared with just 12.6 percent 
for the average small-cap fund; and Third Avenue Value, 
headed by one of ray favorite managers, Marty Whitman. 

Sheldon Jacobs, editor of The No-Load Fund Investor 
recommends index funds, which mimic the performance of 
the market as a whole, or a particular segment His pref- 
erence right now is for index fonds that are broader than the 
popular S&P, which appears overvalued. 

My list of Magellan alternatives? It is a quirky trio of 
fonds ran by a single entrepreneur rather than a corporate 
family; Brandywine . which has beaten a majority of its 
peers for nine straight years; Torray, with an annual return 
since 1992 of 22.4 percent; and Yacktman, concentrated in 
relatively few stocks, low-risk and value-oriented. 

For further information call: 

• BASON ASSET FUND. 1 2 > 2 50 2MWl or. wU-ter in UrowJ Sool I SCO W 27 (h 

■ BRANDYWINE FVND 1 4U 1&-M2A. or loU-hc m ihc Lniled Sows. I 800 656 3017. 

• FIDELITY FVND5. IdwiJe number, 44 1732 ?61 144. l.'S.-txaed mwaon ran itsocomxi. 
WMier. 1 M&.ttiRSSS.lnBnuBWcallWl-beetiiiDCiJl 41 71 German mew cm call 44 1737 
K3S WS. French inicjoracm tall 44 1737 8?8SU- A«anim«maffl call 852 2t£S2629. 

• NEUBERGER Sc BERMAN. ] 212 47h 8800. nr. roll-free in ihc Uniicd Sum. 1 800 877 
97UQ 

•T. ROWE PRICE. 1 410 5J7-IW8. nr. loU-fire in ihr Umuri Stotts. 1 W0 638 S660 
•THIRD AVENUE Valle FUND. 1 212 m * «S. or. uU-{ree in tbr Uimf Sures. 1 800 
443 1021 

• TORRAY FUND, 1 301 4S>3 C«XI. a utMicr in rhe L'nual Sum I 800 443 303* 

• YACKTMAN FUND. 1 3 12 201 1 200. or uH-hcc in Ur Umied Sum 1 800 52S 5258. 

Washington Post Service 


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c Frk.icn Pnm; 

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j Oviy -‘a-ri '.'oil. 

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s Icr.«r*rei 
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•t CB9»AA:B-CH. 5 ICktl 4 

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hne. --v.v. mafiRjniund earn P31 742.1ii-:e43 
m .Megr».m ififimGrwth Fa l eC.t 

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r Mocnurn OBaammFr Fd S 14= 7 

r .V jjnvm PuMKI rd * JCJ 7 

r V.lfinum Ruiria Eg 5 190 1 

k Voanum Sped SIIUOMni 1 1 73 3 

r Mofinimi Tfth Funo S ns: 

n Magnum Tgreo Gnwlh 5 171 3 

* tfcqym US Equity 5 'T«i 

w AROiina OrnnlFO 1 1218 

n DLRCaoltai Fund 5 103 9 

n DLH Growth FvrtO _ 5 1PJA 

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n GalMfi Omni Sir 4 i 54* 4 

- .jgltaen Omni Scr B S X»» 

; Lancer Vayoaer Fund i 1*2.9 

r Vetol Dmnl 0 Fd 1 1J10 

7 OEiebud CaplU Groiain 5 IMA 

n Townd** UK Small Cap Fd t ij*"i 

i- Trewon 5nwB Cap Fd £er A s 157 8 

c vipserea Hind l 1122 

107 MALABAR CAP UCMT (Bwnadal LTD 

- VtoWtariroi Fund i 31 7. 

ISO MANULIFE GLOBAL FUND 

T:(**21 2501-9ian/P:(U73 2818-9510 
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3 Evrapajn Orereiti Fima 1 7B5T 

c C**ei ResaurcES Fund s 4A0*I 

J inder Honfi itong Fund S . HEX 

: international Giwjtn Fund S 2 

a Jagaiese CfORID Fund 1 J 43 '( 

■3 PatJk Brtun Grerhn Fund 5 Z8J0I 

3 Roscr« Fund 5 223* 

3 Timr Fund _ » T FS 

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RWSSWBJmf 

T 8D> * J* 7742 1 F B09 9 J* 8340 
n Class* 5 94i( 


III MEESFIERSON 

Ro6in 55. lOIJuiu Amstsrearti .20-5211 i86i 
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; •■•: j : 3 

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151 T.VEEDY BROF'NE VALUE FUNDS 

• - : .5 .5 S 

. *".1.9 5 


i Jiscr.-yty r J 
am i tw J; 


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2H PARA INTERNATIONAL FUND LTD 

- Glen A ir.jrei Z 

138PARIBAS 

^AP'vEIT ',UB-=VH0S 


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; F cr>< SI 41*3 r. Sr?: In 9 
o Pjnitsl BUgiurn 
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: Pcr.v^i HcArne 8 

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j’ ML85 Bootvae A USD S IK* CO 

r ■V.LB5 BckHned B <1 hF SF 35«i «: 

3 7ALB5 Rut-1 me * USD S ' 953 1C 

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c SIU asuntea Ecu 13-.: 

JMidniee cU>>< i l.re 

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a Europe EqurvCIass A i te IS 

o Jurcre* EOuiT? 'U3SS e S« K'L'.O 

c Ev rope t Judy Class B 5 isicl. 

212 MERRILL LYNCH DEVELOP LTD 
MATURITY 

USD PortWia CtosA I ij-v 

c U'.D Purricilo . UT- k B 5 I act 

j LecnKrr Pm aoss a t S » »j 

3 Lnai Or* Fmi cm-. B1 i **i 

a LDCdt Ccv Ptfl CUSS a’ 4 toi2 

3 Local -•:■ Ptn dais 9; z to : : 

III MERRILL LYNCH EMERGING MARKETS 

r CtossA S .'*8 

c ztni B 5 n *9 

114 MERRILL LYNCH EOUITY. CONVERTIBLE 
SERIES NAV as 0(21115.97 

ASIAN TIGE P riPPCSrciNITies PTFL 
3 Cteil S :jrl 

k- cum 8 i 1 J* 7 

6A5IL VALUE PORTFOLIO 
a Class A 5 Hi: 

: OassB 5 26 J" 

u Class O t a I? 

o Class A t 

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lONVERTISLE SECURITIES FTFL* ' 3# ° 
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k- arts B i 17 ;» 

u Class -A _ s iFJf 

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j Class B 5 ia 6J 


s iu 

SF 3594 «: 

4 '853 CO 

Ecu :07J1I 


3 cross* 1 

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j CtossA < 


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li cCs i°: 

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i 109 51 

i 1 73 a* 

i HI 05 


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j PanusiL-e 1.71.1 B £ ljt '5 

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4 Rjra*:rs-T JhFB CF M7. 

c '■er.rtjj.TDEMB D" 333*: 

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7 r *r . , 7 ret Ft 4M 92 

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3 ? d-vu it Jcrai 2 JOD i I33efi 

; P.jrvcsi .-toici ri'SD > ill 05 

135 PARIBAS MULTI-MANAGER GLBL FD PLC 

- Bitrt.j 1 , A.sri. fili.,- in. run Jo ; ■ I __i2 

IP PARK PLACE MANAGEMENT 

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« PPt|3*;Anorjfn 3 lOuBOaE 

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139 PERMAL FAMILY OF FUNDS 

A-.<cr Mu'-i'.iu. 'I . S 1 7"i —) 

• Asltm -aj'.hn.- u .- e s I’ts-ts 

• B-td'L:'i ; 1242 97 

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■ Medio 1 Comtrea Sirens 7 '46172 

• .Vrucnnuim k n,l “'CQ-. 2 lu5*3J 

• Ncvji Ua , ):u. is 

139 PERPETUAL FUND MNCR5 UERSEY1 LTD 
-C Sai JS5 tfi*r.i.L- '.unL-r. Vale '," 

S: Jr-Vs ;Ei 9J.5 - Ji 1S3 a >8A49 

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ONvhah; As-er, 3ri6 S 15491; 

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4 Crsltcresereokar. C--V- ■ 3 J4i.'.’ 

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IH 50OETE GENERALE 

ASSET MANAGEMENT F-3J 1 .-7 14 7A 5* 
iniemerretj -..’vciKafr ::m 
e uxtin inNr-yeterciC,^. 3 ’ ■'* ;; 

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1 5ooo •:■ =; E; Joacr ' 1527-r 

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J IdfiHo- FtfEoPrrn.'e s= J- 

4 Socnv* Fa Ea Gemvyn, 21; 3 1 5' 

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J J 70.-14 • Fd Ea Ct J,r =:■' ?A6‘ :-i) 

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■' Vouiji Fa 3.ma-. .Xi-no-i D-J 3* -7 
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: L'U'Luu ejlnu-DEMT DM 133.050, 

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f Uju B 

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7 L'OelLur riVUIr'SV 57*020 

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in*aiinr.'.»in value CHF *5 

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3 .JBS 1 Lk 1 >. jivrr X liCfrj A D.3I 624 710 

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«eamuv wpTBWarftWs 1«7 


INTERNATIONAL HERALD TRIBUNE, SAXURDAy-SUNDAi', AUGUST 30-31, 1997 


PAGE 17 




THE MONEY REPORT 



,^4 


^ - .. ■-; iVife ‘ *?' . ;.o&L •• 


Little Airlines, at Last, Take Off in Europe 


if 



By Digby Lamer 


The Cessna 20S, a model that, like other small planes, is easier to bn, in the U.S? 


Private Plane Owners Find 
Skies Friendliest in the U.S. 


By Aline Sullivan 


t 


T aking to the skies on your own wings 
is surprisingly affordable, if you live 
in the United States. In many other 
countries, however, buying a private 
planeis becoming prohibitively expensive for 
all but the canniest pilots. 

Private planes, whether new or used, can 
cost twice as much outside the United States 
and fuel and fees can widen that difference 
considerably. For example, an owned or ren- 
ted four-seat Cessna 172 Skyhawk rents for 
about S65 an hour in the United States. In 
Germany, the same plane costs $200 an hour 
and in France a further $50 or so. 

Not surprisingly, flying for business and 
pleasure is largely the province of Amer- 
icans. 

Almost 80 percent of private pilots are 
based in the United States, where there are 
approximately 185,000 registered general 
aviation planes and 640,000 pilots, according 
to the International AiiCTaft Owners and Pi- 
lots’ Association in Frederick, Maryland. 

That compares with about just 8,000 planes 
and 50,000 pilots in Britain and comparable 
numbers in France and Germany. In countries 
\ with even higher fuel costs, including the 
Netherlands, Belgium and Japan, independ- 
ent flying is a privilege of only the very 
rich. 

Warren Momingstar, spokesman for the 
Aircraft Owners and Pilots^ Association, said 
Europeans in particular have cause for com- 
plaint. "In most countries, private flying is 
extraordinarily regulated and extremely ex- 
pensive.” he said. “That’s partly because 
roost general aviation aircraft are manufac- 
tured in the U.S., so there can be high import 
dunes elsewhere. But insurance, fuel and all 
the fees associated with flying in Europe just 
cost much more.” 

But Martin Robinson at the Aircraft Own- 
ers and Pilots’ Association in London pre- 
dicts that there will soon be more U.S.-reg- 
istered planes flying over Europe. Proposed 
changes in European Union, or EU, legis- 
lation are likely to increase the already high 
costs of general aviation in Europe, he said, 
encouraging owners to opt for American re- 
gistrations. 

"If I buy a plane in the U.S. and reregister 
it in Britain, I would have to strip it down to 
every nut and bolt and then comply with every' 
EU and British regulation and tax regarding 
that model plane,’ ’ said Mr. Robinson. ‘ ‘That 
I process would push up rhe cost of a S40.000 
*' plane to at least £40,000,” which would be 
equivalent to $64,750. 

He suggested registering the plane with a 


U.S. offshore company. * "That way I could 
fly wherever I want in’ the world under U.S. 
regulations.” said Mr. Robinson. "There are 
at least 5.000 private planes flying in Europe 
rhar way already and I am sure that their 
numbers are about to increase dramatical- 
ly-" 

Mr. Momingstar agreed, saying that he had 
recently noticed in Europe a surprising num- 
ber of "N” registration plates, which mark a 
U.S.-registered plane. "These were clearly 
not planes that are flying back and forth 
across the pond. ’ ’ he said. 

