Skip to main content

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

See other formats


Iteralfc 


INTERNATIONAL 




PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


The World’s Daily Newspaper 


R 


Paris, Friday, December 12, 1997 



‘Historic Moment 9 
For IRA and U.K. 

Slogans Aside, Blair and Adams 
,, Make Progress at Downing Street 

Sy 

By Warren Hoge 

New fork Times Service 

LONDON — Gerry Adams, the Northern Irish nationalist 
leader, went to No. 10 Downing Street on Thursday and 
entered from an hourlong meeting with Prime Minister Tony 
Blair saying, '‘Usually moments m Anglo-Irish relationships in 
history toe bad, but today was a significantly good moment.” 

Standing with his aides before the black door with the 
golden No. 10 on it, the leader of Sinn Fein, the political wing 
of the Irish Republican Army, said that the visit, while 
obviously highly symbolic, had afforded die two sides a 
discussion in which they really “engaged.'’ 

"We certainly had the opportunity to put forward our view 
that all the hurt and grief and pain and division that has come 
from British involvement in Insh affairs has to end," he said 

The meeting was nor, he said “one where we put up onr 
stock positions and Mr. Blair puts up his stock positions." 

! ' A spokesman for Mr. Blair later agreed saying that the 
session, which he called “constructive and positive," had 
. gone beyond “people chanting man tras and slogans.” 

He said the prime minister had sought and received from 
Mr. Adams a statement of his commitment to nonviolence. 
“It is important that I can look you in the eye and hear- you say 
that you remain committed to peaceful means," the spokes- 
man quoted Mr. Blair as saying. 

Mr. Blair told his visitors that if there were a return to 
violence, “we waste die best possibility for peace that we 
have had for a generation.’ ’ 

The IRA renewed a lapsed cease-fire on July 20 and in 
September gained entry to the all-party peace talks now 

See ULSTER, Page 10 



Seoul Is Rebuffed on Aid: 



Adn AhscM hm 

Gerry Adams speaking outside No. 10 Downing Street 
on Thursday before his meeting with Tony Blair. 


A Truce in War Over Climate Change 

But U.S. to Delay Submitting Global Treaty for Ratification 


By Kevin Sullivan 
and Joby Warrick 

Washington Post Service 


KYOTO, Japan — Exhausted and 
divided delegates to theUnited Nations 
climate conference reached a historic 
accord Thursday, agreeing to substan- 
tial cuts in emissions of greenhouse 
gases by industrialized countries but 
leaving until next year the contentious 
issue of whether and how the world’s 
poorer nations would participate. 

Capping a chaotic 48 horns of nearly 
nonstop negotiations, delegates from 
159 countries worked well into mid- 
morning Thursday on their way to 
adopting a treaty that committed die 
world’s developed countries to binding 
limits on the pollutants that many sci- 
entists say are causing a potentially 
disastrous warming of the Earth. 

But Vice President A1 Gore said 
Thursday in Washington that President 


Bill Clinto n's administration would 
delay submitting die treaty to die Senate 
nnril key developing countries also had 
agreed to limits on emissions of so- 
called greenhouse gases, principally 
carbon dioxide, that are believed to 
contribute substantially to global 
warming. 

4 ‘We will not submit this agreement 
for ratification until key developing 

U.S. needs to cut fuel use. Page 3. 

nations participate in this effort,” he 
said. “This is a global problem that 
will require a global solution." 

Honrs before the final agreement 
was reached in Kyoto, leading Re- 
publicans in the U.S. Senate declared 
the accord “dead on arrival,” and a 
leading Democratic supporter urged 
that the Senate delay a vote in light of 
its bleak prospects. 


The treaty, if ratified, would require 
wealthy nations in North America and 
Europe as well as Japan to reduce 
emissions to between opercent and 8 
percent below their 1990 levels by 
2012. The accord, if enforced, would 
spur dramatic changes in Western 
countries dependent on fossil fuels and 
would probably represent the most 
ambitious and most controversial 
global environmental undertaking in 
history. 

Under the proposal, the United 
States would cut its emissi ons to 7 
percent below 1990 levels, signifi- 
cantly lower than the original U.S. 
proposal, which was to stabilize emis- 
sions at 1990 levels. The European 
Union would cut emissions by 8 per- 
cent, a little more than half the 15 
percent it originally proposed. Japan 
would cut emissions by 6 percent as 

See KYOTO, Page 10 


Going Green: Kyoto Accord Sets Out the Path 


The Associated Press 

Following are details of the Kyoto Protocol to the 1992 
treaty on clima te change: 

REDUCTIONS: Thirty-eight industrialized nations are 
required to reduce their greenhouse gas emissions from 1990 
levels between 2008 and 2012. The European Union would 
reduce them by 8 percent, the United States by 7 percent' and 
Japan by 6 percent. Some would face smaller reductions, and 
a few would not face any now. As a group, the nations would 
cut back on emissions of such gases by just over 5 percent 

GASES INVOLVED: Emissions of six gases: carbon 
dioxide, methane, nitrous oxide and three halocarbons used 
as substitutes for ozone-damaging chlorofluorocarbons. 

“OFFSHORE" REDUCTIONS: Countries that do 


not meet their own emissions targets can strike deals with 
nations dial do better than required to buy the excess 
' ‘quota. " This may encourage reductions to be made where 
they are most cost-effective. 

ENFORCEMENT: A later meeting of the treaty parties 
will decide on “appropriate and effective" ways to deal 
with noncomptiance. 

THIRD WORLD: Developing countries, including ma- 
jor greenhouse-gas emitters such as China and India, are 
asked to s et volu ntary redaction targets. 

NEXT STEP: The accord takes effect once it is ratified by 
55 nations representing 55 percent of the world's carbon 
dioxide emissions in 1990. It is binding on individual coun- 
tries only after their governments complete ratification. 


Won Plunges Anew 
In Rush for Dollars 

By Andrew Pollack 

New York Times Service • 

SEOUL — Turmoil reigned in South Korea’s markets 
Thursday as its currency continued its free fall and an attempt 
to entice overseas investors into its stock market began with a 
thud. 

ft took only minutes after tradmg opened for the won to fell 
its maximum allowable ammmt . the fourth consecutive day it 
has dropped so much. The dollar rose lOpercent, to 1,719.80 
won from 1 ,565,90 woo on W ednesday , and more than double 
the rate at tire beginning of this year. At the beginning of 
November, the dollar was at 961 won. 

Meanwhile, on the first day in which foreign investors were 
allowed to own 50 percent of a South Korean company, up 
from 26 percent, foreign buying was limited to a few blue 
chips. About $200 million in foreign capital flowed in, 
according to market watchers. The stock' exchange’s com- 
posite index plunged 5.62 percent, to 37737, near its low for 
Ae year, 356.82. .... 

The turmoil in South Korea spilled over into the rest of 
Asia, with currencies and bourses 
falling throughout the region. 

The won’s decline reflects a des- 
perate attempt by South Korean 
co mpanies financial institutions 
to obtain dollars to pay their foreign 
debts. The $60 billion line of credit 
put together by the International Mon- 
etary Fund has not eased ti^e crisis. 

Indeed, some analysts say it seems to 
have made the credit crunch worse. 

“Businesses are almost para- 
lyzed," said the chief representative 
in Seoul of an American investment 
bank. “They’re not out there pro- 
ducing and marketing. They are just 
trying to get liquidity.’’ 

Therenre reports that South Korean 
importers are having trouble procur- 
ing letters of cre<^ making it aifficidt 
to bring in supplies from abroad. 

Meanwhile, Standard & Poor’s 
Carp, lowered the rating Thursday of 
South Korea’s foreign-currency 
bonds to BBB-tninus, the lowest in- 
vestment-grade rating, from A- 
tninus. On Wednesday, Moody’s In- 
vestors Service had ent the rating to 


See KOREA, Page 4 


Deepening Asian Gloom 


Principal stock Indexes 


Hong Kong 
Kuala Lumpur 


Singapore 


Bangkok 


Jakarta 


Seoul 


Tokyo 


But U.S. andEurope 
Ride Out the Turmoil 


By Mitchell Martin and Brian~Knowlton 

. . IntentatioMlHentidTribrne 

World stock markets had a relapse of the Asian flu Thurs- 
day. birt although problems in Strath Korea and Hong Kong 
rattled some investors, analysts said this was just a pale echo 
of the problems seen earlier this year and did not indicate a 
new ensis. 

After a weak performance by Wall Street on Wednesday, 
Asian markets opened to see the South Korean won again 
dropping by its 10 percent limit for the day . as it became 
increasingly clear that the $60 billion of assistance arranged by 
foe-international Monetary Fond, about $20 hilliqa af which is 

due to be paid before the end of this year, would not be enough 
to help the country meet its overseas debts in coming months. 

Stocks. fell across the region, and the selling washed with 
decreasing intensity across Europe and finally the United 
States. While many Asian markets fell 5 percent or more, 
most bourses in Europe suffered losses of between 2 percent 
and 3 percent, and the Dow Jones industrial average ended 
with a 1.63 percent loss, at 7,848.99, down 129.80 points. 

Seoul reportedly is seeking addi- 
tional aid, bat with reservations about 
complying with the IMFs market- 
opening requirements, it is having 
trouble persuading foreign govern- 
ments to offer more money. Robert 
Rubin, the U.S. Treasury secretary, 
showed no willingness Thursday to 
offer direct U.S. assistance to Seoul, 
saying the best way for it to arrest its 
steep financial slide was to carry out 
tire commitments it made under the 
$60 billion IMF-led rescue plan. 

“They have taken a number of 
very important measures, and they 
have a lot to do, and that’s the process 
that's under way," Mr. Rubin said as 
he was about to meet .with Finance 
Minister Mar’ie Muhammad of In- 
donesia. Asked about die possibility 
of a South Korean default, be said, 
“They’ve got a strong program with 
the IMF, and I think that the key is for 
them to implement that program and 
implement it effectively.” . 

A top IMF official in Washington 
voiced similar confidence in Seoul’s 
progress. “T expea we’ll see the 


% change 

Thursday 


% change 
year to date 



ScUm BOanbeig 


un- 


See MARKETS, Page 4 


Is IMF Overmedicating Asian Patients? 

Leaders Say Bailout Could Kill Healthy Firms 


By Thomas Crumpton 

International Herald Tribune 

BANGKOK — As Asia’s markets 
spiral downward, Asian business and 
political leaders are wanting that the IMF 
bailout prog ram s have prescribed the 
wrong land of medi ci ne and risk hurting 
the economies they are intended to save. 

These officials and executives 'crit- 
icized the International Monetary Fund 
for force-fitting the measures — which 
they said were tailored to stop a gov- 
ernment spending spree in Latin Amer- 
ica a decade ago — onto Asia’s fi- 
nancial crisis, which has at its root the 
overspending by corporations, not its 
governments. 

Relentless application of the 
agency’s orthodox bailout, which in- 
cludes increased taxes, high interest 
rates and budget cuts, will smother the 
already fragile companies and econo- 


mies of South Korea, Thailand, Indone- 
sia and Malaysia, they warned. . • • 
“You smack a child for misbehaving 
so he learns a lesson, you don’t beat him 
to death,” said Chmnpol Na Lamlieng, 
president of Siam Cement PLC, a Thai 
industrial company . “While it is good to 
restrict unnecessary lending with high 
interest rates, the current tight liquidity 
is killing formerly viable companies." 

In recent interviews, leading officials, 
such as the new Thai prime minister and 
new South Korean finance minister, 
suggested that IMF belt-tightening was 
cutting into their countries' real econ- 
omies, rather than reining in spending. 

A top IMF official in Washington 
disputed this point of view, and said that 
the agency’s Asian prescription was a 
necessary and urgent medicine needed 
to stabilize Asia’s financial markets so 
that recovery could take place. 

“In these financial panics — and 


The Dollar 


M— i York ThuwdwO 4 PM- pmtoadoM 


DM 


1-7615 


1.7875 


Pound 


1-657 


1.6482 


Yan 


129.825 


129.40 





- 129.8 


7848.99 


SSP 500 


7978.79 


change thuaday O 4 P.M. previous dose 


- 14.85 


954.94 


969.79 


evety time we go in, it is a financial 
panic — we see a need for tight mon- 
etary policy until confidence is re^ 
stored," the official said, speaking on 
the condition he not be identified. 

High interest rates, this official said. 

See IMF, Page 4 


Muslim Leaders Unite to Denounce Israeli ‘Terrorism 9 


By Douglas Jehl 

New lurt rimes Sen-ice 


TEHRAN — Muslim leaders from 
around the world ended a three-day 
meeting in Iran on Thursday by crit- 
icizing Israel for what they called ‘ 'state 
terrorism” and demanding that it stop 
building settlements on Arab land. 

The statement by the 55-member Or- 
ganization of the Islamic Conference 
was included in a joint declaration 
adopted only after fierce debate among 
delegates. They were divided over is- 
sues ranging from the U.S. role in the 
region to the merit of any further quest 
for broader peace between Israel and its 

neighbors. 

But even in its consensus form, the 
declaration read out in tbe dosing ses- 
sion of the meeting at the foot of the 
snowy Elbourz Mountains reflected 
some of the anger that has forged new 
bonds in the Muslim world as relations 


between Israel and Arab countries have 
plunged further into bitterness. 

While accusing Israel of “state ter- 
rorism," some signatories to the con- 
ference declaration — notably Iran, 
Iraq, Syria, Libya and Sudan — have 
long been designated by die United 
States as state sponsors of terrorism. 

In tbe past, omy its most ardent critics 
have tried to affix the same label to Israel. 
But sentiment for that move has gained 
force in the Muslim world since the 
revelation this fall of a bungled attempt 
by Israeli agents to assassinate a leader of 


a militant Islamic group on the streets of 
Amman, the Jordanian capital. 

The gathering in Tehran brought to- 
gether a vase array of countries and 
viewpoints, ranging from avowed op- 
ponents of the United States and its 
quest for a broader peace in the Middle 
East, including Iran, Iraq and Libya, to 
important U.S. allies, including Egypt, 
Saudi Arabia and Jordan. 

Their disagreements over several 
sensitive issues, including United Na- 
tions sanctions on Iraq, prevented the 
delegates from issuing joint statements 


on points that some countries had hoped 
would be addressed. 

The final declaration, fa example, 
included no direct mention of tbe Middle 
East peace process, over which many of 
tbe participants violently disagree. 

Although its own views on many 
issues were among the most extreme at 
the gathering, Iran tried as host to pro- 
mote joint action over confrontation. 

Throughout fee session, the country’s 
new president Mohammed Khatami, 

See SUMMIT, Page 10 


A Drink a Day Gets a Confirmed Toast 

Alcohol Lowers Death Rate From Heart Disease, Wide Study Shows 



Newsstand Prices 


Andorra 

...1000 FF Lebanon... 

-..a 3.000 

AnMtes 

...1250 FF Morocco 

IB Dh 

Cameroon. 

1.600CFA Qatar 

-.10.00 QH 

EgypT. — 

EE 5.50 R&rion 

-1250 FF 

France...... 

...10.00 FF Saudi Arabia. 10 SR 

Gabon 

.1.100 CFA Senegal.... 

..Pwmiiip Soain 

.1.100 CFA 

Ivory Coast. 1250 CFA Trriala — 

-1250 Din 

Jordan 

.1250 JD UAEu 

ta.ooDh 

Kuwait 

....700 Fils U.S. M3. {Eur.).....S120 


By Denise Grady 

New York Tones Service 



NEW YORK — One drink a day can 
be good for health, scientists are re- 
porting, confirming earlier research in a 
study that is the largest to date of the 
effects of alcohol consumption in fee 
United States. 

The study found that those who took 
one drink a day of wine, beer or hard 
liquor had a death rate 20 percent lower 
than feat of nondrinkers during a nine- 
year period. 

“That's a whopping big effect” said 
Meir Stampfer, an epidemiologist at fee 
Harvard School of Public Health who 
has conducted similar studies but was 


not involved in this one. Although fee 
same effect has previously been report- 
ed, Mr. Stampfer said, confirmation by 
the new findings is important because 
such a large study leaves little room far 
doubt. 

-Subjects of fee study included 
490,000 people between fee ages of 30 
and 104, who described their drinking 
habits in 1982 and whose deaths rates 
were then recorded for nine years. Most 
subjects were white, middle-class and 
married, and more likely than the rest of 
the U.S. population to be college edu- 
cated. 

Eric Rimm, another Harvard epi- 
demiologist. said: “This is one of me 
best studies you could do on alcohol and 


mortality. We’re not going to get much 
be tier answers than what we ha vein this 

Mr. Rimm also noted feat it was one 
of the first large studies to include data 
on the health effects of alcohol ini 
who alreacty have heart disease, 
study, published Thursday in The New 
England Journal of Medicine, was con- 
ducted ty scientists from fee American 
Cancer society, the World Health Or- 
ganization and Oxford University. 

The researchers said fee finding of 8 
benefit from one drink a day . applied 
equally to married and single people. . 

Michael Than, lead author rtf the 

See CHEERS, Page 10 


AGENDA 


Doctors Put Curbs on Yeltsin Activities 

Doctors have further restricted 
fee activities of President Boris 
Yeltsin, who remained at a gov- 
ernment sanatorium recovering 
from a sudden illness . 

- On Thursday, the presidential 
spokesman said Mr. Yeltsin was 
suffering from “an aente viral 
infection," the Interfax news 
agency said. 

Mr. Yeltsin's heart surgeon. 
Dr. Renat Akchurin, said Thurs- 
1 day feat feeillness had nothing to 
do wife fee open-heart surgery 
Mr. Yeltsin underwent 13 
months ago to replace blocked 
blood vessels, The acute respir- 
atory infection is a banal cold, 
Interfax news agency quoted him 
as saying. Page 10. 



Mr, 


’t|rn>Y Kanrr-lVra* 

Yeltsin at a sanatorium Thursday. 


U.S. Criticizes Turkish Flights in Aegean 


MQETWO 

Bucking Heavy Odds in Tanzania 


Books L — ... Page 9. 

Crossword Page 24. 

Opinion.....: ... Pages 8*9. 

Sports ...... Pages 24-25. 

Sponsored Section* 

HUNGARY Pages hH 

EMERGING MARKETS IN CENTRAL 
AND EASTERN EUROPE Paget 2021 


The bitarmarkat 


Pages. 


Tho IHT on-line vvww.i ht.com 


WASHINGTON (Reuters) — The 
United Stales accused' Turkey on 
Thursday of provocative air move- 
ments near Greece .in the northern 
Aegean -Sea and said such incidents 
needlessly raised tensions between 
the two NATO allies. 

The flights were “needlessly pro- 
vocative arid totally unnecessary," a 
State "Department spokesman , said, 
adding: * ’Military activity of this kind 
undermines confidence and need- 
lessly exacerbates tensions between 
our two NATO allies." 

“We call on Turkey to stop such 
actions," the spokesman «ij| . 


- 1 


n 

\-r 


r : 


I- . 

F r 


i 





PAGE TWO 




AIDS a Major Threat / Seine Progress in Family Planning 

In Tanzania, Many People and Many Woes 


By Nick Stout 

International Herald Tribune 


N G’IRESI, Tanzania — Sareyo Lothi 
struck a match and held it close to the 
single, tiny lamp that hung over his dirt- 
floored living room. As the room 
brightened, so did his face. A wide smile of caramel- 
colored teeth said it all: See, it works! 

Mr. Lothi’s source of pride was biogas, a home- 
brewed fuel produced from the urine and manure of 
two weQ-fed cows and piped in to his simple stone and 
earth dwelling for lighting, cooking — and boasting. 

Mr. Lothi has beaten the odds. Having abandoned 
the pastoral lifestyle of his Masai ancestors at age 21 to 
become a safari tour guide, he eventually bought a 
farmhouse. Today, at 52, Mr. Lodn and his wife. 
Lightness, are in relative comfort as they tend five weU- 

manicared scares (two hectares) of cropland and care for 
the two of their six children who are still at home. . 

Biogas is just one example of the Western-fin- 
anced development projects under way today in 
rural Tanzania, where large tribal families are 
slowly shifting from traditional to modem — for 
Africa, anyway — ways of life. Mr. Lothi was one 
of the first in Tanzania to learn about biogas, and he 
is now teaching the method to his neighbors hereon 
the fertile slopes of Mount Meru — Kilimanjaro's 
junior neighbor. 

Farmers in the area are also learning about soil 
conservation, irrigation and other techniques that 
much of the rest of the world takes for granted. 

After three decades of dead-end socialist di- 
rection under its founder-president, Julius Nyerere, 
Tanzania nowadays is courting capitalism, or so it 
says, to save the country. 

Emphasizing the break with the past regime. 
Prime Minister Frederick Sumaye recently told vis- 
iting members of the Washington-based Population 
Institute: “We are working very hard to remove 
bottlenecks and various hindrances that have stood 
in die way of promoting investment in’ general and 
private sector development in particular.” 

As in Ng'iresi and other selected communities, 
this policy is beginning to show results. But there is 
a long way to go. 

“The economy of this country is not only in 
transition,” said Teferi Seyoum, the representative 
in Tanzania for the United Nations Population 
Fund. “It’s in crisis.” 

Sample the statistics: According to the World 
Bank, per capita income in Tanzania is only $120. 
Life expectancy — only 5 1 years for men and 55 for 
women — is actually falling because of the eco- 
nomic conditions, according to Mr. Seyoum. And 
close to 10 percent of the population is believed to 
be infected with the virus that causes AIDS. That is 
the highest incidence in the world. 

* Tanzania is experiencing land degradation, bio- 
diversity depletion and pollution,’ ’ said Prime Min- 
ister Sumaye. “We have witnessed as a nation how 
population growth and human activities have dam- 
aged some of our wetlands, forests, etc. We are 
witnessing soil erosions, desertification and the 
dumping of undesirable or even toxic wastes in our 
lakes, rivers and oceans.” 

A LTHOUGH he landed asa “gopd sign”- 
the country’s growth, in gross domestic 
production of about 4.5 percent, Mr. 
Sumaye said that “this growth is not big 
enough to sustain a population increase of 2.8 
percent.” 

Those who study demographic patterns agree that 
no amount of investment will be enough unless the 
country gets a grip on its population explosion. 

In fee last half -century, theTanzanian population 
has quadrupled to 32 million from 8 million in 1 950. 
Concerted family planning instruction has reduced 
the size of die average family to 5.8 children per 
couple, down from 8 or more in years past 
But even the most optimistic predictions show the 
country with 80 million people by the middle of the 
next century — and all the consequent social, en- 





Sareyo Lothi has beaten the odds in rural Tanzania. Thanks to Western aid 
programs, he is using modem techniques to raise coffee and a host of other 
crops on his five-acre farm not far from Mount Kilimanjaro . 


vironmental and economic pressures. The Popu- 
lation Institute, a privately fended nongovernmental 
organization dedicated to promoting birth control 
worldwide, is working with local family planning 
groups in Tanzania to educate people on the en- 
vironmental perils that lie ahead and to help provide 
contraception and sterilization to those who seek it. 

One such group, the Family planning Asso- 
ciation of Tanzania, known by the Swahili acronym 
UMATL has been instrumental in educating cit- 
izens about birth control and sexually transmitted 
diseases, as well as caring for unwed mothers and 
providing schooling for dropouts. But it is de- 
pendent on irregular and insufficient foreign aid. - 
Private surveys indicate that up to 72 percent of 
Tanzanians would practice contraception if the 
methods were made available to them, according to 
the Population Institute. But donor funding for 
family planning in Tanzania amounts to only 20 
cents a person a year, it says. 

One of the biggest hurdles has been to wean 
stubborn men from the notion that large famili es 
convey superior social status, said Felister Bwana, a 
director at the UMATI youth center in the shantytown 
of Olmotonvi, not far from the northern city of Arusha, 
where mountain trekkers and safari seekers come to 
organize their excursions. The center has been en- 
couraging couples to attend study sessions on this 
subject, and the meetings have had a positive effect 
“Before, it was difficult for men and women to 
come together for talks about health,” Mrs. Bwana 
said. 4 The men felt superior, and the women didn ’t 
want to say anything that would upset them. Now, 
it’s more acceptable.’.’ 

Health workers in the nearby town of Moshi see 
similar results, which they regard as revolutionary 
in a country where many women, terrified of then- 
husbands, often' take birth-control pills in secrecy. 

"Men have begun to escort their wives to coun- 
seling sessions,” said Dr. Joseph Mashafi, a 
UMATI manager in Moshi. v ‘They’re actually com- 
ing as couples.” 

Increasingly, he said, some men are deciding to 
have vasectomies instead of simply agreeing to 
contraception for their wives. 

Because a majority of Tanzanians are literate in 
Swahili (and a surprising number of rural villagers 
capable of at least basic English), educational cam- 


paigns appear to get a decent ! 
knowledge into practice is a different matter. 
Moreover, one official noted feat fee growth in 
population was bringing arise in illiteracy as people 
abandoned schooL 

In this category are the many unwed 
mothers who have been expelled from school 
law. These young women normally wind up as 
outcasts, abandoned by their sexual partners and 
shunned by the rest of society. 

T HE UMATI youth cento- in Dar es Salaam 
has in fee last decade provided basic 
primary schooling to more than 300 
“forced out* * mothers and given vocational 
training such as tailoring (the sewing machine is 
almost a national symbol) and hotel management to 
many of them. This small success story may soon be 
ending, however, because die Swedish Interna- 
tional Development Agency no longer wants to 
fund the project 

Back m Ng’iresi, Sareyo Lothi showed his vis- 
itors through the abundant banana groves and coffee 
crops, and pointed with pride to the peaches and 
passion fruit hanging from his trees. At an imposing 
fig -tree he said: “When there is no rain for a long 
time, people in the village come here to pray.” 

Whatever prayers Mr. Lothi may have said, they 
appear to be getting answers. An upshot of the 
farmland development; is the “village tourism” — 
coordinated by the Tanzani a Tourist Board and the 
Netherlands Development Organization — .that is 
generating additional funds for the community. 

“We are very fortunate to have tins program,” 
Mr. Lothi said. ‘ 'We can now do plenty of planting 
and building and also improve the school" 
Although Prime Minister Sumaye spoke about 
“a clear relationship between population growth 
rates and economic growth rates,” UMATI of- 
ficials say there are no government incentives for 
small families and no direct government funding for 
family planning. 

Awed privately if he believed in Tanzania’s 
professed commitment to population control and 
economic development, one international aid work- 
er answered wife a sigh. 

“In Africa, governments are usually committed 
to only one thing,” he said. “Staying in power.” 


Albright Gives Rwanda 
Praise and a Caution 


By James C! McKinley Jr. 

New York Times Strive 


KIGALI, Rwanda — Laying a 
wreath. on a grave holdingl,700 Tutsi 
people slaughtered in the 1994 genocide 
hare, the U.S. secretary of state, 
Madeleine Albright, reaffirmed Amer- 
ica’s close alliance wife Rwanda’s Tut- 
si-controlled government Thursday, de- 
spite its questionable human-rights 
record in recent months. 

After mee ting with fee Rwandan 
president, Pasteur Bizimungu, and vice 

_ ■ J 1 /.I Daul 


s. Albright praised fee government 
for managing fee peaceful return of 
more a million Hutu refugees over 
the last 12 months. 

She said she was impressed, with fee 
government's efforts to reconcile fee 
two ethnic groups, which have been 
locked in an ugly cycle of violence since 
this tiny country gained independence 
from Belgium in me early 1960s. Mrs. 
Albright expressed concern about, re- 
ports feat the Tutsi-dominated army had 
massacred unar med civilians in their 
attempts to flash out and defeat stub- 
born Hutu guerrilla groups that have 
ravaged the west of fee country in the 
last six months. 

But in the same breath she suggested 
these abases were understandable, giv- 
en fee scale of the genocide against 
Tutsi in 1994 and the brutal methods of 
fee Hum guerrillas, who are not only 
massacring fee Tutsi civilians again, but 
have begun to circulate racist propa- 


ganda and to broadcast hate radio mes- 
sages like the ones that fueled the mass 
kill in g three years ago. r 

“I think there is clearly room for 
improvement in the human rights record 
of Rwanda,*' Mrs. Albright said after 
meeting with fee president, “But I think 
its also important for us to understand 
how difficult it is for a country that has 
seen a half million people slaughtered to 
put itself back together and reconcile." 

'They have done a tot already.” she 
said “But they have a long way to go.** 

In her public remarks, Mrs. Albright 
did not mention allegations feat 
Rwandan soldiers and commanders 
who fought alongside rebels in neigh- 
boring Congo earlier this year mas- 
sacred thousands of Hutu refugees, ap- 
parently in revenge for fee genocide, 
Rwanda has admitted helping the Con- 
golese rebels win their war. but has 
denied its troops committed atrocities. 

As thousands of hard-line Hutu mil- 
itants have drifted home among the 
refugees, they have taken up arms 
again. 

“The genocide is effectively con- 
tinuing,” a high-ranking U.S. official 
said. 

■ Hutu Rebels Raid Camp 

Hutu rebels raided a camp housing 
returned Rwandan refugees Wednesday 
night, killing 200 and wounding 200, 
Reuters reported Thursday from Kigali, 
quoting aid officials. The attack' was at 
Mudende. about 120 kilometers north- 
west of Kigali. 


A Jerusalem Flash Point 

Israel Won’t Allow Palestirdtm Census in Arab East 


By Joel Greenberg 

New York Times Service 


ABU DLS, West Bank — The Pal- 
estinians, beginning their first census in- 
fee West Bank and Gaza Strip, have 
immediately become embroiled in a 
confrontation wife Israel over plans to 
survey die Arab neighborhoods of East 
Jerusalem. 

Viewed by many Palestinians as a 
step toward statehood, the census is also 
a potent symbol for fee Israeli gov- 
ernment, which moved . swiftly Wed- 
nesday night to block fee survey in- 
Jerusalem. 

Prime Minister Benjamin Netanyahu 
called the planned census there a chal- 
lenge to Israel’s sovereignty and -a vi- 
olation of the self-rule accords, which 
limit the jurisdiction of the Palestinian 
Authority. 

A statement issued by Mr. ' Netan- 
yahu’s office said feat “Jerusalem is 
Israel’s capital” and that fee prune min- 
ister “will not allow any foreign sov- 
ereign activity in the city.’.’ . 

As the police went on alert and fee 
government pushed through legislation 
in Parliament outlawing the census in 
East Jerusalem,' Justice Minister Tzahi 
Hanegbi declared, “We are at the height 
of the battle for Jerusalem, and we plan 
to win the battle.” 

. [Palestinian officials said Thursday 
that they were detenxuned to conduct the 
census despite the new law to prevent 


such a count, and they urged fee 1 80,000 
Palestinians in East Jerusalem to take 
part. The Associated Press reported. 

[Israel Army radio said that fee police 
in East Jerusalem were on the lookout 
for Palestinian census-takers and would 
enforce fee new law.] 

Palestinians claim East Jerusalem as 
the capital of their hoped-for state, while 
Israel asserts that fee area, captured 
from Jordan in 1967 and annexed to 
Israel, is part of its undivided capital. 

In addition to counting fee population 
and listing homes and businesses in the 
West Bank and the Gaza Strip, the 15- 
day census is measuring education and 
employment levels, medical disabilit- 
ies, agricultural land ownership and 
standards of living. 

Hassan Abu Libdeh, the head of fee 
Pales tinian Central Bureau of Statistics, 
said the survey would give Palestinians 
a self-knowledge long denied them un- 
der Israeli occupation and would supply 
data needed to set social and economic 
priorities. 

“It’s going to be a big eye-opener for 
us,” Mr. Abu Libdeh said. "It is going 
to open what has always been a Mack 
box for Palestinians regarding their own 
situation and how much they know . 
about it.” 

“In my opinion, it is as important os 
fee intifada/’ he added, using fee Ar- 
abic name for the Palestinian uprising 
feat began 10 years ago Tuesday. "It is 
a civil intifada.” 



5?edtageof 
yesterday... today. 


Hotel Sofitel 

MnnorouHAim 

15 Nun Quvsh Sheet, Hwn. 
Socuuxt Rmnuc O* Vbtimm. 
Th.: (84.4)8^06*119 
Fax: <84.41 &2M 9ZO 
E-mab. : SofnesOnetBarao^vii 


TRAVEL UPDATE 


WEATHER 


Egypt’s Tourism Crisis 

CAIRO (Reuters) — Hotel occupancy in 
Egypt plunged from 70 percent to about 18 
percent after last month ’s massacre of tourists 
in Luxor, Tourism Minister Mamdouh Beltagi 
said Thursday. 

Muslim militants killed 58 foreign tourists 
and 4 Egyptians on Nov. 17 at Luxor. “We are 
facing fee biggest crisis in the history of 
tourism in Egypt,” Mr. Beltagi told fee gov- 
ernment daily al-Ahram. “The rate of can- 
cellations is huge.” 

Strike Hits Dakar Airport 

DAKAR, Senegal (AP) — Air traffic con- 
trollers in this west African capital continued 
a strike Thursday, paralyzing flights to and 


from fee nation's international airport and 
stranding hundreds of passengers. 

Workers of the Agency for Air Navigation 
Security in Africa and Madagascar began the 
strike Wednesday to demand higher pay and 
better working conditions. A union spokes- 
man said feat fee strike would continue until 
its concerns were addressed. 

Turkish civil servants demanding higher 
salary increases began a two-day strike Thurs- 
day despite a government baa. Tbe action 
mainly affected rail transport and municipal 
services. (AFP) 

Lufthansa is to begin service between 
Munich and Sarajevo,- capital of Bosnia-Her- 
zegovina, when its summer flight schedule 
starts on March 29. f AP) 



Have Stocks Topped ? 

Stocks Will Have a Bear Market. 

If you share the opinion i!'s lime to look at 
alternative investments call for my free 
currency Uncling mtormn'.iiri package today. 


SUPERIOR Selection of Uennged Accounts 

O UTSTAN DING Global Currency Analysts 
EXCEPTIONAL Execution Forex or Futures 
MINI MUMS S10.000 » SS.0M.000 (USD) 

COMMISSION 2-5 7=X Spreads Futures 512*36 


For ‘i'y Complimentary Services Guide, Latest Research Reports, 
Opinions and Performance Records Call (24 hours i Toll-Free. 


AuormBa 1800125944- 

Colombia W D1 20*37 

France M00MO248 
Hour Hoar *009*7200 
0031120609 


Bdghms OM0158M Brrctl 00081192155131 
Denmark 90010132 Finlani 080011100641 

Greece 000119213013 Germany 0130129666 

M 1771000102 Hah 187875928 

Karen 003B1 10243 Latamboarg 08004552 


jEo® 85*0 087*41 78 Kell, erhods 060220657 AC ZeHaadT 0800441880 

050112632 Stugapen 8001202501 SMric* 0800996337 

900931007 Sweden 020793158 Stritaeriamd 0100897233 

IMarf 99180011*21 401 » USA 9000945757 UK 0600966632 


(JS -Toll Voice Line +714-376-3020 US -Toll Fa * Line +7 1 4-376-302 S 


Portugal 


BA Jet Came Close to 3 Planes 


Reuters 

LONDON — A British 
Airways jet wife 115 people 
on board came dangerously 
close to two Russian fighter 
jets and a refueling tanker that 
were on their way to an air 
show in En gland this year, an 
official report said Thursday. 

After an urgent warning 
from air traffic controllers, 
fee Boeing B-737 made a 
steep left turn to avoid fee 
three Russian planes, which 
had descended from their as- 
signed course. 

The incident happened over 
Reading, England, west of 


London, on July 16. 

The repeal by the Air Ac- 
cident Investigations Board 
said fee B-737, coining in to 
land at Gatwick airport, had 
missed fee Russian formation 
by just half a mile (800 me- 
ters). The normal minimum 
distance between aircraft is 
between three miles and five 
miles . 

The two Sukhoi SU-30 
fighters and fee Ilyushin 11-76 
tanker had been told to stay at 
16,000 feet bat instead de- 
scended to 15,600 feet, just 
600 feet (200 meters) above 
the Boeing, 


Eivopo 


Tom* 

Tomorrow 


HI* 

LovW 

Hh* 

Low If 


ae 

OF 

OF 

CtF 


1B»* 

12/53* 

1004 

11/52 8 

feinted™ 

7M4 

1/34* 

7/44 

307 pc' 
4/391 

AriSMB 

5/41 

-2(29 pc 

5(41 

Altana 

14(57 

13(56 pc 

17MB 

3M8c 

teralora 

toss 

1/34 pc 

7744 


BabpmSm 

IOCO 

1/34 r 

307 

-708 * 

Bwfln 

7/44 

1/34 r 

2/36 

-3/Z7 0 

Bneraofa 

8/43 

104*11 

fl/43 

307 e 


6MB 

3(37 r 

409 

002* 

CcpsnhuKi 
Oam D« Sal 

SMS 

18454 

2/35* 

T3S3* 

307 

17WB 

-1/31 C 

men 

Bwb&i 

7744 

EM! pc 



EtHutf! ' 

S/41 

*08 c 

®4B 

8/48 a 

Hawn 

13*5 

307* 

6/41! 


FtaBMat 

7M4 

33E r 

206 

-3(27* 

Oinivfl 

GM1 

<627 HI 

-U31 

-U2Sc 

KabUd 

-2(28 

-5(244 

■4/25 

-6(24* 

WwfaJ 

13(55 

W48c 

14/57 

1050 c 

KHv 

UH 

-1/31 *n 

-1(31 


Ua F*i*sv -n 

24/75 

IWMi 


U* tan 

1MS1 

9/48 pc 

1407 

-SMSa 

London 

7/44 

307 pc 

7744 

5/41 pc 


11/52 

1/34 sh 

11/52 

307 pa 


1W1 

006 pc 

1 1/52 

-1131 * 


8M6 

-35V pc 

409 

- 60 * pc 


■002 

11/13 c 



Munich 

4 (39 

■OBOm 

-U3i 


He* 

15/59 

409 pa 



Orfo 

2/36 

-5(24*1 

082 

- 8(22 pa 

Pm 

7*44 

104 pc 

205 

-1/31 pc 


SMI 

104* 



1/34 

■VZTC 

6M3 

8 M 3 * 


1(34 

-2/26 sn 



Remo 

13(55 

67*3 * 



StPnmbin -2/29 

-405* 

-4/25- 


SfcKMx*» 

1/34 

n 008* 

-1/31 


Sn*s5iDu<o 

fl/43 

002 ' 

205 

-2(29* 

Tntenn 

-1/31 

■30 7* 



raw 

IMS 

3(37 pc 

13156 

<WS c 

Menem 

11/06 

2(36 pc 

7744 


Vtom 

7M4 

206* 



Mum 

E/41 

2735 r 

307 


ztacti 

0/4 1 

-U31 * 

■1/31 

-408* 


Forecast for Saturday through Monday, a£ provided by AccuWeather. Asia 


North America 

Sunshlna and warm or 
across the Wen Saturday 
through Monday. Blustery 
and cold across the North- 
east this weekend, but 
maMy i*y. Cold across the 
Ohio Valley and the Plains 
this weekend, but a warm- 
ing trend ta In store for 
early next week. 


Europe 

Rainy from southern Italy 
northeast to the Black Sea 
Saturday through Monday. 
Mild with at least partial 
sunshine across the Un#od 
Kingdom Saturday through 
Monday. Cold across 
ScarxSnavia this weekend, 
but mflder early next weak. 
Dry and cold across west- 
ern Russia. 


Asia 

Becoming mRder m Tokyo 
this weekend followed by a 
chance el showers Mon- 
day. Rainy from Taiwan 
and Hong Kong westward 
into south -central China. 
MUd In Bejing this week- 
end. but It may shower 
Saturday. Dry and roHdar In 
Korea Saturday, a chance 
of showers Sunday, then 



dry again Monday. 
a ° uay ' l * l0ul *' HtMMBMcma. r-ram.sl.ancw annas, 

i praiSdwl by AccuWreeier. Inc. 019B7-MlpJWiWK,arrniwealW«r xo 


North Ame rica 

Andvxaga 


Bonon 

CNcogD 


Middle East 


/UXlDtaU 

28/79 

18(91 1 


EtSlflK 

19(56 

15(69* 

IBOI 


Cm 

2008 

11OZ pe 

1W8* 

0743 pc 

Ctanwcu* 

1407 

7*44* 

1353 

6743c 

JwinMani 

12(53 

5Mipe 

11*2 


Lunar 

22771 

307* 



Rtyadh 

71/70 

1203 ■ 

25777 1102 9 

Africa 


MBlm 

Cq»Town 


ue* 

narco 

Tine 


ions am pc 
suet imi 
21/70 '1*2 • 

28(82 BMa 

smbb awn pc 

24/75 1«B1 r 

iwea who 


1W3 *37 pc 
saw 11/82 pc 
2071 1305 pc 
28(82 *46 pc 

SOW 23/73 po 
2am 1467 r 
1WS7 3(37 pc 


One of the few predictable 
elements of travel. 


Over 300 of die World’s fine 
in 68 countries. 


hotels 


Your Host Today 

LAMAMOUNIA, 
MARRAKECH, MOROCCO 


-*/25 -1311 wi 
e/43 -MS pc 
*3B -urn m 

1/34 «Z>pc 

*06 -MS pc 

9(48 -4/M 9 

R* w * . vac -ars?* 
Hon**! 2373 la/BI a 
Homei 4/39 002 e 
to* Angelas 10773 10fM , 
Jtoro 2 08? (9*6 1 
Uwrepofa 104 -7/»e 
Jfcrowu .101 -7T30 * 

Nanai Mnu 3771 pc 

NwwVor fc 4.09 1/34 r 

?•»*> 21/70 11/52* 

ftwnfc I0*i 307 a 

Swi Fran le/et 

Seem 10(50 

Tom » KM 

Vaneautnr 0/48 

Wadiqwn 6/4J 


7(44 8 
3(37 pc 
■7TO St 

vase 

OBO c 


-arm 

4t» 

3137 

104 

12*3 

am 

1/34 

24/75 

11/5? 

24/76 

24/78 

104 

«!4 

2700 

«4J 

1MB 

18*4 

ia&5 

91*8 

MU' 

8MJ 

*43 


Lathi America 

^uwwuAres 27(80 21/70 “ 
Cwoe*i mas (Ms a 

.4“ 7* TV 11MB c 

**“*•09* i mu 5/41 e 
RtadAjjmWro M/79 2l/70r 
21/70 7/44 pc 


■13* H 
M9pc 
-929 pc 
■B02C 
935 pc 
-405 9 
•TIPOC 

18*4 a 

IV3J pc 
7>44» 
17*2* 
-5/24 c 
■lauei 
1060 1 
-1/31 C 
•MB* 
7/44 ■ 
7/44 pc 
5/41 c 

12<1 1 at 

0/41 c 
MSt 


2WM lMr* 
27 W 20*6 pc 
20/79 21/70 pc 
12(67 nr i 
37/BO 2373* 
23/7 J HM8 pc 


Oceania 


AucUvW 

SwfcWr 


19*6 11-92 5 
27<8tl 2088 9 


20*8 1283 » 
37.90 2400 pc 


A two-montli trial 
subscription. 
Save up to 60 % 

Try a special, lov/ cost 2-month trial subscription to the 
International Herald Tribune to enjoy delivery to your 
home or office every morning AND save up to 60% off 
the newsstand price. 


2 MONTHS ' . . , 

COUNTRY,' CURRENCY ! NEWSSTAND OFFER ! OFF 

: PRIC E PRICE j COVER PRIC 

; AUSTRIA ATS ' 1 ,456 650 j 55N, 

: beigium/luxems. bef s.sso , 1.350 oo 

I DENMARK DKK 7S0 j 360 5A r -. 

: FINLAND FIM 624 : 310 50% 

. FRANCE F F 520 2l0 I 60'., 

; GERMANY DEM 132 72 60".- 

I GREAT BRITAIN £ j 47 11 ; 53 -, 

i HONG KONG HK5 : 676 234 | 57 

1 ITALY ITL ' 145.600 58,000 : 60"- 

JAPAN ¥ 26 000 12.150 53". 

MALAYSIA RM 162 • 101 . 4J 

NETHERLANDS NLG I S' 5 ' 78 ! 60'- 

NORWAY NOK 322 : 340 53", 

SINGAPORE 5S 146 32 1 43" „ 

SPAIN PTA5 11,700 S.COO I 57'- 

SWEDEN SEK 332 : 350 5S . 

SWITZERLAND CHF 166 i 66 60'- 

USA S 7 £ 43 : 4S^ . 

FOR OTHER COUNTRIES, PLEASE CONTACT YOUR NEAREST IHT OFFICE 


2 MONTHS j DISCOUNT 
OFFER I OFF 
PRICE ! COVER PRICE ^ 


676 
14 5,600 
26 OOO 
I 32 


| UMfdKekaecdoaedlpayddslolHe^ 

nanm HVIW DMm DMadeKrod □ Eurocnrd 
I Fry w-US e«ri Aiion icricw, credit be ckcepad in Fiwxii Frewta rtf curnwii 

Brp. Dtte. 

]• Stgn oh iffc 


■ Bu*ln®ii iy No;. 


■J For busirwo ordws, mdSadayowVAf Na 

I Mr/Mrs/Ms Famify Nome 

1 Rn»N«n« JobTrtfe:. 


[frfT VW Number FR747j2Cril 1 26) 


Mmhigi Akiras:. 
Qy/Code: 


fmprimf par Offprint. 73 rue de r£van$Ue. 75018 Paris. 


Courtrv: _ 

Home fel N o- 

**toiAd(W 

^ □ how DcrW* — — 

.... 







* Hut?: r 


4 



t 


F-' .. 


A 






i-i. 


•A- 






V 





% 












- **? 
m r.’'-T=r^ V • 

^ ""' i** *«* 

S!?k’?- ssi *:V l . 


i ■**” 


% 






ff. j ^ - ■- 



PAGE n 


THE AMERICAS 


Trouble for the New Mayor 

Cardenas Police Official Is Forced Out in Mexico City 


bn iHjCr/r.i 7mirj 

MEXICO CITY - ^ 
five days after his inaugura- 

cit ^ s •rajw 
faced his first scandal as a top 
police official was forced to 
step down amid allegations 
that he was implicated in 
cases of torture and was 
linked to Tijuana drug traf- 
fickers. 

Jesus Ignacio Carrola. the 
■T, investigative police 
chief, denied the allegations, 
vdiich had provoked a storm 
of protest from human rights 
groups, politicians and oth- 
ers. 

But Mr. Carrola asked fora 
l«»ve of absence Wednesday 
night “to dedicate the time 
necessary to clear the alle- 


gations that have been 
roade,” said the city's new 
attorney general, Samuel Del 
ViUar, A leave of absence is 
often used as a face-saving 
measure in Mexico when of- 
ficials are removed. 

The police scandal created 
a rocky start for Cuauhtemoc 
Cardenas, the city’s first 
elected mayor. 

The case also revived fears 
that drug traffickers could 
take over some of the key 
institutions in Mexico, which 
has become a major channel 
for cocaine and other narcot- 
ics entering the United 
States. 

Early Wednesday, author- 
ities revealed that Mr. Carrola 
resigned from the federal po- 


lice last year after .being 
placed on a list of officers 
scheduled to be purged for 
problems that included cor- 
ruption and drug trafficking. 

Further, Mexican official 
sources said be was linked to 
the powerful Tijuana drug 
cartel, a major supplier of co- 
caine to the United States. 

In an interview Wednes- 
day. Mr. Carrola said he 
resigned from the federal po- 
lice last year for “personal 
reasons.'’ not to avoid being 
dismissed. 

He insisted that the accu- 
sations against him were an 
attempt to halt his efforts to 
break up gangs of corrupt po- 
lice ana criminals in the cap- 
ital. 



'Iimi l -jut ’[T v- Vanialni IV» 

Jesus Carrola leaving office. He was linked to torture and drug trafficking 


Price for Promises on Climate: Cutting U,S, Appetite for Fuels 


By John H. Cushman Jr. 

ArVu- Yort Times Servic e 

WASHINGTON — For the 
United States to meet the promises 
tentatively agreed to at the global 
wanning conference in Japan, 
Americans would have to make sig- 
nificant and sustained cuts in their 
use of fossil fuels, beginning im- 
mediately and lasting well into the 
next century. 

U.S. consumption of coal and oil 
■ would have to fall about 30 percent 
from levels now projected for 10 or 
15 years from now, marking the first 
step toward what proponents of the 
treaty say would be a radical re- 
structuring of the economy's pat- 
terns of energy use later in the 2 1st 
century. 

In the short term, it would require 
carmakers to sell more efficient 
vehicles, power companies togive up 
coal and people to learn to be miserly 
when choosing light bulbs, air-con- 
ditioners and appliances. In the long 
term there could be a lum to novel 
devices such as combustion-free fuel 
cells and solar and wind power. 


Economists and advocates ma y 
dispute whether the economy would 
be better or worse off as a result, but 
ir would have to be markedly dif- 
ferent. 

The country has made no sac- 
rifices remotely like this since the 
oil shocks of the 1970s. At the mo- 
ment. the American appetite for 
fossil fuels, and therefore emissions 
of heat-trapping carbon dioxide into 
the atmosphere, is growing. 

Last month the Energy Depart- 
ment said in its long-term forecast 
that this trend, fed by cheap fuel and 
strong economic growth, was likely 
to continue for decades. 

So, as exhausted delegates 
straggle home from the rancorous 
all-night talks at the Kyoto confer- 
ence on global climate change, the 
question is whether the United States 
— where per-capita emissions of 
carbon dioxide are more than double 
Japan’s, triple France's and 10 times 
Brazil's — has five economic 
strength, the brainpower and the 
political will to put into practice 
what its negotiators have promised. 

The least of the problems is tech- 


nology. Although expensive, sub- 
stitutes for ciubon fuels are already 
available. 

But the political barriers look for- 
midable. The Senate majority lead- 
er, Trent Lott, Republican of Mis- 
sissippi. called the treaty’s prospects 
“bleak” even before the ink was 
dry, and Senator John Kerry, Demo- 
crat of Massachusetts, who favors 
die treaty, cautioned against rushing 
to seek tire Senate’s approval. 

Not only would the Senate have to 
consent to the treaty, but both houses 
of Congress would have to approve 
any legislation to cany it out, such as 
limits on emissions, tax incentives, 
research budgets and possibly a re- 
organization of the. utility industry. 

As for enforcing a national en- 
ergy diet, no one knows what com- 
bination of rewards and punish- 
ments might be needed to change 
course and head toward the targets 
that would be imposed under the 
new regime. 

The Energy Department has pro- 
jected that emissions of carbon from 
energy use rise 1.2 percent a year 
until 2020. Between 2008 and 2012,. 


when the treaty calls for reductions 
to be achieved, emissions arc headed 
toward 1 .8 billion metric tons a year, 
the agency said. The new goal under 
the treaty would be 1.25 billion tons 
during the same period. 

Only part of the reduction — 160 
million tons a year at most, American 
negotiators say, out of the 550 million 
tons needed — might be achieved by 
trading pollution-control credits with 
Russia, whose emissions dropped 
sharply when its economic output 
collapsed along with communism. 

To meet these goals, many ana- 
lysts say, governments would have 
to put limits on emissions. But Pres- 
ident Bill Clinton’s administration 
favors marker-based mechanisms 
such as trading pollution permits, 
rather than rigid regulations, to let 
companies decide for themselves 
how to meet the limits. 

“President Clinton is right that 
getting to anything below 1990 
levels in the U.S. is going to be a big 
stretch,” said Christopher Flavin, 
an enetgy efficiency expert at the 
Worldwatch Institute, an environ- 
mental group. “Even if we are 


panly to buy our way there with 
credits from Russia, there is still 
going to have to be a lot done at 
home.” 

Opponents of the treaty agreed 
with that assessment 

“The energy-use curbs needed to 
comply with the climate treaty are 
far deeper than expected.” said the 
Competitive Enterprise Institute, a 
pro-business research and advocacy 
group. It said provisions to allow 
international emissions trading and 
other offsets would only “disguise 
the pain.” 

But there are several approaches, 
some buried in the treaty text and 
others being developed by Mr. Clin- 
ton 's administration as unilateral ac- 
tions, that might help. 

For example, the treaty allows for 
trading pollution-control credits 
among countries if that would 
provide cheaper ways of reducing 
worldwide emissions. 

The treaty also would allow coun- 
tries to receive credit for certain 
changes in land-use and forestry 

f iractices against their emissions 
imits. 


AMERICAN 

TOPICS 

Is Hospitable Salt Lake City 
Getting Its fill of Homeless? 

In a country where 80 percent of 
cities report that they sometimes turn 
away people in need, there is one that 
takes pride in never denying the home- 
less: Salt Lake City. 

Just os the Mormons, having been 
persecuted elsewhere, made it their 
meccn 150 years ago, Salt Lake now 
draws homeless people from all over 
the West, The Philadelphia 'Inquirer 
reports. 

“There’s a homeless grapevine, 
passing on from hobo village to hobo 
village, about the largesse of Salt 
Lake." said Dan O’Neili, 56. who 
came to the Utah capital after striking 
out in Las Vegas. 

The city's main homeless shelter not 
only is bright and clean but also houses 
the country's first public elementary 
school for homeless children. There are 
job- training and transitional-housing ser- 
vices and a variety of food programs. 

This generosity’ has its roots in the 
helping tradition of the Mormon 


Church, which has an active welfare 
network across the country. The 
people of the Salt Lake City area, most 
of mem Mormons, provide extraor- 
dinary support. Nearly half of the $2.8 
million budget of the city shelter is 
privately donated 

But the hospitality may have its lim- 
its. Salt Lake has been working hard to 
transform a stodgy downtown into a 
glineiing backdrop for the 2002 
Winter Olympics. In the city's rapidly 
developing southwest area, business- 
men say the homeless keep some cus- 
tomers away. One-third of the home- 
less are not from the area. Some in the 
city say that is enough. 

Short Takes 

A Gall by environmentalists to re- 
store grizzly bears to wilderness areas 
in eastern Arizona and- western New 
Mexico has sparked controversy. 

Hie government already plans to 
reintroduce the bears, which stand as 
much as 8 feet (2.5 meters) tall and can 
weigh 500 pounds (225 kilograms), in 
Bitterroot National Forest on the 
Idaho-Montana border. Grizzlies once 
ranged from California to Kansas. 

Now, though they are still common 
in Alaska, mly a few hundred remain 
in Montana, Wyoming and Washing- 
ton. Cattlemen, who were responsible 
for much of die slaughter of the bears 


in earlier years, oppose the new plan, 
saying that not only their livestock but 
people, too, could be threatened. 

It was supposed to be a win-win 
solution: The U.S. Navy, dredging a 
spot fix- its new nuclear carrier in San 
Diego, would dump the sand on nearby 
beaches, saving the cost of importing 
sand. But over the years, it appears, 
countless returning sailors have tossed 
ammunition overboard to avoid tedious 
inventories. The result, the Los Angeles 
Times says, is that the sand is full of 
deadly litter. In one case, it contained 
20mm ammunition from World War H. 
each round with the explosive power of 
a hand grenade. No one has been hurt so 
far, but until someone finds a solution, 
the sand will be dumped at sea. 

A major toy retailer has come up 
with a dever marketing technique, 
half bridal registry and half letter to 
Santa. At Toys ’R’ Us stores, parents 
can turn their child loose with a scan- 
ning device. When the child sees 
something he wants, he scans the bar 
code, providing a computer-generated 
shopping list. In theory, this will re- 
duce the number of unwanted toys 
returned after Christmas. The prob- 
lem: What happens when the kid, as 
kids will, zaps everything in sight? 

Brian Knowltoa 



. Be* K KiienThr A»">d*led Pres, 

BACK AT WORK — Chicago cabs line up after a 
one-day strike over new fines for turning down fares. 


White House Set to ‘Certify’ China 

Move Will Clear Way for U.S. Companies to Sell Nuclear Power Gear 

the 


Away From Politics 


By Tim Weiner 

JVnr t'vrt limes Servh'. 


WASHINGTON — The 
ton administration will 
fv next week that China 
i longer helping other na- 
s build a nuclear bomb, 
rding to White House of- 


spread of nuclear- 
weapons technology - 
“It's very much in the na- 
tional interest, because it 
serves our nonproliferation 
goals,' ’ said Gary Samore, di- 
rector for nonproliferation at 
the National Security Council. 
The certification will open 
what is likely to become the 
world's largest nuclear-power 
market to companies such as 
Westinghouse and General 
Electric. The U.S. nuclear- 
: industry, which has not 


services worth tens of billions 
of dollars. 

Under a 1985 agreement, 
U.S. companies could not sell 
nuclear plants to China unless 
China stopped selling nucle- 
ar-weapons technology to 
other nations. In the mean- 
time, China bought Canadian 
and French reactors and 
talked to Germany and Russia 
about buying more. 

Ending Chinese sales of 
nuclear-weapons technology 
to Pakistan, which is believed 


• A black woman was awarded $1.56 million 
after a jury in Kansas agreed that she hod been 
stopped and searched by department-store se- 
curity guards because of her race. (NJTi 

• A man convicted of raping and chopping 
off the arms of a 15-year-old California girl 19 
years ago received a mistrial on charges that 
be killed a prostitute in his Florida home in 
February. The judge in the trial of Lawrence 


Singleton, who was released in California 
after serving 8 years of a 1 4-year sentence, has 
90 days to begin selecting a new jury. (AP) 

• Spending per student leveled off in U.S. 
schools in the 1990s, when adjusted for in- 
flation. but the share of school budgets going 
to special education programs grew, accord- 
ing to a private report by the nonpartisan 
Economic Policy Institute. (AP) 


ic announcement will 
a potential $60 billion 
er to the U.S. nuclear- 
ir industry. 

, next week in a stale- States since the accident at the nuclear bombson short no- 
sutirninnl to Congress. Three Mile Island power ptont nce. was Itemosl crucial goal 
rSs sSdWedne^ in Pennsylvania in 1979, of the certficauon process, 
Kutfc China's nssti- hopes to sell China goods and administration officials said, 
i that Beijing has stopped 
ng Pakistan or any other 
irv build a nuclear bomb: 
it' is ending its nuclcar- 
•f projects with Iran, in- 
ng the construction of a 
unveonversion plant, 
hat it is setting up a sys- 
to control exports or 
ons technology by stale 

mvate companies 

ingress could still pass a 
overturning the P rcs ‘“ 
s certification. Or it 
I try to impose striker 
it ions to be met before 
nuclcar-powcr salesmen 
p shop in Chino. Otit- 
ic. the certification takes 
1 30 da vs after Congress 
ivenes next year- 
c certification is basea 
ssunmees from China, 
tonne by international 
ries, intelligence reports 
other information, 
ve wars in the making, it 
nariiv aimed at stopping 


I 


Insight from the Czech Republic 

The Prague Post 

The Czech Republic’s English-language weekly 
News & Politics 

Business & Financial Information 
Special Industry Sections 
• Citae & Entertainment 


To receive ft friiti 




HARRY WINSTON 

The Ultimate Timepiece 





Because Your Watch Tells More Than Time. 

From the Ladies’ Madison Watch Collection 


New York 
212.245 2000 


Beverly Hills 
310.271 8554 


Geneve 
22. SI 8 2000 


Paris 

1.47200309 


Tokyo 

3.35356441 


POLITICAL 


NOTES 



Clinton to Meet Conservatives. 
For More Discussions on Race 

NEW YORK — About a dozen conservative activists 
and members of Congress will meet with President Qill 
Clinton next week to share their views of race relations, 
the White House has announced in a move the Ad- 
ministration hopes will mute criticism that its dialogue on 
race has been one-sided ) 

In a conscious effort to reach out to opponents, the 
White House included in the discussion group Ward 
Connerly. the University of California regent who spear- 
headed Proposition 209, which abolished governmental 
racial preferences in the nation's largest state. The head ot 
Mr. Clinton's advisory board on race Iasi month scoffed 
at the notion of including Mr. Connerly in a meeting, 
saying the regent would have nothing to offer. 

Mr. Connerly, who is black, said he welcomed the op- 
portunity, although he remained skeptical. While hoping it 
indicates new openness by the White House. Mr. Conneriv 
said if be was being invited “just as a token” to come) in 
"through the back door late Friday night never to be heard 
from again , then the process is still inherently flawed.” ) 

In addition to Mr. Connerly, the participants in the 
meeting now scheduled for Dec. 19 include Jack Kemp, 
the former Bush administration housing secretary and last 
year’s Republican vice presidential nominee; Linda 
Chavez, director of the U.S. Civil Rights Commission) in 
the Reagan administration: Lynn Martin, a former Bush 
administration labor secretaiy"; Thaddeus Garrett, fom^er 
Bush domestic adviser, and Abigail and Stephan Them- 
strom, authors of a recent book opposing affirmative 
action. The While House also is working to involve 
congressional leaders. (MTi 

House Panel Weii 
Lawyers' Fees inTobacco Suits 

WASHINGTON — A House subcommittee has begun 
considering whether Congress should — or even could — 
limit fees paid to the lawyers who initiated the lawsuits 
against the nation’s tobacco companies that resulted in a 
proposed nationwide settlement. 

At issue in the debate before the House Judiciary 
Subcommittee on Courts and Intellectual Property was 
whether that handful of lawyers should reap fees in the 
billions of dollars if the settlement is approved by Con- 
gress. The plan's likelihood of approval is uncertain since 
opposition to a variety of its provisions has grow n in the 
House and Senate. 

The settlement proposal calls for the companies to pay 
$368.5 billion to the plaintiffs, most of them states that 
sued to recover health care costs they say they attribute to 
treating people made ill by smoking. 

Under agreements the states negotiated with the law- 
yers when the suits were brought beginning in 1993, the 
legal fees could reach $J8.6 billion and be distributed 
among 89 law Firms, according to an estimate given to the 
committee by Lester Brickman of the Cardozo School of 
Law in New York. (iVlTJ 

Justice Agency Renews Inquiry 
Into Democrats’ 1 Fund-Raising 

WASHINGTON — In the last two weeks, the Justice 
Department has revived its inquiry into whether the 
Democratic Party illegally funneled millions of dollars 
into a television advertising campaign for Mr.' Clinton's 
re-election, law enforcement officials said. 

A memorandum about the advertising, written by a 
prosecutor working for the Justice Department’s cam- 
paign finance team, headed by Charles La Bella, has been 
circulating for review by several officials within the 
department. The memorandum analyzes whether the 
Democrats “knowingly and willfully" paid for a wide- 
spread advertising blitz with possibly illegal foreign 
money, the officials said. 

The document also examines a more explosive issue: 
whether there was a wider conspiracy to evade the limits 
of the federal election laws by using party money to pay 
for advertising that should have been paid for by the 
Clinton-Gore campaign itself. (NYT) 


Quote /Unquote 


Hillary Rodham Clinton, on the behavior of the media 
and the reluctance of young people to go into politics: "Is 
it necessary for someone in the public arena to have every 
motive questioned, every statement dissected? I think it's 
going to undermine democracy, at a certain point, to have 
so much poison in the air. The average citizen is going to 
say, ‘I don’t want to be involved in that and I don’t want 
my kids to be involved in that.' *’ (A’lTj 


The Spirit Of 
Christmas 



m. 







3 Candidates in Seoul 
Waffle on Economy 

Calls to Review IMF Bailout Alarm Investors 


By Nicholas D. Kristof 

■ ' New York Tunes Service 

- SEOUL — As South Korea lurches 
through an economic crisis that risks 
destabilizing much of East Asia, none of 
the three presidential candidates has giv- 
en a very credible explanation of how he 
would manage die economy. Two have 
even said that they would renegotiate the 
International Monetary Fund bailout 
that is the country's Life-support sys- 
tem. 

All this has alarmed investors and 
foreign governments, particularly since 
each of the candidates had signed a 
pledge agreeing to go along with the 

- bailout. But the broader challenge for 
South Korea may be that none of the 
candidates seems likely to emerge with a 
broad mandate that would enable him to 
close insolvent banks and factories, stare 
down striking unions, and unify the na- 
tion behind a program to restructure 
industry and finance. 

The two leading candidates. Kirn Dae 
Jong and Lee Hoi Chang, are both 
; widely respected as intelligent, cosmo- 
politan and courageous. But questions . 
linger about whether they are up to the 


up tt 

Herculean task of carrying out the IMF 
accord adopted last week, risking strikes 
and even riots, and presiding over a 
bleak landscape of layoffs, inflati on and 
bankruptcies. 

; • "Politically, it's very difficult,” said 
Lee Hong Koo, a former prime minister. 
“Whoever is president next time, he’s 
got to be unpopular. There's no other 
way." 

! ■ 4 ‘We need someone to say, * this looks 
bad, but this is what we’ve got to do,’ " 
Mr. Lee added. 

- Mr. Lee favors Lee Hoi Chang, the 
ruling party’s candidate, to bear those 
lad dames. A former Supreme Court 


is a 


justice who has been a visiting scholar at 
Harvard and at the University of Cali- 

fTiang 


larvard and at the Universi 
forma at Berkeley, Lee Hoi 
stem, independent-minded figure whose 
drawback as a campaigner is that he has 
the political charisma of a statue. 

A bit ahead of Mr. Lee in the polls is 
Kim Dae Jung, a long-time dissident 
who has exhibited enormous courage in 
defying military dictators but a bit less in 
challenging voters. A hero of die long 
struggle to bring democracy to South 
Korea, Mr. Kim- nukes the establish- 
ment nervous and is broadly popular 
only in his native Cholla region in die 
southwest of the country. 

“If I am elected president, I will pur- 
sue new negotiations with the IMF in 
order to regain our economic autonomy 
and benefit die national economy,” Mr. 
Kim declared a few days ago. The third 
candidate, RheelnJe, who seems to have 
little chance of winning, has also called 
for renegotiation, while Mr. Lee has said 
that he will stick with the agreement. 

The policy differences among die 
candidates are relatively minor, with all 
agreeing on a pro-American foreign 


policy, on the importance of a market- 
oriented economics and on efforts to 
engage North Korea. Indeed, one of the 
most obvious policy disagreements con- 
cerns whether to try to negotiate a new 
IMF accord, and even Mr. Kim’s aides 
are signaling that this might not hap- 
pen. 

"What he means by renegotiating the 
agreement is not the same as repudiating 
it,’ ' said Ben Limb, a Korean- American 
lawyer who serves as an adviser to Mr. 
Kim. Mr. Limb said that Mr. Kim would 
simply use the occasion of periodic re- 
views to seek adjustments within the 
IMF guidelines. 

“The mood ranges from anxiety to 
anger,” said Han Sung Joo, a former 
foreign minister who is advising Mr. 
Lee. “If the anger prevails, then I think 
Kim Dae Jung has a good chance, be- 
cause he not only is in the opposition but 
also has been tapping that anger by say- 
ing be would renegotiate the IMF agree- 
ment- 

"But if worry prevails,” Mr. Han 
added, "then I dunk that Lee Hoi Chang 
has a better -shot" 

While the administration of President 
Kim Young Sam has been severely tar- 
nished by the economic crisis, this has 
not hurt Mr. Lee and the ruling party as 
much as one might expect Although 
President Kim and Mr. Lee have worked 
closely together in the past they are now 
feuding and President Kim may be sup- 
porting Mr. Rhee. Indeed, Mr. Lee has 
gone so far in distancing himself from 
President Kim as to change the gov- 
erning party’s name, to the Grand Na- 
tional Party. 

In the absence of major policy dif- 
ferences, the campaign lias centered on 
such matters as Mr. Kim's age and 
health (he says he is 71, while his critics 
say he is about 74 and too old far the job) 
ami Mr. Lee’s family. Mr. Lee’s election 
would have been almost a sure thing if it 
were not for a scandal over his two sons 
and their failure to perform mili tary ser- 
vice. 

It is perhaps natural that candidates 
are not extensively describing their eco- 
nomic policies, for there is not much 
political mileage in a presidential can- 
didate detailing to voters precisely how 
he will make them suffer. Both can- 
didates say, in general terms, that they 
are eager to shake up South Korea and 
preside over the transition to a more 
modem economy. 

Still, each might find that task over- 
whelming. 

Mr. Lee is a product of the Korean 
establishment that many analysts say is 
foe nation’s central problem, with in- 
cestuous links between politicians, foe 
bureaucracy and huge corporations. Mr. 
Kim is an outsider and might find it 
easier to uproot foe establishment, but he 
has a reputation as a populist and might 
find it difficult to say no to trade unions 
who now wield enormous power in 
South Korea. 



Indian Party Calls for Nuclear Jfkapons 


Lai Krishna Advani answering 
questions Thursday in New Delhi. 


CtmvMtffOm SufFtam Dfepanho 

NEW DELHI — One of India's most 
important political groups, foe Hindu 
antintwllw R torfttiy a Janata. Party, said 
Thursday that it wanted the country to 
develop a nuclear deterrent 
“BJP favors that India develop a 
nuclear deterrent of its own," Lai 
Krishna Advani, foe parly’s president, 
said at a news conference. 

“We are for global disarmament," 
Mr. Advani said, “but we are against 
nuclear apartheid that is being imposed 
by the developed world' ‘ 

His comments reiterated foe party’s 
long-held stance and echoed foe gov- 
ernment's position. 

India, which exploded a nuclear 
device in 1974, has since exercised 
restraint, but it has refused to accept 
global nonproliferation accords, in- 


cluding a nuclear test ban treaty that 
was negotiated this year. - 

Expats consider India and Pakistan 
to be threshold nuclear states that could 
produce a bomb fairly quickly. 

India is developing missiles capable 
of carrying nuclear weapons but has so 
for insisted its nuclear program is 
peaceful. 

Hindu nationalists, pointing to what 
they call a hostile security environment 
in South Asia, have consistently urged 

successive Indian governments to move 
toward an overt nuclear deterrent 

Mr. Advani, whose party is the 
largest in Parliament, also added a 
caveat to India's seven-year-old eco- 
nomic reforms and said that,- while a 
future Bharatiya Janata government 

would move more quickly on dismant- 

accords, in- ling internal controls, it would want the 


country to move carefully on reform 

' ‘On globalization, we want the coun- 
try to move gradually and cautiously to 
ensure that indigenous industry is not 
undermined,” he said. Butte attod fori 
the party, whose strength flows from 
India's middle class, was in few of 
“internal Hberafization at a more rapid 
pace.” 

Mr. Advani dismissed the challenge 
from the Congress (ft Party and foe 13- 
party center-left United Front alliance 
that Congress brought down last 
month. That move forced elections to 
be for this winter, u toast three 

yean ahead of schedule. • 

“The Congress is disintegra ti ng at 
foe margins and decaying at dtoearter.'* 
he said. “On the other hand, the United 
Front is almost certain to get disunited 
before foe polls.” (Reuters, AP) 


BRIEFLY 


Hashimoto Survives 
No-Confidence Vote 

TOKYO — The government of 
Prime Minister Ryu taro Hashimoto 
easily survived a no-confidence motion 
Thursday submitted by foe main op- 
position party. 

The 500-member lower house of 
Parliament voted down foe motion, 
268-219. Twelve members did not 
vote, and one seat in foe lower house is 
empty. 

Mr. Hashimoto ’s Liberal Democrat- 
ic Party and two small allies have ma- 
jorities in both the upper and lower 
houses. 

The fate of the motion, introduced by 
the New Frontier Party earlier in the 
day, was never in doubt, but it gained 
prominence because of Japan’s foiling 
economy and new polls showing dis- 
approval for Mr. Hashimoto’ s govern- 
ment rising sharply. It was the first time 
Mr. Hashimoto had faced a no-con- 
fidence motion since his government 
took office, last January. (AP, Reuters ) 

China Gives Priority 
To Enterprise Reform 

BEIJING — China’s top leaders tar- 
geted the battle against unemployment, 
the losses of state enterprises and ‘ 'spir- 
itual pollution” as their main tasks for 
next year at a conclave that ended 
Thursday, state radio reprated. 

The national economic work con- 
ference, held here Tuesday through 
Thursday, likened die reform of state- 
owned enterprises to * ‘storming heavily 
fortified positions.” 

China wants to resolve foe problems 
of state enterprises in three years, (he 
radio said. 

The conclave conceded that many 
state workers faced livelihood prob- 






iv 

i 

; t ‘ 

\ . 

. I 






SOFTLY, SOFTLY — A mother retrieving her child’s stranded 
school bag on a thinly frozen Beijing lake while a friend grips her belt 


lems, and pledged to help millions find 
work or provide them with training. 

"The pressure on the government to 
find new fobs for laid-aff workers is 
greater,” foe radfo said. The number of 
laid-aff workers reached 10 million by 
foe end of September. 

President Jiang Zemin and Prime 
Minister Li Peng addressed the con- 
ference. (Reuters) 

Indonesian Troops 
Stop Student Ratty 

JAKARTA — Indonesian troops 
dispersed a student rally commemor- 
ating Internatio nal H oman Rights Day 


in the central Java city of Yogyakarta, 
the Jakarta Post reported Thursday. 

The paper said hundreds of students 
calling themselves the Committee of 
People's Action for Change exchanged 
harsh words with security personnel 
who tried to stop them from leaving the 
grounds of the Gadjah Mada University 
in foe city Wednesday. 

Several minutes later, foe troops 
brake up the gathering by beating the 
students with wooden sacks, chasing 
them and ordering them into trucks, the 
newspaper said. There were no reports 
of senous injuries. 

The chief of the Yogyakarta military 
c ommand , Colonel Djoko Santoso, 
said those rounded up were later re- 
turned to the campus. (Reuters) 


JiangPraises Tung 
For Hong Kong Work 

BEIJING — President Jiang Zemin 
met the chief executive of Hong Kong, 
Tong Chee-hwa, on Thursday and 
praised his work in maintaining stability 
since foe former British colony's return 
to Chinese rule. 

"In the past five months, the Hong 
Kong Special Administrative Region 
has made remarkable achievements 
through hard work,' * Mr. Jiang said, the 
Xinhua press agency repotted 

“Although foe financial turmoil of 
Southeast Asia has had some Impact on 
Hong Kong, it still remains econom- 
ically healthy since the July 1 hand- 
over;*’ (AFP) 

Okinawans Wiighln 
On U.S. Heliport Plan 

TOKYO — Campaigning started 
Thursday for a referendum on Okinawa 
over the construction of a U.S. military 
offshore heliport as part of attempts to 
ease foe U.S. military concentration on 
the Japanese island. 

The Dec. 21 referendum organized 
by foe Nago municipal government 
will be the first erf its kind over the 
construction of a specific U.S. military 
facility in Japan, officials said. 

The result, which is expected foe 
same day, will not be binding. But 
Nago’s mayor, Tetsuya Hlga, has said 
that he will use it as a gauge in deciding 
whether to accept the heliport. 

“Hie offshore heliport construction 
r the f 


city,” foe mayor said. 

“It is important foot all residents are 


to express their own views,” he said. "It 
is necessary frrf us to know the opinions 
of as many residents as possible before 
we make a final decision.” (AFP) 


IMF: Leaders Warn Bailout Has Prescribed the Wrong Medicine 


Continued from Page 1 

were necessary to slow the rapid de- 
preciation of Asia’s currencies. 

"There has been a pervasive loss of 
confidence in foe currency, and we have 
to attract domestic residents and for- 
eigners to hold the domestic currency,” 
he said. "We ask interest rates to be 
raised to a level that will stop hem- 
orrhaging of reserves." 

Jeffrey Garten, a former American 
trade diplomat, said that the IMF might 
be using the wrong medicine in Asia. 

“It is a legitimate question as to 
whether the IMF is moving in with pre- 
scriptions that are more relevant to Latin 
Araerican-style crises than to Asian 
crises,” said Mr. Garten, former U.S. 
undersecretary of commerce, who is 
now the dean of the Yale School of 
lement 

:'s another difference between 
Mexico and the Asian crisis: Mexico is 
one country, and the countries around it 
were not all succumbing to foe same 
problem," he said. 

A key question, Mr. Garten said, was 
whether there was enough flexibility 
among all parties for programs to be 
altered. 

Finance Minister Lim Chang Yuel of 
South Korea said this week that IMF- 
ordained slow growth is not what his 
country needs, and two of foe top three 
presidential candidates insist they want 
to renegotiate bailout conditions. 

Prime Minister Mahathir bin Moha- 
mad of Malaysia, a long-time critic of the 
IMF, has said his country would resist 
the agency's aid because its formula 
helps guarantee loan payments, rather 


than rescue distraught economies. 

Mr. Mahathir takes issue with three 
conditions he fears would be placed on 
IMF aid: an opening of financial markets 
that allowed foreigners to buy out local 
banks, increased interest rates that 
would stifle business activity and in- 
creased taxes, which would cut con- 
sumption. 

"Now your currency has gone down 
and people are poorer,” Mr. Mahathir 
said m a recent speech. “If you have to 
pay more taxes, then the burden on the 
people will be even greater." 

In Thailand and Indonesia, the first to 
sign on for IMF programs during the 
current crisis, companies axe being 
crushed by high interest rates that have 
arrived as part of the package. 

Mr. Chumpol of Siam Cement said 
that if interest rates did not ease by foe 
end of foe year from foe current 20 
percent level, one-third of Thailand’s 
companies would be too short of cash to 
pay interest on their debts. 

While it may be tough for companies 
to find money in foe short term, the IMF 
official said the crisis had already cre- 
ated a completely untenable situation. 
“It has to be stabilized. Tire effects of 
continued depreciation are also devast- 
ating to all those companies that have 
large debts,” the officiri said. 

The only reasonable way to confront 
these problems is to sharply raise interest 
rates and undertake a fiscal correction, 
the official said- "Our view is, undertake 
these actions firmly, with conviction, 
and leave the markets in no doubt you 
are doing them, and you will stabilize the 
situation.” The official said tint some 
Asian currencies had fallal between 


30 percent and 60 percent in value. 

“The way to stop it in the short term is 
to show that you are determined to de- 
fend foe exchange rate, not at apaxticular 
level, but to defend it against continued 
depreciation,” foe official said. “Once 
that period is oveF, interest rates can go 
down reasonably fast” 

While emphasizing that foe govern- 
ment would strictly adhere to all agree- 
ments with foe IMF, Prime Minister 
Chuan Leekpai of Thailand and Deputy 
Prime Minister Supachai Panitchpakdi 
said separately that the program was 
harshly cutting into the country’s real 
economy. 