This money-saving alternative is entirely 
above board, said the association spokesmen. 
The Bilateral Airworthiness Agreement al- 
lows airworthiness certificates issued by 
member countries to substitute for national 
certificates. The following countries have 
agreements with the United States: Australia. 
Austria. Belgium. Brazil, Britain. Canada, 
Denmark, Finland, France. Germany. In- 
donesia. Israel. Italy. Japan, the Netherlands. 
New' Zealand. Norway. Poland. Romania. 
Singapore. South Africa. Spain. Sweden and 
Switzerland. 

Of course, private pilots in the Pacific will 
obviously find transporting a small plane 
from the United States more expensive than 
those in Europe. 

A differeDr way to cut costs is to share 
ownership. B’ritain. along with many 
other countries, allow s up to 20 ow n- 
ers per plane. Insurance and other costs rise 
only slightly with the number of owners, said 
Mr. Robinson. Just four owners can slash die 
hourly running cost of a four-seat Cessna 172 
to about £16 from £60. 

About 30 percent of private planes reg- 
istered in Britain belong to two or more 
people. 

Apart from the relative costs, pilots every- 
where have the same considerations when 
buying a plane. The association recommends 
first analyzing your needs. Consider the typ- 
ical flight loading, trip distance and con- 
ditions of flight, and then compare aircraft 
Ask yourself if you really need all the fancy- 
bells and w histles. If posable, rent the type of 
aircraft you are interested in to get a feel for 
how well it will meet your requirements, 
keeping in mind that the biggesr expense of 
owning an aircraft is not always the initial 
purchase price. 

Next, shop around. Trade publications, 
newspapers and airport bulletin boards are all 
worth, checking out Financing is most ac- 
cessible for pilots in the United States, although 
it is possible to find banks everywhere with 
some knowledge about the subject. Interest 
rates can vary widely, as can insurance rates. 


T he deregulation of European 
air transport — completed 
with a remarkable lack of 
public relations savvy on 
April Fool’s Day this year — has 
officially allowed small, independent 
carriers to challenge the dominance of 
big. state-backed airlines. 

Restrictive practices that have his- 
torically protected the interests of 
state-owned carriers can now only be 
applied in exceptional cases within 
the European Union. 

Instead, airlines based in any of the 
EU’s 15 member states technically 
are free to fly between any of 
Europe's airports. For investors in 
airline shares, the newly competitive 
market offers a number of oppor- 
tunities, say analysts. 

Since 1993, when the deregulation 
process was begun, new entrants have 
been slow to take off, said Matthew 
Stainer, a transportation analyst with 
Morgan Stanley Group (Europe; PLC 
in London. "It is only since 1996 that 
we’ve seen the arrival of a few small 
airlines that hope to get a slice of the 
market," he said. 

The new players best placed to 
profit from deregulation are those that 
opt for one of three possible 
strategies, he added. They can either 
offer a cut-price, no-frills service, 
mount a competitive challenge 
against airlines they feel operate in- 
efficiently in a given market, or fran- 
chise their services to .bigger players. 
Those competing successfully on 


price include Ryanair of Ireland, De- 
bonair and EasyJer j n Britain and 
Italy’s Air One, said Mr. Stainer. Vir- 
gin Express, although also compet- 
itive on pricing, is challenging the 
Belgian national carrier, Sabena SA, 
for dominance of its domestic hub. 
Ironically, Sabeua and Virgin Express 
also work together in some areas. City 
Flyer operates a successful franchise 
for British Airways out of London's 
Gatwick airport, where 
City Flyer now has a 
strong presence. 

Unfortunately, 

private investors are cur- . 
rendy unable to tap into 
most of the up-and-com- 
ing small carriers. Only 
Debonair Holdings PLC and Ryanair 
Holdings PLC are publicly listed. 
However, analysts say other small 
airlines may be encouraged to go pub- 
lic sometime later following the re- 
cent success of these carriers. 

Ryanair proved highly popular with 
investors after it was listed on the Nas- 
daq and Irish stock exchanges in May. 
In the two months that followed, its 
shares gained 82 percent. This month, 
however, they have fared less well. 

F rom a high of 4 Irish punts 
( 55.89 j at the end of July, Ry- 
anair’s share price dropped to 
3.61 punts on Friday in the wake of 
the company’s announcement last 
month that it would fail to meet its 
target of 30 percent earnings growth 
this year. Since the company is plan- 
ning a larger fleet and a route ex- 
pansion, some analysts believe Ry- 



anair may become less interesting 
unless the airline can cut costs fur- 
ther. 

Debonair, like Ryanair, hopes to 
exploit Europe's deregulated air 
routes in the same way thaT Southwest 
Airlines did in the United States. Un- 
like its competitors, however, its cut-, 
price fares are pitched ar business 
travelers, said Mr. Stainer. A little 
over a year old. Debonair was listed 
on London's pan-Euro- 
pean Easdaq stock ex- 
change last month. It has 
since climbed from 
£4.51 t$7.29) to a high 
of £7.11 earlier this 
month before falling 
back slightly this month 
to £6.40 on Friday. 

Guy Kekwick, an analyst with 
Goldman, Sachs, said the Debonair 
strategy is pitched differently than 
that of Ryanair but still conforms 
broadly to the Southwest model. 
"These aren’t businesses that are 
challenging established airlines head 
on," he said. "Instead they are stim- 
ulating a market that the big players 
were unable to access. They fly 
mostly from secondary airports, and 
ail they promise ro do is get you safely 
from one place to the” other at the 
cheapest possible fare." 

The • continued potential of this 
niche market means that both Ryanair 
and Debonair still have good long- 
term investment potential, he said. 

But he warned that deregulation 
will not necessarily turn current loss- 
making European routes into profit 
centers either for small or large air- 


lines. European air routes will con- 
tinue to be hampered by market dis- 
tortions despite deregulation, he said. 
While the official ban on government 
subsidies for flag-carrying airlines 
has ended, he said much of the price 
support that once existed in the Euro- 
pean market still gets through in vari- 
ous forms, 

T he biggest market winners 
among established airlines are 
likely to be those with Euro- 
pean subsidiaries that achieve lower 
per-unit costs than their parent 
companies or big carriers that have 
cooperation agreements with cut- 
price carriers, he said. 

Deregulation may have a more di- 
rect impact by allowing European 
carriers to create strategic alliances. 
By agreeing to share certain routes, 
airlines can profit from partnerships 
even where no equity interests exist. 

“An example of this could be 
KLM. where Air UK and KLM City- 
hopper fly all services between the 
Netherlands and Britain, with the ex- 
ception of flights out of Heathrow," 
said Mr. Kekwick. 

He favors KLM and British Air- 
ways. At KLM. although earnings are 
not expected to recover ahead of 
1998, the possibility of it selling its 
stake in Northwest Airlines plus the 
appointment of a new chief executive 
officer have increased the upside po- 
tential of its share price, he said. 

British Airways remains a market 
performer, largely because of its as- 
sociations with American Airlines, 
said Mr. Kekwick. 


Freedom to Churn Stocks? 

U.S. Tax Law Will Help Mutual Funds to Hedge 


By Carole Gould 


NEW YORK — The new American tax 
law. signed by President Bill Clinton on 
Aug. 5, eliminated a longstanding rule that 
discouraged short-term trading by U.S. mu- 
tual funds. The change gives fund man- 
agers more freedom but may also increase 
the risks for shareholders. 

"Excessive short-term trading probably 
will ultimately reduce returns," said John 
Markese. president of the American As- 
sociation of Individual Investors in Chica- 
go. Making frequent trades increases the 
expenses for funds, he noted. 

Congress enacted the so-called short- 
short rule in 1939, w hen memories of the 
1929 stock marker crash were fresh in 
legislators’ minds: they wanted to reduce 
the amount of commissions that stock- 
brokers earned from excessive trades, and 
they did so through the tax code. 

Specifically, the rule required that a mu- 
tual fund derive Jess than 30 percent of its 
gross income from the sale of securities 
held less than three months. The law pun- 
ished transgressors severely by eliminating 
the special tax status of mutual funds, 
which do not have to pay taxes themselves 
as long as they distribute virtually all their 
income and capital gains to their investors 
each year. 

Critics of the rule argued that the fi- 
nancial markets had changed drastically 
since the law was written, particularly with 
the rise of derivative securities like futures 
and options in the last 15 years. 

Some fund managers use options and 
futures contracts as a way to hedge risks in 
their portfolios; others use derivatives to try 
to enhance their performance. 


But because of the short-short rule, many 
fund managers complained that they could 
not use the new financial instruments as 
they would like. 

And fund companies have argued that 
the high costs of monitoring compliance 
with the rule have eaten into shareholder 
profits. 

Now, funds will be better able to use 
derivatives to hedge their portfolios against 
losses. But hedging costs money — ex- 
penses that are borne by fund shareholders. 

"TTie question is whether ftmd managers 
will be intelligent enough to balance the 
reduction of risk with the” increase in cost.*’ 
said David Mangefrida, a tax partner with 
the national tax office of Ernst & Young in 
Washington. 

Another concern for investors is that the 
repeal of the short-short rule may encour- 
age some managers to step up their short- 
term trading. 

“Investors will need to be conscious of 
their funds’ turnover ratios," said James 
Hillman, a tax partner with Coopers & 
Lybrand in New York. 

High turnover ratios indicate heavy trad- 
ing, which may add up to higher com- 
missions paid by funds and higher taxes 
paid by investors. 

Under the new tax law. short-term gains 
are taxed as ordinary income, at rates that 
can be as high as 39.6 percent, whereas 
gains from long-term investments are taxed 
at only 20 percent 

Then there is always the risk that man- 
agers will start trading derivatives ro bol- 
ster sagging returns rather than to hedge 
against potential losses. As Mr. Mangefrida 
said, “There is a fuzzy line between w'hat is 
hedging or speculating. 

Nttr York Times Struct 



Surest Bet of All: 

A Tombstone Fund 

Can having a death wish 
make you money? The man- 
agers of the Pauze Tombstone 
Fund, a four-month old 
American index fund, think 
so. The fund buys only 
companies associated with 
the "death-care” industry, 
such as funeral homes, casket 
makers, and insurance 
companies that sell pre-paid 
funeral policies. 

So far, the fund has attrac- 
ted $3 million from investors. 
It has only nine holdings, and 
roughly half of its assets are in 
Service Corp. International, a 
company that has been snap- 
ping up mom-and-pop funer- 
al homes around die United 
States, and more recently, in 
the United Kingdom. It will, 
shortly add a tenth company. 
Rock of Ages, a monument 
maker about to go public. 

The fund has a few caveats. 
Its performance is measured 
a gainst the Pauze Tombstone 
i Common Stock Index, cre- 
ated by none other than Mr. 
Pauze. Moreover, it socks in- 
vestors with a 3.75 commis- 
sion, plus steep annual ex- 
penses of 1.13 to 1-88 
percent. . 

Tombstone shares are trad- 
ing around 59.75, down from 
its offering price of $10 a 
share, but Mr. Jones said he 
was confident thar investors 
would be well rewarded. 

“We're on the ground 
floor of a growth industry, 
he said. "The death-care 
bu siness is consolidating, and 
sour top three holdings are 

'consolidators that still ow'n 

°nly about 15 percent of the 
U-S. industry, and are ex- 
ploding overseas.” 

One thing is indisputable. 


The fund's chief portfolio 
manager. Philip Pauze. is 
uniquely qualified. His father 
was a casket maker, and he 
grew up in a house that was a 
convened funeral parlor. 

For more information, call 
from outside the U.S. 281/ 
444-6012. Within the U.S. 
800-327-7170 tIHT t 

Japan Investors 
Retreat to Bonds 

Japanese institutional in- 
vestors are set to increase in- 
vestments in bonds and cash 
instruments next month while 
scaling back on stocks, a Reu- 
ters investment survey 
showed on Friday. 

In the monthly Global As- 
set Allocation survey, which 
asked 16 Japan-based finan- 
cial institutions in late August 
about their investment 
strategy for September, the 
average overall portfolio 
weighting for stocks dropped 
for the first time since Max-. 
Hie weighting for bonds and 
cash rose slightly. 

"The current economic 
slowdown is likely to con- 
tinue over a long period ot 
time due to a lingering neg- 
ative impact from the sales 


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tax rise and an expected rise 
in health insurance fees," 
said Okasan Economic Re- 
search. 

It said it had also appeared 
that the Bank of Japan had 
turned slightly bearish toward 
the economy, although the 
central bank still maintains 
that the economy is on a re- 
covery tract Okasan forecast 
there would be no credit tight- 
ening before next year. 

The survey found that in- 
vestors plan to step up equit- 
ies investments in die United 
States. Britain and other 
European countries and 
emerging markets. 

Investors put the heaviest 
weighting — 42.64 percent 
— on the North American 
equity market, the highest 
level’ since the survey began 
in June 1994. The weighting 
for the Japanese stock market, 
meanwhile, fell 2.13 percent- 
age points to 23.44 .percent, 
the lowest since the February 


survey of 23.10 percent. 