“The deflationary effect was stronger 
than foe IMF predicted, and I have to 
caution them,” said Mr. Supachai, who 
is in charge of foe government's eco- 
nomic team. “We nave to accept that 
some assets are overpriced, but foe cur- 
rent slowdown is strong, severe and ex- 
aggerated beyond what is necessary.” 
Mr. Supachai said the program was es- 
sential to Thailand, but should be scru- 
tinized for future adjustment 

* ‘We should do everything we can to 
make sure it does not rob the funda- 
mentals- of the Thai economy. You can 
just say you take the bitter medicine and 
accept the consequences, but no, we 
need to discuss about these matters.” 
The IMF’s standard treatment was orig- 
inally drawn up to address a situation in 
which a government with a weakening 
currency and draining foreign reserves 
prints money to finance a budget deficit, 
said Masatsugu Nagato, general man- 
ager of the Industrial Bank of Japan Ltd. 
in T hailand 

But Indonesia, Malaysia, Thailand 


Pacific Isles Escape 
Brunt of El Nino 

The Associated Pros 

SUVA, Fiji — Most Pacific is- 
land nations scan to be escaping the 
fell impact of El Nino, according to 
foe director of the region’s main 
weather observation center. 

Apart from serious drought in 
Papua New Guinea, foe 22 island 
countries and territories that nor- 
mally bear foe brunt of foe El Nino 
cycle have not been seriously af- 
fected, said Raiendra Prasad, di- 
rector of foe Fiji Meteorology Ser- 
vice. 

While the normally cyclone-free 
Tahiti and Horfoeni Cook Islands had 
experienced cyclones, foe dxy season 
in the Western Pacific was generally 

"Prasad said El Nino was ex- 
pected to ease early next year. HI 
Nino is the nickname for a periodic 
warming of waters in foe eastern 
Pacific, 


KOREA: Stocks and Won Continue to Fall 


and the Philippines, until the start of the 
current crisis, all ran budget surpluses, 
kept inflation low and had stable or even 
increasingforeign reserves, he said 
"With! Thailand, this could be foe first 
time in its history that the IMF has had to 
face such a serious private-sector bad 
debt problem,’ * Mr., Nagato said. 

Bari debt in foe finance sector, which 
some estimate may reach 25 percent of 
outstanding loans, will eventually require 
the sort of government financed bailout 
i, Mr, Nagato said. 


Continued from Page 1 

Baa2, two -notches above junk-bond 
status, from A3. 

Partly because of such poor credit rat- 
ings, a planned $2 billion bond offering 
by foe state-controlled Korea Develop- 
ment Bank has run into diffic ulties . 

The offering, which is considered a 
vital part of foie nation’s efforts to raise 
foreign currency, appeared late Thurs- 
day to be going forward. But foe interest 
rate the bank will have to pay, and how 
many takers it will have, remain to be 
seen. 

The won’s steep decline could 
threaten South Korea's banks because it 
makes it mare expensive, in wot, to pay 
off their do Uaf -denominated debts. 

Another risk, said Mok Young Chung, 
a banking analyst at ING Barings, is that 
many banks might now fell short of the 
international standard requiring capital 
to equal at least 8 percent of assets. 

The reason, he said, is that about 40 
percent of bank assets are denominated 
m foreign currencies. These assets have 
just mushroomed in value, as measured 
in won, so capital levels have become 
insufficient 

Failure to meet that standard would 
make the banks subject to closure or 
under Seoul's agreement with 


Finance Minister Lim Chang Yuel, in 
a news conference with foreign media, 
tried to talk up the value of foe won, 
saying that foe South Korean currency 
had overshot its appropriate level, which 
he would not Specify, and that currency 
speculators risk getting burned. 

Mr. lim also said that South Korea’s 


MARKETS: As Rubin Rebuffs Seoul on Aid, Investors Worldwide Take Hiccup Over Asian Turmoil in Stride 


situation is not as dire as analysts say. 
The nation now has about $10 billion in 
usable foreign-currency reserves, he 
said, up from $6 billion on Dec. 2. 

By the end of this month, he said. 
South Korea will have received an ad- 
ditional $3.5 billion from the IMF, $2 
billion from foe Asian Development 
Bank and at least $2 billion from the 
Wortd Bank. In addition, foreign bonks 
operating in South Korea have com- 
mitted $2 billion in swap deals. 

It has been estimated mat South Korea 
has about $20 billion in- short-term debt 
coming due by foe end of the year. Mr. 
lim, while not mentioning any figures, 
said that he had talked to foreign banks 
and that some woe now committed to 
rolling over the debt 

He denied reports in foe media here 
that South Korea had requested tha t the 
IMF speed up its disbursement of funds. 
“We have ilot requested any change," 
he said. "As I already told you, we can 
manage foe situation. ” 

If foreign banks forgo calling in their 
loans. South Korea should at least get 
through December without defaulting. 
“Foreign bank sentiment has turned for 
foe better,” said Kang Tae Hil, deputy 
general manager of international sales at 
Daewoo Securities, who said he talked 
with some foreign banks on Thursday. 

^Jewatheless, one Finance Ministry 
official said tile government Was still 
moving toward asking the IMF to 
provide money fester or asking Japan for 
a loan to tide South Korea over until 
more IMF money arrives. 

In a nationally televised speech Thurr 
day morning, a solemn President Kir 
Young Sam ' ' - 



Continued from Page 1 

Korean government showing increas- 
ingly that it is getting on with the pro- 
gram, and foe more that happens, the 
more confidence will come back,” said 
ibe official, who spoke on condition of 
anonymity. "That is the critical element 
at the moment.” 

Mr. Rubin said that a request for a 
short-term loan from South Korea, which 
formally reached the bailout agreement 
with the IMF last week, had not come to 
his desk. He did not say how the United 
States would respond to such a request 

The Korean Development Bank tried 
to borrow $2 billion via a bond issue 
Wednesday, but investors were not in- 
terested in advancing it funds on the 
terms it was offering, about 10.25 per- 
cent interest for three years. Wall Street 
sources said it was reoffering foe bond 
on new terms Thursday.. 

Analysts said South Korea would get 
the aid it needed and would be able to 


work ont its problems. “There's no way 
around supporting foe Korean bailout; 
it’s the 1 Ith-largesi economy in the 
world," said John Boich, senior portfolio 
manager at Montgomery Asset Manage- 
ment m San Francisco. The country, has 
overnight obligations to lenders in otter 
countries and defaults would lead to a 
global payments crisis, which Mr. Boich 
said would not be allowed to happen. 

Heydon Traub, head of global active 
strategies at State Street Global Advisers 
in Boston, said he did not think that the 
Korean government had intentionally 
mis informed the IMF about its cash 
needs. Mr. Traub said the South Korean 
chaebol, the big conglomerates that have 
expanded their sales by neglecting 
profits, instead misled their government 
about how much money they had. 

“1 don't think it's ted that they are 
asking for more money,' 1 he said, re- 
ferring to the government, “and they are 
not going to geL the money unless they 
stick to foe IMF terms.’’ 


Mr. Traub said he thought the recent 
decline in world stock prices had nearly 
run its course, although stock prices 
would not begin to rise in South Korea 
until it stemmed the fall in its currency. 

Investors did snap up Treasury bonds, 
sending foe yield on the 30-year issue 
down to 6.02 percent from 6.(37 percent 
on Wednesday. Part of the attraction of 
bonds was the reduced outlook for profit 
advances at American multinational 
which will find it hard to sell 
into foe weakening Asian econ- 
omies. Mr. Traub said, however, that if 
deflation was going to lead to weakness 
in foe U.S. economy, the stock market's 
losses would have been far greater. 

Confirmation fori there was some de- 
flationary pressure on U.S. prices came 
from the government's repent on import 
prices for November. Overall, prices fell 
03 percent, foe ninth drop of this year, but 
much of that was because of a reduction 
in energy prices. Excluding petroleum 
imports, prices were down 0.1 percent. 


A number of U.S. economists, mean- 
while, said they understood the gov- 
ernment’s apparent reluctance to provide 
eaxtotocjf funds to South Korea on top 
of a $5 billion provisional credit line. 
Some said foe situation in South Korea 
would have to grow fer worse before they 
would support further U.S. assistance. 

“I certainly don’t See foe world com- 
ing to an end if, on Jan. 1, they skip a 
couple of payments” on short-term 
loans, said Can Weinberg, chief econ- 
omist at High Frequency Economics in 
Valhalla, New York. “It beats me why 
there would be a panic about this.” 

Sam Kahan, president of ASX. Fi- 
nancial Research in Chicago, added: 
“It’s understandable that Secretary Ru- 
bin and others are very, very cautious 
about making any kind of a blank check. 
For sure, if Korea goes into a disaster, 
we’li probably have to step in, but until 
that develops, we’ll have to let them 
clean their own house.” 

Morris Goldstein, senior fellow at foe 


Institute for International Economics, in 
Washington, was similarly sanguine. 

“There are risks involved," sam Mr. 
Goldstein, a former IMF official, “and 
you want to give foe Koreans support 
and to limit systemic risks. At the same 
time, you don’t want either foe IMF or 


, , uui IV 1U II 

owpair. He also promised to enforce thi 
ARIF agreement without alterations. 

If we do not recover our interna 
OOTalcredibility, a far greater crisis maj 
confront us,” sard Mr. Kim, whose tem 
expires in Februai^r. 

One fectorfoat is making some foreim 
mvestors nervous is a suspicion d£ 
South Korea will not adhere to the IMF 
which calls for more marke 

SS£5li nltod,,ced “K° a heretofon 
^ferected economy. Seoul recentlj 

bmion to tw< 

«»flmercial banks to keep them iron 
have to seek help in the future. The IN# JtiSate^fo^Swf ^k^?L nnaly5ts “3 

has disbursed $?6billiOT to South Korra ftSr* ^ 

and plans toprovide an additional $3.6 

bHhon. Urn Qufog Yuel, the finance min- 
ister, said foe Wcmd Bank and foe Asian 

Development Bank would provide $4 bil- 
lion; with $2 billion commuted by foreign 
banks in swap deals with foe Bank of 
Korea. In granting foe bailout loan, foe 

IMF insisted that Seotll slow its economic 

growth, reduce government spending and 
raise taxes and interest rates. 


----- — .V •nM^aaiuy 

underwrite all short-term private debt” 
Mr. Rubin’s concern, Mr. Kahan ad- 
ded, is not just with Korea but with other 
countries from Taiwan to Brazil to Czech- 
oslovakia and even Saudi Arabia that may 
have to seek hdp in foe future. The IMF 


™ nas taken out front-pag 

S£ SnSfS?! 10 ittKgotiri 

ularrS^ 0 ? 1118 to vitalize on pop 

Md othe 

s-iMSSSsssr 


■t 






StATI M 6. Smtuu Al worn 51 so 


PAGES- 




* 


* 

( 


I 



■ ■7“,* v 7tr«~r 



NTRODUCE THE 


EW PROFILE 
F ALCATEL: 

•SPEED 





▼ 


The Hi- 


Times are changing and so are we. In 
today's information society, we see the 
expression of speed in evolving markets 
and in the needs of our customers. Alcatel 
is already a worldwide leader in the devel- 
opment of Hi-Tech solutions for the trans- 
mission of voice and data at ever-faster 
speeds. Using our recognised technologi- 
cal know-how, we are making spectacular 
advances in the areas of multimedia, sub- 
marine networks, Internet applications and 
satellite communications. And to ensure 
that we remain at the leading edge, we are 
now combining Hi-Tech with something 
equally important. Something that not only 
guides the development of our solutions, but 
also the way we serve our customers. We call it 
Hi-Speed. At Alcatel, this dimension is present at 
every step. From research and development through 
to after-sales service. It guides the development of 
our products and systems and shortens the 
finrie to delivery. Hi-Speed also signifies the 
attitude of our teams - rapid, pro-active, 
flexible and informal. Our objective is to 
provide top quality service in the shortest 
possible time, anticipating developments 
in our markets so we provide you with 
the most innovative solutions. Combin- 
ing the dynamism of the most successful 
startup companies with the technological 
know-how of an international corpora- 
tion, we are becoming The Hi-Speed 
Company, www.alcatel.com 






'PAGE 6 


INTERNATIONAL HERALD TRIBUNE, FRIDAY. DECEMBER 12, 1997 


tmiUlt 2 M THE INTERMARKET 


“S’ +44 171 420 0348 




RESIDENTIAL REAL' ESTATE 


Collingham 

Serviced Apartments 

arc situated in a qnkt Residential 
sam in South Kensington. 

Ut offer 24 apartment! ranjiing 
ftnm 1-5 fwdnwmx 
Eaih apjrtmcffl to a fuBy equipped 
kHctai reception Maid 
xPW -orriliie TV. 

24 hour rwptu m wilh fax 
ami bunary service. 

Hie ptrfea alttmalive lo Hotel 
acoimmncblkin far the visiting 
family or htwnew. peisna 
Com punitive rjlcvpman anti ideal 
localioa Knighcdxrdge. Museums, 
and the Exhibition Halls jt Eads 
coun'Olympu nuke Codingham 
Cardens die ideal home from l tome 
hr me md Indore pfase anted: 
K37 Ceffiugham GmfasJtondni SW5 OHN 
Tt4 Bin-1444677- to: 6171 -244-7331 


SPAIN 




SaES mm ■« t ^ ijii 




Real Estate 
I for Sale 


French Provinces 


CHATEAU M PROVENCE 

IS km tram Avignon, TGV, abport 
Bostic 19ttl cenL faricir & stone rasdence 
<4 320 EQ.m. 3 sfeldng reception moms. 
Bxayfoffce. 3 baboons win tetanies 
Nforingimd 360 sqjn wto 
11 toons partaly restored. 2 deluxe 
catlaps, dovecot pod. 40D sqm bam 
used as music room Park wih cart ary 
aid trees, 6 ha ground! FRjOODOO. 
Tet +33 (0)4 90K 7510 Fax 9095 8106 


BUY WITHOUT COMMISSION 

- FreefRecehre regutaly, at your hornet 
• ■ setecdon d reef estate corresporefng to 

- you- demand. Le Pertenlre European 
' 34297 Montpelier cedes 05, Franca- 
•* Ftot 3 3CT46763631frwwwjwieLthe 


KORMAHDE, 10 MLES DEAUVLLE, 5 
tides S Gate! airport. TUDOR STYLE 
kWNOR 4 bedrooms. bath, kitchen, cen- 
tral heating. 200 »jtl 1.3 acre cycxnds 
(more available) £110,000. TUDOR 
STYLE HOUSE to conyfcte. 300 JtyiL. 
1.3 acre, wounds (more available) 
£70.000. ’ Please cortact Fax +33 
ffHH 31 635548 Tet (0)2 31 6548S3 


PROVENCE - ALP1LLES - liBERON - 
Free brochure IE TUC NMO Presto 
36-16 LE TUC. MtpAMMjgHiakrti - 
Tat +33 [0)4 80 11 B4 B4. 


PROVENCE, we offer a vartaty ol sptav 
rid vis. ’mas* or riatiides* in southern 
France Complete Wonattor an lequesL 
SOGIP. Ftayosc Fax +33 (0)4 9470 4801 


SOUTHEAST - DROIIE Spbncfid proper- 
ties avaiaUe lot safe m teautfui con 
trysde of Drome. Ask lor doanwwkn 
Tel/Fax. +33 (0)4 75 0B 32 95 


1 French Riviera 



’ 6EAULEU Provencal style, sea vtow 
at baraam pnee 

1 VtLLEtflANCtE. seauie*, modem vfe 
landscaped garden, pod FF7.4 M. 

1 VUEFRANOffi. tantsfc «nfcw. 
magnftert via. terraces garden. 
podLFrau 

1 CAP FEB RAT waeredge. merfterra- 
neanvfe, prose jetty FF89M. 


tjC 1 HAUSSMANN Croup 

TEL +33(0)4 92 00 49 49 
FAX +33(014 93 894088 


GREAT BRITAIN 


900 SQUARE METERS OF LUXURY AMD TASTE BETWEEN Bufi n 1996. ttt 800 nfjn. vffla g located on 7 tiremmas ol 
THESKYANDTRESEA.ONTHEISUIMD OF CRETE, GREECE 5^5%?* 

a drwnnq room, office, fully eqinpped Kdctian informal latte 
and chars tor mghij, game room, music rOom, squash wurt, 
hv« batltroonb, Jacuzzi, twafreptoces, separate quarters for 
the staff', two-car garage, smunwig pod, independent ireler 
supply from a private weB. toady to budd a terra court. Pnce- 
USD 1 500X00. For ntormabon contact : Td : (003081) 
8*1.101, Fax: (00301) 6843.485. 





SWITZERLAND 


For sale near the capital 
Beme/Swftzertand outstanding 


Manor House 


18™ Century, ipata bonding wftB two 
livings and 10 rooms (about 500m 2 }, 
underground swimming pod and 

party raon, mdergramd car park, 

Guesthouse with 4 appartraents 


Surrounded by a beautiful park 
with ancient trees (about 34,000m 2 ). 
In pristine andRJon. Low tax rates. 

Bequest at Ndter BJataar Onktotr A Patna, 
Stimnmgoued.CKSOai Bam. 
IMphim: 0041-31 3125312 


Paris and Suburbs 


BE1WEEN OPERMSTOCX EXCHANGE 
& DROUOT. premignus address prdes- 
staat^vtote, desoier decorated abort 
100 sqm F33L fax +33(0)1 40209955 


ST GERMAIN DES PRES. OWNER 
Apaitnu rtW i aa cter, Mng uih fiqfface, 
berioom. 2 WCs. smal study, mezzanine 
concage. Tee am +33 (0)1 4637 0209 



French Riviera 


ANISES, bordering sea. Sth floor, ort- 
standng view, Greig + 2 bedrooms, park- 
ing. FF2M. Tet +33 (0)1 45 72 14 06 


Switzerland 


□ LAKE GREW & ALPS 

Sale to fareimwn authuteed 
oirspecia&ty since 1975 

Attractive pmpartw, overioddng views 
1 to 5 tediums, ton SFr 2tM,000. 
REVAC SJL 

52, Moalbribnt CH-1211 GENEVA 2 
Tel 4122-734 15 40 Fax 734 12 20 


Holland 


RSmKXISE IHTEniATIONAL 
No 1 h Hotend 

lor (semi) tunfdied housesfffials. 
TM-31-BHM7S1- FK 3T-2W485909 
- NTuven 1921. 1083 Am Amsadaa 


JERUSALEM German Colony. Unique 
penthouse. a,.spacvus, new. elevator, 
parking. Di VeroU • Skani Tel 
972-2^611827 


VEHCE, FURNISHED APARTMENT tor 
rart wondefd views. For sate also. Tat 
+39 338 2715858 Fax +39 41 5335798. 
Eroal regnaubnUoli 


Paris Area Furnished 


Canada 


OTTAWA, ON CANAL nor PvtanenL 
Deagi award wque 3+2 bedim town- 
house $357,500 Owner 613-23MJS2 



JERUSALEM. German colony, targe, 
unique. 3 garden, basemert. paittng. 
Di fell - Tat 97245611627 


JERUSALEM Gemen atony, 4, bull- 
ous. spacious, patting. Di VeraE - Start 
Tet 972-2-561 1S7 


JERUSALEM Geman colony, unique 
perdoae, a rtevaar. parttog. DI Vaml 
- Sian Tet 97241-5611627 


London 


HOMES EARCH LONDON Lei us 
search for you. We find homes / Hats 
to buy and rent and provide onporate 
relocation services. For todhriduals 
and companies. Tel: +44 171 B38 
1066 Fax + 44 171 838 1077 
hnp^nw.tnriesaaidvjxuMlm 


Pals and Suburbs 


8 th -ROND POINT 
des CHAMPS ELYSEES 

I9h cert, bititfng, 174 sqjn, 
3tedroonu.CHARM.5UN. 
FR5M.000. Makf room 
and parking posstte 

16 th- F 0 CH- SUN 

Very high dost. 220 ^q.m.. 2/3 bad* 
rooms, double ^iagef maxTs room. 

FEAU ■ 

V. HUGO (0)1 4S 53 25 25 


17 lh - CHARMING DUPLEX 

1930 Ixft&ig. 601 Boor, atovter, 
116 sqm. open view, nee tone, 
l room, Mute, terrace, HIGH CLASS. 
FF2 450 00a Tet 33(0)1 55 60 93 14 


BID DE MONTMORENCY 

Prestejous flat - 7 roans, 333 sqm, 
balcony S terrace, 6Bi to, exceptional 
view, paring and staff roam. 

Teh +33 [OH 40 06 94 30 


CHENNEY1ERE5, east Pans, towtxwse. 
tejh Bass ftaig. toed area, otstandng 
view over Paris 15W sam landscaped 
part. 450 sq m.. possible esdenton o( 
900 sq.m, tiwir^ space + commercial 
premises. EsHem deal: F4.5 U. 
Owner +33 (0)1 45763587 Far 45760402 


IDEAL FOR EXECUTIVE A FAMILY, 
Napoleon in 9room mansion tiati cert 
guest house, vflage to best, 50mn Pans 
1900 sqJL, mb comtiDn, al^qu^ped, 
4 bedrooms, 3 fireplaces. V 2 acre, nr 
schoteshops Qucts sate S525JD00. TeL 
+33 (d)f 34 86 36 12 Fax 34 86 36 13 


TROCADERO toes, double iraghl to 
mg room, mazzarwe. 2 bedrooms. Uy 
equipped irtchan, bathroom, shower 
room. Oak Doors, fireplace. 106 sq.m 
FF2JfiOJU). Tel- +33 (0)1 44 26 40 65 
answering machine Fin 44 96 43 76 


COWAGNE FONCHE SA. 

Tel +41 26 925 9273 RK+4126 325 92^ 
E-mafc JkiiuubBsrRbtuertroch 


INTERLAKEN: WATERFRONT HOTEL 
no* posstHe to buy by torrtgnera. Tet 
+41 79 421 3636. Fail +41 1 261 0630 


USA Residential 


NEAR KEY WEST, FL Ocean front 
HstatH has rare piMege at owning ft 
trtrtty private sandy teach trite coconut 
palms. A (toe paracSse wfli 62 x 20 L 
pooL Sim WpJA»ww.<to)pra£Oni/ 
kelapeu Tat 305-296-1907 USA 


(DA III BR1CKELL Superb 1680 sq.IL. 
3 bedrooms, 3 barrooms. 4 bong wa- 
ter and Key Biscayne. Parting, pool. 
US! 189XD0. Please cortact G. Rtatech 
Tet 38 55 284201 


NYC/Park Avenue 2 BertoomSBate 

PREWAR CONDO ON PARK 

Location and style In Part Avenue 
condomMum. Top to, SoUMWestfEasl 
corner exposures. Wood bunm fire- 
place, 12" ceflng, makings. Ftd-Servics 
nrttfing. Needs face-1 tfL Goad value 

Marty Covey 212-350-2212 

DOUGLAS ELL 1 MAN 


PALM BEACH GARDENS, FL ' 
BafertSteS-3300 9l. 4/45. $729K 
EASTPOWTE Courtry Qub 
3600 at. 25(7 takafronl-S495K 
2000 sL 1/3 acre gal w»S319K 
1600 si. hnfchetU164.5K 
RBa Poartmai, REALTOR 
RE/MAXNPB Inc. 
@61)7757306 

E-mofi: PcahnQn32@aolxom 


SUNNY PIAZZA H THE SKY NYC-Wesl 
30's. River views, 5 terraces. 2 bed- 
room/2 bate, entire door, 2 elevators, 
high eatings, ferarytfmng area, mart* 
eal-inttchen. video security. S18M. 
Gregory Graham 212-681-8200 x246 


USA Farms & Randies 


TME GREATEST - MUHAMMAD ALTS 
Mbugan (arm. Serene & beauUM gated 
90+aoe panhsrta 3 stay hone, otto, 
3 bams, terns. 30x60 port. Ideal tamtiy 
taxpwde letrerttepa 2 Its. to Chroaga 
20 mmutes to South Bend, IN. airport. 
Si 9M. Cal Nadra . Nadra K Real Estate 
616469-2090 Fax 6154695239 USA. 


Real Estate 
for Rent 


Embassy Service 

YOUR REAL ESTATE 
AGENT IN PARIS 
Tel: +33 ( 0)1 47.2045 


BEAUTIFUL LYCEE AREA west of Pans 
furnished, in large vSa, spadous. inds- 
pendert apartment will privrta flrtrancs. 
conqnMig: Large lounge, 4 bedrooms. 
3 bathrooms, equipped kttchsn. Easy 
corinecMon by train & RBI. Cal +33 (D}i 
4741 1723 (before 930am or attar 6pmj. 


CHRISTMAS OR KW YEAR • Unuy 


Paris Area Unfurnished 


_ IHUlBLD SMJRflL- _ 

EXCEPTT0NAL7 rooms, 226 sqm 
Large reception. 4 bedrooms. 

FF21.000 + diages: Newly redone. ; 

Cotoctee' heating. ? 

GFP. Tet +33 [0)1 49 (E 3530 i 


mVUJEBS.. 

. EXCEPTIONAL 4 hxhib, i06 sqm. 
• FFIOSOO + charaas. Cofccttee 
Hearty NEVH.Y(eX3te 
GFF: Tab +33 (0)1 49 02 35 80 


left - 50M PLACE DES ETATS-UfOS, 
sunphious 6 rooms. 2 terraces Anert 
Tel +33 (0)1 450B53B4 / (0)1 6060 5494 


Switzerland 


CORPORATE APARTMENT, tumWied 
tow. carter of Geneva, led side, near 
lake and part, 150 sqm. 2 bedrooms, 2 
btihrooms. racepfion, IdUien, 2 teraces, 
tohouse paring SFr: 4350 morahhr ad 
charges Mudad. Cal +41-22-732 08 95 


GENEVA, LUXURY FURNISHED apart- 
ments- FTOm states to 4 bertooms. Tet 
+41 22 735 6320 Fax +41 22 736 2671 



HOMEFMDERS MTL Herenmacta 141 
1015 BH Amsterdam Tel +31206382252 
Fax: 6392362 E’+iafrnonretoaetip.nl 


NYC FURNIShED APARTMENTS. 1 
week to 1 year. Great Locations. Cal 
PatfCrtqot 212-4484223. Fax: 212- 
4483226 E-Ma* athontewotiaoLcora 


- .A' . ... vv - • • . 


aCtllMMi 


7A&J1 



THREE CHARMING 
PARISIAN HOTELS 
EACH WITH A COURTYARD 


THREE CHARMING UTTLE HOTELS 
flV TOE TTEART OF THE ANIMATION 
ofsm^eimam-des-pres. 



HOTEL DE h'EJBB&TE 

■ safaK-Garmain A 

10, lueCsssdte. 75006 Paris 
TaL: +33(0)1 45.44U38.11 ” 






1 pldataSortxjnnfl 
7SXS Parts . 

TaL: +33(0) 1 46^4.14^0 
Ftoc 433(0)1 4M34J1.7S 
E-mafl:SetoctHotel Owanadoa.fr 
Contemporary elegance in trie heart 
off trie Latin Quarter. 67 rooms + 1 
duplex suite offering ttw perfect mtx 
of modem comfort and Old Wortd 
charm.. Trie interior garden and 
fountains add a soothing touch to 
this special hateL 

UNION HOTEL ETOILE 

44, rue Hanrefin, N \\ | !/, 

75016 Paris (JB; 

TeL- +33(0) 145^3.14^5 
Fax +33(0)1 4755 9479 
42 large, pretty rooms and 
resIdenttaJ apartments overtookinq a 
private garden on a small, calm 
street near Etoile. Trie perfect spot 
for business, entertainment and ; 
shopping. Private bar. Excellent 
service. 


• Le salon de 1'Hdlel des Maironnicw *** 
21,rueJaaib-7SfflWrARC» 

TeL 33 (Oj 1 43 25 30 60 Fax: 33 (0) 1 40 *ki 83 JV+ 
And very dost' b>‘, under the same management 
* LTifitel des Deux Continents *** 

Jacob -75006 PARiS ^ 

Teb 33 (0) 1 43 2b 72 46 Fax: 33 Ifl) 1 43 25 1» 80 

• UHdtel de Seine 

52, tne de Seine - 75006 PARIS , 

TH; 33 (0)146 34 22 HO Fax; 33 (0) 1 4634 W 74 




Hotel Saint Petersbowrg 


★ * ★ 

flyur Opera (jarnier. iPtace Je U WifcWinri* «*l 
C3iampt/Elyiti< tfu Aattf is a nufigry dbmnut fnm tht ntu 
Jrpartmat-stons (PrvtUmps. tialmrs Lafjvctttx. Work* & fptnta . 

All our 100 bedrooms are fully equipped with top-standard comfort- 
33-35 rue it CMumsrtin 75009 Parff 1 
Tds +33 (0)1 42 66 60 38 Fo: +33 (0)1 42 66 53 54 Tffen 68 OOP 1 F 


n» best location C LES ‘BEAUX LOGTS 

In t bc heart ol Paris «H6 tELS *** — 

T " b £ar‘ &nis(r~) 

the Louvre Mtnauro 
and 



r UP > 
TO 45% 
.DISCOUNT, 


Hospitality, Elegance, Comfort 


Hotel Louvre St Romain 

5-7 tire Sartfloch, 

75001 Paris 

M01.42m31.70- Fax01.«Z60.10e9 
• 34 frefyapported rooms aflw®t 
maiUeMirDams, cabteTV, 
traotos. avroom sals, hairdiyets. 


Hotel du Continent 
30 ,tusduMorti-Thafaor 
75001 Pads 

M. Of .42iO.7S.32 - Fax 01 AZ£\ £222 
’ 28 refined, My air-conteftonsd. 


cable TV, rtiribais, safe, hair dryers. 


’?!!??» TTi'fm 


Special Rater 635 FF ibr nso pers. ont night all inducted 
Special Packages on Request (for a minimum of two nights 
stay) 

(“Winter Rates* indudes American Buffer breakfast and all taxes) 
Valid from 1+ November 1997 to 31 March 1996. 



jAltifitkiif/l 


62 me St-DorrH»pie i 75f)07 Paris 
TeL: +33(0)1 47 OS 51 44 
Fax; +33(0)1 47 05 81 28 

Between Ihtf Eiffel Tower and 

Lcs Invulhies, fMrtina 
converted convent of the 18th 
cent., with u flower tilled yard 
offers you wtfK'onw and servtcv 
with ‘its 34 charming mums, 
with private bathroom. TV 
, Cable, mini-bar. Iclephnw. 




itiirt y 


for Arts. IH-mMilps lnK-maiw»J 
Hc+inn IVhiU. Nwuiin ft Dimnlin. 
To aJtvrtur ranlort Sarah Drrahni 
on til 171 120 0356 
or bis +U 171 120 0838 
A GREAT DEAL HAPPENS 
AT HIE INTER, HABKET 


DINING OUT 


U2 


.m ^ m ' 

MHiiiriniihj'lif. 

: la L 3, rue de rOd^on,^ - 

MWS Ptais. SFMi. 

Stepping nut ttf yuur btrteL on the left. there's the Tb&Ure tie 
ifjdtkm . the Uixembnurg gardens and. Just behind 
M mitpanuisse and it's cafes. On the right, there’s 
SaiiU-Cennain-des-Pr4s. the riivr Seine, the new Orsay 
Museum, the louvre and a few steps further, Beaubourg.. 
The CMl&m HftteL .13 charming rooms in the heart of Paris. 

Odeon Hotel 
TdU + 33 (O) 1 43 25 90 67 
Fa » + 33 (O) 1 43 25 55 98 


HftlE. BfiSOBtCE BEMD IV 


HOTEL <R£Sim!H£E 

rtnipj iv*** 

Between the Seine and the Pantheon 
in the heart of The Latin quarter; a stones 
throw from the Luxembourg park. 

Charming rooms and apartments 
(for up to 4 pers.) giving onto a square, 
equipped with kitchenette 
(ideal for long stays). 

Preferential rates for long stays. 

Figures in the “ Charming Small Hotel Guide " 

50, e des Benanun^ 75005 Paris 
Tet 4+33(011 44 fl 31 81-Fac +63(0) 1 46 33 93 22 
: M.RER St Michel Notre Dames -farkine nearby. 



LE MUNICH* 


In Aw ham* of Si Gwfwwui tins Pita. 
bnUMrti of art dm 'Mti ndln i, mm 
Cud, oM ityh, fawwfkral and hotn* 
aradw faiw gras* swl nnv 
99 ff (l) 14« Ff |D) ALC 150 IF. 
0pm wvwnrday wM a OJO. 

T«L: +33 (0) 1 4161.1270. 


LEBIIBOQUET 

AjoBtanphiiralW 
vdidi M tw gnoM tazmn. 
AMtw heart nFSaw*CmA 4w hit 
_ Itote nwrcradrite. - 
On rt W MriinwctaiiMBnabtaBnM 
13, nnSotolMAT. Ol 4&4«i]JM. 


PMUS 17th 


© KIRANB S 

now noon nmirai m ror a maMMVQWL 
ttngioad ipadottM frewi Pam^ob. Vwy 
gm pren iwvtaw*. Opaa Mwyvkqt 
Air cantakn+d. •UindlFF99 
• DknarFF 155 ta FF199 
83, err. dn Tamm, -Tab 01 45 7440 21 


KERVANSARAY 

T<^Aht1 9 mdlte > Umrbar, 
bad Mofood restaurant, litfknr. Mohkate.V. 
TM:512SM3.ArcMeBkn«d.tem.Opw. 
Neond pJtL 1 6 pjn.-1oA, ncapt Sunday, 

OpMboUayi. 


SKI HOLIDAYS ** 


/ V ' * 


2* FRENCH ALPS 

Courchevel 1650 - SAVOIE 

HOTEL DU GOLF ★★★ 

* and residences 

Rooms and apartments with balconies, 2 to 8 people. 
Gastronomic restaurant - Bar - Brasserie 
At the bottom of the slopes -Right by ski lifts 
Numerous formulas - Families/Children and Groups. 
Tel: +33 ( 0)1 44 56 30 30 Fax: +33 (0)1 42 66 12 20 


PARIS 8th 

LE PARC HAUSSMANN 



□r:i 3 L 


r* 



500 m from Parc Monceau 
a high class residence in a 3,000 sq.m, private park. 


TeL: 01 41 05 30 30 - Fax: 01 41 05 31 95 
75835 Paris Cedex 17 



PARIS 16 th 

16 AVENUE GEORGES MANDEL 


200 m from Trocadero 
15 high class appartraents 
new prestigious building giving onto two gardens. 


TeL: Ol 41 05 30 30 - Fax: 01 41 05 3 1 95 
75835 Paris Cedex 17 



THE INTERMARKET 
Continues 
on Page 17 


butte 

the woflixrs muy NCTsiipm 

PLANNING TO RUN A CLASSIFIED AD? 


EUROPE 

FWpHQ!:fc«, 

V: (01)11 43 93 BS. 

fa* Pl| 41 4393*1 

Ooatidotfilaxn 

’5g am * 

■fii.:(04p)«?1250a 

fa* PW] 77125020. 


ASlA/PAdflC 

HONGKQNGi 
Jj-- (852)2922-1 18a 

Jfe 41170 KMC 

fa*»33)2«22-U90 

MGWtt 
223 447a 
rac 3250842. 

Vac 28749. HT SH. 



























































































u» 





INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 12, 1997 


PAGE 7 


EUROPE 


Jospin Flies High in Polls, but France’s Economic Takeoff May Stall 


NiilWJAiV 


By John Vinocur 

torentotoad Herald Tribune 

PARIS — When Prime Minister Li- 
onel Jospin P ut “ an appearance last 
a * Marseille’s football stadinm 
for the World Cup draw, reporters said 
Ef* and boos rained down on him 
from the btg crowd. It was a humblinc 
unprogrammed moment, but a totai 
political non sequitur. 

Indeed, on a national scale, after six 
months in office. Mr. Jospin is ex- 
ceptionally, even eerily, popular. 

What he has brought the French, 
according to associates, and what die 
country likes enough to give him fa- 
vorable confidence ratings of 56 or 57 
percent, is a sense of honesty, p lain 

NEWS ANALYSIS 

talk and competence, a So cialis t-led 
cabinet devoid of squabbles or scandal, 
and a new emphasis on broad public 
discussion. Most of all, he has offered 
the continuing reassurance Char France 
will not be thrown to the perceived 
dogs of laissez-faire capitalism. 

What the prime minister has not 
done may be even more palpable. He 
has been unable to start reversing the 
unemployment rate of 125 percent, 
turn around the pessimistic view of the 
French on their own economic future 
(now, according to a new poll, on the 
bottom rung of Europe’s industrial 
leaders) or steer the country’s business 
community away from increasingly 
sharp resistance to bis program’s ideo- 
logical centerpiece of more public-sec- 
tor jobs and 35 hours' work for 39 
hours’ pay. 

Apart from some catcalls in a tough 
town, Mr. Jospin appears to be con- 
solidating his public status as a some- 
what austere, clear-headed man and 
political professional of considerable 
firmness. He is enough of a hands- 
down success at the moment that a 



Thmo» CorVAgmce hsut^iar 

Prime Minister Jospin speaking this week in the National Assembly. 


murmur of presidential talk wells op 
when his circle muses about the long 
haul and elections in 2002. 

But the circumstances are fragile. 
There is a disconnect between the fine 
poll results and performance. 

There are changes planned for 
France, pointing .away nom its old 
market rigidities, that are acknowl- 
edged by associates of the prime min- 
ister but remain unexplained because 
they clash with party ideology and die 
dominant culture of few risks and tight 
regulation. 

Most troubling, there are reports from 


French economists that growth here 
came to a halt this au tumn and that the 
government’s projections for revenue in 
1998 may come up dramatically short. 
This would turn Mr. Jospin into a leader 
who can no longer sustain, in the same 
Socialist embrace, job security, a high 
minimum wage, 350,000 new public- 
sector jobs and the budget strictures 
required to move toward joining the 
common European currency, the euro, 
at its start in 1999. 

In this situation, as the writer Jean 
Lacouture. a friend of the prime min- 
ister, says: “His popularity is artificial. 


and it's excessive. He's the most cap- 
able person, the man most worthy of 
esteem cm the political scene, and the 
French see him warmly. Should I marry 
the girl? Do I buy the house? They’d ask 
him. But he’s been built up too much in 
terns of actual performance.” 

Even thoogh Mr. Jospin ran as the 
Socialist Party's candidate against 
Jacques Chirac for the presidency in 
1995 , he was a relatively little- known 
figure when he became prime minis ter 
in June after Mr. Chirac called early 
legislative elections and lost. 

. His essential strength at first may 
have been a public impression of trust- 
worthy blandness after what was por- 
trayed as the edgy arrogance of his 
unpopular Gaullist predecessor, Alain 
Juppe, who gave moderate reform pol- 
itics the feel of a forced march. 

None of Mr. Jospin’s detours around 
his campaign positions have stuck os 
debits on his reputation. 

With bis fists in his pockets, he ma- 
neuvered past what bad seemed like a 
promise mat he would fight the closure 
of a Renault auto plant in Vilvoorde. 
Belgium; and he accepted, without get- 
ting any practical concession in return, 
the so-called stability pact that estab- 
lished restrictions on European coun- 
tries' budgets — restrictions that be 
once denounced as an absurd conces- 
sion to Germany. 

If his notions of widening die work 
force through a 35-bour week has found 
almost no favor with his European part- 
ners, the prime minister has avoided 
any policy proposals that would com- 
plicate the lives of France’s neighbors. 

He also has not sought to undercut 
the traditional foreign-policy role of 
Mr. Chirac, who presented Mr. Jospin 
with the grand cross of the national 
Order of Merit on Wednesday to mark 
his first six months in office. 

"Jospin is actually sincere, which is 
not a commonplace.” said Bernard 
Kouchner, his minister of health. “He 


also has the political an to change his 
sincerities.” Against the backdrop of 
the routine duplicities of public life, this 
has led to the occasional caricature of 
the prime minister as a Swedish Luther- 
an pastor, an image he does not like. 

Rather, if Mr. Jospin can be likened 
to someone striking the French ima- 
gination, it may be Aime Jacquet, the 
dour national soccer coach, also jeered ' 
last week in Marseille, who dropped 
the flashy brilliance and bumptious- 
ness of Eric Cantona and David Ginoln 
from the French team. 

For Philippe Alexandre, one of the 
country’s most incisive political com- 
mentators, Mr. Jospin's particular wis- 
dom has been to understand that in the 
French context — in contrast to. say, 
that of Britain under the “new” La- 
bour Party — there is no advantage to 
be gained from pledging to slash big 
government, cut back on civil servants, 
drop job-market restrictions or call for 
a more risk-oriented society. 

“You have to deal with the country 
as it is.” Mr. Alexandre said. “This 
country wants more cops, more judges. 
The French dream of having a kid 
who's a civil servant We aren’t bold. If 
you tell most Frenchmen they *ve got to 
set up their own company and that they 
can figure everything out for them- 
selves, they’ll run off in the opposite 
direction at full speed.” 

What Mr. Jospin has done is more or 
less mask the idea of much greater 
flexibility in the workplace by rolling it 
into the language enveloping the 35- 
hour-week plan. When it comes time to 
discuss details, associates of the prime 
minister say. employers and workers' 
representatives will create arrange- 
ments to maximize productivity. Pain- 
lessly, with soft music and blue vapors 
but without special articulation, they 
explain, a lot of the old workplace rules 
wrill vanish. 

Because this is not openly formu- 
lated, Mr. Jospin’s government has die 


satisfaction of maintaining the notion in 
the domestic political debate on jobs 
that it is defending a unique leftist and 
very French approach to the country’s 
and Europe's biggest problem. 

The rest of Europe, according to 
' Georges Suffert of Figaro Magazine, 
sees through the ploy and considers 
that “we will always remain frivolous 
and arrogant, that the decisions our 
government is so proud of are dopey, 
and that when the time comes, we’ll 
have to cheat to escape catastrophe by 
the skin of our teeth. 1 

It is the potential for trouble, or at 
least a very nasty time, that has come to 
disturb Mr. Jospin's equation in recent 
weeks. 

Some French economists have re- 
ported that a six-month cycle of strong 
growth has halted and say that the gov- 
ernment projection of 3 percent growth 
next year is no longer operative. 

At a seminar at the National As- 
sembly last week, former Prime Min- 
ister Edouard Balladur and Jacques 
Calvet, the former president of the car- 
maker Peugeoi, said the outlook for 
1998 was dimming. Mr. Calvet spoke 
of reports made available to him that 
foresaw a decline in gross national 
product of as much as 1 percent, and 
both described the Asian financial 
crisis as frankly discouraging. 

All this would not only put Mr. 
Jospin’s sparkling poll results in 
danger but Uneaten the construction on 
which his broad planning is based. The 
government, which says it is not al- 
tering its growth projections, might not 
be able to afford the measures it still 
likes to cast as an inspired French ap- 
proach (o the new millennium. 

In the most difficult scenario, the 
prime minister could have to consider 
choosing some of the traditionally non- 
Socialist remedies he wants so much to 
avoid. “In these circumstances.” an 
associate said, “you just can’t protect 
everybody anymore. ’ ’ 






OUT 


& 


U • *■*.**■■• 
t r k ■ 








r * .**■** 



FRKNC 


• ALPS 


Coerthrvri 1 f 




ho t J - 


44 


Stopping Revolt on Welfare, Blair Stands Firm on Reforms 


Kinkel Supports EU Aspirants 

BONN — Foreign Minister Klaus Kinkel said Thurs- 
day that the European Union summit meeting this week 
must send the clear message that EU membership was an 
attainable goal for the next batch of aspiring candidates. 

“All 1 1 candidates must be given clear prospects for 
entry," Mr. Kinkel told Parliament. 

Mr. Kinkel reiterated support for future Union entry for 
Turkey, but said this depended on its progress on human 
rights and an agreement on movement of its citizens 
within the EU. 

At their two-day meeting, which is to start Friday in 
Luxembourg. EU leaders are expected to agree to open 
talks early next year with Cyprus and five of the 10 East 
European applicants — Poland, the Czech Republic, 
Hungary. Slovenia and Estonia. (Reuters) 

Warsaw and Sofia, Look Forward 

SOFIA — Presidents Petar Stoyanov of Bulgaria and 
Aleksander Kwasniewski of Poland said Thureday that 
their wish to join NATO reflected a desire to distance 
themselves from their Communist past, not from Russia. 

During a two-day visit to Bulgaria, Mr. Kwasniewski 
said that once Poland was admitted to the European Union 
and the North Atlantic Treaty Organization, it would 
support Bulgaria's ted to join tee two Western blocs. 

“The efforts of Bulgarian politicians are aimed not 
toward escaping from Russia's shadow,” Mr. Stoyanov 
said, “but eetting away from the political system that has 
been imposed on half of Europe for 45 years. ” (Reuters) 

Italy May Let Royal Heir Home 

ROME — The lower house of Parliament took the first 
step Thursday toward changing the constitution to allow 
made heirs of the country’s last king to return to Italian soil 
after more than a half century in exile. 

The Chamber of Deputies approved a draft law by a 
vote of 276 to 204. If the bill is passed, Victor Emmanuel. 
59. will be allowed home for the first time since he was 
forced into exile with his father. King Umberto H. as a 9- 
year-old. Italians threw out the monarchy in 1946. blam- 
"ine it for complicity in.tee more than 20 years of rule by 
the fascists. (Reuters) 

Belgian Won’t Call Early Vote 

BRUSSELS — Prime Minister Jean-Luc Dehaene was 
quoted Thursday as saying his government would ride out 
its term and call elections in June 1999. 

Belgian media have repeatedly suggest®! that Mr. De- 
haene was aiming for early elections in 1998 to give the 
Government a clean slate before the introduction of Euro- 
pean monetary union in 2999. , (Reuters) 


CVofHM Our StafFam Dupada 

LONDON — Prime Minister 
Tony Blair vowed Thursday to press 
ahead with tough decisions needed 
to keep Britain’s economy healthy, 
despite a revolt by Labour legis- 
lators opposed to welfare cuts. 

“Anybody who thinks there will 
be a reversion from the principles and 
policies on which we were elected is 
wrong,” Mr. Blair’s official spokes- 
man said. “MPs can express their 
views, but in the end the government 


will govern and the prime minister 
will stick to rough decisions.” 

47 Labour members of Parliament 
carried out a rebellion Wednesday 
night by voting against cuts of up to 
.£11 ($18) a week in benefits for 
single parents. A further 14 ab- 
stained, bringing the number of mal- 
contents to more than a seventh of the 
parliamentary party. In addition, a 
junior minister resigned over the is- 
sue, and four ministerial aides quit 

The size of the rebellion took 


party leaders by surprise and showed 
that Mr. Blair faced obstacles to his 
planned reform of Britain’s cradle- 
to-grave welfare system. 

Mr. Blair bad tee added embar- 
rassment of support from tee op- 
position Conservative Party for Ins 
measure, which aims to get single 
parents off welfare and back into tee 
workforce. 

The 47 will be interviewed by 
Labour's whips, who enforce par- 
liamentary discipline, and receive a 


“strict reprimand,” an aide to Mr. 
Blair said. 

The chancellor of the Exchequer. 
Gordon Brown, told BBC radio teat 
the rebels were “fearful of change” 
and “stuck in old ways.” 

Mr. Blair has enjoyed an excep- 
tional honeymoon since the elec- 
tion. when he won a 179-seat ma- 
jority in tee 659-seat House of 
Commons and ended 18 years of 
Conservative governance. 

But the facade of Labour unity 


was shattered during the debate 
Wednesday, in which tee vast ma- 
jority of tee party's members of 
Parliament appeared reluctant to 
support Social Security Secretary 
Hairiet Harman, who presented tee 
measure. 

In a resignation letter to Mr. Blair, 
Malcolm Chisholm, a junior min- 
ister at the Scottish Office, said tee 
benefit cuts were * ‘an attack on some 
of the poorest women in society." 

(Reuters, AFP ) 


Kohl and Foes Bend on Tax, Raising It 


THE UNIVERSITY OF CHICAGO 

U i) GRADUATE SCHOOL OF BUSINESS 

INTEKNATIONAL EXECUTIVE MJLA. PROGRAM AT BARCELONA 
. HS5 Arago 271. 08007 Barcelona. Spain 

’1098-1998 100 years of leadership* 

The University of Chicago Graduate School of Business 
cordially invitee you to attend a reception featuring the 

International Executive M3 A. Program at Barcelona 

• Barcelona, Wednesday Dec. 10, 19:30-21:30 

G ra d uat e School of Business. Aragfl 27 1 

• Loudon. Monday Dec. 15, 18:30-20:30 

Radisson Edwardian Hampshire Hotel. 31-36 Leicester Square 

• Paris, Thursday Dec 18, 19:00-21:30 

Mahon dcs Polytechnic iens r 12 me de Poitiers, Paris 7cme 
Lecture: Prof. Y. Alt-Sahaiia on Financial Martas 

Join the Graduate School of Business staff and alumni for a lively evening 
of discussion and refreshments in Barcelona. London or fans 

Presentation, questions aad answers: Bernard Angtnkm. Program Director 
Mowed by refreshments surd open discussions with staff and ahmud 

Discover what the Barcelona program can do for your career 

• advance your professional life while earning a world renowned M.B A 

• eleven oae-and two-week modules over 18 months 

• taught by the distinguished Chicago Business School faculty 

• among an elite group of 80 intent! managers with 10 years experience 

The Graduate School of Badness b one of the most prestigious in the United Sants 
Five professors of the school have been a wanted a Nobd prize In Econsmks 
Think yon for kindly confirming your participation m the School; 

Telephone: -t-34 3 488 33 86 Fas: 434 3 488 34 66 
E-mail: barcelona-stifW^.adikago^dtJ 


Reuters • not standing still as economic 

BONN — After a year of growth sputtered and unem- 
discussing tax cuts. Chancel- ployment stood at record 
lor Helmut Kohl’s coalition postwar levels. 


“This is a statement of of BHF Bank in Frankfurt, 
bankruptcy of Bluem's “This was a simple redistri- 


government reached a com- The government had di- 
promise with the opposition luted plans .for a 30 billion 
Thursday teat raised taxes in- Deutsche mark (SI 6.82 biJ- 
stead. lion) tax cut after tee Social 

Under tee compromise, tee Democratic Party used its 
government, led by tee Chris- majority in tee upper house of 
tian Democrat Union, and tee Parliament to block changes 
opposition Social Democrats in the tax system teat it 
avoided an increase in pen- too costly and socially un- 
sion contributions by agree- fair. 

ing to raise tee value-added “We have broken tee 
tax by 1 percentage point, to deadlock.” Employment 
16j>ercent. Minister Norbert Bluem said 

Business leaders criticized after tee compromise was 
tee agree mm as a messy reached in tee early he 
compromise that would hurt Thursday. “Thai’s tee 
consumers and increase tee important political new 
inflation rate by about 0.5 Rudolf Schaiping, tl 
percentage point. But econ- trial Democrats' par liar 
omists said they did not be- ry leader said. “Facet 
lieve it would force tee accepting a complete 
Bundesbank to change mon- still or making a small 
etaiy policy to contain infla- decided on a small step 
non. The environme 

The agreement came after Greens, a likely partne 
months of deadlock in Par- possible Social Demc 
li ament over how to change coalition government, 
bote a tax structure that era- ted tee agreement, 
ployers say is punishing “We can’t really talk 
private enterprise and a social reform any more wit] 
welfare system that many say outcome,” said K 
has become too expensive. Mueller, a spokeswomr 
With only 10 months left But the strongest cri 
before the next general elec- came from business Je 
non, politicians also wanted particularly those in 
to show voters that they were and midsize enterprises 


reached in tee early hours of 20.3 percent. 


policy. ’ said Hans-Peter 
Stihl of the German Cham- 
bers of Commerce and In- 
dustry. 

Business leaders and econ- 
omists said tee increase in the 
value-added tax starting April 
1 would curb retail demand 
while increasing inflation. 


button of a cost to a large 
group which is a positive 
factor. But tee overall tax bur- 
den remains tee same. It is 
rather a disappointing solu- 
tion.’’ | 

■ Lafontaine Catches Up 1 
The Social Democratic 


which they predicted would leader Oskar Lafontaine 
reach about 2.5 percent in the came out ahead of Mr. Kohl 


second quarter of 1998. 

The parties agreed on tee 
increase to avoid raising pen- 


for tee first time in a public 
opinion poll, ZDF television 
said Thursday, Agence 


sion contributions to a record France-Presse reported. 


21 percent of wages, from 


Thursday. “Thai’s the most 
important political news. ” 
Rudolf Scharping, tee So- 
cial Democrats' parliamenta- 
ry leader said, “Faced with 
accepting a complete stand- 
still or making a small step, 1 
decided on a small step.” 

The environmentalist 
Greens, a likely partner in a 
possible Social Democratic 
coalition government, rejec- 
ted tee agreement. 

“We can’t really talk about 
reform any more with this 
outcome,” said Kerstin 
Mueller, a spokeswoman. 

But the strongest criticism 
came from business leaders, 
particularly those in small 
and midsize enterprises. 


But the two sides failed to 
end their dispute over a 
broader revision of tee tax 
code, dimming hopes of a 
deal before the election. 

“This was a minimal solu- 
tion,” said Uwe Angenendt 


The poll for December 
showed Mr. Lafontaine beat- 
ing Kohl by 44 percent to 43 
percent 

Mr. Lafontaine, who made 1 
a strong showing at a party 
congress this monte, lost 
badly to Mr. Kohl in legis- 
lative elections in 1990. 


RECRUITMENT 




I You will find below a seledion of employment offers published in last Monday's International Herald Tribune 
For a copy of last Monday's paper, please contact Sarah Wershof, London: 44 171 420 0326 


Urban Environment 
Sanitatalion 


UND P/World Bank 




Rudolf Bahro, German Dissident, Dies 




■V T • j' 




~ c. oz-iSA;* 




L.un blS ‘ ,i; 


tOirtJN 


i A ws*-* 


-■ • 

mi**) ft** 

jew*. .. . 

S^vaafc. 


.Vo» lurk Times Service 

FRANKFURT — Rudolf Bahro, 62, 
who wrote a book teat instantly made 
him one of East Germany s most prom- 
inent dissidents, and later became an 
equally iconoclastic figure m West Ger- 
man politics, died Friday in Berlin after a 

long battle with cancer. , 

A dedicated Marxist who believed 
socialist practices should be reformed 
hut not discarded. Mr. Bahro was im- 
prisoned bv the East German govern- 
ment and later «elMad aitar i an utter- 
national autety on his behalf. He was 
exiled to the West in 1980, becamean 
early leader in West Genrawy s Green 
Party and then quit in 1985 after he 
concluded that the Greens were ®"v 
tangled in the status quo to push through 

funteimemal changes. 

Mr. Bahro became a member oi me 
East German Communist Party at 10. 
then went on to become a joutmtest. Hjs 
ideological shift began in 1968. when 
Russia invaded Czechoslovak [to re- 
verse tee “Prague Spring 
ations. When tee East German govero- 
nieiii refused to condemn the Russian 

Ei hesan an inadlncmal odj*- 


sey that fed him toward heretical ques- 
tions about his government. 

He kept those views largely Jo himself 
through much of the 1970s, but began 
writing a scathing book about the East 
German system and allowed tee book to 
be smuggled to tee West in 1977. “The 
Alternative; A Criticism of the Real So- 
cialism” soon became a best-seller in 
Wes! Germany. 

Arrested and sentenced to eight years 
in prison, he was released in October 
1979 and allowed to resettle in West 
Germany in 1980. 

In West Germany/he quickly became 
active in the fledgling Green Party, at 
that time devoted almost exclusively to 
environmental causes, and was a mem- 
ber of tee party ’s executive board from 
1982 to 1984, bur quit in 1985 on tee 
ground that they had already sold out. 

Jeannette Edris Rockefeller, 79, a 
lifelong volunteer and philanthropist, a 
former fust lady of Arkansas and step- 
mother of its current lieutenant gov- 
ernor. died Sunday of heart failure at her 
home in Palm Springs. California. She 
was tee second wife of Winthrqp Rock- 


efeller, the first Republican governor of 
Ar kansas since Reconstruction, who, 
served two terms, from 1967 to 1970. 
They divorced a year later. Her stepson ■ 
is Lieutenant Governor Winlhrop Paul | 
Rockefeller. 

Cardinal Laurean Rugambwa, 85, 
who in 1960 become tee first African 
cardinal in die Roman Catholic Church, 
died Monday in Dar-es-Salaam, the Tan- 
zanian Episcopal Conference an- 
nounced- He became Tanzania’s first 
indigenous bishop in 1952 and arch- 
bishop of Dar-es-Salaam in 1968. 

Tamara Geva, 91, a Russian- bom 
dancer and actress whr Tvas the first wife 
of tee choreographer George Bal- 
anchine, died Tuesday in New York. She 
introduced Mr. Balanchine’s choreo- 
graphy to New York in 1927 bv dancing 
two brief solos by him. In 1§36, Miss 
Geva and Ray Bolger created a Broad- 
way sensation in the Rodgers and Hart 
musical “On Your Toes.” for which 
Balanchine choreographed bote the dra- 
matic “Slaughter on Tenth Avenue” 
sequence and a balletic parody. 


Account Executives 


Instrumentation Engineer 
Electrical Engineer (power). 
Quality Control Engineer, 
Plaxmer/Sehedules 


Bilingual Executive Secretary' 


Jacques Chakine Finance 


lnt. Consulting Co in 
■Petroleum Engineering 


E.T.C. Conscil 


Asset taut 


Press Emploi 


Manager Regional Water and 
Sanitation Group. 

The World Bank 
01 BP 1850 Abidjan 01 
Cote d’Ivoire 

e-mail: MWo]du@WorldBanlc.org@mternet 

2, roe de Chateau dun 
75009 Paris France 

The Manager, Dept IHT-0Q2 
P0 Box 570728-253 Houston 
Texas 77257 
Fax: 713/967-3845 USA 
e-mail: 75102.I570@conipusene.com 

22 bis, rue Jouffroy d'Abbans 
75017 Paris 

Tel: +33 (0|1 47 66 83 84 
Fax: +33 (0)14622 41 27 

Ref: 56267 
Press Emploi 

26 rue Salomon de Rothschild 
92150 Suresnefi 





EDITORIALS/OPINION 


licralb 


INTERNATIONAL 



tribune 


published wmi the row york tumps and tii>: Washington post 


Fewer Nuclear Targets 


It seems incredible now, but barely a 
flecade ago American nuclear planners 
lived in fear of a massive Soviet first 
strike. To deter and, if necessary, to 
defend against it, they designed an 
American force meant to fight and pre- 
vail in a prolonged nuclear war. This 
Was the “war-fighting” doctrine, 
Which, with its promise of destroying 
the civilizations of both sides, 
frightened millions but allowed Ronald 
Reagan and Mikhail Gorbachev to ne- 
gotiate the end of the Cold War. Only 
now is the doctrine being abandoned. 

’ In its place. President Bill Clinton 
has decided simply to deter nuclear, 
chemical or biological attack on Amer- 
ican interests by aiming at a shorter list 
of targets centering on the command 
centers and nuclear forces of countries 
deemed possible threats. 

' The change makes sense. The earlier 
war-fighting code, whatever it was in 
the '80s, became dangerously obsolete 
in the ’90s. Negotiated Russian-U.S.‘ 
arms reductions had left the two coun- 
tries without enough appropriate mis- 
siles for the far longer and more ci- 
vilian-devastating target lists of the old 
doctrine. Rather than bumping missiles 
up, Mr. Clinton bumped targets down. 

More basically, America and Russia 
are no longer mili tary enemies. It is not 
hostility but caution in the face of each 
other's large remaining arsenals that 
keeps both countries vigilant against 
the unlikely but possible danger .of an 
accidental missile launch and against 


the remote danger of a new strategic 
rivalry. Meanwhile, the two countries 

S ursue — too fitfully — further re- 
lictions. Retaining thousands of mis- 
siles. the United States is not about to 
come up short in any confrontations 
with lesser others. 

Let there be no worries, however, 
that the United States is on the way to 
leaving itself poorly defended. The 
strategic posture embraced by the Clin- 
ton administration still bears a heavy 
Cold War imprint American missiles 
are no longer targeted on Soviet sites, 
bat within minutes they could be. 
Washington, together with Moscow, 
could fire off 5,000 strategic missiles in 
a half-hour. The old fear-o f- firs t-s trike 
doctrine of launching on warning, be- 
fore you may know whether an in- 
coming missile is something other than 
accidental or unauthorized, remains in 
effect. This is especially dangerous at a 
moment when Russia's control of its 
missile force stirs some alarm. 

Mr. Clinton made this latest nuclear 
policy decision behind dosed doors. 
No doubt that is easier. But he loses the 
public understanding and support that 
could flow from a more open process. 
“Rocket science'’ has become a meta- 
phor for intellectual challenge, but 
rocket science in the sense of nuclear 
policy has shown itself to be well w ithin 
the perimeter of public discussion. Mr. 
Clinton owes the public — where is 
Congress, anyway? — a nuclear word 

— THE WASHINGTON POST. 


Wei at the White House 


Bill Clinton was right to seize an 
Opportunity to meet the democracy ad- 
vocate Wei Jingsheng, despite warn- 
ings from the Chinese regime that such 
a meeting should not take place. In the 
past. President Clinton has shown 
some uncertainty about whether he or 
Chinese President Jiang Zemin should 
be determining the White House 
schedule; the Dalai I^ma has merited 
pnly a hurried “drop-by” visit and 
some dissidents have not got in the 

door stall. But it is not often mat people 
of Mr. Wei's quality come through 
Washington, and we have no doubt that 
Mr. Clinton must have profited from 
their 35-minate conversation. 

‘ Mr. Wei is one of the most eloquent 
spokesmen for peaceful political re- 
form in his country, and for that he 
spent most of the past 1 8 years in jail or 
labor camps. From 1979 until 1993 he 
was mostly kept in isolation, often in 
the harshest conditions. More recently, 
seeing that isolation did not break his 
spirit, the Chinese regime housed him 
with rapists and other criminals, who 
were deputized by wardens to beat and 
torment him. “Without experiencing 
this kind of harassment, you can have 
no idea what it’s like,” Mr. Wei said 
fluxing a visit to The Washington Post 
on Tuesday. Last month the Chinese 
regime sent him into forced exile. 

This history has given him a different 
View from Mr. Clinton of the proper 
way to deal with China's Communist 
regime. The Clinton administration, 
after early on favoring trade sanctions 
and other forms of pressure, has come 
fo the view that “engagement’' is the 


best strategy, a policy based on the 
belief that economic progress will in- 
evitably lead to political Liberalization. 
Mr. Wei, while agreeing that economic 
and political reform can be closely 
linked, argues thar they do not inev- 
itably go hand in hand He points to 
Nazi Germany as proof that capitalism 
and totalitarianism can coexist 

China's regime acknowledges 4,000 
political prisoners, Mr. Wei says, and 
he believes that the real number may be 
four or five times higher. Only pressure 
from outside can help those prisoners 
and hasten political reform, he says. 
But by playing one trading partner off 
against another, Beijing has managed 
to keep the West from acting effec- 
tively. “The Western leaders should 
get together and find a way to. counter 
that kind of pressure,” Mr. Wei said. 

Washington must decide whether to 
argue forcefully for a resolution con- 
demning China’s human rights record at 
the annual UN human rights convention 
in March. This is one area where Mr. 
Clinton and Mr. Wei's philosophies co- 
incide. When Mr. Clinton “do-linked” 
trade and human rights matters, he 
pledged to act aggressively in human 
rights forums. 

Last year the administration waited 
so long to make up its mind about 
sponsoring a resolution that it failed 
miserably. Mr. Wei was far too polite 
to criticize his White House host, but 
he did say that outside pressure can 
have far more impact on China’s lead- 
ers than they publicly acknowledge. 
Perhaps Mr. Clinton was persuaded. 

— THE WASHINGTON POST 


After TWA 800 


; Aircraft manufacturers, airlines and 
their U.S. overseers understandably like 
to identify the cause of an air disaster 
before developing changes in design, 
operations or training to enhance safely. 
But that is highly unlikely in the case of 
TWA Flight S00. Investigators have 
been unable to determine what caused 
the plane's center fuel tank to explode. 
Even so, testimony this week ar hear- 
ings on the 1996 crash suggests that 
reasonable and novel steps can be taken 
to prevent a recurrence. 

- In their testimony in Baltimore at the 
National Transportation Safety Board 
hearings, Boeing engineers essentially 
said that technical changes aimed at 
protecting the 747 's fuel tank from 
sparks — the traditional approach to 
preventing such explosions — were 
not enough. There must also be a 
Search, they said, for ways to reduce 
the inflammability of fuel vapors in the 
tank so that they will not explode even 
if a spark is generated. 

That approach was recommended 
by the safety board nearly a year ago 
but was initially opposed by the in- 
dustry and the Federal Aviation Ad- 
ministration, which preferred to con- 
centrate on eliminating ignition 


sources. The manufacturer's testimony 
may now drive the search for solutions 
increasingly toward vapor reduction. 

Boeing says its search for ways to cut 
the inflammability of fuel has been un- 
der way for months' and involves talks 
with others in the industry. Its efforts 
appear analogous to its decision to alter 
ajpait of the rudder on its 737 airliner 
after crashes near Pittsburgh in 1994 and 
□ear Colorado Springs in 1991, even 
though regulators have yet to rule on the 
precise causes of those accidents. 

Most Americans have -neither the 
time nor the expertise to sort out the 
sometimes conflicting safety recom- 
mendations made by die safety board, 
whose mandate is to enhance safety, 
and the FAA, which concerns itself 
with safety and cost-benefit analysis. 
But watching the two agencies feud 
over which changes toe industry 
should adopt in the aftermath of Flight 
800 has been unsettling. 

The comforting development at this 
week's hearings was to find both Boe- 
ing and the FAA. moving closer to some 
of the safety board’s positions. That 
can only enhance safety and consumer 
confidence in commercial aviation. 

— THE NEW YORK TIMES. 


«<*r» 4 1 iyternahimu. m * 

licralo ^j^ fcnbunc 

ESTABLISHED H»7 ' 

KATHARINE GRAHAM, ARTHUR OCHS SULZBERGER 

’ Co-Chairmen 

KATHARINE P. DARROW, Vice Chairman 

RICHARD McCLEAN , .Publisher & Chief Executive ' 

MICHAEL GETLER, Executive Editor 

• WALTER WELLS, Mimaging Editor • PAUL HORVTTZ, Deputy Managing Editor 
i KATHERINE KNORR anl CHARLES MTTCHELMORRDfpuiy Editors ■ SAMUEL ABTarxl 

CARL GEWTRTZ, Associate Editors • ROBERT 1. DONAHUE, Ednw of the Eduarial Pages 
•JONATHAN GAGE Business and Finance Editor 
• RHNfi B0NDY, Deputy Publisher 

• JAMES MeLEOD, Advertising Director • DIDIER BRUN. Cbmkttwn Director. 
Director dr la PuNkadun: Richard McClean 


hmsinikinal Nmld Tribune, 181 Avenue Charles -de -Gaulle, 92321 NetriHy-sur-Seme, Ranee. 
TeL- (ll 41.435001 Fax; Satariptare, (1)41.435110; Advenisin& (1)41.43.92.12: News, Hi 4L43S3 JSl 
lmemei address: f«p;//www jhuora E-Mail: iJn.com 

Editur tor Asia Mirhart RrhanbaeJ CtnaerbartRd^ Singapore I IQRO. Td.(($i472-77a8 Favi(6l274-2334 
Man. Dir. Ada. Tern Damn. SO Gkmcestn RL Hem Xm$. Id. M2-2M2-/MS. Fin. 8522922-li% 
Gen Her Gen imv: TSMtcr. FrkAidatr 15. 0323 Fm njMf. Td. *49699712586. Fox: *49699711^20 
Pm. US.: Midud Cimv. 050 Hard Me.. New York. N.Y. 10022. Td. (2Cl 752-3090. Far 1212) 755-8785 
U.K. Advertising Office: 63 Long Acre. London WC2. Tel. ( 1 71) 836-4802. Fax : (171) 240-2254 
SAS. ok cupilai dr 1.200 M0 F. RCS Nanterre B 732021126. Commission Pariudre'No. 61337 
6(997, haemnnmd HenUTribmc. AR rigba reserved. ISSN: (C94S052. 



Now Thais Have to Catch Up With Their Success 


B ANGKOK — One of the hotteSt- 
selling T-shirt* in Bangkok today 
says on the front, “Former Rich.” Not 
everyone here was getting rich, but 
millions of Thais were soaring up the 
economic ladder, and whatever rung 
they readied js now "fonner.” 

As pan of its $17.2 billion IMF bail- 
out, Thailand last week closed 56 of its 
58 investment houses, putting 20,000 
white-collar workers onto the streets and 
ending a 10-year boom that will even- 
tually create 2 million unemployed. 

Many of those financial houses are 
located on Asoke Street, I was in a cab 
driving down it on Tuesday. As we 
passed, my driver pointed them out and 
pronounced “Dead ... dead ... dead." 

Because Thailand was the first dom- 
ino to fall in Asia — followed by 
Indonesia, Malaysia anfl South Korea 
— 1 came here with one question: How 
do Thais explain what happened? 

“We all go through three stages,” 
saidTeera Phutrakul, director of a Thai 
mutual fund. “Stage one is deniaL It*s 
all just a bad dream and will blow over. 
We paid a heavy price for that stage, by 
hying to prop up our currency. 


By Thomas L. Friedman 


“Stage iwq is shoot toe messenger. 
It’s all toe fault of Moody’s rating 
agency for downgrading our credit. . 

“The thud stage is admission and 
calling the IMF. Once you call toe IMF, 
the party’s over.” . 

Gening to stage three is not so easy. 
Malaysia's leader is still blaming Jews 
and currency traders for his woes. Not 
toe Thais. They are now pointing a 
finger squarely at themselves. 


free trade and open capital flows — but 
very little of the software: the regulatory 
agencies, banking controls, transpar- 
ency, bureaucratic professionalism and 
civil -society needed to keep such a 
system stable ami reasonably fair. 

’ Thailand today is a country in search 
of software. The government took out 
an ad in Fortune magazine last week 
bluntly declaring that the economic 
crisis was “aggravated by a financial 
sector that was not yet prepared for 
globalization." 

“The winds of change blew in too 


And what, do they say they are guilty quickly, catching Thailand off guard . A 
z. • lack of mature systems and safeguards 


of? It depends whom you ask. 

The urban working poor say too 
many people were racing to see how 
fast they could move from a bicycle to 
a motorcycle to a Honda Civic to a 
Mercedes. But toe business and gov- 
ernment elites say their problem was 
that Thailand rushed into moderniz- 
ation and globalization without devel- 
oping toe skills to manage them. 

In that sense, Thailand is typical of a 
whole class of emerging countries that 
have adopted toe hardware of toe global 
economy — relatively free markets. 


for control meant trouble for an eco- 
nomy that had neither toe time nor 
management experience to adjust.!* 

. Bangkok’s Notion newspaper said: 
“Our education system does not pro- 
mote individual wisdom. Our' institu- 
tions are too ourdared to handle outside 
forces; Our leaders arc not clever 
enough to guide the nation along a 
sustained development course.” 

Developing toe software will require 
a profound change in how this country 
is run — no more crony capitalism. 


shrouded decision-making. deference 
to elites. This software you canTjust 
import. You have to grow it yourself 
Are the Thais up w it? Early signs arc 
good, but the full pain hasn't hit yet. 

Sirivat Voravetvulhifcun jins become 
du; symbol of Thailand today. He won 
in toe stock market, then built a luxury 
condominium complex with cheap for- 
eign credit, and went belly-up when the 
currency collapsed. He now sells sand- 
wiches on toe street from a big yellow 
•box slung over his shoulder. 

Thailand docs not have a lot of 
choices, he says: either develop- the 
software or be trampled by toe elec- 
tronic herd. There are no other options. 
“Communism fails, socialisra-lails, so 
now there's only capitalism.” he said. 

“We don't want to go back to the 
jungle, we all want a better standard of 
living, so you have to make capitalism 
work, because you don' t have a choice. 
We have to improve ourselves and fol- 
low the works rules. Only toe com- 
petitive survive. It will probably re- 
quire a national unity government, 
because the burden is so big.“ 

Tib. Sew tint Timex 


4 


America and Germany: An Alliance Worth Keeping 


w 


-ASHINGTON — Em- 
ing Germany within 
a multilateral defense allian ce 
remains a desirable NATO 
function for the Poles today, as it 
was for France when toe alliance 
was set up four decades ago. 

For Americans, though, one 
of the most essential things to 
remember about NATO expan- 
sion is that it offers the best way 
of keeping America aligned 
with Germany. This important 
argument has so far been over- 
looked in the American debate 
about enlargement. 

Expanding NATO will be 
primarily a Gennan-U.S. pro- 
ject These are the only two 
countries in the alliance with an 
activist policy in Eastern and 
Central Europe. Their interests 
coincide in the region. 

Both countries underpin their 
policies there with a variety of 
private foundation and nongov- 
ernmental organizational pro- 
jects that support democracy 
and free market practices. Their 
corporations are the leading for- 
eign investors in countries from 
die Baltic to the Black Sea. 

They are willing to devote 
government resources to the ex- 
pansion project, which has bi- 
partisan support in Germany 
and now in America as well — 
as Senators Jesse Helms and 
Joseph R. B idea Jr. reported in a 
joint letter faxed to German par- 
liamentarians last month. 

The importance of toe Ger- 
man connection has been dis- 
regarded in America because, 
unlike Europeans, particularly 
Germany’s neighbors, Americ- 
ans hardly think about today’s 
Germany in a power context. 

Something akin to a protect- 
orate, toe Federal Republic be- 
nignly and dndfully followed 
Washington’s lead in all de- 
fense matters throughout the 
Cold War. Had the United 
States had worries about a big- 
ger Germany, President George 
Bush in 1990 ought have acted 
more like Prime Minister Mar- 
garet Thatcher and President 
Francois Mitterrand, who tried 


By Robert Gerald Livingston 


their best to block or at least 
delay Germany’s unification, 
rather than, as Mr. Bush did, 
supporting it unconditionally. 

Call it ascendant. Call it dom- 
inant. Whatever you call it, Ger- 
many is the strongest country in 
Europe and at its center. And 
it is going to become much 
stronger once it has reformed i ts 
costly welfare state programs 
and reignired its economy. 

Maintaining the mutually 
supportive relationship with an 
ever more powerful Germany 
will be a substantial benefit for 
American foreign policy. 

Such a relationship is no cer- 
tainty in the years to come, 
however. Germany must con- 
tinue to concentrate Its energies 
upon integrating toe eastern 
part of the country, a task that is 


far from complete seven years 
after formal unification. 

And it will be intensely pre- 
occupied in the immediate fu- 
ture in consummating European 
Monetary Union, advancing 
political union in Europe, and 
hammering out the arrange- 
ments needed to bring Poland, 
the Czech Republic, Hungary 
and other East European coun- 
tries into toe European Union. 

These priority commitments 
will all be time-consuming and 
politically and economically ar- 
duous. They will impose great 
demands on Germany's re- 
sources and attention. 

To accomplish its European 
mission, as Helmut Kohl keeps 
pointing out, Germany must de- 
fer to France. A maxim of post- 
war German foreign policy has 


been to avoid choosing between 
Paris and Washington. 

Whenever it can crawl into 
the EU “bubble” and thus cast 
opposition to American wishes 
as a European position, Bonn 
happily does so. But when the 
chips are finally down, the 
choice will be Paris — furtively 
sometimes, apologetically of- 
ten, but instinctively always. ' 

- Bonn’s deferral ro the French 
on the issue of NATO’s south- 
ern command in Naples, which 
France wanted to claim for a 
European, and on a variety of 
trade policy issues has made 
this political imperative plain. 

NATO enlargement provides 
the vehicle for continuance of 
the close working relationship 
between toe United Stales ana 
Germany that was so charac- 
teristic of the Cold War years. 

There is not only toe business 


of rhe expanded alliance projxr 
but also of its attendant and 
ancillary institutions, most of 
them designed to involve and 
thus mollify Russia, such ns the 
Partnership for Peace and the 
Organization For Security and 
Cooperation in Europe. 

There is most prominently 
NATO's engagement iu Bos- 
nia, for which U.S. combat, in- 
telligence and logistical capa- 
bilities are vital. "and German 
soldiers and police highly use- 
ful Such new missions fur 
NATO best guarantee that the 
German- American alliance re- 
mains not just formal hut vig- 
orous, innovative and as a result 
also lasting. 

■The writer, u former pres- 
idem of the German Marshall 
Fund, contributed this comment 
to the Heraki Tribune. 


France and America: A Changed Climate 


P ARIS — The long, exas- 
perating roller-coaster ride 
of French-American relations is 
not over, but it is developing a 
more rational climate. This 
seems^ largely due to Foreign 
Minister Hubert V&drine, long 
foreign affairs adviser to toe laic 
President Francois Mitterrand. 

He proclaims his determina- 
tion to make French policy clear 
and consistent, and while he 
does not have toe final word, he 
is in a position to take much of 
the theatrics and argument-for- 
tbe-sake-of-challenge out of the 
French approach. 

This is beginning to show in 
issues involving Iraq and the 
Middle East, for example. 

On Iraq. Paris is as adamant as 
Washington on the need to make 
sure that the potential for bio- 
logical and chemical weapons is 
destroyed, although Mr. V6- 
drine says France is fairly sat- 
isfied that toe nuclear and mis- 
sile threats are under control. 