The weighting for the 
Asian equity markets showed 
a sixth consecutive month of 
decline. 

The investors expect the 
Nikkei stock average to move 
between 17,000 points and 
21.000 points in September. 

In bond markets, investors 
plan to step up investment in 
the United States and Canada 
as well as in British and 
French markets. 

Investors put the heaviest 
weighting, at 41.45 percent 
in the U.S. bond market, the 
highest share since the start of 
the survey in June 1994. 

( Reuters ) 

SEC Craeks Down 
On 2 Vegas Funds 

. U.S. federal officials have 
seized two unregistered mu- 
tual funds that raised almost 


58 million from hundreds of 
investors. 

The Securities and Ex- 
change Commission con- 
tends thar the American 
Growth Fund I and Capital 
Growth Fund, both based in 
Las Vegas, Nevada, misused 
almost $2 million of the 
money they raised, paying ex- 
cessive fees to the funds’ 
managers and sales represen- 
tatives, and investing in 
companies controlled by the 
managers, some of whom are 
contesting the charges. 

A receiver appointed by a 
federal judge in Los Angeles 
will liquidate the funds, 
which are not related to larger 
funds with similar narhes. 

Meanwhile, a sales contest 
run by the real American 
Growth Fund Inc. in 1995 
may mean trouble for a 
broker. The SEC plans to con- 
duct a hearing on whether he 


made unauthorized sales of 
the fund because he was try- 
ing to win a trip to Cancun, 
Mexico. tNYT I 

Korea Sets Vehicle 
For Bond Investors 

The South Korean Min- 
istry of Finance and Economy 
will establish a $200 million 
fund, the Korea Asia Bond 
Fund, in Hong Kong, a min- 
istry official said. 

"The move follows the an- 
nouncement by the govern- 
ment that it will open the do- 
mestic bond market to 
foreigners and we are work- 
ing out details," said a min- 
istry official. (Bridge News ) 


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LTCRUmoXlL 


PAGE 18 


Sports 


SAITIRDAY-SUNDAY, AUGUST 30-31, 1997 


World Roundup 


Luck of the Draw 


soccer Runner-up Ju ventus and 
semifinalist Manchester United, 
which finished first and second in 
the Champions Cup group last sea- 
son. drew Friday in the same group 
for the second straight year. The 
teams will play in Group B, along 
with Rotterdam Feyenoord and FC 
Kosice of Slovakia. 

Barcelona, PSV Eindhoven, 
Newcastle and Dynamo Kiev will 
play in a challenging Group C. 

For complete listing of all Euro- 
pean cups, see Scoreboard. (AP) 


Harrington Takes Lead 


golf Padraig Harrington of Ire- 
land, seeking a Ryder Cup berth on 
the European team, enhanced his 
chances Friday by filing an 8- under- 
par 64 to lead at the halfway point of 
the BMW Open in Munich. 

Harrington’s total of 14- under 
130 was one stroke better than the 
first-day’s leader, Fabrice Tamaud 
of France. 

Harrington, who had nine bird- 
ies, was among several players who 
strengthened their Ryder Cop 
hopes Friday. Bui Sam Torrance of 
Scotland missed the cot and failed 
to automatically make the team for 
the first time in nine years. 

“The dream is over," said Tor- 
rance, whose 6- under 66 could not 
make up for an opening 75. 

Jose Maria Olazabal, who needs 
a top 20 finish to grab one of the 10 
automatic berths on the European 
team, almost shot himself out of 
contention with a par 72. (AP) 


Forego Is Dead at 27 


horse racing Forego, one of 
the great runners in racing history, 
fractured the long pastern bone in 
bis right hind leg Wednesday and, 
following the consent of his breeder 
and owner, Martha Gerry, was giv- 
en an injection that ended his lire at 
age 27. He raced 57 times, won 34 
times and was voted Horse of the 
Year three times. (NYT) 


Atherton Stays On 


cricket Despite his third Ashes 
loss in a row to Australia, Mike 
Atherton surprised his critics Fri- 
day by deciding to stay on as cap- 
tain of England for the upcoming 
tour of the West Indies. The Lan- 
cashire player was widely expected 
to step down after the 3-2 loss and 
some poor personal batting perfor- 
mances dunng the summer. (AP) 


Woodforde Overcomes 
Kafelnikov in 2d Round 


Henman Loses to Ferreira in Straight Sets 


Reuters 

NEW YORK — The No. 3 seed, 
Yevgeni Kafelnikov was bounced from 
the U.S. Open in the second round by the 
Australian doubles star Mark Wood- 
forde on Friday. 

Kafelnikov became the highest seed' 
to be ousted from the tournament, falling 
to the 43d-ranked left-hander in straight 


U.S. Opin Tinnis 



Adam BodafTht Anooucdhoa 

Mike Atherton, announcing 
Friday he won’t quit as captain. 


sets, 6-3 , 6-4, 7-6 (7-5). in two hours and 
17 minutes in the day’s opening march 
on the Arthur Ashe Stadium court 

**I think I just played a very smart 
match,' ’ said Woodforde, owner of 10 
Grand Slam doubles titles and the tour- 
nament’s defending doubles champion 
with compatriot Todd Woodbridge. 

Monica Seles won her match Friday 
against Miriam Or emails of the Neth- 
erlands in straight sets, 6-1, 6-1. 

In other men’s singles matches, Tim 
Henman of Britain fell to Wayne Fer- 
reira of South Africa, 6-3, 6-2, 6-4, and 
Heman Gumy of Argentina beat Todd 
Woodbridge of Australia, 7-5, 6-4, 6-2 

In Thursday's matches. Robin Finn of 
The New York Times reported: 

The weather took a turn toward the 
Wimbledonesque at the U.S. Open. 
That development created a virtual 
washout of the day session and turned 
the Open's scheduling process into a 
madcap game of musical courts. 

Even Pete Sampras, this Grand Slam 
tournament's defending champion, 
suffered through a relocation and de- 
motion in order to restore order to the 
courts. 

The grounds crews battled with the 
raindrops until 4 P.M., when a truncated 
program of matches was staged. 

The Ashe Stadium’s original daytime 
lineup featured three singles matches, 
including Sampras's, but because it was 
starting five hours late, the program was 
whittled to just a single singles match 
between I2th-seeded Mary Joe Fernan- 
dez and 47th-ranked Rita Grande. 

Fernandez rallied for a 4-6. 6-2, 6-2. 
victory in one hour and 46 minutes. 

“I didn’t really get a chance to prac- 
tice because it never really stopped rain- 
ing,’’ Fernandez said. 

Sampras, who had expected to follow 
them, found himself rerouted to the 
Louis Armstrong Stadium for his 
second -round meeting with Patrick Baur, 
die 3 2 -year-old, 338th-ranked qualifier. 


Open officials moved Sampras be- 
cause they couldn't risk having his match 
interfere with the night session at Ashe 
Stadium, featuring Martina Hingis. 

Sampras. who has won four Open titles 
on tbe Louis Armstrong court and said he 
land of missed it despite the grandeur of 
the new stadium, handl ed Baur in a 7-5, 
6-4, 6-3 victory that took 99 minutes. 

“ I’ve won a lot of big matches on 
that court,” said Sampras. 

Hingis, his top-ranked counterpart, 
remained on track to collect a third 
Grand Slam title in 1997, disposing of 
42d-ranked Denisa Chladkova. 6- 1 , 6-2. 
As is often the case, Hingis manipulated 
the ball, and her opponent, by remote 
control: She was the star, director, and 
producer of the short show. 

Hingis’s practice partner, Mirjana 
Lucic, the 15-year-old phenom who 
won the Open’s junior title last year and 
won the first pro event she entered this 
spring, continued to make a ferocious 
debut in her first Grand Slam as a main- 
draw player. 

Her victim Thursday night was Brie 
Rippner, the junior Wimbledon runner- 
up. Lucic dominated the Californian, 6- 
0, 6-1, and next takes on third-seeded 
Jana Novotna, who defeated Yayuk 
Basufci, 6-1, 6-2. 

Ninth-seeded Gustavo Kuerten, the 
French Open champion from Brazil, 
won his match against Sjeng Schaiken. 
64, 6-4, 6-2. 

The only seeded player to lose Thurs- 
day was the big-serving but erratic 
Brenda Schultz-McCarthy. The 13th- 
seeded Dutchwoman was eliminated. 6- 
3, 6-3, by 9lst-ranked Olga Baraban- 
schikova of Belarus, who is 17 




interim- 




L *?- £ rw - 




hi* rJ r.. 


nrt 1 * ' - 

fJOtw-iV.;'.-- 

tor- • 




Yevgeni Kafelnikov, sprawling on the court after lunging for a return to Mark Woodforde, who won the match.- 


■ Looking to the Future 

Now that tbe U.S. Tennis- Association 
has activated a $254 million monument 
to itself in Flushing Meadows, a state- 
of-the-art National Tennis Center, it bas 
started tbe task of making sure there will 
be some American -bom stars distin- 
guishing themselves there in the future. 

The USTA announced Thursday that 
it would designate S3 1 .4 milli on over the 
next five years to a grassroots program 
designed to introduce tennis to 800.000 
new players. 

The Play Tennis America program 
will be implemented in about 20 larger 
markets a year. Tbe USTA plans to 
budget $5 million for 1998 and increase 
its commitment on a yearly basis. 


End of Road for Maradona? 


Agence France -Press* 

BUENOS AIRES — Diego 
Maradona, the Argentine soccer star, 
has tested positive for illicit drugs, an 
official with the Argentine Football As- 
sociation said. 

It was the third time the player has 
been caught, and the positive test seems 
certain to end Maradona’s career. 

Mauricio Macri, president of 
Maradona’s team, the Boca Juniors, told 
a radio station Thursday that evidence 
of cocaine was found after Maradona 
was subjected to a random urine test 
after the Boca Juniors’ defeat of the 


Representatives of his club will be at 


the test, which if again positive, will 
likely facii 


Argentine Juniors, 4-2, on Sunday. 

himself e 


“Maradona has failed tumseu more 
than the Boca team," Macri stud. 

Maradona has been automatically 
suspended until a second rest, expected 
to be carried out next week. 


leave tbe player likely facing a min- 
imum one-year ban. 

A spokesman for FIFA, soccer's 
world governing body, said in Zurich 
that it was a matter for the Argentina 
Football Federation to deal with. 

The 36-year-old, who led Argentina 
to the 1986 World Cup and later played 
for Napoli, signed for the Boca Juniors 
for the third time last ApriL 

In 1991. while playing for Napoli, 
Italy's Soccer Federation also banned 
him for 15 months after a urine test 
revealed he had taken cocaine. 

Maradona was sent home from the 
1994 World Cup after testing positive 
for doping and spent several weeks in a 
Swiss clinic last winter in an attempt to 
beat the habit. 


Rugby Crisis Trips Up Murdoch 


jvi-V.*:'- - 


By Michael A. Hiltzik 

Los Angela Tunes 


S YDNEY — Around here, they 
still remember the good old 
days of the Australian Rugby 
League. Attendance was at an 
all-time high. The span dominated the 
television ratings, and Tina Turner was 
its glamorous pitch woman, belting out 
the Australian Rugby League's theme 
song, “Simply the Best," for the cam- 
eras from atop Sydney Harbor Bridge. 

Rugby League is the 13-a-side ver- 
sion of rugby. Its raw toughness, its 
spectacle of men without pads or hel- 
mets dashing down a 1 10-yard field 
and hauling each other to the ground by 
brute strength, appealed to something 
b are-fisted and independent in the 
Australian temperament. 

That was 1994, but it might as well 
have been an eternity ago, before the 
rugby civil war started, destroying ca- 
reers and sundering decades-old friend- 
ships. And before the fans fled in dis- 
gust and disillusionment, and the very 
future of the game came into question. 
In short, before Rupert Murdoch. 
The Australian- bom Murdoch’s 
News Corp. communications empire 
has enjoyed an enviable record over 
the years, expanding from a news- 
paper chain to embrace movie and TV 
production, cable and satellite broad- 
casting, and book publishing — and 
may soon include the Los Angeles 
Dodgers, whom Murdoch is expected 
to acquire. 

Although often accompanied by con- 
troversy, even enmity, over Murdoch’s 
tendency to sacrifice taste for mass ap- 
peal the company's expansion reflects 
the determination and vision of its boss, 
who can spend millions on a project to 
silence doubters — and has more often 
than not proved himself right. 

That determination has played out 
over the last two years on the field of 
Australian rugby. 

Desperate for programming to at- 
tract subscribers to his new Foxtei 


cable TV operation here, and 
by the official Australian Rugby 
League (which had a pay-TV contract 
with a rival company), Murdoch 
simply established his own league. 

In a campaign a judge later attacked 
for its “secrecy, suddenness and de- 
ception,” Murdoch’s agents cajoled 
scores of the original league’s top ath- 
letes into defecting by offering them 
huge cash bonuses and double or triple 
their salaries. Teams that resisted 
News Crap.'s offers to jump to what it 
christened the Super League were told 
they might soon find new, better-fin- 
anced teams in their backyards. 

“This has destroyed aim; of people’s 
lives, mine included.” says Kenneth M. 
Arth arson, 69, ARL chairman for 14 
years before die stress of fighting News 
Corp. forced him to retire in March. 
“It’s not about football but about pay 
television and corporate greed ” 

The effort, which so far has cost the 
Murdoch empire about S300 million, 
speaks eloquently of the importance of 
sport in his business strategy. It further 
illustrates his detenniiiation to secure 
whatever corporate advantage he can, 
regardless of the cultural or commer- 
cial obstacles. 

Murdoch is expected to acquire the 
Dodgers for more than S350 million. 
His involvement with rugby suggests 
that, unlike that of some baseball own- 
ers — who may value the game largely 
as a repository of tradition or an op- 
portunity to rub shoulders with pop- 
ular heroes — his interest in the 
Dodgers w'ould be overwhelmingly 
commercial, a way to combine his 
already huge investment in baseball's 
broadcast rights with ownership of a 
marquee team to create what could be 
a worldwide market giant 

Neither Murdoch nor his son Lach- 
lan, a top executive in his Australian 
operation, was available for comment 
for this story. But the elder Murdoch 
told News Corp. shareholders at their 
annual meeting in October that he be- 
lieves sport “absolutely overpowers ' ’ 


movies or any other kind of event as a 
draw for subscribers to cable and satel- 
lite TV. 

“We intend to use sports as a bat-, 
cering ramanda lead offering in ail our 
pay-television operations,’’ he said. 

His assault on Australian Rugby - 
League also demonstrates that the 
Murdoch empire is not infallible — 
because the creation of the Super 
League has to rank as - one -of News 
Corp.’s bigger blunders. 

The lavish investment has produced 
dismal TV ratings. On recent week- 
ends, some Super League teams have 
played to crowds as meager as 5,000 to 
7,000. in areas where games used to 
draw three or four times as many . One 
recent major contest drew 174,000 TV 
viewers in Sydney, about half of what 
was customary in previous years. 

In tbe older league, attendance . is 
down more than 20 percent on average 
from 1995, and TV ratings are slipping 
— in part because the schism created 
by two championships has deprived 
the sport of some of its choicest re- 
gional rivalries. Meanwhile, team ex- 
penses have soared, mostly because of 
the higher salaries demanded by play- 

CIS. 

Now the bruising war has come full 
circle. With the sport hanging in tbe 
balance and the money hemorrhaging^ 
the leagues are trying to negotiate a 
merger that might end the damaging 
rift as early as next year. It is 
something fans, broadcasters and of- 
ficials of both leagues agree is es- 
sential to rugby league's survival as a 
pro sport here. 

At the moment, the talks are at a 
standoff. Negotiations most recently 
broke off Aug. 17 over financial con-, 
trol of the game and cable rights, with 
each side convinced it has something 
the other needs: News Corp. has the 
money and the “global vision” - 
needed to take the game to the “next ■ 
step,” as its executives have pro-’ • 
claimed; the ARL has credibility and 
tradition. 


-» - 


Scoreboard 


/ 


% 


BASEBALL 


Major League Standi kgs 


Botiintare 

New York 


ARUM CAN UMOI 

EAST DIVISION 

W L Pd. 

B4 *> **6 

7B 53 .595 


GB 


Boston 

67 

67 

Toronto 

65 

67 

Detroit 

61 

71 


CENTRAL DnnznON 

Cleveland 

68 

61 

Milwaukee 

66 

66 

Chicago 

55 

68 

Korea* Oty 

54 

76 

Mbmesota 

54 

77 


WEST DIVISION 

Seattle 

74 

60 

Anaheim 

72 

62 

Toots 

54 

70 

Oakland 

53 

81 . 

MATIONAL LUUMJU 


EAST DIVISION 


W 

L 1 

Atlanta 

02 

51 

Florida 

77 

SS 

New York 

71 

61 

Montreal 

65 

67 . 

Philadelphia 

49 

80 

CENTRAL DIVISION 

Houston 

70 

63 , 

Pittsburgh 

67 

67 , 

SI. Louis 

61 

72 

Qndnnatt 

58 

73 , 

Chlajga 

54 

80 . 


WESTonnsioN 

Lu Angeles 

76 

59 

San Francisco 73 

61 . 

Colorado 

65 

70 

San Diego 

63 

72 


M2 


Oh 

19 

20 
24 


-527 - 


3 'h 
5 

I4'4 

15 


.396 


2 

10 

21 


Pd. 

■617 


GB 


538 


4% 

10W 

!6» 

31 


3% 

9 

11 

16% 


2V, 

11 

13 


TH««W« UNBCO BI 

AMERICAN LEAGUE 

CHcaga 200 HO 000 40-2 9 i 

Toronto m 010 100 01—3 11 I 

11 inninqs 

Navarro Kardmer (9), McEtay (101, J. 
Darwin (11} anti Karkovtra. Fabregas 110); 
Clemens. airantrlfl (10) and O'Brien. 
W— OvantrilL 6-5. L-MtElroy. 0-3. 
KonwtOty 000 020 003-5 7 0 

Batttman 010 000 000-1 i 1 

Rosado, Pichardo (B), Wtesanent (8), 
Oban (9} and MtSumney? Mussina Orosco 
(8), Te-Mathews (9) and Hoita. w— Rosado 
9-10. L— Massine 134. HRs-Kansas City; J. 
Kino (18), Sultan (?)- Bcttimore, Hammonds 
(ID. 

NATIONAL LEAGUE 

Florida 000 OM 120 0-3 7 1 

anas* 002 on 010 1-4 10 1 

(10 innings) =KJ.Brov*n. Powell (71, Cool 
(7), Pal (B), Men (D, tfosherg W. ABonseta 
(ID and C Johnson. Zaun (101; M.Ck>rk, 
Paddle (81. Patterson (10), T. Adams (101 
and Sennais. W— T. Adams ?-fi- 


L — Alfonseca, 1-2. HRs— Florida. C Johnson 
<171. Chicago, Sosa (30). 

Houston 000 200 000-2 5 1 

Atlanta 000 183 Bfe-4 7 1 

KBe and Eusebio; Nwgle, Cottier (8), 
Wohtes (9) and J. Lopez. W— Neagle 18-3. 
L— Kilo 17-4. Sv — Wohlers 02). 
HRs— Attonto. Klesko 1191, J. Lopez £21). 
Montreal 500 800 000-5 7 1 

SLUMS 021 302 210-11 15 1 

Paniagua KBne (A, Bennett (6], M. Vrtdes 

(7) . Urbina (8), Buffing er (8) mid Widget; 
An Bones. C King (71. Pettuwsek C91 and 
Pognazrf. W— AaBones 9-7. L— Paniagua 0- 
2. HRs— Montreal, Segal [15). SL Louts. 
McGwire (81. 

IKTERLEAGUE 

Arahehu 001 aoa 180— 2 5 1 

Sob Diego 020 340 Mx— 9 12 0 

Dickson, Hategawo (5), Caflaret (6), 
Jamas (7) and Kronen Mental, Cunnane 

(8) and Flaherty. W-Menhort 1-2. 
L — Dickson 134. HR— Anaheim, Edmonds 
(21). 

Seattle S20 000 (BO-5 10 3 

Colorado 031 002 30K-4 12 0 

Othnms, Charlton (7), B. Wbta (8) and 
Dawiboit Astoria SJtwd (B), Holmes (9) 
and Je-Reed. W— Astocto 8-9. L-Offvares 6- 
9. HRs— Seattle. R. Kefly (8). E. Martinez 
04). Colorado, GafaHiaga (351. JaReed 
( 121 . 

Oakland 000 000 010-1 4 2 

Los Angeles 380 022 BOX— 7 10 0 

Lodwiefc, Wengert (A), □. Johnson ID and 
Moyne; Noma Guthrie fB) and Piazza 
W-Nomo 13-10. L— Lodwidt0-1. 

Yam 010 003 007-11 13 1 

San Frtmcisco 200 011 010-5 9 3 

WOL Moody (6). Banes (7). Whiteside (71. 
Wefteland (9) and I. Rodriguez: D-Daiwte 
Mulhrriland (7). Beck (9} and MlrabeK 
B Johnson (91. W— Whiteside. 3-1. L— Beck. 
4-3. HRs — Son Francisco. Bands Oil, Snow 
(22). 


RMriiinin 

CENTRAL LEAGUE 
Chnnichi 2 Yakut! 1 
Ha nshin 4, Yokohama 0 
Yomiirrf A Hiros hima 1 

PACIFIC LEAOUE 
Ort* 8. Seftxi 5 
Kintetsu 3, Daiel 1 
Nippon Ham 3. latte 2 


Germany; 3. Besiktos. Turkey; 4. Parts SL 
Germain, France. 

GROUP F 

1. K. Uerse 5K, Belgium 2. Sporting, Por- 
tugal 3. Monaco, Front® 4. Bayer 04 Lev- 
erkusen Germany. 


TENNIS 


U.S. Open 


THURSDAY'S RESULTS 


Cup Winners’ Cup 


QUALIFYING ROUND, RETURN LEG 
Ararat Yerevan, Ann. a D.Bahmu Georgia 2 
Ararat won 3-2 aggregate 
B. Babnrish, BeL A Sodom TotBrai, Est. 1 
Betehina Bobruisk won 5-2 aggegate 
Budapest) Vasutas. Hun. 2. Batters. Uedrt. 0 
Budapest! won 5-1 aggregate 
H. Beer-Sheva 1 st. 2. Zaigiris VBnh* Ufh.1 
Hoped Beer-Shevo wan 2-1 aggregate. 
KapazGanja Azer. a D. Daugavpils. Lot 1 
Dinamo DaugavoOswon 2-0 aggregate 
Legki Warszawa PoL 4. Glmnan. N.lrt.0 
Leg la Warszawa won 5-1 aggregate 
N. Bucuresti. Rom. 7, Cwmbran Wales 0 
National Bucuresti wan 12-2 aggregate 
Nknsia Cyp. fr Hovnar Bottfdag, Faeroe 0 
Nicosia won 7-1 aggregate 
Zagreb Croatia 1 Stoga, Macedonia 0 
Zagreb won 4-1 aggregate 
Red Star Beta- YUg. 3, H JK Helsinki. Fin. D 
Red Star won 3-1 aggregate 
Shakhlyor Donetsk, Ukr.i Zlmbra, Mold. 0 
Shakhtyorwan 4-1 aggregate. 

Shdbaume, lri.1, KHmamod. Scot. 1. 

KUmamack won 3-2 aggregate 
Slorai Bndbftiva. Slovakia 2. LewU. Bute 1 
Stovan BrafclavQ wan 3-2 aggregate 
U5 Luxembourg. Lu*. a Primorte, Slovenia 1 
NK Primorimwn 34La oor8gate . 
VestmannoerkL lea. XHmhuantrMalta 0 
Veshnomweyia wku-O aggregate. 

European Cups Draw 


1st round lstleg5ept. I& return Oct 2. 
Kocnetbpar, Turk. vs. Not Buairest Rom. 

A poet Nicosia Cyp, vs. Sturm Graz, Austria 
Stuttgart Germ. vs. Vestmannoeyln Iceland 
Boavista Part, vs. Slxriddyor Donetsk, Ukr. 
Eksren, Bdg, vs. Red 5tar Belgrade. Yug. 
AIK Safcia, Swa. vs. NK Primorja Slavenk] 
AEKAlhen&Gr, vs. Din. DaugavpOs Lot. 
Sknria Praha Czech R. vs Lucerne, Surttz. 
Hcpoet Beef-Shewr, Isr, vs Roda JC Nett?. 
NK Zagreb Croatia vs Tromsa, Nanny 
Copenhagen Dea. vs. Ararat Yerevan Am 
B- Batmibk, BeL, vs Lokom. Moscow. Rus. 
Chelsea Eng, vs Stovon Bnrifclava Slovakia 
Nice, Franca vs KHmanwcfc. Scotland 
Real B. Spain, vs Budapest Vasakts Hung. 
Vicenza Italy, vs Legia W ar sza wa Poland 


1st round. 1st leg Sept 16, return Sept. 30. 
GROUP A 

Deparitva Spain, vs Auxerre. France 
Salzburg Austria vs RSC Andertecht Bdg 
PAOK Salontca Greeca vs ArsenaL Eng. 
WMtzew Lodz, Potent! vs (Jdinese, ttdy 

GROUP B 
A)ax. NetlwvsMaribarTe 


Japanese Leagues 



W 

L 

T 

Pet 

.GB 

Yocun 

63 

44 

2 

J89 

_ 

Yokohama 

59 

45 

0 

-567 

2V. 