On toe Israeli-Palestinian is- 


Ry Flora Lewis 


sue. France still wants a greater 
European role in pushing for 


formation and spokesman for 
many years, reveals to a much 


peace, but is supportive of what greater degree even than was 
it considers stiffening Americ- 1 xvidteaLhaw deep and persistent 
an pressure on Israel’s govern- ' Was be Gaulle’s belief that toe 


raent and would not mind a 
Euro-American joint declara- 
tion for a settlement. 

On sanctions generally^ Mr. 
V€drine has laid down that a 
(JN Security Council decision 
is the source of legitimacy, by 
implication criticizing Amer- 
ica’s tendency to impose uni- 
lateral sanctions for a variety of 
reasons, but retaining the prin- 
ciple of international action. 

This is in sharp contrast to the 
traditional GauULst position. 
When he was president, Charles 
de Gaulle dismissal the United 
Nations as “a thing,” and made 
much of demonstrating French 
defiance of toe United States 
whenever an occasion arose. 

A new book by Alain. Peyre- 
fitte, de Gaulle's minister of in- 


New Light on the Tibet Story 


W ASHINGTON — The 
full story of toe Tibetan 
revolution has yet to be told. 

The accepted version of the 
1 959 uprising is that after pop- 
ular demonstrations in Lhasa 
against toe Chinese occupa- 
tion, rumors spread that the 
People’s Liberation Army was 
about to arrest toe Dalai Lama. 
Tibetans reportedly poured in- 
to toe streets to protest, Chi- 
nese troops reacted violently, 
the Dalai Lama fled and toe 
rebellion was on. 

Classified papers on this 
subject are contained in the 
Foreign Relations of the 
United States 1958-1960 Vol. 
XDC published last year. In an 
unusual commentary in toe 
preface, the historian of the 
Department of State notes that 
because of the CIA refusal to 
release certain material, toe 
documentation on Tibet “falls 
short of the standards of thor- 
oughness and accuracy man- 
dated” by law. 

Nevertheless, despite long 
deletions, there are numerous 
references in the material to a 
CIA covert operation in Tibet 
before March 1959 to encour- 
age and arm an anti-Commu- ' 
nist uprising, apparently in 
conjunction with Taiwan’s 
Special Operations uniL 
Former Chinese Nationalist 
officials privately confirm 
that Indian intelligence co- 
operated in this effort 
The fact that the rebellion 
was stirred up from toe out- 
side may explain in part Mao 
Zedong’s animosity toward 
India at the tiirus. Bur it does 
not excuse the grave abuses by 
the Chinese government in 
Tibet that followed. 


By Jay Taylor 


The traditional theocracy of 
Tibet was not the Shangri-la 
that many Westerners like to 
imagine. No doubt it was a 
jiritual country, but it was. 
a society of submissive, 
illiterate, desperately poor 
peasants whose labor suppor- 
ted the church-state ana its 
vast priesthood. 

Where power concentrates, 
so does its abuse, and this was 
as true of the abbots and toe 
lamas of old Tibet as in any 
theocratic state. But where an 
outside power seeks forcibly 
to reform such a system, toe 
abuses will usually be greater. 
The ravages of the Cultural 
Revolution in the 1960s and 
Beijing's official effort to 
shirt toe ethnic balance in the 
regioo warrant toe charge of 
cultural genocide. 

During his recent visit to 
America, President Jiang 
Zemin drew an analogy be- 
tween China's determination 
to keep Tibet and Abraham 
Lincoln’s fight to preserve the 
Union. In international law 
and practice, China's claims 
to Tibet are in fact as good as 
those of the Union to toe 
South, Canada to Quebec or 
the United States to Hawaii. 

But in Canada and the 
United States, the original 
idea of popular sovereignty as 
espoused by toe likes of 
Thomas Jefferson has re- 
turned or is returning^ Even in 
the 1860s, without toe moral 
Issue of abolition, Lincoln 
could not have defeated toe 
Southern separatists and prob- 
ably would not have tried. 


The American Declaration 
of Independence asserts toe 
basic premise of a democratic 
union — membership must be 
voluntary. In other words, any 
people bas the right to break 
the bonds that join it to an- 
other unless there is a specific 
and compelling moral reason 
to oppose- the action. 

Toils, Canadians will hot 
resist by force the departure of 
Quebec, if that is toe wish of 
most Quebecois. The newly 
democratic Russians have let 
most of their empire go. The 
Czechs said good-bye to Slov- 
akia. But neither China nor the 
Chinese people have reached 
that stage of liberality in their 
thinking about sovereignty 
and human freedom. Neither 
have Turkey, India and a few 
other inheritors of empire. 

Outside efforts to divide 
China are still fresh -.iu 
memory, including America’s 
covert involvement in the 
1959 uprising in Tibet 

So the Dalai Lima is wise 
in saying he will not raise the 
issue of independence if the 
Chinese government will hold 
talks with him. 

But Jiang Zemin is wrong 
to demand that toe Dalai Lama 
renounce independence as a 
quid pro quo for talks. If the 
Chinese people hope to win 
toe support of toe Tibetan 
people for union and earn toe 
due respect of mankind on this 
issue, a dialogue with toe 
Dalai Lama.is toe fi 


first step. 


The writer, a former UJS. 
deputy assistant secretary of 
stare for intelligence and re- 
search, contributed this com- 
ment to The Washington Post. 


stature Of France required op- 
posing America. 

It is the second volume in a 
series starting in 1958, and cov- 
ers the years 1963 to early 1966. 
A third volume will follow. 

There are shelves of books 
about de Gaulle. Mr. Peyre- 
fi tie’s unique contribution is a 
virtual journal of de Gaulle's 
private remarks explaining his 
policy and instructing his 
spokesman what should and 
should not be told to the public. 

The record shows that de 
GauLie repeatedly toyed with toe 
idea of a deal with Moscow, in 
effect reversing alliances to 
counter the weight of America. 
At some times, though, toe pur- 
pose is given as more of a lure to 
win support from Moscow than 
an offer to endorse Soviet aims. 

It was not just a circumstan- 
tial notion, provoked by some 
specific quarrel with toe United 
States. De Gaulle compl ains 
more . than once that be . had 
offered Stalin a deal for joint 
control of Germany in 1944, but 
that the Soviet dictator refused 
because he thought he could get 
much more of Europe. 

The idea of expelling NATO 
forces from France and pulling 
toe French out of the integrated 
military system is advanced re- 
peatedly, several years before 
de Gaulle actually diditin 1966. 
He thought the result would be 
to wither the alliance and assure 
France a role of dominance. 

(It is a reminder, at a time 
when NATO’s new role is un- 
der debate and so many express 
nostalgia for the “robust" al- 
liance of the past, that It sur- 


vived a devastating strategic 
blow with a resilience and flex- 
ibility that endure.) 

The rase, maneuvers and de- 
ceptions de Gaulle used to push 
his ambitions for France come 
through more clearly than ever 
in these frank conversations. 
Mr. Peyrefltte seldom com- 
ments. but he is obviously awed 
by his leader's combination of 
intricate tactics and sheer will. 
The journal is a fitting sequel to 
Machiavelli's “The Prince.” 

De Gaulle's disdain for par- 
tisan politics and indeed for Par- 
liament. his insistence that he 
alone embodied France and that 
his reflexes sufficed to guide it. 
show how near he could have 
come to being u dictator. He 
was saved by his instinctive be- 
lief that “the people" must be 
the source of legitimate power, 
and therefore his willingness to 
accept decisions expressed by 
democratic vote. 

This, too, has current relev- 
ance, as it is recognized that 
elections alone do noi make for 
liberal democracy. That takes 
stronger, more sturdily rooted 
■constitutional guarantees, and 
above all a shared conviction of 
ruler and ruled in toe irreplace- 
able value of liberty. 

De Gaulle did not really ex- 
pect any successor to carry on 
his crusade. But his legacy 
changed France profoundly, 
and only now is it beginning to 
come to terms with tile gup he 
left between its pretensions and 
the reality of its means. 

■That does not mean no more 
friction with America. But it 
can mean a better partnership 
l»sed on enlightened rather 
than illusory interest, and even 
some inspiration for toe United 
States as it copies uneasily with 
the loneliness of being the onlv 
superpower. 

Flora Lett v. 


# 


IN OUR PAGES; 100. 75 AND 50 YEARS AGO 
1897: Shaken Empire 

■LONDON — The Daily Tele- 
graph publishes a letter from its 
correspondent at Budapest in 
which he says: “Thirty years 
ago the Kaiser Franz-Josef 

granted home rale to Hungary as 
an experiment. Today his Em- 
pire is shaken to its nethermost 
foundations. This consequence 
was long foreseen by his most 
trusted advisers. The result is 
that one of the Great Powers of 
Europe is in a Medea’s cauldron 
... Nobody knows as yet what 
that implies; possibly the break- 
ing up of toe Dual Monarchy.” 

1922; Japan Pulls Out 

PEKING — Much anxiety is 


orders are feared owing to the 
withdrawal of Japanese troops. 
The Japanese employed on the 
railroad and at the waterworks 
and electric light plant will prob- 
ably join the Japanese whart 
laborers on strike as a protest 
against being turned over tn the 
Chinese administration. 

1947: U.K. -Soviet Deal 

LONDON The President of 
the Board of Trade announced 
that Britain and the Soviet Un- 
ion have agreed on terms of a 
working trade agreement. Bri- 
SfJni* 10 receive roughly 
/ou,uuu l °ns ol coarse grains 
and m return Britain will send 
me Soviet Union machinery' anil 


among the Americ^ §58* 2 ,11ie Forc, “ IT 

and British residents at fartin' - P A d , ‘ yrcaI “S’ 
Tsmgtao, on toe east coast of "Wh$L tK A s P° k «man said; 
Shantung, which formerly be- menhir thei ? ,s n0! prohilbly 
longed to Germany and is being lP° lll,cal ar U ? lL ’ m sueh 

h^^sfrared by the Japanese to Utl * il 

the Chinese authorities. Dis- ET" >ha - Kussia W »M work 

“ a ca Pitu!ist government.” 





u* 





PAGE 9 




IJiV: J' r 

l " *• if* .-. • 
i?w 7 :t- — ■ 

• W- .. - 






rlh Kc<‘|)i n « 




i- 1 _ ... 


■*■."■. . :• 

. :• 

V’’ • 

S-. ... 

•!- 

• -;t. . -• 
";- n •/ ■'* 

• r . 

r !•:«•. ■• 

' '■ 
yw.-v 1 




( Jimalf 


'■mte ■ - 

jM&wu; «« 

k IjWA-l " 

hate*»- 
• W* ■ 

4k 

b'.-if’-;- 

«#W ' T ; ’ 

*v*- f 

.»*« LX.tCl, 

v 

•:.- vf •* 
Mto*r ■- '••■ 

■•Tf- a> - J 1 ' ' • • * 

V 

v£ / ■VV* -• - 
' 

= - c 4v— 

iviSJ*’ * * ' 

... * c •'■ •' 
*#*?■ '-■• 


: rri »'.r 

4*'. ■•*'■- ; 

■HR* 


(S£ «■**--■- £V 

j^y^rv.; - '• 

>y f ‘ 
wr-Vw •• ■ 

fr'« '• 

■4=V-S-*‘ ’ 

MC * ;'■*• us 

f' t *> t- 




feWr * v 

tfe.tofi-i-v;: •-■• 


% 

(T 




OPINION/LETTERS 


\S i 


^‘.wfSarv.' 

jtaMfr * 

H^r- r*- 
H* *“ 




i *■> 



37ie Orgy o/ Nanking: Details Still Vivid After 60 Years 


M^OURWH - On Dec. 13, 1937 
1VA Japanese forces captured the city of 

fwTfnrtK^ n *5 capita? 0 f 

? began ^ hugest slaughter in 
recorded history until then. By the 
the tolling stopped, 300,000 oLsem£f 
womenand children had been muS 
%JE*. <* bodies 

S" sravesorthrown ^ k*’ ■- 

~3£SSB 

*« «*■ Chinese. Two subUeuten- 
ants, battling to be the first to score 100 
between them beheaded 167 in one day! 
tallies nauseadngly reported in boi 

English- and Japanese-language news- 
papers in Japan. s 

Three Western correspondents in 
Nantong, Tillman Durdin of The New 
York Times, Archibald Steele of the 
Chicago Daily News and Leslie Smith of 
Reuters, remained in the city during the 
first days of the massacre anti then carried 
the news oul 

Nanking's dead lay deep under the sy- 
camore trees on the broad main streets and 

in alleyways and gutters, victims of shoot- 
wg, bayoneting and torture. Japanese sol- 
diers killed at random; raped women 
young girls and boys; looted; set fire to 
shops, temples, churches, houses and uni- 
versities. 

By the end of December, 20,000 cases 
c*f rape had been reported. All over the city, 
girls were dragged from their homes. One 
young woman was raped 37 times. An- 
other had her 4- month-old child smothered 
by the soldier who was raping her. Re- 
sistance brought death by bayonet. 


By P enis and Peggy Warner 

Five days after die Japanese marched 
in, Mr. Dordin’s account was the lead 
story in The New York Tones. Nanking, 
he reported, had been turned into a city of 
terror. Just before he boarded a ship to 
take him to Shanghai, he watched the 
execution of 200 men. The killings took 
10 minutes. A large number of Japanese 
military spectators evidently enjoyed the 
show. 

As soon as Mr. Durdin’s story broke, 
the Japanese imposed anews blackout and 
cut on transportation from Nanking. It 
was forbidden to take documents and pho- 
tographs beyond the city limits. The 
killing and mistreatment of the population 
continued »nahaftvt 

A group of horrified Westerners, 
headed by a Goman businessman wear- 
ing a swastika armband, attempted to pro- 
tect lives by setting up an international 
safety zone within die city. They worked 
tirelessly, assuring Chinese soldiers who 
had hidden from the Japanese that if they 
kept their uniforms on they would likely 
be taken prisoners of war and sent to weak 
as laborers. 

It did not turn out like that. Japanese 
machine gun squads worked for hours at a 
time killing Chinese soldiers who bad put 
down their aims. 

Masaiake hnai, a correspondent for a 
Tokyo newspaper, saw in front ofhis office 
what he described as an endless contingent 
of Chinese being taken to an execution 
ground on foe books of foe Yangtze. He 
followed the procession to foe river. 


Years later, when he was free to de- 
scribe what he had seen, he wrote that 
burned corpses, piled one upon the other, 
had covered the wharf. Fifty to 100 
Chinese were put to work dragging the 
bodies and throwing them i/aotne river. 
In the predawn light, it looked like a 
pantomime. When they had finished their 


How to explain the 
barbarity of the Japanese? 
One theory is that they 
regarded the Chinese as 
less than human. 


cask, the Chinese were lined up and shot 
by machine gun so that they fell into the 
river. 

The killing in Nanking lasted for six 
weeks. One relief organization buried' 
more than 100,000 people; the Red Cres- 
cent Society buried 43,000. In just five 
-days, foe Japanese destroyed as many as 
150,000 homes by throwing them into the 
Yangtze or burning them. 

Today at foe memorial hall outside 
Nanking, photographs show drunken Jap- 
anese officers and men with their feet on 
foe bodies of dead babies and women, 
young girls begging for mercy as they are 
raped and soldiers burying victims alive or 
displaying severed heads. 

what made the massacre particularly 
difficult to comprehend was the extraor- 
dinary change in the behavior of Js 
troops since the war against Russia of 1? 


05. Far from mistreating troops captured at 
Port Arthur, foe Japanese went so far as to 
repatriate officers who had agreed to take 
no further pair in the war. One of Admiral 
Togo’s first acts on going ashore in Japan 
after foe great naval ba ule of Tsushima was 
10 visit foe Russian commander in chief in 
the hospital to shake his land. 

Why, then, this awful change in be- 
havior? Several theories have been ad- 
vanced by Chinese researchers. .One is 
that the Japanese regarded foe Chinese as 
less than human; another is that they 
wanted to terrorize the Chinese into ca- 
pitulating. 

Thane appears to be some basis for the 
first theory. In a rare book of Japanese 
woodblock prints of the Sino-Japanese 
War of 1894-95, the Japanese all appear 
highly civilized while the Chinese are 
portrayed as something less than human. 

But perhaps more important, foe Jap- 
anese military was moving to adopt Sen - 
jin-hm, a code establishing the battle ethics 
of foe samurai. This dictated that a soldier 
should die rather than be taken in dishonor 
as a prisoner of war. Under this code; life 
for the Japanese soldier — his own and that 
of anyone unfortunate enough to fall into 
his hands — was very cheap. 

Such explanations may help to explain 
— bur should never be used to condone — 
what happened in Nanking 60 years ago. 

The writers are the authors of "The 
Tide at Sunrise: A History of the Russo- 
Japanese War. 1904-05 " and “ The Sacred 
Warriors: Japan's Suicide Legions." They 
contributed this comment to the Inter- 
national Herald Tribune. 


The Legal Limits of Love^ 
Or What’s a Wife Worth? 


By Ellen Goodman 


LETTERS TO THE EDrTOR 


Fit for NATO? 

Regarding "A ‘Garbage’ 
Weapon That Lies in Wait ” (Dec. 
4): 

The anti-land mine campaigner 
Bobby Muller says that President 
Bill Clinton told him be could not 
"risk a breach with the Pentagon 
establishment’' by signing foe Ot- 
tawa ban on land mines. 

One is forced to ask: Isn’t a 
democratic government — in 
which civilian politicians control 
the military, rather than foe other 
way around — a basic require* 
ment for NATO membership? 

FREDRIKS. HEFFERMEHL 
Geneva- 

Soft on Sinn Fein 

Regarding “A Billionaire on 


the Subway, a Humble Philan- 
thropist " (Meanwhile. Nov. 27) by 
Maureen Dowd: 

Ms. Dowd’s twee and em- 
barrassing piece on (be Jrisb- 
American billionaire Charles 
Feeney is foe kind of hagiography 
that one often sees in the U.S. 
media about people who bankroll 
Sinn Fein. 

Sentimental trish-Americans 
tend to be blind to the fact font 
for many in Northern Ireland, 
Sinn Fein is a terrifying organi- 
zation. 

It may , for now, have eschewed 
violence as a means of achieving 
its goals, but its proxies cany out 
punishment baitings and torture 
in Belfast on an aU-too-regular 
basis. 

ADRIAN McKINTY. 

Jerusalem. • 


Scientology in Germany 

Regarding "Reassessing US- 
German Friendship ” (Special Re- 
port, Dec. 9) by John Domberg: - 

Mr. Dombeig writes that 
claims of discrimination a gains t 
Scientologists in Germany are 
"ludicrous.’* 

As human rights counsel for the 
Church of Scientology of Ger- 
many, I must inform yon that Mr. 
Domberg’ s statement is flatly in- 
correct. I have personally doc- 
umented hundreds of cases of Sci- 
entologists who have been 
seriously discriminated against in 
Germany. In some cases they 
have been forced to leave their 
country and seek asylum abroad. 

Scientologists in Germany are 
routinely dismissed from jobs; 
dismissed from social, business 


and political organizations; 
denied (he righ( to professional 
licenses; denied the right to per- 
form their art; denied foe right to 
open bank accounts and obtain 
loans; denied foe right to use pub- 
lic facilities and conceit halls, and 
blacklisted, boycotted, vilified, 
ostracized and threatened simply 
because of their association with 
foe religion of Scientology. 

Government officials have 
publicly urged a Scientology lit- 
mus test to exclude, isolate and 
ostracize Scientologists from 
every facet of society simply be- 
cause of their personal opinions 
and beliefs. 

The U.S- State Department is 
not alone in holding that foe Ger- 
man government has violated the 
rights of Scientologists. 

Mr. Domberg would be well 


served if he investigated these se- 
rious violations against members 
of a minority religion instead of 
accepting foe German govern- 
ment’s position at face value. 

WILLIAM C WALSH. 

Washington. 

Not Polish 

Regarding “Remembering a 
Savior in Occupied France " 
( Features . Nov. 22): 

The writer says that Varian Fry 
could not prevent the cartoonist 
Bill Freierfrom being "sent to his 
death in a Polish concentration 
camp. ’ ’ Nazi Germany, which oc- 
cupied Poland, set up foe con- 
centration camps. Poles died in 
those camps, too. 

MARIA E. N1EMCZYK. 

Warsaw. 


B OSTON — Lei us begin with 
tbs Corporate Titan standing 
at foe annual banquet, thanking 
his “Wife and Partner Without 
Whom” he would never have 
been elevated to the financial 
stratosphere. 

Now, fast-forward and check in 
on Mr. T a year later. This time 
he's at foe lawyer's office insist- 
ing that his wife was not the be- 

MEANWHILE 

tium in his rise to the (op but the 
old ball anti chain. 

What a difference a year 
makes. What a difference a di- 
vorce makes. One year a home- 
maker wife is foe co-author of a 
success story. The next year she is 
a corporate welfare recipient. 

It's not just that we rewrite the 
story of our own marriage when it 
goes kaput. We rewrite foe idea of 
marriage itself. 

This is foe issue in foe latest and 
most celebrated case of foe rich 
and now famous Lorn a and Gary 
Wendt Their marriage began 30- 
odd years ago with high hopes and 
$2,500. It ended last week in a 
Connecticut courtroom with bitter 
recriminations and the division of 
more than $100 million. 

Gary Wendt became a top ex- 
ecutive of General Electric put- 
ting in 80- to 90-hour weeks at foe 
office. Loma earned her PHT — 
Putting Hubby Through — at Har- 
vard Business School and then 
took care of kids and home. 

When all was said and done, 
including the marriage, Gary 
thought Loma should be “gen- 
erously rewarded” with some- 
where around $10 million, all she 
■would ever “need." Loma 
thought that she was “entitled” to 
$50 million — half — and that 
need had nothing to do with it 
Now admittedly it’s hard to 
think clearly while breathing the 
thin air of those very rarefied num- 
bers. In foe end. the judge awarded 
her an estimated $20 million. In 
corporate boardrooms they wor- 
ried whether a spouse was entitled 
to future earnings. Arid the judge 
awarded her 'some. But in the pub- 
lic annals it became known as the 
“What Is a Wife Worth*’ case. 

Here is the short, she said/he 
said stoiy: 

She said; "My end of the part- 
nership was to take care of foe 
family, the household, the care- 


taking so he could go out and take 
care of his end of the partnership, 
which was having the job.” 

He said: “Do you think having 
somebody clean foe house when 
you go out and play tennis ... is 
hard work? Tell me please.” ‘ 

She said: “Mamage is a part*' 
nership and I should be entitled to 
50 percent 1 gave 31 years of my 
life ... I worked hard and I was 
very loyal." i. 

He said:' “I worked hard. She 
didn't.” j 

Now. as far as I know, sweat 
equity is not written into foe mai£ 
riage vows. It is intriguing bow 
this case of the unbelievably rich 
focused both parties and foe pub^ 
lie on what she did or didn't do to 
deserve foe marital million^ 
Nobody questioned what he did to 
deserve corporate millions. 

There is no maximum wage in 
foe United States for corporate ex : 
ecutives. But in many states there 
appears to be a maximum wage, a 
ceiling for iheir former wives. 

Marriage these days is de- 
scribed in polite company and 
therapy as a 50-50 proposition. 
Bui when push comes to shove 
comes to split, it may be rescripted 
as an 80-20 proposition. The 
equal relationship based on love 
suddenly is recast as an economic 
relationship based on pay slips. 

We can literally see two value 
systems collide. Those of mar- 
riage and foe market. Love and 
money. 

After all, we go to work as 
individuals but live as couples. 
We get one n ame on the paycheck, 
but we think of mamage as ex- 
empt from foe marketplace. We 
acknowledge conflicts between 
our two points of view only in 
notoriously skimpy prenuptial 
agreements — or in divorce court 
That’s when we see how people 
really feel about “our money” 
versus “my money.” 

I suppose I am an incurable 
romantic, worrying about foe ef- 
fects of divorce agreements on 
marriage. But* the Wendts have 
taught us about foe legal Limits of 
romance. 

This is the aftermath of their 
corporate breakup: Loma is starts 
ing a Foundation for Equality in 
Marriage. Gary is planning to 
many again. She has set up a Welj 
site. He plans to sign a prenuptial 
agreement Ah, love ... 

The Boston Globe. 


. BOOKS 


THE LAST 

OF THE AFRICAN KINGS 

By Manse Conde. Translated from French 
by Richard Phticax. 212 pages. $35; 
paperback . $12. Unh-ersity of Nebraska, 
Reviewed by 
Kathleen M. Balutansky 

I T is a rainy December Sunday on a 
bleak little island c& Charleston, 
South Carolina. For foe first time in. his 
life, Spero Jules-Juliette has forgotten 
that tins day is foe anniversary of his 
illustrious ancestor’s death. Spero is a 
middle-aged Guadeloupean expatriate, 
his ancestor a king from West Africa 
who was exiled to Martinique by foe 
French in foe late 1 9th century. The king 
died awaiting a return to his homeland, 
and Spero isn’t doing so well himself. 

Once again, Maryse Conde has suc- 
cessfully engaged the issues of alien- 
ation. exile and identity m the black 
diaspora, as she did to her critical praise 
with such previous novels as “Here- 
makbonon’ and “I, Tituba, Black 
Witch of Salem.” 

Spero ‘s wife of 25 years, an African- 
American college history professor 
who hardly speaks to him anymore, had 
to remind him at breakfast that today is 
the ancestor's day. Though he’s tned 
for a lifetime to rid himself of foe 
burden of this ancestor, Spero knows 
that his kinship to the king was the only 
reason Debbie married him in the first 
place and puts up with him now. It is 
Debbie who always lights foe candles 
on this dav. who continues the ritual 
observance. As this dreary anniversary 
progresses, with Debbie off to church 
and to her other Sunday activities, 
Spero recalls his ancestor’s story, his 
own miserable life in Charleston, his 
various infidelities and foe gradual dis- 
integration of his marriage. 

Spero acknowledges readily his fail- 
ures as 0 painter, as a husband, and as 
father to Anita, who has left home and 


now lives in a small village in Benin. At 
least he takes stock ofhis shortcomings; 
Debbie, he thinks, with her “need to 
revere" all tilings African, is blind to 
hers. “No clichS ever seemed suspect to 
her,” he muses, “no stereotype exag- . 
gerated, and when she discovered the 
truth she couldn’t look it in die free." 
Debbie despises him, not for his drink- 
ing, his womanizing or his lack of am- 
bition, he concludes, bat for his un- 
willingness to devote himself to — and 
live up to the expectations of — the 
“goddess ‘Black Americana.* ” 

Spero has accompanied Debbie to 
lectures at neighboring black campuses, 
to concerts by black musicians, to read- 
ings by black writers, to exhibits by 
black painters, and he has had enough. 
His contempt for Debbie’s religion of 
reverence, his critique of her academic 
agenda, and his disgust for her friends, 
who “made Africa into their carnival, 
their mardi gras procession whose rags 
they had looted, ’ lead him to a grim 
assessment that ‘ ‘he had his fill of black 
churches, black universities, and black 
stories by black friends!” 

Back in the Caribbean, the son and 
grandson of the king — Spero ’s father 
and his grandfather, Djere — bad de- 
voted their Jives to the worship of their 
ancestor, and it led them to drink, leaving 
to their wives the task of scraping a 
meager living and raising their sons. 
“Constantly hearing Djere churn out his 
nonsense . . . some smart alecks had 
nicknamed him ‘Wise Man’ Djere, a 
name that was later passed on to his 
son.” This trio of failed artists — a 
would-be writer, a would-be musician 
and now a failed painter — is implied in 
the French title, “Les demiers rois 
mages” (The Last Magi), under which 
the novel was published in 1992. But 
while the first two “wise men” were 
ridiculed for worshiping the old tong’s 
memory, Spero earns Debbie’s contempt 
for refusing to do so. 

And here lies the difference, in this 


novel, between Antillean and African- 
American perspectives on being black. 
Reverence for the African ancestor is 
ridiculed in foe Caribbean (and by foe 
expatriate stuck on Crocker Island), but 
in America, Debbie and other black 
academics treasure the king’s memory 
and the myth of illustrious African ori- 
gins.' Spero’s contempt for Debbie's 
Afrocentrism is fueled by his Caribbean 
perspective, and he longs to return home 
— “ buthow can you return home empty 
handed with holes in your pockets — 
with nothing to show but mossy white 
hair and osteoarthritis?” 

A prolific novelist, playwright, es- 
sayist and critic, Conde has always 
explored and questioned foe African 
diaspora's notions of origins, home, 
exile and racial identity. Her first four 
novels (also published in English), 
“Heremakhonon,” “A Season in Ri- 
hata,” “Segu” and ‘'The Children of. 
Segu,” are all situated in Africa, and 
her Caribbean protagonists travel, lit- 
erally or figuratively, throughout the 
Caribbean and to Europe, Africa and 
the United States. She knows this ter- 
ritory well: At 16 she left Guadeloupe 
for Fiance, and she later lived m 
Guinea and Ghana. 

A FTER returning “home" to 
Guadeloupe, Conde did not really 
settle there but has accepted a succes- 
sion of teaching positions in the United 
States. 

In “The Last of the African Kings,” 
Spero whines and Debbie preaches, but 
neither has ever been to Africa. In search 
of answers to “what it means to be 
black” and whether it “means anything 
at all,” their daughter Anita remains 
silent and has gone to work on de- 
velopment in Africa. 

Kathleen M. Balutansky, who teaches 
Caribbean literature at St. MichaeFs 
College, wrote this for The Washington 
Post. 


BRIDGE 


Be.' I 


By Alan Truscotr 

F OR more than 40 years, 
books have described die 
annual world team champi- 
onship. They have become 
progressively better, and the 
latest is foe biggest and best- 
It describes the 10th World 
Team Olympiad, played a year 
ago on foe Greek island of 
Rhodes, and its 406 large p ages 
are loaded with folly analyaw 
hands, photographs and his- 
tory. The chief editor and 
writer was Eric Kokish, and he 
was supported by Beverly 
Kraft, & Rigal, Richard 
Colker and Brian Senior. 

The Open Senes had 71 
Teams and the Women's Senes 
had 43. both records. Russia 
made a mark at foe world level 


for foe first time by reaching 
the quarterfinal. Its team then 
had to face foe eventual cham- 
pions, France, and lost heavily 
w spite of a gain on foe d»- 


The French experts use 
transfer bids in a wide variety 
of situations- In the dia- 
grammed auction. East’s two- 
diamood overcall shewed 
hearts, and West was thereby 
provoked into doubling four 
spades. Alexander Petrou- 
mne, foe Russian North, 
gambled with a redouble; 
judging that he had more to 
oaintnan lose. The sequel 
proved him right, for foe con- 
tract was unbeatable. * 

The best the defense could 
do. perhaps, was take three 
trump tricks, and they did oca 
manage that. The declarer. 


Dmitri Zlotov, woa the open- 
ing heart lead and led a spade. 

■ When West erred by putting 
up the ace, he found he could 
make only one more trump 
trick; South was able to deal 
with the nine eventually. He 
scored a redoubled ovratrick 
and might have managed that 
even if West had correctly 
played the three of spades at 
foe-second trick. The finesse 
of dummy’s seven would have 
had a happy outcome for the 
declarer, and is perfectly plau- 
sible in light ofthe double. 

In the replay, the Russian 
East made a normal overcall 
of two hearts, and South bid 
three hearts, another transfer, 
this time to grades. The con- 
tract was again four spades 
doubled, but this time there 
was no redouble. South did 


not find the play of finessing 
foe spade seven, which was 
marift at some other tables, 
and the contract made exactly. 
Russia gained 10 imps, thanks 
largely to the redouble. 

NORTH (DJ 

C A K8fi 
0 742 
*AK82 


WEST 

* AQ93 

O J9633 

* J64 


EAST 

*6 

<? J 10 9 7 3 2 
e K Q 10 8 
*53 


SOUTH 
* J70S542 
O Q3 - 
0 A 

*Q20S7 
Neither ckl* was vulnerable. Tbe 
bidding; 

North Bast Sooth West 

1N.T. 2 b 4* DbL 

RedbL Puss Pass 

West led bean tear. 




Subscribe and SAVE up to 60% 
off the cover price. 

Also available: PAY MONTHLY 
by easy, low cost, 
direct debit 

EARLY MORNING DELIVERY TO YOUR HOME OR OFFICE 

A cosmopolitan, comprehensive and condse newspaper delivered every day to your home or office 
In and around most of Paris arid Lyon the International Herald Tribune offers early morning hand delivery 
on the day of publication, Monday through Saturday. And, because it is printed in Paris,Toulouse and Marseille, 
it can be sent by post to arrive on the same day in most of France at no extra cost 
The result? 

Unique coverage of the world you five in, brought to you os it changes - daily. 

For more information about easy ordering and availability of hand delivery 
• CALL our Subscriber Customer Service Unit: 

TOLL FREE: 0800 437 437 

or Fax: 0 ( 41 43 92 10 - E-mail: subs@iht.com - Internet: http://www.iht.com 




□ YES, I’d like to subscribe and have my bank account 
debited monthly by FF J 62. 

Please start my subscription and send me a bank 
form to arrange my payment 


Q VES, I’d like to subscribe and pay for the following 
term: 

□ 12 months (+ 2 months free): FF 1,950 
(Saving off carer price: 46%) 

□ Special, 2-monih trial subscription: FF2 10 
(Saving off cover price: 60%) 

□ My check is enclosed (payable to the IHT) 

□ Please charge my. 

Q Access QAmex Q Diners 

□ Eurocard Q MasterCard QVisa 

Credit card charges will be made in French Francs at 
current exchange rates. 


Family NameL 

First Name: 

Job Tide:. 


MailingAddressrQHome □ Business 


Postal Code:. 

City 

Tel: 


.fee. 


E-Mail Address: 

Your VAT N° (Business orders only) 


Card Nh_ 


.Exp--. 


Signature:. 


Q Please start delivery and send invoice. 


(JHTVAT N" 747 310 211 26) 

! gpt this copy of the IHT ac □ kiosk □ hotel □ airline □ other 
□ I do not wish to receive information from other carefully 
screened companies. 12-12-97 

This offer expires on December 31,1 998 
and is AVAILABLE FOR NEW SUBSCRIBERS ONLY. 

Return your completed coupon to; 
Subscriptions Director, International Herald Tribune, 
181, Avenue Charies-de-Gaulle, 92521 NeuJIJy Cedex. 
Fax: 01 41 43 92 10 E-Mail: subs@ihtoom frh 


READERS IN OTHER COUNTRIES CAN SUBSCRIBE BY. CALLING: 

EUROPE, MIDDLE EAST & AFRICA THE AMERICAS ASIA 

Tel: +33 I A\ 43 93 61 Tel: (USA toll free) 1-800-832.-2884 Tel; +852 29 22 II 71 

Fax: +33 I 4 M3 92 10 Fax: + 1 2 1 2 755 8785 Fax: +8S2 29 22 II 99 






By Curt Suplee 

Wgjhingum Past Service 


WASHINGTON — For the first time, sci- 
entists have demonstrated a form of teleportation 
— the perennial dream of science-fiction writers 
— in a tabletop experiment 
Researchers from the University of Innsbruck 
in Austria, who reported their success in Thurs- 
day's issue of the journal Nature, caused 
something to vanish at (me point and reappear 
instantaneously a couple yards away in the lab 
even though there was no physical connection or 
form of communication between the two sites. 

The term “teleportation” con j ores up images 
of objects disintegrated in one place and re- 
assembled in another. In this case, what the 
Innsbruck team teleported was a physical con- 
dition: the state of a photon, a particle of light, 
that was destroyed in one place and simulta- 
neously showed up in another 
They did not, however, transport anything 
massive, much less something as ponderous as a 
“Star Trek” commander. 


“Even for an object as small as a bacterium,” 
said Charles Bennett, an IBM fellow who was 
one of six theorists who predicted the teleport- 
ation effect four years ago, “it would be ex- 
tremely hard and would probably be mote trouble 
than it was worth.” 

Unlike die transfer of signals by radio waves, 
there was no kind of connection between the two 
locations. Instead, the information was carried by 
a ghostly process called “quantum teleporta- 
tion.” 

“In theory,” said Anton Ze dinger, one of the 
■Innsbruck scientists, “there is no limit” to how 
far the process can send something. In a few 
years, the technique might make possible hugely 
sophisticated “quantum computers,'* new 
means of encrypting messages and novel ways to 
store information about unstable entities such as 
atoms that are just about to decay. 

The experiment relied on two peculiarities of 
quantum mechanics, the often mystifying rules 
that govern die behavior of matter and energy on 
the smallest scales. In those dimensions, phys- 
icists discovered early in tins century, objects 


such as subatomic particles do not have specific, 
fixed characteristics at any given instant in time. 

Instead, each particle exists in a sort of wave- 
like miasma of superimposed probabilities that it 
will have a particular position or momentum, or 
some other state. In fact, an individual particle 
does not actually have any definite properties 
until it is measured. The.act of measuring some- 
how forces a particle or photon suddenly to 
collapse into only one set or values. 

A second, even weirder, peculiarity involves 
certain physical processes that produce pairs of 
particles that must by nature have opposite or 
complementary characteristics. . 

B ur like any other quantum object, neither half 
of the coordinated duos — called “entangled 
pairs” — has specific properties before it is 
measured. This poses some outlandish, possib- 
ilities, as Albert Einstein and his collaborators 
Boris Podolsky and Nathan Rosen noted in a 
famous 1935 analysis. 

Suppose, they reasoned, that an entangled pair 
of particles, A and B, is created, and each particle 
flies off into space in the opposite direction. 


Suppose further that one waits until the particles 
aie millions of miles apart, and then measures 
particle A. That act of measurement forces Mo 
assume one fixed set of properties out ot US 
myriad possibilities. 

But because the other half of the entangled 
pair, B, has to have the opposite properties, the 
act of measuring A instantaneously “tells'' B 
what to be. If the particles are millions of miles 
apart, that means that those instructions would 
somehow have to travel between A and B far 
faster than the speed of light, an outcome utterly 
forbidden by die laws of physics. 

Numerous experiments have shown that the 
effect Einstein contemptuously dismissed as 
“spooky action at a distance” is a fundamental 
t of nature. 


Weed, the effect is die principle behind the 
Innsbruck experiment Mr. Zeilinger and his col- 
leagues wanted to see if . they could teleport 
quantum information between a sender ana a 
receiver; in this case, two clusters of apparatus on 
an optical equipment bench. 

The team created an entangled pair, and sent one 


photon (A) to the sender position and the other (B) 
to the receiver position a meter or two away. They 
then sent the receiver a third photon (Ck whose 
specific polarization constituted the information or 
"message” they wanted ro transmit 
Tjj C sender equipment combined v. ana A and 
scrambled them together into another entangled 
pair. Then it measured the pair, destroying both 
photons m the process. The polarization of C 
already known, and A had to be the opposite of C. 

But also, by definition. A had to be the opposite of 
B, the photon that went to the receiver position. So 

if A was the opposite ofC.araiB was me opposite 

of A, then B had to be the same as C. That ts. the 
polarization state of ‘the C photon should have 
been teleported accurately to the B photon — 
even though the two hud never been id contucL 
When the experimenters looked ar the phomn 
detector ar the receiver position, that is exactly M 
whar they found time after time. An Italian team ’ I 
recently achieved similar results, accwduig to a 
companion report in Nature. 

“I would give a lot to know what Einstein 
would think about this,” Mr. Zeilinger sakl. 



Doctors Order 
Yeltsin to Rest, 
But Deny It’s a 
Heart Problem 


By Daniel W illiams 

Washingto n Post Service 

MOSCOW — Doctors on Thursday 
further restricted the activities of Pres- 
ident Boris Yeltsin, who remained at a 
government sanatorium recovering from 
a sudden illness. 

The limits indicated the careful han- 
dling regarded necessary for the Russian 
leader, who suffered a heart attack last 
year and underwent quintuple bypass 
surgery. 

On Thursday, the presidential spokes- 
man, Sergei Yastrznembsky, denied a 
Washington Post report on Wednesday 
that Mr. Yeltsin had experienced re- 
newed heart trouble, die Interfax news 
agency said 

“It is an acme viral infection,” Mr. 
Yastrzhembsky said in Kiev, where he 
was attending a meeting with Ukrainian 
officials. 

To back up its assessment that there is 
no cause for alarm, the government 
made public a video of Mr. Yeltsin meet- 
ing with his chief of staff, Valentin Yu- 
mashev, who visited Mr. Yeltsin at die 
Barvikha sanatorium. Mr. Yeltsin, 
dressed in an open-collar white shirt and 
green-and-red cardigan, appeared to be 
conversing animatedly. with Mr. Yu- 
mashev. No soundtrack accompanied 
tiie footage. He looked drawn as be 
shook hands with Mr. Yumashev and 
walked a few steps. 

“The president is feeling uncomfort- 
able,” a staiementissued by the Kremlin 
said. 

Because of a sore throat, doctors told 
Mr. Yeltsin to cancel his weekly radio 
address, which was scheduled for Thurs- 
day. In a telephone call. President Petar 
Stoyanov of Bulgaria agreed to postpone 
a visit to Moscow scheduled for mid- 
December. Mr. Yeltsin's medical team 
ordered him to rest indoors for at least 10 
days. 

Mr. Yeltsin had already canceled a 
meeting with legislators and cabinet 
members over ponding legislation on 
land ownership. 

This is the first time since last winter 
that Mr. Yeltsin has suffered major 
health problems — in December 1996, 
he caught a flu that developed into pneu- 
monia. His role as arbiter of intragov- 
emmental disputes makes a prolonged 
absence from die scene detrimental to 
getting business done, observers say. A 
series of illnesses put Mr. Yeltsin oat of 
action for eight months until his return to 
public view in February. During the 
period, Russia drifted, its finances fall- 
ing into disarray. 

This bout with ill health comes at a 
particularly inconvenient time. The gov- 
ernment has been trying to persuade 
international financiers that it can exert 
fiscal discipline on itself and so qualify 
for needed loans. Russia’s stock market 
declined almost 5 percent Wednesday 
and more than 6 percent Thursday. 

“All major decisions now depend on 
the state of Yeltsin's health,”- said An- 
drei Piontkovsky, a political observer. 

Mr. Yeltsin’s heart surgeon. Dr. Renat 
Akchurin, said Thursday that the illness 
had nothing to do with the open-heart 
surgery Mr. Yeltsin underwent 13 
months ago to replace blocked blood 
vessels. The acute respiratory infection 
is a banal cold, Interfax new: 
quoted him as saying. 



IVjw. 

A war veteran protesting the meeting between Mr. Blair and Mr. Adams. 


Notes From the Bronchial Philharmonic 


By Bernard Holland 

Nm York Times Service 


NEW YORK — The first voice is 
from the rear, a soft, sharp report that is 
both introduction and request. The an- 
swer is quick and comes from above, a 
broader, deeper, stronger effusion. The 
duet serves as trigger Now a sudden 
burst of voices arrives from every 
side. 

Then silence. 

These are not the Venetian brass of 
Gabrieli calling across the inner ex- 
panses of St Marie’s Church. This is 
New York’s premier conceit hall at 
Lincoln Center, and these are . cough- 
era. A concert is going on onstage, 
another one out here in the seats. * 

What is this bronchial philharmon- 
ic? Concert coughers are victims in the 
eyes of the medical profession, of- 
fenders in the ears of music lovers. It is 
a natural, often unconscious defense 
mechanism against invasive secre- 
tions. 

But as Dr. Richard Irwin, a specialist 
in all things pulmonary and allergic at 
tiie University of Massachusetts, said 
in an interview, most of us can suppress 
and forestall our urges: hence the fre- 
quent explosions of mass relief at tiie 
end of movements and between pieces. 
Dr. Irwin also notes studies showing 
that child coughers by day are not 
necessarily child coughers by night In 
other words, the sufferer has more un- 
knowing control than, the daylight 
hours tell us. 

If coughers are indeed empowered. 


Concert Hall Cough 
A Form of Criticism 

why don’t they just shut up? Classical 
music audiences feel the totalitarian heel 
as few others. They are an oppressed lot. 
No conductor will turn around and ask 
the gentleman in the third row how he 
liked thelast phrase or whether he thinks 
the cellos are in tune. - 
But that doesn't mean that the gen- 
deman will not find a way to make his 
general attitude known. 

Audiences have a mighty weapon: 
the cough. A single cough, in all its 
wondrous variety of intensity and tex- 
ture, invalidates the musician- Listener 
contract. And it takes only one to es- 
tablish communication. Our hackers 
are sending a message: 1 am bored. I 
don’t like this piece. It’s too long. I 
wish it were over. 

The process is not necessarily mys- 
terious. For when listeners who want to 
cough are not engaged, they just don't 
work as hard to behave. Dr. Irwin says 
that many of his chronic coughers re- 
luctantly absent themselves from pub- 
lic performances. 

A near-controlled - experiment 
happened just recently when Colin 
Davis and the London Symphony Or- 
chestra played Sibelius at Lincoln Cen- 
ter’s Avery Fisher Hall The Fourth 
Symphony is not an extroverted work. 
Coughers sang along with every move- 
ment. The Seventh Symphony is more 
direct few coughs at all. The audience 
loved the evening's soprano soloist. 


Katarina Dalayman. and said so in two 
ways: with great applause and not a 
single cough. 

If listeners are not always sound 
music critics, they are at least effective 
ones. Engage my attention, move and 
excite me and, flu season or not, I shall 
give you a silence so charged as to be a 
sound all in itself. Play boringly, in- 
differently. aimlessly, or play music I 
don’t like, and you will hear from me. 

Listeners can be wrong, about (he 
music, but they smell a good perfor- 
mance. 

Moviegoers talk or whisper, but they 
rarely cough. 

For those outraged by the cougher’s 
art. Dr. Irwin offers tittle solace. 

“The most common cause of an 
acute cough is the common cold,” he 
said. “Adults average two to four colds 
every year. Each lasts two to three 
weeks. Coughing is predominant in 90 
percent of patients tee first few days, 
gradually going down to 20 percent.” 
Children are the lurking instigators, he 
said. “They have six to eight colds a 
year, and adults in contact with them 
are going to catch that many more 
themselves.” 

Coughing, quite simply, is a spastic 
upward motion designed to repel un- 
wanted boarders from our pulmonary 
system. Dr. Irwin won’t give an opin- 
ion on the rougher as music critic. 

However, he does point out that pa- 
tients chronically short of breath some- 
how speak long, unbroken sentences in 
moments of high involvement or ex- 
citement. 


ULSTER: Blair Welcomes Sinn Fein Chief to No. 10 Downing Street for Historic Meeting 


BRIEFLY 


Continued from Page 1 

underway in Belfast The party has ob- 
tained increasing recognition from Bri- 
tain, a countiy teat once so reviled Mr. 
Adams teat his voice was not allowed to 
be broadcast here. 

In a step leading to tee meeting Thurs- 
day, Mr. Blair visited Belfast in October 
and greeted Mr. Adams for (he first time. 
Then, as now, there were no photographs 
permitted of the closed-door gatherings. 

Usually a dour figure, Mr. Adams was 
beaming when he stepped forth from tee 
residence and said he felt Thursday was 
“a moment in history.” a claim that 
even his critics and opponents would not 
quarrel with.it had been 76 years since 
Michael Collins, tee last Irish republican 
to cross the threshold .of the official 
residence of British Prime Ministers, 


had come to see David Lloyd George. 
That meeting led to the partition of tiie 
six Northern countries from what is now 
Ireland and cost Mr. Collins his life 
within a year from members of his 
movement unhappy wite. tee deal he trad 
struck. 

Mr. Adams said Thursday that he was 
here to complete that “unfinished busi- 
ness.” 

More recently; tiie IRA had tried to 
bomb tee site -of Thursday’s meeting, 
lobbing mortars at No. 10 Downing 
Street in 1991 while Mr. Blair’s pre- 
decessor, John Major, was meeting wite 
his cabinet in the same room where the 
Sinn Fein delegation gathered. The 
shells fell harmlessly in tee -rose 
garden. 

Among tiie subjects that came up in 
the talks, Mir. Adams said, were transfers 


of Irish prisoners from British to Irish 
jails, demilitarization of tee conflict and 
demands for a reopening of a widely 
questioned British inquiry into the 
killings of 14 civil rights marchers by 
British paratroops in Londonderry in 
1972 on what has come to be known as 


A convicted IRA killer, Liam AvariUL, 
32, escaped from, the Maze prison out- 
side Belfast on Wednesday night by 
. disguising himself as a woman at the end 
of a Christinas party for the children of 
jailed republicans, and Mr. Adams 
caused a furor Thursday by saying he 
wished him “good luck’ ' cat the lam. At 
Thursday’s meeting, Marjorie Mowlam, 
the British secretary for Northern Ire- 
land, pointedly told Mr. Adams his 
words “had not been helpfiiL”' 

Among those expressing anger over 


the encounter Thursday was Andrew 
Hunter, a Conservative member of a 
parliamentary committee on Northern 
Ireland. He said tee invitation had been 
“premature” and that the IRA cease- 
fire was not to be trusted because, he 
said, the organization was still recruit- 
ing, training and conducting private pun- 
ishments. “They are remorselessly ex- 
ploiting tee process,” be said. 

Ulster Protestants have condemned 
the meeting since it was first announced 
last month. On Thursday, Ian Paisley, 
leader of tee Democratic Unionist Party, 
said: “The whole thing was an exercise 
of outrageous hypocrisy and deliberate 
lying. Here we saw the godfathers of 
those who planned the bombing of 
Downing Street, standing outside there 
and piously pretending they were en- 
gaged in a search for peace. ' ' 


SUMMIT: Muslim Leaders Unite to Denounce Israeli ‘Terrorism 1 


news agency 


Continued from Page 1 

argued that the Islamic conference could 
prove more effective by seeking com- 
mon ground. 

“Muslim states have to arrive at the 
fact that cooperation is possible in spite 
of some differing outlooks,” Mr. 
Khatami said. 

The meeting was the largest inter- 
national gathering in Iran since tee rev- 
olution in 1979, and Iran appeared to 
have been successful in using it to patch 
strained relations wite neighbors that 
have regarded it with suspicion. 

The main focus of Iran’s charm of- 
fensive included Saudi Arabia and 
Egypt. 

By the end of tee meeting, top of- 
ficials from both countries said they be- 
lieved there were grounds for improved 
relations with Iran. 

Yasser Arafat, tee Palestinian leader, 


who has been pilloried by Iran for ac- 
tenns with Israel, also 
it by all accounts were warm and 
positive meetings with Iranian leaders 
during the conference. 

And Bahrain, which has in the recent 
past accused Iran of meddling in its 
affairs and supporting Shiite Muslim 
dissidents, also signaled teat the meeting 
had brought first steps toward improving 
relations. 

“I see there are new directions here, 
which we hope will bear fruit in the near 
future,” said Sheikh Mohammed ibn 
Mubarak al Khalifa, tee Bahrain foreign 
minister, who met wite Mr. Khatami on 
Thursday. 

In the aftermath of recent killings in 
Algeria, Pakistan and Egypt by Islamic 
militants, the final statement issued by 
the delegates included a sharp condem- 
nation of terrorism committed in tiie 
name of their religion. 


■' The killing of innocents is forbidden 
in Islam,” tee statement said. 

It also denounced an American law 
that requires punishment of companies 
worldwide that do business wite Iran and 
Libya. 

The Muslim leaders also agreed to 
hold their next summit meeting in Qatar 
in 2000 and to hold a foreign minis ters' 
meeting in tee Qatari capital, Doha, in 
March, despite objections voiced by 
Egypt- 

■ Iran-Iraq Contacts 

President Khatami met tiie Iraqi 
deputy president, Taha Yassin Ra- 
madan, on Thursday in the highest-level 
contact between the two countries since 
their war from 1980 to 1988, Remens 
reported from Tehran. 

Both men said after the 25-minute, 
meeting teat they had agreed to hold 
more talks to settle their differences. 


CHEERS: 

Daify Drink Is Healthy 

Continued from Page 1 



KYOTO: With Historic Accord, a Global Truce Is Reached in War Over Climate Change 


Continued from Page I 

pan of the compromise figure worked 
out by conference delegates. 

“This is a modest but significant step 
forward in what will be a long-term 
battle to protect the Earth’s climate sys- 
tem," said Alden Meyer of the Union of 
Concerned Scientists, an independent 
environmentalist group. 

Reaction to the pact among environ- 
mentalists was mixed but generally pos- 
itive. The Sierra Club called it a ’ ‘narrow 
victory.” A spokesman for Greenpeace. 
Kalee Kreider, supported the plan and 
said it ’’means we managed to keep the 
oil industry from completely derailing 
tee negotiations." But the World Wild- 
life Fund blasted the agreement as 
flawed and said it “plays into the hands’ ' 
of the industries that opposed it 

*' ‘This agreement represents unilateral 
economic disarmament,” said William 
O’Keefe, chairman of the Global Cli- 
mate Coalition, a lobbying group that 


represents several major U.S. industries. 
“It is a terrible deal, and the president 
should not sign iL If he does, business, 
labor and agriculture will campaign hard 
and will defeat iL” 

While delegates were able to reach 
final agreement on many components of 
tee pact — including the U.S. proposal 
to include six major greenhouse gases 
within the established limits rather than 
three — discussion on many others was 
postponed by the conference chairman, 
Raul Estrada-Oyuela of Argentina. 

The head of the U.S. delegation, Stuart 
Eizenstat, said the accord “will enhance 
our growth, create new opportunities for 
technology and create a level playing 
field for U.S. industry.” Mr. Eizenstat is 
undersecretary of state for economic, 
business and agricultural affairs. - 
In a victory for the Clinton admin- 
istration, tee pact includes an endorse- 
ment of market-based mechanisms 
aimed at encouraging innovation and 
cutting the cost of compliance for busi- 


nesses and consumers. The agreement 
creates a means for companies in rich 
nations to provide technology and money 
to help cut emissions at power plants and 
other polluting sites in underdeveloped 
nations. U.S. officials argue that such 
joint ventures reduce emissions in poorer 
nations and act as a “bridge” toward 
involving them in a more comprehensive 
program of emissions reductions. 

But in a setback for the United States, 
a decision on many details of programs 
affecting the more than 130 developing 
nations at the conference was delayed 
for neariy a year, until global climate 
talks in Buenos Aires in November. Hie 
postponement was forced by opposition 
from developing countries, chiefly India 
and China, which made a last-minute 
stand against the proposals. 

Developing countries also rejected 
more ambitious calls to curb tiie growth 
of their own greenhouse gas emissions. 
U.S. officials had repeatedly called for 
“meaningful participation by key de- 


veloping nations” in the treaty, a goal 
that Mr. Eizenstat said the Kyoto con- 
ference had not met. 

“It appeared almost as if so me wanted 
to block any deal at any cost,” Mr. 
Eizenstat said. 

The failure of developing natirw; to 
take stronger action raises serious ques- 
tions about whether the treaty can win 
U.S. Senate ratification. The most con- 
tentious issues postponed Thursday will 
be referred to subgroups of the conference 
for study and more debate before being 
presented next year in Buenos Aires. 

Meanwhile, "U.S. opponents of the 
pact said they would waste no time in 
a tt acking an accord they said would 
cripple the nation's economy. Represen- 
tatives of sted, coal, oil, automotive and 
other industries teat oppose the treaty 
lambasted it Representative James 
Sensenbrenner Jr., Republican of Wis- 
consin, said it would mean a loss of U.S. 
jobs and higher energy costs. “America 
got a very bad deal,” he said. 


the study, saying: “The study does not 
represent the major hazards of alcohol 
abuse. It does not include people who 
drink themselves out of a home or a job, 
and does not include anyone under age 
30, but it does reflect tee experience of 
large numbers of people with fairly 
stable drinking patterns in middle ay 
and beyond.” 

One drink was defined as five ounces 
(150 milliliters) of wine, 12 ounces of 
beer or one cocktaiL 

Researchers found that nearly all the 
benefit from moderate drinking was be- 
cause of a reduction in the risk of car- 
diovascular disease. People with the 
most to g a i n were men and women at, 
high risk for heart attack or stroke be- 
cause of hypertension or high blood cho- 
lesterol, or people who already had heart 
disease. 

Alcohol can help tee heart in two 
ways: by reducing the likelihood of blood 
clots, which can trigger heart attacks, and 
by raising the blood levels of HDL cho- 
lesterol. which is protective. The anti- 
~ juicklv, within 


hours of chinking, but HDL takes several 
weeks to rise with daily drinking and may 
take a year or so to reduce a person's risk, 
Mr. Stampfer said. 

Despite die clear advantage of mod- 
erate drinking, the researchers presented 
their findings with strong caveats, em- 
phasizing that too much alcohol is dan- 
gerous, and that 100,000 deaths a year in 
tee United States- are related to alcohol 
abuse. 

Study subjects who had four or more 
drrnks a day were three to seven times as 
likely as nondrinkers to dje from cir- 
rhosis, alcoholism and cancers of the 
mouth, throat and liver. And in people 
under 30, alcohol is linked u> n n in- 
creased risk of death from accidents 
violence and suicide, Mr. Thun said. 


Farrakhan Blasts 
Sanctions on Iraq 

BAGHDAD — Louis Farrakhan, 
leader of die U.S. Nation of Islam, 
said here Thursday teat the world 
faced more danger from an arrogant 
American superpower than from 
Iraqi weapons of mass destruction. . 

Mr. Farrakhan, speaking after 
meeting senior Iraqi officials, con- 
demned U.S.-backed sanctions 
against Baghdad as a “mass form of 
terrorism ’’and urged Muslim states 
to jointly violate tee embargo if they 
could not force the United Nations 
to lift it 

“How long is the administration 
prepared to make the Iraqi people 
suffer over some suspicion that if 
we lift sanctions, Iraq will again 
engage in making wessons of mass 
destruction?** Mr. Farrakhan said. 

*‘I think probably the greatest 
threat to world peace is a super- 
power whose leaders are blinded by 
the arrogance of their power,” he 
said. {Reuters) 

Israel Can\ Pledge 
To Meet Deadline 

JERUSALEM — ■ Israel said 
Thursday that it could not promise 
to meet Secretary of State 
Madeleine Albright's deadline next 
week for key decisions on peace. 

Prime Minister Benjamin Netan- 
yahu is expected to meet Mrs. Al- 
bright next Wednesday bur may need 
more tune for cabinet discussion of 
Israel’s view of a final peace deal 
with Palestinians, said Danny Naveh. 
an aide to the prime minister. 

Asked if a debate could be com- 
pleted in time for his meeting with 
Mrs. Albright, Mr. Naveh said: “We 
arecertainiy not convinced of it.” 

But he said the cabinet would have 
to decide on the final settlement be- 
fore taking up tee question of a in- 
terim handover of more West Bank 
land to Palestinians. (Reuters \ 

U.S. Removes Mines 
Around Cuba Base 

MIAMI — U.S. Marines are re- 
moving anti-personnd m ines 
nnging the U.S. military base ut 
Guantanamo Bay in Cuba, a mil- 
itary spokeswoman said. 

Thousands of mines are buried 

USSjS® (28-kilometer) 

penmeter of the base in the south- 
east comer of Cuba. They were first 
sown in ^ puiy 1960s 
q ,P C Rearing operation began in 
l9% .’ but becauStf of se- 

nnh ll ? ncerns 11 has received liule 
publicity. {Remers) 




4 







lo Waij 

With our best 


wishes for a sparkling 
holiday season. 





fsnirl 1 ,: > ' 1 ' ‘ . 

f„ If.Vf ; 



VL* 



f •'ft y; i t . «■ 

* 

• I % ' : 

np>. . j . . * ; . 

tfT-- if*"* 1 ’ 


a swfai**.-; >v 


e v v : •• .-•■*■• 
fcaKM**'-*'. • 


/■. j.t- 

."T?*j£K ’’ . v- ■ 

rfe-vST-.?**?-’-' 


,^.v. 


§ 

s 


o: 

Ul 



Our customers live in many 
different parts of the world, and 
celebrate their holidays in 
many different ways. Still, our 
thoughts at this festive time are 
much the same everywhere. 
They are quite simply to wish all 
our loyal customers, friends 
and associates, wherever they 
may be, a bright holiday 
season and a Happy New Year. 







INTERNATIONAL HERALD TRIBUNE (~ 

~~ -4 


Some Distinctive Gifts From Dave Barry’s Grab Bag 

M IAMI — One of my hap- ball is rolling in the opposite direction? Every year, a certain number of styles on it; yon can order a blond, gers, airline pilots and cndse-shipcap- 

piest childhood memories (Answer bad things.) hunters fall out of trees — an occurrence brunette, redhead or other styles. You tains. Six of the top 10 finishers in this MEAL. w. 

is of racing down the stairs Over the years, Santa brought me that can result in tragedy if the hunter place die wheel over your driver’s li- year’s Indianapolis 500 were using this that/even tti | 

on Christmas moraine to many wonderful gifts — gifts that I lands on an innocent animal. Also the cense nboto for anv ohoto of similar tray. compressea i. 



M IAMI — One of my hap- 
piest childhood memories 
is of racing down the stairs 
on Christmas morning to 
see what Santa Claus had brought It felt 
like a dream. In fact, it was a dream, 
because I lived in a ranch-style home 
that did not have stairs. 

When I woke up, I would race ho- 
rizontally into the Living room to see the 
stash of gifts. Sometimes Santa brought 
a shiny new bicycle with many shiny 
new unassembled parts lying on die 
floor where my father had abandoned 
them at 4:30 A.M. after giving up on 
t rying to understand the instructions 
(STEP 143*. Insert 3/16-inch hexagonal 
toggle truncheon clockwise into camber 
gasket and tighten mortise nut until your 
hand bleeds). 

Sometimes Santa brought me a mod- 
el-airplane kit consisting of a tube of 
cement and 576,000 plastic parts, every 
single one labeled “strut.” It took a Jot 
of time and patience, but if you followed 
the directions carefully, you could as- 
semble these parts into an incredibly 
detailed, realistic-looking plane that 






Q 



1 

mi 



, . 


seemed ready to soar into the sky. No- 
tice I say you could do this. I always 
ended up with what looked like a large 
mutant dung beetle, permanently bond- 
ed to my desk by lumps of dried cement 
the size of walnuts. 

Sometimes Santa brought me an elec- 
tric train set. I’d put it together and 
watch as the train went around die track, 
around and around and around and 
around and around. Ha ha! What fun! 
My trains gave me endless hours of 
pleasure for maybe 20 minutes, after 
which it was time to conduct scientific 
experiments to resolve such important 
questions as: What happens if the train 
is rolling down the track and a bowling 


ball is rolling in the opposite direction? 
(Answer bad things.) 

Over the years, Santa brought me 
many wonderful gifts — gifts that I 
remembered long after I broke them, 
which generally happened before my 
parents woke up. Yes, the right gift can 
create a memory that lasts a lifetime, 
and that is what the annual Holiday Gift 
Guide is all about. 

Each year, I and my staff here at the 
Holiday Gift Guide receive hundreds of 
gift suggestions from around the United 
States. Gifts that trigger a very special, 
very strong feeling in the recipient — a 
feeling that is almost impossible to de- 
scribe; a feeling chat wiQ not go away 
even if the recipient undergoes elec- 
troshock therapy. 

We comb through these suggestions 
carefully, looking for gift ideas that are 
tasteful, attractive or useful. We bum 
these with a blowtorch. Then we comb 
through the remaining ones and care- 
fully select the few items that meet the 
strict Holiday Gift Guide standards, 
which are: 

1 . The item must be an actual product 
that some company, possibly as a result 
of heavy narcotics usage among upper 
management, believes somebody would 
actually buy. 

2. The item must have arrived here at 
the Holiday Gift Guide Testing Center 
in time to undergo our rigorous Quality 
Control Procedure, which consists of 
taking a picture of the item. Here are 
some of our selections: 

• LEATHIR OUM CASE $9.98 plus 
shipping and handling from Lillian Ver- 
non, Virginia Beach, Virginia. 

Ask yourself this: How many times 
have you been in an intimate gathering 
with a high-level individual such as the 
queen of England, the pope, or Regis 
Philbin. and you wanted to offer that 
individual a stick of chewing gum, but 
you were ashamed to do so because your 
gum was in its original cheap, tacky foil 
packaging? 

If you are like most people, your 
answer is “literally thousands of 
times. 1 ' That is why you. and all those 
on your holiday gift list, need this hand- 
crafted-leather monogrammed chew- 
ing-gum case with a snap closure. This 
is without question the highest-quality 
gum case that has ever come our way. 
Pull this baby out of your purse or 
pocket at a fancy dinner party, and the 
other guests are bound to exclaim: 
“There is an individual with plenty of 
class! ’ ’ Especially if they have bad a lot 
to drink. 

• sportsperson's safety har- 
ness $14.97 plus shipping and han- 
dling from The Sportsman's Guide, 41 1 
Farwell Avenue. South Sl Paul. Min- 
nesota, 55075. 


Every year, a certain number of 
hunters fall out of trees — an occurrence 
that can result in tragedy if the hunter 
lands on an innocent animal. Also the 
hunter might get hurt 
That is why we strongly recommend 
this safety harness for the active tree- 
lurking sportsperson on your holiday 
gift list One end of the harness is 
strapped firmly to the sportsperson’s 
body, and the other end is attached to the 
tree. Thus if the hunter falls out of the 


few 


tree, instead of landing on the ground, 
he will be dangling in the air, where 
playful bears can bat him around like a 
tetherbafi. 

Or, if the sportsperson prefers not to 
climb the tree, but merely lean against it 
while consuming some refreshing 
beverages, he can still use this harness to 
keep himself from slumping to die 
ground if he should happen to lose con- 
sciousness. 

Likewise, business executives can 
use this harness to prevent themselves 
from tumbling out of their chairs when 
they fall asleep during meetings. We 
happen to know for a fact that all mem- 
bers of the U.S. Supreme Court are 
required to wear this harness under their 
robes. 

• dial-a-stylk $5.99 each, plus 
shipping and handling from The Dial-a- 
Style Company, 360 Grand Ave., Suite 
146, Oakland, California, 94610. . 

Every once in a while, here at the 
Holiday Gift Guide, we see a gift item 
that makes us ask: “Why didn't WE 
think of that?’ 1 

And then we realize that the answer 
is: “Because we have at least some tiny 
semblance of a life.” 

The Dial-a-Style hairdo simulator is 
exactly that type of gift idea. This is a 
plastic wheel with 18 different hair- 


styles on it; you can order a blond, 
brunette, redhead or other styles. You 
place tiie wheel over your driver’s li- 
cense photo (or any photo of similar 
size) and, by turning the wheel, you can 
see what you would look like with short 
or long hair, or as a blond, brunette, 
redhead, etc. Using this amazing 
product, we were able to ascertain that, 
no matter what hairdo we have, we look 
like a complete dork. We realized that 
our best move, hairwise. would be to 
wrap our entire head in bandages and 
never take them off. 

You can also put the Dial-a-Style on 
newspaper photos of top world leaders 
and celebrities to see how, for example. 
Vice President Gore would look with 
' long blond hair. He would look great, in 
our opinion. We would vote for him in 
an instant. We also feel that he should 
accessorize with pearls. 

We have reason to believe that tins is 
the same device that leading interna- 
tional jet-set hairdressers such as Vidal 
Sassoon use to take' the guesswork out 
of determining the perfect hairstyle for 
their famous celebrity clients such as 
I vans Trump, Barbara Walters and 
Lassie. 

• STORING WHEEL TRAY $19.98 
plus shipping and handling from Taylor 
Gifts, 600 Cedar Hollow Road, Paoli, 
Pennyslvania, 19301. 

More and more, busy American mo- 
torists are taking advantage of the time 
they spend driving to make phone calls, 
fix their hair and makeup, eat, read, 
write letters, knit, play Scrabble, etc. 
Unfortunately, most automobiles are 
designed as though the driver is primar- 
ily interested in — this is SO quaint — 
driving. Right where you need a work 
space, there’s this big, basically useless 
steering wheel, which is hardly a suit- 
able surface for the kinds of activities 
engaged in by today's motorist. 

That’s why we here at the Holiday 
Gift Guide were so pleased to find out 
about this handsome steering wheel 


gets, airline pilots and ennse^hip^ cap- 
tains. Six of the top 10 .finishers in this 
year’s Indianapolis 500 were using this 
tray. 

• anul wings $89.95 plus ship- 
ping and handling from The pyramid 
Collection, Altid Park, P.O. Box 3333. 
Chelmsford, Massachusetts, 01824., 

Here is the ideal gift for the person 
on your list who wishes — as so many 
fashion-conscious people do these 
days — to work a great big mass of 
turkey feathers into his or her ward- 
robe. This is a large pair of wings that 
you tie to your shoulders, thus im- 
mediately creating a fashion look that 
makes the unmistakable statement: 

* ‘Either it is Halloween, or 1 have failed 
to take my medication.” 

These wings have become very fash- 
ionable for daytime business wear by 
high-level executives of large coipo - , 
rations, not to mention several top NFL 1 
coaches. It is our understanding that | 
Dan Rather also owns 1 1 pairs. 

• MILITARY FOOD FROM 1 995 
AND 1 996 $49.97 per case of 12. 
plus shipping and handling from The 
Sportsman’s Guide, 411 Faxwell Ave., 
South Sl Paul, Minnesota, 55075. 

This is tire ultimate gift to give to 
anybody who always has guests drop- 
ping in for dinner at the “last minute 
and wishes to serve them something that 
will cause than to never return. 

These are Meals Ready to Eat 
(MREs), manufactured by government 
contractors during 1995 or 1996 to the 
demanding specifications of the U.S. 
mili tary. The meals come in the form of 
various brown packages containing 
substances, labeled with names such as 
PORK CHOW MEIN and CHHJ MA- 
CARONI. that you are supposed to 
eaL 

Several of os here at the Holiday Gift 


Guide personally sampled the OAT- r 
MEAL COOKIE BAR. and wc agreed, 
that, even though it looks a ior like that 
compressed wood that is used to make, 
cheap furniture, it does not taste as 

^ But taste is not everything. With each i 
MRE, in addition to the food sub,, 
stances, you get a SPOON and an AC-. 



V y.;r 

/■ * I S . 


Smart (k&kfitcfiTHr I 


aflSSI 


a small platform featuring a degree of 
strength and stability that is obtainable 
only with really flimsy plastic. Accord- 
ing to the manufacturer, this tray is to be 
used “in parked vehicle only.” To 
which we here at the Holiday Gift Guide 
respond, “parked, shmarked.” 

We believe that, among many other 
uses, this tray will enable today's busy 
business executives to work on their 
laptop computers while they drive, 
making them highly productive from 
the moment they get into their cars until 
the moment they ram into a bridge abut- 
ment 

This would also be a superb gift for 
long-haul trackers, motorcycle messes- 




I 


CESSORY B PACKET that contains, to j 
enhance your dining pleasure: SALT, 
COFFEE. SUGAR, CREAM S UBSTl- t 
TUTE. HOT SAUCE. TOWELETTE,' 
CHEWING GUM and MATCHES. Just! 
like your fine restaurants! I 

• ' INCH MASTER WAISTRAHRrj 
STRETCHER 539 JO plus shipping and! 
handling from Solutions, r.O. Box! 
6878. Portland. Oregon 97228-6878.: I 

Have you ever had a pair of pants with} 
a waist that was too small? In the paihet- j 
ic old days, the only solution to this 
problem was io lose weight, or get big-, 
ger pants. But no longer! Now, thanks to 
this astounding invention, you can ac- 
tually stretch that waistband by as much > 
as five inches, according to the man-' 
ufacturer. Granted, when you wash the' 
pants, the waist goes back to being too. 1 ' 
small, which means you have to stretch' 
it again. But at least you don't have to 1 
lose weight or get bigger pants! That's a’ 
waste of your rime! 

You can also cany this device with; 
yon to fancy dinner parties where you- 
plan to eat a Iol After dinner, you can! 
just excuse yourself and go into the* 
bathroom to add vital inches to your 
waistband. Or perhaps you can do this- 
right at the dinner table, to the amaze-*, 
ment and delight of your guests. We 
understand that the president does this 
frequently at White House events. 

© 199? Tribune Medki SenuTS. Intr. ; 


STOCKING STUFFERS 


MOVIE GUIDE 


Pop Sounds 
For Cool Yule 


• By Mike Zwerin 

Inumaitonal Herald Tribune 

P ARIS — Sometimes it seems as though the holiday 
season is not much more than an excuse to rack up 
record sales. In this case record record-sales. On the 
other hand, you might also say th3t any excuse to hear 
new choice sounds can’t be all bad. 

• Charles mingus “Passions of a Man. The Complete 
Atlantic Recordings, 1956-1961 ’ ’ (Atlantic, six CDs): Listen- 
ing to a body of work of this magnitude, it is hard to 
understand how people of goodwill and intelligence cannot 
accept jazz as a first-class creative endeavor second to none. 
And how can Mingus be considered anything other than a 
major composer without qualifying adjectives? It's been — 
what? — SO years now we've been asking the same ques- 
tions. 

The rules have changed, of course, and it takes time for 
people who are set in their ways to adapL Part of the problem 
Lies in the fact that Mingus's music is not “composed* * in die 
rime-honored 18th-century meaning of the word. Rather it is 
“cast,” as a director casts a movie. Casting is part of die 
creative process. 

Pepper Adams and Jimmy Knepper (it was said that had 
they married there would be a Pepper Knepper) and Eric 
Dolphy and Jackie McLean are instruments not instrument- 
alists. Mingus hired them because he knew what they'd do in 
a given situation, and that it would never be the same thing 
twice. 

And classicists have trouble accepting the bines as a le- 
gitimate alternative to the sonata form. Mingus had one of the 
purest, most inventive of blues interpretations. It does not date. 
The music remains a true reflection of late 20th-century 
America — maybe even early 21st. 

• Paul fimon “Songs From The Capetnan” (Warner 
Brothers ): Simon 's first new album in six years is based on the 
story of a 16-year-old Puerto Rican boy named Salvador 
Agron who was jailed for killing two young boys during a 
fight. He liked to wear capes, he was called “TheCapeman.” 
Released from prison in 1979 after 20 years, he began to write 
poetry and “he never committed another violent act,” ac- 
cording to Simon. The lyrics are a collaboration between 
Simon and the Caribbean writer Derek Walcott. 

Simon started to work on it while finishing the Brazil ian- 
based “Rhythm of the Saints.’ * He found that it wasn't all that 
far from Brazil to Puerto Rico. The story begins in the 1950s. 
The island ambience is mixed with doo-wop and Afro-Cuban 
episodes. The melodies are romantic to the point of kitsch, and 
they tend to resemble one another. They are, however, 
principally a vehicle for the lyrics, for storytelling. The line 
“Frenchie Cordera goes down to Hell's Kitchen to sell the 
Irish some weed” is accompanied by a montuna. 

Sometimes it's kind of like a kind of uptown talking blues. 
Or like Leonard Cohen. Only Simon's storytelling leans on 
melody instead of the rhythm or the dirge. The story is steeped 
in romance and the melody serves as decor. The story comes 
first This is about as good as pop music gets today. Ruben 
Blades sings die role of the older Salvador Agron. 

• "PAINT IT BUIE" The Songs of the Rolling Stones” 
(Ruf): The late Luther Allison (“You Can’t Always Get What 
You Want”). Johnny Copeland (“Turablin ’ Dice ”) and other 
major bines singers interpret songs written by die Stones 
(Junior Wells does “Satisfaction,’ ’ Taj Mahal “Honky Took 
Woman”). Reversing the cultural flow brings . . . sat- 
isfaction. 

v John coltrane The Complete 1961 Village Vanguard 




Charles Mingus: A major composer, period. 

Recordings’’ (Impulse!): 1961 was a very good year for John 
Coltrane. And The Village Vanguard was a very goodplace. 
“Softly As in a Morning Sunrise,” “Impressions.” “Chasin’ 
the Trane,” “Greensleeves” and so on through four generons 
CDs including alternate takes in a well-designed package 
with photos, artwork and informative notes. Hearing it 36 
years Iaier. all in the same bag (or box if you prefer) like this, 
it just about literally moves you out of your chair. Strange — 
if anything, it was considered too intellectual back then. Have 
we evolved or has the music or both? It bounces, it frolics, it 
even gambols. 

• elvis cortello * ’Extreme Honey * * (Warner Brothers): 
Subtitled “the very best of the Waraea" Brothers years,” this 
product is part of the war, of escalating credits. “Best” do 
longer means much. We warn the “very best” at the very 
least Verbal escalation notwithstanding, this selection of 
songs, some of them written with Paul McCartney, is indeed 
very, very good. The immediately recognizable and satisfying 
clear roughness of his voice is like sandpaper on silk. Marc 
Riboi's detuned guitar, Steve Nieve’s grand piano and the 
Brodsky Quartet help pull you in. 

• JOE HENDERSON “Pbrgy and Bess” (Verve): As often 
as the material has already been recorded, the suave tenorman 
still adds to it (with Cbaka Khan, John Scofield, Tommy 
Flanagan, Sting . . . ). 

• KENNY WERNER “A Delicate Balance” (BMG): With 
Dave Holland and Jack DeJohnette, one of the most delicate 
and balanced piano trios of them alL 

• DON LANPH 1 RE “Don Still Loves Midge” (Hep): It 
takes a Scottish record company to distribute Lanphere’s rare 
surviving genuine “Four Brothers” tenor sound out of the 
rainy wilds of the state of Washington. 