Hlrasftkiw 

51 

50 

0 

J24 

T 

HansttR 

68 

5B 

1 

-453 

14V. 

ChunleW 

49 

61 

1 

445 

1SV4 

Yorahirl 

46 

62 

0 

426 

17% 

nunciuan 




W 

L 

T 

Pci 

GB 

Seftu 

60 

45 

2 

571 



Orix 

56 

43 

3 

566 

1 

Nippon Ham 

52 

56 

1 

481 

9% 

Kintetsu 

51 

56 

2 

477 

10 

Dale! 

51 

57 

0 

.472 

10% 

Latte 

44 

57 

2 

436 

M 


Sept 17. 1 vsd. } vs L 0a. l. Ori. 21 Nov. 
& Nov. 26, Dec 10. 

GROUP A 

I. BaruSskt Dortmund Germany; 2. Sparta 
Praha Czech Repubfic 3. Parma Italy; 4, 
GataftBary. Turkey. 

GROUP B 

J. Feyenoord Rotterdam, Nefhertomfc; ?. 
Kosice, SkwAia 3. Manchester United. Eng- 
land' 4. Juventus Italy. 

CROUP C 

1.8onxtoria5pai* 2. Eindhoven. Nether- 
lands; 3. Dinamo Kiev, Ukraine! i. Newcastle 
United England. 

GROUP D 

I. FC Porta Portugal; 2. Red Madrid 
Spate 3. Rosenborg Norway; 4. Otympkrkos. 
Greece 

CROUPE 

l. GataBorg, Swedere 2. Bayern MunJcfc 


Lyon, Franca vs. Brondby. Denmark 
Mozyr, Belarus, vs Dinamo Tbilisi, Georgia 
VoiladoEd Spain, vs Skoda Ldvio 

GROUP C 

Vitoria Portugal vs Lazio Rome. Italy 
Strasbourg, Frrraca vs Rangers Scofland 
Scholke 04, Germ, vs Hajduk SpflL Croatia 
MTK Budapest HuilvsA Vladikavkaz. Rus. 
CROUP D 

Siotb Swift, vs Spartak Moscow, Russia 
Basda, Franca vs Benficn, Portugal 
Ferenoraros. Hung, vs. OFI Crete, Greece 
5ampdorta it- vs Athletic de Bibaa Spain 
CROUPE 

Bordeaux, Franca vs Aston Vrfla England 
Sksaua Bucharest RonuKJrenerbatias, Tur. 
Rater Volgograd, Rus. vs Oretua Sweden 
Jazz. Pod FMand vs 1860 Munich, Ger. 
GROUP F 

Trabzanspoc Turkey, vs Bochum. Germany 
Cracfla zagred vs Grasshoppers Sente, 
vnrase Amhern. Nette vs Brega Portugal 
Rapid Vienna Aus. vs K Pdah-TIckva far. 
GROUP G 

Inter MHaalt, vs NeuchaWXoman, Swift. 
CfiKc. SODttond vs. Lteerpikd England 
Exodsior Mousrorv Bdg. vs Mete France 
Twente Enschede. Nrih. vs LiHeshwa Nor. 
GROUP H 

Bailor Jennatem Isr. vs. Brugge, Belgium 
Atteto Madrid Spaia vs Lekeslte Eng, 
Aarhus Denmark, vs. Nantes. Fran* 
Kari&ruhe Ger. vs. A. Famagusta Cyprus 
■mu EIAOUI mm '« aw 
WasMngton DJC. X New England 2 
Colorado a Kansas City 1 


womptsswous 

BECOtnnauND 

Mary Joe Fernandez (12), U.S. del. Rita 
Grande, Italy. 4-4, 6-2, 6-2. 

Arantxa Sanchez Vicaiki (10), Spate del. 
Meilen Ta U J. 6-2 5-7, 6-2 
Otga Barabanschikova, Betevs del. Bren- 
da Schuttz-McCorthy (13). Netti. 6-2 6J. 

Mogul Serna Spain, def. NattwEo Dechy, 
Franca 6^. a-4. 

Potty Schnydet Sudzeriond net. Yuko 
Yashnta Japan, 4-4 6-2 6-4. 

Elena Ukhovtseva. Russia def. LudmHa 
RkMerava Czech Republic 7-5. 6-1. 

Paola Suarez, Argeriftna def. Jackie Trait 
U5. 4-4 7-5. 64. 

Radiet McOuiKaru AushnOa def. Rika Hi- 
raki, Japan 64 6-2 

Martina Hlngb (1). Swttzertand def. 
Denisa Chtadiunrq, Czech Republic 6-1.6-1 
Jana Navatna 13), Czech RepuMc def. 
Yayuk Basuki. Indonesia 6-4. 6-2 
Konberty Po (161. U def. Barbara S chert, 

Austria 6-24-4 7^5. 

Fkxendo Lobat Aigentlna det. Francesco 
Lubkml (tote 5-1. 6-1. 

Conchtta Martinez (71. Spate def. Saman- 
tha Smite Britain 6-1, 6-0. 

Mlrtana Luac Croatia det. Brie Rippner. 
U.S. 646-1. 

Lindsay Davenport (62 U5. deT. Wltteud 
Probst Gemany, 5-2 6-3. 

Mut'd sarnie 

SECOND ROUND 

Daniel Voce*. Czech Republic, def. Mike 
Sell U J. 4-4 7-4 17-51.5-1. 6-2 
Alex Corretja (6). Spate def. Hohdan 
UShrach. Czech Repubfic 7-S, 64. 2-4 44 
Alex Radulexu, Germany, def- Richard 
Fromberg. Australia 3-4 4-4. 6-1 3-4 6-4. 

Pale Sampras (i). UJL, def. Patrick Bom 
Germany, 7 -S 6-4. 6-2 
John van Lottum# Netherlands def. Johan 
Van Herck. Belgium, 6-3. 64 6-4 
Felh MotltlHa U2J, Spate def. Javier 
Sanchez, Spate 7-S 6-4, 6-3. 

Pair Korda (151. Czech Republic def. 
Mania Martete ttaty, 62 74 (7-4), 74 (7- 
S). 

Greg Rusedsta Britain, def. Marcos On- 
drvska South Africa 74 C7-31, 6-4. 6-1. 

Sant Draper, Austrafia def. JH Novak, 
Czaril Republic 7-2 7-6 (7-4). 3-4 6-3. 

Jens KnlppiriiHd, Germany, def. Dlnu 
Pescartu. Romania 6-2 7-2 6-1. 

Gustavo Kuerten (9). BraztL del. Sjeng 
Schaiken Nettreriamte 6-4 54. 52 
Richard Krolkck. Nethertarnfc. dd. MdiW- 
toFiUpoW, Uruguay, 7-6 (7-4), 52 7-5. 

Martin Damm Czech Republic def. Brefl 
StoHm New Zealand, 54 54 34 7-5 (7-4). 


FMBAT'd MKUITS 
WOMIN'S SMWLU 

THUD ROUND 

Irina Spirtea (11), Romania del. Llfio Os- 
tod on u^, 52 7-5. 

Monica Seles (2), U J, def. Miriam Ore- 
mans, Netherlands, 6-1, 6- 1." 


MIN'S snous 

SECOND ROUND 

Pahfck Rafter (13), Australia def. Magnus 
Norman Sweden 52 51. 52 
Cedric Piofine, France, def. Nicote 
Lapenlfi Ecuador, 64 54 52 
Magnus Laisson. Sweden, def. Nicolas Es- 
cude, France, 64 52 7-6 (7-3). 

Fernando MSigenl BrazH, del. Christian 
Ruud. Norway, 52 54 6-3. 

Heman Gumy, Argentina def. Todd Wood- 
bridge. Australia 7-2 5-4. 52 
Mark Woadnrde, Australia def. Yevgeny 
Kafelnikov (31, Russia 62 54 7-6 (7-4). 

Wayne FernHra, South Africa def Ttm Hen- 
man. Britain. 53 52 6-4 
Tammy Haas. Germany, del. Jan Kraslah. 
Slovakia. 64 5 1, 52 


CO LUOS 

FUWIDA AAM— Declared QB Jose Lnure- 
ano ineligible for unspecified nonacademic 
viotatiofis. 

FLDHOA state- Suspended 5 Sean Key 
for September 6, season opener at Southern 
CalHomta. 

mississi ppirr ate— Suspended G Bart Hy- 
cho from basketball team for undetermined 
part of the 1997-98 season for pleading guBty 
to Dili. 


motorcycle ractnc. Bmo, Czech 
Republic — Czech Republic Grand Prtt. 
Mmsccr, Italy — start of Sate A reasoa 

Monday, Sept 1 


olywks, Lausanne, SwRzertand — tjci. 
IOC Executive Committee meetings, to Sept 




Tuesday, Sept. 2 


mouth Carolina state— Declared QB 
Jose Lureano ineligible for the footbeffl team 
for the season. 

PUBDUE— Declared WR Ron Meson, OL 
Nick Sweeney, RB Curtis Taylor and DB 
waiie Was hing ton aendemfeany fnefigtole. 


No major entries. 

Wednesday, Sept. 3 


athletics, RMt Itwfr— man. womea 
1AAF, Grand Prix Rletl Y7 (class II). 


Thursday, Sept. 4 


The Week Ahead 


Saturday, Aug. 30 




usnui 

AMERICAN LEAGUE 

CHKAGO— Bought contract of OF MogaJio 
Ordonez tram Nashville. AA. 

DBTtrarr-Opltoned RHP Eddie Gurnard to 
Toleaa ll_ Recalled OF Bubba Trammell 
■ram Toledo. 

Oakland— S elected contract of RHP Eric 
Ludwkkfrom 

Hamilton, PCL Called up SS Miguel Te- 
Bda (mm HuntsvIBe. SL Placed SS Tiny 
Batata on 1 5-dav disabled list. 

NATIONAL LEAGUE 

UK angeles— Signed LHP Nidi Hughes. 
RocoJkrd OF Garcy Ingram from San Antonia 
TL Put OF RogerCedem an (5-daydisabM 

Ihl. Designalcd INF Chip Hole for asston- 
rnenr. 

p^TSBUPGR-Putacsed the contract of 
RHP Jason Johnson and INF Abraham 
Nunez from CamlinaSL Put RHP CGnt 
Sodowsky on 15-dny disabled list, optioned 
RHP Jose Silva ta Grigory. PCL DoMnqted 

RH P John Onngor and t B AAorii Johnson tor 
asslgnmenf. 

FOOTBALL 

NATIONAL FOOTBALL LEAGUE 
NEW YORK j Sts— R e-signed P Brian 
Hansen. Released P Todd Kure. 
Pittsburgh- Signed DB Chris Oldham. 
SAN FRANCISCO— Signod OT Bryant Younq 
to 6-year contract. 

HOCK IT 

NATIONAL HOCKEV LEAGUE 
Carolina— S igned F Steve Mottins and F 
Eiltan PhUpolt. 

HCw torn Hangers— T raded LW Luc Po- 

brtoHto to Lra Angeles tor L.W Kevin Stevens. 


AXJTO RAC MO, HefamKL Flrikmd — 
1.000 Lakes Ratty of Finland to Aug- 3! r 
DalkB - IMSA, Grroid Prtx of Ddks. 

cnrouMO. Houftonzc. Belgium — World 
Cup, to Aug. 31. 

CVCLDfa, Perth Australia- Warkt (rock 
Championships, to Aug. 31. 

act* Mem Munich. Germany — BMW 
International Open n Aug. 31; Milwaukee — 
Greater MBwaukce Open, to Aug. 31; ttoshL 
■na Japan — Hbuunitsu KBC Augusta to 
Aug.ST.-Mhtmy, Pennsylvania— PHtebuigh 
Senior Cknsic, to Aug. 31; Women: Marita 
Japan — Goya Kensetsu Ladles Cua to Aug. 
31; Springfield, HSnoks - State Farm Rail 
Classic foSapt l. 

taWtak. Alguebetetto. France — World 
Championships, to Sept. 8. 

socera. Windhoek, Namfba — inter- 
national friendly. Namibia vs. Zambia; Spam 
— start of Primera Division season, 
_-rrw» tt A. r*ew Yon. _ u.S. Open Tennis 
Championships (a SftpL 7. 