Amistad 

Directed by Steven Spielberg. US. 
Midway through Steven Spielberg’s, 
“Amistad” and its long-overlooked 
story of a slave-ship mutiny and sub- 
sequent Dial, the film finally presents 
the experience of captivity from the 
viewpoint of its main African character. 
He is the leader of this rebellion, the 
fierce figure who became known as 
Cinque. (His African name was Sengbe 
Pieh.) This somber-hued film erupts 
into lush color for a glimpse of 
Cinque's wife and child in their peace- 
ful viU age, and sees him gaze wannly at 
their backs as they walk away from him 
forever. Then, with no warning, Cinque 
is ambushed and captured, destined to 
be sent halfway around the world. 
Viewers wishing to avoid waterworks 
can rally be grateful that Spielberg 
denies the wife and child a backward 
glance. Power in Hollywood: a tired 
subject if ever there were one, but 
“Amistad” demonstrates what it really 
means. It’s the ability to use images like 
this flashback, and like the stark, ag- 
onizing depiction of the captives’ At- 
lantic crossing right afterward, to create 
the full empathy and immediacy this 
subject matter deserves. It’s the ability 
to make a $75 million holiday movie 
about a shameful chapter in American 
history simply because one thinks dial’s 
the right thing to do. Thus the wor- 
thiness of “Amistad” is irrefutable, as 
are its credentials despite the legal up- 
roar over source material. But what the 
estimable “Amistad” does not have is 
an Oskar Schindler. It has no three- 
dimensional major character through 
whose flawed human nature an unima- 
ginable atrocity can be understood. The 
specific, as in Cinque's being tom from 
his family, is overwhelmed by gen- ' 
erality. And this is a film in which John 
Quincy Adams, played by Anthony 
Hopkins as a wise old curmudgeon 
faithfully devoted to his houseplants, is 
the zestiest character by for. “Ami- 
stad” dares to begin on a mythic note, 
starting with furious images of ship- 
board mutiny. Lurid as this is, it soon 
gives way to the more straightforward' 
storytelling that Spielberg handles with 
greater ease. En route from Havana, 
slaves rebel and take control of the 
Spanish ship that is outrageously 
named La Amistad (Friendship),. hop- 
ing to return home to Africa. Instead, 
they are tricked into unfriendly waters. 
Jailed in New England and put on trial, 
the Amistad slaves, remain a mostly 
undifferentiated group except for 
Cinque. A language barrier also sep- 
arates them from much of the film’s 
main action, although the Steven Spiel- 
berg Of “E.T.” knows winsome ways 
of showing .what it means to be a 

3 er. The slaves are horrified by 
bw McConaughey, as a lawyer 
whom they call Dung Scraper, and the 
audience may not react much more 
kindly. Amiable matinee idol that he is, 
McConaughey should cease and desist 
from affecting mannerisms from pre- 


vious centuries or playing any more 
smart lawyers. With Stellan Skarsgard 
and the seriously underused Morgan 
Freeman as top-batted Abolitionists, 
Anna Pacquin as the giddy 1 1-year-old 
Spanish Queen who claims the slaves as 
her property, David Payrner as a sec- . 
retary of state, Pete Postlefowaite as the 
government prosecutor making a case 
against the Africans and Nigel 
Hawthorne as President Martin Van 
Buren, “Amistad” has many an oc- 
casion for speeches and bons mots. But 
none of the rhetoric, not even the ora- 
torical heights reached when John 
Quincy Adams takes on the Supreme 
Court, can compare with foe Africans' 
story. And foe best parts of “Amistad” 


France’s Nazi army had roots in the 
prewar period and survives among ■ 
members of Jean-Marie Le Pen's Na- t 
tional Front. Alain Ferrari’s engross-, 
ing documentary investigates the his- ; . . 
tory of foe far right, with interviews of ’ 
men who swallowed foe ideology,- T 
young, and have no remorse. Very dif- ; 
ferent men — Leon Gaultier, an in-, 
tellectual, worked with foe head of the 
Mi lice, Joseph Darn and: Georges 
Rouchouze, a country bumpkin, ended : 
up in Le Pen’s party; Henri Minvielle, 
from a big provincial family, still 
seems to think he joined the Bov, 
Scouts. It wasn’t foe Boy Scouts — foe . 
Milice arrested, tortured and killed fel-, 
low Frenchmen, resistants, members. 






Cinque (Djimon Hounsou, center) and fellow capriveshi ^tuTtaX"^ 

pre-Vichy government. The 


fear and outrage to life. As Cinque, foe 
former model Djimon Hounsou gives 
foe film a strong visual focus as he 
radiates extraordinary presence and 
fuiy. If aLL that he, Spielberg and 
“Amistad” accomplish is to secure for 
(his stray its place in history 
classrooms, that would suffice. Houn- 
sou also acts his role quite movingly 
within the narrow confines of the 
screenplay credited to David Franzoni, ' 

a imrtt n/hnos Rn. ... . 


contention, the helpful rapport that de- 
velops between Cinque and Adams, 
seems entirely organic to foe movie. It 
doesn’t take Barbara Chase-Riboud, 
foe historical novelist who has accused 
foe filmmakers of plagiarism, to see foe 
storytelling value of letting these op- 
posites attract (Janet Maslin. NYT) 

Milice, Film Noir 

Directed by Alain Ferrari. France. 

The notorious Milice, created by the 
Vichy government In 1943, lived only 
two years, yet the fascist spirit of 


of the pre- Vichy government. The 
daughters of Georges Mandel and Jean 
■£ay are interviewed, as well as Fran- 
coise B asch. the granddaughter of Vic- , 
tor Basch: Mandel, murdered by the 
and thrown into a ! 
well, Basch. arrested at home with his 

7* lh ? r h™ 1 * 5 were teft on the, 
roadside. Among the descendants is. 

S^n«S5 C rif tU18 C r s r e of Philippe; 

6 SOn of Jose P h DamanU, 
whose father wrote him, before his-i 

going to have a| 
hMd ume bearing my name.” Actually 

10 have as Utl,c renrorsi ; 

a? 12? But foe film 
fails short. We would like to sec more 

toanhead shots; we would ! 
like to see them probed further. Ferrari 

with BertanHP ■ Ule ^terviews along,' 
with Bertrand Poirot-Delpech keens at 

actera ' his casl of ; 

* C ^ sricbriUianceof i 
With “The cla V de Lanzmann.; 4 

“Sh Q -,h“th Sorrow the Pify” and' 

rules but *£5? havc broke " a fcw ■’ 

mentary 1 they revolut ionized ,he docu- ; 

™ (Joan Dupont. IHT) 


4 







♦ <a 

' * v 

o \ 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 12. 1997 


WORLD OF HOTELS 


>;!•» 

t' 


Welcome to a Magic Life on Java 



By Seth Mydans 

Afr w York Times Servi ce 

OROBUDUR. In- 
donesia — An eleg- 
anr entree into a ma- 
gic world on Java 
The wake-up call came deep 
io the tropical darkness, at 
4:15 A.M., and the firer 
thought was: This is luxury? 

A glass of orange juice, 
fresh coffee and a basket of hot 
roilswere waiting, and so were 
a car and driver. I and several 
other hotel guests headed into 
the dark, joining farmers on 
their bicycles who were on 
their way to market with large, 
square baskets of papayas. 

Then, five minutes down 
the road, guards swung open 
iron gates and we entered the 
silent grounds of the 1,000- 
year-old Temple of Boiobu- 
dur on the Indonesian island 
of Java to watch the sunrise, 
an hour before the temple 
opened officially for visitors. 


De Wine LeUe (The White 
Lily) stands on the -Keizer- 
straat, one of the narrow, one- 
way streets of the old quarter, 
an area with attractions like SL 
Charles Boiromeo Church, 
with its Baroque facade 
thought to be a Rubens desig n 
The hotel consists of three, 
step-gabled houses — the 
White Lily, the Sp anis h Arms 
and the Black Eagle — all 
built in the 17th century, when 
Antwerp was (after Paris) 
Europe's second largest city. . 

But inside, you’re In a world 
of contemporary luxury, a 
striking, clean-lined decor 
combining modem furniture 
and occasional antiques. 

in the spacious lobby, a gilt 
and crystal chandelier is sus- 
pended from the high, 
beamed ceiling. The floor is 
checkered black-and-white 
marble, Italian style, and 
french windows open onto 
the courtyard, trimmed with 
small evergreen hedges. 


known for abundant wildlife. 

La pa Rios is a haven for 
people who love rain forests, 
both a romantic retreat and 
nature observatory. But if you 
go there only for tranquillity 
and ample, well-prepared 
meals you’ll find those, too 
— with a menu that stresses 
grilled fish, fresh vegetables, 
tropica] fruit and opulent 
desserts. 

The lodge sits at the end of a 
road 45 minutes by four-wheel 
drive from a gravel-topped 
airstrip where roosters crow. 
We arrived after a 50-minnte 
flight from San Jose, one th at 
can take twice as long with 
stops. 

Karen Lewis, who owns the 
resort with her husband, John, 
was waiting with the promise 
of cool, fresh blackberry juice, 
a map of the lush grounds and 
a short orientation- Laps Rios 
is built on once cleared land, 
now grown into a young 
jungle, beside the Lewises’ 


kayakers love iu Beach walks 
are enlivened by scuttling 
sand crabs. 

Laps Rios is about 12 miles 
from Puerto Jimenez, but the 
address for information is Post 
Office Box 025216-SJO706,. 
Miami, Honda 33102-5216. 
Rates: $328 for two, including 
meals, tax and service charges. 
Guided forest walks and air- 
port transfers are extra. Com- 
munication is by radio, though 
Lapa Rios's office in Puerto 
Jimenez has a phone, (506) 
735-5130, and fax, (506) 735- 
5179. Frances Frank Marcus 

Jarans Relaxing 
At the Hot Skines 


New York Times Service 


S HLJZENJI, Japan — 
When the pressures 
of modem, urban liv- 
ing mount, I fancy 
old-fashioned Japanese-style 
service — the kind that really 
pampers you. Recently, I per- 
suaded my husband io forgo a 
fishing trip and join me for a 
brief respite at Sekirei So, a 
tranquil traditional inn. 

This ryokan is on the out- 
skirts of Shuzenji, set into the 
hills surrounding- Shuzenji 
Temple on the Izu peninsula, 
less than two hours by train 
south of Tokyo. 

We had wanted to stay in 
one of the two special suites in 
the Hana Tei annex, a rustic 
ibatched-roof building with a 
charcoal-burning hearth in the 
center of each suite's main 
room and private access to the 
garden, but they were booked. 
The garden is far less than an 
acre, but landscaped to high- 
light the seasons — fiery 
maples and golden ginkos in 
die fall, camellia and plum 
blossoms framed against 
pines in winter, cherry trees 
and wisteria in spring and 
early summer. Though we 
were in one of 15 suites in the 
four-story main building, we 
felt utterly private in ours. 

Visitors to a Japanese hot 
springs resort, or onsen . enjoy 
a leisurely soak in the main 
bafo, just "off the lobby — the 
only public rooms at Sekiriei 
So — upon arrival and an- 
other dip before breakfast. 
That's what we did, wearing 
the hotel's yukata robes and 
haori jackets to and from. 

At Sekirei So. as at most 
onsen hotels, men and women 
have separate entrances to the 
baths from areas for.disrob- ! 
ing, furnished with cosmetics j 
and hair dryers (men enter 
through the blue curtains, 
women the red). But every 
day at midnight, access is 
switched so that all guests can j 
experience both. 

Lavish cuisine, served in 
the privacy of one’s suite, is a i 
luxurious feature of a ryokan. 
The Shuzenji area is known 
for its shiitake and other wild 
mushrooms. These, and other 
local delicacies, are promi- 
nently featured in Sekirei So’s 
15-course dinner banquet, and 
12-course breakfast feast 
Package plans are avail- 
able; and higher prices are in 
effect on weekends and hol- 
idays; all require a minimum 
of double occupancy. Rates, 
from S204 to $452 a person, 
include breakfast and dinner 
without beverages. A total of 
8 percent in taxes and a hot 
spring charge of $1.25 are ad- 
ditional Phone (81-5) 5872- 
2031, Tokyo office (81-3) 
3567-1595. Elizabeth Andoh 




* IIUU U&;t|| 







Mm Siboriu fur The Nr» YctV Tinei 


Rooms a t Lapa Rios in Costa Rica look out on the Golfo Dulce and the Pacific. 


*■■■ ■ 

M"r •• • • 

-i* ?*.z • 


!fe_ • 

-■* >. - «s. ■ • - 






This special entree is one of 
the luxuries of the Amanjiwo, 
the latest in a chain of 13 
elegant hotels that have been 
opened around Asia over the 
last decade by Amanresorts to 
serve the most affluent of 
travelers. 

A huge, semicircular com- 
plex in pale limestone that 
echoes the structure of Boro- 
budur. the Amanjiwo. which 
opened in July, is an archi- 
tectural amazement itself, 
commanding a nearby hillside 
with views of the temple and a 
pair of distant volcanoes. 

As much as Borobudor 
pulses with the mysteries of 
ancient Java, the hotel too is 
an artifact of another culture, 
glowing at night — the com- 
parison is inescapable — like 
a flying saucer from the world 
of Western affluence. 

The 36 suites, half with 
their own swimming pools, 
are small palaces in them- 
selves. mirrored and with 
high ceilings, surrounded by 
sliding glass doors, each with 
an outdoor sunken stone bath 
and a cushioned garden pa- 
vilion fit for a pasha. They are 
spacious but not warm, the 
stark decor of pale stone 
trimmed with teak. 

The Amanjiwo offers a res- 
taurant serving a limited menu 
of undistinguished Western 
and Asian food, a library, ten- 
nis court, large swimming 
pool and massages. 

But as 1 stood almost alone 
at the pinnacle of the temple 
of Borobudur to watch the sky 
grow pale at daw n, wisps of 
music could be heard from 
I nearby villages. This was not 
luxury but magic. 

Suites are $345 in the off- 
season. June to August. $460 
the rest of the year, suites with 
private pool. $490 and $650. 
A service charge of 10 per- 
cent and a government tax of 
1 1 percent are added. Phone 
(62-293) SS333, fax (62-293) 
88355. 


Each room has its individu- 
al character. No. 10. for in- 
stance. is rather small but 
comes with a large, teak- 
floored deck overlooking the 
interior courtyard. In No. 7, 
the eye-catching feature is a 
spiral staircase. 

Breakfast is a cornucopia 
of breads, pastries, cold cuts, 
cheeses, bacon and eggs and 
cereals. The breakfast room, 
like the lobby, spills over onto 
the patio on warm days. It 
adjoins the all-white open kit- 
chen, with its old-fashioned 
stove and meticulous 
shelving. There is no restaur- 
ant in the hotel, but for dinner 
Bock recommended - the 
nearby Aurelia, which is tiny 
but pleasant. 

Rates are $239 for doubles 
and $310 to $423 for suites, 
and include breakfast. Tele- 
phone (32-3) 226-1966, fax 
(32-3) 234-0019. Parking in 
the underground garage' is 
$14 a day. Eric Sjogren 

Costa Rica: Living 
In the Rain Forest 


New York Tunes Senice 


S AN JOSE, Costa 
Rica — Lapa Rios is 
not actually a tree- 
house, but that’s 
what this immense thatched 
lodge in the jungle presiding 
over 14 elegant aerielike bun- 
galows feels like. The resort 
stands on three narrow ridges 
rising above the Golfo Dulce 
and Pacific Ocean on the 
isolated Osa Peninsula in 
southwestern Costa Rica, 


1.009 acres (410 hectares) of 
rain forest- We sipped the 
juice — icy, delicious and 
topped with a flower — at a 
table on the deck, looking out 
at the spectacular view stretch- 
ing east to Panama. The green 
hillside dropped to the cres- 
cent-shaped shore edging the 
sea. a mix of the Pacific and 
the deep Golfo Dulce, which 
meet at the peninsula's tip. 

Our bungalow Jay 50 steps 
below the lodge. Fust, there 
was a short walk past a scenic 
deck with a gourd-shaped 
swimming pool. Near the 
deck, a three-toed sloth hung 
from a tree. Orange monkeys 
played on the hill. 

One side of our aerie was 
rooted in earth; the other was 
on stilts, from the bedroom, a 
large deck cantilevered beside 
treetops. Languid folds of 
mosquito netting swathed two 
comfortable queen-size beds. 

Like . all 12 bungalows, 
ours was positioned to catch 
foe sea breezes and stunning 
views. The last bungalow, for 
those in good shape, lay be- 
yond an arcade of hibiscus 
182 steps below the lodge. 

Any flaws? Well, jungle 
luxury doesn’t come cheap. 
And on sunless days, when 
the solar panels nap. the 
showers are cold. Although 
they would find foe wildlife 
appealing, foe high decks at 
Lapa Rios are not suitable for 
small children. 

The Lewises have pur- 
posely kept foe dark sand 
beach below wild, without 
structures or chairs. The wa- 
ter is pleasantly warm; 


USgfr* •*> -- 


r 

'■$. ’ rye ! 

T v 

*r. s 

Wl-H 
f&kUrr- . •; - 

. ;y 

issas 84 # • * v ' 

: >: - 


A ntwerp, Belgi- 
um — “1 love 
white,” says Mon- 
ica Bock, owner of 
De Witte Lelie. Antwerp's 
new favorite hotel, "because 
you sec rfeht away when it 
gets dirty." In her establish- 
ment. cleanliness is a cardinal 
virtue. Everywhere m the 
neal-as-a-pin 1 0-room hotel 
in Old Antwerp, contempor- 
ary sofas and armchairs wear 
smart, off-white dust covers. 

My wife and 1 recently oc- 
cupied a quiet junior suite two 
flights up in foe tomyer coach 
house, part of foe intercon- 
nected three houses and out- 
buildings that make up foe 
hotel. On the parquet floor, 
flat-woven kilims provided 

splashes of color. 

Under the peaked roof, 
black-metal halogen lamps, 
stark against foe white walls 
created inviting islands of 
light. The large bathroom 
gleamed with marble. The an- 
tique. stripped wardrobe nnl a 
imnihar and a safe, leaving 
less than a lot of room for 
clothes. On a glass-topped 
table stood two decanters, one 
with sherry, foe other port 


ARTS GUIDE 


W AUSTRIA 

Vienna 

Kuntthistocteehes Museum, tel: 
(i) 525-24403. dosed Mondays. 
To April 14: “Brueghel: Tradition 
und Fortschrttt." The exhibition 
brings together 12 paintings by 
Pieter Brueghel the Elder and ap- 
proximately 20 works on paper and 
200 paintings by his two sons. Jan 
Brueghel the Elder (1568-1625) 
was a painter of Sowers and still- 
■Gfe, while Pieter Biueghel the 
Younger (1564-1637) copied his 
tether's work thus making it familiar 
to a wider public. 

■BRITAIN 

London 

British Museum, tel: (171) 323* 
8525, open daily. Continuing To 
Feb. 1: “Cartier 1900-1939." In- 
cludes creations in Egyptian, In- 
dian, Chinese and Japanese 
styles. 

Hayward Gallery, lei: (171) 928- 

si 44, open daily. Continuing/ To 
Jan. 4: “Objects ol Desire: The 
Modem Still Lite." Traces the 
evolving language of modem art 
through stlf files. 

Tate Gallery, tel: (171) 887-6000. 
open daily. Continuing/ To Jan. 4: 
The Age of Rossetti. Bume-Jones 
and Watts: Symbolism in Britain. 
1660-1910." Works ot British and 
European Symbolist painters. 
Victoria & Albert Museum, tel: 
(171) 938-8441, open dally. Con- 
tinuing/ To March 29: “Colours of 
the Indus: Costume and Textiles ot 
Pakistan." More than 130 cos- 
tumes and textiles dating back to 
the 1850s. 

■ ■franc— - 
Paris 

Grand Palais, tel: 01-44-13-17- 
17, closed Tuesdays. Continuing/ 
To Jan. 5: “Les Iberes"; to Jan. 1 2: 
“PrucThon. 1 758-1 823": to Jan. 26: 
“Georges de La Tour, 1593- 
1652.’' 

Musee Marmottan, tel: 01-42-24- 
07-02. closed Mondays. To Feb. 
28: “Berthe Morisot" The French 
Impressionist artist (1841-1895) 
first worked under Corot and be- 
came the favorite model of Edou- 
ard Manet, her brother-in-law. The 
exhibition features portraits and in- 
timist scenes. 

■ NETHERLANDS 
The Hague 

Mauritshuis, tel: (70) 302-34-35. 
dosed Mondays. To March 29: 
“Princely Patrons: The Collection 
of Fredenk Hendrik of Orange and 
Amalia van Solms in The Hague." 
Brings together 50 paintings from 
the collection of Frederick Henry,. 
Prince of Orange (1584-1 647) and 
his wife who created a veritable 
court in The Hague. Features 
works by Rembrandt. Rubens and 
van Dyck that are clear testimony 
to the couple's regal aspirations. 
Historfsch Museum, tel: (70) 364- 
6940, open daily. To March 29: 
"Princely Magnificence." Focuses 
on court life in paintings, engrav- 
ings and objects that document the 
magnificence at the court of the 
Prince of Orange in the 1620s. 


NOKIA 


. , r 

, -.rrf .• tSJ- 

fr’fe •••'' 

I *«V> vV 


f ' : 

:V- 




'-4^ *v; > 

% , 

, • - : _ _ .• . 

. * 


Berthe Morisot by Manet: Her works are shown in Paris. 


PAGE 13 


the Ensemble Intercontemporain 
do quarrels by George Crumb and 
Steve Reich, and the marathon 
ends with an ail Charles Ives pro- 
gram by students ol the Conser- 
vatoire de Pads. 

CLOSING SOON 

Dec. 13: “Power and Virtue; The 
Horse in Chinese Art " China In- 
stitute in America. New York. 
Dec. 14: "Gabnel Orozco: Record- 
ings and Drawings. ‘ "Stedatfjk Mu- 
seum, Amsterdam. 

Dec. 14: "Pans-BruxeUes/Bru- 
xelles-Paris." Musee des Beaux- 
Arts, Ghent, Belgium. 

Dec. 14: “Michelangelo and His 
Influence: Drawings from Windsor 
Castle." The Htzwilllam Mu- 
seum, Cambridge, England. 
Dec. 14: “James Ensor" and “Don 
McCuUln: Sleeping with Ghosts." 
Barbican Art Gallery. London. 
Dec. 14: "Art That Heals: The 1m- 


BIaorid 

Museo National Centro de Arte 
Reins Sofia, tel: <1) 14-67-50-62. 
closed Tuesdays. To Jan. 12: 
"Fernand Leger." A selection- of 
140 works by the French artist 
(1681-1955). highligntmg the 
artist's affinity with architecture, his 
work for the ballet, cinema and lit- 
erature. and his strong political 
commrtmenf. 

■ UNITED STATES" 
Fort Worth 

Kimbetl Art Museum, tel' (817) 
332-8451. dosed Mondays. To i 
March 1: “For the Impenal Court: | 
Qing Porcelain From the Peraval 
David Foundation of Chinese Art." 
17th- and 18th-century porcelains 
of the Qing dynasty (1644-1911). 

Houston I 

The Menil Collection, tel. (713) I 
525-9400. dosed Mondays and : 
Tuesdays. To March 29: "The 
Drawing Spsaks: Theophile Bra. I 
Works 1826-1855.'' The French ! 
sculptor (1797-1863) created 
thousands of visionary drawings 
toat expressed his dreams and i 
mystical experiences and antici- 
pated the work of the Surrealists 
and Abstract Expressionists. More 
than 50 drawings are exhibited. j 

New York 

Metropolitan Museum of Art tei: 
(212) 570-37-91, closed Mondays. : 
To March 22: "Gianni Versace." 
This exhibition at the Costume In- 
stitute celebrates Versace's work 
in fashion and traces its inspiration 
from Warhol and modem abstract 
art. his appreciation of Greek and 
Roman d3ssiasm and features, 
designs, some o( them m plastic or 
metal-mesh, as well as costumes 
for theater. Also, to Feb. 8: "Jack- 
son Pollock: Sketchbooks and 
Drawings." Works on paper by the 
American Abstract Expressionist 
painter (1912-1956). 

R MUSIC MARATHON 

Cite de la Musique, Paris, tel: 01 - 
44-84-44-84. “New York Mara- 
thon." As part of a season-long 
cycle ol American music, a series 
of seven concerts mostly of cham- 
ber music beginning Saturday at 3 


P.M. and ending Sunday al 4:30 £rbkwi *1 Gallery uwoon. 
P.M. Gerard Fremy does John *»■ ggSPlJS 

Cage's works tor prepared piano Baltimore, 

and Antoine Heive does a rake on 14; »p oto a: Colonial Treas- 

irzKss -ssr 

play Foss, along with Gershwin, ^ 1 4 : ■■| m iKnoebe^. ,, Musee de 
Bernstein. Copland and Hinde- Grenoble, France, 
muh: the ragtimes of Scott Joplin Dbc 14: '-Joan' Mitchell." IVAM 
and William Bolcom and Stephen centre Julio Gonzalez, Valencia, 
Foster songs are in the care of spgjn. 

soprano Peggy Bouverei. pianist Dec. 15: “Heavenly Horses.” Uni- 
Jeff Cohen and cfannetisr Carol versfty Museum and Art Gaitery, 
Robinson: Michael Gtelen and the Hong Kong. 

Southwest German Radio Orches- Dec. IS: “Tresors cf Ukraine." 
tra do works by Morion Feldman Musee National d'Histoire et 
and Luciano Berio, musicians of d'Art, Luxembourg. 


Mal<g 9-(er Christmas 
Ttazutess.... 








•Diamond “Tcdtfif cr •Ball' ’Brooch 
Available in ‘Pink. •ycHeit’ c r ‘1 1 HiU' Diamonds 

GRAFF 

From The Most Fabulous Collection Of Jewels In The World 


6 & 7 Nfw Bond Street London WIY 9PE 
& 55 Brompton Road London SWJ 1 DP 
Tel. 0171 5S4 8571/4 Fnx. OI7I 58) 3415 ttww.gralT-uk.com 








Find the best 
restaurant 
r- in town. 





^ And win 
the Nokia 9000i 
Communicator 


Here is your chance to win the Nokia 90.001 
Communicator, the all-in-one communicator, with 
a phone, fax, e-mail, calendar and the Internet. For 
the second prize you could win the n3 rurally-shaped 
Nokia 8ll0i. Or you could win third prize, the easy- 
to-use Nokia 3110. You will also have the chance to 
win one of ten Nokia promotional s ports bags with 
a T-shirt, cap, socks, towel and sweat suiL 

This competition runs until December 19, 
7997, covering 10 cities, one on each Tuesday and 
Friday over the five week period. If you miss a city, 
catch up on the competition Web site at 
www.iht.com. You can participate until January 19, 
1998. 

bto mi RqrtrtiCflE 

1- fnturimmi t* Ulr riuf. prtjjr, I) 1?* 

}. 'JM onh wmrirtui Nu puirnre reef 

> acceu* «»’ v * ir<Wr. 

tt-. (Mtfgmm mr i * mi-ro .w.\ r t -w- t .j» ,. j r . j m 

* or»' oi nxa 

5- Ho -.-airi «*«”»' v- w- pirf-! , 

6- l-r 0" trvizr/ » I'M « J po'^.Vir.! u. "V enirvrs.v fire XK ,n il>- 

—mrMfn •»> i! me 

J- r«i iii nMfrcfi At edll«'' *t«* 

0 -T-» »Slnr\ Ihr iiBW i*. nr. '/**•*.. 

9 V' vnavc Mr . « rvenl -n t-jAsalr . f r^or'AI 3-TS 3 «rwi, >■■ I.- remain, rt-ja 

il ■> rwitel At wy rffe 

Io tmo. pm J-wn Uw ouHl«n m wrd V. 'Io coajnn. 


The Web site will run until February 22, 1998, to 
announce the winners. 

At the end of the competition, all of the 
restaurants that were highlighted in the 10 cities 
will be available to all Nokia Communicator owners 
on a specially created International Herald Tribune 
Web site, specifically tailored and designed for use 
on the Nokia Communicator. 

The winners will be drawn out of a hat on 
February 9, 1998, and announced in the International 
Herald Tribune on February 11 . The more times you 
enter, the more chances you have of winning. Enter 
now and enter often with a different restaurant 
each time! 


NOKIA 

Connecting People 



Jr ‘ . 


What IS the op'tsl o' DENMARK' 

My Ifiviiurilt 'evaursni in THIS CITY is the 


Company 


COM. 9 




E-fnjrt address 


Wha? son of lasiauiam is <t? 

O ijourmet O European O Oriental 
Q Indian Q Family O Great Value 
O Oihci 


Posr eodc City 


O I do not wish u> reeeive lelevam details 
from other carefully seterned companies. 


Send the coupon to . IHT/Nokra WWi Communiegtor compeatidn. International Herald Tribune. 181 Ayenue Charles-Dr-Qauhe. 925? 1 
Neuilly Cede.. France. Oi fa* 133- 1U1 43 92 IB Ur e-mail at nokra®<nteom. Or participate on the competition Web site: wwwihLcom 


■ : ..• 









INTERNATIONAL HERALD TRIBUNE, FRIDAY DECEMBER 12, 1997 


SPONSORED SECTION 


HUNGARY 




As both NATO and the 
European Uhfoa open diet 
doors to Hungary’s 
membership, the coattiy 
is outre Hum ever focustog 
Os efforts oa harmonizing 
he economy and 
leghdatfoa with Western 
Bavpie. With gross 
domestic product growth 
forecast to rise foam 4 
percent to 5 percent over 
the next three yean, 
Hungary Is poised to btdU 
on Its already prendsmg 
econ om ic foundation. 
The OECD, hi a recent 
report on the country, has 
predteted a •spectacular' 
stage forward. 




.v . ■ :V:»* . 

« 5 • 




The View From 


The Ministry of 


Foreign Affairs 


Stable, the Better to Surge Forward 



“Stable ” is how Hungary’s leading economic policy makers describe its current situation. 


T he Hungarian econo- 
my has grown steadily 
and strongly for nearly 
two years. The gross domes- 
tic product, after increasing 
13 percent in 1996, is rising 
at a rate of more than 3 per- 
cent in 1997 and is forecast to 
grow at 4 percent to 5 percent 
over the next three years. 

The economic policies im- 
plemented two and a half 
years ago have been un- 
swervingly adhered to since 
then. It took a great stead- 
. iness of purpose on the part 
of the administration headed 
by Prune Minister Gyula 
Horn to do so. 

These policies were 


deeply unpopular in the 
country — for good reason. 
In March 1995, faced with 
yawning deficits and a stalled 
privatization process, the ad- 
ministration presented a rad- 
ical restructuring of its econ-. 
omy to the international 
business community along 
with a reform of its economic 
and social legislation. 

Many of the country's 
“crown jewels” — much of 
its energy supply, telecom- 
munications, financial, 
chemical and other key sec- 
tors — were put up for partial 
or total privatization. Prices 
were raised on everything 
from electricity to bread. 


Drastic budget cuts 
chopped employment and 
wages in the public sector. 
The institution and enforce- 
ment of strict bankruptcy 
laws caused major corpora- 
tions to foil. Over the next 
year, the standard of living 
fell by one-quarter. 


In 1998, 

the International 
Herald Tribune 
will publish 
lie 


Supplements 


on 


Hungary 

(April 15) 


Emerging 

Markets 


in 

Central 

& 

Eastern Europe 

(Part I, July 10) 

(Part II, December 12) 



For further information on Advertising or Subscriptions 
in Central and Eastern Europe, please contact 
Gerd Roezler in Vienna; 

+43 1 891 363830; fox: +43 1 891 363840 
or e-mail: usiht@via>ai 


THE WORLD’S DAILY NEWSPAPER 


On second thonght 

Since then, these policies 
have become widely accep- 
ted. As Miklds. Blahd, 
spokesman for the National 
Bank of Hungary, points out 
“The policies have brought 
visible prosperity to many 
parts of the country, partic- 
ularly to western Hungary, 
and no worsening to- the rest 
There's a general feeling that 
the government has the econ- 
omy — and especially the 


previous dangers of public 
!, inflatioi 


- sector indebtedness, inflation 
and unemployment — under 
control.” 

The government’s budget 
deficit has gone from nearly 
10 percent in 1994 to a fore- 
cast 4 percent in 1997, ac- 
cording to the National Bank 
of Hungary. Other estimates 
put the general governmental 
deficit, an indicator with a 
broader scope, at 3. 1 percent 
The country’s ratio of total 
national government debt to 
GDP has declined, from 
nearly 90 percent to around 
67 percent 

At 18 percent, the rate of 
inflation is still well above 
tiie West European norm, but 
down 56 percent from 1995. 
At a flat 10 percent the un- 
employment rate is actually 
at a post-market-revolution 
low and is a half percentage 
point below the EU’s aver-* 
age. 

Another reason for the. 
strong support of the Horn 
administration's policies is 
Hungary’s “double sweep.” 
On July 15, 1997, the EU’s 
Council of Ministers selected 
Hungary and four other Cen- 
tral and East European coun- 
tries to be included in tiie first 
round oftbe union’s eastward 
expansion, with Hungary re-' 
portedly receiving the 
highest marks of all con- 
tenders.. Particularly praised 
were the country’s unflinch- 
ing implementation of eco- 
nomic reforms and its strong 
commitment to democratic 
principles. 


This fost-tracking toward 
accession to the EU was 
complemented six days later 
by NATO's invitation to 
Hungary and two other CEE 
countries to begin its admis- 
sion process. • • 
NATO’s decision has to be 
ratified by its member coun- 
tries. The negotiations with 
the EU will be protracted and 
probably difficult 
Says Laszlo FCovacs, the 
country’s foreign minister 
“Any difficulties notwith- 
standing, these decisions rep- 
resent a tremendous vote of 
confidence in Hungary’s 
path of development on foe 
part of these bodies and were 
understood as such by our 
countxy’s people.” 

In the mid-November ref- 
erendum on joining NATO, 
85 percent of Hungarians 
voted for membership, for 
exceeding the expectations 
of foe Horn administration. 


The Republic of Hungary 


Area: 

93,000 square kilometers 
(37,200 kiuane miles) 
Population: 

10.2 million 

. Capital: 

Budapest (1.93 million) 

Other major cities: 

Debrecen (210,000), Miskolc (182,000) 
Szeged (169,000), Pecs (163,000) 
Gyor (131,000) 


Born in 1939, Lesrto Kovacs holds * degree In ecomtini 
and mPmI sciences. During his tong career, M w. 
served as the country’s deputy ministe r and state sec- 
retary for foreign affairs. In. 1990, he was elected to 
H ungar y's ParUament. in July 1994, Mr Kovacs war 

named minister of forefen affairs.^ ... , 4 

Hungary was invited to join NATO at Jufyk summit jn 
Madrid This decision is now undergoing ra tificatio n by dip 
member countries’ legislative bodies. For Hungary, is 
time of closely monitoring tiie deliberations of 16 

more than that It’s been a time of intense 
activity lot Hungary. These legislative bodies taye concerns 
arising from their weighty, tong-term responsibilities and not 
from short-lived emotions. 

Membership in NATO is, after all, permanent and ex- 
tensive in nature. These bodies also have questions. Wye 
been going to these bodies to address their concerns andfo 
answer their questions. The resulting intercha-** 
formation and perceptions has greatly focilitat — — 
pedited the weaving of ties between NATO’s member i 
fries and Hungary. 

The people of Hungary came out resoundingly for meqjg 
bership in NATO in the recent referendum. Does this indicM 
that such thorny issues as the additional costs arising 
tids membership have been resolved? vjif " 

After a little bit of arithmetic was done, the cost sag 
defused itself The figures show that achieving an ade t n aaa 
level of security would cost a “go-it-alone” Hungary three 
times the extra amounts set to be spent to bring our military 
forces up to NATO’s levels. 

NATO acknowledged that Hungary will be raising its 
defense outlays in real terms overfoe next few years. But this 
“up-front” investment in our national security is, of course^ 
much, much smaller titan the sums arising from dealing with 
a threat \ i 




Welcome instability 
But the GDP, inflation and 
unemployment figures are 
foe only areas of stability in 
the Hungarian economy. The 
rest of the country’s key in- 
dicators are unstable — in a 
positive way, pointing to a 
“spectacular” surge ■ for- 
ward. 

The adjective comes from 
the OECD, which recently 
published a report on foe 
Hungarian economy. Behind 
the usually restrained 
OECD's words are a range of 
impressive performances. 
Braiding on a very strong 
year in 1996, Hungary’s ex- 
ports were up 17percentdur- 
ing the first three-quarters of 
1997. Should current trends 
be maintained, the rise will 
amount to 25 percent for foe 
year, one of foe largest in- 
creases in foe modem indus- 
trialized world. 

During the first nine 
months of 1997, imports 
have risen 15 percent, caus- 
ing the trade imbalance (ex- 
po rts/tmports) to decline to 
about II percent 

Tourism revenues have in- 
creased 18 percent This has 
joined with a continuing in- 
flux of long-term investment 
capital — already amounting 
to $17 billion as of Septem- 
ber 1997 — to trigger an 
improvement in Hungary's 
balance of payments. 



The process at European 
id e gte t kin b momentous 

* - - --MR 

ono WtUWs na uw. 
To do ourho me wo ri efor 
European kdsfyetion, 

we hove enacted, 

‘ - • ■ > - ■ 

amenaeo ano ereorueu 

thousands of lews 
harmonizing our 
t&geertnnwttn motor 
the rest of Europe* 




i ****_• ■*» v 




The European Commission's proposal, made in July, 
seemed clearly delineat ed ; to begin negotiations with Hun- 
gary and four other CEE countries on their accession to the 
EU. Now these negotiations are apparently being put in the 
broader context of reforming the EU's internal structures. Do 


you see any dangers of delay resulting from this? 
No. There’s nothing new about the c 


— 0 — conjunction of an 

eastward expansion by the EU with a revamping of some of 
its operating procedures and organizational structures. Hun- 
gary will be a prime beneficiary of this process, which will 

n Cl 1 II ■ J . .f 


1 


produce anew-look EU, one well-equipped to account for the 
increased economic diversities and differcntu 


Staffing Budapest Hungatfs tourism revenues are up 18 percent 


The export-driven de- 
mand has caused industrial 
production to rise a strong 9 
percent, currently one of foe 
best figures in foe world, 
bringing foe one-and-three- 
quarter-year increase to 14 
percent This rise was fueled 
by an 18 percent jump in the 
capital invested in the coun- 
try’s production sector; 

The only figures not 
showing major rises are per- 
sonal incomes and consumer 
spending. Both are up about 
2 pcacent over those for 
1996. This divergence is a 
deliberate consequence of 



’ the country’s economic 
policies, says Gyoigy Sur- 
anyi, president of foe Nation- 
al Bank of Hungary and one 
of the country’s most impor- 
tant economic policy 
makers. 

“The key to achieving 
sustained, long-term growth 
is to create a production geo 
tor capable of competing 
successfully on international 
markets,” he says. “As the 
recent figures show, that’s 
precisely what’s being ac- 
complished . in Hungary. 
There is a relatively large but 
finite pool of capital in foie, 
country, and foe govern- 
ment’s policies have been de- 
signed to ensure that this is 
channeled into building up 
long-lived assets, and not in- 
to consumption satisfying 
short-term need.”* 


Prime MrtsterGyida Horn 
(r&rtyForei&IWnisferLaszb 


KovacS (center} and Interior 


Mhfefar Gabor Kurioe In toe 


Jals’evinccd by 

its member countries. 

I don’t perceive any change in tiie basic consensus that 
informed foe EU’s decision to create discrete waves of CE]E 
accession. The idea was to use foe first wave as a way of 
ensuring that this accession would be a success from tiie 
outset Selected to be part of the first wave were those 
countries most capable of rapidly integrating themselves into 

The merits of this approach for both the EU and foe 
second-wave countries are obvious. The lessons learned 
from and during thefirst, successful wave of expansion can 
be employed in tiie subsequent waves, thus easing and rt J 
accelerating them. 

Let me make a final point The process of European 
integration, is momentous and irreversible. To do our home- 
work for European integration, we have enacted, amended 
arid enforced thousands of laws harmo nizing our legislation 
with that of foe rest of Europe. 

Hungary is considered by Romania, Ukraine and other 
Central and East European countries not included in the 
eastward expansions of NATO and the EU as an advocate of 
their interests. What does this advocacv entail for Hun- 
gary? ’ 

This advocacy is based on several entirely pragmatic 
cctKidenmons. Speaking in geographic terms, Hungary is 
anything but an island. We are bordered by no less than seven 
countries. Nor is it in our interest to have a political and 
economic chasm on our eastern and southern borders. Quite 
tne opposite. 

Our prosperity and security are dependent upon those of 
our neighbors — all our neighbors — and on main tainin g 
close ties with foentPart of this advocacy involves making ,4 
oin- acc^aon and admittance transparent to our CEE 3 M 
bors to Romania, togrve one important example — so that 1 
Rommia can profit from our experience when pushing for 
membership in these bodies. ^ ^ 

This is entirely analogous to the situation faced by Hun- 
guy during Austna s accession to the EU. We were gratified 
deveh y mc ? t ’ as it signaled the EU’s interest in 
expanding, and as it gave us an opportunity to watch the 
accession process from close up. We employed those find- 
ings in our own accession efforts. * 3 mose nna 

would ** entirely wrong, to paint this 
glvtteacty as acme- way process, in which Hungary jsniavme 
Big Brother to the less fortunate CEE countS 


' i 


■■ : 1 

. . I 





Budapest election cente r ana 1 
results indicated tori £> percent 
of Hieigarian votes had 
supported .toe referendum on 
NATO members h i p- 


“Hungary" 

<,^J bm ¥V an HMonalBank. the Himuarinn ’ 


iu r»_ .... 


4l 












INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 12. 1997 


*r. 


HUNGARY 


..... 


A FAST-GROWING ECONOMY 

(figures in percentages unless otherwise stated) 


IEW l ; ko\| 

f I N 1 S j 1 <y f jj- 

iN Al'lAlRs 


! GDP 


1996 


1 Industrial Pfqducjion * ■ ;{ S : > 34 
Exports*** '. 

^Investments ‘ *.!%» 


1997 *; 


: 1.0 . 

‘ 23-25 


1998 ** 


• •'v • ■ ■ ■ 


■: • 9^10 


.... . ..-3,3 to. -3X I " ■ 

^ "T* ‘1234^; 


♦ ^consumer p R1CE s 

■“"l* A i„„ 1SI1I1 . % ;; ! ■ BUDGET DEFICIT 

I) «fUu> U- }<**, !( 1,1 'Uf t - (in % Of GDP) 

llitcol (H •-.;}> _ J * dli^, 

K< ^ Jt « Net External Debt 

: (in $bfflton). 

^ ■ - . Net External Debt 

tv-.-*..* ... ■ ^ in- GDP 

. fixe* 




Privatization: Going Out With a Bang 

Privatization in Hungary has been among the most thoroughgoing such programs in the world. 

H ungary's privatization program enjoys two major technologies, and most capable of transforming the com- 
distinctions. It is on track to become die first among pany. 

the 19 such programs m the CeotraJ and East Euro- To determine which of the potential purchasers was best 
pean region to be completed, with APV. the country’s suited to this task, APV increasingly used the open tender 
privatization agency, planning to wrap up operations on process. It is regarded by many analysts as being the fairest 
December 3 1 , 1998. and most “transparent” of all privatization processes. 

Some 70 percent of the country’s economy is now in 
private hands, one of the best figures in Europe. With a range The desired results 

ofblockbuster transactions set for the end of this year and for The restructuring of the privatization program achieved the 


1998, that figure could rise to 80 percent 


desired results. APV effectively relaunched the program in 


MU.*.. * 




1 ' - 'M * • • £- « 

i • 24-25 i 

Source: National Bank of Hungary 


*3. •. . • 


?i awe.^» :e 
)9Mn^ 

*■* 


"T 


mt* iajr? 

rtf 

fMftf i*r 


**** jfc,- 

A r 

: ~ 

,-V n ■ 

: 

*. <, -v~ v a;'" 

-*.■> 1 ‘ - 






| The banking sector is seesjg rising rates of capftri adequacy and profitability. 


H ? | [Banking: Making of a Role Model 

' * = “ Domestic banks have been able to hold their own against foreign competitors. 


« -J 


» >■ - .■.•• • 
1st-' 


T *r. T - - i 


H ungary’s banking sector is con- 
sidered a role model by the other 
Central and East European 
countries* financial communities, not 
.a only because of the size of its accom- 
T , plishments. but also because of die way 
in which the>» were achieved. 

[ While most of the other CEE coun- 
; tries are still wrestling with -die ques- 
tions of how and when to privatize their 
banks, Hungary's banking sector is 
. largely privately owned, with only 
about 30 percent of it still in the public 
sector's hWls. 

; As low as it is, this figure will drop 
still further when the selling off of fur- 
‘ thcr equity stakes in several banks is 
completed. By die end of 1998, should 
alt go according to plan, die government 
• will have a majority stake in a single 
f bank — the Hungarian Trade Devel- 
^ opment Bank. 

7 * Non-Hungarians hold roughly half of 
the equity in die privately owned banks, 
a share said to be among the highest in 
. the world. 

The domestic banks have displayed 
an ability to hold their own against their 
strong and supple foreign-owned com- 
petitors in the battle for premium mar- 
. ket segments “ because they have avidly 
and quickly learned from the foreigners, 
rather than insisting on sticking to old- 
fashioned methods of operation, says 
Gyorgy Suranyi. president of the Na- 
tiona! Bank of Hungary. 

Better fundamentals 
The capital and advanced banking 
methods introduced by die foreign 
banks, along with the growing solvency 
of Hungary’s business community. 
* have produced a major improvementtn 
* the banking sector’s ftmdamenfals. The 
percentage of non- and low-performing 
loans has declined to a mere 6 percent. 


This is a major accomplishment, es- 
pecially since it has been achieved dur- 
ing a period of rapid growth in com- 
mercial credit, with the total amount of 
outstanding loans to the corporate sec- 
tor increasing 46 percent over the period 
from June 1996 to June 1997. 

This easy availability of commercial 
credit is a matter of envy for other CEE 
countries, whose business communities 
are hamstrung by a lack of loan cap- 
ital 

Hungary’s banks also have sharply 
rising rates of capital adequacy (now 
averaging 1 6.9 percent, according to die 
National Bank) and profitability, up 6.7 
percent over 1996. 

These improving fundamentals have 
made Hungary an exception in the CEE 
region, where major bank bailouts and 
prop-ups are commonplace. 

■ Despite the proliferation of credit 
cards; most of the other CEE countries 
still have cash-based economies. Ac- 
cording to Mr. Suranyi, electronic bank- 
ing has become the rule among Hun- 
gary’s corporations, with employees 
being paid via automatic transfers into 
their checking accounts. 

Now it’s the public sector's turn to 
jump on the bandwagon, with fee city of 
Budapest's 300,000 employees moving 
from cash to electronic-based payment 
by the end of fee year. 

Although instituted over a short peri- 
od of time, fee electronic systems 
haven't experienced any major melt- 
downs. Nor does Hungary have a prob- 
lem wife ballooning consumer credit 

“Despite fee cver-greater number of 
credit cards,” says Mr. Surinyi, “fee 
amount of consumer credit has grown 
only slightly in Hungary. That is a by- 
product of the dampening of domestic 
demand resulting from our govern- 
ment’s austerity program." 


APV 

Hungarian Privatization and State Holding Company 
Pozsonyi ut. 56 
H-1133 Budapest 
POB 708 
H-1399 Budapest 
Tel.: (361)270 4448 
Fax: (36 1) 129 0461 

Hungary Tourism 

Suto U. 2 
H-1052 Budapest 
Tel: (36 1)117 9800 

Fffic(361)H7 95 7S 

E-mail- touriiTform®mail.hungarytounsm.hu 

Internet; hnp:/Aww.hungaiytourism.hij 



Useful Addresses 


Ministry of Industry, 

Trade and Tourism 

Honv§d utca 13-15 
H-1880 Budapest 
Tel: (361)332 2345 
Fax: (36 1) 302 4546 
Internet: http://www.ikm.iff.hu 

National Bank of Hungary 

• SzabadsSg ter. BO 

H-1850 Budapest 
Tel: (36 1)302 3866 
Fax:(361)2690735 

Internet http://www.mti.hu/mnb/mnbeng.htm 


This transfer has encompassed all of fee country’s eco- summer 1995. wife spectacular results. Powered by the 
nomic sectors. It has also caused true changes of ownership, selling of equity stakes in a number of energy supply bodies 
full-scale restructurings of the companies* operations and and of a further tranche Of equity in MATAV, fee national 


major improvements tn their capita! stock. 


telecommunications operator, proceeds from privatization 


Many of fee other countries’ privatization programs have hit fee $4.57 billion mark for the year, a new record by far. 
been somewhat nominal, amounting to fee reshuffling of Impelled by further strong performances in 1 996 and in the 
equity stakes among bodies controlled directly or indirectly fust half of 1 997, the total proceeds realized through pri- 
by fee public sector and/or national oligarchies, wife no vatization totaled around $7 billion as of June 30, 1997. Of 
influx of new capital or ma- 


. - ■**&*'’ 



nagerial expertise ensuing in f 7 • " 4 : - "V ’ ST " ^ 

tbeprocess. "V . _>$'■. ■ 'X ' y.\ ' 

Short, not always sweet x -• ' ^ \ ■ 

This short reading of its ac- l~.\ 

| complishments may lead to 
E the impression that Hun- 
Sgary’s privatization process 
§ unfolded straightforwardly 
K and easily. That was not the 
case. 

In 1 995, the country's pri- 
. vatization program was fa- 
cing a crisis. After, the title 
transfer of some 10.000 
small-sized enterprises, 
mostly to their operators, and 
the conclusion of a number 
of large-sized transactions, 
fee program had bogged 
down in a mire of divided 
responsibilities, a diversity of 
methods and political 
squabbles about the pro- 
gram 's proper scope. 

Along with fee Ministry of 
Finance, both the State Pri- 
vatization Agency (AV R.tl MATAYs initial pubfk; offering raised the Eiudapest stock exchmge's capitalization by 50 percent 
and State Holding Company 

(AVO) were busy privatizing, with no clear lines of de- feat six-sevenths is from non-Hungarian investors. All told, 
marcation between them. Virtually every method available some 1.600 major companies have been privatized by APV 
was being .tried out straight sales, open tenders. ESOPs and its predecessors. 

(employee stock option plans). Czech-style voucher plans, These figures are bound to rise. A wide range of pri- 
gomg publ ic and “asset leasing” — including mixes of all of vatizations has been set for fee end of 1 997 and the beginning 
the above. of 1998, among them MATAV 's initial public offering, which 

But the biggest problem was the lack of a clear com- raised the market's capitalization by 50 percent Still set for 
mitment as to how far the privatization program could and privatization by December 31,1 998 are up to 250 of fee 366 
^should go, and what should remain in state hands. companies remaining in APV’s portfolio, with fee remainder. 


•Pfei 





MATAVs initial pubBc offering raised the Budapest stock exchange's capitalization by 50 percent 


should go, and what should remain in state hands. companies remaining in APV’s portfolio, with fee remainder. 

In June 1995. the state privatization and holding corapa- including fee country’s nuclear power plants, remaining 
nies were merged, forming APV. The new company was under state ownership. 


.given a clear and comprehensive brief: to secure fee best 
Wners for the companies being privatized, “best” meaning coi 
fee ones with the greatest store of capital and advanced nu 


The state has retained a "golden share” in several major 
companies. By fee end of fee privatization process, fets 
number will have risen to 32. • 


Well-established though it is, this 
role-model status is very new to Hun- 
gary's banking sector, which three years 
ago was considered the Achilles’ heel i 
of fee country’s economy. 

In mid- 1 995, the banking sector was i 
completing its second wave of recap- 
italization, designed to get its banks' i 
capital adequacy up to minimum levels | 
and to rid their portfolios of a crushing 
burden of Tionperfomting loans. The 
amount of foreign ownership was 
small. The weight of Hungary’s net 
foreign indebtedness, largely accumu- 
lated by the Communist regime in the 
1970s and ’80s, had reached a record 
level. 

Perseverance furthers 
Throughout the early '90s, Hungary 
had been urged to negotiate a reduction 
or at least a rescheduling of its loans, as 
Poland and Russia had done. Jr 
staunchly refused. A matter of pride? 

“Nothing of the sort,” says Mr. Sur- 
anyi “rather of common business 
sense. Our track record of fulfilling our 
agreements, even under arduous cir- 
cumstances, is one reason why investor 
confidence in Hungary has been so 
high. The debt load in and of itself 
proved a benefit to our country, forcing 
us to undertake major fiscal restruc- 
turing measures, measures now paying 
off in our good macroeconomic in- 
dicators.” 

Mr. Suranyi sees the second recap- 
italization as a major turning point “We 
made sure that our banks were privat- 
ized immediately after having been re- 
stored to financial health,” he says. 
“This prevented the managers respon- 
sible for fee banks’ miseries from hav- 
ing a crack at repeating their perfor- 
mance and gave the new owners 
excellent starting points.” • 


r / em ). ( yjrtm & asfo . 





Budapest a 
city with 

a thousand faces 



On both banks of the most European of 
rivers . the Danube, where mountains and 
plains meet is a city with the elegance of 
the West, the mystique of the Orient, the 
entrepreneurial flair of the. North and the 
mediterranean flavour of the South. 
Budapest is pretty, exciting and bubbling 
with life, with broad boulevards, narrow 
little streets and fascinating architecture 
of old-world charm. 

There is something for eieryone here : art 
galleries, museums, a sumptuous opera 
house, concert balls, c'osy. elegant restau- 
rants. cafes and confectionaries uirh 
thousands of varieties of cakes. Budapest 
is often called the "Pearl of the Danube “ 
but its multifaceted attractions make it 
real diamond too. 

Hungary aivaitsyou with 
a thousand-year-old hospitality. 

For more information, please contact: 
HUNGARL1N NATTOKAL 
TOimST OFFICE 

CO Embassy of the Republic of Hungary. 

Commercial Section 

46 Eaton Place 

London SW1 SAL 

Tel: 6 01 71) 823-2032 

Fax: (0171) 823-2459 


TOURJNFORM: H I 052 Budapest, SOla u. Z 
Tel: (36-1) 117-9600. Fax: (36-1) 117-9578 
E-mail address : Uwrinform%maU.bungaryUntrism.bu 
bomepage:bttp:,'/trunc. b ungary tourism, bu 


U // G A 



NYSE 


Thursday’s 4 P.M. Close 

The MM most traded stocks of Hie doy. 
Ncrttawide prices not refJecftig We trades efcewtiera. 

The Associated Pres. 


H 


Stock Oh YM PC JMsHlgk LcwUfcxt Orge 


H&*KT 


Stock Dhr YW PE lOUKtfi LcwLotaS CSfle 



a 8 


1167 MM I3» 

n»Wh 


.... I»« j* 
1TO 70*» -*H 
14 


BUtorth 
Hfgh Low Stock 


5ti • 

Dhr YM PE lOOsHtofi LowLolesl Q150 


IHK 


40ft 24k AAR A U » ltd m D Xk -11* 
247k IBtt ABN An B St£ 2J _ 1586 20k 196* 19k J* 

IfllVaSsk AC£ Ltd 361 1.0 n 1084 Wk <n 97V -24 

lift 10 ACM In ,9flo £5 _ <58 11 106* if +9* 

Sta 1 ACM Op A3 7 J .. 155 8Va 81* flv» _ 


, 46<*2lk gwjBfi A 1J 24 4291 404 ®ft 39 

4BHD33S00 BefkHoA - 44 Z30 SB 46400 45600 

II** 9ft BwWJy S3 8-1 _ Sd7 lib m* 114 

39*1 74 BiSJBuy _ _ SS24MM* 385* 236* ♦(* 

50V. 23 BeMSjft 12S 64 _ 632iJlH 434k 504 + ft 

MB * SB % IS 

afl SSSSfrk+i* 

_ 31 3330 351* 34W 344 -IV 
A Id 29 857 lift 154 15V* -4k 
Ij 17 37S3 38V* 37V* 374 4k 


17»« in -'i 

’ft ’ft is 


„ 922 10ft; 
_ 1548 64 


WW10VW +Vk 
6ft 4V* +5* 


101* 8to ACM SC M 8.9 

7 6k ACMSp 47 BJ 

15 lib ACMMD 145 94 

lOVi 9k ACM Ml .90 9.0 

r 

73H 48 AESrff 249 4.1 _ „ „ 

57ft 37V: AFLAC 46 14) 17 4084 48 : . 

36V*25 AGCO .04 .1 11 383B 29V* 28ft 

IVfc 17k AGLRas 1.08 5.7 U 749 19V* Iftk 

256*25 AiapfT 725 8.9 _ *154 Z59k 25 

S w id ?* ajl 14412.7 _ sE 117,11 lift _ 

1 7ft AX SttlH 1 JO 2.9 7 1431 IBfl 17V* 17V* -I 

Z3ft 22k AMBPrn.iap _ _ 1536 23ft 23 »* _ 

£**70 AMF n _ _ 1834 24*5 241* 240 + ft 

3« 2114 AMU R* HBf 74 17 1107 226* 22*t Z2ft 4k 

1329k 7814 AMR - 13 41S1 UNt 126ft lOVk-Vk 

19ft TO APT5atn - _ 224 13 12k 12* 

51k 409k ARCOOV IM 6J 39 349 44ft 44ft 44V. J* 

3Bk 1? ASA Ik 13*1 _ 925 2®v» 19V* lgVk -Vi 

Mk XK ATAT 1.S 23 ZT 33855 58 50** 57ft -V* 

3TO 17k AVXCa M 1J 13 3496 19»,dl9V* 19*k •** 
306*28* AXAUAPS56 \J _ J14 3SV* 37*k 38 +V* 

32* 9ft AOBWS .13 1J 11 3549 13Va 129k 13 

««* 49V AWLrt UM 14 25I2&A A8 66V 66Vk-Va 





.. 543 14* 1» 14 

_ 55T 10 ?S 10 

_ 123 W. UVk 14Vk+Vk 

42 1572 229* 22 — " 

„ 243 25V* 25 

42 4191 8fk 41 ik 

_ ?63 67Jk 6Stk 

48to 479* 




9Va «U B*1 
99* 8H BJV.1 _ _ 
Bh 7ZtoBlk2001 


124 33*k 339* 339a -kk 


81M 30k CsopCaa _ 64 BS14 fcSVi 6M 634k-3?k 

® Iflk GmpGb _ 20 1087 404k Sto 3«k-l»k 

5W.28V1 Coops/ 102 26 IS 3347 50V. 491* 505k _ 

KJ 14Jk Cooper?? £} 46 _tfH6 17VJ 17*« irk ■!» 
Stoi 18 Ce^rTr 081 16 15 1404 23 v* jtv, 
l®*k 899 CopTln Jle io _ 199 13 1 

5Jk iu CorwiH . _ till » . . . . . 

*99 49t CadM Jke 1.1 . » Sh SH Sto -Vk 

aw»4W CflWSff 200f 25 21 4SS3 784k 77*9 7B9* -** 

_ ComPdwi_ _ _ 1535 29VS 2BVi 39 _ 

JWkW* ComPpol.Tl* 74 S3 W 23 3» 33 -**9 

20 14 QrPtjin IJOo 66 - 7S3 18U 179* 18A -’6 

j2to 10ft anpfl 1 JO U _ 481 17V. 111V, 17V* _ 

>0W*« COTOjrf 3J0 4.7 _ 107 6419 63V* S3Vl m 

55J9 33)4 C6mWgfnJ2b 1.9 2U96< 40 38>9k 3B«k-Wk 

1W IM Corpfiy 102 8.9 _ S UV* 14<9* 1479 -A* 


SO 5.1 ->1384 9Pk 9k 9» *1» 

... . ft S? SS : 

.ftift^Ss jlSf : 

75k *9 ess. 


BHOOQ8 

ii 'jo Sumt. 

13*9 IZk B1U0M 
ftft Tjfl BUST 
— 1 IM BSOMTar 



si ai 

.798 U 
sa u 

J9a SJ 
SB 4.9 
41 54 
Mo 54 
M IQ 
.47 SJ 
SO 60 

40 10 


9V* 9Va Mk _ 
1SV, 1499 15V* _ 

-*1569 7 69k ' 6<V*.V* 

- *220 151b ISVk lSVk _ 

- xan 10*4 lov* ioAk 46 

- 1079 l»k ia«y» 131k +Va 

:iBiir ijfcift = 

_ *329 ink 15*6 IShk 4.14 

- *M 1QH 1Q> W* -*V* 

- 456 Blk B6 8H - 

_ 1810 7H 9V* ?V» . 

45 140 3Ak 33*6 31 -4k 


«Y"2D*k CnndCp _ 
43 k Crtwcm 02 a 
33*4 2319 CousPr 1441 48 

25 1416 CMI0B - 

37 18 CoxCia 

39 16V, GtaftwJto 


88 14 47 2464 437* «k> 43M +V9 
” 17.9 j. 410 114* 116k 11 *k 


34to 1316 

21 IZVi AbttBHg 


■•“sat 


A _ _ SS4 I3*V» 


- 

W*k KPkkAanoMI 
29k 17 AdKon 
25V? 1916 Ada Ex l.96a as 
24JJ 16V* ARifim ljfc 68 
IBM, AMO 


1B29 31V* XV* 3T M 
556 lSTValM 
112 2SY. 


1» 


Ik 

-14 

113 2819 2616 59k -29* 
^ 44 5*6 S*k -16 

_ '6 l»Vk 694k 10V* -H 

40 3699 17V, d 16k 17 -I 
- 460 231k 22kk 23V* -6* 
._ 124 18*6 17H IBM +tk 

_ _i7400 iwsdiai* is** -m 

27V, IO*k AdVMt .161 .7 14 141 MM 21k 23k -14 

23k 11 Advotoc _ 10 443 21«k 216k 716k 46> 

1»k 7 Adweol _ 10 aw 81* 819 8U 

886k54k Ann 1526 IO 23 92 87H 86*k 87*6 

J2H 3lk Aaraflaj _ 23 SSS 9 IH M -tb 

5716 331k AoniVkl. JB 14 — ~ ‘ 


& 

35Wa1 

BjwCroiKnt'iTO — 410 _ .. 

1f*k 9k BueSq _ 13 462 11 10k 11 *16 

519 Jv» BlU^toM - 26 354 4*9 4Vk 4*9 -9k 

Wi 2Q*9 BUhS _ 30 1B2 3RV, 30V* 3016 -?» 

««tr 

- 20 30S 17W 17 firVk •** 

- _ 939 4*6 4*6 49* _ 

94 14 2479 B*k J»« 8*k -Vk 

S - 38 2gim> 3m 31?* +1 

Au 40 10 IT 1B5 47V* 4616 46k -1 

- 22 3S2 IMk 16V* 16k* 

_ 28 7Q9 9Vk 8% 86k -H 

188 50 1? 3-52 BV* 34<V* 35*6 4-M 
fM4p - -. 850 34V* MV* 33k -Vk 

- 3824458 4Sk *9V* 43V*-1V* 


62 1950 35k 34V, 34 hk **» 
14 1174 406k 40 4Wa -16 
19 664 30k 29 hk 30*k -k 
28 1064 ir*k UVk 1819 -k 
_ <518 37 35k 36M -19 

„ _ _ 4«7 37V* a**, 36H -IV* 

47k 2719 Clones 50 10’ 18 514 43 416* 41 «k J9 

2£9 14k Credkss Jit 1A - 1279 17kk 17V* 17kk Jo 

40k Zlk QesHE Jisa 4.1 as 2125 3749 36k 371* -V. 

Si>VkEW Owtas 1.16 20 23 1655 54k S3V* S3*k -V* 

1816 IJJk CAmtMolJBr 9.9 17 2028 15Vk 149* 144k*> 
77*6 171b OnsU 85 m 2 23 877 a 25k 25** -Ok 

78*V*l4k CmTlrs 03 .9 23 325 239k » 23V* -V, 

?hk 716 CnmAm 80 9.1 - SI Ik n 8U -v* 

6 2494 49k 49 49*k *v* 

389 2419 234k 24H *!k 
rn 135 14 13V? 1 3V, -4k 

274 S6V1 55V* 5*7* +k 


HUM*** 


Qv YU PE H 




LawLotott Ch^a 


Wk 5*kC*mCorti 180 ill 
27 ank OmPoc 11s u 

- , 3Tk 



4SV* 

251* 

9 31* 

12<4 846 
31M 16W 
61*k 36k 
19k ion 
ilk 8 
-35k 74*6 
3514 26 V* 

781*41 _. 

3T9 1«S» BosTTach 
29k 1116 Boaygs 
57 35U BoSAr 

Till 10 BaxHMn 
_9k 5 BoydGm 


QuR U» 10 ... 

804ia CDBsnW _ 23 600 479k 4646 461k -U 

akTQkCutotoc M 0 u 211 20 i9?k 20 *v» 

M t 439k CumEOO 1.10 18 13 JS7 63 &1V* 61 U -19* 

ink 9U CypSen - 3913M9 9k d 8*k 9 -*» 

ttn/»ujk«*na 80 A.1 13 3»1 16V.4UV* 16*» ;» 

savkOTi cyfe . a its 45>k 45 v* 451k -v* 

15k 1016 CladlFd JOa 45 - 630 11V* T1V. 11V* -k 


M-F 


w’Slbh:* 


» 23 17W 2419 22*6 23 -16k 

•Ilk - _ 2S8 MVi 71k 2216 *V» 
80 1.9 45 1734 421k 41k 42>lk+*k 


118V6 68" Ao/nd lnc 80 18 
104 71 ArtnpiC4.76 60 


IS 3218 49k 48k 48**k -** 
25 4788 79Ya 77V* 78V*-1V*I 


32 19V, iUIOnpSs 

261kZ31k AffMMSll 


_ - J»76k 7Sk 7Wk -?* 
- 20 «6 2W BJ9 -Ik | 


I 24k*; 


24«k* -Vk 


14k 4S«Aqnkdg 10e 1.9 _ 1220 5k 4k. SV* -V*| 
AgneHl 1841 85 


- - 452 t?lk 10k 191k -k 
.... _ — - - 441 7k 61k 7V9 -k 

27k 2Q BoykaiL 180 75 - 1167 26V9 2JPV* 2Sk -V* 

719* 16k BroiR£ 1.4H 78 16 08 20 ink 20 *lk 

14V* 1W9 Bratonon09a U ~ 5SB 12VS 12V* 1219 -v, 

251* 17*9 Brapdyw 14H 6.1 - XX4 249* 24V* 24k _ 

37U 17lkBnaI 156s 66 - 936 71V* 20V* 2099 -Ik 
18k 9k BinZIlEF 82a O — 2TQ5 12 11V* 12 -16 

3719 17 BiedTai Oil - - 2714 71V* 20*6 21 


Bfbltar 


_ IB 1039 1614 


20*9 21 -*6 

1*4 

15k 15k 49 


it 

:3 

26*9 DTE 256 65 17 

gk OSk DflSn 84a S — 

20*1 9U Dd-TUa .. _ .. 

56 23k BSJml .14 A 76 41 

1519 lift DanaMf .12 18 13 i: 

159*15 DanRhrn _ _ . 

54*9 30 OmaCp UN 20 U 1 

61*9 39 DSnSwr To J 25 

21k*llV9 Dans) .18 18 56 

1ZJ9 6k Dontor JX J _ 

37k*13*9 DdoGcl 


- - 399 25*9 2519 239k -*9> 

- _ 703 66 k to - 

' ^ 




!»"•» «f ft 

I 32 31k* 31ft _ 

1 499k 46*6 69 -Ik 
12k* 17V. 17k 49 

40V* 3769 36k -2 

176k 12k 12V* -ft 
15V* 15 15 -Vk 


_ 13 


27*b 18k AgrooKfl 1841 AS 14 101 31k 21k 21V* -V* 

1519 9(9 Annum O .1118 _ 1253 llVk 10Ak II +V. 

,6£9 3Tk rjittK 88 18 17 2ST 44k 6119 fi2V»-2V* 
137k 66k AlWmpID IDO 28 _ 825 1279k 12519 127 -4ft 
32 1919 Ahold S 3b- 12 14 196 25*9 2519 25*. -V. 

89ft 65U AkProd 1J0 14 20 3754 77to 74ft 7719 -Ok 

74V* 2119 Airfrt 30 A 25 4154 71ft 65ft 67 -5ft 
25*6 13ft Aims _ 37 2279 13k 1 

17*6 9ft Abfiate 1800130 8 90 13M 1_ .. _ 

47 M AaToudl _ 4318785 40 38ft 39V* -lk 

2SV* 23ft AtoPCpra 184 70 _ 90 25V* 25*9 2S66 

26k 23*9 AWPCdR ISO 70 - 92 5k 25*9 25*6 

»« 13ft AtomoGp .40 1.9 18 105 21ft 21k 21*6 

«*» 20k AIsfcAir _ 1115378 3914 37 384k ♦ 1ft 

27p» 19*4 Atonvin 82 18 14 252 23k 22<k 23W «6k 

Z7k TSk Atosmar 06 1.4 18 ,558 25V* 246k & *Vk 

25ft 20 ABjrtE g ' _ _ 190 20d 1? 1966 

32*6 23k) Albertos 00 .7 73 6B4 30v* 30k 30V* -Vk 

77*9 19k AbCUA* 30 A 71 VO 74 25*9 25V* -Ak 

Aft 30ft AtMrtsn .64 14 74 7732 45V* 4519 MfU MV* 

S'uW-b Akm 40 20 IS 3984 28*6 27k 77ft -U9 
Mft 15ft AknM Oft TO — 3440 25V* 24<V* 25V* ft* 

31ft 20ft AtoxREll 83a 18 - 370 30ft 2916 2Wk -16 

VJft 12*6 AlAmTar 1.02 78 _ 296 13W* 13*6 ink - 

31ft 25ft AlqEnm 1 31 58 14X3313 SC^A. 7M 79<Vk -V* 
32ft 20*9 AJpcTeWy M 28 14 4253 25ftg 24ft 25Vk -16 

34K 1 9ft AtogiaflEE 40 10 14 305 33ft 32*4 32k -V* 

30 16 AUenTft _ 18 915 lift 17*9 I8M -vk 

3£k2Sft Atom 42 18 20 BfiO 33Vk 33ft 33V* 

3866.2* AhtCa, 247a 69 30 

jj 1 * »w M?I«. 143 ?J - 

69 - 

35X1 19ft AMGrp s AS 10 IS 
60ft 38 AWin* l-85e 30 IS 
Oti 26 ft AI Irish pf 2.97118 - 


97V*53k BrMvSqi U64 18 3128248 97V. tfft 9616 
12519 91 S4&7 3.17a 34 18 118 TTWdffi* 91 H 

93 6469 SflfM92.65B U 20 4*73 81ft 807* 81k -V* 

31V* 21ft BfflSU 282* 90 4 2958 27V* 22 22ft -V. 

80ft S5ft BrtfTd 11.15*140 14 979 79 78V* 78k -V* 

3014 17V.BHP 03a 4.1 10 1X7 1619 17k T7k -Vk 

lift 2 Broota JO 34 - 938 8k 8V* 6*6 -V9 

5%^ 
. i4 +n 

iVk 35V* -9k 

!*6 28*6 -Uk 

" 2314 -Vk 

51U _ 

40V* -V* 
35ft -ft 
33V. .V. 
12k -ft 


^ ,*£1 & 

■ sajkBK&'Kgis'Kr" 

37 2319 Bmwk 40 lO >9 3*63 

26to«1616 Bnhwl 88 21 16 110 23k 
5459 7ik Brytanen - - 1089 51 U 
«Vk2SVi Buck Toth ‘ 

37k II BocMsx 





37k 1514 BudpetGo _ 33 
2414 13 Bm.-noYnT.15® 10 _ 


24M 866 BufMa 
20 9ft BuKooll 82 
I5ft 10ft Burtl/K 
100V*70k BurlNS 
54ft 39k BrtRsc 


3 14 

100 l3 14 2448 95ft 94 
S3 U 15 3746 43ft 43 


-ft 
-Vk 

_ -6k 

11*9 AMVrtdZ 1 82a 100 _ 3046 14 1319 13k -V* 
40ft A irrch _ 19 8*9 SSft S7k 57k -IV* 


.. . J 3319 ... 
772 38 3669 37 

398 169k 16ft 16ft 


781 41 
428 35ft 
m 347. 

329 13k d- - - - . 

145 10ft 9**k 9to -V* 
412 17k 16V* 16*6 -ft 
534 14k 14VW 14V* -Vk 

94 -ft 

•O -Vk 


4rt j* Dedopf 

ghjl “■ 

55 2 Sk 

■Vk Sft CJWGi .. ... _ 

II TVkMjtStrln SJ M _ 1019 
40ft 37ft DBm 889 IS 1510944 
47W 2049 DbAIKVIS .14 .4 49 206 
19ft 1569 DHcGc ISO 8J 
1819 15 DECpCfclX 88 
71 V, 16ft Data PL IS4 70 
Cft 27k DeiphFk 
33ft 1566 oSpnaa .12 S 
120ft 49k DdtoArt- 00 O 
MU 13 Oettafti 
8 5k Delta VY 

Sk?Slg^| 


25ft 1SW Etad JO 28 W «inblKb 1ST* -V* 

32** 2F( Eto« 200 6S 17 492 30* 31 31 -ft 

73ft 33ft E*«4* 00 .1 20x»74Kk«8 6M 

6S**36V? Ead UCt V 8 449 61 ft >06* 60*9 -ft 
26 14*9 ExMcCp 88 J 25 1446Nft* 23V* 27ft *146 

21St 11V* EXBS39A - - 748 lit* 12ft 13ft -I* 

47ft 46ft MBPS 184 28 1827431 63ft 42 62ft -fb 

364k 19ft PUIMI .241 Z! 23 ZB 3SV* 34** 34ft -19* 

8ft 5Vb FAC R*y _ _ 3M 7ft 7ft 7ft *4* 

4116 23 FBI Ph 8C IS W NJ7 41k Aft 4Bft -*9 

91*k59% FMC _ 11 IMS 66*A 45ft 6ST* -Tft 

5466 476b FPLCp 1.92 38 M 2278 55b JJ’.k S5Ak - 

£Vk29ft Fo atx M 1 28 198 41ft 40 40(6 -1ft 

2BVkl1ftFoKp - SS 16S8 21*k l«ft JMk 

4BVkl4ft FotOds _ 35 ISA Aft 44 44ft -lk 

gv.ISft Fota«rt 12214 feft 3l?» 34V* -1ft 

30ft 1216 FanOri 02 1-2 32x3043 Sft Zlk 279k -ft> 
57V* 34ft FannUtee 84 (8 20T728I S4*k 53*k 53Vk-''» 
lift 4**R*$ - _ 100 s»k 5ft» 5(k -ft 

Z7ft 24ft FmGplAEn ai - in 24U 26V* 26fk - k 
66b Sft Fedden SB 1J 15 SS 6ft 516 Vi* -ft 

Oft 4ft FeddSKA 08 18 14 234 5Vk 5Vft 5U -V* 

Stt 40ft ftdEA 16 9974 64ft 6M* 62ft -5 

47ft 20ft FoOAtog 8U SIW 397* Jfk 38ft -9k 

Sk 24** Fs^tty 1 7S 22 21 3 2JV» 2S*k 2Sft Jr* 

JPaBd RUaplALNUI - 97 20. 24k 7AV» *ft 

27ft m Fed^S 87 3J 13x3751 21 2P* 20»k -*k 


48ft 38 

25*4 9ft FMHbrtC 
24ft 10U F^SwfD 

425b 33*6 FriCcr 2 

24k 20k FereOgs 100 _. 
26ft 1866 Fenos A 28 
IT* 12k grt Sft 4.1 


r^ij 


10 64) Rat 6* 


19 


22ft lift FtowtS 

” ' FAEmAsaOe-ti 


15 

9k 


SSkP 


•NiL 

3*4 FA Kona 


43ta 

18k 

15 


327 66k 6(9 6V* _ 

a I44kl4ft MVk _ 
276k 26k 26k -Ik 
224 26 25k 25V* -V* 

379 45V* 44ft 44*6 -l*k 


265 28ft 76k 28V* >1 


Aft 31ft Ajj&jjsiv ^18 182 


50k 30ft 

10b 10 ABairST 
94*6 S4to Atodate 


58 57V* 57ft 

77V*( I2» 25ft -1*4, 
3769 3<ft 36ft -1ft 
499k 48k 4S9k ftk 
10M. 1069 Uftk - 


... A 16 

84 70 _ _ 

.96 1.1 14 7574 92Vk 90ft 9U6 -ft 

26V.24V9 AOstpfA 1.99 78 _ 2Z7 26ft 26 26V* +V* 

4DV*39ft ABUT M6I 38 17 3283 39*9 38*9 38k -ft 

Oft lift Alabama .18 8 « sw 23V* tfb 22ft -ft 

21 6*9 AHlMGf _ 23 532 20 1914 19ft -to 

30ft AJumax _ - 13 13®0 37V* 337V* 316k 

89ft 60k Alcoa ISO IS 1712409 7S9 48ft 68k _ 
33ft 24k Abo SOt — _ 2224 28*9 279* 27k 86 

779 lVkAmmS . _• _ 7221 2*» 2Vk 2U _ 

479*31 AmbacFs J6 8 14 506 436k 42ft. 42Tk -U6 
26 19ft AmbsaApt ISO BO _ 342 30k 20V* 2Dft +h 

27V, 21’* Amant S4 2J 12 U3 23ft 23k. 23ft .V. 

64ft 47*6 AmHea MU 25X2845 Hft 51k 51 Vi. -I ft 

9IVb 31 AmOnGfW _ _255t» 87V* B3V, 8&ft f-lfe 
18V.12 AmWtat - 13 2595 1866 17V* 18k -ft 

8ft 3k AWMwl ^ _ 732 7ft «Vk 7Vk -6* 

33ft 13ft AAimoilV .1« S 15 121 22ft 21ft 21Vk-16t 
42h'*23k ABxaxhiPS 84 1.1 " -- - 1 

6k 3k AiaBkid 

25* l|v»ABosnP 83 11 14 215 20 19V* 2D ' +ki 

50ft 39ft AEP 2-40 4.9 14 7173 49ft 48k 46k -9* 

87V*si*9 AinExp .90 18 2212733 86Vk 85ft 84 -Ik 

J9V* 33*6 AFxSfcp 180 28 7 792 38U 37ft 3BVk +ft> 

54V. 36ft ACSSS 1.40 28 33 4898 5319 S3ft 53ft -V* 


9ft 6 BudRsa 84®10J 
15ft 11U BomPP UOO 6 J 
35V*24k gxstiBA 
28*9 17ft BuxMnd .14 S 

49V9 2S»» CAD Tell .11 5 .... . 

49k 25ft CANTV ,19p « -10054 38V* 37ft 38ft -IV* 
39ft 18 CBCoRl - 16 110 33 31k 31ft -1ft 

27*6 22ft CBLAjc 1J7 7.1 16 261 25 24*6 25 

32V* 16 CBS 20 3 -13116 296b 29ft 29ft -ft 

3969 a CCA Pits a Jfe 10 — 902 39ft 38*9 39ft - 

asrsaa " 1 

20 SS ,3 £igp' 

lOAk^ft C1P5C0 2.12 S4 18 318 39ft 389k 39>k -6k 
32V*39Vi CITGpn - _ 820 31 T, 316k 3lft 4-V. 

45*9 1869 CKERals .08 S 37 1751 39ft 38k 39k -U 

58k 31ft CMACIHV.12 1 18 789 55to 53to S3 to -16k 

5ft lk CMLGp _ - 2177 3H 3ft> 3ft -V* 

NVldOk CMS Eng 1 JB 11 16 4040 3^ 38ft 39 +b 


s* DesignH 

9ft DoMoown _ „ 
HV*22ft D«E26 «1 78 Z 


. 28k 
ft. 25 

am i3k 


41 ft BSrtD? S 68 19X12 

3 ft \l rt 


48k 4769 

61V* 41 _ 

IBto 18ft 1ST* 4k 
12ft HU !2Vk + Jk 

17k 17 17 -ft 

_ 12 1082 36k 2 3 -ft 

Jtt 18 24 8413 am 48k. 6B*»-lft 

- 14 204 16ft 15k 16 J* 

- 39 133 296b 28V* 29 -66 

80 IS 74 10$ 5419 53ft 53k +ft 

80 7.1 — 552 8W 87* 8** _ 

“ 10*9 1015 109* _. 

57to 54V4 576k+16W 

39V* 389, 39Vi ' _ 

- 105 18V. IS?* 18k - 

_ 316 1766 14V* 1716 +66 

13 503 219* 21ft 2166 

11 349 29 38 38ft 

_ 354 2566 246k 2448 

10 93781V* 1149.1176* -266 

- — 471 1566 IS 15 -9* 

.10 1.9 28 710 56k dSft 5k -16 

1 AS AI _ 1052 34*9 35V* 3&ft -ft 

_ - 16 178 389k 2766 38/* -ft 

..... 36V* 5666 -66 

27 at 24ft -ft 

_ _ ITS 8 7k 7k -ft 

- - 474 38V* 36ft UVk-19k 

_ 12 1560 10*9 10 10V9 _ 

_ . 749 11*9 11 11 -ft 

25?* 2SYi 25V* - 


2011108 47ft iSW 456k-IV. 

I mMA 

2S 937 38 37V* 37Vk -ft 

- 266 14k 13ft 14. -U 
_ 1SS TV* 7V, 7V» _ 

II 90 21 356 k 21 

- 184 9»k 9V* TV* Vl 

_ 1301 3k d 3*6 3V* -b 

_ u will m ®* rn -k. 

.. *1469 RcbM - 25 1617 3Ak 2&* 3£b +ft 

74 24 F&JtoW S9« 2S 7 1494 24d Oft 22V* -lk 

47V*Xft FSA S3 UO 14 2167 44V* 43V* 44V*tVk 
25ft 74»4 FSA2097B L84 7J - *S63 25ft Sft 2SU +V* 
23ft lift Rnoortd .16 s IS T229 JMk 20k 20ft. 
48V*30to Room 1 S6 1 J 20 407 46ft 45V* 46 -6k 

73V*36ft FWAoiSlJO IS 71 1W5l* TTi 73ft -*k 
68ft 31*4 FAJ=BC J0( IS U 197 A4*k 63k 63V* -fk 

29k 2016 FdBrad ACM IJ 34 719 2Sk 2SV* 25ft -If 

SSft 50 FCMUBD IM 2.1 1? 4394 82ft Sv*81ft -ft 

28ft 17ft FflCwtm JO 2.9 19 221 M»k 27W 27ft _ 

406 Sft FtfpMa JB J 2531107 27U 24ft 26V* -ft 

26 13ft FHnW 14Se?QJ3 _ 743 17V? 17 17* -ft. 

37ft 27ft FxBrRT 2121 Ai 21 1053 34k Wb 346* -9* 
26**24ft FtaRTpffl 2J9 8J> _ x222 Sft 25?* 259* _ 

ISOkllU QW L24r 9.1 - 211 Uft 13V* 13V* -Vk 
16k 7ft RM ISOelM - M TftTto 71k 46 
31*9 16k F rttepBk _ 17 J40 30ft 29k »f9 

53 35*9 WOc* U8 26 1412010 509* dftt .. 

14*9 10ft FUara J4 20 59 481 MV. 149* 14V* _ 

53*9 3069 FTVaBfc x 1 J2f 2J » 13S SI hk SSft soft -IV* 

S& H? SKd CT 195 » 5 JS S8r% 


2 ’ 2 ? 


_ . 376k 38 +V* 

41VW41 4116 -k 

2766 2766 27ft -ft 
19V* 199* 198k 4k 
51 48*9 4S9W-3V* 


25ft 17ft CMS G 124 


1 26ft 26 26 


29ft 2014 AGaH«D IJir 11 17 1590 26*6 25ft 76Vk 46 
-36 63 — 312 5*k 56k 56k+9kl 
-420 6S — 2227 6ft 6k 6ft +ft 
7J 15 781X209 26k 26(9 +ft 



132k 96*6 CNAFn 
16k 10 OiASure 
50ft 20k CN F Tran 
107 75 CPC 

28 159k CPI S6 26 

26k 2<ft CPLCoppt 200 7 J 
47ft. 41k CSX ism 23 
26*6 30k CTG Res I.OOf 23. 
37k 13ft CTSt 14 J 
32V* 1914 cue mu 

TO 39 CVS Cap M J 
28 17k CabtaAWn 

3114 22 Cab wire A5B 24 
42k 16ft CrtUDsfXl 
46ft 1-flk Cattfir 
29k 21ft Cabot 40 lj 


194 : 


23V* -Vk 


» 137 IE 

_ - 102 15 .... _ 

40 .7 20 4480 44Vk 42V* 426k -3 
l2 U 39 as#!**, 104(9 104V*+6k 
39 831 21ft 21k 219* - 
_ 977 3616 26 26» +ft 

14 2700 53k 52k 539* -V* 

15 169 24V* 24 241k -Vk 

17 So 32ft 31W 31ft -1ft 
372QZZ3 31V* 30k 30Vk 4* 
- 6439 67k 64ft 66(6+166 


. J2 IS 24 

67ft 26ft DioOffxC J771 .1 43 _ _ _ 

50k 23 DtebcM* SO 1.1 28 811 471k 461k 47 

53*9*25 Dig** „ _ 211S25T 39V* Sft 39V* -ft 

* 222 85 _ 274 269. 2SV* 26 - 

.16 S 1511037 3Sk 34ft. -1 

1 .14* S 21 5356 26ft 24V* 26 «k 

17 13 1186 251k 24V* 25 +ft 

- _ 291 24 Vk 35ft 34Vk -V* 

— 24 90 19k 18(9 ISVk -ft 

S3 S 3211149 93k 9?/* 92V* -1 

1 - - 212 18ft 18 18 -V* 

. . . 40 .9 19 2117 47 46k 46Vk -fk 

40 19 DdtaGb .16 S 37 2642 36 34'A 35 -Ik 

70k 13ft Danuta n _ _ 206 16k 15(9 15b -ft 

42V, 17k Danintt „ _ 222 40 39ft 39ft -v* 

41ft 33ft DomRra 2SS 6J 19 3371 39k 38V* 38ft -V* 



19 146k 

Soft 30ft 


9ft 9ft -V* 

& ® 

18V* rn* -in 


__ _ 3(6* ,m 

436*14" Rretarx J4 2J 71 704S 42ft 41(6 41ft -ft 

37(9 23k RsfcPK 48 14 II 1S9 36'k 35 35* -IM. 

27k 19ft H rxffnw _ - 1892 276k &ft 27V* -ft 
51ft 35k RUrScf OB 3 28 752^* O ^V* Jr* 
75V*fi(9 Ffc«f»cL9« 2J 16X1946 Wtk 72k 7JV* -*k 
33ft 14ft FJFnewt __ 2X2 32ft 31 32k -V* 

27ft SSft FWfljsffSUn A7 _ 400 Z7ft Mft 27k »lb 

40ft 24(6 Fbtal 44 1J 16 4204 40ft 38V* 409* +ft 

20k 15k Rtajgg _01 J IS 797 ISkdISV. IStk -ft 
17k 8**g«ftf S9i AS - 1605 9ft 
53ft 23 FfcrEm iser 4S _ 178 37k 
249*1219 Rerffi Sir 24 - It* 13k 

32k 10 RMi _ _ 741 20k 

36ft 27ft FhlPrag 2.10 6.0 23 5773 Sft 34k 35 -k 

Zlk 13ft ROMBS 451 23 29 1304 20 19k, l9V* -ft 

36V*Zlft Ftoenere S4 13 14 937 29V* 29ft 29k -V* 
30 20k Robe 6 3s 15 20 191 23T* Mj* 22ft -Vi 

75(9 33k Floor JW 12 21 14706 37 35V* 36V* + «V* 

21 7k Foort aiX _ 17 919 14 ]5V» 15V* 4ft 

31ft 18k Foatetor - _ 2450 30M. 2W* 29U -16ft 

39V*2Sft Parang* _ 29 774 30V* 29V* 29V* -I 

soft 5 FanlM 14d XA 943344 48 44k 44ft -lr* 

289* 26k ForttCnfTZZS KO - 111 286ft 28 28(ft +16 

19*6 121*. ForesJQfl _ _ 442 ISV* 15 Jr* 

47k 27k FDaaes 40 14 24 5524 38 36k 37V* -k 

96b 8 FcxtisSe 3684- 217 9669 9 46 

38 30ft FortixaBr J4f U _ 2439 36k. 3S*ft 3* +v* 

4819 30 FasfTVt? J4 23 _ 2293 30ft d7V^ 30 Jb 

33A«2319 FoaodHS _ _ 1150 25k 25k 25V* -V* 

43V* 71ft FoarSH an _ _ 9S2 2>k* 27(6 77to -6ft 

17k 9k France J6e It _ 474 nr* uk, lift -k 

38k 37(9 FraoceTn _ _ 965 3S«V. 3Sk 35(9 Jb 

27b 2k FranRa I JO 7.2 M 480 2k 24k 25k -k 

28V* 20k FrankCo* - 12 98 21k 2U6 21k -66 

10k Bto FfkMU J7o 74 _ 201 10V, 10 10k +V* 

9k 8 FikPr 54 SJ _ 196 9k 99* 99* _ 

103V*47k FrrARss 56 4 27 1811 94k 91k 92 -1(6 
I Oft fk FrtUw JOn 87 -XM77 99ft 9*6 9Vm +ft 
36V> 16ft tMta*rx - 28 4532 36 35k 35V* JV 

44V* 264* FredMaeiSC U1 22x8122 41W> 2 «*« ‘V, 

53 2frt R»dM p#D 307S.9 _ *1 240 52ft 57k*52to.-<k* 
33k 15k RftCGA JDra 1J 12 8297 16ft 15k 15k J6 

3D»b 2tH6 FMCG DM 1J5 83 - 19M ?Ib 20hft 71k -k 

3499 16 FMCG JUm l3 -16636 16b disk 16 -ft 

37V* 26V. FratMc 56 1.1 - 324 3296 S* 32** Jft 

4 2 FAttoyT _ _ 1094 3V* 7b 2b 4ft 

19ft 89ft FMRP' 154*14.9 - 3)64 9U tft 9 


hS»"S f Stock DW ¥1d PE ll3 


OtoYWW 


9«ft <«. GffCdgB 
20X4 19ft GifiMon 
3}k »’» Ogthtrn? 

19(6 13(1 HAD Hi 1 07* A8 
3IU irt HM-0 . - 

326*189* HGC In .12 J 

77lt SWb 



34V* ^ HUPpU 203 7J 


56 9* 44. UsB&P 240 H 

Sft" 28» USSStoX SO 15 327^726 





C* 71ft 76# 

je.r 

f9 If* If .■> 

» 8171 74 ft 73k 73»—l*K 

- 142 241* 2S«* M -ft+l 

71 Alt 1S4» IS 

T9 320 53V* S3 

« fit 14C* MU 

'• Mb SI-6 

36k 35>t 




^»* % 

9 5*42(6 
184) 

31k I6U 
577* mv 

Slft^Httr^E 
90 32ft Hank i 

£££» SSS 8 * 

264*23*9 
ZfU 
90k 
<219 _ 

aSftrfit 

m::. 

27b au 

26k 139, 

20ft T7(b 
42k 25 

ibJs 

711 A6 
91k «lk 

gsssm 

SftgJJHfSir 

5k 2(6 

I9k lltt 

6*ft Sft Hitnca 


in* J-ft 

So 

33 

... 14 14V* -‘ft 

12k 12*4 12ft 
145* l6»t l£» +ft 
9?u w» +k 
... 115* 111* 115ft *b 
254 ISA, 1S>. 15(6 *»• 
1962 1 31* m* 13 ■ 4 

k 

._. 1J 6 »2f.ft2A* 2f( 

] J# lj i aS S5V* 53ft 54 

i,jnSs 8 > fisas M 

_ 13 SO? 19k I5H T8k 


j* 25*1 Lco^Wt , jj .J 3? Jfi 

fi£K. ivi-’J 

FSSxxtiaav 

4U» JT4 UNwan » 

5’.t Uwn. 


M is'ii S* 


k 

•ft 

-v* 

-1U 

'.to 

b 

J6 

!» 

5ft 


'■"H 



_ TO 16 1413 45ft -U 44b 

(Bm 2,| 16 284 41-« 40to 41 J* 
7S i 22 234 S4»ft 33*6 33(6 -** 
l!55 7S _ 162 2S**ft 255ft 25b +V» 

KilfiWrad: 

2.44 44 14 IK 38K* 38b 38ft -ft] 
17 -ftl 1 


’2§t» Ml* WNgPU-'a 
6lft 30 UlSRJexI -V 
S9*ft 154* LwwSITCh _ 
277*19 ULCO 
31 >6 9Zft 
22ft IS 
Idft 13 
24ft I3W 

*wa 

2*16 791* . _ 

«H 44ft UMM 
72ft 15 UM) 


U» 1 



M 1136 



S-i5\ 

II 744 1U1 30»6 30b «k 


3 43 « «3»w* i 


- 18 
s J J 3 
4 55 \i f 

.91* 29 

__ J r 

n Oft UcpWai ip " 

25iiT8»4 LWO* - *» 

37ft 18ft Ltentt 




$ 


.90 14 >0 


i*6* i*ft +k 

tM tf twv,^ 
*316 44*1 «l* J« 
1378* 369* 34 Mi -K t 

fc«rSh 


26ft 269* -to 


M-W-O 



JB 2.1 II 
UM -- 


ii ’_ 4 ’? 

Is 31 32 


47V* *B -eft 



Ml) ' 

71* 

48** 47V. 

115* 11V* II*. 

. 3239 62ft, ffl. +lb» 
_ _ 724 40 89** 3946 -ft 

.9 214)988 4Z»* 6A, 6l>6 ■?'> 
I _ *451 2S«y*a4k 245*AA» 
_ _ 169 3 29ft 2b +M» 
M 19 3174 18WU 18U 184ft *4ft 
saoias - 1OT 5jv* sjv* »* -Vft 
S3B1Q.1 - -nl 6ft gl fj* So 

jsoia.i _ 3C n* i* ni - 
'•«” I'SJffi 

Jtu B 740 477* 467ft 47ft (Vi 
_ _ 439 3b 3ft, 3ft -ft 
^33 LJ 2437441 27k 26H 28*»1V* 


2‘; 


9ft 




HJY* Sft JUFJM ■= 

W s 5 Ji :5i» % K . 

£? SlIL S 7.4 -X2*t7 71ft tout L +lk 


4b 

Tft 


WS.vIk 
Si-55 

iftzssssss:- 3 *” 11 

44"* 27 

73 *6 49 
34V* 121* 

“ lSB^MoaTov n 


SB &1 _ Ml 7k 7W «* 


'■KU? 


HoedttfpJ2a 23 


*371 »f 25 2 -V* 

» 74k 71 H 72k- -U 
35V. <04, 345* -k 
293 13ft 13*. 13ft 
98 12ft, 12k 12k -V* 


s?*s # 

_ 275b ini 2&+’v* * 

3b 

19 ion !W* 19 1W* J* * 

z WBiffiS; 
z&£}B£:3k*l' 

- 1205 }W 12ft 12ft +k 

- 49 1 lift lift Ilk +1* - 

i5wii ' itoAtat sia 58 - »n# ilk Mft +v* 

ifilik. | TJ >8 Ml feb 34 Mk -IU , 

37».21b MonoiCr 00 3 U 1W> Sto Mft. Eft +M. - 

50ft 29ft Jkonpari .181 6 If 2933 355* 31«V» 31ft 44 


gSiir 

reft 6<1 Moft7SO3S9a4S0 
«ft 34ft MoSckr 44 I J 
l]li 11 Mgdta 1J09 A9 
17V. IB-. JlSdMooSS S3 


2 M, 15ft 

59(*37to 


HAVE YOU CALLED 


_ _ J79 34ft 2414 24ft 
L4 - 3067 27V. 26 265* -14 1 


435*30(6 Cad fa 


29ft 13k Cadarces 
2Sft ZroaCadFairn 

42 2Bk ddeneigy 
is io»* r- w 

43 27k I „ 

415 .19K CoOter 


iJOe 


A7 
73 

AmSdCs’ JO ’j 
AMwdnc J5 SJ 


AmJUluTr S5n SJ 
A OIF 42 A9 


-k 

z m%o ^ ^ 5S 
zJS’ftV 

10 650 13(6 125* u 

1151(6 51k 51k -ft 


19 971 3816 Sft 36ft -1(6 

948037 14V. dll* 13b* -lb 

20 673 24(6 26k 265* A* 

70 778 41 W 40ft 40ft -lk 

34250)9 369* 249* 249* -2M 

- 349 24 23ft 23k J6 

_ 15 6761 30k 29?* 295* -IV* 

S3 19 18 *83S 105* 105* 105* +ft 

2JXM 5l 2 22 3136 39ft 38V* 38ft -V* 

„ ™_ A J - 2623 53ft 48V* 499* -4 

so s»^i?^ifft.,-ts 

33V* 26k OamdnP 156 4.1 32 799 2ft 31ft 22V* JV* 
1 ft CrapRj - -7944 9* 5b, 9* _ 
57k 39ft Camr^s J4f IS 29 5131 57ft 56ft, 54ft +ft 



ffttlOft AS^2rt?03B SUJ - 

zsi 

fi iftsssAa™ 

1 15.10k ArnSIPS ,99o 0.9 - I 
21b lk AbVsl* - 33 

29V, UR, AraWtr .76 3J3 18 

iijifisss.^'f .7 


I 3 SI *95* 9ft 9» 

I 21 ffi|* 


tv* 

swf 20k AmpSl Ma 79 
^■aT* Am^i1ti!lJ0t2J 21 

KlftB I? 

20V, 8ft Anwayi AOu 44 14 
76ft 501. Ararat JO S 36 
36V.?0»A™*3S __ _ 251 


20ft AmeHttB 2-20 8J 24 

i AmertoTc 




SHSi ^ 

25", 13k AmToyl 
10'f Aimalvn 



136* 131* -k 
lk ni* +v*j 
15ft 
399* 

195* -4* 
*» lift _ 
V* 11(6 -ft 
ft 1(6 -V* 
25ft 

■ -V* 

23ft -15. 
... 25ft -5* 
u ro+k, 
57(6 57(*-l(* 
77V* 77V* -V, 
H5* -k 

506 50b Mft ^ 

WLj 

a ”* :1ft 


Wi 2 z 

CoDOn* J2 J 18 1764 445* 46 46(6 -k 
ap5nh j.n _ __|4Q 12(6 d12** 12ft -ft| 


OB 1 


SO 

17ft 12ft 
TSft 2ft _ 

3BV*ini eSpstar 
775.19k Spaa jutnifl 

65*|1ft Cragir. 

4k »k Swcp 


- 1084 345* 33ft 33ft -5* 
9 4602 729* 22 2!ft -»*l 


14ft CmMjdBIM 7.9 - 263 16V* 155* 155* -V* 
70ft CnpilCT 1.92f 73 14 6B0 24ft 235* 24 U +ft 
51ft ContafH .10 .1 42 4878 75 73ft 74ft -I 


i-k u u 40/ 4»ft 

1JS 5J 29 700 31 

2.14 84 - 10O 25 

2.14 &6 - 213 745. 


24V* 


_ 51 737 Sft 4l5fc42 -ft 
-56 1 J 20 142 44ft 439* <3»*-1(* 

- 15 172 29ft 28ft 28ft J* 

SOT 1J 24 3503 53ft 51V* 52 
-94f 5J 14 824 379* 365* 37 J6| 

* 1.32 87 13 207 49ft 046 49(6 -V* 

P +kl 
24b 245* 

_ 34(6 24ft 

_ _ 252 75* U7ft 75* ... 

_ 21 429 49ft MB 0ft, -1(* 

1.0 29 735 165* 14ft 16ft 

2J 10 269 17ft 17ft 17ft -ft 

J 12 4869 62ft 62 62ft -ft 

A 19 189 12V* lift 12 -V* 

__ 182 Sft St* 5b +V* 

- 33 316 479* 46ft 466* -lk 

- _ 4912 19V* 18(6 19 

70 1211822 509* 48(6 494* - 

4.9 .! ' ' ' 


a 14 - X179 22V6 21ft 21to -1 
1A IB — 


J* 37V, AonCp s 1.04 
’ » 30*, ~ 


1810272 43V* 42(6 42ft *V* 

- 18 4S9 16V* lStt* 16k J* 

- 26 4556 135* 13k 139* -U 

- - 493 UK* 10* 10Y* -ft 

_ .9 48 1874 545* 54 54k -ft, 

„ , 1L _ A pgche J I 20 5392 36V* 35ft Ek j* 

38 24V, Apttmr 1 SS 54 32 1472 34V, 23k 34* -V* 

IS 1£'» ApoMrt |) __ 2146 14ft 14(* 14V* J* 

10ft, 9(b Ape, 66 SJ _ 144 101* 10ft 10-7* +V* 
2Tb 23‘, ApPv*27n2J» 77 _ 144 25ft 25k 2St**+V» 

340*18 Apldlndls JBI 17 20 763 19ft 27* 27k -1ft 

1». A«itMq 3 9616 13ft dll’* 12>V* -ft 

68ft 37 ApuPw .12 J 23 445 67ft 66 66ft -ft 

70ft 12J, Aprta _ 1785 15 14V. I4h* -ft, 

1415 n.AqutaG .05 A 13 796 13** 131* 13k -* 
STalJJ* AlOBIBS -1 7i 1J - 3694 13k d 13 13ft -V* 
18** 6- * AraxflaFfl _ - 32)4 6ft 69* 6V* -V* 
Mft 14’J AichOan JOb Ul 2310452 20ft 20»* 20k +(* 

32Xb 23ft AidenRfl 1.60 5J 22 956 30* 29<V* 30V* _ 

3 s ? 8L "SPCfifA ws 7J _ 329i«k 25V. 25V ®(* 

15V irav.AiwnlFd Jle 2S _ 196 12ft 12k 12k -k 
<"» P* tov-r* _ _ 385 3*» 3* 3ft -ft, 

6ft 3»i Armoo _ .10 3458 5VI 4ft 4b -** 

75k 61k AraiWI 1.74 2S 14 1075 72k, 7TV* 71«V* -9* 
36, 24* Arrow El S - 21 6136 34V, 32W 32k -2»* 
4ixt21 Amn JOT 2S 13 729 33 31k 31**-1lb 

34!' 24ft Aiarao 80 14 7 4020 24»* d23k 23V* JV* 

15ft 6k Ashanti J7e 47 _ 1128 7tt* 7k 7k* -U 

S . 391, Aihktad 1.10 2J 17 3278 47ft 47(* 47(* J* 
ft 7»i AstoPc .94*177 ._ 1686 8 7M, 7V* -V. 

- 260 TV* d?Vi 2k -* 

17 4270 )lb* 11k Ilk .V* 

_ 114 20ft»dl*, 1 9V -k 

_ 1507 7V* TVb 7V* Jb 
,, , . 7 X13S IB* 19V* I9H +k 

-- ? L AldE^hd IJ6 79 20 501 23ft 33k 239* *V» 

en*42V| AscKap JO .6 23 1515 66ft 64k 64k - 

20k*l3'i AshaAs .190 1.1 ._ 1771 17(* I6k 16k -9* 
21>, I* AIIEnra IS4 7S 13 1987 ZOV, 20V. 20b -ft 

'4k 241 ■ AltCap pf 1.04 7 J - 349 24 25k H ♦* 

87", 62 1 -. ABRkJis 2J5 17 14 9014 74k 75k 76V* +ft 

49* l?ft AJhnAIr _ 19 450 77k. 24V, 25 -2ft 

77**72lb ATMOS ijIMI 4J> 33 149 20V* 76ft 76k J* 
61 ft 25", AlwdOcn s . 41 738 49W, 46ft 47 -2« 

0ft 29* Auxin; i.ttc so _ w 349* 34V* 34V* -t* 

lift I'Y Awstr .13® 1J _ 430 lOk- 10V* 10V* -ft 

IBO-.IOr, AuthFH 05 J _ 1015 19k 18** 19 -** 

45lY 3J1, AirtjUvn 44 1J ._ 1684 36k 34ft 34** -** 

5»j 39k AutoOt S3! Id 31 5972 56 54* ssk -V* 

324*19k AutoZone „ 22 2763 280* 28k 28V* J* 
3D* 755, AManPrlStf SJ 27 1077 305* 30ft 30ft - 
27 24', Avon? p{A 225 84 - 563 26V* 26V* 26V* -ft, 

T- * A vale, _ . 338 2 IV* 10* rib 

41'* 33ft AiureD J4) 2J> 22 2708 43ft 41k tab J* 
l.ft B-. A»M _ 13 756 14V* 130* 14V* -V* 

Stf’-in* Awn . ... 1607 33b 32k 3zv» -ft 



633 109* 10k ItH* -ft 
. . . Z76 26V* 26 26V* -f* 

49 26 562 34k 34 34b +k 

9 13 134 3Sft 30 30 -to, 

S 15 7038 61* 591* 40k J* 
4.8 22 5950 TSk 25V* 25!* _ 

J — 275 T«V* 16k 160 -A* 
.14 SS 13 244 39b 39ft 39V* -V. 

470 J8V* 28V* 28V.+V* 
M6 14V* 14VM Mft -(* 
g/ 68V, 67b 68 
170 fflk S7to 58 -k 
406 61k S9to 61V* -k* 
_ S94 460* 465* 46** Jb 
20 3263 47b 47ft 47V* J* 
M5J1M 19k 19<V» -V* 
-21740 47V. « 45V* Jft 

- 1640 6V* 5ft - 


• Subscribe and SAVE up to 60% off the cover price. 

•Try a special low cost 2-month trial subscription. 

• Early morning hand-delivery to your home or office 
widely available. 

For easy ordering & details of hanckJelivery areas call: 
Austria/Central & Eastern Europe 443 1 891 3b3830 (Vienna) 
Belgium 0 80017538 (toll free) 

France 0 800 437 437 (toll free) 

Italy 167 780 040 

Luxembourg 0 800 2703 

Netherlands 06 0225158 

Sweden 020 797 039 

United Kingdom 0 800 895 965 

USA 1 800 882 2884 (toll free) 

Rest of Europe, Mid. East & Africa 4-33 1 41 43 93 61 (Paris) 
Asia +852 29221171 (Hong Kong) 


Hamd 1J$ TJ ?9 sSS 4B»* 67V* 67i*.’SI 

BTatf 

2S2f 7S is 66» 33ft 33ft, 33%* - 
_ —11582 20k 19k 19ft -X* 
_ 26 355 14k 10* 14ft -Vi 
(•SOM 12 275 37U 36Aw 36b 4* 

HAST 1J 23 1888 177k 125b 127 -ft 

HonlEx _ 24 470 21(* T9h* W* -k 

24ft 18b tauxHnd ISO 6J 13 5667 20k 23V* 20* +1* 
— HostrOBQQ 322 59 -x360 54k SJVb S4U -V* 
HtMlMlil - - 3092 55V* 15U 151* H* 

Hoi^? - If 2042 239* 22k 22ft -IV* 

__ 485 15k 14*14 144* -»4 
A 63 — 571 7 64* 6W* - 

47 55 _ 1029 8 7b 7tt* - 
SS 6S - 954 «* Wto 8V» +V» 
35 7S — 458 9k 9ft 9tk *"* 
.10 A 19 1427 22W 22k 22ft A* 
_ 33 794 2b 2V* 2ft *ft 
JO A TO 2467 51ft 49i* 50k -1ft 

2-1B 6.1 15 484 34k 34ft 34V* J* 

IMCGk JO IS 15 4175 33 32k 37V* J* 

IMCO JO 12 19 219 16J* 16 14ft -J* 
ml.HMA _ 450 42ft 43 42V. -V* 

MBS 13 3151 22 21 219* -ft 

BTM 2 322 10V* Tffft 1VA - 

- - 448 17b 1«51 101 -1 
IDj 14 - 188 33ft 321* 3TJ.-1V* 
.90 7J 16 460 119* lib lift -ft 

- 22 3988 77V* 76ft 771* - 


22 iSI Tflk X^Vi gS -9* 

2! BESET* .3 l?:gg? r fi&ig 


76ft 4Vr» Momofl — _ 

80 50k MonhMtlOO 2A 


s' 33k IdtJ 3 SxDmS Sim ni*+ft 

® ^ « • 3 1£* 

z iris38*SS B5L-? 

2T1 14?] Moteu t.Me 2 26 154 Wft 147«.147toi -Sft 

4JU 2Mb SSS a J 6011302 40ft 39<*» WfB J 

17lb V? MQWtpfC JJ 2J -X1JBJ l£i. 14ft Itfft. -J* 

4b 3H MauLoo JO 7.7 SO W »k TO 3i( -V* 

17i» 8 MonnGp • — IS 333 14V* uk 14 -ft 

37 p * 17 Mnvmii _ 43 lit 23k* 23ft 23ft -h 

261*12 MWA - 18 Itaaift IQrb 20k -k 

^lt 43ft JKotDS 1J0 23 17 6799 53k 53ft, 53ft Oft 

K-b l^T 5^1 44 1.7 24 0109 ,y»* Mft ?454 + lft 

35V*23b ^ctatN _J 1 J B^g| 2jto J7ft 


:Eb 34 


21H 149*1 



rcorp 


3S5 Xtft 33ft 33V* .. 

330* 34V* +(* 

j28b 79b .0* 

„ ... 120 71 70 7DVt Jb 

.92 2S 15 917 350* 35W 35V* Ak 
A .9 24 4424 55ft 54k Mb Jb 
1-24 5J 11 1942 230* 23k 23°b+(* 
_ _ 15CT l5Y»dKk 15V* -to 

S Kafh^SSSSSS 1 ^ 
,mr J 0 25 ^ 

.VNCOlNb JS 3J _ 04 UUdVVA lift M 
(NQ3pTE 2.75 5J - 876 48k 47k JBft +W 


iff a. .80 23 g,i2g¥.gj SL •* 

»&r. ’a?5 is ^ ' 


w. __ 

«“*S 4 2 iiSjo|§ » m -« 
gg JSS jSSER js 5 iL Sis g 5 1“ '.1 

szgi st 23 susfoss ssta 

Mft TOti AWhWm 08 J W akrlft SS ^ 
13k 13V* Mchxemn - - JS !?>'• JS* 13, ‘f 

KiRBEbtooSaELBftl 

SU Mft SSSSSrS A 5410JI0 51- « 5« ■ 'll* 

50b 37U Menum SO IS 11 841 NRb 38 V* 39** -ft 

590 32b <m« j % 


1J l?32490 mu T0354 104ta' 
- 114779 ** It ft - 

£»to~n\S 8 SS SS JS 

,sf asaa*“w« 

mS^u' 12 q *8& ® SS 

S& ’E Hfc* " = B*ft % % A 

1ZV* 90 ML TnchOl 
36k 24k M«LpfB1.94 
27 24*1 MttLpfC 

Uk 20* AiwyLa 
281*25 (MnipfC-. _ 

4ti 3V* Umsb 41*10.9 - 
14k 10 M4USI 
224*19 MGMn 


tnciipZ SO 63 - 402 9ft 


?k +V» 


fiSwr _ - 573 5k 5k Sft -M 


(toll free) 
(toll free) 
(toll free) 
(toll free) 
(toll free ) 


1 27ft 

<6 33k 
26k 18 

' % 

. 24ft 
14ft Id 

3 b 4054 
23b 

63 35* _ 

n 

Zlk I3to QrarpE 
64k 0* Oimp In 

1, 

31k 29ft gnoptc 271 a? _ X105 30(t 38ft 30ft J*l *’ a 




JO A 


J J” ^k 22** -k 
237 25V* 25ft 2Sft +k 
- ii5vw-i**bf 


THE WORLD’S DAILY IVEVSPAPER 
Full details available at 

http://www.ihtcofn or e-mail: subs@ihtcom 


SslE’ffl 53 z^S » 


□k YU PE 1 dux High Low Label ange 


Ift 7V, AstaPt .94*123 
5', 2>A AstaPR 
17Vi 10 ^ AvtoPlp jOSp - 
Jl>« 2IK* AstaScd JOe 121 
11"* 6‘* AstaTbjr .04e S 
22"b 15)a Asrtlinrs ISO 7J 7x135 
24Vi 21 vxrvM iu „ — 


- „ -V* 

25* 2S*r» 25k - 

_ - - (SO 9ft 7ft 8V»-1V* 

. J01- .1 28 1934 15b 15V* 15ft -V* 
2J4I 7J 22 X342 37* 37k 37(1 +ft 
JO 1A 41 557 33** 321* 33V* -V* 
s JB 1.1 - 6242 7k 7V, 7k Jb 
.2-32 3J>- 18 9336 785b 77V, 77V* -V* 
l.J7» SS _ 494 20V* 19k 20 -ft 
‘ - 1519 27 35ft S«V»-1H 

_ 213 24k 24k 24k -ft 
_ 132 19k 18V* 1854 -ft 

- 734 12ft 12b 12k -V* 
_ 549 15k 14k 15V* Jr* 

- 4314 33 32k 32* +ft 

162 Wt 8k 80 -H 

ilk 12k ofauta jo i3 Z 49 bs lSt d il«k, iJSf* ^ 
z ! A .8S+5 
=ii fiff 1 

S'SRfflt ■lfia ] ! 1 SB^SS» , g -ft 

2Jk auOt SIJB 1*4 28ft 27k 27b Jt 
lift » Ctaraix _ 65 284 4ft 4k 4T» -V* 

49ft 22 CJBER _ 61 449 47V* 46ft 479* Jr* 

33ft 73V* arrobrtl X SO 1 4 20 5518 29k 2Bk 29 +1* 

29k 17b GOMD A 1J 14 6016 26V* 24b 26V. +V* 

2V» 1 ClneOd _ _ 2365 IV* 11* lk J* 

36 31ft CINmr ISO SJ 17 2834 34ft 34 34k 


490 10k 20 _ _ 

“1 48b 47k 47ft 


72k 5 
26k 9ft 
42k Sift 
36k 77k 
31ft 6V* 

89V, 4014 

£k 19k 

*k 22k ageTUt Jb 11 
30ft 19ft CM*** 1 J9® 5J 
39b 17k OtaaEAa 
19ft Ilk OtnaFd J8e A 

36k 14k 

38k 26ft , _ 

»3> 7k attiTlre OB 3 45 
5k 214 CntYlK 30 J A 4 


209* ;5 


74k 551* Amu SO .9 16 2393 7iy* 68k 49V4 -2(ft 
— — ' 1J6 2S 25 6881 635* 61 1* 67ft ♦« 


78 50ft Avan 
24^« 7ft aUSm .041 

22* 12 BA Mreh n _. ... .. . 

B6_ 33!i BBATCp I J4 1 9 24 079 63b 


- 9 1762 6k d 6 4V* -k 

A M 19* 10* 13b M Jt 
3382 15k XSft 15ft -ft 
63** 63k -k 



330*22 BCE a i 136 - -0959 33V- 32k 33 -V* 

Bft Tft BEAtTKu .72 SJ _ 512 8ft BV* 8** -V*l 

6H 4 BECGp - 26 146 5ft -Sft -V* 

90ft 38 1 , BJ5 _ 37 *594 77ft 74k 7taV^3T. 

32 26 BJxWhn. — — 264 30k 30 Xk, " 

35(1 17V* BMC 06 3 — — 

26k 24>v.BNYp(C 1.95 7S 
I8'i 15 BP Pin 2-CJel2S 
30 21k BBE 1 JB 5S 

9>, 5-’ • BRT _ 

13 4'-, BT Off _ 19 

Mft ll'i BWAY s - 18 125 _ 

71ft 14ft BokrF 277el5S _ S3 I 

49ft 37ft BaWHU .46 1.1 2212SZ2 

31ft Z2’x baktar S3T IS 21 199 

39 23 B OB . SO IS 19 567 

22k 11 Bafinlys _ 73 95 

S 17*4 Ballard .10 .4 H 1150 

311, 24ft BoBGE IS4 SJ 20 17S8 

59’» 39ft BancOw 1S2 23 2301107 

29ft Mil BncBIpf 2.44 8.7 - x202 28k 28k 28b +1* 

26ft 241* BlKSlprE 7.00 7.7 - X3S1 25h* 2S9* 25V* *V. 

37ft 16i. BctjfiJV •. JOe IS 29 177 30V* 29>b 39b -V* 

38k 31 BnoaFtn stt 2J 12 3009 Ml Hk 2654 ja 

J ?*( BCttnfral L2140S _ 162 41 39«)* 39u* -15* 

30ft 18ft BCnaopr IJTe 4J _ 215 24b 24U 24k 

55k 38 Be Lain .961 23 II 191 41b 41k 0k 

16ft 9*4 BcoRioPn - -13259 lib 11V* ilk .»* 

7k 4ft BcoWtow.060 1.1 _ 2253 Sft 4b* 5k +V* 

33k 58 Bcasamxsn 2.7 22 tbi so 29b 2«b -v* 

45ft 26V; Bcp South SBI 2 0 21 129 45 43k 43k -Uk 

27k I9k Hanaec u 234 25b 25 25k -k 

54k 45. Bandog t.lOf 2.1 la 1919 52k 51k 53V* +1 


13 4045 18ft 17b 18V* -V* 
- 170 26k 24 24k ek 

10 439 IS!** 16k 14V* -V* 

12 957 28k 27ft 27b Jr»l 

13 159 f. 7k* 8 
8b 9 • -lb 

22k 23 -"** 

17b 17k -V* 

0k 43 J* 
79to 29d* »* 
36k, 36b -9* 
17ft 17k -to 
Z2k 22W*+b 
30V* 30b J* 
55b 56V* +V* 


23 Jb 
45k 28k 
,34k 20k 
145V* 97b 
12 7to 
4to 19b 
4 ilk CM 
lk 20 an 
i9ft 12b aarty 
74% 30ft OBOlC 

w assf 3 ** t 

82, 20b catiOr* 

■^^gaas 


_ - 1396 9k Bto Vk +(* 
J 76 7293 3351 3T54 33b -elk 

riO IS 1846490 I^»r 125b 1 SI* -3»* 

J4 |3 H ^ 34* E5? 3»* 

” S If 3620 19»* 17ft 19V* J* 

K T27 299* 29V* 29V* -ft 

532 17b 16V* 17 -It 

- 2274 73d* 72k 72V* -114 

- 145 10k 10+* 1QV* -ft 

460 -Oh* 42ft <7* -k 


10 

IS 


25k ITO 0DRX8W 3.10S15S - 
S5b 30b Ctarditn J6 B 23 273 _ _ _ 

88 . 32b OonLJ SO S 15 1144 84k 8TV* Kft 

31Vt 17 Dancsfnn _ - 39B Z7b 27b Sb -H 

17k 8k DKrtTOJl _ _ 2560 14V* 13b 13k Jt 

0k 2TO Doaitoy JO 2J 22 1280 36Vu 35b 35b +Vt 

7J* 0b tow J6 1.1 » 1814 689* 67ft, 681* -ft 

1(Q 7» DawOi 148 05 13 7557 99k 979* 99k .«* 

S 32ft DduUiw J6 IS 35 3387 54V* 52 531* +to 

29k 17k DowMfffl J7b 1.1 19 03 289* 27^* 28V* -V* 

Uk 8k ftro, ^ _ 14 199 9to 9b 9k 

J6 IS 23 6238 42b 0 0(* -1ft 

9V* 8to DkStC .75c 02 - 46fi 9ft TV* TV* - 

IJb 9k Dn5« Sf «3 _ 566 10k lWt 10k 

IE? 9b ttiSM S4 6J - 544 10b 10ft 10b +V* 

40V* 27ft MEtotan - _ *01 31ft 29k 30 -2 

49k 44A DuPcaft 1J6 20 2420947 63ft, 61b 62f* -lk 
40ft JO Damn _ - 19 1 04 34b 33b 34 -to 

KB* 0ft DutPtlW J8a 7S _ 2512 10b TOft, 101* - 

Uk 17b DufPUC 1.18 SJ _ X40 Ub 14W 14V* - 

4TW 22ft DufftoO .12 J 22 299 0V. « 40 -lb 

53b 47 to Dtta&jr 2J0 4J 2D 6286 Sib SI Sib _ 

25 17b MwRfix lSX SJ Z3 1075 22** 22b Mb 

30k 22ft OtaBrf S8 3S 16 1480 29b 28’V* 37k -It 

24k 2Srt ftraQrapf 209 8.1 _ l® 26 2Sft 25»* - 

-X* - 20 601 Mi* 21 to 22V* -Ik 

__ 27 Drnatech _ 20 794 35b 34b 2Sk 

15b 12ft DwbxCbI JSf 9.9 10 3*2 Mb 13b 14 -M 

?y* Ito'EAblttt _ _ 883 6b 69W 6k _ 

Ik 3(* ECC fall — _ 166 3b 3V» 39* -ft, 

Mb Mb EGG 56 15 31 H91 19b 1UV* 19b -V* 

.13a 18 17 227 3f»d3b 39. -V* 

2763710 27b HI* 24b +b 
- 2467 55b 53k 54 -Jb 
K 810 52 48b 49 -3b 

32 1248 45 44* 4fV, 

31 J? !£>!£? 12ft + ft 

16 581 40V. Sb 39V* -1 

J4 fg 24k Sft 23b -9* 
12 X148 21V* 219* 21H +V* 
-in 
lb 
-i 


8ft 3ft EKOw 


32b 14ft EMC s 

ffTas* 1 , A 4 

01* 30ft EaxlEa lj4f <3 
24ft T6k EOBfUtl 1S6 70 
S1J4 4J 


25V* 24ft 

30b 15b Cooefanra Jo 
44V* 34ft CoaxlSv 
65V* Cb Coastal JO J 
26ft 2Sk Coo tf pf M3 8J 

20b v& cSSa Z 

2* 46ft Cocoa 56 .9 
35 Wk Choice X .10 i 
24k ccFema J7 b s 


3648 58b 55b 55b JH 
2234 7toV* 78ft JWm -V* 
24 in 30k 29ft 30 J* 

8 297 »** 22* 23V, +1* 
725 Sft 0b 6Zft -1ft 
17 3054 40 589* S9 -lk 

- 313 25"*, 25 V* 25*6, Jk 
- 1838 1 <V* 9* -V* 

1* 356 14b 14b 14b - 

3933707 gb 63V* @8* J* 


25*22^ eafcVmiiJSt 1J 
33V* 29ft EChtal SO 2S 


65 28T3 . 


5. 


7v* caeur 


Anar: 

78V*44b 

12b 04 

35b 18b . 

OT* 7b CBtHfi 
.7k* 7k CodHl 


CoOnrG 



Bio. *44 ft BmSAinx 1 J7 IS 1824684 77M 74b 

26'-»24 BUmpiZI.H 7.4 .. 108 I6« 36b _ .. 

16’* BVtUABA* 131 J 13 855 1 5k 14«*15b +1* 

976*40 I BtBoxf 204 73 17 4399 93 91 ft 92V* -IM 

133b 74 BoflkTr 4® 12 1411630126'k 19y*l25V* -2ft 

Z7(»2S* BllkT pfS 1.94 7J _ 374 26*1 MA* _ 

llv* 6-, BanrAer - 25 196 l Ob 10b 10b +k 

28* 27* BarBptC 28110.2 - 91 27"* 27V* 27b -V* 

39 26J. Baid J3 IS 23 1013 30b 30v. 30b. -ft 

33’X*); , BamHM X -. 0 1676 33*. 32b 32b 

30b 19 BamexCs 61 2S 14 205 26k 25ft Sk .. 
76 A *375. Bametl IJ4 1510553 73k* 71ft 3b +V B 
dfr’i 24b Barren Hs - 28 1030 28 27ft 28 

15b BcrrUiG .Mf IS -3«f73 16b ISk 15k* -ft 
7>1 4ft BOOM! .05 IS _ A47 5ft 4to 4<V* -V* 
47t 32ft BaWKtiL T.M IS 38 1W4 39** 39J* 396* .ft 
60v, 39’t Barter l.ltf SJ 51 4889 511* 58k 50k* -l 

40b 32ft Bo Apt IStt 4J 33 789 40 3TO 39ft +V* 

26ft Sft BOIAPOK 113 8J _ ino 35to Wy« 25k - 

41ft ISb BavNtwt _ - -42338 359* 23ft 24V* -ft 

31 35ft BavSCx 158 51 16 94 Mft 30ft 30t* J* 

av, 2b BOMKPr 100 43 3 j tfcft 46ft 46V* -(* 


lift 

git 26b 

76ft 56 _ 

44b 25k Call - 
34V* IB* Cored 
Mb 24k coma 

91b 50* - 
21V* IS 
36 21b 
54k 79U 

^^OndMP 

UftaMb oncgl. 


S3 ISIS 5£k 52 salt Jb 
- 4337 8k 8ft J*[ 

_ ira 13k 17ft 12b - 

27 7684*st 44 44 

_ 458 25Vj 34ft 35 -ft 

. _ _ 743 ISM 15V* 15k -k 

S 1.10 IS 3&11067 71V* 69V* 49k -b 
- 3 95 UV* 8b JWk -V* 

SO IS 19 233 34to 33b -1* 

J5 64 _ KH1 8** . W* 8V, +V* 

.68a __ 


22^17*% 

65b 50k EortCton 1J6 3.1 14 007 58k 57k 57b 
W 5Sk E KodM. 1J4 12 2018S8B 56b4», 55b 

-- j] 2D44 93to 92M ?3to 

17 101 37 3SV* 4S(*-19* 

|4_ g qfcfa S4 TJ « MPfl5 Hfa 5»I +i* 

JS J'* If? 3 . , _ . - 19 90 7 6<V* 64* V* 

27b 24 Ekxprtpl 2.18 8J - 243 24V* 349* 869* -Vta 
64ft «ft pSSfe 1 J4 2J ® im M WV, 5W. ft. 

_ 36 2600 53(4 sib SJV* -A* 
2A 24 106 254* MV* 25b +1* 


39W Jt 
55V, -IV. 
MV* +ft 


__ IS 27 4623 39* 

: 0 ^I’Sk ’ll! 

060 V - 115 329* 0k 31 to -19* 
(6.17e S _ 1482 J3k 21k 219* J* 


sea 8J _ 409 to* 7b 7k* +k 
SI 5J _ xgs 10ft I Ob 10ft +v* 
J? 4S - 108 7b TV* 79* - 



mm?*, 

cson Jte zs 
m “ 


ass ss 


'JUflu 

^ hH : 

«9 53V* 52**; 
436 19b 18b 1 
S4 31« lift : 
TZ2 16b 16V* I 
._ St 29ft 3814 J 
_ 1084 12ft Ilk 1 
31 1&187 33*y gv» ; 

16b 

58b S6ft 


- IB 


. ass™** t 

- 49b 16b CnyTxKl JS J 


4T-( 23ft BcniSt. SOP 1J 


Wi IZk BenrrWra 
52+.3S Bdtlns 
ss'i 4ift Beati 
224*irj BeSrS I, 

Wl&W 

^ 

91* 56k BCflSn 3.08 35 3017407491ft 

X i3.» Beiinds ” — 


i 454*40* 44V* -1 to. I 


- 16 163 19 18ft 18ft -V* 

IS IS 1835 41 x* 0M 40** J) 

1.1 23 ISS Sib 52k 52ft -ft 

5.9 15 654 20V* 20ft 20k -ft 

_ — 395 HU 10b 11 -(9 

- IS 510 20b 30ft 20(4 J* 

S 16 UB 3SM 35 35V* 

L5.WW23M Dk J24* J 

_ 11 1753 14ft 13ft ljif-l’ 


33(t »lb 

iR *» 

fb 8b -9k 

1 33 30 k 32 V* -lk 

2Sto l4b _ CoSiot J j I lift 2M*. ^v* 

17'A 6ft CansftRt _ tl 789 12** mt 12b J* 
21ft CaqpDte 164 73 _ 163 27V* Zb . 22ft - 

|?*Sk « 1 MB Sir Bf ■« 

37 24>*,twBCPEl29 US * 04 26V, 25V* »V* +V* 
» 49V* erase piF _ _ 4796 49b d«V* 48V* Jft, 

45 Jlft CnOgor ___ ]? TBft 26ft JX 


56ft 30 
» 13b _ 

49ft 29V* E 

49 40ft E , 

27ft 25k SIDv 
21k 13b — 

9ft 6 
37ft 3ft 

27ft Mb _ . 

£„ W- gAtrtta Be jf» S _ 269 19to 9b 19ft -ft 

Tl (* 7k EitWGar J2e J _ 2T7 lit* 1 11 Jt 

TJ, 14ft Sri»F9 1S9010J - 168 16 SV. ISV* -V* 
|«(X»lS5dB8 _ 140 T?ft Wto 18%J* 
12>}S |MUco2 TSSTIM _ 557 1 Sft 15ft 15ft _ 

149* Oft EtraMM 09 J - 644 Ub TTV* 11V* -ft 

1VV» 14 FMTil 2J7VI43 _ 283 T6 15V. T5ft J* 

TUV* 6k EmMax _10r U — 624 10k 9b 9k -ft 

fSJ fcSxkQxT.TflC-1 22 6331 56V* av* SVb -k 

]9ft 1|k En^teJ 1 JS 67 15 120 19k 18ft 19 _ 

24fr*T5ft Eeoi»el.15a 65 _ 623 16V* 16(1 16k J>* 

l?to 10ft Enrico, .17* 1.1 19 4060 Uto IS IS** Jt 

fc 17 |l2aCJ _ IS 236 I??* 19V. 19ft Jto 

4« 3 Encal gn _ - 114 3V* 3(* 3b -k 

EVi y= Endexas SO* 2-7 15 1398 1SW 18ft 18ft J* 

... 39to 5 fcreroj ]J4 M IS 92 39« 39k 39k +tC 

'JS H ££ lAk 2.7 _ 1534 0JV gk 42** «W 

^ jPttS 1 J8> *3- 334 2Ht 27b 28V* J* 

J* A 2.1 17 7237 19V* 18ft 19 -V* 

2 gk JS* FiSws J4 J 1J 394 57ft 5M* 57V* J* 

j£* J6b Sft EACta _ 1S6 6J 13 ItS 25k 24ft a 3* 

Mft |fS ErxaCpfT IM 7.9 _ 175 16ft 26b Mb Jt 

I foBS* ^ 


8k* j* 
24b. 264* + ft, 
ft |Uf -1* 


k 

19b J>* 


1RL 


ftf 


57ft M l BeCa 1.44 2a 3010352 SAP* S5k 55k -A* 

si*i n;: BSjh j4 ,;b .829 siv* n* sv* +V, 

4T**33b Bean .80 t f 5 <75 436* 43** 419* +9* 


SOW IZk BrrochEs 
37 34 Bendtarn 

82A*S9ft_Bag^p 228 3.9 


23 Z46 26M M. 26V, -ft 

- 1375 36b 35ft Mft +K 
15 798 Ilk 79 79ft -lb 

- 218 k 4* V* -V* 


S?S b 

54 V* 27ft 

SbT«b can 
MW4 ■ 

SO 23 

&K CG 
gbSbgl 

a»: t . 

27 12b Con iCon 

r'&ssssu * 


2.10 SS 13 944208V* 371* 37b +V* 
L94 7 S - 072 BV* 25b TSft -V* 
S _ 47 149 51k 50b Sift -ft 
194 32 19 in? Mb 59V* 40V* *(* 
1S8 S3 30 <72 Sft 53V* 3ft -V* 
,1281 _ 20 S7 TDk 20 K J* 
_ 40 .904 49V* 48k 4BK -ft, 
_ _ 1669 6 5V* 5»* J* 

L - - IK 4ft. 4V. 4k -ft 

All =3|p^f£-i5 

- t 8^1a* 22 S'*# 
3 3 +t 

_ » 1448 db» 51* efts J i 


S k TJMEwegr - _ Mil 9 

,k 22b ErtjSJ 180 63 T7 B2S3 27* 

»* W> EfiSjCarf 2.19 M _ 117 26k 
5£ SS U* P 4= 259* 

wbP b, "-«« ^ - 

??*> »■■ i^nfl LWII.? w Sliftdisft lS* J* 

SSSg. S iSSSSS 

?s§t*§s^-a 

1.16 7J 19 J0B5 ISft HA Z5k - 
A Me 1.7 _ 570 3JV, 33V* Sk -ft 
2S» SJ 29x1424 Sit* 50ft SIC* Jt 
228 84 - 91 27W p* 27k +V* 

216 8.0 _ 102 26V* 26ft 26ftW+t* 

.sopn 


S 39k 
77V, 25 
27**20) 
26V* 27ft 
194* 9ft 
Hft 12b 


- - 128: 


Vft 27b EswxpTim 5J 10 JjU 34k Bto 34ft. .ft 


»*30 ExtMLdr 


S B 1817 54k SPVb 54ft 


a* 73ft EsMne - 13 609 36ft 3&k atft +b 

42b 16k EfcraAIs .12 3 22 9Sl 0ft 40k 4k>-ft 
IS? ,3* .-$01 11X4500 8k d 7ft 8 -It 



wdFtf UUe 60 - 
JM 40 - 

wresJHs .id 


10 17ft* 17V* 17ft* - 

13«k §ft 46b t(* 

673 39V) 37ft* 37ft* -lb 


S 14 673 39M 37ft* zn*-ib 
13 4S49 160 TSft IS?) -ft. 


H 


Skidt DhrYU PE 1 


Sk«i 


LoirUrtextCkito 


49k 24b Reran),. SO U 14 576 49b 48b 49V.+V* 

32k TO FomM - _ tl3£ 22b 21V. B +¥* 

18 13» FOalMid n - - 697 MV* 13V* 13b Jt 

27k ISb FroofrCp 27 17 35 2530 239* 22ft* 23V. +-ft 

39k 18b RrOTtaf JB 1J 12 M14 22V. 21b 219* -ft* 

44k 23k FraBL _ 15 2931 25k 24 25 *b 

21k 12b FumBrds _ 18 2573 20b 199* 19M,-ft* 

lb to Fwflrti _ _ 160 Vi to *• - 


709*46 GATX \Oi 28 14(1743 66 64b 64b Jb 

«* 30to GPU 100 53 14 2145 39V* 38k 38b Jt 

13*i 3k GRCM - _ 216 6 5to 5b -k 

WV 12ft GTI EEuroSIM _ . 916 15b 14k 15b Jt 

51*. 40ft GTE 1 Jt 18 1716744 50V* Sb 49ft* J* 
V g**5TTOErfY 119 8J _ 282 269* Z4b 269* _ 

27k 2Sft GTEDEpG 2J1 &7 _ 135 26V* 26V* 26b -V* 

lit* 9 GoSeir 1.1010.0 _ 1495 119* Ub 1IV.+V* 
Jb 6ft GoOGtoM Jfc 45 - 320 Sb »* Bft -V* 
29 pb GoWRxd 280 7J 18 4X 27ft* Z7k 27b -ft. 
25b 24b ( ZSip lA ZJBB3 _ lB2JV* 20) 24ft*-V* 
-07t 9 13 782 SV* SV* SV* J* 
™ 13rt GotayL _ 14 55 tt 17ft* 17ft* -v, 

79b 22 Gdtao n JOSp _ _ 3644 26ft 25k 26V* -k 

MU 29b GottaT l3( 3S 12 119 36 £ft 3514 -ftH 
27b, 16 GaSSZta 80p _ _ 1292 «»ft* 23b 22k +«* 

74ft lilt Gt±x*> - - 309 UV* ditto 11 -b 

61V»gft Grartent 24 1 J 23 X»4 59ft* S8b 59V, +(* 

57b 27b Gap JO S X 4447 55b 50t 54t*.!tk 


42b 15k GardDtaS 
33* 28b GSye&dn SO 1J 

^ggaSe. 3 ®^ 


17 969 40ft 39k 40 -ft* 
025128 32ft 29b 31ft +ft 
_ 162 31ft 31V* Jl(* -ft 

t 

i sskBirBeia 

n^ a 3k 


5 b 219* -ft* 
ft 39* -k 


^r 3 a+'# 

' 26ft* 26b 24ft* +k 

2I«*2^2^* J(1 

aJOUS - 643 17ft* d 1714 1 

OewStl J6 1? T7 3S OT* §*'“ 1 

*** *** gj * 


Z7b 759* GMOt pJQ 228 85 
Wtofl GMH 1J0 IS 20 



1.0. 18 15 


14ft*l 

i^b 68* ssm 


G^CpfTl-M W 
GcPgp i|2J 

L22b 11 
1J7»10J 
30 1.1 
J6 9 

isa 
a 

1J7 9S 


StfBft* 25(4 


+V* 



31 8164 Mft, 83k 04ft* -ft, 
24 124 » 17ft 
- Sa 13b 13b 
_ 733 13V* 13b 
14 U4 18k 18b 
MlT^Wb^J 

“ 25ft 



13X0^ 17V* 204 


Mid 9.9 - 119 14to 14b ... 
- _ JOO _3__ 2ft* 3 


W’J* 


_ 24 2MO 34k 3M 34b 4* 
■S 3 22 3023 ?4k 75b 76b +<* 

10k Jk GrtSR M, f fit; 3 

42k as OtlldMBlS IT 22 465 3TO W » -ft* 

tf-aasr^BBaai.ss.ga.s 

c j* 
Ig. -k 

iW W.jB ~ T» J* 
— 24bd23k 24 -lb 
© 17b» 17 17 -M 

68 66 644V1V* 

_ Ijv* IU* 119* +V* 
87 1S(* 15 15 -V* 

10k - 

13b -H 

isrtia 




I??*].. 

Z6« 179* GMP LTO ill 9 
5W* 26b CtWlTrF JS IS 8 
IB A Greaior J4 IS 65 
$ 45ft GmptRn 1 JO IS * 
12 10!) GreonteSSTa 5J _ 

17ft i«t Ortfion _ 14 


345 II 





- _ 984 13ft, OIL 

- Z'&'&t 

*3 igin&tr i 

Mft 13b GMfftaca Jla li “ ia i| 5* if* -** 
219“ 7^ g wc8L - - UB 20V* 20 jSb 4i* 

1SS Ip ISsilh? *2 ■ 6^^*^ ^ .£ 
iffS^KKS 

l&PWiBM A fSSfftf 1 

28 17 Gottads J4 IS 15 678™ — 


13V- +k 
38b -ft 
7ft -ft 
67V*. IV* 
27ft 27V* -ft 






ft EEETi — S i 

iJ|J 

f _ _ 

— it'Ki. 

~ - 174.89* 


17k 12k irderpools .15 1 J 16 200 14** 14b 1 

BbffHSafBlig’asr 

- - - Msfflakl J9 J 22 3OT2 34U 


: 

6k 3k rawon 
25 15to fa*nfe 
IBto 101 &VBXGHS 

16V* 7V, k joP O Bl 

h&m 


. _ X IKE 2515 
60 13 U3nEk 

23 20 1K7 JS, 
ie - - 491 16k 


_ - 19 

1J0 2S 18 

CT*24k BmoW .976 10 _ 

104* Bk Italy J4e 2J — 

23k 199* henPfcgn _ _ 



_ 27** 

® BS: 

7X 35ft ( 

07 39 38V* 38V* J* 

2S2 17 16** 16ft* -to, 

779 31 V* 2. BP* 

621 23 Mft 22ft* -V* 
119 37k Sb 37b -ft 
150 10b ™ 10V* .V* 

261 31b 21b 210 -ft 


_ _ 301 Mft 1A Ml 
- - no 10ft* I Ok 10ft* - 

_ 235 lift II 11 .ft 

I bbSa* ^ Mb Z 

211 J** 3k 3K -ft 

m2 i4b mu Mb +ft 

482 20k, 20ft. 20k -V* 

B A 7ft J£» -b 
18ft* 18k 18tt*+9* 
_ ._ 195 18k 17k 18V* - 

oSSi’S ?SSaSk ‘ ' 

'mjr- 

jSsfllBs^ 

i£dVB&t&%L%r v t 

^ 2J "9 "277 T9 ')*** 18^, -9* 
A 1.9 19 X193 25to 2Sft Kto Jt 
S3 il 19 K43 2SV* 2SVI Sft +V* 
- - 99 8 Tft* 7* -U 

112 19 1910807 74 l * 73k 73b -b 
_ - 307 0*k 9b TO -k 
-16J J 12 1950 73V) 2J1, 2Jft* -b 

.72 7S - 176 23b 23 23 -b 

_ - - - ... - 14 727 Aft K) 9b »li 

av*34k A&kttl .12 -3 47 9025 4311 0V, 421* -1 
28k 20k MctaPfr ISO 5J 13 2334 28 27ft 27b Jt 

5 15 41) MflittiKs 86e J i 246 11"* HU lib +n 

to 1 4ft, Moore .94 6J 16 2347 ISb 15 15V* .* 

to 9fx fltagGf 1.116 8S - 439 13V* lift* 12ft. -U 
ig* Wt MorsMte* JA 1J 19 1074 25 23ft. 24V.-K* 

S'K ISJ.113 Z 7%i3bdi2k ir?.ft* 

?TO ill* MSOW&5 Sfc 1J 1711863 d WV* 57V* "jj 


T fS Hi flS. ft. 
il 





19ft 11 MorSEm JOe 6,1 
ISb lift MS EMU 1JJ* 8.9 
26k 25b MS Fa 9:00 2JS BS 
iWt 12b MSGtoM Ule 9J 
149* 7V.MS lodta 
0 k 17ft MSRwsta.Me s 


- 1059 13V, 13 13V* -e* 

_ 649 14V* 14U 14V* 4t 

- 125 26V* 26V* 26V* .1* 
_ 221 Mb 14V* M(* -k 

- 1761 71* d 71) ru -** 
— _ . 706 24k 23b 23b -lb 


l»k 92k Mm IU 33 15H«74 117V* I14b H4V*-lft* 


JJC-i. 


9b 5 JAIexandr _ 4 101 5d 4ft* 5 ■ _ I 

Mb Bft JAL SpSI SO 45 81 1070 9d B lb +b 
x 25 JDNlSr 2J0 6S 18 699 30ft* 30(t 30ft -to, 
ZJblOWJLG. JB .1 16 2568 14ft. 13k 14 +V* 

S ‘I 

] £ h S i ~ ™ “ “ 

n Jft 4to JpOTX Jtt 1J - 683 A dfh, 49* Jt 

76ft. Wh JradFfel SOB J — 177 TO 9k 9V*ft* 

UV* MkJFhKna - _ 2083 6ft 6 16 ft* .ft 

85 35b JeffrGa JO J 16 223 84 00 83V* .'/* 

f*k 5U6 XgP H IM 23 U 763 75b 73ft* 73ft* -(* 

’»( SESj S3* 4| 7 g9 l5k“ ITft] lS* -ft* 

]3ft* TOareMrar.u IS II g ioft loS iovI -b 
“16 « -f^n JB IS VT jjB* 65ft* 44b 65V* -ft* 

fcESS* 1 - « 

K LM A9e 1 A 1 m 35ft* 35VS 3Sb -IV* 
Kmart _ 2116051 17* 17 12 -V* 

-2@S3U 53 S3 . -ft 


91k 75ft Manntt 5.00 5S 
56k 49 to MoigodH jjl 5.9 
Mb 8k MonKmid 
7ft 3ft Morrknwi 
,5b 2b MamRxl V I _ 
35b 28ft Martntfdn A IS 
15 4ft Masumo 
28b 6to (WoCtoePwr 
»ft S3W Mofarota JB 
50ft 3 a MueUerind 

"ft W 3ti 
ia.ggap 

'0 8b Mu|T7 5*a SB 
,9k Bto MuiT3 Sla SS 
13ft 1! MttaPrt JO 5.9 
13k 11 MuhPrT2 Js 5.9 
9ft* 8k Muprr SO 6.1 
12V* 10ft Mm#d Jto 5.9 


I16A 

Sft. 

6ft| 

^'1 


Mft*Mud*«n .98 63 

iss&su %n 

3k MnCA2 39c SJ 

StM'SgSlJ 

4ft MoplU .91 S3 


- X7tn 91 92 +1* 

STOtatft 56fttaS4»inJ(. 

18 »7 9ft. TO 9(4 -k 

__ 373 3ft. 3ft 3(* -k 

- 23 Cl JJ>(« TV. ft 

5 13 3731 33V* 32ft, 32"* _ 

- - 309 4V* d4tot 4ft _ 

- 24 1C 2A 23ft* 23»* -to 
.9 31 OT07 59ft* 56b S6b -3b 

14 s >2 49* 44k <7ft* -J* 

- 90 10ft 10 10ft, _ 

- 382 PV* Bto Bto +V» 

» nt n m . 

- 438 TO TO TO _ 

- IM W, TO 9(r» _ 

— Kg TO TO 9Vx _ 

- 705 »UV. 13V* 13ft +ft 

- SO 12k* 17k 12ft* +ft 

- 9k 9ft* _ 

- 514 12 116*116* -V* 

„ 33* 150 15ft* ISd fft 

- !£> J 4V * - 

_ 400 1 5ft 15 15ft* _ 

- 141 15b 15k lift vk 
_ 735 14ft 10V, 16V* +1* 

- 10£> ISV* 15ft 15V* ♦(* 
_ 175*16** 156* 16 V* +t* 



S’SHHIg E 

isli? ^ is is y®! {«2vj* 


r 1.1 a 24 70 X301 44b 


1-74 4J 17 221 3t« 3§t 36ft*+V*| 
““ 73 

IS! 5J II 1217 38V* 32b* 78k Zv* 
Ml .16 S 25 2654 31 ft 79k 30ft -IV* 

-- iw-il 

SS :S«bJ 
«8 :1biSB4 


44ft, J*| 


118 

UV* 9ft Knpl 
76* 7ft ““ 1 
lift 10 
14V* lift 
20ft 17 
13ft 12k 

73V, 47b 
34k 24ft 



57ft 54V* 546* +(* 
4b, 6_ 61* _ 


S8 1J 79 1784 54 57k 536* +6*1 

0,25 fa 





MX ISV* 148 SJ* j5*| 

M a 

1st 4J 15 44S 34 33ft 33b *V* 

Vfi S I 14 ® ^ ** TO 

lJ2f SJ 20 409 33k 33ft 33?* -k 

tuoes 32 IS 3^“ 36 s * a 5 "*.* 
£5oe 3J M 1708 548* 54 Sft J 

B TUnrol ’■ IE 

M»1 STO* sSt* STV*+(* 

g^KSL" I -C 1W 71 * 

7C(* ioft Ketaor JO 8 S I 09 17 lSft uu ’2 

>«* Koer S4e 2.1 10 577 2)1* 70k -]ft 

■S » s; “■ 

S - z'g& ^ fl dk 

I5k Krarec 1.921M 24 k? ito 19 

M 15 ? sil ^ ^ 

a»anCFR 5 

.12 1.1 33 lj<g HW* 1Q(* 10V) Jt 
s 18 74U IBto 10V* 

fib ^ 


» JO 

% £ji 5^2 K* 

1?) Et£ 

Kite ,7 - I s ** 126* J* 

tig HHuaunEW 7 I 1 
44* NolAutDC _ .. 

1-5 2-7 IB 
-X .9 
1J4 19 

- 4127616 2/to Sb -lb 


sasw 

as^g 


23 736 36V* 2SV* 26 J* 
B -ft 


-ft 


iagrSvt 

- >2* 126* 126* J* 

*&&& ®* , a 

!9 Art dSk 599 -ft 

15 ’SS 45 

15 an 45V* 44V* 44b -V* 

? V * -V* 



3M4 23ft 
M14 1TO 


1J0 Is 20 
_ ,- s 3 1902 13 

.Iff 


47k* 44b 46k :■!* 

IL -lb 


10(4 


n* -u 

6v* .ft 

,3b Jt 
ITO 


ss: Sr Sr a 


! «ft «*k+(* 


SV* 4b 

BWL 

32ft 


III 

1 * 

46b ISb 

IBB* 

2A 16 
36ft 24ft 

m 

PE 
k'M 
ssiffi 

‘ 5ft 
Ak 

£ 

Sft mn 

It! « £=K *S =SBSS|S:i£VS 


,™ . Isp-ss , 




?2s 24ft '74ft __ 

1 " fS =5? ^ *£■ -irt 

= g ift -to 

112 7 ' i; 22 44ft 43b 44V* J* 

- 8 ^3^ 32S.3gS*.8* 

I a'sj’ss’ki 


22ft Bft 

saif » 


w ?*5?* ^ 256*-** 

SiBSg' SS-Ki.* 

33 1§S? HD, ITO -r, 

3«kl4 itiirjCpa^? 1J 17 2« fl ^ S*» ilft *-E 

fij ^ & : BSSi : 5 b SS* ^ 


■loe 


- .- W2 18 isb 


- 290 14 15b 15V* Ji 

! - I**. -SI 

4B6* 471* 4| . ' 

1! 14ft IS 

2S“ rt 
Bit tjj 

A >i 8994 SrojR 

05 2JB SJ - MT17 24k 2rtr. SKTlv* 

ft 



102 ( 

£* 1ft NttdR) 


3^358 j bJBiIS 

ABB* 1 *® 

79 21 BagL- - 10 1A34L 

S ig i » os s .. 

3!^ 34 Ji'i ri*+»* 


W » 47»i 99’*.M* 
Ut 111 -V* 
-IX* 306* 3B*u -k 
17X*aiBV. 16ft TO 
52*1 574* S2U -ft 
}£ 2JU Sj-. k Hi, ,1, 
IW 2S>1 is zsu .IS 


♦.ft 

... _,u+t> 

54X* MH SO* 4* 


Continued on Page 18 







VSp 



W\ your business website « 




WWW, pcrtugalc t,ter. ccm 


BUSINESS/FINANCE 


yuur business website ■§ 

Portugal 



FRIDAY, DECEMBER 12, 1997 


PAGE 15 


www. pertuqalcffier. com 


Marty Start to Ask: Why Spend to Prop Up the South Korean ‘Domino 9 ? 


By Clay Chandler 

Post Senice 

WASHINGTON _ South R 
appe^foi- additional financial assist- 
ance tan fee United States and Japan 
has b een delivered with »n implicit 

^ irea ii rf i ^ Jforcan “onomy slide 
into default, and the rest of the world 
economy will suffer, too. 

But on Wall Street and in Wash- 
^ington, the South Koreans’ dire ure- 
7 dicoon eheits mostly shrugs. 

The steady drumbeat of bad econom- 
ic news from South Korea has some 
analysts warning of the dangers of a 
financial “domino effect," in which the 
collapse of the South Korean economy 
would bigger a new round of money 
crises throughout Asia and the rest of 
the developing world. 

U.S. share prices fell substantially 
Thursday amid concern over the fallout 
from the Asian crisis. 

But many investors, government of- 
ficials and security specialists in the 
United States argue that it is just as 
likely that the South Korea domino— if 
it falls — would topple all alone, with- 


out much impact beyond its borders. 

In the event of a South Korean default 
on its international financial obliga- 
tions, “the impact for the United States 
economy would be relatively modest," 
said Moms Goldstein, a senior fellow at 
the Institute for International Finance. 

“There has to be a limit" to the 
amount of international assistance 
available to poorly run economies, he 
said, and “the Koreans already have 
been given more than their share." 

Some have suggested this week, in 
fact, that allowing an implosion of the 
South Korean economy might do more 
good than harm. 

Peter Kenen, a specialist in inter- 
national monetary policy at Princeton 
University, argued that the U.S. Treas- 
ury and the International Monetary 
Fund should pull the plug on the existing 
international bailont to South Korea to 
send a clear message to other emerging 
markets that they cannot expect to be 
rescued from their own mistakes. 

“At this stage, frankly, I think it 
would be better to say we’ll put up $50 
billion for troubled countries that are the 
victims of Korean default and make an 


i 


Untieing AheqJ /Commentary 


Finally, Conn non Sense 
On Spread of Sanctions 

Knee-Jerk Penalties Are Challenged in U.S. 


By Reginald Dale 

/ntmutioiul Herald Tribune 


W ASHINGTON — If you 
don’t like the way a for- 
eign country behaves, hit 
it with economic sanc- 
tions. That knee-jerk reflex has be- 
come so embedded in the American 
political psyche in the 1990s that U.S. 
sanctions nave proliferated way be- 
yond the bounds dictated by common 
sense or any rational analysis of 
American interests. 

An astonishing 42 percent of the 
world's population is now targeted by 
American sanctions far 27 types of 
behavior ranging from terrorism ro hu- 
man rights abases. Best known are U.S. 
government measures against “rogue 
states" like Libya and Iran. But Wash- 
ington is no longer the only player. 

Just as cities and townships de- 
clared themselves nuclear-free zones 
in the 1980s, now cities as big as New 
York and suburbs as small as Takoma 
Park, Maryland, are slapping penal- 
ties on Burma and Nigeria for human 
rights violations. 

Major U.S. allies like Turkey, 
Saudi Arabia and Egypt are next on 
the list. And unlike nuclear-free 
zones, these local sanctions afreet the 
real world — by hurting, not the of- 
fending countries, but U.S. and other 
multinational companies that do busi- 
ness with them. 

It is no exaggeration to say that 
Washington's constitutional right to 
conduct foreign policy and the rules of 
the multilateral world trading system 
are at stake. 

At last, however, there are signs 
that cooler heads may be starting to 
prevail. In a small but significant vic- 
tory in Congress, opponents have suc- 
ceeded in deferring consideration of a 
bill intended to penalize countries 
suppressing religious freedom. 

Legislation has been introduced in 
both houses that would curb some of 
the worst excesses by setting tougher 
conditions for new sanctions and re- 
quiring stricter examination of then- 
costs and effectiveness. The problem 
may still get worse before it gets better 
many more measures are in the 


pipeline — but at least the argument is 
Becoming less one-sided 
Up to now, it has been too easy tor 
dedicated minority groups, such as the 
anti-Cuba lobby, to get their way 
without much resistance. Politicians 
have tended to see sanctions as a cost- 
free alternative to military force that 
helps them look as if they are taking a 

stand for American values and doing 

something." 


Those assumptions are now being 
challenged Business groups such as 
USA Engage, which opposes unilat- 
eral U.S. foreign policy sanctions, and 
the European- American Business 
Council are spelling out the hi gh costs 
of sanctions for U.S. companies and 
for American exports and jobs. Sur- 
prisingly, state and local sanctions 
emerge as particularly damaging. 

Research by the Institute for In- 
ternational Economics has shown that 
U.S. sanctions have become less and 
less effective in achieving their ob- 
jectives in recent years, especially 
when introduced without die support 
of other countries. 

. The opponents of sanctions are get- 
ting smarter. They stress their horror 
of terrorism and human rights abuses 
and insist that tfaezr aim is to find better 
ways to influence countries that per- 
petrate such evils. They agree that 
multilateral sanctions may sometimes 
work, as, for instance, against Iraq. 

Such arguments, phis the flood of 
new business date, help weak-willed 
politicians to resist the moral black- 
mail often applied by sanctions ad- 
vocates. 

But new congressional guidelines 
will not be enough to bring U.S. sanc- 
tions under control. That will require 
much more decisive action by the 
administration — which will have to 
summon up its courage to go to court 
to reclaim the federal government’s 
right to conduct foreign policy. 

Business shonld broaden its anti- 
sanctions coalition, preferably by 
bringing in labor unions, difficult 
though that will be. If it can achieve 
that, the next step should be a much 
broader drive to remind Americans of 
the benefits of free trade and com- 
mitment to the multilateral system. 


EU Says Pact Near 

Bloomberg Nn*‘s 

GENEVA — The European Un- 
ion’s senior trade official said Thurs- 
day that negotiators were near an ac- 
cord to open the financial-services 
industry worldwide as talks aimed at 
reaching an international trade treaty 
entered the final stretch. 

Sir Leon Brittan, EU trade com- 
missioner, said the EU’s Council of 
Minis ters " unanimously supported 
the negotiated position of the EU.” 

Th&e are “still a number of conn- 
tries from whom we seek improve- 
ment, but 1 hope we will be able to 
reach a final deal” ahead of the dead- 
line at midnight Friday, Sir Leon said. 


object lesson of the Koreans for their 
cavalier way of handling all this,” Mr. 
Kenen said In fact, a few U.S. analysts 
said they had already written off the 
South Korean economy. 

‘ ‘The truth of the maner is that Korea 
Inc. is already bankrupt," said Ed 
Yardeni, chief economist at Deutsche 
Morgan .Grenfell 
Inc. in New York. 