W'VERsrnr games. Paler- 
maswly — to Aug. 3). 

*«*STLmc, Krxansunk. HUuia - 

Mai. , Freestyle World to 


oqlf. Mem Crans-Sirr-Sierre, Switzerland 
— Canon European Masters, to Sept. 7; Bell 
Canadian Open, to Sept 7; Japan PGA 
Motchploy, to Sept. 7 

soecED. Cairo Egypt— Under-l 7 Wbrid 

Cup.taSepl.2l. 

Friday, Sept. S 



ft 




OLYMPICS. LauMnao.&w KXOTtwMf— 
IOC Session, decision for 2004 games Site. 

«»L* Men: BonkOneCtoslc (seniors), ta 
Scot 7; Women: Portland, Oregon,— Jhe 
Safeway LPGA Champiortshte to SepL 7; 
Minamtant, Japan — Fujfcsankei Ladies 
Classic to Sep). 7. 

Wcceh. New York — exhibition. El Sai- 
vodorvs-Cosla Rica, 


Saturday, Sept. 6 


Sunday, Aug. 31 


JSSSSSSS: 


hookey, Turku, Ftnkmd — IIHF •- 
turn peon Super Cup TPS Turku vs. Lodo"-* 
TogBaitl. 

cvcumcl Madrid, Spam — Vuetta de 
esparra to Sept 2B 

VOLLEYBALL, EWhavea Den Bosch, 
'Nethortanda — mea European Champi- 
onship to Sept 14 

^Ocweh, Various sites —World Cup quar- 
rfyina Croatia vs. Bosnlo-Herzegorata 
Slovenia vs. Greece Switzerland vs. Finland; 
Azerhaijan vs. Norway; Austria vs. Svrednc 
Lahria vs. Estonia Scofland vs. Bokmi« 
Fowoe islands vs. Czech Republic Nether 
lands vs. Belgium; lutartd valretoncb Liectil- 
erotein vs. Romania Lithuania vs. Mace- 
donia Germany vs. Portugal Armenia vs. 
Albania South Korea vs. Kaiakslon. 


M 


Sunday, Sept. 7: 


auto RAOim. Monza Italy - Formula 
One, IfaSanGrand Pnx; Monterey, Catitom^ 
— irWjHar. Grand Prix of Monterey. 

athletics, Gateshead, England— mi 

PA Series Final 1AAF Grand Prix (da 3 s ut 

3°CMH. ^ W& rid Cup q ^. 

Hying! Linembauig Vi Cypru,. Uruiensj^L 
«. Casta Rtes Jamaica «. Canada 
n Uzbekistan ^ 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 30-31, 19ST 


SPORTS 


PAGE 19 








-• rv 


V unhid, 


Padre Finds 
Interleague 
Victory Can 
Count a Lot 


The Associated Press 

There is still some confusion about 
inter! eague games — even among the 
players. 

Shortly after Paul Meohan pitched 
the San Diego Padres past the Anaheim 
Angels, 9-2. on Thursday, he had a 
V serious question. 

"This doesn’t count as a National 
League win, does it?" he 
, , I* did, meaning Menhan got credit for 

his first National League victory, even 
though it came against an American 
League team. 

“That’s good to know,” he said "I 
guess I should have read the papers 
more.” 

Baseball's third and final round of 
interleague games this season runs 
through Wednesday. Once again, the 
matchups provided plenty worth watch- 
ing: 

• The largest crowd in Coors Field- 
history, 50,269. saw Colorado beat 
Seattle. Andres Galarraga of the Rock- 
ies hit a 487-foot ( 145-meter") homer, the 
longest in the ballpark’s three seasons. 

• A rare catcher’s interference call 
- started a seven-run rally in the ninth 

inning against Rod Beck that led Texas 
, over San Francisco. 

• Los Angeles stole seven bases, all 
of them in the first five innings, in a 
victory over Oakland. 

By the end of the evening, thic year's 
AL-NL series stood even at 67-67. 

RogUm 9, Mariners s Galarraga hit a 
rwo-ran homer and an RBI double as 
Colorado won a matchup of the top two 
homer-hitting teams in the majors. Jeff 
Reed had a three-run shot as the Rockies 
won their third straight game. 

Edgar Martinez and Roberto Kelly 
homer ed in the eighth inning for Seattle. 
Ken Griffey Jr., leading the majors with 
43 home runs, went 0 for 3 but was 
cheered in every at-bat. 

Rangm-s 11 , Giants 5 San Francisco's 
closer. Rod Beck, took a 5-4 lead into 
the ninth and appeared to retire Jim 
Leyritz on a routine grounder to start the 
inning. But Leyritz was awarded first 
base because his bat hit the glove of 
catcher Brian Johnson, starting the 
Texas comeback at San Francisco. 

Juan Gonzalez drew a bases-loaded 
walk with one out that made it 5-all, and 
pinch-hitter Mike Simms followed with 
a three-run double. 

Barry Bonds hit his 3 1st homer and 
Jeff Kent doubled home a run, making 
him the NL’s first middle infielder with 
100 RBls since Ryne Sandberg of the 
Cubs in 1991. 

Dodgars 7, Athtotica 1 Hideo Nomo 
pitched into the eighth inning before a 
crowd of 51,392 ai Los Angeles. 

The teams split a two-game series at 
Oakland in June but had not played at 
Dodger Stadium since Game 2 of the 
1988 World Series, when Orel Her- 
shiser pitched Los Angeles to a 6-0 
victory. 

Otis Nixon stole three bases and Mike 
Piazza — on the back half of double 
steals — and Eric Young each stole 
twice for Los Angeles. 

PwfaavB, Angais 2 John Flaherty went 
3 for 3 and drove in three runs as San 
Diego stopped a four-game losing 
. streak. The game drew 18,203, below 
the Padres’ average home attendance of 
26,00.1. 



Best NFL Opener: Cowboys - Steeler s 

Dallas to Learn if Sanders’s Aching Back Will Let Him Play 


DaVkl Zalnhnw'fci/The AMrteUliJ Prcv 


Andres Galarraga of the Rockies connecting for a single against the 
Mariners a few innings before he blasted his mammoth home run. 


Ken Caminiri also had three hits for 
the Padres. Jim Edmonds hit his 21st 
home run for .Anaheim and made a 
diving catch on the warning track in 
center field. 

In National League games: 

Braws 4, Astros 2 Ryan Klesko re- 
discovered the art of home runs, hitting 
one for the first lime in more than a 
month. 

Denny Neagle got the victory to be- 
come the National League’s firsr 18- 
game winner. 

Javy Lopez hit his 21st home run. a 
three-run shot into the left-field seats. 

Neagle <18-3) allowed only four hits 
in seven innings ro beat Darryl Kile, 
who had a 10-game winning streak and 
also was seeking to become an 1 8-aame 
winner. Mark Wohlers worked the ninth 
for his 32d save, striking our Russ John- 
son with runners at second and third 

Cardinals 1 1 , Expos 5 Mark McGwire 
hit his 42d home run and Sl Louis 
bounced back to bear visiting 
Montreal. 

The Expos scored five times in the 
first inning against Andy Benes (9-7) 
before the Cardinals rallied. 

McGwire hit a solo home run and a 
sacrifice fly. Since being traded from 
Oakland to the Cardinals on July 31. 
McGwire has 15 hits — eight of them 
home runs. 

Royce Clayton and Tom Pagnozzi 
each had three hits for 5t. Louis. 

Cubs 4, Martins 3 Shawon Dunston 
singled home die winning run with two 
outs in the 10th inning in Qucago. 

Mark Grace singled off Antonio Alf- 
onseca (1-2) to start the Chicago ninth 
and moved to second on a passed ball 
with two ouis. Dunston followed with a 
single as the Cubs beat Florida for only 
the second, rime in 1 1 games this sea- 
son. 

Sammv Sosa homered for the Cubs. 


reaching the 30-homer mark for the 
third straight year. 

In American League games: 

Blue Jays 3, Whits Sox 2 In Toronto, 
Roger Clemens pitched another shuioui 

— at least when it came to earned runs 

— and it wasn’t good enough for his 
21st victory. 

“I kept*the game close." Clemens 
said after the 1 2-inning game. ‘ ’and gays 
did some laie damage and got us a win. 
That’s whai counts. ’ ’ The only 20-game 
winner in the majors allowed two runs — 
both unearned — and seven hits in nine 
innings, struck out seven and lowered his 
league-leading ERA to 1.73. 

A First-inning eirorby third baseman 
Ed Sprague led to both Chicago runs. 

Toronto got the winning run in the II th 
on a wild pitch. After Charlie O’Brien's 
leadoff single against Chuck McEIroy (0- 
3), Tomas Perez sacrificed Shannon 
Stewart was intentionally walked and 
Jose Cruz Jr. walked loading the bases. 

With an 0-2 count to Joe Carter, Jeff 
Darwin threw a pitch in the dirt and it 
bounced over the head of catcher Jorge 
Fabregas as pinch-runner Robert Perez 
scored 

Royals 5, Oriole* i Jeff King hit a two- 
run homer and Larry Sutton added a 
three -run shot at Camden Yards. Kansas 
City beat the Orioles twice in the three- 
game series. 

’’Their record may say one thing, but 
I don’t think that’s a bad club,'' the 
Orioles manager. Davey Johnson, said. 

After a one-out single by Dean 
Palmer in the fifth. King connected 
against Mike Mussina (13-6) for his 
18th home r. Mussina bad nor allowed a 
runner before Palmer's hit. 

Jose Rosado (9-10) established a ca- 
reer-high in victories, allowing four bits 
in seven innings to win for only the 
second time in 12 starts since June 23. 
He struck out seven and walked one. 


By Mike Freeman 

Ntm York Times Service 

The long road to the Super Bowl 
begins Sunday with 14 National Foot- 
ball League games scheduled. The 
Chicago Bears play the Green Bav 
Packers on Monday night. 

Dallas at Pittsburgh This is the best 

matchup of the day and perhaps ihe one 
with the most questions. The biggest 
one for Dallas is Deion Sanders. Will his 
ailin g back allow him to play and if be 
does, how effective will he be? 

NFL Matchup* 

Sreelers quarterback Kordell Stewart 
has had a great pre season but Dallas has 
the athleticism in the secondary and 
linebacking core to keep up with his 
dual threats of running and passing. 

Dallas’s all-time interconference 
winning percentage is second best in the 
NFC (60-32, .652) as are its 60 victories. 
That is largely because of the talent of 
Emmitt Smith, who in two games 
against the Sieeiers has rushed for 280 
yards and two touchdowns. Prediction: 
Cowboys 35. S teeters 21 

San Dingo at Now England San 

Diego’s Pro Bowl linebacker. Junior 
Seau, is questionable with a knee injury. 
If he doesn't play, the Patriots will have 
a field day on the ground. ' 

Curtis Martin has a touchdown in 
each of his last 15 home games. His 32 
touchdowns in his first two seasons rep- 
resent the second-most in league history 
(Eric Dickerson had 34t. 

And remember, the Patriots’ quar- 
terback, Drew Bledsoe, threw for 4,086 
yards last season. This could be the 
beginning of something special for the 
Patriots — a return trip to the Super 
Bowl. Patriots 28, Chargers 10 

Kansas City at Denvar The Chiefs 
spent much of the off-season upgrading 
what was a terrible offense last year, the 
biggest change being the signing of 
Elvis Grbac to play quarterback. The 
experiment begins for real against a 
team that many think will reach the 
Super Bowl. 

Since tearing his bicep, the Broncos' 
John Elway has been able to throw well, 
but the league will be watching to see if 
it can hold up to the pounding of an NFL 
season. 

Against the Chiefs, it will. Broncos 
17. Chiefs 7 

Minnesota at Buffalo This is the be- 
ginning of the Brad Johnson era in Min- 
nesota. 

Last year he finished third in the NFL 
with an S9.4 passer rating, was 5-3 as a 
starter and led the Vikings to a 4-2 mark 
in their final six games. He can play. 

Look for him to light up a Bills de- 
fense that with the exception of Bruce 
Smith showed little in preseason. Vik- 
ings 20. Bills 7 

Indianapolis at Miami Quarterback 
Dan Marino has a career-high 18 vic- 
tories against Indianapolis, and the 
Colts have been perhaps the most dis- 
respected team in the American Foot- 
ball Conference, but they are healthy 
and quarterback Jim Harbaugh has a 
105.6 passer rating in his last four games 
against Miami 

Having two rookies on their starting 
line for the first time since 1984 — 
guard Tank Glenn and tackle Adam 
Meadows — is a worry, but the Colts 
believe Glenn plays like a 10-year vet- 
eran. Colts 17, Dolphins 14 

Jacksonville at Baltimore Losing 
their starting quarterback, Mark 
Brunei!, for two months to a knee injury 
is a huge blow to the Jaguars, but Coach 


Tom Coughlin is so certain of the abil- 
ities of backup Rob Johnson that he 
chose not to go out and seek a more 
experienced man. 