“All that’s left to 
do is file the pa- 
pers. This is a zom- 
bie economy.’* 

The South 

Koreans have op- 
tions other than defaulting. One would 
be an additional cash infusion from de- 
veloped countries. But there is little 
enthusiasm in the United States.for ex- 
tending further assistance to Seoul — 
U.S. banks’ and corporations’ lending 
exposure there is comparatively small, 
partly because of the many restrictions 
on foreign trade and investment in 
South Korea: 

As of Oct. 8, the most recent date for 
which data were available, loans by 
private U.S- banks and corporations to 


‘Korea Inc, is already 
bankrupt. All that’s left 
to do is file the papers .’ 1 


South Korean enterprises totaled rally 
$10.6 billion, or 2.9 percent of U.S. 
lending worldwide, according to the Fed- 
eral Reserve. U.S. banks could probably 
write off their South Korean loans en- 
tirely without much pain, analysts said. 

Still, many experts worry that South 
Korea could pose an indirect threat to 

j the United States if 

it were to generate 
new pressures on 
already belea- 
guered financial 
institutions in Ja- 

pan. many of 

which have exten- 
sive business relationships with U.S. 
banks and companies. 

Japan is one of South Korea’s biggest 
foreign creditors, and its banks are 
scrambling to stay above the minimum 
capital levels required by international 
banking standards as of March 31, the 
end of their financial year. 

C. Fred Bergsten. director of the In- 
stitute for International Economics in 
Washington, argued that the link be- 
tween South Korea and the Japanese 
banks lent credibility to the domino 


scenario. He said he could envision a 
calamitous chain of events in which the 
inability of South Korean companies to 
pay ttieir Japanese creditors would 
cause Japanese banks to raise reserves 
by selling shares at home, driving down 
the value of the entire Japanese stock 
market, battering the yen and “sending 
shock waves all through Asia" 

An estimate being widely circulated 
in Japan puts Japanese banks’ lending 
exposure in South Korea at only $24.3 
billion at the end of 1996 — a tiny 
fraction of the $570 billion in bad loans 
now on the books of Japanese banks, 
according to the Minisuy of Finance. 
And some estimates say that Japanese 
loans to South Korea have been pared 
by 25 percent over the past six months. 

“The financial issue has been over- 
blown," Jesper KolL chief economist at 
JP. Morgan & Co. in Tokyo, said. 

“A 1 percent decline in the value of 
the Tokyo property market would do 
much more damage' than having to write 
off Korean loans altogether." 

■ LLS. Chip Firm's Shares Are Hit 

Knlicke & Sofia Industries Inc.'s 




Jan. 1 


July! Dec. 11 Jan. 1 Juiyi Dec. 11 


U.S. Market Share 

Share of sales at mass merchandisers and food and 
drug stores for the tour-week period ended Nov. 9. 

35mm Film 


-FUJI 



Disposable Cameras 
FUJI 


Others 



KODAK 


KODAK 


Source: tntormation Rasounx Inc., Bloomberg 


A Fuji display rack bolding a prominent position at a camera and film store in Washington. 


Thr-Nra fed Turn 


Fuji Builds a Brand as Kodak Fumes 

Aggressive Selling of Film and Cameras Brings Market Share to 19% 


£ 


By Claudia H. Deutsch 

. New York Times Service 

NEW YORK — Camera Land Inc., a 
specialty photo store in Manhattan, sells 
much more Kodak film than Fuji film. 
Bur Fuji’s Endeavor line of hybrid di- 
gital-conventional film cameras far out- 
sells Kodak’s competing Advantix. 
“Fuji offers more cameras at the 

ice points our customers want,” said 
oel Paymer, president of Camera 
Land. 

Not far away, another store stacks 
disposable cameras behind the counter. 
If customers do not specify Kodak, die 
store sells them the Fuji camera. “I get 
the same price for both, but Fuji sells 
them to me for $3 less,” said the owner, 
who does not want his customers to 
know and insisted on anonymity. 

Clearly, aggressive pricing has done 
Fuji Photo Film Co. a world of good. 
Bnt is pricing the only reason that Fuji 
sells so much film? 

Eastman Kodak Co. says yes. It has 
accused Fuji of colluding with the Jap- 
anese government to keep Kodak film 
out of Japan — a contention the World 
Trade Organization discounted a week 
ago — and of waging a price war on film 
in the United States. 

But analysts say a lot more is going 
on. 

“Let’s face it," said Ulysses Y annas, 
an analyst with Mercer, Bokert, Buck- 
man & Reid, “they just have better 
marketing than Kodak.” 

In fact, to hear Fuji teD it, the al- 


legations have done wonders for that 
marketing effort. “They certainly 
raised our visibility here,” said Paul 
Hudak, a vice president for marketing of 
Fuji Photo Film USA. 

What. people see now is a -Japanese 
company that has evolved into an Amer- 
ican manufacturer, with 8.000 Amer- 
ican workers, more than $1 billion in- 
vested in American factories and a 
strategy that clearly works: Fuji's share 
of the $2.7 billion amateur-film market 
in the United States has soared to about 
19 percent from less titan 10 percent a 
few yeans ago. 

Since Fuji entered the American mar- 
ket 30 years ago, it has willingly traded 
huge profit margins for market share 
and has kept its wholesale prices low 
enough that its film could sell for about 
15 percent less than Kodak’;;. But 
Kodak did not cry foul until last sum- 
mer, when the price gap widened to 
almost 30 percent. 

Fuji insists that the price cut was 
temporary, stemming from a one-time 
need to unload excess film after Kodak 
wrested away a plum customer, Price- 
Costco Inc. 

“We have never unilaterally cut 
prices to be predatoiy, but we do let 
retailers make a nice gross margin,’’ 
said Rod King, a general manager of 
Fuji USA . 

Now. Fuji is conducting a marketing 
and investment campaign that could 
make its progress thus far look like 
slow-motion photography. 

Last year it bought the photo-pro- 


cessing labs of Wal-Mart Stores Inc., 
grabbing 15 percent of the processing 
market. It recently started making 
60,000 cameras a day in Greenwood, 
South Carolina, where it already made 
coated paper and videotapes. 

Now Fuji, which has been selling film 
in the United States that it makes in the 
Netherlands, will soon produce 100 mil- 
lion rolls of film a day in Greenwood — 
“and we're talking about adding even 
more capacity,’’ said Mr. King, who 
predicts Fuji will command more than a 
quarter of the American film market 
next year. 

Nor are Fuji's investments confined 
to film. In September, it started Fuji- 
fj lm.ne t, an Internet service that allows 
customers to store or retrieve their de- 
veloped film as digital images. A month 
later, it opened a research subsidiary in 
Sunnyvale, California, to create ima- 
ging software. 

Executives at Kodak, based in 
Rochester, New York, declined to dis- 
cuss their arch -rival, but analysts ap- 
plauded Fuji's moves. 

“The digital arena will grow faster 
than film, and it has no entreacbed com- 
petitors,'.* said Jack Kelly, an analyst 
with Goldman. Sachs & Co. 

Because Fuji USA’s stock does not 
trade separately, few American analysts 
follow it But according to First Call, 
which tracks earnings estimates, Fuji’s 
Japanese parent consistently meets or 
exceeds Japanese analysis' sales and 

See FUJI, Page 17 


shares plunged after the company said 
first-quarter earnings would not meet 
expectations because South Korean 
chipmakers were delaying orders, 
Bloomberg reported from Willow 
Grove, Pennsylvania. 

The maker of semiconductor-produc- 
tion equipment said some orders were 
being rescheduled because of “uncer- 
tainty” among its South Korean cus- 
tomers. 

In late New York trading. Kulicke &. 
Sofia’s shares were down $6.8125 at 
$18.0825. 

South Korea makes about omsthird 
of the world’s memory chips, making it 
a key market for semiconductor-equip- 
ment makers such as Kulicke & Soffa. 

Kulicke & Sofia said earnings for the 
quarter ending Dec. 3 1 would fall below 
an analysis ’ estimate of 38 cents a share. 
In the year-earlier first quarter, Kulicke 
had earnings of $419,000, or 2 cents a 
share, on revenue of SS 1 .8 million. 

The company said it believed un- 
derlying demand for semiconductors 
was strong and that its customers would 
continue to add capacity over the course 
of the year. 

Japan’s Plan 
For Banks 
Gets Support 

Hashimoto’s Promise 
Sways a Major Opponent 

By Stephanie Strom 

New Kurt Tmvs Sfn-icc 

TOKYO — Ryu taro Hashimoto. Ja- 
pan’s beleaguered prime minister, spent 
most of Thursday trying to win over 
skeptics ro a plan ro raise 10 trillion yen 
($77.2 billion') for Japan's ailing bank- 
ing system. 

By die end of the day. it appeared he 
had largely succeeded. 

Koichi Kato, the secretary-general 
of the governing Liberal Democratic 
Party, abandoned his opposition to the 
plan after Mr. Hashimoto promised 
that none of the money, which is to be 
raised through a sale of government 
bonds, would be used to prime the 
economy. 

Mr. Kato had objected to the plan, 
which was proposed by a political rival. 
Seiroku Kajiyama, because floating 
bonds to finance a bank bailout would 
have ran contrary to the government’s 
austere fiscal policy, which includes a 
ban on deficit financing. 

Mr. Kajiyama also had suggested that 
some portion of rhe money raised would 
go toward financing a tax cm or some 
other economic stimulant such as pub- 
lic-works projects, which would nave 
contradicted government policy to cm 
the deficit to 3 percent or less of the gross 
domestic product by March 31. 2004. 

Mr. Kato said Thursday that Mr. Ha- 
shimoto had told an ally of Mr. Kajiyama 
teat tee money raised would be used 
only to fix the financial system. 

The government has said that because 
it intends to use its own shares of Nip- 
pon Telegraph & Telephone Corp. and 
Japan Tobacco Inc. as collateral, the 
plan would nor add to the deficit and 
would not constitute deficit financing. 

Those shares, however, already have 
been pledged to service and redeem 
other government bonds. 

That, taken together with a proposal to 
cut business taxes to stimulate Japan’s 
stalled economy that came out of the 
party’s tax panel Wednesday, may be one 
of the first signals of a retreat from fiscal 
austerity. Previously, the Ministry of Fi- 
nance lias insisted that any corporate tax 
cuts be revenue-neutral, neither enhan- 
cing nor cutting government's income. 

“Within the LDP, there are many 
who are nervous about the stare of the 
economy and think it’s time to open up 
the till,' ’ said John Neuffei, an analyst at 
the Mitsui Marine Research Institute. 

“Hashimoto is changing his stance, 
both on providing public funding for tee 
financial system and on net tax cuts, but 
without being able to change his com- 
mitment to fiscal conservatism,” said 
Mineko Sasaki-Smith, an economist at 
Credit Suisse First Boston in Tokyo. 


CURRENCY & INTEREST RATES 


Dec 11 Libid-Ubor Rates 


i 1 tmi* ^ Sb* iSs P S‘. 

|W 3JQP tZ 2 ur uu 2Ut 1U>‘ 

WS ^ 1$2- K» iMS*l§8 135* \30 1.1B* 

1.7763 19W — am umnuw mos»w« 

i«m — 2*» SS *m man man’KM — 

mum Mtfi ujn EE ** uhus luer im» tua 

173855 UW6 W9W MS* — 1JMS jyj in* 129SH 1-ffll UW 

_ US* LMft UW «"* '*£ U30 U0U- 4BI7 aw* 

JD 7l3tl mi ,2m* .Vmi UBS- inns UB'. — MSI* 

MW 1W2 M Ss MW* — ur tm ‘ 

issffiSjSrs-Biss’ss: 

nkr> of 3 P-« a'/Ctt 

coort&ti TctMrooeeoMc uwwv- 


Dec. 11 

Swiss french 

MBar D-Mark Franc Steftq franc Yen ECU 
, l-JlHJftftl 5ft-S* 3VH.-M lh-1* KA-TMi 3*k'3*» %-l 4H-4jh 
Imnrih 5ft-5» 3% -3* IW-lft 7* -TV* 3*. -3* 

Kioniti Sft-Sft 3*»ft-3«¥* 1*-1» 7%-7fti »-1 

1-fBOT 5V»- f> 4 -4Yb m-a 7*11 ■ TV* 3«Vk - Jim ^ - •ft* 4Vu,-4Vt 

of SI miifion nMuum fur equnafeflO. 


AOL to Bolster Its Cyberspace Presence 


Key Money Rates 


f Dollar Values 
1 P*f* omwer 
pm 0WW Gf*t*drac. 

Mis 1J0M HWIK2L* 
a left. 1 UI 2 HUW.WW 


_ J.IIU 
won 841 


iMtonn** 

Indn. rvptafi 


rfina 35.0? 

nw <4.7725 mwtjsmfe 

ami 34X3 K»* , **r 

tta VJolS Maw-** 


Part 

3794* 

7.7482 

701.64 

39.64 

447000 

04862 

34JS4 

03024 

34272 


Ctmact 

N.ZeokiRdS 

Wont*"** 

PWLptM 

Paten itoty 
pvt KtCtKto 
Wssmtte 


PUTS 

8.131 

14742 

74345 

3545 

345 

18143 

sn?w 

3.7S 

1.638 


con* icy 
5. Air. ml ' 
S.ttor.wM 
SamLtoaM 
Taiwan S 
Tirol Mit 
TWttdiBra 
UA£ i Crti a m 
VtaoLbefiv. 


Pert 
44915 
1 70000 

7J7S 

3140 

4200 

198590. 

UTOO 

50245 


UnHod State 
taCMiftf raft 
Prtntnrt# 

Federal tad* 
fMojrCOsdodon 
Ufrdoy CP dtoftra 
2«a<dft Traaray M 
1-yaar Treasury Ml 

*yearTrea«ryM 

5-year Tnway dot* 
7-yea- Tretnwy oot* 
lO-yeorTtaotwyiwta 
3fry*ar TtoMway taMf 
Menfll Lyadi 30-dfly RA 

iSSS. 

Dtoeewitraft 

CdaMMV 


6MCT "Hoy 

LUO 1.4485 1A4M fSfST 

S5 ««S Mg swtaW * c 

p713 1.7482 I- 7454 


3 MB *May ***■» 

129.11 12&4I 127 M 

1,0319 14276 1.485 


Coo i*^*****£t iSSSSS SuSaSSfe f 


fewnth fatartonfr 
lfr^HrCwtboiid 
Oamwg 
.Untartfraia 
CB8«eoa*v 

1-aoamkdartxmft 

3-hooM Martnk 
tnmmi Marten* 
UhworBMd 


Once 

5,00 

8W 

Sfc 

541 
540 
SM 
5.18 
SJU. 

sir 

549 

543 

500 

S.10 

050 

050 

095 

097 

092 

142 

450 

na 

174 

175 
186 

542 


Prey 

540 

54% 

554 

550 

SJ» 

543 

543 

SJU 

547 

5J0 

4.10 

5.10 

QJD 

049' 

090 

090 

090 

1.94 


UO 
148 
344 
175 
18 b 
549 


Britain 

Bank tew rat* 

7Kr 

TMr 

Can owner 

7V* 

7Vt 

l-Mirtti fcrteifeanfe 

7Vi 

7 Vi 

3-maath ntftrtaiik 

7* 

7V» 

unentti inftrtwrii 

7W 

7ft 

19-year C« 

651 

Ml 

France 

Intervenfienraft 

350 

350 

Cull money 

3% 

3M 

iHHHtbtnteiiHik 

31* 

3 Vi 

3-aiealA tatMunk 

3*4 

Jftr 

6-npntti hitertnum 

3 *4 

3ft 

linear oat 

632 

&4A 


Lynhf%arul lt ^' Tokro.MifauiiiiiiL 
.OraffltjBBnah. 


Bkumberg. MerrOt 

okro.Mltau 


Gold 


AM. PM. Or'O* 


Zurich HA. 28440 -250 

LoKtOC 286.15 28450 -150 

Newraric 28090 78600 -240 

US. daUaaperaiiace. London cKM 

flangs.- ZttfCA one New York qf snlng 

ana dttsfce wtos Mew Writ Corns 
ffebj 

SeunoKflwfBs. 


By Rajiv Chandrasekaran 

Wr jhMgwn Post Service 

WASHINGTON — With America 
Online Inc. becoming increasingly de- 
pendent on on-line advertising and mar- 
keting deals to cum a profit, the com- 
pany announced Thursday that it would 
embrace tee tens of millions of cy- 
berspace users outside its subscriber 
base as a way to increase traffic. 

At the large Internet World trade 
show in New York, AOL unveiled a host 
of changes.in its World Wide Web site. 

Company executives said they 
planned to use the site to offer non- 
subscribers more content — along with 
ads and electronic storefronts — from 
AOL’s proprietary service. The re- 
vamped site also will offer special fea- 
tures for AOL subscribers, including the 
ability to check their electronic mail 
without having to use AOL software. 

The on-line service has long restric- 
ted most of its technology and content 
— news reports, message boards, en- 
tertainment offerings and the like — to 
subscribers who pay as much as $19.95 


a month and use special software to gain 
access to the material, a strategy that has 
helped AOL increase its base of sub- 
scribers to more than 10 mihion. 

The announcement Thursday in- 
cluded a deal to increase distribution 
over the Internet of AOL’s electronic 
conversation software, which provides 
the company another way to flash ads at 
users, executives said. 

AOL began this Internet push in Oc- 
tober with tee release of Entertainment 
Asylum, an on-line site about movies, 
music and television that is available bote 
on the proprietary service and on the 
Web. On Monday, the company released 
another site wite deal availability — 
Electra, which focuses on women’s is- 
sues. Early next year, the company plans 
to release Web versions of its Digital City 
service, which offers local news, per- 
sonal ads and entertainment listings. 

The effort to get more content on the 
Web is intended to help AOL compete - 
for users and advertising with Internet 
search services such as Yahoo Inc., Ly- 
cos Inc. and Excite Inc., which also offer 
news, sports scores and chat rooms. 


AOL’s need for advertising revenue 
became crucial after it switched to flat- 
rate pricing last year. A bigger presence 
on tee Web could make AOL more 
lucrative to advertisers, analysts said. 

The company plans to increase the 
distribution of its Instant Messenger 
software, which allows Web users to 
send brief, immediate messages to oth- 
ers who are logged on ro AOL’s net- 
work or the Intemet. 

This month, AOL plans ro start re- 
leasing an updated version of its pro- 
prietary software, which more closely 
integrates Web browsing. The company 
initially will offer the software to 
500,000 to 1 million of its 10 million 
customers, to prevent network conges- 
tion as users txy out the new features, 
said Barry Schuler, president of creative 
programming for America Online's 
AOL Networks division. 

The company also is working on a 
subscriber service called AOL Direct, 
which would automatically deliver cus- 
tomized information to a user's com- 
puter screen. That software will be re- 
leased by mid- 1998, Mr. Schuler said. 









Page 16 


il nvestor ’ s America 

igEraanafawi PM ■ . i 1 


**faatMi JtMl ■fcfculf:- JT^KjnaLfcLiv't 1 



H^jwr r i in i m — i i nr r 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 12, 1997 




THE AMERICAS 



Source: Btoamberg, Reuters 

Very briefly: 

• Caterpillar Inc agreed to buy LucasVarity PLCs maker of 
off-highway diesel engines, Varity Perkins, for $1.32 billion. 

• MascoTech Inc will make a tender offer within five 
business days for the 63 percent it does not own of TriMas 
Corp. The maker of custom-engineered industrial products is 
offering $34 JO a share in cash, or about $900 million, for the 
producer of metal fasteners. 

■ Amtrak’s president, Thomas Downs, resigned unexpectedly, 
and sources cited a history of disagreements between him and 
Amtrak’s board culminating in a dispute over his handling of 
labor negotiations with track-maintenance workers. 

• J.C. Penney Co. plans to open 30 separate furniture and linens 
stores by the end or the year, as the department-store company 
seeks to free up space in its traditional outlets for clothing. 

• Anheuser-Busch Cos. plans to' appeal to die Federal 
Tribunal, die top Swiss court, a trade tribunal's ban on the 
brand names on its Budweiser beer on the grounds they might 
lead to confusion with die beer from the Czech brewer 
Budejovicky Budvar. 

• W.R. Grace & Co. said it had developed a chemical foam 

that could turn asbestos fibers in fireproofing material into 
various harmless fireproof minerals. AP. WP. Bloomberg 

Avon Calls on a Man for No- 2 Post 

The Associated Press 

NEW YORK — Avon Products Inc. on Thursday nam ed an 
outsider as the heir apparent to chief executive James Preston, 
bypassing the lop three women on its management team. 

Charles Perrin, former chief executive of Dnracell In- 
ternational Inc., will take over as deputy chairman and chief 
operating officer Jan. 5. He is expected to succeed Mr. Preston 
as chief executive in mid-1998. 

The news followed speculation that Avon would name either 
Christina Gold, a vice president; Susan Kropf, U.S. operations 
chief, or Andrea Jung, global marketing president, to die job. 


Yen Weakens 
AsMarkeiFatt 
Hurts Dollar 


Bloomberg News 

NEW YORK — The dollar 
dropped against European curren- 
cies Thursday, hurt by the drop in 
the U.S. stock market. 

“When U.S. asset markets are 
under pressure,' we tend to see die 

FOREIGN EXCHANGE 

dollar do poorly,” said Michael 
Faust, a bond manager at Ballard, 
Biehl & Kaiser. “There’s uncer- 
tainty about what effect problems in 
Asia are -going to have on U.S. 
companies. People are assuming the 
worst, so they’re selling U.S. 
stocks.” 

The dollar fell to 1.7615 Deutsche 
marks in late trading firm 1.7875 
DM on Wednesday, to 5.8981 
French francs fromS.9830 francs and 
to 1.4245 Swiss francs from 1.4462 
francs. The pound strengthened to 
$1.6570 from $1.64^2. 

But the dollar edged up to 129.825 
yen from 129.400 yen on expecta- 
tions that stock-market and currency 
declines across Aria would hurt Ja- 
pan more than the United Stales. 

Traders sold dollars for European 
currencies, however, amid specu- 
lation that US. corporations will be 
haft more by deeming stock mar- 
kets and tumbling currencies in Asia 


Technology Issues Can ? t 






Bloomberg News 

NEW YORK — ‘ Technology 
stocks continued to straggle Thurs- 
day amid worries that economic 
trouble in South Korea was likely to 
hurt semiconductor-equipment 
makers the most 
Applied Materials, Hewlett- 
Packard and Intel led die drop, and 
the technology-freavy Nasdaq com- 
posite index closed down 38.07 
points at 1,558-54. 

' Customers in South Korea and 
elsewhere in the region ‘ ‘don’t have 
any coital,” said Gary Kaminsky, a 
portfolio manager a£ Cowea & Co, 
Mir. Kaminsky said his company 
was combing its portfolio to make 
sure companies it owned were not 


-too vulnerable to Asia’s woes. 

Companies such as Compuber 
Assodates International and IBM. 
in' which Mr. Kaminsky, owns 
shares, can get more sales in other 

U.S. STOCKS 

regions to make up for Asian woes. 
Apple Computer, meanwhile, will 
be hurt because it got 50 percent of 
its sales from overseas m the last 
quarter; with much of that coming 
from Japan and Asia. 

Applied Materials gets nearly 60 
percent of its sales from die Pacific 
.Rim hi the fourth quarter, 23 3 
percent of Applied's sales came 
from Japan, 8.5 percent from South 


Korea and 24.5 percent from other' 
Asia/Pacific economies' including 
Taiwan, Southeast A&*hd C&ria. 

Applied Materials vras tbe&nfrst 
actively traded stoc^.clbsm£daw» 
4 7/16 at 27 5/16- 
■ Peisonri-computennakers’riiies 

and Apple feff 3/16 6T49/T&-? " - 
.* Computer-related ; ri^ 


"omyhas.a Targe appetite forJSgh- 
bech products. Hewlett-Packard, for 
example,- gets more sales in Korea 

< ■ < ' >TL^I J T ■ InnMIn ' 


financial crisis startofinTha^and in 
July. The regpon istiee ofthe fastest- . 
growing ' markets, for computers, 
netwc^^^ocfoct^softwmfe and 

• South Korea is ’particularly im- 
portant became its advanced ecoo- 


'V tfam ir does- in Thailand, Indonesia,! 
•The Philippines and: Malaysia com-? 
bined, according to-Bill 'Milton at. 
Brown Brothers Hairiman & Co.! 

JHewlett-Padrardfen 2% to61^- 
■ Intel, the warid'sb^gest outer of : 
microprocessors, gets about 23 per--’ 
Cent of its sales from Aria. The re- 
gion aooomts for about one-quarter ‘ 

7 of all PC sales and almost half of all-. 
ssmoonductK 1 ' sales. Intel closed 1 
: down 2% at 71 13/16. 

Quantum fed 3% to 19 15/I6aften 
the disk-drive maker wanted that 

thwri-mia T tqr earnings would be fatUt . 
by faffing- prices for PC hard drives. 


Facing Censure, Venezuela Finance Chief Quits 



* “The sense is mat the U.S. is 
more tightly tied to what’s going on 
in Asia than Europe,” said Seth 
Cohen, head of currency sales at 
Union Bank of Switzerland. 
“There’s a free fall in some of these 
markets, and the stakes are rising in 
foeU.S” 

Still, the mark may weaken in 
coming days on expectations dial 
Europe may be just as vulnerable 
from its exposure to Aria, econ- 
omists said. 

Asia accounts for about 30 per- 
cent of all of Europe’s trade outside 
its own region — dose to the U.S. 
figure, according to economists at 
Chase Manhattan Bank. 

“The argument that Europe will 
be hurt less than . the U.S. is a mis- 
representation,” Mr. Faust said. 
“Europe has plenty of exposure to 
some of the same countries — if not 
more — in terms of loans and trade 
as a percentage of gross domestic 
product.” 

With cunendes of many of Ja- 
pan’s closest trading partners and 
competitors tumbling, Japan may 
have little choice but to let the yen 
weaken. A foiling currency lowers 
die price of a country’s exports. 


Gtifl iV by Ow SegFnm DbpetJiB 

CARACAS — Luis Rani Matos 
Azocar resigned Wednesday as 
Venezuelan finance minister, a day 
before Congress was to vote on a 
motion that could have led to his 
removal Industry Minister Freddy 
Rojas Parra was chosen to replace 
Mr. Matos Azocar, who was appoin- 
ted finance minister. in March 1995. 

“I resigned because I wanted to 
avoid further conflict between the 
executive and legislative branches 
of government,” Mr. Matos said 
after the weekly meeting of the 
Council of Ministers. Ivan Sanoja. 
who served as Mr. Rojas’s deputy, 
will become industry minister. 


Mr. Matos was scheduled to face 
foe second motion of censure in less 
than a month for his alleged role in a 
$9.5 million payment to Samaria 
S A, a dummy company, in 1994. 

A censure motion filed last month 
over bis role in arrangin g a $4 billion 
swap of Brady bonds fo&d to receive 
foe' necessary two-thirds support in 
Congress. Bradys are bonds issued by 
governments in developing countries 
and are partly backed by U.S. Treas- 
ury bonds to make foam more pal- 
atable to Western investors. 

Most political parties applauded 
foe resignation. Jose Alboimoz, con- 
- gressional leader ofthe leftist Coun- 
try for AH party, which had pro- 


posed an impeachment vote of Mr: 
Matos for Friday, said that foe resig- 
nation was good for Venezuela, tat 
foot investigations lido foe 1994 
fraud ease would continue. 

■' Democratic Action also wel- 
comed foe move, whfl&hinting that 


Matos- The party plunged m opinion 
polls after it atatajned-frmn.foe 
earlier vote to remove Mr. Matos: . 

(My foe goventmeatparties Na- 
tional Convergence and Socialist 
Movement regretted Mr. Matos’s 
resignation, blaming a “destructive 
minority” in Congrcsaanddefehd- 
ing Mr. Matos's record. ' 


Mr. Matos and-Plarming Minister' 

Teodoro Petfcoff led government ef- - 
facts to cut foe budget deficit. Bat 
Mr. Matos was seen by many ana-' 
lysts as less committed to tire gov- ' 
emmenfs pro-business policies 
than Mr. Petkoff. . 

Mr. Rojas, seeking to reassure^ 
foreign investors, vowed to contin-" 
ue his predecessor’s policies. “This 
has no impact whatsoever oil foe 
toahtry’s economic policies,” said 
Elena Castro; an analyst with Caspi- 
an Securities in New York “Inis 
should haye no impact on foe mar- 
ket; as Rojas Pana is in line with foe 
government's economic policies.” ' 
( Bridge News, Bloomberg) 



Burger King Aims to Be Lord of the Fries 



Lytmy AOSaaafthc Amrdoad tocm 

A customer in New York sam- 
pling foe new line in French fries. 


By Constance L. Hays 

New York Tima Service 

NEW YORK— Taking aim at its arch-rival with a 
French fry. Burger King has introduced a $70 million 
advertising campaign that trumpets its new fries as 
“the taste that beat McDonald’s.” 

As part of the campaign, all Burger Kings that are 
participating in the campaign in foe United States wfll 
give away bags of French fries, in the smallest size 
available, on Jan. 2. 

Burger King also bought the rights to use Mr. 
Potato Head, the children’s toy. from Hasbro Inc. for 
an undisclosed sum. Burger King plans a marketing 
tie-in with the toy beginning next month. 

Chuck Ebeling, spokesman for McDonald’s Corp., 
said Wednesday that his company’s fries remained 
foe top sellers in foe country, and he foresaw no 
change. 

“We’re used to it when others try to play catch- 
up,” he said. 

The fries-focused campaign istbe latest effort by 


BurgerKing, a nnitrof Grand Metropolitan PLC of 
Britain, to erode McDonald’s dominant market 
share. In August, Burger King introduced foe Big 
King burger to take on McDonald’s Big Mac. Burger 
King’s share of the U.S.. fast-food market rose a 
percentage point, to 192 percent, while McDonald’s 
sbaresiipped 0.4 point, to 415 percent 

Mike DeRosa, the president of the National Fran- 
chisees Association, said franchise owners around 
tiie country -were enthusiastic about fhe new French 
fries, even though they will not be reimbursed for the 
fries they give away on Jan. 2. 

“It’s like buying media,” said Mr. DeRosa, whose 
restanrant is in Eau Claire, Wisconsin. 

The new fries are treated with potato starch in way 
that forms a crisp coating as they emerge from foe 
frying machine. The new fries cost more to produce, 
said Jim Watkins, vice president of marketing for 
Burger King North America. He wonld not say how 
much more but added that prices at restaurants were 
not expected to rise. Instead, sales volume is expected 
to male* up foe difference. . 


U. S. STOCK MARKET DURY 


INTERNATIONAL FUTURES 


Thursday's 4 P.M. Close 

Tl«a 300 most traded state of the day, 
up to the dosing on WaB Sheet 
Tfie Associated Pwss. 


Mb 


In 1 

LdM 1 


Ml 

»• 

30 

20ft 

-ft 



5k 

1 


s 


2M 

IM 

Ml 

114k 

-k 

•lk 

2S5 

1ft 

1ft 

♦ft 

JU 

ll'l 

lift 

nw 

-ft 

fS 

lk 

k 

1 

» 

ift 

m 


975 

» 


UA 

TS 

t 

Jft 

-1ft 

*tw 

r.k 

ift 

ift 

-ft 

341 

|9k 

in 

in 

-ft 

as 

ift 

A 

4ft 

_ 

2ft 

2A 

» 

-ft 


1'* 

1ft 

■mi- 

1*» 

urn 

JEi 

nk 

ss 

D*. 

Wft 

un 

KM 

12k 

m 

ft 

993 

urn 

M 

St 

-ft 

sn 

1711 

Ilk 

-m 

w 

am 

17k 

lm 


548 

SH 

s 

»* 

<1 

1U 

e 4 

4 

4 

•k 

73? 

V* 

M 

Z 

-ft 

487 

urn 

( 

-19 

421 

r- 

21k 

ft 

3315 

m 

1ft 

r*» 

-Ik 

«H 

in. 

17k 

in 

ft 

154 

» 

35 

Wk 

Jft 

1174 

m 

Wk 

10 

ft 

304 

4» 

4 

ift 

-ft 

W» 

2ft 

1 » 

2 

-ft 

in 

7ft 

2*i 

r- 

ft 

BO 

M 

« 

M 

ft 

M2 

lift 

IS 

15 

■ft 

sn 

7 

4W 


-ft 

117 

1ft 

Ift 

lk 

ft 

157 

Ift 

M 

4k 

-ft 

4H 

19k 

Wk 

79k 

■k 

344 

fi 

4k 

5 


515 

«W 

ft 

7Tm 

-5 

111 

4-1 

A* 


-ft 

1111 

M 

1 • 

Ih 

■1 

514 

n* 

27k 

W.1 

- f -* 

Mi 

r. 

94Bk 

Hk 

-1*. 

■n 

34V* 

JBl 

in 

-*■ 

191 

Pi 

3ft 

3ft 

-ft 

E4 

ft 

N 


ZB7 

5k 

5>a 

If 


394 

aft 

aft 

a * 

-k 

U7 

i>. 

lk 

jk 

ft 

467 

ik 

m 

ift 

ft 

854 

2IJ9 

am 

a 

ft 

1C9J 

» 

ft 

ft 

ft 

3414 

»<■ 

7ft 


1 

499 

Jft 

(ft 

Jk 


993 

lift 

17ft 

IT* 

— '* 

2744 

B 


am 


2357 

2*y 

29ft 

29 

** 

171 

79k 

Ift 

.ift 

-ft 

120 

11 

ilk 


J9 

790 

19. 

WH 

19 

-*l 

144 

ir. 

17ft 


ft 

10*5 

I3> 

17k 

129, 

■ft 

3M 

41 

4* 

lAa 

-8*3 

214 

JV» 

n 

« 


*29 

2 p 

im 

2 

ft 

« 


*■ 

ft 


223 

n 

Tft 

£l 

-'k 

319 

2*i 

2ft 

7ft 

-ft 

19 

F* 

SI . 

sn 

ft 

S3i 

UM 

14k 

u>. 

-'1 

294 

r. 

7. 

r. 

• T, 

397 

9ft 

9ft 


-k 

244 

ilk 

17k 

IT. 


177 

ft 

ft 

ft 


94! 

411 

4*1 

i 1 * 

ft 

432 

3 

!■> 

11 


1447 

— 

•k 



322 

2ft 

Ift 

Jk 

ft 

£ 

Z>, 

36* 

7*i 

35-1 

.2*. 

14k 

ft 

300 

fk 

91 

s 

■k 

in 

19ft 

Wft 

10k 


Ui 

k 

ft 

ft 


M 

17-., 

Wk 

Ilk 

■a 

% 

2>l 

«o. 

2ft 

M 

Ift 

Rh 

-'k 

1a 

UA 

Iff* 

Wk 

*.» 

IJR 

— 

ft 

ft 


% 

lm 

1ft 

in 


Wk 

17k 

11 

ft 

>91 


IM 


-n 


IS* 

T» 

IS* 

3 

»»• 

am 

•k 


IH 

ir. 

1ft 

U4 

4k 

Wt 

-1 

1*23 

Hi 

49. 

7 

ft 

5G» 

n. 

7* 

7k 

•'k 

15 

TTk 

203 

»4 

-ft 

ns 

44 

41ft 

41U 

4*1 

4E4 


Ik 

7k 

-A 

117 

if* 

4*1 

,i»h 

-la 

134 

17* 

K- 

l!k 

-k 

1421 

urn 

12' > 

nm 

-n 

130 

» 

V* 

25'* 

-i 

ltja 

4 

Pft 

lk 

-k 

217 

an 

Wk 

Hi* 

-'* 

379 

1*7 

ini 

1M9 

ir 

•% 

urn 

17k 

11 


w 

»: 

20 

s 

2k 

a 

!P« 

irk 

5“ 

«'i 

M 

in. 

ini 

M". 

->i 

194 

U'» 

U* 

IT* 

49 

l» 

Ki 

7. 

if 

4. 

,2 & 

7ft 

7* 

71k 


IM 

2*7 

^k 

Jft 

•'» 

47) 

H 

ft 

V. 


IS 

21* 

27k 

an 

ft 

4Q 

sr: 

Ift 

in 

11 

rt? 

1 

k 

ft 


n 

41 

Sl 

4 ■ 

•1* 

39*3 

lk 

Tm 

A. 

-'t 

149 

7 

H 

II 

4f 

IB 

». 

Wft 

tfk 


1W9 

1*9 

3. 

I'l 

Wk 

Jh 

-27V, 

4n 

113 

12*9 

11k 

lift 

•k 

(29 

7> 

7ft 

2ft 


.3541 

Vi 

Sft 

9, 

•*1 

15047 

33k 

an 

Bk 

1- 

SU 

3*9 

3ft 

Ji* 

■Jk 

w 

'« 

k 

u 

•*-t 

lffl 

Ik 

1*9 

Ik 

■'k 

m 

4* 

4 

4*. 

ft 

274 

49 

4*9 

4*1 

ft 

« 

2Tl 

JP« 

2m 

it 

m 

lift 

Hi 

4k 

Ilf 

4A 

Hi 

it 

•k 

m 

lift 

HA 

*4ft 

-k 


Iffl 

9*9 

ffl 

•ft 

Ip 

ir. 

Ilk 

17 

Ifi 

7: 

7*. 

■n 

• k 


Sntal Htfl Lot UM CUV 

154 • Jk lk 

110 I79k 17 1711 41 

9» nr». 19 m -Ik 

£ ift. & 40ft *£ 

1722 4 3* 3ft ft 

n ft Ih M 41 

:« »(« * » 4m 

ui Jim » 4m 

J im lm lm 

7Y. mm wm »ft 

ft <m m -ft 
■u ft m ft « 

02 ft 1 • 1* _ 

« n n i 49 

W W » M *« 

w iH n w -m 

no 20 Vj 20im 271 

« !'• 1 » *19 

427 *4 m at -m 

12* ft ft ft -ft 

ISO ft ft ft 

167 ft ft ft 41 

ISO W 3ft Jft ft 

437 1 A ft -ft 

767 S*. ft Fk 49 

571 Btt E 3ft *2 

■7 ft M Ik -ft 

270 1119 in 13* ft 

170 Art 4Jta -1 

S2S 1*4 1ft TM -ft 

MS lift 11 Ilk *ft 

m ft k k 4k 

127 5ft Oft 3ft -ft 

on ft ih 4k 

« k M 19 -k 

492 4V* 4*h 4ft -A 

2199 9ft 9ft 9ft -ft 

M a M W 49 

in rm t. 9 ift -*w 

in lift un 13*. -ft 

4B n Ilk <D> -2 

» ■* 9k •» - 

133 Xft S>1 XM »« 

a n m n _ 

Ml* 1*1 1ft Ilk 49 

4H0 lift lift Hft -IH 

v m n 4* 

U7 19 M r* 

211 2A 2* 219 49 

141 1U9 2M> 7IH 4 

474 7U 7ft 71 -9k 

30D 17ft 16k MU -1 

» 3D-1 2T4 20ft 4* 

* 39 1» J ft 

441 7ft Ik 1 ft 

in ran m. in -ft 

SI' ill 44 4k 

3979 27*1 2MI I7k -ft 

33 ft ft 1« -ft 

4H 1ft 1 1ft 4k 

192 JSft 2V9 251k -ft 

a »i » ft ft 

177 Sft 5ft S* -ft 

m IS W IS -49 

in i»ft lm wm -ft 

237 1ft I 1A -ft 

;«TO 3.1 2k 2ft 

MB 7ft 719 7ft - 

stx i< m m -ft 

a I ft *»9 

1194 ft ft « 

in Ik Ilk 11k 

741 77*9 77 17 44 

m in » ll -ft 

454 1 1 1 -ft 

u m ft » 

111 9 174 W 4k 

163 It'll Wt 10ft -<4 

74) *| ft Ik 

*11 4*» an 4 ft 

201 Sk n 5k 

lEnnA- 
24 B ill J 14 » 49 

M 29 *9 9 9 - 

295 9 27 k snt ft 

a? lift in* m -v. 

771 10 ft ft 49 

19 » 1 “ -ft 

1400 IV; Ift 14k 

4S4 fft f m -ft 

ac 19 Ilk Wk -ft 

19 (, ft . 

4E II It H 4 

m 6ft 09 «l *fk 

M0 J 1*4 lk ft 

915 Ilk Ilk Jft 

12? TTt 21A lift -Ik 

in ft « ft -ft 

141 Wk Mft 109k 44 

513 l*k 14 14 41 

210 I | 9 

491B 95ft 9 Wb 4H 

1451 UU1- 43A, Uft ft. 

79 71 141. W, 

142 Ift 4 k 6 H fit 

399 2 ft 2 ft 2 ft 

IB ‘ 2*1 Ift 244 -ft 

177 Wk 40 k 4)9 ■« 

177 33 * un 13 A .lk 

309 2 JVj Hft *ft 

139 4 3*1 4 *» 

in in »9 Wk -ift 

HZ 7 45 . 44)9 44 k 4 fc 

19 ? 5 *k Bk Jft *** 

in ift l .ift ♦» 

531 14 V. IS- 149 k -ft 

ra an » si -h 

4 H Uft 15 ft 15 ft -** 

I 1 JB Jl. 3 ■ 3 V. -ft 

se ir; in uw *ft 

9 M ZiH 3 » 329 k -ft 

Sl 10k n H -fk 

121 in w toft -ft 

(U 0 k (ft n -m 

sh mi n n -w 

234 23 ft 2 H 9 22 ft -ft 

112 Mft 10 19 -ft 

1585 1 ft H. lit ft 

is n in n -jft 


(Oft 17 ft 
28*9 34A 

Ift 1ft 
2ft r-a 

9*7 lk 
*ft 91» 

Sft S’*! 

14‘k in 
34 lift 
34>a 14ft 
ft A 
<4 ft 
1 «. lift 

lift 17ft 

19 4 k 
**i 9W 
15 k Mft 
jjjl IIV. 

10ft in 
5ft Sft 
7 A r, 

-■ 9 


lM* 

15 ,5 

44ft n 
13kk -ft 

30 V. -15 


Nasdaq 


Market Sates 






























INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 12, 1997 


PAGEIT^JS 


( 


f 


! Z 


! i 


ASIA/PACIFIC 


TT 


Under IMF Umbrella, Philippines Weaihers Asian Storm 


By Edward A. Gargan 

New York Tints Service 


MANILA — Christmas roars into 
the Philippines with sacks of red 
ribbons and plastic fir trees fes- 
tooned in frosted and glass 

bulbs. Streets are la the red in stars. 



tropical humidity. 

Determined not to be left out, the 
Philippine central bank on Roxas 
goufevard has draped its office 
block in a lighted display of its own: 
four mammoth charts tracking the 
country’s inflation rate, foreign-ex- 
change reserves, economic growth 
and rate on 91-day Treasury bills. 

Merry Christmas! 

Indeed, in the Philippines, long 
regarded as a comedic, boisterously 
democratic laggard, the turmoil af- 
flicting other Asian economies h 
left many people feeling a bit more 
merry than 'usual. The thunder of 
collapsing banks and. the cracking of 
economic hubris elsewhere are even 
making Filipinos a bit smug. 

The Philippines has seen its cur- 
rency and stock market fall in recent 
months, but it. has not experienced 
the banking and real-estate chaos that 
has afflicted other countries in East 


Asia. Unlike Bangkok and Jakarta, . 
where cranes stand frozen over 
dozens .of abandoned building sites, 
Manila is a hive of construction; with 
occupancy rates in the business dis- 
tricts at about 98 percent; the thirst 
for new buildings re mains strong. 

•While Bangkok’s projected light- 
rail line is just a procession of silent 
concrete pillars, workers swarm 
over the site of Manila's new over- 
head light-rail line. 

The Philippines has proved die 
exception mainly because it has not 
tried to leap ahead as rapidly as its 
neighbors, taking a conservative 
tack at least partly mandated by the 
International Monetary Fund. 

“There’s a bit of truth to die case 
of the turtle and the hare," said 
Washington SyCip, 75, the founder 
of the country’s largest insurance 
conglomerate, SGV Group, and the 
man widely regarded as the dean of 
the country’s financial sector. By 
moving slowly, he said, the nation 
did not “make all the mistakes of 
our neighbors." 

Foreign investors, rather than 
shying away in alarm as they have 
elsewhere in the region, are still 
craning in. 

While countries across East Asia, 
from Thailand to Indonesia to South 


Malaysia Files Charges 
Against Credit Lyonnais 


By Thomas Fuller 

Intenuiional Herald Tribune 

KUALA LUMPUR — Three 
months after Prime Minister Ma- 
hathir bin Mohamad warned that he 
would p unish speculators hurting the 
Malaysian economy, authorities 
Thursday charged die securities arm 
of Credit Lyonnais with short-selling 
the stock market, a criminal offense. 

A trader with CIMB Securities 
Sdn., a company based in Kuala 
Lumpur, who is alleged to have ex- 
ecuted the order for Credit Lyonnais 
Securities (Asia) Ltd. in Singapore 
was arrested on three charges of 
short-selling and released on bail. 
The charge carries a maximum pen- 
alty of 10 years in prison and a fine 
of 1 million ringgit ($274,000). 

Credit Lyonnais and the broker- 
age both denied the charges and 
vowed to fight the action in court 
The charges are the latest move in 
a four-month campaign by Mr. Ma- 
hathir against foreign investors, 
whom he has repeatedly charged 
with destroying the economies of 
Southeast Asia by dumping shares. 

Short-selling, which tends to put 
downward pressure on die market, 
was allowed under certain circum- 
stances until Malaysia banned it in 
late August in an attempt to prop up 
a falling stock market 
But the restrictions caused stocks 


to plunge farther as foreign in- 
vestors became infuriated at the 
change of rales. 

Analysts said the decision to en- 
force the short-selling law could 
keep foreign investors away from 
die Malaysian market because it 
could be seen as singling out a for- 
eign company over a relatively 
minor offense. 

The charges filed Thursday relate 
to three deals dial took place before 
die ban on short-selling was an- 
nounced. 

The transactions involved have a 
total value of about 1.4 million ring- 
git, according to the Beraama press 
agency. 

The mam stock market index fell 
7.89 percent Thursday, bringing the 
drop in Kuala Lumpurso far this year 
to nearly 70 percent in dollar trams, 
making the exchange one of die 
world’s worst-perfomiiug markets. 

The charges are yet another blow 
for Credit Lyonnais, which in recent 
years has slid from Europe's biggest 
bank to a debt-laden basket case. Its 
Asian business, however, had been a 
bright spot for the Reach company. 
Last tyear, the bank ’predicted its 
Asian asset-management arm would 
double its portfolio within 12 
months. 

John Leonard, European banking 
analyst at Salomon Smith Barney in 
London, said, “At least before the 


Korea, are begging die IMF to res- 
cue them, the Philippines is toying 
with the notion of leaving IMF su- 
pervision this month after 34- years, 
having met the Fund’s targets for 
economic stability. 

“We learned our lessons much 
earlier, and the past five years have 
been a time of resolute and per- 
vasive correction and reform," 
President Fidel Ramos said during a 
visit to die United States last mouth. 
In the Philippines, he said, “we 
have felt the lash of the turmoil, 
although we have not been guilty of 
die mistakes" made by other Asian 
countries. 

In a sense, it hardly matters 
whether Manila leaves IMF super- 
vision; the mere discussion of such a 
step sets the country apart from its 
neighbors and provides evidence of 
an economy distinctly better off 
than die savaged ones nearby. 

In some ways, the Philippines has 
mimicked the problems dial sparked 
the Asian crisis. The peso has 
plunged nearly 30 percent in value, 
and die Manila stock market, per- 
haps because many outsiders fail to 
distinguish it from its neighbors, has 
tumbled about 35 percent since July. 
On Thursday, the market’s main in- 
dex was down 4.93 percent, closing 


at 1,875.63 points. 

. The Philippines has resisted the 
impulse to erect the world’s tallest 
building, to manufacture a “nation- 
al" car while imposing high tariffs 
on competitors, to build a “nation- 
al” airplane or to plan a new capital 
In short, it has eschewed the hubris 
that has infected many Asian “ti- 
ger" economies.' 

“We have, liberalized the econ- 
omy,” argued Victor Limlingan, a 
senior professor at the Asian In- 
stitute of Management, a leading 
business school. “There are virtu- 
ally no tariff protections. What’s 
saving us is the liberalization pro- 
gram. Growth has spread out” 

Virtually all economists agree that 
decades of IMF supervision nave set 
the country's economy firmly oa 
rails leading to. steady but unosten- 
tatious growth. Id the past six years, 
under Mr. Ramos, tbe government 
has divested itself of everything from 
the national airline to electric power 
systems, banks and water supplies or 
is in die process of doing so. . 

The government’s budget is in 
surplus, and sweeping ref rams that 
would simplify the tax code while 
increasing revenue are on the brink 
of passage. And in contrast to Thai- 
land, where banks are straining un- 



S law bnba^ttffheAvnoad Pm 

HELPING HAND. — Deputy Prune Minister Nguyen Manh 
Cam of Vietnam, left, meeting with Andrew Steer, a World 
Bank representative, about financial support for Hanoi 


crisis erupted six months ago, both 
their investment-banking and secu- 
rities activities outside Europe had 
been performing very strongly and 
really quite independently of all the 
distress in some of the European 
operations." 

Short-sellers borrow a stock and 
then sell it with the intention of buy- 
ing it back later after its price fells. 
They can then return the stock to the 
lender and keep the difference be- 
tween the price they sold it for and 
die price drey paid to buy it back. 


Foreign investors and securities 
companies have incurred Mr. Ma- 
hathir's wrath. He has called them 
“self-serving rogues" and “an- 
archists." 

George Sotos, the billionaire fin- 
ancier, has been a special target of 
Mr. Mahathir’s. 

He has said Mr. Soros epitomizes 
the greed of die global securities and 
finance industry. 

In Paris, Credit Lyonnais shares 
finished 21 francs lower at 314 
($52.37). 


der a Tate of bad. loans -of more thari 
20 percent, Philippine banks boast a 
me of only 3.4 percent 

“We are-more conservative 
ally,” said Jose Antonio Le ague of. 
the World Bank. “Monetary policy 
wasn’t too bold, and the structure of 
the economy is not likeTbaibndjfor 
example, which ' borrowed .hrige 
amounts externally." • -..V.. ■ 

Matthew Sutherland, head':. of. 
Philippine research at Paribas- Aria 
Equity, said: “Idoa'tthirdtwialuys. 
the systemic problems Of the rest of 
Asia. The property sector is not 
overblown, hanking is not in trou- 
ble, there has not been a lot of bor- 
rowing in US. dollars. We don’t 
need three years of a tighter belt and 
severe austerity.” 

After the collapse of the dicta- 
torship of Ferdinand Marcos in 
1986, a lot of tbe flagrant -cronyism 
and corruption that be had nurtured 
died as well. Although, corruption 
still exists, the privatization of much 
of the economy and an increasing 
openness in economic decision- 
making have wiped out a fair 
amount of the cronyism in business 
and government. 

A lot of die economic growth 
comes from overseas. Philippine ex- 
ports have climbed more than 25 
percent in the past year, and many 
analysts expect foreign and domes- 
tic investment to continue to grow. 

“A lot is going on in industrial 
zones," said Jose Mario 
Cuyegkeng, research director, at 
ING Baring Securities, “and while 
we have oneof the highest wages in 
the region, we have the higher pro- 
ductivity. Many people here-speak 
En glish, and we have .one of the 
cheapest sala- 

ry structures anywhere. " 

For companies with domestic 
markets, however, things are likely 
to be tougher in the craning year. 

There are already signs that con- 
sumer spending is waning. The most 
recent data available indicate that 
sales of man y larger items began to 
fell in July, particularly televisions, 

fans and w ashing marhinaa 

. Even so, Roberto Benares, who 
runs a small investment bank here ■ 
Mllwt Asian Alliance Investment 
Crap., said that while he foresaw 
more mergers and acquisitions as 
some companies faced difficulties — 
there have been alnnstno initial pub- 
lic offerings on the Manila exchange 
since July — be remained confident 
that the country’s fundamentals «nH 
its corporate base were sound. 

Most frustrating, Mr. SyCip of 
SGV said, is the tendency of bankers 
and investors outside Asia to lamp 
the region into one pot. 

“All countries in the region do 
have problems,” he said, “but not 
serious enough for 50 percent de- 
clines in stock markets — except for 
Thailand. Here,' building is stiU go- 
ing on. Onr hanking system is mnefa 
more transparent. Our export fig- 
ures are comfortably up, and a lot of 
plants are coining cm line. It’s a 
failure to distinguish one country 
from another." 



Source: TeSekum 


imcnxnkuuJ Herald Trttmoe 


Very briefly: 


• Taiwan took, in a net $364.5 milli on in stock' investments 
from foreigners in the first 10 days of December, the first 
positive net transfer since May. ... 

• Japan was -raged to remove obstacles to foreign investment 
by Th omas Foley, the new U.S. ambassador. “The list of 
necessary policy changes will undoubtedly be quite long, 
including- such difficult items as stock-market regulations; 
accounting standards and tax rules," he said at a conference. 

• Microsoft Corp.’s chairman, Bill Gates, said software 
piracy was still a major issue in' China because counterfeiters 
had become more sophisticated. 

• China’s statistics bureau said the' country's 67,400 'state- 
owned industrial enterprises posted pretax profits of 199.66 
billion yuan ($24.03 billion) from Janaary to September, up 
103 percent from September 1996. ■ 

• Japan’s, small businesses will invest 10 percent less in the 
wholesale^- retail and service industries in the year ending in 
March 1998, reflecting the impact of increased taxes on 
consumer spending and pessimism about economic recovery, 
the Small and Medium Enterprises Agency said. 

• Dickson Concepts (International) Ltd, the Hong Kong 
retailer, .said its nrat-half earnings fell 76 percent, to 1963 
millio n Hong Kong dollars ($253 million) as sales rose 1.4 
pencraft, to 2.6 billion dollars. 

• Peregrine In’ vestments Holdings Ltd., fulfilling its pledge 

to release preliminary figures to counter speculation that toe 
company was in difficulty, said it earned a net profit of 386.7 
milli on Hong Kong dollars for toe first 10 months of the year, 
compared with 855.6 million dollars for all of the previous 
financial year. AFP, Bloomberg. Reuters 


Firms Plan ILS.-China Gable Link 


QwnpdrdbyOurSkigFnm Dispmrire 

. HONG KONG — Hong Kong Telecommunications Ltd. 
said Thursday it had signed an agreement with 13 other 
leading international telecommunications companies to build 
the first underseas fiber-optic cable network linkin g China and 
toe United States. • - 

The companies expect to spend $1.1 billion to build the 
30,000-kilometer (18,600-mile) cable, which is to connect the 
United Stales to China, Korea. Taiwan, Japan and Guam. 

The cable is_to be equally owned by toe 14 parties, and toe 
system is to be capable of carrying 1 million phone calls at toe 
same time. ( Reuters , Bloomberg ) 




3 


FUJI: Muscular Marketing Pays 


Continued from Page 15 

earnings estimates. And, First 
Call says, many analysts have 
raised their estimates for next 
year. 

They have reason to. Fuji 
has close to $45 billion in 
cash, and because film prices 
— and thus, profit margins — 
are high in Japan, Fuji’s 70 
percent share of Japan's $1.8 
billion film market should 
continue to provide ample 
cash flow. 

For now, Kodak and Fuji 
each command about one- 
third of sales outside of their 
home countries. But as Fuji 
steadily grabs market share in 
toe United States, its. global 
share is creeping closer to 38 
percent. 

“Fuji is poised to take the 
lead in the world market," 
said B. Alexander Hender- 
son. an analyst with Pruden- 
tial Securities. 

Kodak still sells more than 
70 percent of the film in toe 
United States, but Fuji keeps 
chipping away. 

“Amateurs see film as an 
undifferentiated commodity, 
and toe classical way to sell a 
commodity is by price.” said 
Eugene From, a marketing 
professor at the Rochester In- 
stitute of Technology. 

Pricing is less likely to be 
the key to supremacy in the 
digital arena. Although many 
analysts say Fuji outranks 
Kodak in electronics expertise, 
it is competing with many oth- 
er companies fra digital sales. 

“Sony, Hewlett-Packard, 
all kinds of noncamera 
companies are weighing in,” 
said Thomas Dufficy, head of 
toe Photographic and Imaging 
Manufacturers Association. 

For now. Fuji’s main goal 
is to get its film onto as many 
American retail shelves — 
and into as many American 
hands — as possible. Ana- 
lysts say that where Kodak 
has taken American loyalty 
for granted, Fuji has actively 
courted Americans. 

It was Kodak's refusal to 
spend $1 million to be toe 
official film of the 1984 Sum- 
mer Olympics hr Los Angeles 
that gave Fuji its first mar- 
keting toehold. Fuji embraced 
the sponsorship and spent S7 
million to promote its brand. 


“The results were fabulous 
— we got 70,000 new stores 
selling Fuji film,” Mr. Hudak 
said. 

Fuji has not let up since. 
The Fuji blimp routinely flies 
over the United States Open 
tennis tournament Fuji spon- 
sors an ornate float in toe 
Macy’s Thanksgiving Day 
parade in New York, and it 
co-sponsors a program with 
Scholastic Magazines to 
teach children to communic- 
ate with photographs. 

Now it is bolstering its con- 
sumer research. When one 
study showed that consumers 
wanted bargains cm mundane 
items, Fuji offered buyers of 
its film a discount on batteries 
or diapers. When focus 
groups showed that people 
had trouble selecting film, 
Fuji changed its packaging to 
show which film to buy for 
what photo. 

StiU, Kodak does have toe 
home-market advantage, and 
that may yet slow toe Fuji 
juggernaut. 

“It’s a foreign brand, up 
against an American moth- 
erhood label,” Mr. Kelly of 
Goldman Sachs said. 

Kodak still has its share of 
loyalists. 

“I’ve never felt a need to 
cany Fuji film.” said 
Mitchell Goidstoae. who 
owns 30 Minute Photo, a pho- 
tography shop in Irvine. Cali- 
fornia, and just began a 
$10,000 campaign to rally 
American support for Kodak. 
“Kodak is stiU toe No. 1 
brand in the world." 


Arts 

& 

Antiques 

Aj>j«“jrs nny Saturday. 
Tn aiivrrtN' I'lmlail 
Sarali Wrodnrf 
in iHir I/jihIihi nRirr: 

'IR: -H417142IMI321I 
fin: + 44 I 71 420 0338 
nr your mun't JliT iifln-r 
nr npmsnilMlhi\ 

— — TriBjFfT' 


iii!.«iHMJr»ii.tiu iumrinn 



*9 


THE INTERMARKET 


GENERAL 


THE INTERMARKET 
Starts 
on Page 6 


Personals 


0 HOLY ST JUDE, apostto ml martyr 
of peat in rttrae and rich tn tirades, 
near Unman at Jesus Christ, tataiM 
itscassor at el tin tooto you apeos 
patronage in times of need. To you I 
nan racoon from the depth a my 
heart and humtty beg you. to thorn God 


ray Marne, me to my presort 
argent petition In return. I 
premia make wur ran knowi end 
cue you to be (ratal a Jude, pay 
tor me tad d tin mote your 


Humbly In need of y<xe 
Amen. Thank you for answering my 
prayers. Anon 


Announcements 


SrcUb^dte&tibiine 


SUBSCRIBER CUSTOM 58MCE: 
ftr aastions c* queries elnui toe ddb- 
ery of wur newspaper. lie sum of your 

sotBomcr cr aboot ordering a sdsab' 

Don. please cd the taflowng mutes: 
EUROPE, BOOLE EAST A» AfflCfe 
TOLL FREE • Austria 0660 8120 BeF 
ghn 0800 17338 Franca 0000 <37437 
Germany 0130 848565 Greece 00800 
3312 1 S 06 My W7 7BOWO hraenbiug 
QBOO 2703 Ntthetimfe 0800 022 5IS8 
Sweden 020 797039 Sti&eriend W» 
555757 UK 0800 895985 Ehetinra 
[433} 1 <108381 THE AMERICAS: 
USA (toWree) 1B0Q8B22B84 Bsetisra 
(+1) 212 7523890 ASK Bong Kong 
2322 1171 tadomsla 809 1328 Japan 
j 0120 464 027 

3872 0044 Matawh 221 7055 
95 4948 Stogroe 325 
TaMBn 7753456 Ttatand 277 
4405 BsewMn {4659 23221171 


Duty Free Shops 


FR6DDY 




Gone in 0 buy ti war pertunes K 8 
"Duty Free 1 , at SAWfeS OF 40%. 
T«j bbds tram fie ’Opera’, next to file 
American omrasi Ban* free GIFT 
etfi mis ad. Mon. to Set, 9am to 7pm. 
3 rue Sate, Ms 8, Metro Open. 


Moving 


ARTHUR PIERRE 

THE PROFESSIONAL MOVERS 
Fora! you 

Efematknai moving needs 

' Parte 433 1 S4 75 92 92 
Lyon 43] 4 72 9 9 » 
Strasbourg 433 3 ■ 82 10 00 


Auto Rentals 


REKT AUTO DSttl FRANCE: Weekend 
FF500. 7 dm FF1500. Tat Peris 4® 

(Op 068 5555. Fax (0*1 <353 9K9. 


Autos Tax Free 


EUROPE AUTO 

TetHotand 31(0)300084494 


Legal Services 


DWORDS 1-OAT CSTTFHJ 
Cal or F«(7M} 9686635. me 16787 
Saadi BM. 4137, Mutagen Beech, CA 
92648 USA- ftnti • wtormOJuiuam 


DCVORCE H 1 0AY. No travel Mte: 
Bn 377. Sudbin. MA 01776 USA. Tot 
97W438387, Fat B7BN4801B3. 


For Sale & Wanted 


SLEEP 8 SHORE ERNES. Umted ap- 
ply. S250 nvfcvnNtiest offer + sffr 
[mg. CCD or pre-pad &7&4ZH8M. 


hnporVExport 


MHERAL WAT&6, CAWED FOOOS, 

tines. isKgaBy. trass prices. Dlrea 
boyera & agei; veboraed noriddde. 
Fax LLA +299 52 300034. 


Business Opportunities 


EASTERN EUROPE HTEHflT not iti 
atfa. eeardi tor ECAJS Haiti woter 
to ease products f undoes. High V 
FtoErWA 4358 53 300034. 


OFFSHORE COMPARES. For toe bo- 
due or aMee Tel: tadon 44 181 741 
1224 Fax 44 1B1 748 G55K338 
uwejffiatauauA 


Business Opportunities 


' OFFSHORE BANKS 
“(XWAMES l TRUSTS 
HHGRATWWASSPORTS 


Vrt 


towtinc 


Sants* 

Aston i 
Aeton Hones, I 
Tefc 4441 
Free 444 ffi 1824 625126 


Corporate Trustees 

nee, Dotmtae, We of tin 
444(0} 1B2» OH»1 


London 

Teh 444 n tn 233 1302 
Fas v44 W 171 233 1519 

E ttafc sston&flterpris&nBt 


Business Services 


YOU) OFHCE 01 LONDON 
Bond Seeet - uafl. Phone, Fax Teta 
Tit 44 171 2B0 9000 RB 171 499 7517 


TELECOMMUNICATIONS 


New Lower 
International 
Rates! 


fTP-ttw ILSJmm 

Belgium 31 £ 

France.......... 270 

Netherlands- 23$ 
Switzerland™ 27* 
UK. 17* 


• NO Sat Up Fees 

• NO Mtobnuins 

• NO Deposit 

• Instant Activation 
•Six-Second Billing 
•AT&T Quality 

• 24-hour Multi-ting uai 
Customer Service 

71* Original 

kail back: 

Tel: 1-206599.1991 
Fax: 1 .206.599.1981 
Email: info OkaHback.com 
wwwJallbedc.com 

417 Second AvwuwWest 
SeeUe.WA 90119 USA - 


Financial Services 


RJNMNG PROBLEMS? 
tor 

SCUJTONS 

Coated 

BANCOR 

OF ASM 


gueatiesto 

torvktier 


fundag 


iprafacte 
VENTURE CAPITAL . 
EQUITY LOANS . 

REAL ESTATE 

Long tern cubed 
Stpparied Guarantees 

F»C (R2) 8106284 
' tht {02) 6946358 

(Qomtatan eraicd only open Fundkxfi 
BRUM CtramUon Aoirad 


PfSE.BANK 

GUARANTEES. 

Vsntie Caplet Rraen Aototfe 
tar Gonomert Projects and 
Gowmnwt Carpartai 
. la are tor safe. 

Lege Prajecb wr Spedety 
Also, long Term Finance tor 
tags end Sue! 

No conniskm Urd 

RStiESBfTAIlVE 
Needed to ect s lien 
Phase reply h Enpsh 

VHITURE CAPITAL CONSULTANTS 
knNbnrf bankas 
16911 Yentra BM, Sub 919 ' 
Emm. Ctifera 91496 USJL 
Fn ton »1R 985-1696 
TeU (816) 7994(22 
Kotant Sr. Anc'Dab O.G. Leiys&xf 


International 
Herald Tribune 
ads work 


HOLIDAYS 


TRAVEL AGENCY 


SELECTION CROISIEBSS IS PROPOSING 
TWO' CRUISES on board of tbe “AZUR" 
CANARIES ISLANDS 

. NICE/NICE 

from January 7 until January 17. 1998 

CANARIES ISLANDS / MADEIRA 

NICE/NICE 

■ from January 17 until January 28, 1998 
— PRICE PER PERSON — 

Inside cabin starting from: FF 4.000 
Outside cabin starting from: FF5.000 

DOCUMENTATION & RESERVATION 
TeL: +33 (O) 1 42 26 42 42 


DISCOUNT TRAVEL 



Residence Hotels 


CUUDGECTIllFSEUSEB 

Kgh dess none 6 nNes 
ntorties.P 
. Fae(D)1-422SM8B 


Dab, wettr & monte ties. Pa* 
Tehffl flMfl33333. Ftit 


Bed & Breakfasts 


MANHATTAN L0DGWGS, NTC. Short 
sty hsoay epetmens, eqwrior B & B 
registry, many locations. 
Tot 2(2-475-2090 Roc 212-477-0420. 
.wmjnaditiadodgh^oom 


Hotels 


Lebanon 


Hffia AL BUST AM. Fast of BefeuL 
5 stardekn. Bnepfcnri taction, -saa^ 
rty. ration, the obtae, oamendons, 
tufaess sorts, stiella TV. 18 ate 
transfer troei tiport bed l/TELL Fac 
981} 4672439/ (433) fQ1-4720QQ07 . 


U.SJL 


BHEATH7AKMGVEW OF NEW yOTK, 
20 n glass wl Certfat Part: A cry. 
Laxorasty rwnisbecfc pew, te, catfe 
Fdr business, mtictan or honeymoon 
couple. 1 Mock to Contis HA 2 to 
teiloman, 5 to Ltacota totter, Mose- 
m T team. Weety, Monthly, 3 doy 
weekends (afntanj or tom term. 
Tat 718-5488368, Far 718*44142 


AIRPORT SERVICES 


IWKSMBF 

- Lo» as^S^tJctallSSs Ssvfc#. 

ForytWfp*t*oKrtaa'lG®3 < £n«»okp(»ii 


NIGHTLIFE 



te:220fn 
Onhesm: 560 Ira 
Kew/Stow : 750 In 
MtBWtib tert 

GaneV-FbbB. 
Ti 0147 22 32 32 
Fax 01 47 23 41 28 


Caribbean 


ST. BAflTHEL£Hr. F.WJ. OVER 200 
ffflVATF VACATION VH1AS • beach- 
tort to tiMde tithjnok. Our agents 
hen irapeeiad a» vte peraonte. For 
neentions ee 9. Beds, a Mm aa- 
‘ Barbados. Musttpie. Nnls. Seta, 


ae VWp tends- Cd MMCOff 
StBAmH - ILS. 140 
847-6280, ton fflANCE 
BOUND 


1 MOMM 88 


1J849-0D12/I 
0800 90161 


3 ; 

!j 




3 

I * 







PAGE IS 


. Thursday’s 4 P.M. [ mi 1 *® 

In tens <tf doflorvahte update) hriee a year. 

The Assarted Prsss. 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 12, 1997 
































































































































































SPONSORED SECTION 


SPONSORED SEC HON 


Emerging Markets in Central and Eastern Europe 


A Tale of Two Converging Europes: 
The Advent of Interdependence 


The Central and East European region is fast outgrowing its image as the " market of the future. ” 


T rade between Western and Eastern Europe is surging. 
This balanced growth is being triggered by tire ever- 
growing intermeshing of the regions’ economies. 


-A- growing intermeshing of the regions' economies, 
neither of which can now flourish without die other's sup- 
plies and markets. 

This major change began in the early 1990s and was 
spurred by the successful revamping of the product lines of 
Central and East European corporations. The region’s 
products are now increasingly sophisticated technologically, 
with quality ranging from satisfactory to excellent 

As the latest statistics show, the economies of the two 
halves of Europe arc increasingly converging. During the 
post-revolution period, most of the CEE’s advanced coun- 
tries quickly and successfully reoriented their economies 
westward, and Western Europe now takes roughly two-thirds 
of the countries* exports. This means that a trend like 
increased GDP growth in Western Europe can translate 
directly into more exports for the East 
This was not the case in the early ’90s, when the CEE was 
politely referred to as die “market of the future” by West 
European corporations, which viewed the neighboring re- 
gion as a source of supplemental sales and cheap supplies, but 
certainly not as the market “you can't afford not to be in." 

That designation was reserved for die fast-growing Asian 
and Latin. American markets, and for the United States and 
Japan, long die world’s “locomotive” economies. The Euro- 
pean Union's volume of trade with these markets was 
between three and eight times larger than that with die CEE 
region. 


terpart, puts die corresponding figure at nearly $8 billion. 
By 1995, the flow of capital into Hungary. Poland and t 


Corporate excitement 

This attitude toward the market as a whole notwithstanding. 
Western Europe's corporations — and the rest of the in- 
ternational business community — were excited from the 
outset about the opportunities in several national markets in 
the CEE region. 

Notable among them was Hungary, the main recipient of 
Western Europe’s first investments. In the early ’90s, Hun- 
gary accounted for two-fifths of the annual inflow of long- 
term capital in the region — not bad for a country with one- 
thirty-fifth of the CEE region's population. 

The inflow has continued to this day, with the country’s 
foreign direct investment now totaling $ 1 7 billion. Moreover, 
the West’s investments in the country have largely been a 
success, in spite of some delays in realizing projects. 

This has caused a spillover affecting die rest of the 
“advanced eight” (die Visegrad Five — Slovenia, Slovakia, 
the Czech Republic, Hungary and Poland — and the three 
Baltic stales), particularly Poland and the Czech Republic. 

For the last six years, Poland has had the best-performing 
economy in the region, averaging 6 percent annual growth in 
gross domestic product its domestic consumption figure 
showed an even stronger rise. 

The Czech Republic, now embroiled in a bout of economic 
travails, has had the best “social” and fiscal figures in the 
region, recording the CEE’s lowest rates of unemployment 
and smallest budget deficits. 


A stake in the region’s future 

This massive flow of capital, which totaled $40 billion 
through 1996 (excluding Russia), has given the EU’s cor- 
porations a great stake in die CEE's future, especially as 
much of this investment has gone to build facilities producing 
relatively high-quality, low-priced supplies shipped west- 
ward to the corporations* home production operations. 

The same items are also being produced by domestically 
owned factories, many of which have been successfully 
revamped. 

Together, this stream of parts, components and subsystems 
has accounted for the bulk of the CEE region’s ever-greater 
outflow of products to the West . 

Over the last seven years, die Czechs have nearly tripled 
their total annual exports, and Poland has almost doubled its 
exports. Hungary has increased its exports 41 percent over 
the last three yeans, reports the country's office of statistics. 

They are not alone. Between 1 994 and 1 997, Russia raised 
its exports by 33 percent The large surplus that Russia — 
which accounts for two-fillhs of all trade done by the CEE 
region with the West — traditionally runs with the EU 
explains why the CEE’s overall balance of trade with the EU 
is set to be in the black in 1997. 

Other major export rises recorded during the three-year 
period: 104 percent for Lithuania, 96 percent for Latvia, 90 
percent for Romania, 73 percent for Estonia and 60 percent 
for Slovenia. 

The modem facilities — whether owned by foreign or 
domestic corporations — at which die CEE’s components are 
manufactured are often imports from Western Europe, as are 
-the power plants generating their electricity and the com- 
munications lines Unking them to the world. 

These items account for the bulk of the EU’s burgeoning 
exports to the CEE region, which have increased some three- 
quarters over the last four years, according to Germany’s 
1WD (Informationsdienst des Instituts der Deutschen 
Wntschaft) economic research unit 

“There’s been a very productive intermeshing of supply 
and demand on both sides,” says Rainer Siegelkow, expert 
on Central and East European business trends and senior 
economist at die Dusseldorf-based Westdeutsche Landes- 
bank Girozentrale (WestLB). “The West European econ- 
omy’s area of strength is medium-to -high-tech capital goods, 
and that's precisely what transforming economies especially 



In Eastern Europe If 

we’re one of the top players. 


Your competent on-site financial 

services partner. 


With subsidiaries and branches in more than 30 key 
business centers, HYPO-BANK is a powerful presence In 
Hungary, the Czech Republic, Poland and Slovakia. Giving 
you a solid base from which to tap a promising market, 
wo support your activities with a broad range of financial 
services. Prompt domestic and international’ payments 
transactions, for instance, capital investment as well 
as substantia! expertise in the regional Industrial and 
property markets. Not to mention valuable contacts for 
your entrepreneurial investments. 

Further Information: Fax ++ 49 89/92 44 49 92. 



Our Energy Is Your Capital 








A statistical overview of Central and East European econ 
upward climb while inflation continues to drop off. Uncmp 
implemented and all necessary institutions set up, 1 993 m il 
contender on the world's markets for trade and investment 
performing local economies. ■ • . 


These performances have been recognized by the in- 
ternational business community. PAIZ, Poland's investment 
promotion agency, reports that the country has received a 
total of $21 billion in foreign direct investment and related 
commitments to date. Czechlnvcst, PAIZ’s Czech eoun- 


By 1995, the flow of capital into Hungary. Poland and the 
Czech Republic had elevated die CEE region to a special 
form of parity, reports the OECD. In 1995, in a first, the 
cumulative amount invested by the EU's corporations in the 
CEE equaled die total capital invested in Latin America and 
the Far East 



GDP 

(AU.RCUUS M%) 

■ Rate of Inflation 
(Consumes prices} 

Rate of Unemployment 

(AsorDsc.31) 

• Estimates 

1996 

1997* 

1998* 

1996 

. 1997 

1998 

1996 

1997 

1998 

Belarus 

2.6 

6: 

4 

52.7 

.55- . 

45 

3.9 

.4 ■ 

5 - 

Bulgaria 

-10.9 

. -5 ' . 

0 

123.3 

420 

38 

123 

18 

18 

Croatia 

4.1 

3a \ 

3 

* 4.8 

35 

4 - 

18.2 

‘ 17 1 

x» 

Czech Republic 

4.4 

- 15 .. 

2 

8.8 

85 

83 

33 

45 

5.5 

Estonia 

4.1 

43.- 

52 

24 

17 

15 

4.5 

5 

S - * 

Hungary 

13 

33 ■ 

43 

23.6 

17 . 

13 

103 

10 

8 

Latvia 

2 

.IS-.- 

3 

17 

95 -• 

8.9 

72 

75 

+% 

/ 

Lithuania; 

3.6 

3.8 

' 4 

24 

15 - 

12 

62 

•• 17 -v 

7 

Poland 

6 

6. : 

5 

19.9 

15 ; 

12 

13.6 

.12 

11 

Romania 

4.1 

-3 ' 

-1- 

383 

100 

25 

63 

8 

10 

Russia 

- 6.0 

-X 1 

2 

47.8 

■' 143 

12 * 

93 

10 

IX 

Slovakia 

6.9 

'53 

43 

5.8 

. 6 

6 

12.8 

125 . 

12 

Slovenia 

3.1 

33 

4 

9.9 

. r 

8 

14.4 

14. 

13 

Ukraine 

-10 

■' -6"' 

-2 

80.6 

■ 20 

17 

1.2 

25 - 

3.5 


' require. In turn, by offering products with good price-quality 
ratios, CEE-based manufacturers have, to some extent dis- 
placed their counterparts in Southern Europe, Southeast Asia 
and Latin America as prime suppliers to Western Europe's 
industrial corporations.” 


Too much of a good thing? 
Has its growing volume of in 


Belarus 


Has its growing volume of investment in and trade with die 
CEE region reached the point where the EU's business 
community is dependent upon the flourishing of the re- 
gion? 

“It would be a bit premature to say that,” says Mr. 
Siegelkow. “After alL the CEE region accounted for only 4 
percent of die EU's total trade in 1 996. But it's definitely die 
case that the region has become highly important to Western 
Europe and is set to become much more so, should present 
trends be maintained.” 

Germany has seen its exports to the CEE double over die 
past four years, with imports rising 65 percent This trend is 
gathering strength. The CEE region ordered goods worth 40 
billion Deutsche marks ($22.7 billion) from German cor- 
porations during the first half of 1 997 alone — up a solid 
quarter over tbe first half of 1 996. 

One encouraging trend is die growing percentage of 
finished goods in the mix of products heading westward from 
the CEE countries. Notable among them are computers and 
cars. The CEE region’s production of cars rose at a rate of 
nearly 20 percent annually between 1993 and 1996, with 
domestic demand projected to rise 40 percent during the 
period. The majority of the automobiles will be exported, 
mainly to the West • 


Croatia •- 
Czech Republic 
Estonia 


Latvia 
Tiflntama 
Poland • 
Romania - 


Slovakia 

Slovenia 

Ukraine 


Trade 

Balance* 

1996 

1997 

1998 

NA 

NA 

NA 

29 

28 

27 

NA 

NA 

NA 

-10.7 

-113 

-11.6 

-27.7 

-273 

-25.4 

-43 

-4J0 

-33 

-103 

-9.6 

-8.7 

-27 

-32 

■4.0 

-3.0 

-33 

-4.0 

-4.2 

-37 

-3.6 

NA 

-NA 

NA' 

-73 

-9J 

-10.8 

-6.6 


-6.1 

NA 

NA- 

NA 


Industrial 

Production** 


"V iif GW* 

*•* vfgnmtkacrr W5 


Source: Survey of Centnl and Eastern Europe. Inttitut fib- Wirt.'duftsfi'cschune 
HaOe, compiled using wthmd and thuxfiom the EU 



'WStlANIA DOES NOT ASK FOR FINANCIAL SUPPORT 
OR PRIVILEGES IN ITS ACCESSION TO THE EU. 