Johnson rewarded Coughlin's faith in 
him as he led all quarterbacks in the 
preseason with a passer rating of 
142.9. 

The Jaguars will run, run, run any- 
way, behind Natrone Means. Jaguars 
30. Ravens 10 

San Francisco at Tampa Bay Tampa 
Bay will be one of the most well- 
coached teams in the league under Tony 
Dungy, but this is a tough game for his 
team. 

The 49ers are irritated because they 
played horribly in preseason and the 
newly acquired Kevin Greene will be on 
amission to prove the Carolina Panthers 
made a mistake in letting him go. Bnt 
there’s always Jerry Rice to watch out 
for. The 49ers wide receiver is the 
league's all-time leader in receptions 
(1,050), receiving yards (16,377) and 
touchdown receptions (154) and will be 
out there waiting for Steve Young's 
throws. 49ers 24, Buccaneers 20 

Oakland at Tmmuee The Oilers are 
finding that moving the franchise does 
not always guarantee there will be fan 
interest. If that isn't enough, here come 
the Raiders, bringing back the long 
passing game with new quarterback Jeff 
George, he of the sometimes bad at- 
titude, looking for a new start. In pre- 
season, the Oakland passing game bas 
looked great and there is no reason to 
think that will change against the Oilers. 
Raiders 42, Oilers / 7 

Atlanta at Detroit The Lions are going 
ro a more traditional two-back set while 
the Falcons go to their new coach, Dan 
Reeves, for guidance. 

This game is hard to call because 
Reeves has a great ability to get his 
teams fired up for certain games but in 
the end the lack of talent on the team — 
and the predictable, dry offense of 
Reeves — will be too much for Atlanta 
to overcome. Look for running back 
Barry Sanders to get his 100 yards — he 
has gained at least that in his last three 
opening games. Lions 14. Falcons 3 

Philadelphia at N.Y. Giants Jim Fassel 
makes his coaching debut on his birth- 
day against a team the Giants have been 
manhandled by the last two years. 
Happy Birthday, Jim. Now it is his turn 
to figure out why the Eagles under 
Rhodes seem ro intimidate the Giants. 

But this year the Giants have new 


blood in rookies Tiki Barber and Ike 
Hilliard, both of whom will be starting, 
and neither knows or cares abour the 
Eagles’ recent dominance. Philadelphia 
hasn’t seen these kind of weapons on the 
Giants in several years. Giants 21. 
Eagles 20 

Now Orleans at St. Louis The battle of 

the old fogies, Mike Ditka and Dick 
Vermeil. The latter has the edge because 
of the amazing work he has done so far 
in trying to change the attitude of the 
lowly Rams. Having a potentially great 
player in Orlando Pace doesn't hurt, 
either. 

The Rams’ wide receiver Isaac Bruce 
has caught more passes in his firsr three 
years in the league ("224 1 than any other 
receiver. Rams 10. Saints 0 

Arizona at Cincinnati The biggest 
matchup in this game, and the one that 
will determine the outcome, is between 
two Pro Bowl players — wide receiver 
Carl Pickens of the Bengals and corner- 
back Aeneas Williams of Arizona. 

The problem for the Cardinals is that 
Cincinnati has other offensive weapons 
like running back Ki-Jana Carter, who 
has averaged seven yards a cany in 
preseason. Bengals 21. Cardinals 10 

N.Y. Jots at seattlelt is hard to imag- 
ine Jets' coach Bill Parcells losing this 
game. The common misconception is 
that the Jets don’r have talent; actually, 
they have lots of it. It just wasn *t being 
utilized. 

Exhibition seasons usually mean 
nothing, but the Jets’ 4-0 record does — 
in this case it means the team has a coach 
who knows how to utilize that talent. 
Jets 17 Seattle 14 

Washington at Carolina The one thing 

Washington can do little about is the 
incredible home-field advantage the 
Panthers now possess, one of the best in 
the league. Last year they were 8-0 at 
home. Even with Kerry Collins out be- 
cause of a broken jaw, the offense cen- 
ters on the running game and the Pan- 
thers rely on their defense and zone 
blitzes. Panthers 16, Redskins 6 

Chicago at Groan Bay In their game 
Monday night, the Packers begin the 
defense of their title against a team they 
have played very well against recently; 
a Packer victory would tie the longest 
consecutive winning streak against 
Chicago with seven. Don't worry about 
complacency or cockiness from the 
Packers. Coach Mike Holmgren put the 
team through its hardest training camp 
ever under him. Packers 27. Bears 3 


Ohio State Stops Wyoming 


The Associated Press 

Thanks to a stout effort from the 
defense, ninth-ranked Ohio State turned 
back four-touchdown underdog Wyom- 
ing in the Eddie Robinson Football 
Classic in Columbus, Ohio. 

But the Buckeyes didn’t earn much 

Collioe Football 

respect Thursday night with their 24-10 
victory over the Cowboys. 

"I felt we were better conditioned 
and a more physical team than Ohio 
State/’ said the Wyoming coach, Dana 
Dimel after season opener for both 
reams. * ‘I felt we controlled both lines of 
scrimmage. If you §o back and watch 
the films, I don’t think there’s a lot of 
difference between the two teams.” 

Ohio State outgained Wyoming, 500 
yards ro 323, held the bail for 10 minutes 
longer, got the game’s only three 


turnovers and was not seriously 
threatened after Michael Wiley and Dee 
Miller scored third-quarter touchdowns. 

Wiley, who rushed for 121 yards on 
10 carries, scored on a 32-yard' run, and 
Miller caught a 45-yard scoring pass. 

But the Ohio State coach, John 
Cooper, acknowledged that his team had 
not played inspired football. "We were 
real sloppy,” he said of his team’s of- 
fensive execution. *‘We were wallowing 
around and we weren't blocking." 

Ohio State's 35-game streak of sell- 
outs ended on the third night game in 
Ohio Stadium history. A crowd of 
89,122 — 719 under capacity — 
watched the Buckeyes win their J 9th- 
straight home opener. 

Ohio State, coming off an 1 1-1 record 
and No. 2 ranking in 1996. limited the 
Cowboys to 323 yards. Wyoming of the 
Western Athletic Conference was 20-2 
last season. 


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PAGE 20 


DAVE BARRY 


Hippocrates Knows Best 


M IAMI — I turned 50, which is 
really not so old. A lot of very 
famous people accomplished great 
things after 50. For example, it was 
during the post-50 phase of his life that 
the brilliant physicist Albert Einstein 
produced the vast majority of his 


produ 

drool. 


But still, when you're 50. you’re def- 
initely ’‘getting up there," so I decided 
I’d better go in for my annual physical 
examination, which is something 1 do 
approximately every seven to nine 
years. I keep my physicals spaced out 
because my doctor. Cun. who is or- 
dinarily a terrific guy, has a tendency to 
put on a scary rubber glove and make 
sudden lunges at my personal region. 

Also Cun has some 
ladies who work with him 

— and again, these are 
charming people — who 
belong to some kind of 
Druid-style cult that has 
very strict beliefs under 
which they are not al- 
lowed to let you leave the 
office with any of your 

blood. They get you in a chair and distract 
you with charming conversation while 
they subtly take your arm and insen a 
needle attached to a long tube that goes 
outside to a 50,000-gallon tanker truck 
with a big sign that says ‘•BLOOD.” 
When they're done draining you, they 
don't even have to open the door to ler 
you out; they just slide you under it 

□ 

Somehow I got through my physical 
O.K. But then, about a week later, Curt 
was working late one night at his office 

— perhaps going through the Official 
Catalogue Of Supplies For Doctor's Of- 
fices, which lists needles in sizes rang- 
ing all the way from Extra Large to 
Harpoon, as well as an extensive se- 
lection of pre-1992 magazines with the 
last page of every article tom out — and 
he happened to glance up at his framed 
copy 1 of the Hippocratic oath. This is an 
oath that is named after an ancient 
Greek philosopher, Aristotle, who is 
considered the Father of Medicine be- 
cause he invented the following 
phrases, without which modem medical 
care would be impossible: 

"Do you have insurance?" 

"We’re going to have to run some 
tests." 

“You may experience some discom- 
fort." 

"We’re going to have to run some 
more tests." 

"The tests were inconclusive.” 
Anyway. Cun was looking at die 
Hippocratic oath, which all docrors are 
required to take, and he noticed the 
sentence that says: 

“And I sw ear by my Lexus that if a 
person comes into my office for any 
reason, whether it be for a physical 
examination or simply to deliver the 


My doctor, Curt, 
insisted that I had 
to change my 
dietary habits. 


mail, I will find something medically 
wrong with that person.” 

And so Curt realizing that if he let me 
get out of ray physical scot-free, burly 
agents of the American Medical As- 
sociation Ethics Unit would come and 
yank his stethoscope right out of his 
ears, called me and told me that the 
cholesterol level in my blood was a little 
high. I tried to argue that this was no 
longer my problem, since all ray blood 
was in the possession of the Druid 
ladies, but Cun insisted that I had to 
change my dietary habits. 

To help me do this. Cun sent me some 
informative medical pamphlets that ex- 
plain to the lay person, via cartoons, 
what cholesterol is. Technically, it is a 

little blob-shaped guy 

with buggy eyes and a 
big nose w'ho goes run- 
ning through your 
blood vessel, which is a 
tube going to your 
heart, which can be 
seen smiling in the 
background. Some- 
times the blob guy gets 
stuck, causing him to get a gnimpv 
expression and have a balloon come out 
of his mouth saying. "I’M STUCK.” If 
too many cbolesierols get snick, your 
blood vessel looks like a New York 
subway train at rush hour, and your 
heart gets a sad face, and surgeons have 
to go in there with a medical device 
originally developed by Roto-Rooter. 

To prevent this from happening, you 
need to be very careful about your diet, 
as follows: 

FOOD GROUPS YOU CANNOT 
EAT: Meat. milk, cheese, butter, 
desserts, processed foods, fried foods, 
foods with s kins , restaurant foods, foods 
your mom made, foods from packages, 
foods shown in commercials, foods 
containing flavor, foods being carried 
around on trays at wedding receptions, 
appetizers, snacks, munchies, breakfast, 
lunch, dinner, take-out, drive-thru, pina 
coLadas, any food with a phrase such as 
“GOOD LUCK HERB!” written on it ■ 
in frosting. 

FOOD GROUPS YOU CAN EAT: 
Water (unsweetened), lowfat celery, 
wood chips. 

□ 

This diet has been difficult for me to 
follow. The worst part has been giving 
up cheese. I love cheese. I'm the kind of 
person who, merely w hile rummaging 
through the refrigerator to see what else 
is available, can easily gnaw his way 
through a hunk of Cheddar the size of the 
late Sonny Liston. But I've been pretty 
good so far, and I’m hoping that my 
blood cholesterol will be a lot lower, if I 
ever develop blood again. Curt wants 
me to come back in and have it checked. 
He'll never take me alive. 

£7997 The Muni Herald 
Distributed by Tribune Media Sen-ices Inc 



The Loopy, 


Intenunonai Herald Tribune 

L ONDON — Successful producers usually mean 
limousines and luxe. Thelma Holt once hitched a 
ride home in a dust cart after a first night and lives in 
a small crowded flat. “I don’t want a house in the 
country. lean stay at someone else’s,’ ’ she said in the 
■ heart of London's theater district at her office, which 
once belonged to Ivor Novello. an operetta composer 
and actor with a profile of pure cut glass. 

Holt, who has vivid red hair and the gaze, at once 
intense and distracted, of a crystal-ball or tarot- card 

MARY BLIME 

reader, formed her own production company in 
1990. It has put on 18 plays, including a mul- 
tinational “Peer Gynt” with the Japanese director 
Yuttio Ninagawa, whose work she has presented in 
England and on the Continent for I i years, and the 
prize- winning version of “A Doll’s House” whose 
Broadway closing she will attend on Monday before 
flying off to Tokyo to meet with Ninagawa, whose 
“Hamlet” in Japanese she will bring to London’s 
Barbican next season. 

“A Doll’s House.” a huge surprise hit in both 
Loudon and New York, is typical Holt. “I don’t like 
the original play,” she says, and also she never 
found the character of Torvald developed enough 
either to make sense or to attract a first-rate actor. 
Having had experience from her acting days of 
playing the role of Mrs. Linde ( “really, she whinges 
for Norway, she's such a boring character”) as well 
as plenty of ideas, she discussed the play with the 
writer Frank McGuinness on a flight from Tokyo. 

* ‘It’s a 14V*-hour flight and by the time we got off the 
plane he was ready to do it.” 

The adaptation worked beautifully and Holt had 
already recruited her Nora. Janet McTeer, who 
played in “Much Ado About Nothing” for Holt in 
1993 and who stands 6 feet. 2 inches (188 cen- 
timeters) tall. After a few drinks in a pub both 
women decided McTeer was only 5 feet 2 and the- 
perfect Nora. Like many actors McTeer has come to 
refer to Holt as a second mother (“Her mother- 
mother says I can have her,” says Holi). 

In addition to her own productions Holt is head of 
the drama panel at Britain's Arts CounciL a non- 
paying job to which she gives two and a half days a 
week, and head of touring and commercial ex- 
ploitation at the National Theatre, which means that 
this autumn she will produce, for the National's 
French season, the Comedie Francaise in “Les 
Fausses Confidences” and Peter Brook's version of 
Beckett's “Ohl Les Beaux Jours” with Natasha 
Party. Recently Holt was featured in an article on 
England's most powerful women. 

“I don't want power, I just warn my own way,” 
she murmurs. She runs a tight operation seconded 
just by a young man named Mai and a young woman 
named Sweetpea and is known for canny loopiness 
and prodigious generosity. 

“She is engaged wholeheartedly and thoughtfully 
in her work and I admire her tremendously, ” 
Vanessa Redgrave wrote in her memoirs. Of 
Redgrave Holt says, “She's lovely. Barmy, barking 
but getting calmer 3S she gets older.” 

_ What Holt wants is not money or fame but to be 
adored- "It’s very necessary. Not worshiped but just 
loved. That's the actor in me.” She goes to endless 
lengths for her companies and. addicted to talent, 
knows she is easy to manipulate. “I'm quite happv to 
be manipulated", I can smell it a mile off. I’m 
indulgent with talent but then I think it’s only 


Holt’s record as a producer for the London stage is impressive in its daring and scope 


mediocrity that doesn't recognize talent. The me- 
diocre only recognize each other.” 

A student at the Royal Academy of Dramatic Arts 
at the same time as Albert Finney and Peter O’Toole, 
she played a lot of Shakespeare including a nude Lady 
Macbeth (“everyone was nude in the ’60s”). She 
started in production in two theaters that soon won an 
international reputation: the Open Space, which she 
founded with Charles Marowhz in 1968, and the 
Round House where, she says, she had a wonderful 
board, very supportive and rich. “Robert Maxwell 
used to interfere but everyone else was all right.” 

Holt has made three parachute jumps and three 
marriages. The word most often used about her is 
eccentric but she says she is merely practical 
"There's no rhyme or’reason to what I do. I just do 
it because I want to do it. I am prepared to do my 
thing and sometimes people find that eccentric.” 

She hailed the passing dust can because she 
couldn't find any other transport: she keeps cham- 
pagne in her washing machine because she is short of 
space and doesn't know how to work the machine 
anyway; if she failed to recognize one of her hus- 
bands in an old film it was because that was a long 
time ago. A fervent if unorthodox Catholic, she lights 
candles at every church she passes. “I pray a lot, a 
Iol And I expect results, I don't ask for a good first 
night. I pray for strength to cope with a bad one." 

She has 14 regular investors, including a. woman 
from San Francisco and one of London's most 
successful producers. She refuses to hire assistant 
directors — “the director can do it if he pays for it” 
— and she does her own casting with the 
help of Sweetpea. “I'm not a big producer. I’m a 


bit of a bucket- and-spade operator,” she says. 
Nonetheless, her record is impressive in its dating 
and scope. She brought Georgia’s Rustaveli theater 
from Tbilisi to London, as well as the Japanese, and . 
Ariane Mnouchkine’s “Les Atrides.” She says she ■-$ 
doesn’t speak foreign languages although she can"“- 
negotiate in French and has more Russian than she .. 
lets on. “I understand money in other languages, amf; 

I know r how to cost things.” She had just countered! ; 
a Japanese lighting director's demand for 16 hours’ - 
work by offering eight. "We will settle for 12,1 
know from having seen the show. He will ask for 
more, I will offer less, and we ’ll meet in the middle, 
of the Rialto and everyone will be happy.” • 

As a producer she’s a one-off. “I am not h 
ducer.” she insists, “I am a not-working a 
premise is do only what you want, don’t c _____ _ 

that you think might be a good idea. It's got' To be 
inesistible which means it’s got to be my idet-’* 

She refuses to put her cast through long.runs qr 
weekday matinees. “If we treated our actors as we 
treat our horses, things would be a lot better.; Lpak;, 
after them, feed them well, take care of them, cosset £ 
them, don't pay them too much but do what needs io^fj 
be done for them.” .... _ 

In the cramped office above Sweetpea's he; 
there are rows of photographs of actors — Fio 
Shaw, Richard Harris, the Redgrave girls, as Hoh v 
calls them. Mark Rylance, Holr with the Oasis singer^ 
Liam Gallagher and Holt as Lady Macbeth in see-T 
through veiling. There are quotations from such' : 
sages as Brook and Schopenhauer, and one that goes, 
“You play. You win, you play. You lose, you play/; ; 

It is signed Thelma Holt. r . ' 







t . i 


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T HE Venice Film Festival 
has paid a moving tribute 
to Marcello Mastroianni 
with a film souvenir pro- 
duced by his longtime com- 
panion, Anna Maria Tato. 

The festival showed the full 
thxee-and-a-ha]f-hour ver- 
sion of “Mi ricordo. si, io mi 
ricordo” (“I Remember"), a 
shortened version of which 
was screened this year in 
Cannes. Tato, who lived with 
Mastroianni for 22 years, also 
announced the creation of a 
Mastroianni Prize to be 
awarded alternately in Italy 
and France — the two coun- 
tries where the couple made 
their home. The Venice fes- 
tival is dedicated this year to 
Mastroianni, who died in 
December. Tato filmed Mas- 
troianni, already seriously ill, in the 
rugged scenery of northern Portugal 
where he went for his last role, in a mm 
directed by the Portuguese director 
Manoel de Oliveira. “Today, I am 72 
and I don’t feel old.” Mastroianni says 
in the film. “When I was young, life 
seemed eternal . . . and then when one 
reaches a certain age, one realizes that it 
has gone by like that: bzzzzz." The 
festival, which opened Wednesday, will 
also pay tribute to other Italian film 
giants including Roberto Rossellini, 
who died 20 years ago. and Marco Fer- 
reri and Giuseppe de Santis, who died 
more recently. 

□ 

Britain’s Prince Andrew and his girl- 
friend of six months have split up~ be- 
cause his ex-wife, Sarah Ferguson, 
kept interfering with the relationship. 
London tabloids reported Friday. "Fer- 
gie has managed to scupper it as she has 
with all his girlfriends, The Sun quoted 
a friend of the prince as saying. Hen* 
riette Peace, 29. a researcher for the 
BBC. reportedly decided to leave An- 
drew after he joined Fergie on holiday in 
Tuscany earlier this month — after 
promising to take Peace ro Barbados. 

□ 

He has set land -speed records before, 
and now Craig Breedlove is taking his 
53 million rocket-powered car to the 
Black Rock Desen near Reno, Nevada, 
to try to do it again. Breedlove. 60. was 
the first to surpass 400, 500 and 600 
miles per hour. He will begin time trials 
Sept. 6 in his attempt to set another land- 
speed record. Competing with him will 
be Britain's Richard Noble, also with a 
rocket-powered car. 

□ 

The German writer Guenter Grass 
has set up a foundation to promote un- 
derstanding of Gypsies and their culture. 
The foundation will be headquartered in 
Luebeck, nonhem Germany, and is due 
io be inaugurated officially on Sept. 
28. 

□ 

Roni Size with Reprazent beat stiff 



Erie Hr+rrpTV fW 

Craig Breedlove in the cockpit of his $3 million car. 


competition from the Spice Girls and 
Oasis to win what is seen as Britain's top 
music award. The 1997 Mercury Music 
Prize for Album of the Year was award- 
ed at a London ceremony to the col- 
lective of musicians for “New Forms," 
a mixture of ’70s funk and '90s rave. The 
judges acclaimed Size as the leading 
example of “the DJ as artiste and com- 
poser.” 

□ 

Buddy Guy did it. So did B.B. King. 
Now, John Lee Hooker is set to open his 
own blues club in San Francisco. John 
Lee Hooker’s Boom Boom Room will 
open Ocl 3. the San Francisco Chronicle 
reports. "When I ain’t working. 1*11 be 
there," said Hooker, who celebrated a 
birthday last week that he denied was his 
80th. "I’ll greet the people and plav the 
blues." King has clubs in Memphis and 
Los Angeles. Guy owns a club in Chica- 
go. Hooker has two Grammys, is in the 
Rock and Roll Hall of Fame and has 
received a Lifetime Achievement Award 
from the Blues Foundation. 

□ 

There was no reason lo doubt the 
origin of a handwritten Emily Dickin- 
son poem purchased for 524,150 by her 
hometown library in Amherst. Mas- 
sachusetts. The words “Aunt Emily ” 
penned on the back, smacked of au- 
thenticity. But the library curator 
wondered which relative wrote them 
setting off a chain of inquiry that has 


exposed the poem and manu- 
script as shams by one oftfij 
century’s most clever forgeii 
according to the Jones Libra# 
and Sotheby’s auction house 
The breakthrough came whea , 
a Dickinson collector saidTjc 

Mark Hofmann in thetiS: 
1980s. Hofmann, then yjeiBid. 
as a legitimate documjaft 
dealer, was later conviettdof 
two pipe-bomb murders HKt 
sent to prison for lifer-rBe* 
was one of the most sfcSfe d. 
forgers in this cennuy,^4fflid| 
the curator, Daniel LanK*S J 
bardo. "The lengths he went' ■ 
to fool all the experts' war 
extraordinary.” • 

□ 

An Italian woman won flic 
job of gravedigger at a cemetery near. 
Florence on Friday after all the-jhalfi - 
candidates for the post fainted. Rossaio; 
Giusti was the only candidate fora reran 
of the practical test — exhuming a bo*) 

— after 10 men trying out for the job au : 
keeled over. The Chiesanuova cemetery 
in the town of Prato, near Florence, Hal- 
been seeking new undertakers for soine 
time. Its problems in finding suitable, 
staff had been compounded by anemia?., 
in the official job ad. which called 
"necrophiliacs" instead of "nei 
fori." or gravediggers. 

□ ; ' ; ; 

A Marvel Comics editor, Mark-GfH*:. 
enwald, poured his life into his wort He; 
did the same in death. A 12 i book comic 
series that he created, “Squadron Su-; 
preme," was reissuedin one volume this 
week — primed with ink-blended with- 
his ashes. “Yes, the pages you are about 
to turn contain the actual particles of ; 
Gni." his widow, Catherine r wrote in 
an introduction. Gruenwald was senior, 
executive editor at Marvel when he died’ 
of a heart attack on Aug. 12, 1996 at the! 
a §5pf 42. His will requestetl that he be - 
cremated, and "forhisashestobettuxed, 
in with the ink during the printing of a 1 
comic book, ' ' she wrote. The ashes were 1 
jrnxed at a priming plant in Canton. , 
Umo. "This is something that he really^ 
wanted because he really loved cor n- 
tos, said Marvel’s editor in chief. Bob 
Harras. "He wanted to be pan of his 

work m a very real sense.” 






Rntde 


!fh 


250,000 Vintage Disks Go on the Block 

P AST BETHEL. Minnesoto^ Tcoii'r” r 
^records featuring Billie Holidav Frank c^ CI, ° n 2? vintage vinyl 

jazz greats will be auctioned ^eeS r^ ^ 

owner who locked the disks awav in hfe k, the tro Y e of a former record store 
Most of the 78-rpm record 1951. 

wrappings. Charlie Parker, Louie Armso-nna 0 ^ 110 .?’ Sealed 1x1 rheir oriS 11131 
are represented. Along with the razz aod Duke Ellington 

albums share space and county nC?T hei o c,assical children’s 
The collection was amassedbrH™ rSiT c i Rltt f Md Gen * Autry, 
store in 1928. He shut his business and slasher?' who . 5 tar !? d Ws fast record 
in a traffic accident on New Year's Eve iq?? 5 e .[ ec ° rds after he was injured 
. s cve 195 * - Callender died in 1996. 


V 




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1 1