WE ASPIRE TO OUR RIGHT TO RETURN TO EUROPE" 


SAYS THE PRIME MINISTER OF THE REPUBLIC OF LITHUANIA 
GEDIMINAS VAGNORIUS 


The conlitions for membership that new countries have to meet, 
i c. firm democracy, liberal marker economy and the implementation of 
the European Union legal standards, are understandable to Lithuania. 
Lithuania would not express any reproach for the EU’s not opening real 
enlargement negotiations with Lithuania if we did not fulfill the require- 
ments set for the start of the negotiations. We feel, however that 
Lithuania is being repudiated because of die European Union internal 
refcsms or rw geopolitical smarten, as according to objective criteria, in 
feet, we do not bg behind die first five applicant 
countries recommended by die European 
Commission. 


than it exports there. However; Lithuania is 3S capable as any other state 
of coping with competitive pressure when it carries out rough and fair fis- 
cal and monetary policy and maintains mucualh' beneficial trade n-bric*n>. 
Lithuania, practically, has opened.the gate to goods bum the EU. howev- 
er urinecr barriers to our goods that can be overcome only by EU man- 
beiship sill exis. Thus, our competitive capacity will not weaken, on the 
contrary, it will strengthen when we accede to the EU. 


The Opinion of the European Commission 
admits that Lithuania has achieved evident 
results in die implementation .of its economic 
reform and in die harmonization of its legisla- 
tion; we meet the membership criteria of politi- 
cal stability, level of democracy and protection of 
human rights and we have model relations with 
Polish aid Russian minorities. 



Lithuania is resolutely accomplishing is 
program of reforms. We cannot delay changes 
not only because of our aspiration in become a 
member of the EU, but, fust and foremost, in 
view of the prosperity of our economy and popu- 
lation. Rapid growth of our economy is under- 
lined in forecasts of the European Commission 
and the conclusions of its opens. They mention, 
that the majority of the economic indrearors of ’ 
l i rhuan a are better than those in tbe neighboring stares, and inflation as 
well as unemployment are among the lowest in Central and Eastern 
Europe. 


al funds. 

We have created a friendly and neighborly 
environment. We are pleased to maintain such 
goal relations with the neighboring Baltic states 
as well as with Russia and Poland, since this 
swngdiens stability in the region. Our domestic 
policy and social environment are stable, too. 
With its accession to the European Union, 
Lithuania would not bring in any new problems. 
Jusc the opposite, we are detexmm&i to con- 
crifwte to strengthening European stability and 
security 


\N 


are favorably affected by psychological changes; private iiu- 
oatrve becomes predominant, our popidanan realizes dv? advantages of a 
free maker and liberal economy. Almost all former stare-owned compa- 
nies have been privatized in Lithuania- The privatization of large energy, 
communication and transport companies will be accomplished, and an 
intention to acquire them is expressed by large West European investots. 

We abolished all renaming restrictions on investment a al adminis- 
trative limitations on heines during the ament yean Taxes as weB as 
gpvenunem intervention into economy have bon reduced to the mini- 
mum — Lithuania is beaming ooe of the most liberated among all the 
Central and East European countries. 

Lithuania imports abnoa twice as many goods from the EU cotmtrie 


■ ■ * , « . I belieye that it b not only Europe but the 

aw about stability in the Baltic region. We are not *k- 
mg for fimmed support or other i Privtlegestwrdo we attach any pnriteu- 
^ki° n S 10m ^T “^^P^od: therefore negotiations with tlie 
stabk and and all three Baltic states would 

not be complicated, and the EU camtries 1 interests would not be him, We 
me not asking for commitments in relation to the Juration of the niwtt- 

wdche European Gmno l still found them, taking into account our ji.ru- 

5 r*” 4 i OS ‘“’ “ rak£n - " ”»V encuonK ihe mu 

rfne» J'.Btal mo and a colain Jiraon of the Baltic monllfW- 

fact, no doubt, would be an erroneos signal to Russian radical uimimmtM 
forco tha otr couriny may 

“ n ® 0n Ru,su - ;ulJ ** 

*-** * ii SSSSL’E 

ittESaSSS* °n would piuKdiv hr 
counny basd on the actual achiever^ 

A h>I.V I J . . 


'~ *T2rm 


" r • 



INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 12, 1997 


PAGE 21 


___ i • 

Emerging Markets in Central and Eastern Europe 


Baltics Jostle 
foR Position 
Jn the New Europe 

independence, one country • after another 
las been seen as the leading Baltic economy. 


-mm 








7 | i he Baltics are not in a 
3 I three-nation beauty 
JL pageant, although out- 
VJp'dc observers have tended to 

»VQct as ifthey were since 1991. 
ripvhen the three nations wres- 
Sfcd final and full indepen- 
dence from the Soviet Un- 
y|on. 

’+ In the immediate after- 
Anath of independence, 
^Lithuania was in top place. 
*pbservers were enthusiastic 
'fibout the size of the coun- 
•Jry s market — 3.7 million 
^inhabitants. 50 percent more 
?Jhan Latvia (2.5 million) and 
frnorc than twice the popu- 
lation of Estonia (1.5 mil- 
lion). Lithuania's appeal also 
■^stemmed from its gcograph- 
. "leal and historical ties to. Po- 
\ Tand, then emerging as the 
■' fastest-growing of die Cen- 
tral and East European coun- 
tries. 

.« When Lithuania failed to 
Immediately translate these 
assets into solid growth, it 
Jyas Latvia's turn in the lime- 
■JighL Newspapers liked to 
tall it the Switzerland or 
Hong Kong of the Baltic — 
^Switzerland” being a ref- 
erence to the country's new. 
liiiper-hard currency and 
large banking sector, 
flustered in Riga, this sector 
jvas prospering from pro- 
cessing the large amount of 
-tnoncy being channeled 
lj, through dre country from 
'' Russia. The “Hong Kong” 
label arose from die. quick 
Jise of Ventspils as the Balt- 
ics* major port and from the 
3 rude coming from or going 
lo Russia. 

! Then, in 1995. a banking 
scandal hit. Never a pleasant 
experience tor any country, 
this was especially difficult 
Tor Latvia, whose reputation 
for Financial probity was only- 


two years old. The Latvian 
government quickly insti- 
tuted a wide range of mea- 
sures to preclude the further 
occurrence of such events, 
but the damage had been 
done. 

Into the spotlight 
Long the co-favorite. Estonia 
was elevated into the spot- 
light. a position it has kept 
since then. Showing a rigor 
matched only by Hungary, 
Estonia has completed its pri- 
vatization program, with 90 
percent of the enterprises 
once owned by the state now 
in private hands, and dis- 
mantled barriers to foreign 
ownership. 

The ensuing flow of cap- 
ital from the neighboring 
Finns, with whom the Es- 
tonians share a common eth- 
nic origin, and other coun- 
tries has facilitated the 
transformation of these 
companies, many of which 
have CEOs and senior ex- 
ecutives under 30 years of 
age. The infusion of fresh 
capital and new- blood has 
had a discernible effect on the 
country's economy as a 
whole. 

According to a forecast is- 
sued by Estonia's Finance 
Ministry in early October, the 
country's rate of GDP 
growth should be between 6 
percent and 8 percent in 
1997. Should this materia- 
lize. this would be the best 
mark in the CEE region — 
and one of the best in the 
world. 

The other Baltic countries 
are also doing well, if not 
quite as well as Estonia. Ost- 
wirtschafisreport, a bulletin 
on the CEE region, predicts 
that Latvia and Lithuania will 
record 4 percent and 3.8 per- 




..0k 






$ W i . 


IMu^ca^s^oftetknestiVBnhjs'stM 


w 1 ml 

Mm 


cent GDP rises respectively 
for the year. The countries’ 
governments are more 1 op- 
timistic, with their predic- 
tions running about a per- 
centage point higher. 

All three Baltic countries 
are now having to combat a 
side effect of this strong 
growth: ballooning trade def- 
icits. Estonia's figure, cur- 
rently about 25 percent of 
GDP. is probably the highest 
in the world at the moment. 
Lithuania and Latvia are run- 
ning deficits of 1 0 percept or 
above — nearly as much as 
the troubled Czech Repub- 
lic. 

To counter these rises, the 
Baltics' central banks 'have 
tightened the money supply. 
All three countries have 
trimmed governmental 
spending. 

The beauty pageant was 
by no means restricted to 
economies. Items of compar- 
ison included the aesthetic 
attributes of the Baltics 1 cap- 
ital cities, the durability of 
their current administrations 


and especially their halting 
progress toward according 
citizenship to their large- 
sized Russian minority 
groups. 

Breakaway 

The pageant came to an un- 
ceremonious end on July 15, 
1997. when Estonia alone 
was selected to be part of the 
first wave ofCentral and East 
European accession to the 
European Union. Did this 
event herald the beginning of 
a two-track Baltic? 

“If so. a very unfortunate 
development, one stemming 
directly from a mistaken kind 
of comparison.” says Pro- 
fessor Manfred Meier- 
Preschany. senior interna- 
tional banker and chief eco- 
nomic advisor to the Latvian 
government for several 
years. 

“Rather than stacking the 
Baltic countries against each 
other, it would be more in- 
structive to contrast where 
each is now and where each 
started from. The legacies of 


High-Tech Piggybackers: Investing in Smarts Pays Handsomely 



If you can't beat them, join them — and then make their 
products' better. That seems to be the attitude of Central and 
Eastern Europe's information and communication technology 
companies, many of which are thriving by taking standard 
Western software and hardware and providing them with new 
applications and interlinkages. 

Examples of companies carrying out this “piggybacking.” 
as it is known in the ICT trade, are Bratislava's Login, which 
has developed new application tools for Lotus Notes: Brno's 
Per4mance. whose products use Platinum Technology’s 
range of products as platforms: and Budapest's Perfor- 
mance. which develops mainframebased programs. 

"There’s no mystery why the Central and Eastern Euro- 
peans are so good at piggybacking,” says Steven Garcia, the 
Viennabased expert on the CEE region's ICT sector. "The 
elder generation of computer experts spent much of their 
professional lives compensating for a lack of adequate equip- 
ment by taljng apart Western hardware, so as to duplicate it 
for their own use. or by devising ingenious programs. These 
experts therefore have an intimate knowledge of Western 


hardware and a great working knowledge as to how to get 
more performance out of it” 

Says Stephen Garside. an international computer exec- 
utive who has covered Central and Eastern Europe during the 
1990s: "For the younger generation in the CEE region, 
software is the ideal field of entry into business, ft requires 
little capital and a great deal of smarts, and that's something 
a large number of the programmers in the region have. By 
associating themselves with existing products, the piggy- 
backers get instant credibility and market impact." 

The growing number of piggybackers manifests itself in the 
ICT sector’s growth in the CEE region, generally forecast to 
reach between 15 percent and 20 percent in 1997. and in the 
companies’ ever-increasing presence at such major Western 
trade fairs as Hannover's CeBIT, the largest of Its kind in the 
world. 

There, the Russians alone were represented by 38 compa- 
nies. by far a new record for the country at the event, with 
Ukraine. Hungary. Poland and the Czech Republic also rep- 
resented by sizable contingents. 


Growth Plays Catch-Up and Leapfrog 

'jhe forecast is for Central ami Eastern Eumpe to nvonl another year of strong gtowth in 1998. 


T he United Nations' Economic 
Commission for Europe predicts 
that Central and Eastern Europe 
iyrill improve upon 1997‘s GDP rise of 
3.2 percent hv 1.4 percentage points m 
{99S Lithuania. Lar\ ia and Estonia arc 
Expected to do even better, with GDP 
■rising from 1997's 5.3 percent to 5.9 
percent in 199N. 

These nses will be impelled b\ the 
iSoumnes’ industrial sectors. The ELI is 
predicting that all of them will register 
increases in output in I99S. with tin.* 
riouhlc exceptions of Bulgaria and Ro- 
| ^nania. The latter are expected to main- 
tain 1 ou~"s levels. The average rise in 
industrial output will be above 4 percent 
p percent in I997>. Poland is expected 
to lead with a 12 percent increase over 
JWs rise of 1 1 percent. 

-■ These nses will not make a dent in 
'unemployment in the CEE. which is 
predicted to stay at 97 percent. The rate 
inflation is forecast to full from 
•|997's average of 5U.7 percent to If* 
percent. This forecast comes v\ ith a big 
♦if." Five of the CEE countries are 
uurrently running trade deficits larger 
than percent of GDP - the mark at 
w hich the world's alarm bells generally 
$UHl ringing. The standard method of 
combating these rises is by increasing 
the prime interest rale. This makes con- 
sumer credit more expensive, curtailing 
private demand and cooling off the 
eccnonn. 


Help in alleviating the trade imbal- 
ance could be forthcoming from West- 
ern Europe. Most of the forecasts see 
CEE exports increasing by around in 
percent in 1997. These forecasts arc 
based on a 2.5 percent rate of GDP 
growth in the EU. Thar could be too 
conservative, according to the latest fig- 
ures. 

A region of shopkeepers 
Development has been uneven in the 
region, with some sectors, such us trans- 
port infrastructure, still sadly lacking in 
comparison with the West. But there's 
no doubt about which sector is farthest 
along: retailing, and this despite strong 
competition from the telecommunica- 
tions sector, which has staged a dra- 
matic improvement in nearly ail CEE 
countries. According to a recent EU 
study, the number of retailing outlets - - 
2 million — is actually higher in the 
CEE region than in Western Europe 
because of the prevalence of “Mom and 
Pop” stores. Their number is. unfor- 
tunately. bound to sink under the on- 
slaught from hypermarkets, which arc 
becoming a fixture in the CEE's urban 
peripheries. These hypermarket** 
already hold a tenth of the Polish. Hun- 
garian and other Central European mar- 
kets. Thanks to them, the C'EE's res- 
idents now dispose of as much per 
capita shopping area as their counter- 
parts in the West. 


According to a study published in 
HandelsblatL the German business 
daily, the hypermarkets* share will ul- 
timately rise to the two-thirds level pre- 
vailing in the West. While disastrous for 
their smaller competitors, the hyper- 
markets' ascendance could represent an 
opportunity for the local consumer 
product and agribusiness sectors. The 
key determinant will be what share 
local suppliers gain on the hypermar- 
kets' shelves. 

Meanwhile, the region will be look- 
ing at a new expense: 45 billion ECUs 
over the next 20 years. That's the Euro- 
pean Commission’s forecast of what it 
'will cost prospective members the 
Czech Republic. Estonia, Hungary'. Po- 
■ land and Slovenia to bring their en- 
v ironment up to the levels prescribed by 
' the Union's directives. 

While the countries arc not in a fi- 
nancial position to spend even half that 
much, they have been rapidly increas- 
ing their outlays for env ironmental pro- 
tection. which has now become a bil- 
lion-dollar business sector. 

The Czech Republic's expenditures 
for environmental protection rose 50 
percent during 1993-98. amounting to 
just under $1 billion (or 3 percent of 
GDP I for 1996. 

Hungary did even better, more than 
tripling its expenditures during the peri- 
od. to around S3 50 million, or 3.9 per- 
cent of its GDP 


wm 




K’“ ; . 


Latvia's financial center in Riga earned it theridmne ^ Switzerland of the Basic.’ 


'WG&. 


sSIBl 


the past have encumbered all 
of the processes of trans- 
formation being undergone 
by the CEE countries. The 
Baltics had perhaps the most 
grievous of all legacies to 
overcome.” 

During its four and a half 
decades of rule in the Baltics, 
foe Soviet Union had made 
the countries’ productive 
sectors into integral parts of 
its economic system, com- 
posed of an array of vast 
manufacturing enterprises, 
each capable of generating 
enough goods in their sector 
for foe entire Soviet Union. 
Independence left the Baltics 
with these oversized mono- 
liths on their hands, among 
other problems 

“What has followed has 
been real nation-building: foe 
putting together of all of the 
individual pieces of a country 
in all areas of economic, ad- 
ministrative and political £ 
life,” says Professor Meier- & 
Preschany. “All of the Balt- 
ics deserve respect for ha ving 
accomplished it” • 


M ‘ ,7." fesf * ■ ■-* 

~~ ~'~T A ' «— — — 






■**-** Mh *- I V 

r 4 *•_, - - • \x 

' •'v N ' ■ 

Ik : f -m&v. • 



l wT • -1/ JV-~S 



uropean banking made by WestLB. 


“Evilkcim: Markets in Cevtrai and Evmfkn EfRorr” 
luff pnkhkvd m us eutirvn- by she .hjivrtaing IXjwltncnt of she hucmaiintutl Herald Tribwu 
Writfr: Tem Swatvbcry k a btuaus\ uri/tr hised in Munich. 

Program Director: Bill Xhihder 


The opportunities offered by 
the euro are challenging 
decisionmakers across Europe. 
WestLB is welt prepared to 
help you succeed in this 
complex task. 

Based on its presence in 
most European countries, 
WestLB is one of the truly 
leading banks in Europe. 
With our competence and 
track record we match the 
high requirements of our 


professional clients. When'it 
comes to modifying financial 
strategies ' and converting 
systems to the euro, be sure 
to benefit from our expertise. 

So no matter what your 
goals are, WestLBis support 
means you will never Find 
yourself in uncharted territory. 
For updated information about 
WestLB and the euro, simply 
visit us on our Web site under 
http://www.westib.com 




WestLB 














2 Divisive Issues on Agenda for EU Summit 


By Barry James 

Intern dtiimal Herald Tribune 

BRUSSELS — The European 
single currency may be firmly on 
crack, but the ambitious project is still 
bedeviled by details as European Un- 
ion leaders prepare to meet in Lux- 
embourg on Friday and Saturday. 

They will have to decide the re- 
lationship between the majority of 
EU countries that are expected to 
adopt the single currency, die euro, 
in a little more than a year and those 
that remain outside the system. 

And they will launch the EU on a 
new stage in its history by moving to 
incorporate former Communist na- 
tions in Eastern and Central Europe. 


Both issues threaten to be divis- 
ive. Britain is making little or no 
headway in its attempt to play a role 
in the informal council that coun- 
tries adopting the single currency 
plan to set up to coordinate policies 
in the euro zone. 

Prime Minister Jean-Claude Jun- 
cker of Luxembourg engaged in a 
‘frenetic round of diplomacy to 
smooth the way for the summit 
meeting, but he admitted that there 
was nothing to stop the euro coun- 
tries from meeting informally and 
said it was up to die outsiders to 
compromise. 

Britain says excluding it from the 
euro council — along with Sweden. 
Denmark and Greece — will cause 


the EU to become divided. 

But other countries, led by France, 
insist that there is no plow on the 
body for countries that are not adopt- 
ing die euro. France has offered to 
keep die outsiders informed about 
deliberations in die body, but this 
may not be enough for the British, 
for whom the issue has become a 
question of national prestige. 

Countries joining the euro will be 
selected in die spring on the basis of 
their economic performance this 
year, and 1 1 are expected to meet the 
criteria. Britain government says it 
will wait and see how the currency 
works before subjecting the issue to 

a referendum. 

Jacques Santer. president of the 


European Commission, said Ik saw 
little chance of a solution in Lux- 
embourg to another issue confronting 
the EU: the choice of a president for 
the proposed European central bank, 
which is to succeed national hanks 
after die euro's scheduled introduc- 
tion Jan. 1. 1999. 

France has proposed the president 
of its national bank. Jean-Claude 
Trichet. for the post, while the Neth- 
erlands says the job should go to 
Wim Duisenberg. president of the 
European Monetary Institute, the 
forerunner of the central bank. 

The summit meeting is expected 
to conclude with a formal invitation 
to 10 countries in Eastern and Central 
Europe plus Cyprus to join the EU. 


Parliament Urges 
France to Restore 
Car Incentives 

Reuters 

PARIS — The govern- 
ment should restore incent- 
ives to encourage people to 
replace old cars to help the 
French auto industry while 
reducing pollution,' a par- 
liamentary commission 
said Thursday. 

The commission pro- 
posed incentives to spur 
demand for vehicles that 
run on cleaner fuels. 

It also urged an end to 
the preferential tax treat- 
ment given to diesel fuel in 
France. 

The panel, commis- 
sioned to study the French 
and European car indus- 
tries, proposed that the 
government, French car- 
makers and unions work to- 
gether to help the industry 
deal with competition and 
market conditions. 


A Lesson Learned, Mercedes 
Keys Up A-Class Promotion 

rushed to recreate and photograph their 
. in til e high-speed 


By Edmund L. Andrews 

Wcty York Tunes Service 

FRANKFURT — Mercedes-Benz 
AG’s new A -Class subcompact car has 
passed the “moose test” after being 
driven by the same testers who originally 
flipped it over and created an uproar over 
possible safety problems. 

In an advertising blitz Wednesday 
aimed at restoring confidence in its 
bubble-shaped four-seater. Mercedes 
also invited other journalists who had 
either tipped or flipped the car to retake 
the test as well. 

“The fact is, we made a mistake," 
Mercedes said in the one-day advertising 
campaign. “But we've fixed it, and 
we’ve learned our lesson." 

The bluntly worded message was a 
bold attempt to bounce back from what 
might have turned into a marketing ca- 
tastrophe. 

Mercedes, the automobile subsidiary 
of Daimler-Benz AG, had been 
swamped by jokes about imaginary elk 
and moose as magazines and newspapers 


own A-Class crackups i 
steering maneuver, which is designed to 
simulate an effort to dodge a moose that 
suddenly appears in the middle of the 
road. 

The failed moose test in October was 
more than just an embarrassment to Mer- 
cedes because it raised serious questions 
about the safety of a car that has a no- 
ticeably higher center of gravity than 
most other cars. 

The new ads report that the redesigned 
car repeatedly passed the same test when 
driven by the same drivers who had 
previously either tipped it or flipped it 
over. 

The tests were carried out Monday in 
Barcelona. 

It remains unclear whether Mercedes 
can restore customer confidence in its 
new car. 

But automobile specialists had argued 
that the company bad to address con- 
sumer concerns about safety swiftly and 
directly, and the new effort was about as 
direct as Mercedes could make it 


Racal to Divest 
As Profit Drops 
In First Half 

fSluurtd<crx Am 

LONDON — Racal 
Electronics PLC, battered 
by falling profit said 
’Thursday that it would offer 
shares in its British tele- 
communications subsidiary 
and sell its unprofitable dam 
products unit in a breakup 
that analysts say could raise 
about $1 billion. 

The date of the offering 
was not disclosed. 

The disposals would 
leave Racal’s remaining 
defense business vulner- 
able to takeover as con- 
solidation of Europe’s 
weapons industry* pro- 
gresses, analysts said. 

Racal also said its earn- 
ings plunged 59 percent in 
the fust half, to £5.6 million 
($9.2 million), because of 
losses in the data unit a U.S. 
company bought in 1977. 


Banks’ Stocks 
Swing on Talk 

Of Mergers 

CerptrJk Our Ssfl Firm Departs 

ZURICH — The planned merger 
of Union Bank of Switzerland and 
Swiss Bank Carp, announced this 
week has triggered a variety of ru- 
mors about other possible combin- 
ations ampng European banking 
companies.) buffeting many banks' 
stock prices. 

hi Paris. Cie. Finanderc de Pari- 
bas shares fell 31 francs Thursday, 
closing at .£06 ($84.39), after the 
bank denied holding merger talks 
with another bank. Paribas shares 
had gained 2 1 percent in the previous 
three days on speculation of a deal. 

Banque NatiorwJe de Paris, which 
some investors had speculated could 
link up with Paribas, fell 25.20 
francs to 324.80. The stock had 
gained 16 percent in three days. 

Sociece Generate, also mentioned 
as a Paribas buyer, fell 6 to 850, 
Credit Commercial de France 
dropped 2 1 . 10 to 408 JO, and Com- 
pagnie Bancaire lost 60 to 992- 

Credit Suisse Group — the other 
big Swiss bank left after the UBS- 
Swiss Bank corabination — would 
not comment Thursday on rumors 
linking it to Swiss Reinsurance Co. 

Shares in both companies rose 
sharply on -the merger rumors, with 
Credit Suisse closing up 12.50 Swiss 
francs at 238 ($164.61) and Swiss 
Re rising 198 to 2,678. 

In Frankfort, shares in Dresdner 
Bank AG fell on reports it was ne- 
gotiating a. combination with Don- 
aldson, Lufkin & Jenretie foe. 

Dresdner pank and the American 
brokerage’s parent, the French in- 
surer AXA4JAP SA. declined to 
comment on reports that Hansgeorg 
Hofmann, Dresdner ’s global head 
of investment banking, met with 
Chairman John Chalsty of Donald- 
son Lufkin 'fast week in New York. 

Dresdner J shares fell 0.60 
Deutsche ma^fcs to 78.90 ($44.24). 

(Reisers, Bloomberg . AFX) 



Exchange 


Index 


JASONQ 
HW 7 

Thursday- Pro*. 

. Closa Ctasa Change 


Amsterdam 

AEX 

889-W ftTO.30 

-3.QE1 

. 

&20 ■■ 

2,43130 . 21471-37 


Frankfurt 

OAX 

4.030-16 *,U727 

-2.12 

Copenhagen 

Stock Marion 

.651.77 657.18 

-0.82 

H«Wntf 

HEXQimeftf 

3.214.71 3.344.34 

*3.88 

Oslo • . . 

OBX 

67735 688.38 

-153 


FTSEIOO 

5,035.60 3,130.70 

-lifiS 

WatirW .. 

Stoc* Exchange 

611.16 

-ti? 

mm 

MS3TEL 

15511 ' 15674 

-1.04 

Paris' 

CAC40 : 

2,828.45 2.932. T8 

^334 

Stockholm 

SX 16 

3,164.03 3>2St88 

-2.73 

Wmm 

ATX ' 


-2.62 

Zurich ' 

SPI* 

3.752-31 ^778.88 

•065 

Source : Totakurs 


Ls-naiKKut ILraU Tnhwe 

Very briefly: 


•The European Commission is taking France and Portugal 
to court over investment laws in (he two countries that 
allegedly discriminate against foreigners. 

• Citibank plans to buy the global mist and agency services 
units of J. P. Morgan & Co. in London and Brussels for an 
undisclosed price. 

• Pfizer Inc. plans to invest £109 million ($ 1 80 million) at its 
research site in southern England. The U.S. drug company 
als o pledged to create up to 1. 000 new jobs. 

• Ecia SA, a subsidiary of PSA Peugeot Citroen, offered to 
buy all of Bertrand Faure SA in a bid that values the car-sear 
maker at 8.4 billion French francs (SI A billion). 

• Toyota Motor Corp.. which plans to build a factory in 
Valenciennes, France, is considering asking Japanese auto- 
calls suppliers to establish operations in France if it cannot 
find satisfactory local suppliers for the assembly plant. 

• Publfds SA, acting under a U.S. court order, withdrew its 
offer for 38 percent of True North Communications Inc. 
The French advertising company was seeking a slake in True 
North in a bid to scuttle the Chicago-based company’s planned 
merger with Bozslt of New York. .tAX. . V. Marubeni Reuters 


WORLD STOCK MARKETS 


ragb Low dose Piw. 


High Low dou pm. 


High Low dose Prtr. 


High Low dosa Pm. 


Thursday, Dec. 11 

Prices in local currencies. 

Tefekurs 


RWE 

SAP 



High 

Lorn 

aose 

RM. 

Amsterdam 

AEX tetac 88250 
PiwnksSjS 

ABN AMRO 

407D 

39 JO 

3950 

41.70 

Aegon 

174.90 

173 50 

174 

17670 

Ahold 

5150 

50.70 

.5140 

rt9(l 

Akzo Nobel 

34160 

34050 

30 

349 

Boon Co. 

N.T. 

NT 

N.T. 

U£40 

Bab Wesscw 

30L30 

2960 

31 m 

30 

CSMcva 


8X10 

84 

83 

DodtschePd 

10570 

10190 

YSS 

106J0 

DSM 

182 

IfflJO 

180511 

17950 

E better 

33 

.92:81 

37 JO 

3X20 

Perils Amev 

84.90 

8X40 

8410 

85.90 

GeJromcs 

6370 

6X10 

6110 

6X50 

G-Btoccki 

5X40 

SOJO 

504) 

F>i 

Hogemejw 

8550 

Xi 

.8450 

Hetaetei 

339 JO 

33450 

33750 

341 

Hoogtwwscra 

9070 

8770 

HL50 

9140 

Hurd Douglas 

7£S) 

IS . 50 

7A50 

7770 

1NG Group 

8670 

8420 

imn 

8770 

KLM 

7X60 

70.70 

71 

7490 

KNPBT 

4350 

42 

4350 

4X60 

KPN 

80 

7870 

7970 

8070 

NcdtoydGp 

4170 

41 

41 JO 

4190 

Nutriaa 

60 

58 

59 

6050 

OceGriirien 

216 60 

208.10 

71150 

219 

Phifips Elec 

125.90 

119.10 

1I9J0 

13150 

Polymaro 

RanstodHdg 

100.40 

97 

9750 

10070 

7XJ0 

IZjO 

7X70 

74 

Pnbecn 

19070 

IKK 50 

IUK5U 

192 

Rodamca 

57 

5650 

5 7 

57.10 

Rofcnco 

177 60 

176 

176 

180 

Rorento 

1M70 

119.90 

170 

120 

Royal Dutch 

107.70 

10550 

106J0 

10840 

Unilever cvn 

1M 

11660 

11750 

12050 

Vcrafexlrffl 

11170 

107.70 

108 20 

11X10 

VNU 

50 

JK.60 

4930 

50-70 

VVoltcfs Kl i^ra 

2o0 10 

756J0 

i«70 

26X90 


SGL_. 
Siemens 
Springer (Axel) 
Suedwdwr 

v5S" 

VEW 


High 

9140 

523 

177 

230 

10505 

132 

913 

407 

11140 

560 

913 

976 


nso 

509 

17140 

227 JO 
103.10 
1339 
913 
401 
11070 
540 
893 
96i 


9140 91 JD 
509 JO S28J0 
176.10 177.50 
227 JO rnsn 
10X40 106 

1355 1339 
913 ■ 913 
491.80 409 JO 
11140 11340 
560 25 

905 924 

957JD 996 


Helsinki 

HEX Geaend tadac 3Z14J1 


Pierian; 334434 

EnsoA 

44 

43 

44 

45 

HoWaraaWI 

223 

7» 

220 

77.5 

Kendra 

5150 

50 

5170 

5150 

Kesko 

8150 

80 

81 

81 

Merita A 

2750 

27-30 

2750 

W 

Metro B 

12S 12150 


174 

Metsa-Seria B 

46.90’ 

4450 

4710 

Neste 

1M 

120 

120 

171 

Nakfa A 

394 

:*» 

3 

403 


148 

142 

149 

OototsuDipu 

69 

M 

£ 

7470 

ALSO 

UPMKymnene 

VOtraef 

106 10170 
76.10 7420 

107 

77 


Bangkok 


SET tadac 771 J1 

Plrrlaas: 390-47 

Advlitta Svc 

710 

198 

206 

222 

BcnqJ.ok Bk F 

122 

113 

114 

126 

tauioThaiBk 

PTTEtefef 

1125 

1058 

10.75 

1150 

330 

w 

37? 

400 

Sum Cemeid F 

753 

346 

358 

390 

Siam Cam Bk F 


57 

iS 

6850 

Tctoannain 

IUJ5 

9JJ 

950 

10.75 

Thai Auwns 
That Farm BkF 

4675 

45 

4075 

44.75 

110 

102 

102 

115 

UtdCama 

2175 

1850 

19.75 

24.75 


Bombay 

Bowl Auto 
HUtdiMlLevw 
HuKtori Pcflm 
Ind Dt*Bk 
ITC 

MutuWJfjc* Tel 
Rcfinnce ind 
State BkhuSa 
Steel Aumnnty 
Tata Era Uxo 


Sense* 3S isden 3129.14 
Prerion: 23*733 

575 543 563 55715 

1269 1205 1235 1277 JD 

451.75 -C1Z5 43515 45X50 
82 80 JO 81 8125 

573 52550 5*IJ5 547.75 
730 75 22015 226l75 725.25 

155.75 149.75 1551S 15415 
210 70X50 208.75 707.75 

1015 9 JO 10 915 

264JS 253 263J5 257 


Hong Kong 

AmayPrapi 
Bk Eteri Asia 

Cottar Pobftc 

Cheung Koag 
CK Wrastrad 
OiraLtaM 
CificPadfic 
Dao HenoBk 
FW Pacific 
Hong Lung De* 
Hang Seng Bk 
Henderson liw 
Henderson Ld 
Hk China Gos 
HK Electric 
HKTdroanrn 
HomiwO Hdgs 
HSBC Hilgs 
Hutchison Wh 
Hyson tfev 
Johnson El Hdg 
Kerry Praps 
New World Dev 
Oriental Pros 
Penri Oriental 
SHK Props 
5twi Tak Hdgs 
Smo Land Co. 

Sift China Posl 
StarePacA 
Wharf Hdgs 
Wheetod. 


Haag Seng: 1042122 
“ :1W224I 


£75 

£45 

455 

£85 

1£4U 

17-45 

1785 

1865 

£80 

650 

655 

7 

5150 

4950 

5075 

5125 

2025 

I£40 

1V50 

21315 

39 
31 JO 

33 

3£70 
30 70 

40-10 
31 JO 

21.10 

1980 

2080 

2)70 

5 

UJO 

iaro 

460 

1065 

S 

11-45 

71 

Mm 

7U50 

7X25 

£30 

£95 

£10 

£60 

38 

7*41) 

37.10 

3880 

13.90 

1X30 

1355 

14 

27.15 

25-95 

2£15 

'7X75 

15JU 

1470 

1485 

1595 

X03 

)M 

159 

£08 

194 

un 

187 

19850 

50 

4/M 

4820 

5050 

I.V9U 

ISIS 

>£30 

l££S 

2140 

ms 

2115 

24 

14 

1350 

14 

1420 

2JL80 

2£20 

2750 

X 

•U3 

un 

XX 

X33 

109 

£3/ 

039 

060 

58 

5575 

5675 

5975 

260 

2-45 

250 

2 JO 

493 

4-48 

468 

5 

570 

5JS 

550 

6 

4X20 

40 

42 

43 

16 

1575 

1560 

1440 

93)5 

855 

880 

97S 


Brussels 

Afanona 

Barcotnd 

HBl 

CBR 

Cdrtjyl 

DeDuUeLkBi 

Etearohd 

Eledmfmo 

Fate AC 

Gcmert 

GBL 

GenBantmc 

KraiMtan* 

Pebofina 

Powcrftn 

Royal? Beige 

Sac Gen Belg 

Sohuy 

Trodcbd 

ITCH 


BEL-28 Me* 243130 
Previous: M71J7 


IMS 1785 
6740 6590 

9980 '3850 

3380 3340 

1 8850 18400 
1905 189C 

tcaa also 
ISXl 3320 
7430 7330 

IJ50 1705 
5440 5360 
15500 15325 
15350 15200 
13925 137 SI 
5130 5110 

9630 9760 

3445 3320 

2325 2220 

3120 3700 

123800 122350 


1790 1795 

6590 6840 

W50 10100 
3360 3390 

18850 19025 
1895 1925 

8230 8280 

3390 3420 

7250 7470 

1725 1740 

SW0 5540 
15475 15S2S 
15725 15350 
13900 14075 
5130 5140 

TOO 9930 
3320 34S5 

2230 7345 

3110 3115 

173800 174350 


Jakarta 

Composite tadec 39411 
Pfwirws: 41554 

Astra tail 

2125 

2000 

2050 

2150 

Bk tan radon 

450 

400 

425 

475 

Bk Negara 

550 

525 

550 

550 

Gudmg Gram 

8250 

7600 

7600 

8275 

Indocement 

1425 

1375 

1400 

1450 

Indofood 

2650 

2550 

2600 

2750 

Indosat 

9125 

8V2J 

9U25 

9150 

Sampcema HM 

4B00 

4550 

4600 

4900 

Semen Graft 

2950 

2750 

2775 

3050 

Tdckomunikosi 

3000 

2775 

2775 

3050 


Copenhagen 


BG Bon* 


Codon 
Dated 
DenDtjnsteWi 
D'SSvemtirgB 
US 1972 B 
FLSIndB 
KobLtiflhame 
NrroNonfcfcB 
SanhusBerB 
TefcOOtnAB 
Trra BcBicb 
irrudnntnorK A 


495 

377 

96741 

368 

353 

N.T. 

305000 

17747 

790 

910 

1090 

439 

437 

508 


Stuck Mac <51.77 
PtMtaHi <57.18 
445 455 467 

360 370 376 

964.04 964.04 965 

358 367 368 

829 Kk. 833.49 

N.T. N.T. 429756 
298000 798000 305000 
168 17071 173 

779 790 790 

88112 890 897.86 

1039 1050 1065 

429 436 440 

477 430 430 

490 495 505 


Johannesburg ai Mario* ana 

* Premuv 6097-29 
ABSAGroup 2805 2740 37-50 28J0 

AngtoAnrCooJ 22070 718 216 224 

AnrjSoAm-Cofp 19680 lfi 191 197 

AngtaAenGoW 170 161 169 169 

AngfoAflilod 107X 10620 10640 HOBO 

AnSoAMPW 74 73 7X30 74 

AVMJN J40 545 54i ill 

B arlow *230 41.90 47-05 4X60 

CGSmBh 1935 17.90 1830 19 JO 

De Been 98 94 94.10 9880 

Drietarjeta 3X35 31 JS 32-35 J1J5 

MNaflBK 39.05 3X30 38J0 4X05 

Oman 7J5 7 J0 7J5 7.75 

GF5A 66J0 6250 63 JO 67 JO 

Impend Hdgs 5X60 52-10 5X20 55 

tagwoCoal 17 JO 1630 1430 17 JO 

Iscof 130 177 1.78 1.93 

-Wtarfestodl 4SJ0 4150 4X50 46 

Liberty Hdgs 324 31? 320 327 

Liberty Life 119 lift 118 120.40 

UbLife Start 14J0 1390 1405 15 

MtatSOJ 85.10 81 JO 82J0 85.10 

Nampok 14J0 1425 1435 1470 

Nabcer VH 1D62D 10640 10620 

Rera&randtGp 3640 35.90 3415 37 

Rkbanant 52J0 51.10 5140 52J0 

SA Breweries 115 107 JO 111 115,90 

Samoncw 2420 24 24 2420 

Sasol 49 JO 47 JC 4740 4980 

SBIC 207 201 206 207 

Tiger Oats 6410 6160 66 67 


BritPettm 8-fl 

BSJcyB 452 

BrS Steel 140 

BrflTeteanp 475 

8TR 184 

Bunnati Castrol 1051 

Burton Gp 1-39 

CnbteW«*s! 579 

Cadbury Sdnr 430 

CorttonConm 465 

Ccm ml Union 8.78 

Compass Gp 747 

CoarimWs 3JH 

□toons 419 

EMI Group 487 

Energy Gitidp 642 

EntapriseOS 507 

Ftsti Colonial 1.72 

Gerrl Aodderri 10.73 

GEC 412 

GKN 1164 

GtaeWefcnme 1427 
Granada Gp 839 

Grand Mel 592 

GRE 119 

GremtrihGp 4.13 

Gutnoas £93 

GUS 742 

Haw 7.98 

HSBCHMgs 1546 

ICI 938 

IrapITcMcco 4 

Kingfisher 830 

Lotftrote 2_78 

Laid Sec 10.0* 

Lasmo 172 

Legal Gent Gip £19 

Lloyds TSBGp 761 

LuarsVadty 1.95 

Works Spencer 424 

MEPC £46 

Mercury Asset 1473 

NritamAGrid 194 

Nan Power . £92 
NatWeW 9-95 

Ned 495 

Korwidi Union 184 

Orange 254 

P&O 478 

Pearson 849 

PStagite 1J3 

PorwrGen 788 

Premier FameU 425 

Prudenflat 7. 25 

RafflrackGp 9.97 

Ran6 Group 149 

Rodutt Cofill 9 JO 

Redlnnd 144 

Reed lad 416 

158 
645 
285 
-782 
9J0 
245 

- . 7.80 

R nrojAS mAB 412 

' ' ■ £11 

1&8S 
739 
£18 

Securicor K» 

Sewn Trent 18.10 

SMI Troup R 441 

gebe 1118 

Sadi) Nephew 182 

StaBhXfene 
Smite tod 
SthemEtec 
Stogeccod) 

Stand Clntsr 
Tote & Lyle 
Tesco 

Ttanxrs Water 
31 Group 
TlGroup 
ToraSMs 
UnBeyer 
Utd Assurance 
UtdNews 
UtdUB&es 
VenrkeaeLxob 488 
Vodafone 422 

WW&reod 8.68 

WBnmsHdgs 331 

5»op . IS 

Zeneca 1983 


K low 

Reuters Hdgj 
Rtssmi 
RTZreg 
RMC Group 
Rolh Royce 
Royal Bk Sad 
‘ l&SunAB 


Srimbary 


425 

889 

495 

IB 

7J5 

490 

586 

989 

5.10 

£14 

194 

5 

£16 

744 

785 


£09 £15 

433 439 

130 134 

471 472 
135 1J3 

1028 1032 
137 137 

£17 5.20 

63S 632 

444 451 

SJO 843 
111 7J2 

X03 204 

405 417 

458 445 

460 470 

630 439 

£76 £82 

1J1 \Jl 

10.10 10.54 

197 403 

IL50 1240 
13.96 1406 
845 £* 

535 535 

105 110 

405 405 

5JE £88 
735 736 

735 7J5 

1406 1454 

9.10 930 

184 3.91 

£12 - £20 
173 176 
9-80 9.92 

240 162 

535 536 

735 735 
133 

407 413 

541 £44 

1470 1471 
186 239 

£76 £84 

988 9-84 

463 675 

330 17S 
145 149 

440 450 

780 830 

1-18 130 
7.75 7.7 9 
410 410 

736 7.06 

936 941 

3.40 343 

9-05 938 

342 343 

£98 404 

145 149 

447 4S2 

175 239 

740 748 

8-90 8.93 

137 138 

7 JO 745 
5.97 606 

140 141 

£10 S.Q5 

17 JO 18.60 

7.11 7.19 

S-03 508 

106 xoe 

932 10JB 
413 429 

II 11J0 

180 181 

406 413 

8 £46 

483 495 

782 786 

48S 496 

487 4.90 

484 494 

947 9J1 

490 585 

496 499 

180 189 

484 488 

588 £15 

782 7.12 

7J5 7.61 

465 465 

408 415 
832 SJO 

J 129 
480 485 

160 240 

19 JO 1954 


£39 

452 

139 

475 

181 

1051 

140 
£39 
430 
465 
£7£ 

729 
387 

419 

463 
470 
439 
688 
1J3 

1045 

407 

1163 

1426 

£58 

£87 

119 

413 
£35 
734 
724 
1540 
928 
186 
839 
176 
1004 
172 
£17 
727 
131 

420 
546 
1473 
2.94 

582 
989 
6-95 

3.7 9 
165 

464 
£35 
121 
785 
420 

730 

10 

34B 

940 

142 

414 
253 
468 
185 
780 
9.10 
145 
ISO 
689 
138 
£11 
1885 
729 
£13 
108 
9.96 
441 
1126 
131 
425 
849 
485 
784 
733 
489 
585 
956 

583 
£14 
198 
498 
£16 
750 
756 
467 
413 
£64 
131 
582 
243 

1980 


Milan 

ASeanai Assic 
Bar Conan Bol 
BcaHde rnna 
Ben rfl Rama 
Benetton 
CrerSo Boflono 
Edbor 
EM! 

•Pol 

GenaoSASstc 

INK 

INA 

Itatgm 

Medtdsrf 

Merfidxmcn 


MIBTNi— «ten 1551188 
Prattew: 1567480 


Ofiwtti 

Pnmwtat 

Pirett 

RAS 

Rola8<BVn 
SRoaio Tartan 
Tetecorn Italia 
TIM 


16200 15940 
5310 5105 
7750 7550 

1515 1450 

27600 27100 
513] 4950 
10150 9900 

96S0 9455 
4960 4905 
4X150 39500 
19175 19900 
3030 3000 

6730 6655 

8275 8170 
12740 125BO 
I486 1459 
1033 980 

2510 2445 

4360 4270 

15700 15400 
24500 24100 
16970 16460 
10610 1005 
7120 7000 


16155 
5195 
7745 
1515 
27400 
SOTO 
10100 
9S65 
4940 
40000 
19140 
3025 
6710 
8270 
12735 
1466 
1019 
2490 
<305 
1 5580 
24450 
16670 
10530 
Toea 


16410 

5300 

7900 

1519 

28200 

5120 

10715 

9750 

5015 

40300 

19420 

3040 

6780 

8270 

12900 

1506 

993 

2535 

4415 

15950 

24909 

17000 

10635 

7300 


Legrand 

1171 

ms 

1130 

1183 

LOred 

2222 

2111 

2126 

2237 

LVMH 

1011 

775 

9B4 

1028 

MkMnB 

309 JO 

295 

295-80 

31020 

Paribas A 

523 

500 

506 

537 

Pernod Ritrt 

322 

313 

31950 

•mtn 

PewyerdQt 

671 

653 

653 

690 

n.mi.dT P,.„t 

rmuo-rm 

3111 

306 6 

3066 

3744 

Proonxtes 

22S6 

3112 

2192 

2292 

Renoud 

16770 

164 

164 

1)010 

tod 

1770 

1721 

17*7 

1799 

Rh-PoufeocA 

2S8 

24870 

253 

266 

Sanofi 

535 

S66 

577 

590 

Sdltexier 

32 £50 

31X40 

314 

32950 

SEB 

BOS 

790 

798 

804 

SGSTtamsoa 

356 

327 

33S 

37950 

Sfe Generate 

852 

837 

850 

856 

Srxtextw 

rrm 

3286 

3330 

3368 

SIGr&ata 

807 

783 

- 788 

806 

SuezIGe) 

1575 

153B 

I £05 

1550 

Suez Lyon Earn 
SyiabekxDQ 

640 

755 

628 

734 

637 

-740 

640 

764 

Ttxxn5aaC5F 

17490 

169.10 

17420 

176 

Total B 

612 

599 

6G1 

623 

iMnv 

8480 

79 

81 

■H 

Valeo 

418 

38750 

377 

-■30 


Stockholm 


AGAB ; 
ABBA . 
AssaJoocm 
AstroA • 
Altos Capet A 
Autnfiv 

ElectroknB 
Ericswc » 


SXlttodac3U*88 
PmSeoK 325288 


Sao Paulo 



Montreal 

Bee Mob Coro 
Ota Tire A 
OJn USA 
CTRBlSvc 
Gaz Metro 
Gt-WestLifecn 
Iroasoo 
tnvestorsGrp 
LoWnwCns 
Nrfl BX Canada 

Power Cmp 

Power FM 
Gaebeaa-B 
Rogers Cotnm B 
Royal BkCda 


at 331188 
Prenow: 334981 


36.95 

3£S5 

XJ5 

3£95 

3H» 

3D 1 .' 

*9- 

3170 

4015 

4£I5 

4045 


541* 

53’^ 

SSh 

54 

18* 

1870 

18-20 

U't 

36.90 

36'.T 

36.90 

364 

S2M 

5095 

5B=* 

5145 

4X95 

<2.95 

4X95 

4X90 

26 

25X0 

26 

25.15 

24TO 

2410 

2440 

24'.5 

48''. 

46-85 

47.95 

4870 

•47 

46^ 

47 

47 

27-80 

27'A 

2J.t 

27.TO 

680 

6J0 

£80 

7.15 

7950 

7£90 

7£90 

BL05 


BiadcxoHd 

Bratona PW 

OrotaPfd 

CESPPW 

Cupel 

Elrtrcima 

HoDtana) Pfd 

Light Seffldos 


i Pfd 
Fmifcla Luz 
Sid Nodand 
SaunrCan 
Telefcrns PH 
Teieraig 
teferi 
Teiesp PM 
Urn bancn 
USHMWi Pfd 
CVRD PM 


£50 

6aaao 

45J0 

6580 

1280 

57000 

500.00 

41080 

26080 

241.98 

131.21 

3L70 

£30 

II2J0 

11580 

9780 

774X0 

3981 

62U 

1950 


SJO £250 
66500 66580 
4480 4480 
6080 6280 
11 JB 1170 
<9580 505X0 
49580 50080 
40580 40680 
25159 25100 
mm 23680 
13081 13050 
3080 oL50 
£20 £21 
10850 11150 
11080 11080 
8780 TlJ.1 
25580 259 00 
3980 3987 
£90 £90 

1980 19 JO 


£70 

69580 

4750 

66JS 

12.50 

S2MH> 

51080 

47080 


13880 

3280 

£39 

11650 

117-01 

10150 

79700 

4080 

640 

2080 


Sydney 

1 

Amcor 

ANZBtog ‘ 
BMP 

Bern! j 

BrambtatorL 
CBA -• ; 
CCAroaS . 
Cafes Myer ! 
Cormta 
C5R , 

FostereBrewi 
Goodman Fid 
lO Austrcfio 
Lend Lena ! 
MIMHte ■! 
NatAustUs* 


ninrifcieh 1 7TU W 
PrevSm; 2SS4J0 


6.70 £43 

1054 1030 
1190 1X70 
387 X76 

2£49 28J0 
1786 1682 
11.10 1055 
7JB 7 JO 
£25 £23 

583 496 

174 288 

116 212 
11 10S 
3075 3039 
184 1 

20J1 19-97 


£46 £75 

1030 1050 
1X77 1X95 
187 388 
28J0 2855 
1685 17.10 
1182 UJO 
738 7.31 

£25 £25 

5 £05 

274 173 

114 117 

KL55 1183 
3050 3088 
181 1.04 

2070 2043 


TIm THb Index 

Pru-U s .15 dJCOPV Now Vcrir time 

jon r. j 88?= TOO 

Ltarai 

Ctraagi 

-.ctwngn 

ynrtodste 

World index 

170.17 

-2.10 

-152 

+ 14.09 

Rngtorrat indmcM 





AS&P acme 

9720 

— 3.13 

-3.12 

-2155 

Europe 

188.85 

“2.09 

-1.09 

+ 17.15 

N. America 

216.15 

“0.73 

-0.34 

+ 33.45 

S. America 

140.06 

-553 

-3.60 

+ 22.40 

Industrial Indiums 





CapM goods 

208^5 

“3.61 

-1.70 

+ 22.19 

Consumer goods 

205.35 

-1.07 

-0.52 

+ 2751 

Energy 

193.64 

— 2.06 

-1.05 

+ 13.43 

Fmance 

122.40 

— 153 

— 1.55 

+ 5.10 

Mscettaneous 

149.16 

-457 

-3.16 

-7.79 

Raw Matcnals 

166.5Q 

-259 

-1J3 

-5.06 

'■ Service * “ 

168.99 

-237 

-1.38 

6 23.06 

Ubtoiee 

161.58 

-155 

-0.77 

+ 12.63 

Thu inmmaiional HaraU Tribune Wor-J Stcck InOext? nooks mo U& JsBarvatuo 

■ af2SOKMimikxta8yrwostabtasrodtSfrcim SSwvrtnes For more BfcmaiOR. 

a free booklet is available l>y KTittm: to The Trw !"x\. 7b‘r Aynue CfiJrtK efe 

QauSe. 92521 NeuiSy Cede*. FnmoB. 


Compiled b> Sfecmtwp Nows. 


Dniei 

600 

560 

580 

DaMdsKong 

1000 

985 

9BS 

□otaa Bank 

315 

XI 

XI 

DtBna House 

B93 

865 

M5 

DtmaSec 

445 

43S 

436 


Frankfurt 


AMS B 17150 

Adidas 26a 

Alton; CT 

Altana 12470 

Aw Catania 17750 

BK Berlin 3£95 

BASF 61.95 

BayerHypoB* 82 

Bay.VercsBbank 1 17 JO 
Bayer 6378 

Bcwrvtari Ja50 

Bewag JasO 

BMW 1348 

Commerzbank tJ. 90 

DarnrierBeni 12X30 

Deguua 87 

DeutsctB Hark 12(105 

Dcvt Tefckam 3190 

DttefiKfSor* 
Ficsanus 
FreseoiusMcd 
Fried Krupp 
Geiic 

Hektelbg Zmt 
HenfcdpM 
HEW 
Hoctdief 
Hoedist 
Kantadt 
Labmerer 
Unde 

LuflbanscR 
MAN 

Mannesaann 
MeO^esefeeiiaflglO 
Metro _ ».« 
Mundi RoedcR 41650 
Preussag 508 


7930 

287 

121 

344 

1C0.10 

13650 

11040 

d6S 

7£9) 

6255 

648 

7450 

1085 

3190 

H 

856 


DAX.-4QM.K 
PlWIOtaB 411777 
>69.70 17150 I7OL50 
265 265 277 

416 41 7 JO 426 

12X40 124 12X90 

166 I72J0 17020 
3640 36.95 3640 
6135 61 JO 6X8S 
8080 8! BXXS 

111 11170 11X50 
o2J5 62.70 64.15 
7£S0 75.10 71 

JaJO 4640 4650 
1315 1315 1375 

6640 46.90 6£20 
12730 12240 126.80 
as 10 87 8870 

119 75 12005 12465 
5355 3375 3X90 
78J0 7870 79J0 
MS 287 281 

11870 11950 114 

339 34050 346 

9950 100 101 jO 

>3X50 134 13650 

108 10810 11140 
465 465 465 

7X60 7X80 75 

61-S5 6175 62.95 
637 6SS 
7450 7£W 
1069 1119 
3155 3X70 3440 
S37 5« 549 

841 844 859 

3150 3180 3X75 
7940 80.90 81.70 
610 61070 614 

500 SOS 514 


Kuala Lumpur 


AM MB Hdgs 
Genttng 
MnlBenJdng 
MolIndSlitpF 
PetranasGas 
Proton 
PnbfcBk 
Retain 
Resorts World 
Rodmans PM 
Slme Darby 
Tstotanim 
T 

UM 
m 


OBmaaiR 589.18 
Proton: 63136 


X06 

X88 

X88 

X06 

9JS 

9 

9 

10 

11 

9.90 

9.9S 

1170 

170 

45* 

47* 

SJO 

975 

£90 

£«5 

975 

£98 

4J0 

452 

SJO 

2M 

2 

2 

X03 

Strap. 

£50 

Strap. 

6 


1J0 

650 

3175 

X 

31 

31 J5 

194 

X68 

168 

XM 

11.10 

9JS 

9-8S 

11.10 

UQ 

7-3 

m 

£30 


*3 


124 

5.15 


Madrid 

SSST 

Aguas Bncatoa 

Aroantaria 

B0V 

Btroesto 

BankflUer 

BeaCerdroHisp 

BoaRaputar 

Ben Santander 

CEPSA 

Confioente 

QaaMcrofre 

Endesa 

FECSA 

GmNatand 

Ibardroia 

Rni 

Repsol 

SerttanaEJes 
Tr*ocsriero 
TeMr mjca 
Union Fenosa 
VatoncCemerd 


Balsa index: 61 U 4 
PmtaoaCZtoa 


23100 

2025 

6340 

9510 

4570 

1425 

8410 

3175 

10250 

4600 

4595 

2780 

7760 

2830 

1330 

7480 

I960 

2255 

6440 

1400 

11700 

4405 

!4B 


22480 

2000 

6150 

9XTO 

4470 

1385 

8260 

3125 

9800 


2730 

7630 

2800 

13M 

7300 

1950 

2155 

6360 

1375 

11500 

4345 

1455 

rao 


22S60 23690 
201J 2CD0 
6300 629 0 
9390 9730 

4510 4665 
1425 1415 

8270 8410 

3140 3230 

10240 10170 
4535 46A5 

4565 4565 

2770 2800 

7650 7900 

MM 2850 
1300 1325 

7480 7570 

I960 2000 

2180 2280 
6390 6480 

1375 1420 
11640 11670 
4345 4490 

1465 1490 

2860 2905 


■ How are travel companies; 
using the Web to expand their business? 

■ How are smart cards 
changing travel? 

Don't miss the fourth in a series of sponsored pages in the IHT on 
electronic business. Learn the ins and outs of on-line transactions. 

December 16 

Business 10 e -B usiness: 

TliAVEl. 

If you missed the third in the series. “ Business to e- Business: Maikrt^efligence” 
tax or e-mai|jor a five reprint Fax: +33 1 41 43 92 13 / E-Mail: supplemenls@ihl.com 



THE WORLD'S DAILY NEWSPAPER 


i • 


Ktflb Low Ooie Piw. 

sso 
1010 
320 
910 

_ 454 

DOI 3410a 3210a 3260a 3370a 

Denso 2490 2450 2470 2SW 

EastJapanRy 5900a 5850 b 5890a 5850a 

Etai 1840 1800 1600 I8e0 

Frame 4970 4910 4930 J9TO 

Ft* Bonk 638 613 613 6S> 

Fori Photo 5020 4920 4940 5040 

Fujitsu __ 1480 1 450 1450 1460 

HocMfun Bk 1060 1040 1040 1060 

VOUCH 771 943 966 96» 

HandaMotor 4820 4750 4780 4860 

IBJ 1130 1090 1100 1140 

IHJ 241 231 735 250 

Hodiu _ 261 225 230 26? 

tto-Yatodo 6150 60o0 6060 6060 

JAL 300 361 369 380 

Jopai Tobacco 9480a 9430a 9430a 9520a 

lusai 2060 2000 2000 2070 

Kafma d36 432 433 432 

KnnsaiBec 2140 2120 2120 2100 

Kao 1770 1740 1740 1750 


259 

160 

677 

981 

104 

745 

395 


26? 

164 

678 

9UI 

104 

749 

395 


270 

ISO 

692 

962 

105 

760 

420 


Oslo 


Aker A 


DennanteBk 
EBenn 
HaWondA 
KrrrxrTwr . 
Norsk Hydro 
Monte SkogA 
NycomedAmer 
Orida A 

Peffcn GeoSvc 

Saga PeM A 
S chitgted 
TranacwnO^ 
Staetmmd 



OBX tadac <77.83 


Previous: 68X38 

13050 

177 

129 

132 

189 

18X30 

189 

188 

2840 

2770 

2X60 

28J0 

3X40 

a, 70 


3330 

9S50 

«0 

9S50 

9* 

44J0 

■sue 

44JO 

*430 

373 

371 

374 

382 

382 

377 

382 38330 

219 

215 

219 71850 

■ W 

IB 

1S7 

18* 

637 

630 

*37 

637 

468 

461 

iMHI 

47X30 

134 

131 

133 

137 

m 12150 

12* 

125 

35650 356J0 35650 36X30 

S050 

50 

SO 

50 


Seoul 

□acorn 

Daewoo Heavy 
HrondtoEng. 
Ki Maters 
Korea EJPwr 
Karoo Ext* Bk 
LGSaateon 
Pahang bon SI 
Saanung nsiay 
Saras txqEtoc 
Shtahan Bank 
SK Teieean 


— 37777 

Pimn: 399.85 

62900 59400 59400 66500 
5240 4830 4830 ■ngi 

10200 9600 9700 1KBCJ 

6000 5900 5900 61 HJ 

15400 14500 14600 15600 
3750 3450 3450 3750 

17600 16300 16300 17700 
51400 47500 49990 S000C 
32000 31000 31500 33600 
44200 40500 42500 42200 
6970 6710 6710 7290 

536000 4S7000 457000 496500 


Mews Carp 
Ppcffc Daotop 
Pioneer W1 
Put) Broadcast 
SBaTtato 
St George Bank 
WMC 

WestoacBfctag 
VVbofide PeT 
Wootonrihs 


1X6 

£41 

£41 

£20 

870 

£44 

115 

118 

375 

182 

185 

195 

N.T. 

N.T. 

£75 

1778 

1774 

1740 

£26 

BJ2 

£49 

£84 

4.W 

£09 

971 

974 

93* 

1085 

1030 

11.13 

459 

477 

472 


636 

74 

1068 


London 

Abbey Nall 
Afflea Dwnecq 
Anglian Wirier 
Argos 

Asda Group 
Assoc Br hoods 
BAA 
Barotoys 
Bass 
BAT Ind 
Bank Scotland 
Btoe Crete 
BOC Group 
Boob 
BPBInd 

BdtAwup 

BritAtoMfin 

BG 

Brit Land 


FT-SE 100:583550 
PrwtBW: 513070 


1047 

942 

1034 

10.13 

5J6 

5-22 

535 

5J2 

£38 

£27 

£34 

£37 

£03 

575 

541 

£97 

1.76 

1.72 

1J3 

1J3 

535 

575 

£46 

535 

5M 

450 

4.98 

4.98 

1670 

16-17 

1432 

1639 

9 

£80 

£93 

9.11 

545 

5J0 

SJ6 

545 

£70 

543 

534 

£68 

UP 

105 

122 

335 

949 

945 

940 

947 

£73 

£42 

842 

£76 

1X2 

127 

378 

339 

1742 

1£10 

1736 

1742 

SJ7 

540 

532 

544 

Z46 

142 

243 

X86 

£68 

645 

653 

£65 


Manila 

Aydta 

Ayo'eLnnd 
BtPhiipIsI 
CAP Homes 
Mm9o Elec A 
Metro Bonk 
Petrol 
POBonk 
PHI Long DU 
SoiMqmIB 
SM Prime Hdg 


PSE todec 1S7£63 
Prwtoos: W72J4 


Singapore stroteTkoe*:u*£H 

“ PttabOK 170352 


1575 

14.75 

UTS 

1635 

25 

H25 

87 

1475 

88 

1535 

8950 

275 

246 

248 

240 

62 

8050 

81 

81 

277 JO 

26X50 

265 

57750 

185 

170 

175 

190 

IX 

129 

IX 

134 

S60 

820 

825 

870 

56 

X 

51 

5650 

£30 

£10 

630 

£30 


Paris 


UG4a:282£45 

Pwnow.I91I.it 


Mexico 

AM A . 

P^pwn-1 a 

Ceme CPO 

owe 

EapMadema 

GpeCasaAl 

GpoF Bcomer 

Gpo fln iatnitsa 

KMtCtakMa 

TefevisaCPO 

TeUteL 


59 JB 
20JB 
3£00 
l£90 
40J0 
5670 
3JJ3 
3150 
37.00 
15X00 
20.10 


Balsa Mac 4931X1 

Pmrion:50t£43 

56J0 5£00 5950 
19X4 19.90 2050 
3X70 344) 3£85 
MAO 1642 17B0 
40.10 4070 4050 
££00 5£20 5650 
190 103 256 

3070 3070 3170 
36.15 3£70 3B.lt 
147.70 143.10 15650 
1948 2055 2060 


Accor 

AGF 

AtfLlgulde 

AJcota AKtb 

AaMJAP 

Bancoire 

BIC 

BMP 

Carat PM 
CtFTBfeuT 

casiw 

CCF 

Catetera 

Christen Dfar 

CredB A^ia* 

Dmn 

Dodo Finn 

EK-Aquitoine 

Errdonia&S 

EoratlsriW 

Eorotrand 

FnsiceTefeaw 

GenEaux 

Hans 

lisetd 

Latorge 


1099 1071 

32X90 32110 
902 877 

766 737 

454.80 44850 
1031 990 

410 396J0 
33480 314,10 
1000 958 

7985 3901 
333 33050 
41 £80 401 

B77 843 

614 584 

1160 1131 
1044 977 


669 

675 

924 


1077 1123 

33110 328 

880 905 

740 774 

451.90 457 JO 
992 1052 

407 41110 

BXflO 150 

958 996 

2901 XU 
330290 334 

408 JO 42950 
846 886 

600 619 

1160 1130 
1024 990 


7.15 755 

£95 £75 


650 

651 
902 


681 

686 

924 


21£90 

763 


IX 705 
£80 605 


415 400.10 
729 717 
383 367 JO 


2iaio 

732 


217 

769 


4Q£20 Alias 
722 727 

368 383 


Asa Poc Brew 
CmbcsPac 
GtyDevth 
Cycle Cartage 

DokyFareilm* 

DSStnnton 

DBS Land 

Fmer&NeoK 

HKLond* 

JariMaftKsn' 

MriShtsiedc 1 

KenielA 

KeppelBaok 

KewdFeb 

KenetLsnd 

(XBCbRtei 

(TbUiuinBfcF 

Parkway Hd gs 

Sgfflbssww 

Stag Air fatavi 

srogLaod 

Stag Press F 

Sing Tech tad 

Stag TeJeeocun 

Tat Lm Bank 

UMhdusMai 

UHOSmBAF 

wing Tai Hdgs 

trio (/.£ cMn. 


£46 
4J0 
775 
7235 
056 
I £20 
254 
9 

2.10 

450 

171 

£35 

258 

454 

357 

HUB 

670 

352 

5X0 

DJO 

4J8 

22 

173 

XCQ 

247 

071 

mo 

256 


£40 440 

450 452 

7 JO 750 

£95 755 

053 035 

« w 

£05 £45 

252 104 

440 4M 
164 IAS 
£10 £15 
183 258 

4X6 454 

253 256 
10 1030 

£35 670 

356 190 

5 5 

10.90 11.10 
436 438 

21.10 2170 
1 M 1.73 
191 191 

164 US 
0-69 06« 

1040 1040 
253 104 


446 

470 

£10 

775 

038 

1650 

257 

9.15 

110 

452 

157 

£35 

190 

454 

190 

1080 

£60 

£96 

57S 

1170 

440 

2140 

175 

U4 

149 

074 

mo 

257 


Taipei Star* 
Cattoy Lite Ins IS 

gwogHwoBk 9* JO 

Qitoo Tung.Bk . 72 

OdPQ Devetamt 94 
°*! ",Staa l 34.70 
FtnlBonk 9$ 

Rtatotao naslfc 
Hua Nan Bk 


, 72 
9450 
2480 


™™o«astfc ■ 60 

HuaNdnBk 11050 
HtConnaBk S6jg 
NanYoPlosncs • SS 
Srin Kang Lite 105 
Taring Semi 125 

Taking 3670 

UtdMicroElec /iso 
UMMkutdOrin « 


MaritaMadrae 127058 
Pwtaow*: 858X55 

145 145 14950 

84 96 9350 

69 69 JO 
90 91 

2410 3410 

93 9350 9250 
59 SJO 4050 
97 98 98 

54 54 56 

M 5630 58 

»“W0 102 100JO 

J20 12X50 127 

3£30 36 36-50 

«P 69 JO 74 
SB 5850 5950 


Tokyo 

Atannato 
M Nippon Air 


Asrtal I . ... 
AsaMChm 
Asott Glass 

Bk Tokyo Mitel 

BkVMabaiM 

Bridgestone 

Oman 

ChnbuElec 

CTnnokgBK 

DalNtapPiM 


NMM215: 1609.15 
PmteB: 1647112 

1210 1210 1210 1210 

574 555 556 579 

BID 2370 2460 26M 

.548 535 536 549 


SakumBk 

Soniw 

SanwaBank 

Sanyo Elec 

Secom 

SefcuRwy 

SetosaiCten 

SekUui Horne 

Seven- Seven 

Sharp 

SMokuEJPwr 

ShtmCu 

SWmdsudi 

Shfeeido 

aSSraBk 

S^brarti 

SumBomo 
Surntemo Bk 
Sunlit Okoi 
S wBtemo Elec 
SaaBMeW 
Sumo Trust 
Toisfio Ptvnu 
TokedaOieni 
TDK 

Tabaka El Pur 
Tokoi flank 
TaWa Marine 

Tokyo SPtar 
Tokyo Beckon 
Tokyo Gas 
TOkyuCorp. 

Tonen 

Tappan Print 

Testem 
Toyo Trust 
Toyota Motor 
rommouert 
ttXIOtkkilMXI 


7990 

ms 

806 

854 

9080 

833 

1890 

404 

3050 

1810 

1360 

2710 

11700 

827 

1530 

363 

1760 

215 

780 

3250 

3760 

10200 

1950 

642 

1170 

2310 

5530 

304 

519 

900 

1700 

5S7 

529 

1260 

795 

3710 

3060 


5740 SB® 6040 
1870 1890 1900 

252 MO 260 
251 252 263 

1980 1020 3050 

3610 3700 3870 

1890 1900 1940 

1010 1030 1020 
1000 1030 1030 

M2 203 
335 340 340 

1570 1530 1600 

490 495 505 

411 415 414 

1530 1530 MOO 

854 £59 870 

1320 1320 1370 

2X5 235 248 

3610 3610 3770 

IS# 1380 1400 

1420 1430 1450 

395 395 427 

12900 132M 13500 
636 

382 337 400 

185 109 703 

«6 497 504 

110 110 lift 

1620 1640 1650 

IDS® 1000b 1120b 
67«* 6740* 6890b 
511 SIS SM 
286 289 295 

1620 1630 1690 

13400 134)0 13400 
450 460 450 

2890 2910 3020 

1400 1400 1440 

371 377 369 

70® 7900 7990 

5TO 5700 S900 

771 771 792 

845 845 854 

8970 8900 9Q90 

802 802 811 
I860 1870 1890 

390 393 405 

XffjO 3<D0 3060 
1780 1780 1810 

1240 1750 IZtjQ 

2*» 2590 7740 

11200 11400 12000 
791 812 

1480 1490 

337 345 „ 

1730 1740 K5Q 

» M3 a» 

729 750 786 

31 31 316Q 324) 

3690 3730 3750 

?8S ’9SS nw 

1920 1930 1920 
640 650 6$ 

US iiS 1150 

ZM 2290 2390 
5 370 5410 Srgij 
302 
511 

867 w 
1660 1690 
571 571 wo 

505 520 575 

1B0 1250 
770 785 812 

3670 3680 3720 
2970 2980 3090 


Camcoc 

CISC 

Crin Nod Roil 
CdnNatRn 
CdnOcrtd FVt 
Can Poafk 
ummai 
DoIikco 
Donrtor 
Do nature A 
EX' Pant Cdn A 
EdpcvBrascon 
EuroNcv .Vuij 
FdrtrarFml 
Hdcononrlge 
Fletcher Chon A 
Franca Nevada 
GuBCdoRirs 
Imperial 04 
loco 

I PL Energy 
LakSatv 8 
Loewen Group 
Mocmffl BM1 
A4agnctatfA 
Mcmana 
Moore 

NcuckW^NoI 
Noronda fnc 
Horccn Energy 
Nthero Telecom 
Ncwa 
Onrs 

Poncdn Prtlm 
PetroCdo 
Ptaerr Dame 
Poco Peftm 
Potash Sask 
RerwiKOTCe 
Rto AJgoro 
Rogers ContiHB 

ISSS? 

Stmcor 

ToKsmonEn* 

TodrB 

TScgiobc 

Ttius 

Thomson 

TorDom Bank 

TrcruaBn 

TrartCdoPew 

TnmorkFtai 

TruBcHahn 

TVXGdd 

W^MStEay 

W5RH 


High 

Low 

Close 

Pres. 

49 

48'. 

48'- 

J9ut 

46 

45.20 


4*1? 

72 

tel L71 

7f? 

72.70 

31.95 

HI 

3195 

Jl*4 

34 

33 

3X15 

34 

4055 

J9« 

39.95 

41‘* _ 

20X5 

2U0S 

20‘- 

701? ,|A 
22.X ® 
1040 Tf 

2215 

21 £5 

21 '4 

1045 

mm 

1015 

24 J J 

74'- 

74' i 

24*« 

35'7 

35 

35': 

34': 

2oJ0 


2£9S 

2£X 

1470 

13-85 

14.05 

14-1 

3X 

32* 

328 

331 

17*- 

1735 

1 7*i 

17>j 

1980 

1935 

19'- 

19*1 

25': 

24'.: 

24*0 

24.90 

10 1 - 

Itf- 

IDJ5 

mss 

8*': 

8* 

B6t: 

8640 

2630 

25 SO 

2o 

26X 

62 D5 

*1.10 

*2 

6X35 

19 

18': 

1835 

19 HI 

IT: 

43‘^ 

33*! 

3460 

1495 

14*5 

1460 

14.90 

9350 

9X85 

93 

9180 

1185 

11. TO 

11.35 

11J8 

2110 

2130 

2160 

3138 

52.90 

50' 5 

51.90 

5£» 


2X90 

2610 

25*4 

17 

1680 

14.85 

1685 

\3i 

131 

131*- 

134J0 

13.90 

1365 

1165 

1X90 

29.W 

TVl 

29*? 

29.95 

24 

XUO 

2330 

24 

26S, 

:'£9S 

76.05 

2695 

1610 

I5X 

1535 

1£90 

1135 

11.05 

11'? 

1IX „ 

117 

716 

11630 

11760 ft 


2911) 

2935 

X.Q5 Wj 

25.90 

25 

2530 

26X '* 

13'- 

>X)5 

13V. 

13 

4£90 

0530 

4535 

45.80 

2745 

27.X 

2735 

27** 

4770 

4665 

4760 

4765 

45.65 

44*- 

45'- 

4580 

1935 

IHJQ 

!£95 

T9 

46'- 

451? 

45-90 

46 

33 

3X20 

3230 

3 J- 

3£20 

3T-? 

37.95 

38.10 

54.4D 

52.60 

5X35 

54.70 

TIP- 

2(8- 

2040 


33.95 

3060 

3065 

31 

65' i 

64 

65*. 

65*» . ■, 
as;* : 

34>« 

34 

3430 

410 

X76 

333 

4' 

3X45 

1170 

tP\ 

33. 

116 

113 

114-4 

114 


Vienna ArxtorfeL-i27u« 

PrwtauGl38£M 1 V .. 
BocWer-Udaeb 8JXJ0 <S3 790 828 I * 

uedilCBiltPtd 629.90 612 620 615.10 

3170 3110 3150 3180 

tJ* . 1645 15U 1637 1636 

FhtemtonWira 508 50X50 50190 509 , 

OMV 1750 1685 1700 1760 

Oest EIcktriz 10151000.20 1008 100£H ' U * 
490 468 473 498 ■ '* 

7039 |9i3 1965 7080 


VA Stoll 
VATedr 


Wtetarberg Bou 2406 2*70 24TO 


300 
SI I 
854 


790 

15*0 

364 


297 

51? 

904 


Wellington . nzsc- 40 buieK 234457 

PrevtoOE2296.il 
338 3.16 13a 139 

133 121 121 173 

2*0 2S5 255 2* 

45? 435 4 JS 452 

6 40 r>30 bJkl £45 

1A; 153 1.54 155 

?77 U2 2.J5 130 

X90 187 358 351 

J80 870 tU> £80 

10-40 IQ 4U 1040 1045 


Air N Zuaid B 
Briefly invt 
Onto Holt aid 
Retch Ch awn 
FWoiDlEny 

Rcfcncn Font 

Heidi Ch Pqir 
Lwn Ntritioi 

Tefec«nN2 

WtoonHortan 


d 


\ 


SB 


SOB 

750 


■3S5 


1840 1870 

340 351 


503 

'lo 

H g S 

S20 2000 ax» 2010 

I860 1880 1890 
>680 2390 2410 2500 


Toronto 

Alberta Energy 
Nam Atom 

SkNwgSoBHa 

BmckGoU 

fCTotecornm 

gtoche mPtera 

tembanSerB 


TSE to tal 4llUti ;i6S4J7 
Prg fkto E 6754J3 

"S 1930 19.?0 
2S-® 2£40 

38.9S 40 60 
3X0 1J)S 13JS 
6£B0 65.60 66.85 
68 67.10 67 1 - aa m 
Kao 2290 

AMO 4£30 47.10 47*1 

42B0 43 4 JM 

XBJO MJ5 3850 39 aa 
SJO 29.15 29.45 29 1 . 


Zurich 

ABBB 

AdacaiB 

AhnutseR 

fe 5 """ 8 

Bwr.HdoB 

IkET" 1 

assaa* 

Ems-OiciBto 

pSEChrtq 

HotderbonkB 
UitWcnsJLBB 
ffesn.-R 
NOVWV R 
Ocrirknilur_-hli 
gftgcMWdB 
PharmVisnB 
RWtonort A 
Rrcfli PC 

SMHB 

Suker R 
Sw^RwthR 

Whnterthur ft 
Zurich Assur R 


1820 
205 
I36J 
21SQ 
800 
2600 
;<’4« 
14 ’4 
IS) 75 
11S4 
73a 50 
550 
7025 
3700 
1164 
562 
2062 

201 

IHU 

519 

ISV 
. 305 
13080 
JS9 
1665 
Ml 
8?4 
930 
2680 
1909 
2147 
16S0 
63J 


i 


SPI tadBa 37SJJ1 
Ptartom: J77U3 r ^ 

1«S 1805 1859 • 

375 3BB 3M 
\iX 1351 1340 

2400 7400 7450 
tor fioa sen 
JMI 3600 7575 

2635 77tt5 3691 
. 1.415 1474 1462 

163.75 169 JS 170 
11*2 II to 1199 

m 2» S£* 

«« 549 M9 

694Q 70W «15 
3300 3450 3 HO 
1155 lt7V 1700 . 

S$0 562 564 .-3'. 

MM JO VI 2092 
?nj 77S9 ?ns 

198 199 701.75 

»»5 IT9ft l«fl 
«2*> 8X5 SM 

1572 1550 1573 

. Am 305 310 

IMW 13035 13100 
451 454 4699 

1610 1620 1670 
M7 2470 3695 

813 B13 SB 

W5 «0 SM 

7466 2678 7M0 

1880 1886 1921 
MW 2129 2176 

160] 1650 1570 

619 Of 633 



i 






'tr - 


mtoav ■ 

..Vc 

--*i: ■• 


sneTsr* 4 
*flWt •!'" 


. il. 

■TS"*'**-' 

y-At-r 

f«»i •?-- • • 

' -*>: 

£ • •*= ;• 
- 

fa.'v'Ss. ■' 

«••-- --.• 

-•"• W.:. 


They mey not know our name, but most people encounter us 
In the first few hours of their lives. Based In Krefeld. Germany. 
„.'re Stockhausen GmbH «, Co. KG - the world’s No. 1 
supplier of superebsorbents, e key raw m.terisl In hygiene 
products such as diapers. Our elmT To 
enhance our market-leading stature by 
expanding production and focusing even 
more closely on whet the market needs. 


Customer needs get more sophisticated all the time, and we 


have a strong 


foundation for meeting them: 1,600 committed 



people, turnover of nearly DM 1 billion and a highly advanced 
culture of innovation. As part of Huls AG. VEBA's chemicals 


subsidiary, we can also draw on the finan- 
cial resources of a high-performance group 
of companies. All told, a super-solid spring- 


board for global success. 


¥ Stockhausen 


i’Su.’ . 


A Huls Group Company 












jgM frf Hf?ra!li3Si®r!kmc 

Sports 


PAGE 24 


mJMX, DECEMBER 


II iLt 


K 

, $*&** 


i * ;t ‘ ' 


Martinez: Now No. 1 


MSFBAii Gre| Maddux's run 
as the player with me highest salary 
in baseball history has ended after 
only four months. 

The new No. 1 is pitcher Pedro 
Martinez, who won the National 
League Cy Young award a month 
ago, then was traded by Montreal a 
week later. 

Martinez reached an agreement 
Wednesday with the Boston Red 
Sox on a six-year contract for $75 
million. The average annual value 
of $12J> million exceeds by $1 mil- 
lion the average of the five-year 
contract Maddux agreed to with the 
Atlanta Braves in August. . ( NTT ') 


Dominicans Enraged 
Over Baseball Scandal 

Group Accuses Giants’ Recruiter of Harassment 


By Lany Rohter 

New York Tima Service 


A Super-G Is Postponed 


skiing Warm and wet weather 
forced the postponement of a wom- 
en's World Cup sUper-G in Val 
d’Isere, France, delaying the 
comebacks of Picabo Street, the 
world’s top downhiller between 
1994 and 1996, and Pern ilia 
Wiberg. last year’s overall World 
Cup winner. Both skiers are re- 
turning to the slopes after serious 
injuries. (AP) 


US. Star Recuperating 


skating Michelle Kwan, the 
1996 world and national figure- 
skating champion and a favorite for 
the Olympic gold medal in Nagano, 
Japan, has a lingering stress frac- 
ture in a toe and has been ordered fay 
her doctor to rest Kwan was ex* 
peered to recover in time for the 
national championships in Phil- 


adelphia next month, the U.S. Fig- 
ure Skating Association said. (AP) 


German Player Suspended 

SOCCER The German soccer fed- 
eration has suspended Bayer 


Leverkusen’s striker Ulf Kirsten 
until Feb. 11 and fined him 10,000 
Deutsche marks ($5,600) for el- 
bowing an opponent during a 
league match. Kirsten, the Bundes- 
liga's top scorer, will miss four 
first-division games and a German 
Cup quarterfinal next Wednesday 
against Bayern Munich. (Reuters) 
• Bruce Grobbelaar, Liverpool's 
former goalkeeper, and Hans 
Seger, Wimbledon's former goalie, 


S AN PEDRO DE MACORIS, 
Dominican Republic — Over the 
past 25 years, this sugar mill town 
of 85,000 people has been one of the 
most prolific producers of major league 
baseball players in the world. 

Although a billboard at the edge of 
town boasts this is the “cradle of 
shortstops,” all-star outfielders and 

S itchers have also been manufactured 
ere — about 100 players in alL 
But now scandal threatens to disrupt 
that pipeline to die big leagues. 

In a case that has provoked anger 
throughout this impoverished, baseball- 
crazed Caribbean nation of 8 million 
people, Luis Rosa, tile San Francisco 
Giants’ veteran director of Latin Amer- 
ican operations, has been imprisoned on 
charges he demanded sex from 15 young 
minor league players here as a condition 
for playing time* Rosa has also been 
charged with embezzling part of the 
players’ signing bemuses ana salaries. 

“Like most players here, all of us 
come from poor, bumble families, and 
dream of getting to the big leagues, or at 
least the United States, so that our par- 
ents and siblings can have a better lire, " 
said Yan Carlos Ravelo, a 20-year-old 
right-handed pitches: who filed the ini- 
tial criminal com plaint in June. “Luis 
Rosa took advantage of our poverty and 
our desperation for an American visa to 
make us his slaves.” 

In a country where the code of mach- 
ismo prevails and homosexuality is still 
regarded with revulsion, the players* 
accounts of sexual abuse and harass- 
ment have prompted demands that Juan 
Marichal, & Hall of Fame pitcher and 
former Giants star who is now the gov- 
ernment's secretary of sports and re- 
creation, impose tighter controls and 
supervision over tile signing and trsdn- 


Florida Marlins in the 1997 Worid 
Series. 

In the quiet worid of baseball scouts, 
Luis Rosa was just as much a star. In a 
career that has spanned two decades, be 


has signed so many of baseball's best 
Latin American players, among them 


ingof players. 
That the Gi 


appeared Thursday before a Foot- 
ball Association panel to answer 


ball Association panel to answer 
charges of breaking betting rules. If 
found guilty, the two players could 
be banned from the sport for life. 

The two were acquitted earlier 
this year on criminal charges of 
match-fixing, (AP) 


That the Giants, of all teams, find 
themselves at the center of tile case has 
only added to the sense of betrayaL 

“This is a team with a long and 
respected tradition in our country,” 
Juan Ortiz, the Do mini can Republic’s 
commissioner of baseball, said in an 
interview. "This is dot some new ex- 
pansion team- This is the team that 
signed Ozrie Virgil, the first Dominican 
to play in the big leagues, and took the 
three Alou brothers and Juan Marichal 
to tiie major leagues.” 

The Alou brothers, Felipe, Matty and 
Jesus, were star outfielders in the 1960s 
and 1970s. Felipe Alou is now manager 
of the Montreal Expos and his son 
Moises played a leading role for the 


Latin American players, among them 
Roberto and Sandy Alomar, Juan 
Gonzalez, Ivan Rodriguez, Benito San- 
tiago, Wilson Alvarez and Ozzie Guil- 
len, that, he says, “if you put them all 
together, they would make one bell of an 
all-star team.” 

Interviewed in the jail cell here where 
he has been held since late October. 
Rosa, 51. denied any wrongdoing and 
said he was being made “a scapegoat” 
both by the Giants and his former play- 
ers. He attributed their accusations to a 
desire for revenge, triggered by inad- 
equate p e rform ances on the diamond 
that harf forced him to release them. 

“They just didn't cut it, and I had to let 
them go,’ ’ said Rosa, a U.S. citizen who 
came here voluntarily from his home in 
Puerto Rico to defend himself. “Now 
they have been recruited by a group of 
unscrupulous lawyers to defame my 
name and destroy my career in what is 
nothing more than an extortion plot.” 

Two of the original 15 complainants, 
Gabriel MacDonald and Miguel Mota, 
recently withdrew from the case and 
have retracted their accusations. Sitting 
at Rosa's side, MacDonald, a 20-year- 
old center fielder, described himself as 
so desperately poor and confused after 
hi* release, the d«ub of his mother and 
the birth of a son that he invented the 
story in hopes of making some money. 

But in a sworn statement to Domin- 
ican prosecutors, the former major 
league star Joaquin Andujar, a San 
Pedro de Macoris native who was pitch- 
ing coach for the Giants development 
team that Rosa managed during foe 
1996 season, flatly contradicted that 
version of events. Under oath, Andujar 
said that of the players in question, 
“most of them came to me every day, 
some of them crying,” to complain of 
Rosa’s incessant sexual demands. 

* 'One of them told me he couldn’t get 
to pitch because Luis Rosa had said that 
unless they went to bed together he 
wouldn't be allowed to take the 
mound,” Andujar testified. MacDon- 
ald, he said, “tom me that Luis Rosa had 
said that unless he went to bed with him. 





Karri Poborsky of Manchester United going for the ball as Giro Ferrara of Juventus slides underneath him. 


Soccer Gods Smile on Juventus 


By Peter Berlin 

[rtierhalUinot Herald THbtote 


TURIN — Marcello Lippi was trying 
it to smile. He flicked up tile collar erf 


not to smile. He flicked up tile collar erf 
his tailored overcoat and a tt empt n y i the 
poker fiwe of a cool Italian coach, but that 
grin kept escaping. No one would have 
been surprised if he had just burst out 
laughing at his outrageous good fortune. 

“Thar’B why soccer is beautiful,' ’ he 
said “In three minutes we Went from 
disappointment to the greatest joy.” 

In those three minutes on Wednesday 
night, three of the final minutes in the 
final round of matches in the group 
stage of the Champions League, two 


bafl into tiie goal mouth. Three Juventus 
players were lining on to snow. Aless- 
am&oBirindelli was first in line, snd as 
foe crowd rose to cheer, he shot it the 
unguarded goaL But somehow, jt looped 
past the post 

As the crowd grew discouraged and 
quieter, foe bdng-boings announcing 
that the scoreboard was about to show 
updates from oth« matches grew more 
audible as well as mart frequent Even 
those scores that seemed to raise hopes 
only increased the torment. -When the 


Now that it did not matter, the striker's 
nerve held, and from a meter out he 
guided the hall into foe goal. 

The hollow cheering soon subsided 
But suddenly, while Juventus prepared 
to take a free kick in its end of foe field, 
Lippi inexplicably started prancing 
down tire sideline. The crowd, perhaps 


littering to transistor radios car 
calculating tbit Lippi could onlvfte 
celebrating one thing, began to cbeirrjk 
was like bearing founder and waiting to 
see the lightning. • 

Bing-botog: Olimpiakos 2, Rosen- 
borg X In Piraeus, in the 88th minute, 
Pfemag Djordfevic had scored a goal 
that meant Httfe to his eliminated team 
but everything to Juventus. 

Suddenly, foe stadium was boiling* 
Even tiie temperature on the scoreboard 
rose to 3 degrees from 2 degrees. United 
started trying but could not score. And 
Juventus, a finalist the pasr two years, 
lived an. 

"It became like a World Cup final in 
foe last few minutes,"* said Alex Fer- 
guson. United’s manager. "That's why 
soccer is an amazing game.” 

"We will see you in foe final,” Lippi 
told Ferguson, 

"If so, il will be a different game,” 
Ferguson said. 

Juventus and United arc joined in 
Wednesday's draw by Leverkusen, 
which qualified as a best runner-up. The 
other teams are Bayern Munich. Pr- 
ussia Dortmund, Real Madrid. Moffco 
and Dynamo Kiev. 




goals hundreds of miles apart helped 
Lippi's Juventus team elbow past Paris 


not only would he never get to play, he 
would not be allowed to travel to foe 
United States.” • 

No trial date has yet been set for Rosa, 
Each count of sexual harassment carries 
a maximum prison term of two years 
and each charge of embezzlement can 
result in a 10-year sentence. 


Lippi’s Juventus team elbow past Paris 
Saint-Germain and Roscnbotg and into 
foe quarterfinals. 

At the start of evening, four of the six 
group winners had already been de- 
cided. What remained to be determined 
was who would -win the. other two 
groups, and which two second-place 
teams would round out the number of 
quarterfinalists to eight- 

Juventns started tbe evening with nine 


scoreboard showed that Olympiakos 
had taken the lead against Ro senb or g , 
the cheen had barely died down before 
tiie next bmg-bomg: Olympiakos 1, 
Rosenborg 1. 

Then everything tamed against foe 
Italians. Bing-boing: PSG X Besiktas 1; 
Bayer Leverkusen X Monaco 1; 
Olympiakos 1, Rosenborg 2, and then, 
crudest of all, in the 81st minute, bing- 


boing: Leverkusen X Monaco X 
The French champion, which 


points, six behind its visitor, Manchester 
United, which had already clinched first 


With 51 Saves, Roy Helps Avalanche Tie Leafs 


The Associated Press 

When you outshoot the opposition 
53-19 in foe National Hockey League, 


you're supposed to win. Except, per- 
haps, when you ’re feeing Patrick Roy as 
foe goal tender. 

The Colorado Avalanche star put on' 
another show-stopping performance 
with 5 1 saves Wednesday night, helping 
his team pull out a 2-2 tie in Toronto 
against foe Maple Leafs. 

“We were robbed by the best goalie 
in the world,” Toronto’s Tie Domisald. 
"He mode some unbelievable saves.” 

For Roy, it was just another night at 
work, albeit a pretty busy night 

"I knew in the warmup this was 
going to be a good game for me,” Roy 


foe third period. “Patrick saved us,” 
said Colorado's captain, Joe Sakic. 

Davfls 4, Oiler* 2 Mike D nnham, a 
backup goalie, made 27 saves, giving 




New Jersey a rare victory without Mar- 
tin Brodeur. Dave Andreychuk, Patrik 


Elias, Bobby Holik and Brian Rolston 
scored as me Devils won their third 


said. "I knew exactly how many shots 
they were getting. I could see the shot 


they were getting. I could see fo 
dock. But T felt great, not tired.” 


Roy was especially outstanding dur- 
ing a flurry of four shots in five seconds 


around the goalmouth midwtiy through 


scored as the Devils won their third 
straight game. 

Ryan Smyth and Joe Hulbig scored 
for foe Oilers. 

Flames 4, Hangars 1 Rick Tabaracci 
made 30 saves in Calgary’s victory in 
New York. Theoren Flemy scared two 
goals for foe Flames. 

P m t twn 5, Huricann 2 Robert 
Svehla had a goal and two assists as 
visiting Florida scored three second-peri- 
od goals in a span of 5:21 to beat Carolina 
in Greensboro, North Carolina. 

Canadians 4 , Blues 3 In Montreal, 


Vincent Dampbousse scored 55 
seconds into overtime to cap the Car 
nadiens’ comeback from a three-goal 
deficit JJtephane Quintal and Saku 
Koivu. scored in a 20-second span with 
less than three minntes left. 

Stars 3, Lightning o Ed Belfbur had to 
stop only 12 shots for his seventh 
shutout, and Sergei Zubov had a goal 
and an assist as Dallas extended its 
home winning streak to seven games. 

Coyotes 3, Btacfchawfcs 3 Keith 
Tkachuk scored a power-play goal with 
7:23 left in regulation as visiting 
Phoenix tied Chicago. 

PsngMns 3, nighty Ducks 6 Tom Bar- 
rasso made 28 saves and earned his 
fourth shutout in his last five road 
games, and Jaromir Jagr scored twice in 
foe first period for Pittsburgh. 

C api t a ls 3, Shades 3 Peter Bondra's 
power-play goal with 29 seconds left in 


United, which had already clinched first 
place in Group B. The Italian club’s 
chief rivals for a place in foe next round 
were two teams battling for first place id 
Group D: Real Madrid and Rosenborg, 
which both had 10 points; tiie two teams 
tied atop Group F, and Monaco and 
Bayer Leverkusen, which both had 12 
points, and Paris Saint-Germain, also 
with nine mints, in Group E. 

■ Even if Juventus won. victories for 
Real and Rosenborg, and a tie between 
Bayef and Monaco in Leverkusen 
would eliminate it 

The start set tbe pattern for Juventus. 
In foe first minute, Daniel Fonesca set up 
Filippo Inzaghi, who guided his header 
straight at Peter Schmeichel, United’s 
goalkeeper. By halftime, both fezaghi 
and Zinedine Zidane, bad missed tiie 
target from only a few meters. 

But things were going 'well else- 
where: Real was trashing Porto in Mad- 
rid, but Leverkusen was leading 
Monaco, 2-0. PSG was locked at 1-1 at 
home to Besiktas of Istanbul, and 
Rosenborg was 0-0 in Greece against 
Olympiakos. 

If Juventus could score, it would ad- 


Tbe Breach champion, which came 
from two goals behind to beat Sporting 
Lisbon two weeks earlier, had staged 
another comeback. Now even if Juve 
scored, it would still be eliminated. 

And, with foe pressure seemingly off, 
that is exactly what it did. Zidane, who 
throughout bad played as if he was not 


prepared to permit defeat, cut through 
again. He drew Schmeichel and then 
carted foe ball onto Inzaghi "s forehead. 


Nebraska Coach Will Retire 


The Associated Press ■ one of foe most successful coaching 

LINCOLN, Nebraska — One of eoi- careers in the sport. 

.lege football's tmwtsuccessfbl coaches "I think it’s wise to back off before 
is calling it quits, and Washington State you leave feet first or somebody tells 
is in position to give Tom Osborne the you it's time to go,* ’ the coach said. 


best retirement gift be could receive. 
If the No. .8 Cougars upset top- 


He won consecutive national titles 
in 1994 and 1995. His career record of 


ranked Michigan in foe Rose Bowl, it 254-49-3 ranks him sixth in victories 
will clear foe way for No: 2 Nebraska in NCAA Division I-A history. 


to send Osborne into retirement with 
his third national championship. 
Osborne, 60, announced his retire- 


• Just hours after learning that hjs 
coach was retiring, Nebraskn defeftr 
sive end Grant Wistrom got the news 


the third period gave Washington a tie at- vance. Yet foe team could not score. 


meat Wednesday after 25 seasons, Wednesday that he had won the Lom- 
saying that the Orange Bowl against bardi Award as foe nation’s top col- 
No. 3 Tennessee on Jam 2 would be legiate lineman. Wistrom, a 6-foot-5 


San Jose 


Many of foe United players seemed to 
have lost interest, but J uventus could not 
take advantage. Indeed, Its misses be- 
came worse. Fonesca slammed a shot 
against the goal post. Schmeichel saved 
brilliantly from Zidane. Then Z.idant* 
cut through the United defense, pulled 
Schmeichel out and right- angled foe 


Escorts & Gukhs 


BELGRAVIA 

ORCHIDS 


HIGH SOCIETY 

WoriMdt EksuBm Eacort SCfrict 
London Park Zorich Brands 
Pragui Gsrasny USA Hong tong 


MISTDCATS Escort Setvfce 

BariU Ml Photo Mortals 
3 StaAdhsm 8L London Vi 
London Tofe OT7T 258 0090 


AMankra JAN W ESCORTS. 

For Ho and Sho. Escorts since 1967. 
Tet +310)20 639 Z45W20 38Z7 


HDQ ++44 (0) 7000 444476 
krfoeUyHtodaty.nrt 


In .lUn'D-l :[» I'j- 




*BERLW - FRAMKfljRT • ZURICH* 
•WMMA SCOOT AGfflCir 
T«t 0041-848 80 70 77 - CnA Cadi 


his last game. 

Frank Solich, a Nebraska assistant 
for 19 years, was named to succeed 
Osborne, who said he would stay until 
February to help with foe transition. 

‘ Citing health problems and saying 
he wants to spend more time with his 
family, Osbotne announced the end to 


(1.95-meter), 250-pound (113-kilo- 
gram) senior, was a main cog in foe 
defense that helped tbe Cornhuskers 
take a 12-0 record into Osborne’s final 
game as coach. 

Wistrom credited Osborne for his 
success. "He’s a large part of why 
I ve been fortunate to have won it” 


AMSTERDAM * DREAMS * ESCORTS 
and Okner Dtes Savin far hfen or Ha. 
Tet +31 10) 2W4 02 668 / 64 02 111 


CROSSWORD 


THE RNEST A THE MOOT SINCERE 
18 • 36+ MTERHATOML 
BEMfUU. I ELEGANT 
SECRETARIES, AIR HOSTESSES l 
MODELS + AVAILABLE AS 


VENUS IN FURS 

24HR WORLDWIDE ESCORT SERVICE 


LONDON 0171 362 7000 

AV cads. Adratt bootings wefcOQB 


H0DT3 HDH SOCCrfUBiNAWHS 
RIVEU < ZURICH130PU1NCHB4 . 
Herafiml Exert 8 Tawl 
Ware ++4V1/535 41 04 M cral oris’ 


BLACK i MTE MALE Bacuttw WI 
Private Escort Setts for Male & Ite- 
rate. London T* +44 (0) 171 264 13BB 


8HIDGET Beauty due tun 
private escort sendee, ttattmm & 
[cotton Tat IK 0411 4 21 296. 


Esoort Agency CretR Cento Wafers* 

TEU LONDON *t 44.(0) 


0171 589 5237 


EXCLUSIVE 

EUROPEAN ESCORT SSMCE 
+44 171 70S ISIS 
WoOlSandnsMoni 


VANTY LONDON 

EXECUTIVE ESCORT SERVICE 
TEL: 0181 347 6823 


EMILY CULTURED Genuine English 
Beauty Private Escort Seivtoo. London 
Tat 0181 65E216 or 0956 B10S0 


EMHANUEUfS ESCORT SBIVICE 
“ FRENCH SPEAKWG ** 

LCHDOtf criy 0T71 282 2E86 Al Carte 


AHIUH 

1 Fit 

7 Cricket sounds 
« Ordinary 
14 More available 
lor use 
18 Brother of 
Tamar, in the 
BiUe 

17 Pestiferous 
laMathenufr 
dan's Ordinal 


i Honey 

{candy bar] 


t Register 
iMaprtea. 

I Apply (for) 

> Comics debut 
of 3/12151 


4# In ■ 

(undisturbed) 

47 WhUp 

4a Card game aBo 
cafled 

htgh-tWH«* 


__ » Caddie’s Hern 

17 Pestiferous aaFour-star 

ie Matftenuo- ratings, My 

dan’s ordinal 40 Move, in a way 

14 "The Lur Show* 41 Up 10 . 



For BW MstSBM 083 *ff onto 

AGLAN * ROME ' TOP ESCORT 


GENEVA PRETTY WOMAN 


CBf 022/ 346 00BS EMM, 


tasanteAtaffloff- Basef-Z 



JAPANESE ■ BRAZUAJt Escort Servte 
London * Hsathroa • Gafwict, 
Tat 0956 572 543 i ceuda 


star of SO's TV 
21 Empty (of) 
d Deadline, 
sometimes 
*4 Jackson and 
others 


informally 

42 Reddish- 
orangtsh brown 

43 Order on an 

order 

44 1.Q. test name 


MMeDanfeTd 

c&w 

41 Speak for the 
dead 

s* Hauling fee 
ss Make like new 
M Removed by - 
melting, e.g. • 
37 In Salomon ‘a 
- way 

se tend rf roam 


“EXECUTIVE CLUB" 
LONDON ESCORT SERVICE 
TEL 0171 722 5000 QM Co& 


JULIETTE (Blond Gtsbm Model) 
Educated dfscresl Escort Service 
VPs oflty, CM QK6 648 322. 


Solution to Puzzle of Dec. 1 1 


hdeaartBMtn 
USA A WOflLDMDE 


Place, London SW1 
Tat 0171-584 6513 


Do you live in Norway? 

For a hand-delivered subscription 


on the day of publication in Oslo and Bergen, 
call 00 33 1 4143 9361 


JtrralbS^Sribunf. 


TOBapHIJWIWgMWSWJBI 


“ MADMD HAHM0RT “* 

EXCLUSIVE TOP CLASS Erat Service. 
W 34-T-aeMEA v 80U1JU( 


MUMCN prtWa ESCORT SSIVKE 
i Dimer tm, ndoto, 24 Us. 
Tet 0172 • 92 654 OB 


'raPTST-PRANKPURT' 
Begot Escort & Trawl Sente 
PteSS erf IBS • 597 4335 


’ZURICH' CAROUSE" 
Eeort Setts 
Ttt 077 790072 . 


oho at3aa[3a □□□□ 
anaana 

BBnnag aanaga 

nnn§ Q r-.SSS Qa Hna 

EHDHH 

QBaag 33C3130 

BnaoaaQB aaoa 

□□EJEJQQ 

qdqhso aciBiaaaag 
□□□□ aacH3sa ana 
saaasa aao 


DOWN 

t Low sound 
7 Like Samson, 
before Oeldab 
3 Gilbert end 


11 1942 Abbott 
and Costello . 
movie | 
is Arab, e.g. 
fdlOnd of flight ’ 
is Not in ta 
original tomi 
aeAtrtsk ■■ 
rte Going on and on 

*»-— oflby 
(newborns] 

V Permissible 
a»Toehotd7 . 

*1 Part Of 
A.&P.CA; . 
Abbr. 
as Big - — 

MHMJftM • ■ 
ground 

te Antique dealers’ 
--■deals- 
44 Locale bd 1904 
hit 

*7 Provide : 


pnrtoBss 
« Sprinkle after* 
ahoww 

s Part of a famous 
pWnenfime 
4 Without 
raticanoB 
Tlthssaotvyear 
cycto 

aSmaifgamd-3 
4 Very dark 


aa Whole thing 
4 » Bear-da wed 
44 Automobile 
headlight 
■ holder 


assess §§! 

sss a sss.sss B ss£ 

fflUiW jig 

MSMBSSS"” 

iiimmtm SSSHB 

-gagyS "!!!!!! 


CNm Yark by Shora _ 


4s Certain engine 
.te support with 

4suteflnMttt 

sapffnoeirr 



:-:+-«a«te| 


i,uBO * ■ 


.•m »•»« * 
: » 



:nu-i 


* <4 


'.*!•?! vs 


V: N u i It: 


v i i -a 

I 

m I i m 

\ . : * iw 


e ■ : .f m i«i 


■’ 1 


ft* 































v> ^ 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 22, 1997 


PACE 25 


* 

.V**: 


^'' a 'ula 

Uioj} - 


SPORTS 


‘Two Hapless Teams Win Big Ones 

r %fi a Pt° TS End 17- Game Losing Streak; Warriors Upset the Lakers 



- The Assacinled Press .... • 

: tt * Ac he watched hie •_,* m a J a , bliant Golden State locker liera Terrell Brandon and Tyrone 

■Ian iS-Doim hole ™ om after the Warriors won for jnst Hill, who .were seat to the Bucks in 

thetod time this season and Sethree-way trade with Seattle for 
'^SSSSS^R ! aboulan ^^J^l^eisaieirfifftloss. Kemp. 

: **■ .••Thai usually Awian't J°e Smith scored the final four spur*i02,ciippara87lnSanAnt- 

~<L'*usl" The Ranrors’ * ,,! >0 5 er I?” 015 of the game, giving the War- onlo, David Robinson scored 30 
Sito S baS TuSSl 2°*i a t* 91 lead^xth 1=31 left points, abd Avery Johnson bad a 

o^hL Phlde p i S Neither ^ ^ ^ 

nn WMnesdav niohn ^ — National Basketball Association’s 

1 NBA Iodnoop single-game high for the season. 


... ..-rw ncnatiw . ... . toe unai iour spurn 

. ‘ v * .* th . d qnmrc’ 1 bother points of. the game, giving the War- onlo. Da? 

':ifiSES3§ &ed4s 

. on Wednesday night. * *KEL 


“We’re always in the basketball 
i^game. even if we’re down by 20 ” 
if. Toronto ended a franchise-worst 

*.~l7-game losing streak thanks to 
* 'Walt Williams’s 39 points, a season 
Ajiigh for the Raptors, 
p In coming within a point of his 
career high, Williams also set a re- 
cord for scoring bv an opponent at 
\ the CoreStates Center in Phil- 
adelphia. 

“1 was feeling it tonight,” Wil- 
liams said. “I just felt real good.” 

The Raptors had not won since 
v beating Golden State, 104-8G, in their 
' 'third game of the season Nov. 8. 

. “We won tonight and that is the 
v ’bottom line, but it feels even better 


NBAIounodp single-game high for the season. 

— ' Vinny Del Negro added 22 

py 2 U. Lakers not the ball with 10.7 points, Tim Duncan had 14 points, 
ae-worst seconds left, but Nick Van Exel 12 rebounds and six blocked shots, 
aanks to missed a jumper and Golden State and Robinson tied a franchise record 
■ a season rebounded. by makin g 18 free throws. 

Warriors players hogged and Hornets 1 04, Wizards 101 Several' 

nt of his danced on the floor after the vie- hours after Washington’s Tracy 
set a re- toiy. Murray and Rod Strickland ex- 

Magic ioc. Bulls 9« In Orlando, changed blows at the team hotel, the 
m Phil- Rony Seikaly scored 24- of his 26 Wizards’ four-game winning streak 
points in the second half, and the ended. 

Magic improved to 8-1 without When the team bus arrived at the 
good. Penny Hardaway — a situation they arena, Murray went directly to the 
on since will have to get used to. Hornets’ |Mm physician, who used 

o, in their Hardaway will be sidelined for several stitches to close a Cut under 
about 10 weeks after undergoing his left eye. Murray also had a large 


arthroscopic surgery Wednesday. 
“You have to give them credit,” 


red scrape on his left upper aim 
when he. came on the floor for the 



i; “because : we got this one on the Michael Jordan, said, “They are a game, and Strickland had a long 
Walker said. scrappy team and they are. doing scratch on his left shoulder. 

■> John Wallace added 14 points for what they have to do to win.” Coach Bemie Bickers taff said 

■- Toronto, Oliver Miller had 11 points The Magic, who hadn’t beaten the after the game that he was unaware 

and 11 rebounds, and Damon Stoud- Bulls since Nov. 14, 1995, made 21 of the altercation. Murray dressed 
^ ^amire had 10 points atKi 14 assists, of 23 free throws in the fourth quickly and left the locker room 
The 76ers got 21 points from Al- quarter. Horace Grant scored 15 without comment, and St ricklan d 


scratch on his left shoulder. 

Coach Bemie Bickers taff said 
after the game that he was unaware 
of the altercation. Murray dressed 


&len Iverson and 19 from Jeny Stack- points, and Bo Outlaw had 16 ro- 


of 23 free throws in the fourth quickly and left the locker room 
quarter. Horace Grant scored IS without comment, ' and Strickland 




unit 


;frhouse. 

^ Philadelphia coach Larry Brown 
• ' . 4 was ejected by referee Joe Crawford 
with 7:23 left in third quarter after 
complaining that Jim Jackson should 
„ have been called for goaltending. 

■ Warrior* 93, Lakars 92 Golden 

State, playing its fourth game since 
l the suspension of Latrell Sprewell, 


bounds and five steals for Orlando, 
town CwMlionil 02, NuggotsBa Wesley 
rfbrd Person scored 18 paints. Shawn 
after Kemp had 17, and Brevin Knight 
lould had 10 points, seven assists and 


red IS without comment, and Strickland 
16 re- refused to confirm that the fight 
rlando. occurred. 

Wesley It was uncertain what prompted 
Shawn the scuffle, but both players 
Knight struggled in the game, 
its and Strickland missed 11 of 14 field- 



Late Tip-In Saves 
A Kansas Streak 


JxkSaudVn* taaaculcd Ptm 


three steals as host Cleveland won goal attempts and wound up with.10 


Indiana’s Fred Hoiberg trying to take the ball to the hoop between 
Portland defenders Stacey Augmon, left, and Rasheed Wallace. 


its ninth straight 
“Sometimes we have to pinch 
ourselves to see if this is really hap- 


p tilled off the upset of the night — pening,” team owner Gordon Gund 
.and on national teIevision.no less — said. “Or is it just a dream?” 


points, eight assists and four 10 home games, 
turnovers. Tina Blazers 93, Pacers 85 

Murray was held to nine points Rasbeed Wallace took over in be 
one night after hitting seven 3-point- fourth quarter az home in Portland, 

■ _ _ * _ * _ _ j t " .11 £ l. ■ n.i j _..i _ 


«J vi.rii.r-r 

xatr ■ 

<’■*** • 

■ 

aii* ' **** 

***** \W’ " 

sftanws*»*-* v 
5 ' + : - 

.* '• 

/# 

'**»• * ■' 
m*' - 


by beating Los Angeles, 93-92. 

“This is a new start, these guys 
are focused,” Muggsy Bogues said 


The Cavs were set to try and 


ers in a 23-point outing in a victor 
over New Jersey. Glen Rice had 2 


10 home games. last two games with a bruised thigh, 

Tina Blazers 93, Pacers 85 scored 11 of his 12 points in die 
Rasbeed Wallace took over in he second half and had six assists, 
fourth quarter az home in Portland, Celtics 96, Bucks 9i In Boston, 
making all five of his field-goal at- Travis Knight had 13 points and 10 


tempts, three from long range, and 


extend the streak Thursday night at ■ points and a decisive steal to help scoring 10 points. 
Milwaukee against former Cava- Charlotte win for the eighth tune in Kenny Anderso 


Kenny Anderson, who missed the 


rebounds and Chauncey Billups had 
21 points in his return to the starting 
lineup. 


Scoreboard 


BASKETBALL 


MBA Stan pimps 

UntKN COHFBtCHCS 

ATLANTIC DtVBKJN 


lyiiomf 
"Oriondo 
Hew Jency 
‘New York 
■WosWngWn 
Boston 
Philadelphia 


CENTRAL tJfttSKM 


^••Attonto 

IS 

4 

389 

— 

deveiond 

‘Charlotte 

13 

6 

722 

2 

12 

7 

832 

3 

. ' Chicago 

12 

8 

.600 

3tt 

i Indiana 

11 

8 

SJ9 

4 

Milwaukee 

11 

9 

SO 

4» 

Detroit 

9 

12 

J29 

7 

.Toronto 

2 

19 

.DM 

14 

westoh cqhfuudkx 

UOWESTDMHON 


• .• . i • 

w 

L 

Pet 

GB 

Houston 

12 

5 

J05 


Utah 

12 

8 

JSW 

1% 

i San Antonio 

11 

18 

■524 

3 

Minnesota 

8 

11 

421 

5 

. Vancouver 

7 

14 

J33 

7 

• Donas 

5 

14 

M3 

8 

Denver 

A 

2 17 

PACIFIC HVHMON 

.105 

11 

Seattle 

16 

5 

-762 

— 

* -LA Laken 

15 

5 

.750 

’6' 

Phoenix . 

12 

5 

.706 

2 

i.»Pwttand 

13 

6 

4B4 

3 


■SlA Clippers 
Golden Slate 


.190 12 
.167 1W 


• *1 


WHIN IS DAY'S HSWTS 
--MHwaUfcw 21 1« 20 32— 91 

Bntm 26 n 29 19-96 

M:ABwM0 6^21 BiantfDfl 6-13 *6 171 
-B: BUIupS 4-13 10-1221. Walter 9-17 0-119. 
RehMMdft-wnwovfcw 43 (HID 16). Baskin 
M (KnlgM 10). Auislv-MttwwJte? 20 
0 lAken 5), Basion 1 9 (Edney 5). 

..Toronto 23 34 23 24-104 

- Ph Aodrtpbta M 1* 15 20- 97 

W.Williams 11-10 IM2 39. WaBacad-ld ?■ 


2 14; P: hwnon B-l 65-n 21, StaddwiM 7-14 
44 19. Rafewmfe— Toronto 55 (Miner 11). 
PWkjdetphla 56 (Waatheispoon 11). 
Assets— Toronto 27 (Staudamiro 14), 
Phlk>(M|Ma25 CJockson 8}. 

Chicago 23 29 23 23- N 

Orlando 23 24 24 35—116 

C Jordan 6-17 13-1325, KukacUMB 1-224; 
0: Seflcatr 5-14 16-17 2&Grant 7-15 3-3 17. 
Rabaunds— CMajgo 47 (Rodman 10, 
Orlando 54 (Outlaw td). Assats— CKoigo27 
(Kakac 7). Orlando 15 (WOkinE, Aimstreng 
3>. 

Washington 30 10 21 32-^01 

Charlotte 31 23 29 21— 1M 

W; EoddM 8-11 4-524 Howard 8-187-72% 
C Mae 10-1 5 7-7 29, Mason 8-13 2-2 IS. 
(Moands— WnMnaton 54 (Dcrris 122, 
Charlotte 49 (Mann 109. 
Assets— Washington 21 (SMtMkllf 8), 
CtMntotte27(CwTy79. 

Oa«wr 16 22 22 23-83 

dratood . 20 22 25 27-102 

& Washington 6-14 4-4 19, ESb 7-1 6 0-0 14; - 
C.' Person 7-14 15 KeW> 7-14 3-5 17. 

Ri te wd i D ewar 51 (Jodww 13), 
Cl«wlmid49 (Kmirpta. AuWs-Oenwrl7 
(Jncteofl 6), Ctovotand 2fl (KidQtd7). 

LA. Lakers 19 32 26 15-92 

CaUMSIah 19 25 30 19— 93 

LA. LAKERS: Bryant 7-15 48 2& 
Campbeil 6-187-9 19; GASmlft 9-179-1027, 
Damptar 8-16 7-8 19. Rtbante-Loi 
Angeles 54 (CampMI 9), Golden Stale S3 
(DamplerKO.AsslstB—Los Angelas 21 (Van 
Ead 8), Golden Stale 25 (Cote* 6 
Bagueid). 

ULOppon 22 23 25 17- 87 

Saa Antonie 34 23 18 27-102 

LA. CUPPERS: Rogam S9 M 12, 
PtotkotnU 441 04) 1U S A: DJRohfawin 6-12 
18-20 30, Del Negro 8-14 5-5 22. 

R«8w«to— Las Angeles 5) (Hagen 9), Son 
Antonio 53 (Dunam 12). Asslsk— Las 
Angeles 18 (Marlin 5), San Antonia 29 
(Johnson 20}. 

(MMtM 19 19 30 17—05 

Portland 30 22 12 29-93 

I: Mite 4-10 7-10 1& Muffin 6-9 M U 
Smite 4-11 68 14- P: JUder 5-15 44 15, 
WaHaoe 64 2-2 14 Schools 5-11 2-2 14 
{febomnis— Indiana 45 (D.Dc*H 129, 

Portland 50 (Trent 7). Assists— todtaw 21 
(Jackson n Porflond IS (Rider 5). 


Major College Scones 

Dute94VDkniM66 
Kansai 71 Massaduseits 71 
Kentucky 81, Cantata 54 
Utah 71, Utah State 55 
Connecticut 74. Virginia i3 

EuroLeaque 

OAOUPB 

Croatia Stdtt 84 Eitudlardes Madrid 69 
Airitam79i Porto 62 

MOW’D . 

Alba Berta 82, OlmpBa U“08ana 74 


ICE HOCKEY 


MHL Stampi hc» 
■Aston coNnamca 

XTLAH1K DIVnNON 

W L T Pte CF 6A 
MY 20 9 0 40 86 53 

Iphfa 15 9 & 36 84 70 

gtoq- IS 11 5 35 93 83 

ngoro 9 13 IT 29 84 91 

aiders 12 14 4 20 80 82 

10 15 5 25 75 89 

Bay 5 20 4 14 54 98 

NORTHEAST DIVISION 

W L T PtS GF OA 
gh 18 10 5 41 93 70 

d 18 10 4 40 98 76 

13 12 5 -31 74 79 
13 13 4 30 78 72 
i 12 15 5 29 85 91 

9 ?3 6 24 72 77 


Edmonton 
San Jaw 
Calgary 

Vancouver 


.10 18 3 23 79 96 
8 18 7 23 84 101 


Vancouver 9 IB 4 27 89 111 

WtBM WATS unm 
Florida S 3 2-5 

Careflna 0 2 0—2 

1st Period: None. 2d Period: Carofina 
Emerson 9, z F-Whltney 9 (Dvorak. Lous) 1 
F-Swhto 4 (FKzgeraM, Waneaer) 4 
Carofina, Brown 3 (Sanderson Dlneen) (pp). 
& F-MaOraiby 6 tSvehla. WWtney) (pp). 3d 
Period: F-Sheppard 7 (SweHa MeOanby) 7, 
P-AJoBer I (Gagnes Dvorak) tot). Shots on 
goat: F- 6-11-7—24 CoraBno 10-7-6-23. 
GoaBcs: F-VOnMesbraudL CamBaa, Burke. 
54 Lords 2 1 0 0—3 

Moatred 0 • 3 l— t 

1st Period: SJ_-Turgam 2 (Duchesne) Z 
St. Lxils, CarapbeB 8 (CourtnaH,Turpeon) 2d 
ftrite &L-Yake 4 (Xenody) 3d Period: M- 
Monson 3 (Bum Rudasky) 5. M-OaMal 4 


SJL- 13-9-3-0— 2S. M- 3-8-13-1—25. Gagfies: 
5J_-Fuhr. AA-Moag. 

Calgary 1 1 2-4 

Itr. Rangers 9 0 I— I 

1st Period: C-Hoglund 4. 2d Period: C- 
Fteury 11 (Nykmder, Tltoy) 3d Period: C- 
Dfngman 3 (Ward) 4 N.Y. -Grom 8 
(Sweeney, LaForrtaine) (pp).s. C-Fleury 1Z 
(uni. Shell an goal: C- 65-7—18. N.Y.-4-15- 
12—31 . Goodes: C-TobaroccL N.Y.-RWder. 
Edmonton 0 1 1 — 2 

New Jersey 1 1 2—4 

1st Period: NJ .-Andreychuk 4 (Guerin 

HotflO 2d Period: NJ.-EBrn 11 (GUmour, 
McKay) 3, E-Smylh 11 (McGBds) (pp). 3d 
Period: Nj.-HoUk 15 (Nlodetmayer) (pp). 5, 
E-HmWfl 2 (Watt. Murray) 6, NJ.-Roistofl 4 
Btovens, Dunham) fen). Shots on goal: fi- 
ll -11 -7—29. NJ.- 13-10-7-30. Codes: E- 
Joseph. NJ.- Dunham. 

Catorado 118 0—7 

Toronto 10 1 0—2 

1st Period: C-Cortiet7 (Foota, Deadnursh) 


(Dronphcwse, Rixtosky) 6, M-, Kaivu 8 ZT-KaroknlHSuMin Johnson) 2d Period: 


New Jersey 
Philadelphia 
WhsWngtoq- 
N.Y. Rangers 
N.Y. tekaiden 
FtorWa 
Tampa Bay 


PMsbuigh 

Monfmd 

Boston 

Ottawa 

Ctaoflna 

Buffalo 


12 15 S 29 85 
»l) i 24 72 


Colorado 
Los Angeles 
Anaheim 


CENTRAL DlVtSIOfl 

W L .T Pte GF GA 

21 8 4 46 1D6 70 

19 7 5 43 10S 74 

19 10 3 41 97 73 

13 14 4 30 S3 87 

10 14 6 26 66 77 

ID 14 5 25 65 78 

PACIFIC HVWON 

W L T PtS GF GA 

16 7 9 41 96 81 

12 13 5 29 90 85 

1) 15 6 28 70 91 


(RecchL Caaan) Overtime: 7. M- 
Dpmphaasse 9 (Rndnsky). Shots an goal: 


Ofitotof oomptete-ganw videos 
o( NBA games are avaBabte by 
priority mall anywhere in the 
world. Four-hour videos cover 
the best two games of your 
favorite team, week after 
week, throughout the season. 
Quality and personal sendee. 
20 games of your teem on 10 
weekly videos, anywhere h the 
world: $160. Special Otter 
this week First video FREE! 
Guaranteed. All Ciedt Cards. 
Poniel NBA Videos 
Zurich, Switzerland 
TUb +41 1 202 0024 
. Fax: +41 1 202 0031 

^ www-panteLeom j 


C-Yette4 (Odgers, Knipp) 3d Period: T-Donti 
2 (McCauley, dark) Overtime: None. Shots 
on g*afc C- 3-7-8-1-19. T- 17-11-28-5-53. 
Goafiev C-Roy. T-Patvln. 

PlMMto 0 2 1 0-3 

Chicago 2 0 10-3 

1st Parted: QMoraau4 (Drnt WdnrkJi) Z 
C-Amonte 11 (Zhomnav, CheOos) (pp). 2d 
Period: Phoenix, Tocdmt 1 1 (Quint RoonfcM 
(pp).A Phoenix, Mm3 (KBoeaTkachuk) 3d 
Period: C-Amonto 12 (Kriuokrosov, Sykmal 6 
Phoenix, Tkadiuk 17 (Numminerv PeIR) 
(pp). Overtone: Norw. Shots vn goat: Phoenix 
11-13-11-3-38. C- 9-9-8-2-28. Godfios: 
Phoenix. Khabawnn, WaBt C-Hadom. 
TDnnpa Bay 0 8 0-0 

Dafias 1 0 2-3 

1st Period: D-Mleuwendyfc 16 (Zubov, 

Adorns) (pp). 2d Period: None. 3d Period: D- 
Zubov 4 (Lehflnea Lmgenbronrw) a D- 
Adoms 6 (Chambers) (enl.ShotoongoakT- 
4-5-3 — I ZD- 9-8- 10— 27. Gerfes: T-Puppa. 
D-BeHmir. 

Washingtoa 1 0 2 0-3 

SorJom 117 0—3 

1st Period: W- Johansson 10 (Torra) (sh>- 
Z SJ.-Marieau 5 (Mattoau, towryj 2d 
Period: S-LFrteen 13 (Rtod) 3d Period: W- 
Juneou s (Housley, Cote) 5, SJ.-Sturm 7 
INkhoBa, Craven) 6, W-Bmdro 20 (Juneau, 


Oates) (pp). Overtime: None. Shots oa goofc 
W- 669-1— 2Z SJ, 1 1-11-9-8-31. Cades: 
WJCoizla. SJ.-Vemon. 

Pfflsbwgh 2 8 1-3 

Anaheim 0 0 0-8 

Irt Period: P-Jogr 14 ZP-Jogr 15 (Brown, 
Fronds) (pp). 2d Period: None. 3d Poriod: P- 
Dorrw 1 (Shako) Shots oa goal: P- 11-4- 
8-23. A- 9-1 1 -8— 28. Geafies P-Borrnssa. A- 
Shtatenkov. 


CRICKET 


, UMIteDamSWOHDIBW 

SOUTH AfRICA V6. NEW ZEALAND 
THURSDAY IN HOBART. AUSTRALIA 
South Aftfaj: 1 74 far nine to 50 overs 
Now Zealand: 1 73 for Sevan in 50 overs. 

South Africa won by one nm. 

STXNDOK9: South Attica 6 points New 
Zeakmd 2; Australia 1 

auumoNS' nortrr 
ENOLAMD VS. MDM 
THURSDAY M SHARJAH, UAE 
England: 250 al out In 49 J oven 
India: 243 ail out in 49J avers. 

England won by seven runs. 

1WT MATCH tl WORLD UOOHOS 

STAMMSM» Austiada 22 points; South 
Africa lib West Indies 17; equal Indio l£ 
equaLPaUstan 14 Sri Lanka ISEnglondll; 
Zimbabwe Sr New Zealand 7. 

Standings woriQ by taking account of test 
series between teams tinea 1990. 


SOCCER 


Champions* Leaque 

arrow a 

Sparta Prague Q BorvssJa Dortmund 3 
GalatOBaroy 1, Parma 1 
STAND Bid Borussia Dari 15 poktte.- Por- 
mo to Sparta 5; Gototaurar A 
QROUPB 

KaticoQ, Feyennuril 
Juventus l, Manchester United 0 
BTAMtMHceManchestorUnited 15 point* 
Juventus 1Z Feyenoord 9: Kosice 0. 
«KHIPC 

PSV Eindhoven Z Barcelona 2 


The Associated Press 

Kansas’ home winning 
streak survived — barely. 

The third-ranked Jayhawks 
needed a tip-in. with 20 
seconds remaining to nip 
Massachusetts and extend 
their home winning streak to 
SO games. 

“They were ready to come 
in here and break the streak,” 
said Raef LaFrentz, whose tip 

Cquegi Basketball 

gave Kansas a 73-71 victory. 
“But our team did a good job 
of rising to the occasion. It was 
definitely a war in there. It 
wasn't a game for the timid.” 

Kansas (10-1), which 
trailed most of the game, had 
to hold off the Minutemen in 
the final seconds as Charlton 
Clarke missed a 1 0-footer and 
Lari Ketner missed a tip-in as 
time ran out 

"They ran basically the 
same play that they had run 
the whole game,” Kansas 
guard Ryan Robertson said. 
"It was an isolation to one 
side. We were fortunate we 
came away with a victory be- 
cause it was a dangerous situ- 
ation.** 

Clarke led UMass with 22 
points. 

No. 1 Duko 94, VUianowa 66 

In Durham, North Carolina, 
Elton Brand scored IS points, 
blocked four shots and had six 
rebounds, and five other Duke 
players scored in double fig- 
ures as the Blue Devils im- 
proved their record to 9-0. 

Malik Allen led Villanova 
(2-3) with 17 points. 

ViUanova trailed by 26 at 


Newcoslte United Z Dynamo Klrv 0 

STAMMNQ: 

Dynamo Kiev 11 potote; PSV Elmtooven 9; 
Newcastle Untied 7; Barcelona 5. 

QROUPD 

Real Madrid 4 Porto 0 
Otympfakos Z Rnsenboip 2 
stamdmo: Red Madrid 13 points: Rosen- 
barg Trondheim 11: Olympia lau 5; Porto 4. 
GROUPS 

Bayern Munich d IPX Gothenburg 1 
Porto St Germain Z Betikhs 1 
standing: Bayern Munich 12 paints 
PSG IZ Bedktos 6, Gothenburg 6 
GROUP F 
Sparling Lisbon Z Lierse 1 
Bayer Leveriujsm Z Monaco 2 
BTAMunMb Monaco 13 points.' Bayer Lev- 
erkusen 13: Sparling Lisbon 7: Lleise l. 
QUALIFIED FOR QUARTER FMALS: 
Borustio Dortmund Manchester United, 
Dynamo Kiev. Real Madrid, Bayern Munich 

Monaco: Juvenilis. Bayer Levwfcusen. 

Thoryuararilnal draw wffi be made on Dee. 
17. Two-togged guenwfknaft win be ptoyed 
on March 4 and 1M9B& Group nrirrnwni and 
mnnan m p tarn an e group wffl not ba 
drawn togethar, nor a>B) rwo runnam-up. 
who win play dialr Brat lag gamaa at Ironto. 


TRANSITIONS 


AMERICAN LKAQUE 

Chicago— Agreed to terms with C Chortle 
O'Brien on 2-yeor contract ond C Chad 
Kieuter on 1 -year contract Deslgnatad RHP 
At Levfne ond LHP Larry Thomas tor as- 
signment Named Wallace Johnson third 
base coach. 

NEW York— Agreed to temrs with DH Qtfll 
Dnvts on 2-year contract. 

tamfa MY-Named Honey Dorfman ln- 
stni dor and counselor. 

NXnoMAL LEAQUE 

COLOUDO— Acquired OF Curfto Goodwin 
from ChdnnaH tor RHP Mark Hutton. 

Montreal— Traded RHP Dave Veres and 
a ptaymlQ be named to Colorado far OF Terry 
Jones and a player to be named. 

PirrsBUBaH— Agreed to terms with LHP 
Jeff Tabaka on 1 -year contract. 


halftime and got ao closer 
than 24 in the second half. 

No.4K*rrtuclcyB1 l Cton)siiia 

54 In Buffalo, New York, Jeff 
Sheppard matched a career 
high with 21 points, and Ken- 
tucky overwhelmed Canisius 
with its full-couit defense. 

Sheppard scored 10 points 
in the first six minutes of the 
second half as the Wildcats 
(7-1) rolled to their fifth 
straight victory. 

Allen Edwards added 14 
points for Kentucky, which 
went to its bench for most of 
the second half, Mike Mc- 
Carthy and Jamie Cammaert 
each had nine points far Can- 
isius. 

No. 0 Utah 71 , Uteh State 55 

In Salt Lake City, Michael 
Doleac had a career-high 30 
points, eight rebounds and 
four blocked shots to lead No. 
9 Utah (8-0). 

Kevin Rice led Utah State 
(5-3) with 17 points, while 
Andre Miller finished with 1 3 
points and six assists for 
Utah. 

No. 13 Connecticut 74, Vir- 
ginia 63 In Charlottesville, 
Virginia, Richard Hamilton 
scored 21 of bis career-high 
33 points in the second half. 
Hamilton was 11 -of- 18 from 
the field and 8-of- 1 i from the 
free-throw line. 

Virginia (4-3) started 
slowly and never caught up. 
The Cavaliers had six 
turnovers and two air balls in 
the first five minutes and fell 
behind 12^1 after making only 
one of their first 14 shots. 

Norman Nolan had 16 
points and II rebounds for 
Virginia. 


NATIONAL BASKETBALL ASSOCIATION 

Boston— Put G Dee Brown on Injured list. 
Activated F Don tor Jones from injured fist. 

CLEVELAND— Signed Wayne Embry, gen- 
eral manager, to 2-year contract extension 
Through the 1999-2000 season. 

aMAMDO-Pul G Penny Hardaway and G 
Nkk Anderson on injured Dsi and activated C 
Jason Lawson from 8- Signed G Cari 
Thomas. 

FOOTBALL 

NATIONAL FOOTBALL LEAGUE 

CAROLINA— Put TE Walter Rosby on In- 
jured reserve. Signed LB Myron Baker. 
Signed TE BID Khayat to pradlce squad. . 

Chicago— P ut RB Raymont Hants on In- 
lured reserve. Waived G Evan Pilgrim. Signed 
RB Ronnie Harmon. Signed RB Michael 
Hicks oft predict squad and RB James AHen 
oH Philadelphia practice squad. 

DEN Veb— S igned WH 5k Mown WBsan 
from practice squad. Released WR David 
Gamble. 

Jacksonville— S igned G Moris Nori off 
Pittsburgh S teeters practice squad. 

kamsas anr-signed DT Ty parfen to 2- 
year contract. 

■ Miami— Released G Keith Sms. Put TE 
Frank Wbtnright an Injured reserve. Signed 
CB Denoise Mosley from pradioe squad ond 
S Brian Walker. 

nr jcts— S igned T John Ctort. WoNkT DT 
Ronnie Dixon. 

san DIEGO-SIgned WR Anthony Rodgers. 

Seattle— Claimed LB Darryl Hardy off 
waivers bom Dates. Put DT Cortez Kennedy 
on tntured reserve. 

tamfa hay— S igned TE Andrew Jordan. 
Wo teed WR Brice Hunter. Signed FB Steve 
Lee to practice squad. 

comma 

ARKANSAS— Nomed Houston Nutt football 
coach. 

BOISE state— Named Dirk Koetterfoofbcfl 
coadL 

mo reread STATE— Extended contract of 
Matt Ballard, football coach, through 2002 
season. 

nebRask*— A nnounced retirement of Tom 
Osborne, footbaOcooch Named Frank So Deb 
Football coach. 

NORTH GAROUNApOMHIIIORO— A nnoun- 
ced G Joseph Pryor ton basketboB lean. 


•' .m 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 


i itftf j-t- 1 --- 
t-dhf r- 5 '- 






SOLVMf 

UWOlECOllKTION OF COMIC 
BOOK5..SEE?WER^THEMONe/S 
NOU). I CM m THOSE ftjtWE5 
FOR THAT 6IRL I LIKE... 


NBKDUJNIE 

.CHARLES' 


( PE&&Y JEANl WWAT ' 
[ AKE'flW POWS HQ5E? j 




lVEBE£N5M0PPlN6UirmA 
MOTHER_LOO<, T JUST 

eousHrmisNajPAiR 

■i of aovEsi 


VMWS THIS STCRS fttfRE 

ON?? 

TT OOEafr tt WE /VKf . 
BdWWE W W, DOES V\* 


B)!T \TCWT ff W 

uhJ MGS. I UMt 

emu ce. poes ir 
1 \ hwe aawNft 
\DE3CRVPDQH IN ff? 


S«P ITff >KW 
SEE NW. I UME 
Kt STORIES FAST 
AND GRIPPING. 


IT DQEStt UWE' 
A MORAL, D3ES 
IT? IHWEBENG 
TOD WON TO HUE 

w ure. swp 

Dt MCRM-.'TOQ, y 
, Cllt? r—4 


dces ms 

MAJESTf 

PREFER 

ObLOR 


OR8VACK.! 


ffx 




GARFIELD 


WIZARD of ID 


EVER HEAR THE ONE ABOUT . 
THE E IF AN P THE BLENPER? 


THI96UY I? 
VE *Y600p! 


vi\M? 19 Xa i/F 

FAMitr 

VOCTOft. «(?wf 


ptt.Y&ur 



















r 


PAGE 26 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 12, 1997 


POSTCARD 




j 

si 

si 


£ 

..1 


Stars 9 Cemetery Saved 


By Todd S. Purdum 

Nn- York Times Service . 


L OS ANGELES In toe 

sunken gardens and wea- 
ther-beaten marble mauso- 
. leuras of Hollywood Memori- 
3* Park Cemetery, the ghosts 
of the great ones lingen Cecil 
B. DeMille, Tyrone Power, 
Rudolph Valentino, Douglas 
Fairbanks Sr. and even Mel 
Blanc, the inimitable voice of 
Porky Pig. whose headstone 
proclaims with wry Finality, 
“That’s All Folks." 

But the 100-year-old cem- 
etery in the heart of old Hol- 
lywood, so close to the back- 
lot of Paramount Studios that 
the brownsione facades of its 
‘ ‘New York street’ ’ peep over 
the rear wail, fell into bank- 
ruptcy nearly two years ago, a 
casualty of aging and in at- 
tentive owners. Buildings 
shaken by the 1994 North- 
ridge earthquake went unre- 
paired, broken stained-glass 
windows went unreplaced 
and water seeped into crypts 
in the shadow of the famous 
Hollywood sign. 

Things got so bad dial the 
state of California even re- 
voked the cemetery's license 
co sell its remaining plots, and 
□o buyers wanted the head- 
aches of fixing the place. The 
only bidder at a public auction 
last month offered just over 
half die $500,000 asking price 
of the bank that holds the 
mongage, and a court-appoin- 
ted trustee sought permission 
to padlock the gates and aban- 
don the graves to the fates. 

But Wednesday, at a hear- 
ing in U.S. Bankruptcy Court 
that could have been directed 
by Frank Capra (who is not 
buried at Hollywood Memori- 
al), a new buyer stepped for- 
ward and a Hollywood ending 
seemed all but assured. Judge 
Thomas B. Donovan ap- 
proved the sale of the cem- 
etery for $375,000 to Cal- 


lanan Mortuary, an 85-year- 
old local Hollywood funeral 
home whose owners vowed to 
take good care of the legacy. 

Some stale historic preser- 
vation money may be available 
to restore vintage buildings, and 
a $2 5 millio n maintenance en- 
dowment generates more than 
$150,000 a year in income dial 
can be used on upkeep, but that 
is barely enough to get by. 

The reflecting pool in front 
of Fairbanks's tomb, where 
the silent-screen swashbuck- 
ler’s profile appears in bronze 
bas-relief, is muddy and stag- 
nant and waterlilies struggle 
to grow. A couple of stands of 
bedraggled begonias sur- 
round the white marble bench 
that doubles as Power’s head- 
stone. engraved, like Fair- 
banks’s. with the "Good 
night, sweet prince’’- solilo- 
quy from “Hamlet” 

□ 

Yet unlike the other great 
Hollywood celebrities’ cem- 
etery, Forest Lawn Memorial 
Park in Glendale, where the 
Great Mausoleum is guarded 
and off-limits to die merely 
curious, Hollywood Memorial 
is open daily, and tourists 
armed with a free map avail- 
able at the gate can trace the 
footsteps of the mysterious 
“Lady in Black" who used to 
leave a single flower in the 
bronze vase beside Valentino’s 
crypt. No. 1205 in the grand 
Cathedral Mausoleum by the 
lake. Across the hall, a bronze 
plaque marks the crypt of Peter 
Finch, “distinguished actor, 
loving husband and father.” 

"Nine million tourists come 
to Hollywood each year because 
they warn to experience the 
place where movie stars lived 
and worked and played and 
died." said Leron GuWer, the 
executive director of the Hol- 
lywood Chamber of Commerce. 
“This is the real thing, this is our 
heritage, this is histoiy." 


After 80 Years, Czar Is Still a Divisive Force 


* 


By Daniel Williams 

Washington Past Sorter 

^EKATERINBURG, Russia— 
X Early this month, a train ar- 
rived at the central railway station 
here pulling a green, armored wag- 
on containing several heavy safes 
and some medical equipment The 
special car was sent by President 
Boris Yeltsin to cany to Moscow 
the bones of die murdered Czar 
Nicholas II, his wife, Alexandra, 
and their children, family physician 
and servants. 

The return trip was meant to 
open the last act in one of Russia’s 
most mysterious and painful his- 
torical sagas, that of the impris- 
onment execution, secret burial, 
discovery, identification and, fi- 
nally, reburial of tbe Romanovs, 
the country’s last imperial family. 

But local officials refuse to give 
up the remains. Last week, after 
much negotiation and the hurling of 
insults between Moscow and Yeka- 
terinburg authorities, the train left 
bearing only a kind of consolation 
prize: toe bones of Anna Demidova. 
Alexandra's loyal lady-in-waiting. 

The tug-of-war adds yet one more 
indi gni ty to toe many visited on the 
family, which in their last moments 
of life suffered pitiless torment in 
toe basement of an Yekaterinburg 
mansion. One Moscow author de- 
scribed the current treatment a s “toe 
second murder of toe Romanovs.” 
Nearly 80 years after his death, it’s 
as if Nicholas II still incites the 
passions that helped fuel the Rus- 
sian Revolution and led to his death. 
Or perhaps Russia, despite vast dis- 
locations, wars and revival, is at 
heart the same paradoxical country 
tfaar Nicholas ruled over suspicious 
and faithful, superstitious and sci- 
entific. cruel and kind, petty and 
grand all at the same time. For six 
years the nine skeletons have been 
examined for authenticity, and dates 
for a royal burial have been set and 
rligrarriftd repeatedly. 

Three independent examina- 
tions have matched genetic ma- 
terial from Nicholas’s bones with 
DNA from distant relatives. Other 



Russia’s last Imperial family: Nicholas II and Empress Alexandra and their children. 


tests prove that toe bones of Nich- 
olas and four of toe other skeletons 
are related. Examinations by vari- 
ous forensic experts indicate that 
those are the remains of Alexandra 
anH daughters Tatiana, Olga and 
Anastasia. The bodies of daughter 
Marie and Alexei, Nicholas's son 
and heir to the throne, are believed 
to have been burned by the as- 
sassins. The other remains are iden- 
tified as those of Demidova, the 
physician Eugene Botkin, a cook 
named Ivan- Kharitonov and 
AlcMizy Trapp, Nicholas's valet 

Heavy circumstantial evidence 
also points to authenticity. Notes 
attributed to the chief assassin, 
Yakov Yurovsky, describe a coun- 
try road topped by railroad ties. The 
.skeletons were found in such a 
place. Bullets, crushed skulls and 
jaws attest to brutal murders. 

What are the chances that a 
group of skeletons linked genet- 
ically to the royalty of Europe 
could appear in a mass grave near 


Yekaterinburg and not be the Ro- 
manovs? 

“All the scientific -tests have 
been done.” said Alexander 
Avdonin, a geologist and amateur 
historian who was part of a team 
that discovered the remains. * ‘It is 
immoral that in six years they have 
not yet been buried. We should 
now act as morally as possible and 
do everything- possible to bring 
Russia to peace. We sbould bury 
them. Let’s not sin further." 

But some Russians suspect that 
the bones are not authentic — a 
belief that seems to be a holdover 
from years of official deceit. Ahost 
of old preoccupations, even obses- 
sions. also delay final certification. 
Russians are still debating the 
czar's place in history, ana this 
affects plans for how the czar ought 
to be buried. 

Plus, toe far-flung Romanov 
family is divided over whether tire 
remains are Nicholas’s and. if they 
are, bow they ought to be buried. 


Some think the royal family and its 
servants ought to be interred in 
separate places for-class reasons. 

And, of course, there's, the ques- 
tion of money. Whoever gets con- 
trol of the czar's remains obtains an 
instant tourist and pilgrim attrac- 
tion. So officials in Yekaterinburg, 
Moscow and St Petersburg, toe 
czarist capital, vie for the privilege. 

Tire Yeltsin government wants a 
March buriaL But first it has agreed 
to settle some questions put to it by 
tire Russian Orthodox Church, as 
well as by authorities in Yekater- 
inburg. These are scheduled to be 
answered fully by Jan. 15, when a 
report will be presented to Yeltsin. 

“We thought that our current 
high authorities loog ago shook off 
the medieval dust they inherited 
from their predecessors, but no." 
wrote Komsomolskaya Pravda. 
“Tire barbarian dances that high- 
placed politicians organized on the 
bones of NicholasII and his family 
testify to the contrary." 


. Yekaterinburg’ is a snowy town 
in the southern Ural Mountains, 
where Europe meets Asia. Until toe 
murder of toe royal-family , its fame 
lay in its coal and mineral wealth, 
its heavy industry and its origins as 
one of two cities founded by Peter 
the- Great (The oflrer, St- Peters- 
burg. was named for his patron 
saint; he named Yekaterinburg for 
his wife.) 

Ornate pastel mansions attest to 
Yekaterinburg’s prerevolutionary 
wealth. Its broad boulevards and 
acres of boxy workers’ apartment 
houses reflect its Soviet past Then, 
the Ghy was renamed after Yakov 
Sverdlov, who informed Lenin of 
tiie czar’s execution. The region is 
still called Sverdlovsk. 

Avdonin, toe geologist, ac- 
knowledges being fascinated by 
toe Romanovs’ Tate since early 
youth. He spent many years in- 
formally investigating their where- 
abouts before finally finding the 
location in 1979. (He kept the 
whereaboats secret until 1991,- 
after a fellow discoverer spilled the 
news in a magazine.) 

Avdonin suspects that Moscow 
wants tire bones for some “polit- 
ical reason.” ‘-‘They are too fragile 
to' move around. They have been 
buried under a road for 80 years, 
cars have run over them. Some of 
them are like lace," he said 

If toe remains are recognized as 
toe czar’s they should be buried in 
St. Petersburg, he said. They 
should alt royals and commoners 
alike, be burial together. 

Last week. Avdonin appeared on 
a television call-in snow and 
fielded questions about the czar. 
Some of toe callers seemed fed up 
wito.the discussion. 

What is more important, the 
czar’s bones or the deadand missing 
soldiers in Chechnya? one inquired. 
How many were killed by Nicholas 
II in World War I? Pensions are not 
being paid, so why sbould we spend 
money on this matter? 

‘ Avdonin replied, “It is said that 
toe war is only finished when the 
last soldier is buried. But we haven't 
even burred the first victim." 




MUSICALS 


PEOPLE 




‘Ragtime , 5 Capturing the Music of Doctorow’s Words 


By Rick Lyman 

New York Tunes Sen ior 


N EW YORK — E. L. Doctorow nev- 
er had much use for musicals. “I 
like ‘Guys and Dolls,’ ’’ he said after 
some consideration. “But as a form. I 
always thought it tended to be a re- 
pository of slock sentiments. I was nev- 
er taken with the possibilities." 

Then, a few years ago, the producer 
Garth Drab insky approached him and 
asked about mounting a $10 million mu- 
sical based on Doctorow’s most popular 
novel, 1 ‘Ragtime," a turn-of-toe-century 
epic mixing historical Figures with fic- 
tional archetypes that pulsed with toe 
rhythm of a Scott Joplin rag. 

“I can see now, as a result of this 
experience, that it is a very powerful 
medium." he said. “It creates very 
strong feelings and illumination.'’ 

As he spoke. Doctorow played ab- 
sentmindedly with the foam clinging to 
the side of his cappuccino cup in a qa f€ 
around the comer from his Greenwich 
Village home. His conversation is 
sculpted. He speaks in a soft, slow ca- 
dence, pausing frequently to fonn 
whole sentences in his mind and then 
letting them flow out, calmly, folly 
formed. 

"The presumption that someone in 
my trade makes is that the Language is 
the music,’ ’ Doctorow said. “When you 
write a book, it’s living in toe language 
of the book and there’s no way out 
except through the last sentence.” 

Yet when Drabinsky approached 
him, Doctorow remembered occasions 
when he had read passages from “Rag- 
time" to musical accompaniment. “1 
would occasionally do readings that 
involved musicians, programs with ex- 
cerpts from the book punctuated by 
musical interludes,’ ’ he said. It was not 
exactly a Broadway musical, but he 
thought he could see, from that, how 
the addition of music might contribute 
to the impact of the words. 

So he decided to go along with it. “1 
had approval rights over the creative 
team. Doctorow said. “But the truth 
is, I never really had to exercise it. All 
of Garth's choices were impeccable ” 



S*ri V-« loii Time* 

Doctorow at a rehearsal of the musical: “A very powerful medium.” 


Terrence McNally, last seen on 
Broadway with “Master Class,” wrote 
the book. The composer Stephen Fla- 
herty and the lyricist Lynn Ahrens, the 
team behind “Once on This Island.” 
wrote the songs; Graciela Daniele 
(“Chronicle of a Death Foretold”) was 
hired to choreograph and Frank Galati 
(“Grapes of Wrath”) to direct. 

“From toe very beginning, I found 
myself trusting toe people involved,” 
he said. “I still trust them. I trust their 
dedication to toe project” 

The first reading, Doctorow said, was 
two years ago in Toronto, headquarters 
for Livent Inc., toe production com- 
pany headed by Drabinsky. “It caught 
the spirit of toe piece,” Doctorow 
said. “The lyrics were very precise 
and had just that right combination of 
wit and compassion. It reflected the 
atmosphere ot the book so welL” 


That reading, and a subsequent work- 
shop in Toronto, began an unusually 
close relationship between author and 
adapters that has stretched across two 
years and, Doctorow added, “countless 
meetings and notes from me.” 

He met with the creative team, he 
said, and sat in on toe readings and toe 
workshops, offering written comments 
after each one and haggling over little 
bits of business. He also saw several 
performances, passing along his im- 
pressions and suggestions, sometimes 
about toe way a character was handled, 
sometimes about the music or the stag- 
ing or the use of a certain song. 

Generally, he said, he liked to let tbe 
creative team do its work, but some- 
times he felt particularly strongly on a 
certain point and pushed a little harder. 
“Oh, there may nave been a testy mo- 
ment or two,” he said, but generally it 


went smoothly. One particular battle, 
over a song that Doctorow didn’t think 
fitted into the show, was settled, in his 
favor, he said, but be didn't win them 
all. 

Now, he is happy to say, tbe process is 
just about over. “Ragtime,” which has 
been performed in Toronto and Los 
Angeles on its way to Broadway, will 
begin previews on Dec. 26 and open 
Jan. 18 at tbe brand new Ford Center for 
toe Performing Arts, part of the re- 
developed 42d Street. 

“I think 1 have probably given my 
last notes,' ’ he said. 1 ‘There are a couple 
of points still up for final decision that I 
weighed in on, and I think that will be 
it.” 

Doctorow was already a widely ad- 
mired novelist 22 years ago when 
“Ragtime" was released and became a 
huge best-seller, transforming him into 
one of the most celebrated serious 
American writers. 

“Ragtime,” spanning the first de- 
cade and a half of tbe century and con- 
necting the Victorian world with the 
outbreak of World War I, wove together 
toe stories ofpeople from three families: 
Coalhouse Walker, the black pianist 
who wages a tragic battle for dignity; 
Tateh. toe Russian Jewish immigrant 
who finds the American dream in the 
world of movie making; and the upper- 
middle-class Westchester County fam- 
ily known only as Father, Mother and 
Son. 

• Although the technique has been used 
often since, at the time it was still some- 
what strange to read a novel that mixed 
fictional characters with historical ones 
in the way Doctorow did. Besides the 
fictional trio of story lines, "Ragtime” 
included extensive scenes involving 
Hairy Houdini, Emma Goldman, J.P. 
Morgan, Henry Ford, Sigmund Freud 
and the era's most notorious beauty, 
Evelyn Nesbitt 

“Thar was one of the things I was 
trying to capture in my writing at'the 
time, what I saw as this growing pre- 
occupation in the culture with docu- 
mentary reality,” Doctorow said. “I 
thought, OX., they want facts. I’ll give 
them the best facts I can dream up.” 


T HE first lady abruptly left the ex- 
clusive University Club in Manhat- 
tan after a club official ordered a gossip 
columnist who was with her to leave, toe 
New York Post reported. Tbe columnist, 
Cindy Adams, said that she, Hillary 
Rodham Clinton and some aides were 
having a private get-together in a “far 

corner” of toe b uilding, after Clint on had 
given a speech in a banquet room. Adams 
nay had earlier angered a club 
1 by making a cellular phone call 
She said the man rebuked her over the 
call, saying it was against club rules, then 
returned minutes later and said, “This is 
not acceptable behavior. You will have 
to leave. ” Adams said that Clinton stood 
up abruptly and said. “Let’s go.” She 
said she had put her phone away before 
Clinton arrived and wasn't sure what had 
angered the man the second time. 

□ 

William Shakespeare’s deed for land 
outside Stratford-upon-Avon was pulled 
from a Sotheby’s auction in London after 
it failed to draw a minimum bid. No one 
met toe minimum asking price of 
$412,500, the auction house said. The 
deed steins from Shakespeare’s pur- 
chase in 1602 of 107 acres (43 hectares) 
of land near his hometown, Stratford- 
upon-Avon. He paid £320. 

□ 

Leonard Bernstein’s autographed 
“B-52” fetched $387,500 at auction, far 
exceeding estimates. The piano, bought 
by the maestro in Europe in the 1980s 
and signed inside in black marker, was 
bought by an American doctor. Sothe- 
by’s expected toe Boesendarfer Ebon- 
ized Semi-Concert Grand Piano to bring 
about $80,000. Proceeds from the two- 
day auction of his personal effects will 
benefit an arts program he founded. 

□ 

Robert Carlyle, star of the “The Full 
Monty” and “Trainspotting,” is getting 
married, according to press 
Thursday. Alan Watt, a minister ini 
noch in northeast Scotland, said he had 
spoken with Carlyle and bis girlfriend, 
Anastasia Shirley, about their wedding 
plans. He wouldn’t go into any de tails. 

□ ' 

Charles Moffett, director of the Phil- 



itA iKm/^nuy Krano-iW 

Wajda and Marceau at reception. *, 

lips Collection in Washington, will \ 
leave his post in April to become co- 
chairman of Impressionist and Modem 
Art worldwide at Sotheby's auction 
house in New York. 

□ 

The Polish film director Andrzej 
Wajda was inducted into the Academie 
des Beaux- Arts at toe Institut de France, 
in Paris, and afterward chatted at a re- 
ception in his honor with fellow aca- 
demician, toe French mime Marcel ^ 
Marceau. Wajda's directing credits in-** s 7 
elude “Man of Iron” and “Danton." 

□ ; :> 

Clint Eastwood is the most popular 
movie star in toe United States, according 
to a Harris poll. Mel Gibson is second, 
followed ty Tom Cruise, John Wayne 
and Harrison Ford. Hie top-ranking 
woman was Demi Moore at No. 22. 

□ 

Rembrandt’s home and art studio in 
Amsterdam will be restored to its orig- 
inal 17th-centmy style, toe Rembrandt 
House Museum said Thursday. It will be 
refurbished to toe way it was when toe 
Dutch master lived and worked there 
between 1639 and 1658. 


* 


l 



Every country has ies own AT&T Access Number 
which makes calling home or to other countries 
really easy. Just dial the AT&T Access Number for the 
country you're calling from and you'll get the 
dearest connections home. Now you can. charge 
your calls on any of the credit cards' shown, as 
well as on your AT&T Calling Card. And when you 
use AT&T, you can avoid outrageous phone charges 
on your hotel bill and save up to 60%.* Check the 
list for AT&T Access Numbers. 


OaraK wwrton, from country, prompt! tempnd » "dor US carrier! on cafe to US. Cleiren baied on cmrarmr preference centfe *Comnred » carom hoed tele p hone dorpH based on cals to die US m No-ember 1996 Actual wm in be hgtar 

or to*er0epeM*| upon jour bdhng mAed. ome « Ssj'.’erj* of afeisei etuiged by hatri nd tbe ceutm from wrtbdi srt cjfcn* Credit card aXnt subject to tnUAy Ptymenc terms nbjset to your erede art sereemm. BsM-he^ countries permit cemry-co- 
Cttunoy ansjde Ok US CaBea aftw n row* id *e US on* Coumry«-eou «7 met conwioftfie wet erf to the US. pan «n sdSbonsl ehu* based an the eomoy mu oJSflf.'bu an al the US from ifl commies osodrtow. optfne phem rrsun 

leesl to* pomentflvrw* thecal oCim«c ratoa to deupwcd countries o* *Umhed mb% ep^phone depcait. »OfcdTir fim. oucMe Cara SAddoonri dar|m ippt? oucwta Mouow alfce UK. iccks nunber in N. treUreL 01997 ATiT 





Steps to follow for easy 
calling worldwide: 

I. Just dial die AT&T Access Number for 
die oounry you are calling from. 

1 Did the phone number you're calling. 
3. DU your card number. 


AT&T Access Numbers 

■ fir 

EUROPE 


Austria*o 

.-.0*2-903-01 1 


Belgium* 

.. 0-800- ICtt- 10 


France 

.0-800-99-001 1 


Germany..... 

0130-0010 


Greece* 

....00-800-1311 

• ^ 

froUndQ 

.1-800-550-000 






Nerheriands*^ 

0800-422-91 1 1 

• I... 

nnsie •* (Moscow) * 

7SS-SM2 


Spain— 


r 



i . 

jwin^rano* 

.0800-89-00 1 i 

• 

United Kingdom e .... 0500-8 9-00 It 



0800-89-00 It 

- 

MIDDLE EAST 


E£ypt*(Cam>)* 

510-0200 


Israel 

-.177.100.2727 


Saudi Arabia 0- 


“ 


AFRICA 


Ghana..* 

0191 


South Africa. 0-890-9941 123 


Grt find th«Aoce» Number for die couwtjtouV-b aHogfromf Just ask any operator 
lor AT&T Direct- Service, or visit ourVfeb doe ac htcpi//www.attxo(n /traveler